DIRS.INFO The most relevant business & tech news

☆ Janet Yellen warns shutdown would be ‘dangerous and unnecessary’
▼ + stars: | 2023-09-29 | by ( Matt Egan | ) edition.cnn.com time to read: 1 min

How relevant is this ad to you? Video player was slow to load content Video content never loaded Ad froze or did not finish loading Video content did not start after ad Audio on ad was too loud Other issues

☆ Business community speaks out after Target blames crime for store closures
▼ + stars: | 2023-09-28 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Business leaders are expressing alarm after Target became the latest retailer to blame crime for pulling the plug on stores. Target did not comment on this or provide data on theft at the stores. In addition to stores in Seattle, San Francisco, Oakland and Portland, Target is shutting down its East Harlem location in New York City. The Partnership for New York City, a powerful business alliance that includes major employers, is giving NYC officials some credit for fighting crime. Wylde said retail theft puts workers at risk and costs stores when it comes to security and lost inventory.

Persons: Tom Wickman, “, ”, ” Wickman, ” Kathryn Wylde, Wylde, ” Wylde Organizations: New, New York CNN — Business, US Chamber of Commerce, CNN, ” Target, Commerce, Partnership, Wednesday, The Police Department Locations: New York, Philadelphia, Seattle, San Francisco, Oakland, Portland, Target, Harlem, New York City, York City

☆ Analysis: A messy government shutdown is the last thing the economy needs
▼ + stars: | 2023-09-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Against this precarious backdrop, Washington is on the verge of a messy shutdown of the federal government. A shutdown probably won’t wreck the economy, especially if it’s short. And if it a shutdown lasts long enough, it could, along with these other headwinds, do some real damage. The US Travel Association estimates the domestic travel economy would lose as much as $140 million a day from a government shutdown. “Uncertainty regarding federal operations will likely persist for the next few months.”Given all the other obstacles facing the economy, chaos in Washington is the last thing the economy needs.

Persons: New York CNN —, ”, Greg Valliere, Joe Brusuelas, Goldman Sachs, —, Uncle Sam, Mark Zandi, don’t, ” Zandi, AGF’s, “, ” Moody’s Organizations: New, New York CNN, UAW, Big Three, Federal, Federal Reserve, AGF Investments, RSM, American Federation of Government Employees, TSA, US Travel Association, Companies, Moody’s, AAA, Goldman Locations: New York, Washington, United States

☆ Goldman Sachs warns US energy policy is backfiring
▼ + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —America’s emergency oil stockpile has plunged to 40-year lows. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman Sachs, told CNN in a phone interview. That’s one reason Goldman Sachs expects oil prices to stay high, averaging $100 a barrel this time next year. Saudi Arabia has an incentive to keep oil prices high in order to balance their budget. “Extremely high prices destroy long-term demand for Saudi barrels,” Struyven said.

Persons: Goldman Sachs, Daan Struyven, Biden, ”, Jennifer Granholm, Saudi Arabia’s, “, ” Struyven, Struyven, ” Francisco Blanch, Doug Lawler, “ That’s, ” Lawler, BofA’s Blanch, ” Blanch, ” Goldman’s Struyven, That’s Organizations: New York CNN Business —, Strategic Petroleum Reserve, CNN, Triple, White, Industry, Wall, The Energy Department, ”, Saudi, OPEC, AAA, Aramco, Bank of America, Resources, Bloomberg, Energy Department Locations: Saudi, Ukraine, Saudi Arabia, Russia, Saudi Aramco, OPEC

☆ Oil surges above $94 a barrel for the first time in a year as stockpiles shrink
▼ + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US oil prices topped $94 a barrel on Wednesday for the first time in over a year, threatening to push up prices at the pump and inflation across the economy. “There’s not a lot of oil there and that’s causing some nervousness,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The surge in oil prices could threaten the ongoing drop in gas prices. Kloza expressed cautious optimism that gas prices are still going lower, as typically happens after the summer ends. “We are probably getting in front of our skis a little bit,” Kloza said of energy prices.

Persons: Cushing, There’s, ”, Tom Kloza, Brent, Goldman Sachs, gunning, Robert Yawger, Yawger, you’re, ” Yawger, Kloza, “, ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Bank of America, Mizuho Securities, Energy, Administration Locations: New York, Cushing , Oklahoma, Saudi Arabia, Russia

☆ JPMorgan CEO Jamie Dimon warns the world isn’t ready for 7% interest rate
▼ + stars: | 2023-09-26 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is raising the specter of the war on inflation getting worse before it gets better. The comments added to ongoing nervousness on Wall Street, which has been fueled in large part by concerns about the Fed keeping interest rates high for longer. Since early last year, the Fed has rapidly raised interest rates from near zero to just over 5%. If they are going to have lower volumes and higher rates, there will be stress in the system,” Dimon said. Last week, Fed officials released projections that pencil in just one more interest rate hike this year before rate cuts next year.

Persons: Jamie Dimon, Dimon, ” Dimon, Dow, “, Warren Buffett, ” Organizations: New, New York CNN, JPMorgan, Times, Federal, Nasdaq, Fed, First Republic Bank Locations: New York, India, Mumbai, Times of India

☆ First on CNN: Two out of three workers say prices are still rising faster than wages, new survey shows
▼ + stars: | 2023-09-25 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Sixty-seven percent of employees say the cost of living is outpacing growth in their salary and wages, according to a Bank of America survey shared exclusively with CNN on Monday. High inflation is a major reason why just 42% of employees say they feel financially well, according to the Bank of America survey. Likewise, 64% of employees say they are stressed about their finances. 23% of women losing sleep over moneyJust 38% of women say they feel financially well, according to the Bank of America survey. While 61% of Asian employees say they feel financially well, just 44% of White employees, 40% of Hispanic and 35% of Black said the same.

Persons: That’s, “, ” Lorna Sabbia, Joe Biden, Biden, ”, Black, Sabbia, ” Sabbia Organizations: New, New York CNN, Bank of America, CNN, Bureau of Labor Statistics, of Labor Statistics, Bidenomics The Bank of America, ABC News, Washington Post, ABC, “ Companies Locations: New York

☆ Moody’s: Government shutdown could hurt America’s top credit rating
▼ + stars: | 2023-09-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —The United States’ credit rating could come under pressure if the government shuts down, Moody’s Investors Service cautioned Monday. A shutdown would be “credit negative” for the US sovereign, according to a Moody’s note. Moody’s is the only one of the three major credit rating agencies to assign the United States an outstanding rating of AAA. Standard and Poor’s downgraded the United States in 2011, following the debt ceiling standoff then. In August, Fitch Ratings knocked America’s credit rating down to AA+ after the most recent debt ceiling debate.

Persons: “, ” Moody’s, Poor’s, Moody’s, It’s, Donald Trump’s, —, Betsy Klein, Matt Egan Organizations: Minneapolis CNN, United, Moody’s, AAA, Fitch, Congressional, US Travel Association, Federal Reserve, Labor Statistics Locations: Minneapolis, United States

☆ Defeating inflation without high unemployment is still unlikely
▼ + stars: | 2023-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

And the US economy’s surprising resilience, despite 11 rate hikes, has raised hopes of a soft landing becoming a reality. “I’ve always thought that the soft landing was a plausible outcome, that there was a path to a soft landing,” he said. But historical records show that a soft landing has only occurred once in the 1990s, or perhaps even a handful of times. The US Commerce Department releases its final estimate of second-quarter gross domestic product. The US Commerce Department releases August data on household income, spending, and the Fed’s preferred inflation gauge.

Persons: it’s, Jerome Powell, Powell, “ I’ve, ”, “, Powell’s, ” “ Jerome Powell, ” Quincy Krosby, Krosby, ” Krosby, Matt Egan, ” Neil Bradley, “ We’ve, Read, Christine Lagarde, Michelle Bowman, Austan Goolsbee, Lisa Cook, John Williams Organizations: CNN Business, Bell, DC CNN, Fed, LPL, CNN, Corporate, US Chamber of Commerce, European Central Bank, Costco, Global, Board, Survey, US Commerce Department, Micron, Nike, US Labor Department, National Association of Realtors, Carnival Corp, University of Michigan, New York Fed, China’s National Bureau of Statistics Locations: Washington

☆ Even the Fed is cutting jobs — for the first time in a decade
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

The Federal Reserve system is cutting approximately 300 jobs through the end of the year, a Fed spokesperson confirmed to CNN on Friday. The Fed system employs about 21,000 people across its 12 regional reserve banks. The job cuts will mostly focus on support positions, including technology roles that are no longer needed, the Fed spokesperson said. Reflecting that optimism, Fed officials upgraded their forecast for economic growth and lowered their projection for unemployment. However, Powell also conceded that cooling inflation back to healthy levels will likely require “some softening” of the jobs market and he warned that a soft landing is no guarantee.

Persons: Jerome Powell, Powell, ” Powell, ” Organizations: New, New York CNN, Federal, CNN, Reuters, Fed Locations: New York, headcount

☆ Corporate America to DC: Don’t shut down the government
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

“Nobody wins in a government shutdown,” said one executive at a business group who requested anonymity to speak candidly. ‘It’s not good for business’A shutdown may not be an especially dramatic event for the stock market or deal a sizable blow to GDP. It’s not good for business – or consumer confidence,” another trade group executive told CNN. It’s unfortunate.”Markets usually don’t careWall Street is not overly worried about the potential damage to the economy at large nor the stock market. During half of those shutdowns, the stock market posted positive returns.

Persons: ” Neil Bradley, “, ”, “ We’ve, ’, Chuck Robbins, Robbins, ‘ It’s, Geoff Freeman, Bradley, it’s, Mitch McConnell, shutdowns, ” Bradley, “ It’s, Keith Lerner, Goldman Sachs, couldn’t Organizations: New York CNN Business, Corporate, US Chamber of Commerce, CNN, Cisco, US Travel Association, US Travel, ”, Federal Reserve, Labor Statistics, Publicly, Democrats, Privately, GOP, House GOP, Republicans, Chamber, Advisory, Commerce Locations: Washington

☆ Zelensky huddled with Wall Street CEOs and business leaders Wednesday night to discuss rebuilding Ukraine
▼ + stars: | 2023-09-20 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —Ukrainian President Volodymyr Zelensky met Wednesday evening in Manhattan with Wall Street CEOs and business power players to discuss efforts to rebuild his war-torn country and its economy, a person familiar with the matter tells CNN. Ukrainian President Volodymyr Zelensky met Wednesday evening with Wall Street CEOs and business power players to discuss efforts to rebuild his war-torn country and its economy, a person familiar with the matter told CNN. Zelensky is scheduled to visit the White House on Thursday for a meeting with US President Joe Biden. The meeting on Thursday evening was hosted by Mary Callahan Erdoes, CEO of JPMorgan Asset & Wealth Management, Workplace CEO Vince LaPadula and JPMorgan alternative investments boss Anton Pil. JPMorgan CEO Jamie Dimon was not present at the meeting as he was traveling, the source said.

Persons: Volodymyr Zelensky, JPMorgan Chase, Eric Schmidt, Mike Bloomberg, Robert Kraft, Bill Ackman, Henry Kissinger, Barry Sternlicht, Joe Biden, it’s, Mary Callahan Erdoes, Vince LaPadula, Anton Pil, Jamie Dimon Organizations: CNN, Wall Street, JPMorgan, New England Patriots, White, Fox Business, JPMorgan Asset, Wealth Management Locations: Manhattan, midtown Manhattan, Ukraine, Kyiv

☆ Gas is rapidly approaching $6 in one state
▼ + stars: | 2023-09-19 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

In California, gas prices are rapidly approaching $6 a gallon. Nationally, gas prices remain well below the record of $5.02 set last June. Still, US gas prices climbed this week to $3.88 a gallon, the highest level of the entire year, according to AAA. Boosted by those two nations’ aggressive supply cuts, US oil prices climbed to as high as $93.74 a barrel on Tuesday. And this recent rise in gas prices is causing headaches for some in Washington.

Persons: it’s, That’s, Pain, Joe Biden’s, Jerome Powell, Powell, ” Nicholas Colas, Colas, “, ”, Joe Brusuelas, Andy Lipow, Lipow, Russia don’t, Brent, Goldman Sachs, Vincent Reinhart, RSM’s, Reinhart, ’, Morgan Stanley, Kristina Hooper Organizations: New York CNN, —, AAA, Brent, Federal, DataTrek Research, RSM, Lipow Oil Associates, Rockies, Citigroup, Fed, Mellon Locations: United States, West Coast, In California, Los Angeles, Long Beach, California, Washington and Nevada, Saudi Arabia, Russia, It’s, Washington, OPEC

☆ Gas prices hit 2023 highs as oil stays hot
▼ + stars: | 2023-09-18 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Prices at the pump climbed to their highest level of the year on Monday as oil prices push past $92 a barrel. Normally, gas prices cool off after the summer driving season ends on Labor Day. But the opposite has happened this year as Saudi Arabia’s and Russia’s aggressive supply cuts lift oil prices. In a negative signal for gas prices, the oil market continues to set new highs. Treasury Secretary Janet Yellen on Monday told CNBC she expects energy prices will “stabilize” and noted gas prices are off their highs from last summer.

Persons: Brent, Janet Yellen, Biden, Yellen, ” Yellen Organizations: New, New York CNN, Labor, AAA, Federal Reserve, White, Monday, CNBC, Strategic Petroleum Reserve Locations: New York, Saudi, Colorado , Oregon, Arizona, California, Libya

☆ Wells Fargo: Former executive avoids prison time for her role in fake-accounts fraud
▼ + stars: | 2023-09-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal. Wells Fargo has spent billions of dollars over the past eight years to settle allegations related to the accounts scandal, in which Tolstedt played a key role. Tolstedt, the only Wells Fargo executive to face criminal charges in the scheme, paid $17 million to settle a civil case with the the OCC, and $3 million to settle with the SEC. She received a $125 million retirement package when she left Wells Fargo, though the bank has clawed back about $67 million of that. Wells Fargo has struggled to get its house in order since the fake account scandal.

Persons: Carrie Tolstedt, Tolstedt, Wells Fargo, Wells, John Stumpf, Stumpf, Jeff Skilling, — CNN’s Matt Egan Organizations: New, New York CNN, Former Wells, Securities and Exchange Commission, OCC, SEC, Wells Locations: New York, Wells Fargo’s, Wells Fargo

☆ In a bad omen for inflation, US oil prices top $90 a barrel for the first time this year
▼ + stars: | 2023-09-14 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US oil prices climbed above $90 a barrel on Thursday for the first time in 10 months, threatening to push gasoline prices even higher and heat up inflation across the economy. High oil prices have already created an unusual situation where gasoline is getting more expensive even after the summer driving season has ended. The latest oil market rally has been driven by concerns about supply. The recent jump in energy prices is undoing some of the progress made by central banks in the fight against inflation. A pair of inflation reports released this week showed prices rose by more than expected in August, in large part because of rising gas prices.

Persons: ”, Andy Lipow, Lipow, Brent Organizations: New, New York CNN, AAA, Lipow Oil Associates, Energy Locations: New York, Saudi Arabia, Russia, Libya, Europe, Texas , New Mexico, United States, Colorado , North Dakota, California

☆ Ford’s former CEO has a stark warning for both the UAW and automakers
▼ + stars: | 2023-09-13 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

“The automakers can’t plead poverty,” Fields told CNN on Wednesday, noting the industry’s recent string of profitable years. [Automakers’] CEO pay went up 40%. “But I do think he’s quite misplaced in that if there’s a work stoppage… there will be lots of people hurt,” the former Ford CEO said. However, economists say a UAW strike is unlikely to cause a recession, though it would do damage to local economies and parts suppliers. You can’t fault them for trying to deal with inflation that is hurting their families,” the former Chrysler CEO said.

Persons: Mark Fields, ” Fields, “, ”, Jim Farley, Fields, CNN’s Vanessa Yurkevich, “ We’re, ” Farley, Shawn Fain, ’, ” Fain, Jake Tapper, Bob Nardelli, ” Nardelli, Goldman Sachs, “ It’s, Fain, Nardelli, Ron Gettelfinger, Ford, CNN’s Chris Isidore Organizations: New York CNN Business —, Detroit, Ford, GM, CNN, Chrysler, United Auto Workers, UAW, UPS, American Airlines, West Coast, TPG Capital, Anderson Economic Group, Big Locations: Mexico, Chihuahua

☆ CEOs are having their worst year in decades
▼ + stars: | 2023-09-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Oil prices hit 10-month highGlobal oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months, reports my colleague Matt Egan. Takeaways from Apple’s iPhone 15 eventTuesday was a big day for Apple as the tech titan unveiled its iPhone 15 lineup along with other major updates during its September keynote event. Among the highlights: The iPhone 15 Pro and iPhone 15 Pro Max now feature a titanium casing, allowing the design to be slimmer and thinner than before. The iPhone 15 comes in 5 colors (white, black, pink, green and yellow) and in two sizes: A 6.1-inch screen for the iPhone 15 and 6.7 inches for iPhone 15 Pro. The iPhone 15 will start at $799, and iPhone 15 Pro will start at $999.

Persons: New York CNN — It’s, ”, Bernard Looney, Looney, Stewart Glendinning, Timothy Baxter, Baxter’s, Baxter, Macy’s, Rosalind Brewer, Neil Saunders, hasn’t, Matt Egan, Brent, Matt Smith, “, Clare Duffy, Samantha Murphy Kelly, Max Organizations: CNN Business, Bell, New York CNN, Ferguson Partners, BP, Express, Tyson Foods, Walgreens Boots Alliance, Walgreens, “, Americas, AAA, Apple Locations: New York, —, Libya, “ Libya, Kpler, Russia, Saudi Arabia

☆ Oil prices hit 10-month high after Libya flood catastrophe
▼ + stars: | 2023-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

US oil prices popped 2.3% to as much as $89.29 a barrel, also the highest level since November. The latest rally for oil prices will continue to push up prices at the pump for consumers and add to inflation across the US economy. Gasoline prices, which lag oil prices, have edged higher this week as a result of that announcement. The EIA also raised its forecast for diesel and oil prices for the fourth quarter of this year and first quarter of next year. If these forecasts hold true, energy prices will continue to complicate central bankers’ efforts to tame inflation.

Persons: Brent, ”, Matt Smith, “, Smith Organizations: New, New York CNN, “, Americas, AAA, Government, US Energy Information Administration, Energy Department, EIA Locations: New York, Libya, “ Libya, Kpler, Russia, Saudi Arabia

☆ Online prices plunge by the most in three years
▼ + stars: | 2023-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Online shoppers were greeted by rapidly falling prices in August, marking another positive sign in the fight against inflation. For years, online shopping was the land of falling prices. Even online prices started to rise rapidly. But now, Adobe says annual online prices have been dropping for a full year. Of course, while prices are falling online, they’re still rising rapidly in other, highly visible areas.

Persons: Adobe Organizations: New, New York CNN —, Adobe Analytics, Adobe, Amazon, AAA Locations: New York

☆ As China’s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing
▼ + stars: | 2023-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis. During the trip, Neiman — the highest-ranking Treasury official to visit Hong Kong since 2019 — plans to meet with government officials, private sector economists and executives from the financial and legal sectors. He is also set to meet with US companies that are members of the American Chamber of Commerce in Hong Kong as well as with students. “Neiman will stress the United States’ focus on securing and advancing our economic and national security interests, along with those of our allies, and protecting human rights,” the Treasury official told CNN. Hong Kong is a semi-autonomous Chinese territory that is also the country’s international financial center.

Persons: Brent Neiman, Neiman, ”, “ Neiman, Ilaria Mazzocco, Joe Biden, Antony Blinken, John Kerry, Janet Yellen, Gina Raimondo, Yellen’s, Biden, Raimondo’s, can’t, Mazzocco, Yellen, Raimondo, “, ’, ” Clayton Allen, ” Allen, ” Nikki Haley, Nikki Haley, CNN’s Jake Tapper, Wally Adeyemo, it’s, ” Adeyemo, CNN’s Poppy Harlow, Andrew King Organizations: New, New York CNN, US Treasury, US, Treasury, CNN, American Chamber of Commerce, Center for Strategic & International Studies, Washington, Apple, Huawei, Eurasia Group, Republican, Future Union Locations: New York, Hong Kong, Beijing, China, States, Washington, West, United States, “ China

☆ Americans have never been wealthier
▼ + stars: | 2023-09-11 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Consumer wealth has now completely recovered from the recent inflation-driven drop in stock prices and real estate holdings. This bump in wealth was driven mostly by a surge in the value of Americans’ stock market investments, which grew by $2.6 trillion during the quarter. Those rate hikes rocked financial markets, crushing the value of stock holdings, cooling the housing market and raising the specter of a recession. “Further, volatility in wealth since the onset of the pandemic will remind households of the fragility of any gains.”The stock market has rebounded in tandem with the US economy. And there are signs that some Americans are struggling to get by.

Persons: specter, “, Goldman Sachs, Janet Yellen, Joe Biden’s, Marc Rosen, ” Rosen Organizations: New, New York cnn, Federal Reserve, Moody’s Analytics, Bloomberg News, White, CNN, Wall Street, New York Federal Reserve Locations: New York, United States

☆ Texas heat wave: US Energy Department declares power emergency
▼ + stars: | 2023-09-08 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The US Energy Department has issued an emergency order aimed at keeping the lights on in Texas as the state’s power grid grapples with surging demand amid record-high temperatures. The order, issued Thursday night, could allow Texas power plants to surpass pollution limits through Friday night to meet “abnormally high” demand for electricity. Jennifer Granholm, US secretary of energy, determined in the order that “an emergency exists in Texas due to a shortage of electric energy, a shortage of facilities for the generation of electric energy and other causes.”As the heat wave continues to shatter records across the country, including in Texas, energy demand for things like air conditioning have frequently taxed the state’s delicate power grid with wind and solar energy helping to prop it up. The Electric Reliability Council of Texas, which oversees the electric grid serving 90% of the state’s customers, filed a request for the emergency order Wednesday. ERCOT warned that power outages could become necessary if demand isn’t lowered or additional supply can’t be added.

Persons: Jennifer Granholm, ERCOT, CNN’s Robert Shackelford Organizations: New, New York CNN, US Energy Department, Dallas, Reliability, of Texas, Texans Locations: New York, Texas, Antonio

☆ Why Biden’s strong economy feels so bad to most Americans
▼ + stars: | 2023-09-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Inflation hangoverSharply higher prices in 2021 and 2022 marked a painful economic moment for households around the world. The partisan gapCNN’s latest poll shows that Republicans and Democrats are both souring on President Biden’s handling of the economy. “People are no longer telling us how they feel about the economy — really, they’re telling us how they feel about the president,” Wolfers said. Either way, that poses a political problem for President Biden, whose re-election campaign has sought to highlight the economy’s strengths.

Persons: New York CNN —, Joe Biden, SSRS, “, There’s, ”, Justin Wolfers, Wolfers, That’s, ” Wolfers, you’d, ” Morgan Stanley, Jamie Kelter Davis, Carola Binder, —, Biden, It’s, Biden’s, David Axelrod, — CNN’s Matt Egan Organizations: New, New York CNN, CNN, University of Michigan, P Global Market Intelligence, Atlanta, Bloomberg, Getty, United, Index, Bureau of Labor Statistics, Haverford College, Biden, “, White House Locations: New York, Wolfers, United States, Ukraine

☆ Oil could hit $107 due to Saudi Arabia’s and Russia’s supply cuts, Goldman Sachs warns
▼ + stars: | 2023-09-06 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their aggressive supply cuts, Goldman Sachs warned its clients. Goldman Sachs had forecast Brent oil to be $86 in December and $93 at the end of 2024. First, Goldman Sachs expects Saudi oil supply to be 500,000 barrels per day smaller than previously anticipated. Secondly, Goldman Sachs warned that some of its assumptions for oil production may be incorrect if the OPEC+ cut extensions continue. In that scenario, Brent oil prices would likely climb to $107 a barrel in December 2024, the bank said.

Persons: Saudi Arabia don’t, Goldman Sachs, Brent, don’t, Jake Sullivan, Joe Biden, ” Sullivan Organizations: New, New York CNN, Brent, Saudi, Goldman, US National Security Locations: New York, Russia, Saudi Arabia, North, OPEC, Saudi

Search resuls for: "Matt Egan"

25 mentions found