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Latest Headlines in Economy

US inflation and consumer spending cooled in December

The pullback in consumer spending will likely be welcomed by Fed officials, who are seeking to cool the economy by making lending increasingly expensive.

US economy slowed but still grew at 2.9 percent rate last quarter

The economy’s expected slowdown is an intended consequence of the Federal Reserve’s aggressive series of rate hikes.

Cost-of-living crisis overshadows climate, Davos report says

Climate change is the global economy’s biggest long-term challenge but one the world is least prepared to tackle because of short-term problems led by a cost-of-living crisis, the World Economic Forum said in a report Wednesday.

Larry Edelman

Federal Reserve hammers home its message: Rates won’t drop any time soon

In a speech, Boston Federal Reserve president Susan M. Collins is latest central bank leader to say there’s a long way to go in the fight against inflation.

Wholesale inflation in US slowed further in December to 6.2 percent

The ongoing slowdown in wholesale price growth is adding to evidence that the worst bout of inflation in four decades is steadily easing, though it remains far above the Federal Reserve’s target of 2 percent.

Republicans ‘won’t budge’ on lifting federal debt ceiling, powerful GOP representative says

Republicans “campaigned on the the fact that we were going to be serious about spending cuts,” said Representative James Comer, who heads the House Oversight Committee.

Treasury secretary tells Congress US expected to hit debt limit Thursday

In a letter to House and Senate leaders, Yellen said her actions will buy time until Congress can pass legislation that will either raise the debt limit or suspend it again for a period of time.

Larry Edelman

Inflation is retreating — though it doesn’t feel that way

The rise in consumer prices slowed for a sixth straight month, but the cost of living remains painfully high. What does this mean for the Fed?