The latest figures on consumer prices threaten to torpedo the prospect of multiple interest rate cuts from the Federal Reserve this year.
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Some of the market’s sharpest drops again came from the financial industry, where stocks tanked for a second day.
The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure, the FDIC said in a statement.
“Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn,” he said in an email to employees.
Wall Street surged to its best day since April 2020 as markets cheered a government report that inflation cooled more than expected last month.
The year-over-year increase, down from 8.2 percent in September, was the smallest rise since January.