Jerome Powell, speaking at the Brookings Institution, reaffirmed that the central bank could begin moderating its pace of rate hikes as soon as December.
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Cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection Monday, the latest casualty of the collapse of crypto exchange FTX.
The nation’s major shipping companies are in the best shape to get holiday shoppers’ packages delivered on time since the start of the pandemic, suggesting a return to normalcy.
The likelihood of a national rail strike grew when the union representing conductors, rejected management’s latest offer.
Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.
“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.
The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.
Hiring was brisk across industries last month, though the overall gain declined from 315,000 in September and the unemployment rate ticked higher.
The speed and size of the cuts also opened Musk and Twitter to lawsuits.
The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time but hinted that it could soon reduce the size of its rate hikes.
