Summers Warns Fed on 1970s-Style Mistake With CPI Set to Slow

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Breadcrumb Trail Links PMN Business Former Treasury Secretary Lawrence Summers said he’s concerned that a slowing in headline inflation in upcoming data will prompt the Federal Reserve to conclude its policies are working, when much more action is in fact needed. Author of the article: Bloomberg News Christopher Anstey ivfia)s47){ihg6xzrc]k0fn_media_dl_1.png Bloomberg RSS Article content (Bloomberg) … Read more

Fecal fountains: CDC warns of diarrheal outbreaks linked to poopy splash pads

Enlarge / A 2-year-old enjoys the spray of water in a splash pad in Los Angeles on June 20, 2022. In this summer’s record-blazing heat, a spritz of crisp, cool water sounds like delicious bliss. Each drop offering brisk relief as it pitter-patters on your face, quenching your sizzling skin. But if you find such … Read more

Summers warns of ‘economic distress’ as Fed’s Powell holds out hope

“Unless we have a set of very surprising and positive developments,” Summers told POLITICO, “we’re not likely to see the inflation rate come all the way down to [the Fed’s] target without there being some level of meaningful economic distress.” Summers, who was also a top adviser in the Obama White House, has derided earlier … Read more

Bank of England delivers biggest rate hike since 1995, warns of recession

Comment on this story Comment The Bank of England raised its primary interest rate by half a percentage point — its largest increase since 1995 — and warned that Britain would enter a protracted recession before the end of the year. The rate hike announced Thursday was backed by 8 out of 9 of the … Read more

Shipping firm Maersk, a barometer for global trade, warns of weak demand and warehouses filling up

A.P. Moller-Maersk, is one of the world’s biggest container shippers with a market share of around 17%, and is widely seen as a barometer of global trade. Andia | UIG via Getty Images AP Moller-Maersk on Wednesday predicted a slowdown in global shipping container demand this year amid weakening consumer confidence and supply chain congestion. … Read more

Shingles may raise your risk of Alzheimer’s, study warns

Catching shingles may raise the risk of Alzheimer's disease by setting off a chain reaction in the brain, scientists have warned (file image)

Catching shingles may raise the risk of Alzheimer’s disease, scientists have warned. A study led by Oxford University found the infection can set off a chain reaction in the brain linked to dementia. It does this by waking up a different, normally-harmless herpes virus that remains dormant in our bodies from childhood. This leads to a … Read more

Mark Zuckerberg warns many teams will ‘shrink’ as Meta revenue drops

Meta CEO Mark Zuckerberg said Wednesday that he expects to trim the workforce at the parent of Facebook and Instagram after announcing the first-ever decline in revenue. “This is a period that demands more intensity and I expect us to get more done with fewer resources,” Zuckerberg told analysts. The Facebook founder said that because … Read more

CDC warns of deadly bacteria found in Mississippi soil after two residents sickened

Public health authorities are urging at-risk residents in the Gulf Coast region of Mississippi to take extra precautions after an investigation turned up deadly bacteria living in the soil around the homes of two people who were sickened.  The investigation was launched after two unrelated residents — one this year, and another in 2020 — … Read more

The I.M.F. warns that a global recession could soon be at hand.

The world could soon be on the brink of a global recession as the economies of the United States, China and Europe slow more sharply than anticipated amid a collision of crises, the International Monetary Fund warned on Tuesday. In an update of the World Economic Outlook, the I.M.F. said economic prospects had darkened significantly … Read more

US home prices are about to tumble as demand for new houses ‘craters,’ an economist warns

US home prices are already falling and are set to tumble in the coming months, an economist said Tuesday. Ian Shepherdson, chief economist at Pantheon Macro, told clients “the next few months will be very tough” for the housing market. Property markets boomed in 2020 and 2021 but are rapidly cooling as central banks hike … Read more