The U.S. economy showed few signs of recession in the second quarter, as gross domestic product grew at a faster-than-expected pace during the period, the Commerce Department reported Thursday.GDP, the sum of all goods and services activity, increased at a 2.4% annualized rate for the April-through-June period, better than...
Turkish Central Bank Governor Hafize Gaye Erkan answers questions during a news conference for the Inflation Report 2023-III in Ankara, Turkey on July 27, 2023.Anadolu Agency | Anadolu Agency | Getty ImagesTurkey's central bank expects inflation to hit 58% by the end of 2023, its new governor Hafize Gaye...
A view of high-rise buildings is seen along the Suzhou Creek in Shanghai, China on July 5, 2023.Ying Tang | NurPhoto | Getty ImagesThe Chinese economy could be facing a prolonged period of lower growth, a prospect which may have global ramifications after 45 years of rapid expansion and...
The U.S. Federal Reserve Building in Washington, D.C.Win Mcnamee | ReutersThe Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals.Whether it's providing instant access to paychecks, allowing for last-minute bill...
Skyline view of the City of London financial district.Mike Kemp | In Pictures | Getty ImagesLONDON — U.K. inflation cooled significantly in June, coming in below consensus expectations at 7.9% annually.Economists polled by Reuters had projected an annual rise in the headline consumer price index of 8.2%, following May's...
Michael Barr, vice chair for supervision of the board of governors of the Federal Reserve, testifies during a House Committee on Financial Services hearing on Oversight of Prudential Regulators, on Capitol Hill in Washington, DC, on May 16, 2023.Mandel Ngan | AFP | Getty ImagesThe Federal Reserve's top banking...