Fed’s Core PCE Index Unexpectedly Accelerates, Consumer Spending Soars, Raising Pressure to Raise Interest Rates
The Federal Reserve’s preferred inflation gauge, the Core PCE Index, unexpectedly accelerated in January, while consumer spending surged after a year-end slump, adding pressure on policymakers to keep ratcheting up interest rates.[0] The Core PCE Index rose 0.6% in January compared to the 0.2% in December, resulting in an annual increase of 5.4%, more than […]
Continue reading US Core PCE Price Index Hits 4.7%, Signalling Possible Further Rate Increases
On Friday, February 24, the US Bureau of Economic Analysis released the Personal Consumption Expenditures (PCE) Price Index data for January.[0] The Core PCE Price Index, the Federal Reserve’s preferred gauge of inflation, edged higher to 4.7% from 4.6% in the same period, compared to analysts’ forecast of 4.3%. Core PCE inflation and PCE inflation […]
Continue reading CPSC Announces Recall of 2 Million Cosori Air Fryers
The U.S. Consumer Product Safety Commission (CPSC) issued a press release on Thursday announcing the recall of two million Cosori Air Fryers due to fire and burn hazards.[0] The affected models were sold at Best Buy, Target, and The Home Depot stores nationwide and online at Amazon, Adorama, Bed Bath and Beyond, Cosori, eBay, Homegoods, […]
Continue reading Cosori Air Fryer Recall: Over 2 Million Units Affected
Prominent air fryer brand Cosori, owned by Anaheim-based Atekcity Corporation, is recalling around 2 million units sold in the U.S., Canada, and Mexico due to fire and burn hazards. The Consumer Product Safety Commission (CPSC) announced the recall Thursday, urging consumers to immediately stop using the products.[0] The affected models are the 3.7-quart and 5.8-quart […]
Continue reading Nvidia (NVDA) Surges 14% on Stronger-Than-Expected Q4 Results, US Unemployment Claims Unexpectedly Fall, Gold Futures Slump, and Domino’s Pizza (DPZ) Misses Revenue Estimates
Shares of Nvidia (NVDA) surged 14% on Thursday after the semiconductor giant posted stronger-than-expected fourth-quarter results and guidance, with Wall Street analysts praising the chip maker.[0] This news came on the back of an artificial intelligence (AI) driven boom in chip demand, and investors are now expecting at least two more Federal Reserve rate increases […]
Continue reading Boeing Suspends 787 Dreamliner Deliveries for Further Analysis
Boeing Co. has once again suspended deliveries of its 787 Dreamliner, the company’s largest widebody program, as it conducts further analysis on a fuselage component. The U.S. Federal Aviation Administration (FAA) said deliveries will not resume until it is satisfied that the issue has been resolved. The FAA stated in a statement that Boeing has […]
Continue reading Thomas H Lee, Legendary Financier, Dead at 78
Thomas H Lee, the American billionaire financier and investor, was found dead on Thursday morning from a self-inflicted gunshot wound at his office in Manhattan, according to police officials.[0] He was[1] The family of the renowned financier and private equity pioneer released a statement on Thursday, saying: “The family is extremely saddened by Tom’s death. […]
Continue reading CEO of Ozy Media Arrested on Fraud Charges
Carlos Watson, the CEO and co-founder of the embattled Ozy Media, was arrested on Thursday on fraud charges after his former partner Samir Rao pleaded guilty to similar charges earlier this week.[0] The Wall Street Journal first reported Watson’s arrest.[1] According to prosecutors for the Eastern District of New York, Watson had “engaged in a […]
Continue reading CPSC Initiates Recall of Over 2 Million Cosori Air Fryers
On Thursday, the U.S. Consumer Product Safety Commission (CPSC) initiated a recall of more than two million Cosori air fryers due to a wire connection issue that can cause them to overheat and potentially catch fire.[0] The recalled fryers were sold from June 2018 through December 2022 at major retailers, including Best Buy, Target, Home […]
Continue reading Disgraced Crypto Co-Founder Faces 12 Criminal Charges, Including Conspiracy
Sam Bankman-Fried, the disgraced co-founder of now-defunct cryptocurrency exchange FTX, faces 12 criminal charges, including four additional counts of conspiracy, after a superseding indictment was unsealed on Thursday.[0] The new charges include conspiracy to commit bank fraud, conspiracy to operate an unlicensed money transmitting business, and conspiracy to defraud the Federal Election Commission.[1] According to […]
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