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central banks

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023

Ann Roberts 0
Technology
The tide turned against inflation.Artificial intelligence went mainstream — for good or ill. Labor unions capitalized on their growing might to win more generous pay and benefits. Elon Musk renamed and rebranded the social media platform Twitter, removed guardrails against phony or obscene posts and ranted profanely when advertisers fled in droves.The American housing market, straining under the weight of heavy mortgage rates, took a wallop.And Taylor Swift's concert tour scaled such stratospheric heights that she…

Jerome Powell Signals Fed Prepared to Slow Rate-Rise Pace in December

Helen Gray 0
Business
Mr. Powell, in a speech Wednesday, said an overheated labor market needed to cool more for the Fed to be confident that inflation would make durable downward progress toward its 2% goal. Because the Fed has raised rates rapidly and it takes time for those moves to influence the economy, it would make sense for officials to slow rate increases, he said in remarks prepared for delivery at the Brookings Institution. “The time for moderating the pace of rate increases may come as soon as the December meeting,” he said.…

Inflation Fears Drove Larger Fed Rate-Increase in June

Helen Gray 0
Business
WASHINGTON—Federal Reserve officials concluded at their meeting last month that they needed to pick up the pace of interest-rate increases because the inflation outlook had deteriorated and that, as a result, rates would need to rise to levels designed to deliberately slow economic growth.Officials voted to raise their benchmark rate by 0.75 percentage point in June, a bigger increase than their half-point move in May. Officials anticipated another rate increase of either a half percentage point or 0.75 point would be…