Minneapolis Federal Reserve Bank President Neel Kashkari on Tuesday said he expects more clarity on the economic outlook by the time the Fed ends its bond-buying program in mid-2022, and is keeping an “open mind” on the timing of any rate hikes to follow. “I have not made any decisions about where my stance is…
Macy’s to Lift Minimum Wage to $15 an Hour as Labor Market Tightens
Macy’s Inc will raise the minimum wage of its more than 100,000 U.S. employees to $15 an hour by May, the department store chain said on Monday, as retailers fight to hire and retain workers in an increasingly competitive labor market. A nationwide labor shortage driven by the pandemic has spurred retailers to raise wages…
Ireland Dusts Off Brexit Contingency Plans as Trade Tensions Mount
November 9, 2021
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DUBLIN—Irish government ministers have met to dust off contingency plans in case disagreements between Britain and the European Union trigger major trade disruption, deputy prime minister Leo Varadkar said on Tuesday. The European Union last week said that Britain had made no move to seek a compromise on post-Brexit trade with Northern Ireland and cautioned…
Build-To-Rent Homes Looking to Capture Sizable Chunk of Housing Market in Arizona
November 9, 2021
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ArizonaBusiness & EconomyEconomieshouse rentalsInvestmentLocal NewsMarketsphoenix arizonaregional housing marketRegional-Local NewsUSUS News
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Coupled with low supply inventory, rising home prices and more people moving into the valley, there’s a new trend taking shape in Arizona, where residential properties are being built to rent out rather than sell. “It’s actually a fairly new form of residential real estate that really didn’t exist five or six years ago,” Randy…
Producer Price Increases Match Highest Annual Rise on Record, Fanning Consumer Inflation Concerns
Producer prices rose in the 12 months through October at 8.6 percent, matching the prior month’s rate—the highest since 2008—and reinforcing broader concerns about inflation as higher production costs tend to trickle down to consumers. The Labor Department said in a Nov. 9 statement that the producer price index (PPI) jumped by 8.6 percent year-over-year in…
Towns Around Massachusetts Paying Snowplow Drivers up to $310 an Hour Amid Labor Shortage
November 9, 2021
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Towns around Massachusetts are offering up to $130 an hour for drivers with a commercial license amid a labor shortage. According to a “request for response from interested vendors 2021–2022” legal notice, Watertown is paying up to $200 for plow drivers with a commercial license, and the rates increase to $310 for those with specialized equipment, specifically a rubber-tired…
Biden Pick for Bank Regulator Proposed Fed Take Over Banking, Manipulate Stock Prices
News Analysis In Saule Omarova’s world, America only really needs one bank—the Federal Reserve. Omarova, President Joe Biden’s nominee for one of the top banking regulators, has proposed such drastic expansion of government control over finance it’s leaving some experts scratching their heads over whether the administration was serious about her nomination. A descendant of…
Every Major Financial Institution Will Think About Trading Cryptocurrencies Within Next 3 Years: Former Citigroup CEO
November 9, 2021
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Every major financial institution will be thinking about trading cryptocurrencies within the next few years, according to Vikram Pandit, chairman of The Orogen Group and former chief executive officer of Citigroup Inc. Speaking at the Singapore Fintech Festival event, Pandit told Bloomberg that in “one to three years, every large bank and/or securities firm is going to…
Relief from High Prices Unlikely, Analysts Say Ahead of Consumer Inflation Data Release
With investors closely eyeing two major data releases this week on inflation—one on producer input costs and the other on consumer prices—Wells Fargo analysts say it’s unlikely sticker-shock-weary consumers will see relief as the persistent supply-side crunch will “keep fanning the flames on inflation in the near term.” On Tuesday, the Labor Department will release…
Crypto Market Nears $3 Trillion Milestone on Bitcoin and Ethereum Record Surge
November 9, 2021
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Cryptocurrency market capitalization neared the $3 trillion mark on Nov. 9 as the two biggest cryptocurrencies—Bitcoin and Ethereum—were trading just off their all-time highs, according to data from CoinMarketCap. Bitcoin surged past the $68,000 mark for the first time on Monday, briefly touching a record high of around $68,500, according to Coinbase, with the world’s…
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