economy

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 …

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Mortgage rates fall as recession fears rattle housing market: Freddie Mac

Mortgage rates declined this week, continuing a volatile streak as the market digests the onset of an economic recession that will have implications for the US housing sector. A 30-year fixed-rate mortgage averaged 5.30% through Thursday, according to the latest data from Freddie Mac. The rate dipped from the previous week, when it sat at …

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Federal Reserve hikes interest rates for the fourth time this year

The Federal Reserve took an aggressive step on Wednesday to combat soaring inflation with the announcement of another larger than usual, three-quarters of a percentage point interest rate hike. The increase comes as central banking officials face a tough balancing act: bringing down rising prices amid growing concerns of an economic downturn. The latest increase …

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Economist Nouriel Roubini calls predictions for shallow recession ‘delusional’

Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis claim, believes the US is heading towards a deep recession and said thoseing the downturn will be mild are “delusional.” “There are many reasons why we are going to have a severe recession and a severe debt and financial crisis,” Roubini said on Bloomberg TV …

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Congress should raise taxes to fight inflation ‘right now’

Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday. Summers, a frequent critic of the federal response to inflation, argued that lawmakers should consider raising taxes as another means of cooling the economy — with a focus on corporations …

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US housing market could be headed for ‘meltdown’: economist

The US housing market could be on the verge of a “meltdown,” an economist warned following this week’s release of data a collapse in home builder confidence in July. US home builder confidence plummeted 12 points to 55 in July, according to the latest data from the National Association of Home Builders/Wells Fargo Housing Market …

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