Consumer prices fell 0.1% in December, in line with expectations from economists
The consumer price index was expected to decrease 0.1% on a monthly basis and increase 6.5% from a year ago in December, according to Dow Jones.
Financial News
The West’s oil war against Russia is starting to take its toll — sparking calls for tougher measures
Russia’s revenue from fossil fuel exports collapsed in December, according to a new report, hampering Moscow’s ability to finance the war in Ukraine.
Powell says Fed might have to make unpopular decisions to stabilize prices
The central bank leader noted that stabilizing prices requires making tough decisions that can be unpopular politically.
Swiss central bank posts biggest loss in its 116-year history
The central bank took a massive hit on its large pile of foreign currency holdings as the Swiss franc strengthened.
Everyone’s elite, but not for long. Airlines make travel perks harder to earn this year
Airlines are scaling back perks for frequent flyers and big spenders as travel roars back.
Elon Musk attorneys aim to move trial from California to Texas, citing ‘local negativity’
Elon Musk and Tesla are set to face a jury in a shareholder class action that claims the CEO manipulated Tesla’s stock in 2018.
Nonfarm payrolls rose 223,000 in December, as strong jobs market tops expectations
Nonfarm payrolls increased by 223,000 for the month, above the Dow Jones estimate for 200,000, while the unemployment rate fell to 3.5%.
Crypto lender Genesis Trading lays off 30% of workforce
Barry Silbert’s Genesis Trading reduced headcount by 30%, or 60 jobs, as the crypto lender fends off a potential bankruptcy filing after the collapse of FTX.
Fed officials see higher rates for ‘some time’ ahead
Policymakers expressed the importance of keeping restrictive policy in place while inflation holds unacceptably high.
Tesla shares tumble more than 12% following deliveries report
Some Wall Street analysts think Tesla’s delivery numbers spell trouble for the electric vehicle maker. Others see a buying opportunity for the company in 2023.