Matt Egan, CNN Business, Author at newswatchplus.ph

First on CNN: US economy will sink into a 1990-style mild recession, Fitch says

Matt Egan, CNN Business — Wed, 19 Oct 2022 13:18:45 +0000

This story was first posted on CNN.com, “Economy will sink into a 1990-style mild recession, Fitch says” (CNN) — Stubborn inflation and the Federal Reserve’s jumbo-sized interest rate hikes will drive the American economy into a 1990-style mild recession starting in the spring, Fitch Ratings warned on Tuesday. In a report obtained first by CNN,

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Goldman Sachs predicts $140 oil as gas prices spike near $5 a gallon

Matt Egan, CNN Business — Wed, 08 Jun 2022 12:32:13 +0000

(CNN) — High oil and gasoline prices will need to rise even higher this summer to incentivize new production and discourage consumption, according to Goldman Sachs. The Wall Street bank is now forecasting Brent crude oil prices will average $140 a barrel between July and September, up from its prior call of $125 a barrel.

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The Dow is on its longest weekly losing streak since 1923

Matt Egan, CNN Business — Sat, 21 May 2022 05:22:36 +0000

Courtesy: Courtney Crow/New York Stock Exchange/AP

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US Treasury says it could block Russian debt payments starting next week

Matt Egan, CNN Business — Thu, 19 May 2022 10:26:06 +0000

(CNN) — Treasury Secretary Janet Yellen on Wednesday signaled US officials will likely end a carve-out in Western sanctions that has allowed Russia to continue make payments on its debt. Speaking at a press conference in Germany, Yellen said it is “reasonably likely” to expect the license will be allowed to expire on May 25.

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The US economy contracted. Don’t panic

Matt Egan, CNN Business — Fri, 29 Apr 2022 10:03:23 +0000

(CNN) — The economic recovery from Covid-19 stumbled in the first quarter, but that doesn’t mean a recession is imminent. Gross domestic product unexpectedly declined at an annual rate of 1.4% during the first three months of the year — the worst quarter for the American economy since the pandemic turned the world upside down

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Oil tumbles 7% as the market faces a new concern

Matt Egan, CNN Business — Tue, 29 Mar 2022 06:27:23 +0000

(CNN) — COVID fears are rocking the oil market Monday as China’s planned lockdown of Shanghai raises concerns about energy demand. US crude tumbled 7% and Brent lost 6.8% on the Covid news, giving back most of last week’s big gains. The heavy selloff comes after officials in China announced plans to lock down half of

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Goldman Sachs and JPMorgan are getting out of Russia

Matt Egan, CNN Business — Thu, 10 Mar 2022 23:02:46 +0000

(CNN) — Goldman Sachs is exiting Russia, becoming the first major Wall Street bank to announce plans to do so after the invasion of Ukraine. “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman Sachs spokesperson told CNN on Thursday. The decision by Wall Street’s most influential

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Most CEOs say rate hikes won’t quickly solve US inflation crisis

Matt Egan, CNN Business — Fri, 11 Feb 2022 10:14:08 +0000

(CNN) — The Federal Reserve has expressed confidence inflation will get under control soon. Business leaders are not so sure. Nearly 75% of CEOs say upcoming interest rates hikes are unlikely to curb inflation as quickly as the Fed would like because supply constraints and wage hikes will persist, according to a survey released by

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Oil could ‘easily’ hit $120 if Russia-Ukraine crisis escalates, JPMorgan warns

Matt Egan, CNN Business — Thu, 10 Feb 2022 16:00:35 +0000

(CNN) — Oil prices could soar to $120 a barrel if Russia’s crude exports are derailed by tensions with Ukraine, according to projections from JPMorgan. The forecast underscores how a potential invasion of Ukraine would cause wide-ranging ripple effects that would be felt by inflation-weary consumers around the world. “Any disruptions to oil flows from Russia

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US rate hikes are coming: What does that mean for you?

Matt Egan, CNN Business — Fri, 28 Jan 2022 21:01:58 +0000

(CNN) — The Covid era of free money is coming to an end. After dropping interest rates to zero in March 2020 to revive the economy, the Federal Reserve is shifting gears and going into inflation-fighting mode. Fed officials indicated Wednesday they plan to raise interest rates in March, launching a series of rate hikes for

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