A new report said the private sector added 103,000 jobs in November while refinance applications climb as mortgage rates dip. Plus, the FTC is once again looking to block the Microsoft-Activision deal and McDonald's is looking to buy 10,000 new locations by 2027.
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Stocks Tumble on Fears About Faster Rate Hikes, Dow Down 570
Stocks sank on Wall Street after the head of the Federal Reserve warned it could speed up its economy-rattling hikes to interest rates if pressure stays high on inflation.
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If measures of the U.S. economy keep coming in hot, as they did in January, the Federal Reserve will likely have to raise interest rates even higher than it has already signaled — and keep them there longer — Chair Jerome Powell will likely warn in testimony to Congress on Tuesday.
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Here are today's top business headlines you need to know.
Cheddar Morning News Briefings of March 7th
Cheddar Morning News Briefings
Today Explained: Is Your Beef Really 'Made in the USA?'
Cheddar News breaks down the Department of Agriculture's recent efforts to make it harder for meat packagers to use the “product of the USA” label.
Toblerone Drops Iconic Design Due to Rules on 'Swissness'
The makers of Toblerone are stripping images of Switzerland's famed Matterhorn and the Swiss flag from the packaging of the milk-chocolate treat as they move some production to Slovakia.
The Day Ahead: Powell Testimony & Earnings
Cheddar News looks ahead to Tuesday as Fed Chair Jerome Powell will testify on Capitol Hill about the central bank's response to inflation. Earnings are also on tap from Dick's Sporting Goods, Stitch Fix and Crowdstrike.
Tesla Issues Model Y Recall Over Seatbelt
Tesla issued a Model Y recall over seatbelt issues.
