Stocks slipped again Thursday as investors braced for more interest rate hikes from the Federal Reserve, and the volatility is once again stirring up debates over whether the U.S. economy is headed for a recession.
"Our view right now is that for the next six months the U.S. economy should be okay," said Ahmed Riesgo, chief investment officer for financial services company Insigneo.
He said the strength of the January jobs report has put downward pressure on stocks because it showed resilience in the economy that many investors interpreted as a sign that more rate hikes were coming. Recent reports showing "sticky" inflation have had a similar effect.
These trends increase the odds of a recession, he added, because the uncertainty around inflation makes it more likely the Fed will make a policy mistake.
"Our base case is not a recession," he said. "But when you look a little bit further out over a 12 month period, I think the chances of a mild recession in the United States are very elevated."
He also cited recent comments from Fed officials as evidence for this theory. The nation's top bankers have signaled they are committed to bringing inflation down to 2 percent annually, while also saying hitting that goal effectively requires inducing a recession.
About 7.5 million singing and swimming “Baby Shark” bath toys are being recalled after multiple lacerations and puncture wounds were reported in children playing with them.
Bud Light has rolled out a new ad campaign, weeks after protests over the company's partnership with trans influencer Dylan Mulvaney.
3M Co. reached a $10.3 billion agreement to settle lawsuits that claimed toxic chemicals had contaminated drinking water across the country.
Overstock.com has won the bid to buy Bed Bath & Beyond IP and digital assets.
Sales of existing homes rose just 0.2% in May from April and down over 20% from a year ago.
In his second day of testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell reiterated that the board is considering more interest rate hikes.
United Airlines will now be able to send a meal or hotel voucher to customers' phones, if needed, during emergency situations.
The government will require heavy trucks and buses to include automatic emergency braking equipment within five years, the federal traffic safety agency said Thursday, estimating it will prevent nearly 20,000 crashes save at least 155 lives a year.
The Food and Drug Administration on Thursday said it has sent warning letters to dozens of retailers selling fruit- and candy-flavored disposable e-cigarettes, including the current best-selling brand, Elf Bar.
Whether your credit card has declined or if you had difficulty splitting a bill at an outing, those awkward financial moments can get the best of us. Bobbi Robell, founder of Financial Wellness Strategies and author of "Launching Financial Grownups," joined Cheddar News to provide tips on how to handle those tense situations.
