Economy

Just_super | E+ | Getty Images Can artificial intelligence be so transformative as to solve one of the U.S. economy’s biggest problems: its skyrocketing fiscal deficit? According to three economists at the Brookings Institution, the answer is yes — AI could prove a positive “critical shock” for the country’s fiscal health.  A working paper released

Inflation edged higher in October as the Federal Reserve is looking for clues on how much it should lower interest rates, the Commerce Department reported Wednesday. The personal consumption expenditures price index, a broad measure the Fed prefers as its inflation gauge, increased 0.2% on the month and showed a 12-month inflation rate of 2.3%.

President-elect Donald Trump speaks at the U.S.-Mexico border on August 22, 2024 south of Sierra Vista, Arizona.  Rebecca Noble | Getty Images News | Getty Images The latest tariff proposal from President-elect Donald Trump would likely put upward pressure on inflation in the United States, according to Goldman Sachs. On Monday, Trump said on social

Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, D.C., June 7, 2024. Stefani Reynolds | Bloomberg | Getty Images The U.S. stock market appeared to cheer President-elect Donald Trump’s presumptive nominee for Treasury secretary, who told CNBC earlier in November that he sees an era of

Digital render of NEOM’s The Line project in Saudi Arabia The Line, NEOM In Saudi Arabia’s northwestern desert, a sprawling construction site replete with cranes and pile drivers sits encircled by a recently-built road. A pair of tracks cuts through the site like deep gashes through the sand, comprising the spine of what planners say

Kevin Warsh Jin Lee | Bloomberg | Getty Images President-elect Donald Trump is considering naming Kevin Warsh as Treasury secretary then ultimately sending him off to serve as Federal Reserve chair, according to a Wall Street Journal report. A former Fed governor himself, Warsh would move over to the central bank after current Chair Jerome

Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024. Stefani Reynolds | Bloomberg | Getty Images President-elect Donald Trump signaled Friday his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, in a move that puts a

Jerome Powell and President Donald Trump during a nomination announcement in the Rose Garden of the White House in Washington, D.C., U.S., on Thursday, Nov. 2, 2017. Andrew Harrer | Bloomberg | Getty Images President-elect Donald Trump and Federal Reserve Chair Jerome Powell could be on a policy collision course in 2025 depending on how

Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known

Wholesale prices nudged higher in October, though largely in line with expectations and mostly consistent with the Federal Reserve cutting interest rates again in December, the Bureau of Labor Statistics reported Thursday. The producer price index, which measures what producers get for their products, increased a seasonally adjusted 0.2% for the month, up one-tenth of

Inflation perked up in October though pretty much in line with Wall Street expectations, the Bureau of Labor Statistics reported Wednesday. The consumer price index, which measures costs across a spectrum of goods and services, increased 0.2% for the month. That took the 12-month inflation rate to 2.6%, up 0.2 percentage point from September. The

Federal Reserve Board Federal Reserve Chairman Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting in Washington on November 07, 2024 in Washington, DC.  Kent Nishimura | Getty Images Federal Reserve Chair Jerome Powell dodged question after question at his Thursday news conference from a press corps eager to elicit

A worker is making textile export orders at a production workshop of a textile enterprise in Binzhou, China, on July 8, 2024. Nurphoto | Nurphoto | Getty Images Donald Trump‘s election victory over Vice President Kamala Harris marks a historic return to the White House — an extraordinary political comeback that is likely to have

President-elect Donald Trump likely will return to cornerstones of his previous economic platform such as tariffs, lower taxes and sanctions when he assumes office in January, his former Treasury secretary said Thursday. Steven Mnuchin, who held the post throughout Trump’s first term from 2017-21, told CNBC that he sees those items as critical to the

Federal Reserve Board Chairman Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., September 18, 2024. REUTERS/Tom Brenner Tom Brenner | Reuters The Federal Reserve likely will stick to the business at hand when it wraps up its meeting Thursday with

When the votes are counted in the U.S. presidential election, will it be the gender gap, the income gap, the Latino vote or the media and marketing campaigns that turned out to be decisive? CNBC senior economics reporter Steve Liesman sat down with four polling experts for an in-depth look into the data to see

A trader works as a screen displays the Fed rate announcement, on the floor of the New York Stock Exchange on June 12, 2024. Brendan McDermid | Reuters RIYADH, Saudi Arabia — Major Wall Street CEOs see ongoing inflation pressures in the U.S. economy and aren’t convinced that the Federal Reserve will continue its rate-easing

RIYADH — National debt is a major threat to markets in the near future, Saudi Arabia’s finance minister said, expressing particular concern over lower income countries as well as what he described as rapidly growing global fragmentation. “I think globally, the serious, serious issue that we need to watch is sovereign debt issues, particularly in