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Discover Credit Card Spending Shrinks Amid Inflation

Discover Financial Services confirmed that spending on its credit cards has slowed down in recent months as inflation hits a 40-year high and signs of an impending recession continue to emerge. Chief Executive Officer Roger Hochschild stated during a television interview on Tuesday that credit...

Investors Doubtful of Inflation Rebound Amid U.S. Stock Rally

Investors have expressed doubts about whether inflation can continue to cool down as high stock valuations persist. U.S. stock indexes have been on the rise since the day of the Midterm elections. The Nasdaq Composite Index gained 8.1% over the past week, with tech stocks...

U.S. Inflation Eased Over October, Incoming CPI Suggests

U.S. inflation is likely to have subsided over the month of October, according to economists surveyed by Bloomberg. This report comes as the Bureau of Labor Statistics is set to release its Consumer Price Index (CPI) for October on Thursday. While the inflation is expected...

Credit Card Interest Rates Poised to Hit Record High

Credit card interest rates are expected to reach record heights following the US Federal Reserve's decision to up its benchmark interest rate by another 0.75 points. The average variable credit card rate, which is now 18.16% according to Bankrate.com, is expected to follow in...

Manufacturing Growth Sustained as Inflation Pressure Eased

US manufacturing continued growing in August, albeit at its slowest pace in over two years. The Institute for Supply Management’s gauge of factory remained at 52.8; its lowest level since June 2020. Material costs continued to decline for a fifth consecutive month, bringing much-needed...

U.S. Government Pushes for $1 Trillion Infrastructure Bill

The U.S. government has embarked on a campaign to promote the Biden administration's proposed $1 trillion infrastructure bill. The bill is aimed at refurbishing the airports, bridges, and roads across the country while also seeking to reduce emissions. In November 2021, several grants aimed at...