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The Fed has been clear, but the economy still isn’t ready for the big rate hikes ahead, Wells Fargo CEO says
Charles ScharfQilai Shen | Bloomberg | Getty ImagesWells Fargo CEO Charles Scharf said he is betting on "more significant rate hikes" as the Federal Reserve tries to rein in high inflation, and that the economy is not as prepared as it should be."I wouldn't bet...
Stock futures are flat as S&P 500 tracks for worst first half of the year since 1970
U.S. stock index futures were flat during overnight trading Wednesday, as the S&P 500 prepares to wrap its worst first half in decades.Futures contracts tied to the Dow Jones Industrial Average added 0.1%. S&P 500 futures gained 0.07%, while Nasdaq 100...
Debt collectors’ ‘pay to pay fees’ are ‘often illegal,’ consumer watchdog agency says
Anchiy | E+ | Getty ImagesCertain "junk" fees often levied by debt collectors are illegal under federal law, the Consumer Financial Protection Bureau said Wednesday.Debt collectors charge so-called "pay-to-pay" fees, which are also known as convenience fees,...
Stocks making the biggest moves midday: Bed Bath & Beyond, Carnival, Upstart and more
A security guard stands next to a Bed Bath & Beyond sign at the entrance to a New York City store location.Scott Mlyn | CNBCCheck out the companies making headlines in midday trading.Bed Bath & Beyond — Shares of the retailer plummeted about 21% after...
Powell vows to prevent inflation from taking long-run hold in the U.S.
U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. Mary F. Calvert | ReutersFederal Reserve Chairman Jerome Powell vowed Wednesday that policymakers would not allow...