Money

By Elisabeth Buchwald, CNN When Federal Reserve Chair Jerome Powell talks, markets listen. But you may not. But what Powell says matters a lot. He (and other members of the Fed) have power over your bank account, employment situation and more. *Enter CNN’s economy explainer reporter* Powell’s press conference Wednesday was filled with phrases the

By David Goldman and Mark Thompson, CNN Another US regional lender caught up in the worst banking crisis since 2008 is looking for help. PacWest Bank, based in California, confirmed Thursday that it is exploring “all strategic options” after its share price was cut in half in after-hours trading following a Bloomberg report that it

By Matt Egan, CNN White House economists warned on Wednesday that a protracted debt default would cause the loss of more than 8 million jobs and cut the stock market in half. The new projections, published in a blog post by the White House Council of Economic Advisers, make clear the enormous stakes behind a

By Jeanne Sahadi, CNN Given the choice between getting a 5% return on your money versus less than half a percent, which would you prefer? The average bank savings rate as of April 26 was a paltry 0.24%, according to Bankrate. At some of the biggest banks, savings rates are as low as 0.01%. But

CNN, WMTV By Oliver Darcy, CNN Business Tucker Carlson sent a racist text message that “set off a panic at the highest levels of Fox” and ultimately led to his firing, The New York Times reported Tuesday. But the abhorrent racism Carlson put on display should not have surprised anyone at Fox. After all, Carlson

By Jeanne Sahadi, CNN The Federal Reserve on Wednesday raised its key interest rate for the 10th time since mid-March of last year. Each time the Fed raises the rate, the lending rates that banks charge their customers tend to follow. That means consumer debt — especially variable-rate credit card debt — will get more

CNN By Chris Isidore, CNN The structure and economics of the entertainment industry are changing ferociously fast. Nowhere is that more evident than on the picket lines of writers for television shows and movies that began Tuesday. The writers say they can’t afford to live under the current economics and pay structure of the industry,

By Krystal Hur, CNN JPMorgan Chase, the biggest bank in the United States, is growing bigger. And as the bank swells in size, so does the potential risk it poses to the nation’s financial system. The Federal Deposit Insurance Corporation said early Monday that JPMorgan Chase bought most assets of First Republic Bank after the