Money

CNN, CNN BUSINESS By Allison Morrow, CNN In congressional testimony earlier this month, Fed Chairman Jerome Powell told lawmakers that the central bank would likely need to raise interest rates higher and possibly faster than previously expected. The message was clear: Buckle up, America — we are going to keep raising rates and get inflation

CNN By Matt Egan, CNN JPMorgan Chase’s investment bank has been hired to advise First Republic as the embattled regional bank tries to ease concerns about its financial condition, people familiar with the matter told CNN. First Republic’s share price has plummeted 90% to record lows over the past month as investors took scrutinized lenders

By Anna Cooban, CNN Credit Suisse is not out of the woods just yet. Shares in the Swiss lender fell by as much as 12% Friday, erasing most of Thursday’s gains, as investors feared that a $54 billion lifeline from the Swiss central bank might not be enough to rescue the beleaguered bank. By comparison,

By Laura He, CNN China’s central bank has made a surprise cut to the amount of money that banks must keep in reserve, in an effort to keep money flowing through the financial system and prop up the economy. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for

By Laura He and Anna Cooban, CNN Markets in Europe and Asia rebounded Friday after First Republic Bank was rescued by a group of major US lenders, easing worries about the current banking turmoil. “Some optimism has returned to markets over the last 24 hours, with bank stocks stabilizing on both sides of the Atlantic,”

CNN By Nicole Goodkind, CNN With just a few days to go until the Federal Reserve’s next interest rate decision, US policymakers are sitting between a rock and a hard place. The recent banking sector meltdown, triggered partially by Silicon Valley Bank crumbling under the weight of higher interest rates, has led some economists and

By Heather Chen, CNN Rapper and entrepreneur Snoop Dogg is expanding his business empire yet again, this time branching out into a line of premium coffee products with beans sourced locally from Indonesia. He has partnered with Indonesian coffee entrepreneur Michael Riady to launch INDOxyz: “a premium lifestyle coffee brand created for and inspired by

By Jeanne Sahadi, CNN The past two tax-filing seasons were fraught with aggravations, delays, last-minute changes and huge backlogs at the IRS. But by comparison, this year’s tax-filing season has been going relatively smoothly, tax preparers say. “After a few years of pandemic-related updates, mid-tax season IRS guidance, last-minute tax law changes and more, the

By Nathaniel Meyersohn, CNN Credit Suisse, the 167-year-old bank and the second-largest lender in Switzerland, is in deep trouble. The bank said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank, taking advantage of a lifeline late Wednesday after its stock crashed as much as 30%. It also

CNN By Anna Cooban, CNN Credit Suisse is not out of the woods just yet. Shares in the Swiss lender fell by as much as 12% Friday, erasing most of Thursday’s gains, as investors feared that a $54 billion lifeline from the Swiss central bank might not be enough to rescue the beleaguered bank. By