The Latest Breaking News from Ian Shepherdson

The debt-ceiling deal has only mild spending curbs, but one detail could help tip the U.S. economy into a recession and derail the stock market.

WASHINGTON: US economic growth lost steam in the first quarter this year, the Commerce Department said on Thursday, as the possibility of a mild recession brews while consumer spending weakens.

A Federal Reserve rate hike next week looks less likely as bank stocks and the broader S&P 500 resumed their fall on Friday.

Americans began the new year with a spending spree, but businesses are not sure how long it can last. There's a lot riding on the answer, since consumer spending is the backbone of the U.S. economy.

WASHINGTON: The US Federal Reserve started the second day of its policy meeting on Wednesday, on growing expectations that it will step down to a smaller interest rate hike as red-hot inflation shows signs of cooling.

The Federal Reserve’s preferred inflation measures eased in November while consumer spending stagnated, suggesting the central bank’s interest-rate hikes are helping to cool both price pressures and broader demand — with more tightening on the way.

As the U.S. housing market continues to cool, a growing number of forecasters say homeowners could soon experience significant price declines. These analysts look at the record run-up in home prices during the COVID pandemic and say a drop of 20% or more looms in the near future.

Credit card debt grew moderately in September, as gas prices continued to decline. While inflation remained an issue impacting consumers, rising 8.2 percent over the year for September, gas prices were down 4.9 percent from August. This follows August’s month-over-month 10.6 percent downslide in gas prices.

"The affordable housing problem is going to stick around no matter what."