Five key economic points in Biden’s 2023 State of the Union address to Congress

President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington, as Vice President Kamala Harris and House Speaker Kevin McCarthy of Calif., applaud. Pool | Via Reuters President Joe Biden delivered his second State of the Union address to … Read more

Wholesale egg prices have ‘collapsed.’ Why consumers may soon see relief

Egg shelves in New York on Jan. 21, 2023 with a note apologizing to customers for the price increase. Fatih Aktas/Anadolu Agency via Getty Images Wholesale egg prices have cratered in recent weeks from record highs, meaning consumers may soon see relief at the grocery store. But the dynamics of egg pricing from the wholesale … Read more

Failure to raise U.S. debt ceiling would lead to ‘economic and financial catastrophe,’ Yellen says

U.S. Treasury Secretary Janet Yellen on Jan. 10, 2023 in Washington. Kevin Dietsch | Getty Images News | Getty Images The U.S. government risks “economic and financial catastrophe” if the House fails to pass a bill to raise the $31.4 trillion debt ceiling, Treasury Secretary Janet Yellen said Monday. The nation hit the statutory limit … Read more

Hispanic dialysis patients face 40% higher risk of staph infection than whites, CDC says

A COVID-19 patient using a ventilator rests while his blood goes through a kidney dialysis machine (L) on the Intensive Care Unit (ICU) floor at the Veterans Affairs Medical Center on April 21, 2020 in the Brooklyn borough of New York City. Robert Nickelsberg | Getty Images Hispanic dialysis patients face a 40% higher risk … Read more

U.S. plans to stop buying Covid shots for the public this fall. Here’s what that means

A pharmacist delivers a COVID-19 booster dose at a Chicago CVS store in October. Antonio Perez | Tribune News Service | Getty Images The U.S. will stop buying Covid shots at reduced price for the entire country and shift vaccine distribution to the private market as soon as early fall, shifting the cost to U.S. … Read more

How Zelle is different from Venmo, PayPal and CashApp

More than half of smartphone users in the U.S. are sending money via some sort of peer-to-peer payment service to send money to friends, family and businesses. Stocks of payment services like PayPal, which owns Venmo, and Block, which owns Cash App, boomed in 2020 as more people began sending money digitally. related investing news … Read more

Decades-low unemployment rate is welcome news for Biden ahead of State of the Union

U.S. President Joe Biden cheered jobs numbers released Friday morning showing the lowest unemployment rate in almost 54 years, pointing to the report as another example of that his policies are working. “The last time the unemployment rate was that low was May 1969,” Biden said, speaking from the White House. “More people are coming … Read more

Mortgage rates drop to the 5% range for the first time since September

Prospective buyers at an open house in Florida. Mike Stocker | South Florida Sun Sentinel | Tribune News Service | Getty Images The average rate on the 30-year fixed rate mortgage has fallen to 5.99%, according to Mortgage News Daily. The housing market hasn’t seen the rate with a five handle since a brief blip … Read more

GOP attorneys general warn CVS, Walgreens against mailing abortion pill in their states

Mifepristone (Mifeprex) and Misoprostol, the two drugs used in a medication abortion, are seen at the Women’s Reproductive Clinic, which provides legal medication abortion services, in Santa Teresa, New Mexico, on June 17, 2022. Robyn Beck | AFP | Getty Images Republican attorneys general in 20 states warned CVS and Walgreens this week against mailing … Read more

The U.S. Fed’s smaller rate hike brings dollar strength closer to its end

The DXY has fallen more than 10% in the past three months, Refinitiv data showed — and is a few points away from erasing almost all its gains that it’s seen in the past year, before the Federal Reserve embarked on its journey of interest rate hikes to tame inflationary pressures. Kacper Pempel | Reuters … Read more

Here’s what the Federal Reserve’s 25 basis point interest rate hike means for your money

The Federal Reserve raised the target federal funds rate for the eighth time in a row on Wednesday, in its continued effort to tame persistent inflation. At its latest meetingthe central bank approved a more modest 0.25 percentage point increase after recent signs that inflationary pressures have started to cool. “The easing of inflation pressures is … Read more

Gold demand surged to an 11-year high in 2022 on ‘colossal’ central bank buying

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. Alexander Manzyuk | Reuters Gold demand soared to an 11-year high in 2022 on the back of “colossal central bank purchases, aided by vigorous retail investor buying,” according to … Read more

Major central banks set to signal interest rate glide path in crucial week for monetary policy

A screen displays the Fed rate announcement as a trader works on the floor of the New York Stock Exchange (NYSE), November 2, 2022. Brendan McDermid | Reuters The U.S. Federal Reserve, European Central Bank and Bank of England are all expected to hike interest rates once again this week, as they make their first … Read more

The end of the Covid health emergency won’t slow FDA clearance of shots and treatments

Vials and a medical syringe seen displayed in front of the Food and Drug Administration (FDA) of the United States logo. FDA finds the COVID-19 vaccine. Pavlo Gonchar | LightRocket | Getty Images The Food and Drug Administration on Tuesday said its emergency authorizations of Covid vaccines, tests and treatments will not be impacted by … Read more

The Covid pandemic drives Pfizer’s 2022 revenue to a record $100 billion

Empty vials of Pfizer-BioNTech coronavirus disease (COVID-19) children’s vaccines are pictured at Skippack Pharmacy in Schwenksville, Pennsylvania, U.S., May 19, 2022. Hannah Beier | Reuters The ongoing Covid-19 pandemic propelled pharmaceutical company Pfizer’s earnings to a record $100 billion last year, almost $57 billion of which was driven by its vaccine and antiviral pill Paxlovid, … Read more

Pfizer expects 2023 sales to decline as much as 33% compared with record-breaking 2022

Vials containing the Pfizer/BioNtech vaccine against the coronavirus disease (COVID-19) are displayed before being used at a mobile vaccine clinic, in Valparaiso, Chile, January 3, 2022. Rodrigo Garrido | Reuters Pfizer on Tuesday issued sales guidance of $67 billion to $71 billion for 2023, a decline from its record-breaking 2022 results. The pharmaceutical company booked … Read more

64% of Americans are living paycheck to paycheck — here’s how to keep your budget in check

Shoppers in San Francisco on Dec. 21, 2022. David Paul Morris | Bloomberg | Getty Images Months of high inflation have weighed heavily on households. As of December, 64% of Americans were living paycheck to paycheck, according to a recent LendingClub report — up from 61% a year earlier and in line with the historic … Read more

Top U.S., Chinese and Russian officials tour Africa as global charm offensive gathers pace

Janet Yellen, US Treasury secretary, during a news conference with Enoch Godongwana, South Africa’s finance minister, at the National Treasury in Pretoria, South Africa, on Thursday, Jan. 26, 2023. Waldo Swiegers | Bloomberg | Getty Images Russian Foreign Minister Sergei Lavrov, new Chinese Foreign Minister Qin Gang and U.S. Treasury Secretary Janet Yellen have all … Read more

Obamacare enrollment to open this spring for people losing Medicaid after pandemic protections end

An Obamacare sign is seen outside of the Leading Insurance Agency, which offers plans under the Affordable Care Act (also known as Obamacare) on January 28, 2021 in Miami, Florida. Joe Raedle | Getty Images Millions of people in the U.S. are at risk of losing Medicaid this year when coverage protections put in place … Read more

The Federal Reserve is likely to hike interest rates again. What that means for you

The Federal Reserve is widely expected to announce its eighth consecutive rate hike at this week’s policy meeting. This time, Fed officials likely will approve a 0.25 percentage point increase as inflation starts to easea more modest pace compared with earlier super-size moves in 2022. Still, any boost in the benchmark rate means borrowers will … Read more

WHO says Covid remains a global emergency but pandemic could near its end in 2023

Director-General of the World Health Organisation (WHO) Dr. Tedros Adhanom Ghebreyesus attends an ACANU briefing on global health issues, including COVID-19 pandemic and war in Ukraine in Geneva, Switzerland, December 14, 2022. Denis Balibouse | Reuters The World Health Organization on Monday said Covid-19 remains an global health emergency as the world enters the fourth … Read more

CDC urges people with weak immune systems to take extra precautions after Covid subvariants knock out Evusheld

The Centers for Disease Control and Prevention on Friday urged people with weak immune systems to take extra precautions to avoid Covid after the dominant omicron subvariants knocked out a key antibody treatment. These precautions include wearing a high quality mask and social distancing when it’s not possible to avoid crowded indoor spaces, according to … Read more

FDA proposal would allow gay men in monogamous relationships to donate blood

A nurse fills test tubes with blood to be tested during an American Red Cross bloodmobile in Fullerton, CA on Thursday, January 20, 2022. Paul Bersebach | Medianews Group | Getty Images The Food and Drug Administration on Friday proposed new guidelines that would no longer require gay and bisexual men in monogamous relationships to … Read more

FDA withdraws Covid antibody treatment Evusheld because it’s not effective against 93% of subvariants

Evusheld (tixagevimab and cilgavimab) injection, a new COVID-19 treatment that people can take before becoming symptomatic. (Chris Sweda/Chicago Tribune/Tribune News Service via Getty Images) Chris Sweda | Tribune News Service | Getty Images The Food and Drug Administration on Thursday pulled its authorization for AstraZeneca‘s Evusheld, an antibody injection that people with weak immune systems … Read more

FDA advisors recommend replacing original Covid vaccine with bivalent omicron shots for all doses

The Food and Drug Administration’s independent advisory committee on Thursday recommended replacing Pfizer and Moderna’s original Covid vaccine used in the U.S. for everyone’s first two immunizations with the new bivalent omicron shots. If the FDA accepts the advisors’ recommendation, the U.S. would likely phase out the companies’ vaccines developed in 2020 against the original … Read more