Economic news

The conflict caused inflationary price swings and an exodus of Western businesses from Russia, while also making a recession more likely in 2023.

Banks, fintechs and advisors are cautiously pushing investments next year to keep up with industry expectations.

Many believe the Federal Reserve will slow down rate increases beginning in December.. Steve Friedman, senior macroeconomist at MacKay Shields, will join us the day after the meeting to discuss what was done and what he expects in the future.

The Federal Reserve raised its benchmark interest rate by half a percent this week, but chair Jerome Powell said the question now is how long to keep monetary policy tight.

As global banks from Credit Suisse to Goldman Sachs prepare for a fresh wave of job cuts, HSBC is going on the offensive.

The credit reporting firm said credit card and personal-loan delinquencies are likely to rise in 2023 to the highest in a dozen years, with lenders cutting back on originations as a potential recession looms.

The overwhelming majority of top leaders at large U.S and Canadian banks expect a prolonged downturn in 2023, according to a recent survey. Almost none of them expect it to be particularly harsh, though.

JPMorgan Chase Chief Executive Jamie Dimon praised the results of last month's U.S. midterm elections, saying cooperation in Congress may be more likely since both parties' "wing nuts didn't get elected."

Citigroup is seeing countries around the world roll into recessionary environments, with the U.S. economy on track to follow them in the second half of next year, Chief Executive Jane Fraser said.

Bank of America is slowing hiring as fewer employees leave in an attempt to manage the company's headcount ahead of a possible U.S. recession, Chief Executive Brian Moynihan said.