Reuters US Business

By Howard Schneider WASHINGTON (Reuters) – Federal Reserve officials saw “little evidence” late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting. While not explicitly hinting at a particular …

Fed minutes show more rate hikes in the pipeline, but pace could slow Read More »

(Reuters) – Federal Reserve staff expect the net income from the Fed’s holdings of more than $8 trillion of bonds to “turn negative in coming months,” a readout of the central bank’s July meeting showed on Wednesday. The development potentially signals that the stream of tens of billions of dollars from income earned from its …

Fed staff sees bond portfolio income turning negative in coming months Read More »

(Reuters) -Cisco Systems Inc beat quarterly revenue estimates on Wednesday as a COVID-19 recovery in China eased supply chain pressures and helped the company meet demand for its networking hardware. Cisco, which sells routers, switches and communication tools like WebEx, has seen a jump in orders as businesses revive plans to upgrade their infrastructure after …

Cisco beats quarterly revenue estimates as supply chain pressures ease Read More »

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever An insight into health of Australia’s labor market is the main focal point for markets in Asia on Thursday, with an otherwise light regional macro and corporate calendar allowing investors to digest the latest incoming signals from the United States. Wall …

Marketmind: Investors eye Aussie jobs data, digest Fed minutes Read More »

(Reuters) -Air Canada said on Wednesday it planned to operate flights at 79% of its pre-pandemic capacity this summer, as North American carriers struggle to meet strong demand for travel amid a broader industry staffing shortage. Canada’s largest carrier has wrestled with complaints over delayed and cancelled flights, but said in a statement it saw …

Air Canada to operate at 79% of pre-pandemic capacity in summer Read More »

By Siddharth Cavale NEW YORK (Reuters) -U.S. inflation at a four-decade high has hit lower-income Americans the hardest. On Tuesday, Walmart’s results showed that those with bigger wallets are getting squeezed, too. The nation’s largest retailer, which caters to budget-conscious shoppers, said it saw more middle- and higher-income customers shop at Walmart during the second …

Walmart.com drew higher-income shoppers looking to buy food Read More »

(Reuters) -Endo International Plc filed for bankruptcy on Tuesday after reaching a $6 billion deal with some of its creditors, as the U.S. drugmaker seeks to settle thousands of lawsuits over its alleged role in the country’s opioid epidemic. The pharmaceutical company is the latest to file for Chapter 11 to address opioid claims. Purdue …

Endo files for bankruptcy as U.S. opioid litigation drags Read More »

By Caroline Valetkevitch NEW YORK (Reuters) – The Dow and S&P 500 rose on Tuesday as stronger-than-expected results and outlooks from Walmart and Home Depot bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq. The S&P 500 consumer discretionary and staples sectors gave the benchmark index its biggest …

Dow, S&P 500 climb as upbeat results from Walmart, others boost optimism Read More »

WASHINGTON (Reuters) – The Biden administration said on Tuesday about 20 models will still qualify for electric vehicle tax credits of up to $7,500 through the end of 2022 under legislation signed by President Joe Biden. The law Biden signed Tuesday immediately ends credits for about 70% of the 72 models that were previously eligible, …

U.S. says about 20 models will get EV credits through end of 2022 Read More »