Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
Despite the move, one prominent market observer said the dollar will continue to get stronger — and the U.S. economy will only get worse.
Although the November jobs report that showed the U.S. economy generated a net 211,000 new positions, Raoul Pal, the publisher of The Global Macro Investor, reiterated his bearishness ahead of a widely expected interest rate hike by the Federal Reserve in mid-December.
"The economic situation is deteriorating fast. And meanwhile the Fed seems to want to raise interest rates into that, which I think is a bit of a policy mistake and I think the market is getting more and more concerned from not understanding why they're doing it," Pal told CNBC's "Fast Money" last week.
Appearing on CNBC in November 2014, Pal correctly called the the dollar's bull run. Since then, the U.S. currency has surged by about 12 percent, with most of its gains coming at the expense of Europe's common currency. He expects that trend to continue.
"This is not the end [of the dollar's bull run]" Pal said. "It's a washout of position and too many expectations around the ECB."
But it's not just the strong dollar that has Pal fearing the worst for the U.S. and global economies.
Some figures are painting a pessimistic view of future growth. Last week, the Institute for Supply Management said its manufacturing index fell below 50 last month, indicating a contraction in the industrial sector. The survey's participants cited low growth in Europe and China as impacting business, as well as a drag from the strong dollar.
The report "is showing that the U.S. economy is almost at stall speed now," Pal said. "It gives us a 65 percent chance of a recession in the U.S. I think much of the world is already in recession. Europe's not there yet, but it will come in due course."
Pal said history suggests a low ISM often portends downturns in the U.S. economy. Although manufacturing is a relatively limited slice of the U.S. economy, economists still believe the sector is a barometer of growth.
"That [65 percent] number comes from using the ISM survey, and every time it has crossed 50 since 1948 gives you a 65 percent chance of a recession," Pal said. He added that Fed chair Janet Yellen could not dismiss the implications of a weak figure "because the ISM correlates perfectly with U.S. GDP. Even though manufacturing is a smaller share of the economy, it is still a perfect predictor of GDP."
However, Yellen expressed a very different view on Thursday.
"When we put it all together we're still seeing an overall picture of slightly above trend growth, ongoing improvements in the labor market," she said in congressional testimony. "Obviously there are risks that come from the global environment that we have monitored carefully, but overall we're on a solid course."
But Pal said the ECB and the Fed are to blame for the market's volatility.
"There is so much mis-signaling by central banks that no one knows what on earth to do. I think that's creating enormous volatility in the markets," Pal said. "And I think the central banks need to get their act together and get better signaling because the markets are so confused what's going on right now."