The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
St. Louis Federal Reserve President James Bullard said Friday the central bank should continue to ease monetary policy because of the recession signal being flashed by the bond market.
"The yield curve is inverted here. We've got one of the higher rates on the yield curve here. That's not a good place to be," Bullard told CNBC's Steve Liesman during an interview in Jackson Hole, Wyoming.
The so-called yield-curve inversion refers to the 10-year Treasury yield trading below its 2-year counterpart. This briefly happened this week and last week. Experts fear a yield-curve inversion because it has historically preceded a recession.
These moves in the bond market come as economic growth across the globe is slowing down while China and the U.S. remain engaged in a trade war. There is concern that slower global growth and the trade war could drag down the U.S. economy.
The Fed already cut rates in July by 25 basis points, citing "global developments" and "muted inflation." Bullard said further cuts would help lift inflation in the U.S. and mitigate the impact of a global economic slowdown.
"The question is: Looking forward, how much risk are we facing from the fact that you've got a global manufacturing contraction going on and possibly more to come? So there is some downside risk, and I think you'd like to take out insurance against that downside risk," Bullard said. He added that the Fed could always "take back" an insurance rate cut.
His comments come hours before a speech at the Fed symposium in Wyoming from Fed Chairman Jerome Powell. Bullard is a voting member of the Federal Open Market Committee this year.