Michele Morales

The Federal Reserve’s path to lower interest rates gained clarity after a key inflation report Thursday. The consumer price index (CPI), a gauge of consumer goods and services, fell 0.1% in June from May, marking the first monthly decline in more than four years. The welcome news brings the annual inflation rate to 3%, near a three-year low. Creating momentum for policy change June data reinforces the case for the Fed to ease borrowing costs later this year. Stock markets reacted positively, with futures rising while Treasury yields fell. Analysts now believe a September rate cut is a strong possibility,…

Wells Fargo posted mixed financial results on Friday, beating analysts’ expectations for earnings and revenue but falling short of net interest income, a key measure of bank profitability. Profits and revenues exceed forecasts Despite a decline in net interest income, Wells Fargo managed to beat Wall Street projections for both earnings per share and total revenue. Earnings per share reached $1.33, beating the forecast of $1.29. Revenue rose to $20.69 billion, beating the forecast of $20.29 billion. Net interest income disappoints The San Francisco-based lender reported a significant 9% year-over-year decline in net interest income to $11.92 billion. That fell…

Citigroup defied analysts' expectations on Friday, reporting a strong second quarter, fueled by a surge in Wall Street activity. The strong performance comes as the bank grapples with ongoing regulatory concerns. Profit and revenue forecasts Citigroup beat analysts' estimates for both profit and revenue. Earnings per share reached $1.52, beating expectations of $1.39. Total revenue rose to $20.14 billion, beating expectations of $20.07 billion. Breakdown of figures The bank's net income jumped 10% year over year to $3.22 billion, or $1.52 a share. Equity trading revenues rose a significant 37%, driven by strong derivatives and growing hedge fund balances. The…

Alec Baldwin's complicated legal battle over the fatal shooting on the set of the movie "Rust" will go to trial this week in New Mexico. A jury will determine whether his involvement in the death of the film's cinematographer, Halyna Hutchins, amounts to manslaughter. The incident occurred on October 21, 2021, when a gun Baldwin was handling fired a live round, killing Hutchins and wounding the director, Joel Souza. The gun was supposed to be loaded with inactive rounds that could not be fired. The initial news of Baldwin’s criminal charges shocked Hollywood, where many industry professionals believe that on-set…

Russia is unlikely to make significant territorial gains in Ukraine in the coming months, U.S. officials say, given its poorly trained troops and Ukraine’s robust defenses, now bolstered by Western munitions. During the spring and early summer, Russian troops attempted to advance out of the city of Kharkiv and renew their offensive in eastern Ukraine, capitalizing on the capture of Avdiivka. However, these efforts resulted in thousands of Russian casualties and very little territorial gains. This shift represents a significant change in the dynamics of the war, which had recently favored Moscow. While Russian forces continue to inflict damage, their…