Tag: machinery
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Fed no longer foresees a U.S. recession — and other things we learned from Powell’s press conference
[ad_1] The Federal Reserve on Wednesday raised its benchmark interest rate to a range of 5.25% to 5.5%, the highest level in 22 years, in order to combat “elevated” inflation. With financial markets and economists widely expecting that rate move, the focus was on Fed Chair Jerome Powell’s one-hour session with reporters, which followed. Here…
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Biogen to slash 1,000 jobs as it looks to save $700 million
[ad_1] Biogen Inc. BIIB, -3.58% said Tuesday that it will eliminate about 1,000 jobs as part of a broader cost-cutting initiative designed to save $700 million annually. The belt-tightening comes as the biotech company launches its Alzheimer’s treatment, Leqembi, a collaboration with Eisai Co. Ltd. ESALF, -2.36% that received full U.S. Food and Drug Administration…
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Biden touts sale of Gulf of Mexico wind-power leases and jabs at Trump in Philadelphia speech
[ad_1] President Joe Biden on Thursday touted the first sale of offshore-wind-power leases in the Gulf of Mexico as he spoke to workers in the key battleground state of Pennsylvania. Speaking at the Philly Shipyard about his economic agenda, Biden discussed the Interior Department’s Thursday announcement that the sale will be held Aug. 29. It’s…
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Fed’s Beige Book points to continued slow economic growth
[ad_1] The Federal Reserve’s business contacts across the U.S. reported that economic activity increased only slightly in late May and June and the slow growth was expected to continue, according to the central bank’s latest Beige Book survey released Wednesday. The report, basically a collection of anecdotes from business contacts, is prepared for policymakers ahead…