Federal Reserve officials are not mincing words: The central bank and its chair, Jerome Powell, believe the 2% inflation target is sacrosanct and will risk a recession and bear market to get there. So why are markets rallying hard — as if Powell is about to soon cut interest rates, not raise them? The answer … Read more
Cattle farmers have been experiencing some of the worst drought conditions ever. The ground is tough for grazing, and many ranchers have had to cull their herd because it’s more economical than feeding them. Fewer cows mean fewer calves and ultimately less meat in the years to follow. The USDA expects beef production next year … Read more
Pharmacists are in such high demand that Walgreens is offering a hefty signing bonus of up to $75,000. The Wall Street Journal reported Thursday that typically Walgreen signing bonuses are around $30,000 or $50,000. But due to pandemic-related staffing challenges, the signing bonus can be up to $75,000 in certain markets across the U.S. “This is one of many … Read more
The long-running daytime talk show “Dr. Phil” conducted a round of layoffs ahead of its upcoming season this fall, a spokesperson for the show confirmed on Friday. The cost-cutting move affected about 25 workers, most of which worked in production roles for the talk show, the “Dr. Phil” spokesperson said, adding the show had “streamlined … Read more
SoulCycle is slimming down. The once-hot exercise chain — some folks have been known to take multiple classes a day — is closing 20 of its 82 studio locations nationwide within the next few weeks, the company announced Friday in a town hall-style Zoom meeting with its employees. The privately-run company, owned by Equinox Group, … Read more
Now you can snag a designer deal with that $4.99 rotisserie chicken — but only if you have an exclusive VIP card. Costco, the membership-only wholesale store, has become quite the destination for fashion lovers hoping to score a bargain on the latest trends along with their industrial-sized pantry items and $1.50 jumbo hot dogs. … Read more
Six Flags’ new CEO is facing a revolt from customers and Wall Street analysts alike over his aggressive moves to hike prices at the theme park — not to mention his snooty attitude. In a Thursday conference call, Chief Executive Selim Bassoul said the company’s 27 parks had become “cheap day care centers for teenagers” … Read more
Exercise equipment maker Peloton Interactive said Friday it would raise prices of its Bike+ and Tread products in five markets, including the United States and Canada. Separately, the struggling exercise equipment maker also plans to cut nearly 800 jobs, Bloomberg News reported. The company said last month it was scrapping its manufacturing operations as part of a … Read more
Residents of Southern California have been crossing the border into Mexico to go grocery shopping as record levels of inflation have taken a big bite out of Americans’ budgets. David McCarty, a resident of Chula Vista, which is just south of San Diego, routinely makes the 20-minute journey to the US-Mexico border crossing at San … Read more
Treasury Secretary Janet Yellen penned a letter this week directing the Internal Revenue Service to ensure the $80 billion in additional funding it is set to receive over the next decade doesn’t result in more middle-class tax audits. Yellen sought to assuage concerns despite sharp criticism from Republican lawmakers and independent analyses which indicated the … Read more