Hello, and welcome to our live feed on financial news for Tuesday, 31 January.
Tomorrow, the Federal Reserve is expected to further increase the interest rate. However, most economists believe the rate hike will be lower than others announced by the central bank last year.
Earlier this month, over a hundred companies announced layoffs, including major names in the tech sector.
The Bureau of Labor Statistics has reported decreases in the national unemployment rate and inflation for December. Unemployment has reached its lowest level in recent memory but is expected to increase as the effects of Federal Reserve wage hikes take effect. Consumer prices are continuing to rise but at a slower rate than what was seen in 2022. Over the coming weeks, the data from January will be available, providing greater insights into the state of the economy.
The fate of President Biden’s student debt relief is set to be decided by the Supreme Court next month. Millions have applied for cancellation of up to $20,000 of their loans.
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