Matt Egan

Wall Street is betting the Federal Reserve will reverse course and begin slashing interest rates as soon as this summer. Billionaire David Rubenstein is warning that would be a mistake.

As leaders in Washington fail to make progress on a debt ceiling deal, Moody's Analytics is warning of disastrous implications for American jobs if the United States defaults on its debt for an extended period.

President Joe Biden on Friday nominated economist and World Bank official Adriana Kugler to join the Federal Reserve's powerful Board of Governors and Philip Jefferson to be the central bank's vice chair.

With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN.

Senate Majority Leader Chuck Schumer is scheduled to meet on Wednesday with JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and other bank leaders to discuss the debt ceiling standoff and other issues, people familiar with the matter tell CNN.

During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN.

The US Chamber of Commerce is strongly pushing back against efforts from Sens. Bernie Sanders, Elizabeth Warren and other progressives to urge the White House to use the 14th Amendment to avoid a disastrous default.

Wall Street is taking a no-worries attitude about the ticking time bomb in Washington that threatens to blow up the world economy. That might be a problem.

Much like the skies, the roads will be busy this Memorial Day weekend as Americans celebrate the unofficial start of summer.

US oil prices dropped below $70 a barrel Tuesday on concerns about whether the debt ceiling deal will make it through Congress and on reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting.