House Republicans are reportedly getting ready for the US to default as the debt ceiling draws closer

Tech Insider : Economy, Politics
Kevin McCarthy
Rep. Kevin McCarthy of California wades through reporters on the way to the House floor.

Kent Nishimura /Los Angeles Times via Getty Image

Citadel boss Ken Griffin warns a recession is looming - as household savings dwindle and surging interest rates bite

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Ken Griffin
Ken Griffin.

Screenshot YouTube/Milken Institute

US stocks rise as job gains come in strong and markets brace for Powell's 2nd day of testimony

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nyse trader fed reserve

REUTERS/Brendan McDermid

The Fed may stutter-step its tightening cycle for the first time in 3 decades, and stocks will lose the tug of war with rates, DataTrek says

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Traders in the NYSE
Traders and financial professionals work ahead of the closing bell on the floor on the New York Stock Exchange (NYSE), October 26, 2018 in New York City. The Dow Jones Industrial average was down nearly another 300 points at the close on Friday. Disappointing earnings numbers from key technology companies, including Amazon and Alphabet, were driving forces for the markets' slide.

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'Bond King' Jeffrey Gundlach warns of jumbo rate hikes because the US economy is too hot

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jeff gundlach
CEO and CIO of DoubleLine Capital Jeffrey Gundlach

REUTERS/Eduardo Munoz

The market response to Powell's testimony was anything but muted

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Hello, readers. I'm senior reporter Phil Rosen, writer of Insider's markets newsletter 10 Things Before the Opening Bell.

If you missed Jerome Powell's remarks from his first day on Capitol Hill yesterday, the TLDR is that more rate hikes are coming because the economy's still running hot.

Here's how Powell put it: 

TikTok's finance influencers are selling the idea that you can become a 'recession millionaire' if the market tanks

Tech Insider : Economy
recession millionaire

TikTok

The US housing market is in recession - and the pandemic has created a unique economic headache, elite strategist Liz Ann Sonders says

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Liz Ann sonders
Liz Ann Sonders.

Screenshot via Bloomberg TV

2.6 million Americans could lose their jobs if the GOP cuts spending in a debt ceiling deal, a new report says

Tech Insider : Economy, Politics
Sen. Elizabeth Warren
Sen. Elizabeth Warren.

Tom Williams/CQ-Roll Call, Inc via Getty Images

Jerome Powell's testimony is rattling markets. Here's what 4 strategists are saying about the Fed's hawkish stance.

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Jerome Powell speaks at a Fed meeting
Federal Reserve Board Chair Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., July 27, 2022.

Elizabeth Frantz/Reuters

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