Powell sees growing economic uncertainties
Federal Reserve Chairman Jerome Powell says the economic outlook has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move on interest rates. Speaking to the Council on Foreign Relations in New York, Powell said the Fed is now grappling with the question of whether those uncertainties will continue to weigh on the outlook and require action.
AbbVie makes $63B bid for Botox maker Allergan
Facing competition for the world’s top-selling drug, AbbVie will spend about $63 billion to buy Botox maker Allergan as it attempts to spur future growth. The specialty drugmaker said Tuesday that the addition of Allergan’s established product lineup will help AbbVie shore up revenue.
Feds investigating poultry price-fixing claims
The U.S. government is investigating price-fixing charges against the country’s biggest poultry companies. The Department of Justice tipped its hand last week when it requested a temporary halt to discovery proceedings in a 2016 class-action lawsuit filed by food distributor Maplevale Farms.
Consumer confidence hits lowest level in 21 months
American consumers are feeling less confident this month as heightened trade tensions have apparently taken a toll on their spirits. The Conference Board, a business research group, says its consumer confidence index fell to 121.5 in June from a revised 131.3 in June after rising in April and May.
— Associated Press