City Chicago Financial News

By Karl Plume and Seher Dareen

weather phenomenon known as frost quakes as frigid temperatures griped the area. These occurrences produce distinctive loud booming or popping sounds and trigger minor earthquake-like tremors due to the impact of extremely cold conditions, as per a report. Trent Ford, the state climatologist for Illinois, noted the absence of a formal reporting system for frost quakes, a phenomenon resulting from the rapid freezing of the ground. Despite the lack of an official mechanism, Ford has come across reports of these events through social media channels. Additionally, he personally encountered some instances of frost quakes, scientifically referred to as cryoseism, in the past, CNN reported.

The Illinois Supreme Court has upheld the consolidation of local police and firefighter pension systems, a rare victory in a yearslong battle to find an answer to the state’s besieged retirement accounts

Federal Reserve won't start easing policy until May, traders bet on Friday, capping a week during which stronger-than-expected economic data and commentary from central bankers chipped away at financial market confidence in the idea of an earlier start to interest-rate cuts. On Friday, a widely watched measure of consumer sentiment rose to its highest level in 2-1/2 years, and Chicago Fed President Austan Goolsbee said the U.S. central bank won't commit itself to rate cuts until it is surer that inflation is on track to a healthy 2%. Futures contracts that settle to the Fed's policy rate fell, and now reflect about a 47% chance of a Fed rate cut by March, down from 55% earlier in the day. Just a week ago the probability of an interest-rate cut in March from the current range of 5.25%-5.5% was seen at nearly 80%, reflecting faster-than-expected declines in inflation.

dollar advanced on Friday and was poised for a weekly gain, as recent economic data and comments from Federal Reserve officials have cooled expectations of rapid cuts in interest rates. Economic data showed the University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 78.8 this month, the highest reading since July 2021, compared with 69.7 in December and the 70.0 estimate of economists polled by Reuters. «The doom and gloom crew is very vocal, especially among politicians,» said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin. «Yet, businesses and individuals have been quietly plugging away, trying to make the best of their situations.

If you live in a family with a single financial services income, you may find that your life isless lavish than you'd envisaged and that you can't afford all the things you want. If you live in a family with two, though, you can buy hundreds of pairs of shoes and a custom-made closet to accommodate them.

One of the flashiest executive perks has roared back since the onset of the pandemic: free personal travel on the company jet. Companies in the S&P 500 spent $65 million for executives to use corporate jets for personal travel in 2022, up about 50% from prepandemic levels three years earlier, a Wall Street Journal analysis found. Early signs suggest the trend continued last year.

(Reuters) — Much of the United States remained gripped by an Arctic blast on Monday, cutting power to tens of thousands of customers in northern states and Texas and potentially dampening turnout in Iowa, where voters will cast the first ballots for a Republican candidate in November's presidential race.

Expo Bazaar, a cross-border B2B platform for sourcing Indian home and lifestyle products, has setup a showroom in Dallas, US that would aid American buyers to source handicrafts made in India. “Expo Bazaar is dedicated to fostering a direct connection between buyers and small producers in the remote clusters of India.

By Brendan O'Brien and Rich McKay

winter storm knocked out power and affected businesses in 12 states ahead of a likely brutal freeze over the weekend. A total of 2,058 flights were canceled and 5,846 flights were delayed as of 5.30 p.m.

G Herbo, the rapper, has been handed a sentence of three years of probation on Thursday after being found guilty for the role he played in a scheme using stolen credit card details for paying for a luxurious lifestyle which included designer puppies and private jets. The Chicago rapper who is 28 years old with the real name Herbert Wright III, made a guilty plea in the federal court in Springfield, Massachusetts, under a deal signed with prosecutors in the past year. He was found guilty of being involved in a conspiracy committing wire fraud as well as laying down false statements. In lieu, the prosecutors have dissolved numerous counts of exasperated identity theft.

Tyler Perry's latest venture with Netflix, 'Mea Culpa,' is a collaboration with singer-actor Kelly Rowland. Initially in development, the project moved to Netflix in January 2023, officially unveiled on February 23 of the same year.

By Rajesh Kumar Singh

Hightower has announced the completion of a strategic investment in a New York wealth management and financial planning firm managing $3.3 billion in assets.

Hightower has announced the completion of a strategic investment in a New York wealth management and financial planning firm managing $3.3 billion in assets.

By Rajesh Kumar Singh, Tim Hepher and Allison Lampert

(Reuters) — Tens of millions of Americans were under the threat of menacing weather on Wednesday as a powerful winter storm loomed across the East Coast after after leaving in its wake power outages, grounded flights and destruction.

Federal investigators are learning more about how a door panel flew off an Alaska Airlines jetliner last week

By Tim Hepher, Rajesh Kumar Singh and Valerie Insinna

Atlanta Falcons and their head coach, Arthur Smith, mutually decided to part ways on Monday following a decisive loss to the New Orleans Saints in the 2023 season finale, according to reports. Arthur Smith, who inherited a rebuilding project in his first NFL head coaching job and failed to lift Atlanta from its playoff drought, left, hours after completing his third straight losing season with the Falcons.