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Linked media - Connected media A handful of new lounges opened by credit card issuers, including Capital One and American Express, have recently landed in airports across the United States, promising posh spots of refuge for select travelers awaiting their flights. At La Guardia Airport, caviar service will be available for pre-order. At Hartsfield-Jackson Atlanta International Airport, travelers can get complimentary massages, and at Denver International Airport, there are nap pods. In addition to amenities, the new lounges provide an ambience reminiscent of a luxury hotel lobby, both in interior design and scale, and fit several hundred people at a…

Linked media - Associated media The rise of international trade, Mr. Kelly added, can often offset slowing domestic demand since businesses, enabled by the internet, can find customers throughout the globe. And the service sector’s growth, he concluded, has “made the economy more stable and, importantly, less sensitive to interest rates.” Across the economics profession, many are not feeling as reassured. When weighing recession risks, Thomas Herndon, a professor of economics at John Jay College of the City University of New York, doesn’t take much long-term solace in the growing sophistication of big business. There are, he said, “many, many,…

Linked media - Linked media Mr. Biden said on Wednesday that he stood by his prediction that the Fed would lower interest rates this year — an unusual comment from a president who usually avoids talking about Fed policy out of respect for the central bank’s independence from the White House. “This may delay it a month or so — I’m not sure of that,” Mr. Biden said. Many Fed watchers think today’s high rates could persist for considerably longer. Many economists and investors previously expected rate cuts to start in June or July. After this week’s inflation report, investors…

Related media - Linked media If they persevere, they move up the ranks to associate, then director and managing director; a handful end up running divisions. Although grueling, the life of a senior banker can be glamorous, involving traveling around the globe to pitch clients and working on big-money corporate merger deals. Many who get through the two-year analyst program have gone on to become business titans — the billionaires Michael Bloomberg and Stephen Schwarzman began their careers in investment banking — but a majority will leave before or after their two years are up, bank representatives said. There are…