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Wednesday’s business headlines with Jane King

INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.

Bank of America predicts U.S. recession

Bank of America’s CEO Brian Moynihan predicted the U.S. economy will fall into a “slight recession.”
He said everything points to a relatively mild recession given the amount of stimulus that was paid to people and the money they have left over. Moynihan also believes that inflation has peaked.

Nationwide average gas price now $3.67

The average price for a gallon of regular unleaded gas in the U.S. is now $3.67, up from $3.45 one month ago, according to AAA. Oil prices have touched their highest level of 2023 at nearly $83 per barrel. So the national average price of gasoline has continued to inch higher, with 45 of the nation’s 50 states seeing prices rise over the last week. AAA says the current average in Indianapolis is $3.66 a gallon, up from $3.53 a month ago.

Airbnb getting into apartment rentals

Airbnb is getting into apartment rentals. It currently partners with 250 buildings that allow renters to lease their apartments part-time on the home-sharing platform, a 43% increase from when it launched the program last fall. Many cities have implemented strict rules to regulate short-term rentals. Joining with landlords could make it easier for people who want to rent out their unit for a portion of the year to find a legal way to do so.

Netflix to start password crackdown this spring

The Netflix password-sharing crackdown is still happening but it’s taking a while. The company says it will launch this spring. Netflix is adding an option for users to add people to their accounts but didn’t say how much it would cost in the U.S.

Stock Update

Investors are digesting earnings. Stocks were choppy and closed mostly lower on the day.