Macys on Thursday cut full-year sales and profit forecasts, hurt by a slowdown in demand for high-end products and increased discounts due to persistently high inflation, sending shares of the department store chain down 7%.

The company said it would need to discount further in the second quarter to clear out spring and early summer stocks…

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The U.S. dollar retreatedfrom a more than two-month high on Wednesday after a FederalReserve official warned any decision by the central bank to holdits benchmark overnight interest rate firm at an upcomingmeeting would not mean that it is done tightening monetarypolicy. In remarks on Wednesday, Fed Governor and vice chair nomineePhilip… Read more