Fed: Sharply Higher Rates May Be Needed to Quell Inflation
Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it.
Biden to Call for 3-Month Suspension of Gas and Diesel Taxes
President Joe Biden on Wednesday will call on Congress to suspend federal gasoline and diesel taxes for three months – a move meant to ease financial pressures at the pump that also reveals the political toxicity of high gas prices in an election year.
Biden Says Decision on Gas Tax Holiday May Come This Week
President Joe Biden said Monday that he will decide by the end of the week whether he would support a federal gasoline tax holiday, possibly saving U.S. consumers as much as 18.4 cents a gallon.
Yellen: Recession Not Inevitable, Gas Tax Holiday Weighed
Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
AP Interview: Biden Says a Recession ‘Not Inevitable’
President Joe Biden said Thursday the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are slamming family budgets. But he stressed that a recession was “not inevitable” and held out hope of giving the country a greater sense of confidence.
US Inflation Hit a New 40-Year High Last Month of 8.6 Percent
The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Biden Plots Inflation Fight With Fed Chair as Nation Worries
Focused on relentlessly rising prices, President Joe Biden plotted an inflation-fighting strategy Tuesday with the chairman of the Federal Reserve, with the fate of the economy and his own political prospects increasingly dependent on the actions of the government’s central bank.
Biden Says Inflation Is ‘Top Priority’ Before Meeting Fed Chair
President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks.
US Economy Shrank by 1.5 Percent in Q1 but Consumers Kept Spending
The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter.
Biden’s Burdens Grow: Sagging Global Economy Adds to US Woes
As President Joe Biden embarks for Asia on Thursday, he’s facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia’s invasion of Ukraine and the pandemic shutting down Chinese cities and factories.
Buttigieg Sends $5B to Cities for Safety as Road Deaths Soar
With upcoming data showing traffic deaths soaring, the Biden administration is steering $5 billion in federal aid to cities and localities to address the growing crisis by slowing down cars, carving out bike paths and wider sidewalks and nudging commuters to public transit.
US Inflation Might Have Dipped Last Month From 40-Year High
After a year of soaring prices for gas, food and other necessities, inflation may have eased slightly in April from a 40-year high, the first slowdown after seven consecutive months of worsening price increases.
Brainard Confirmed for Fed as Delays Leave Board Short-Staffed
In another sign of the divide, a procedural vote on whether to consider Biden’s nomination of Lisa Cook, an economics professor, to a position on the Fed’s board, was voted down Tuesday on partisan lines, delaying a final Senate vote on her nomination.
Feds: Thousands May Have Student Debt That Should Be Erased
Record-keeping failures by the federal government may have left thousands of Americans saddled with student debt that should have been automatically canceled through a benefit for low-income borrowers, according to a new federal study.
Biden to Require US-Made Steel, Iron for Infrastructure
The Biden administration is taking a key step toward ensuring that federal dollars will support U.S. manufacturing – issuing requirements for how projects funded by the $1 trillion bipartisan infrastructure package source their construction material.
Sticker Shock: March Inflation Likely Set New 40-Year High
With ever-rising costs for food, gasoline, housing and other necessities squeezing consumers and threatening the economy, inflation in the United States likely set yet another four-decade high in March.
A Key Inflation Gauge Sets 40-Year High as Gas and Food Soar
An inflation gauge that is closely monitored by the Federal Reserve jumped 6.4 percent in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans’ finances.
Biden Planning To Tap Oil Reserve To Control Gas Prices
President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine
Biden Budget Seeks Minimum Tax on Households Worth $100M
President Joe Biden intends to propose a minimum tax of 20 percent on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade, according to a fact sheets released Saturday by the White House budget office.
