Global leaders warn of economic dangers as crises multiply
Financial officials wrestle with prospect of stagflation, energy shocks, food shortages and debt crises among developing nations.
U.S. military flies first shipments of formula to Indiana from Germany
The flights are part of Operation Fly Formula, a Biden administration initiative to combat the national baby formula shortage.
Why Biden hasn’t killed Trump’s China tariffs and made imports cheaper
President Biden could lower prices modestly on an array of Chinese imports from AirPods to refrigerators by wiping out legacy Trump tariffs, but he hasn't. It's politically complicated.
Divisions emerge among Western allies over how to cut Russian oil profits
One proposal would see European nations set a price cap for their purchases from Moscow.
Biden invokes Defense Production Act to boost baby formula supply
The House on Wednesday also adopted two bills to address the persistent shortage, including the approval of $28 million in additional funding for the FDA
Global economic tremors complicate Western leaders’ Russia sanctions
As world financial leaders meet in Germany, mounting recession fears pose new hurdles to financial attacks on the Kremlin.
Yellen warns of global ‘stagflationary’ risk from gas, food prices
World leaders have gathered in Germany for an economic conference.
G-7 to unveil Ukraine aid plan to help offset losses from Russian invasion
The aid to cover economic losses from Russia's war on Ukraine could reach $15 billion, according to people familiar with the matter.
Russia calls West’s idea to use frozen funds to rebuild Ukraine ‘theft’
Germany's finance minister said he is willing to consider confiscating Russia’s central bank assets for Ukraine's use and that the idea is already being discussed.
Jeff Bezos spars with Biden White House over inflation
The Amazon founder attacked Biden's economic policy record.
‘A magnet for rip-off artists’: Fraud siphoned billions from pandemic unemployment benefits
Identity theft and sophisticated criminal schemes siphoned billions from pandemic unemployment benefits while government officials were unprepared to deploy relief aid.
Fed chair says interest rates should have gone up sooner
Powell’s comments to Marketplace showed a sharper sentiment of regret than past remarks on the issue. The Fed has faced criticism for delaying interest rate hikes and ending stimulus-era financial supports, which work together to cool off the economy and bring prices down.
Senate confirms Jerome Powell to second term as Federal Reserve chair
Much of his legacy now depends on whether the central bank can prevent a recession.
GOP opposition leaves covid aid in peril as White House warns of surge
The Senate is still stuck on whether to spend $10 billion on tests, therapeutics and vaccines nationwide.
Economist Lisa Cook to become first Black woman on Fed board
Cook’s confirmation comes as the Federal Reserve is trying to slash inflation and stabilize a recovery that serves all Americans.
Federal watchdog opens ‘review’ of Tex. use of covid aid on border crackdown
The investigation comes after a Washington Post report on the state’s budget transfers.
How federal pandemic aid helped Texas pay for its border crackdown
Texas has relied indirectly on money it received under a 2020 covid spending law to help pay for Operation Lone Star, its border enforcement plan
Bank regulators aim to narrow gaps in access to loans
The regulators are proposing updates to the historic Community Reinvestment Act, which was crafted to encourage banks to lend in low-income neighborhoods.
Fed hikes rates by half a percentage point in fight against inflation
The sharpest rate increase since 2000 comes as the Fed tries to slow down the economy without thrusting it into a recession.
With Roe at risk, GOP faces pressure to support families after a birth
Republican supporters of policies to help children say new restrictions on abortion should change political calculus.