Latest White House plan would forgive $10,000 in student debt per borrower

The move is likely to reignite fights between Democrats and the GOP over federal spending and higher education.

By Tyler Pager,  Danielle Douglas-Gabriel and Jeff SteinMay 27, 2022

Fed officials saw intensifying inflation threats as they raised rates in May

Meeting minutes released Wednesday offer a fuller picture of why the Fed raised rates by half a percentage point earlier this month.

By Rachel SiegelMay 25, 2022

High inflation will persist into next year, CBO projects

The new report also showed the federal deficit falling this year as covid aid expired.

By Jeff SteinMay 25, 2022

U.S. pushes Russia toward default by blocking debt payments

‘We’ve never done this to an economy like this before,’ a former sanctions official says

By Jeff SteinMay 24, 2022

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.

By Jeff SteinMay 21, 2022

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.

By Andrew JeongMay 21, 2022

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.

By David J. LynchMay 20, 2022

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.

By Jeff Stein,  Quentin Ariès and Emily RauhalaMay 19, 2022

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

By Tony RommMay 18, 2022

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.

By Jeff Stein and Emily RauhalaMay 18, 2022

Yellen warns of global ‘stagflationary’ risk from gas, food prices

World leaders have gathered in Germany for an economic conference.

By Jeff SteinMay 18, 2022

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.

By Jeff Stein and Emily RauhalaMay 18, 2022

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.

By Amy ChengMay 18, 2022

Jeff Bezos spars with Biden White House over inflation

The Amazon founder attacked Biden's economic policy record.

By Jeff SteinMay 16, 2022

‘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.

By Tony Romm and Yeganeh TorbatiMay 15, 2022

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.

By Rachel SiegelMay 12, 2022

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.

By Rachel SiegelMay 12, 2022

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.

By Tony RommMay 11, 2022

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.

By Rachel SiegelMay 10, 2022

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.

By Tony RommMay 10, 2022