Biden says he’s considering gasoline tax holiday
The administration is increasingly looking for ways to spare Americans from higher prices at the pump, which soared last year and surged even further after Russia invaded Ukraine in February.
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Yellen: Recession not inevitable, gas tax holiday weighed
Treasury Secretary Janet Yellen is offering a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation.
Inflation taking bite out of new infrastructure projects
Rising prices for materials such as asphalt, steel and iron pipes are driving up the costs to build roads, bridges, rail lines and water mains. The prices for some infrastructure materials have risen even faster than general consumer prices.
Buttigieg: U.S. might act against airlines on consumers’ behalf
Transportation Secretary Pete Buttigieg said his department could take enforcement action against airlines that fail to meet consumer-protection standards, although he thinks that won’t be necessary.
Indiana to get $2.9M in settlement over ‘free’ TurboTax ads
Indiana’s share is part of a $141 million settlement across 50 states and the District of Columbia. Approximately 4 million people across the United States were affected, including more than 98,000 Indiana residents.
Airlines cancel hundreds of flights for second straight day
By midmorning in the eastern United States, airlines had scrubbed more than 1,000 flights after canceling more than 1,700 on Thursday, according to tracking service FlightAware.
FDA authorizes first COVID-19 shots for infants, preschoolers
The FDA also authorized Moderna’s vaccine for school-aged children and teens. Pfizer’s shots had been the only option for those ages.
Nassar loses last appeal in gymnastics sexual assault case
Former sports doctor Larry Nassar, who was sentenced to decades in prison for sexually assaulting gymnasts, including Olympic medalists, said he was treated unfairly in 2018 and deserved a new hearing, based on provocative comments by a judge who called him a “monster.”
Biden signs shipping law expected to cut consumer costs
The Ocean Shipping Reform Act passed the Senate unanimously via voice vote and garnered bipartisan House support.
Hundreds of flight cancellations create tough travel day across the U.S.
Airlines are struggling with shortages of workers, especially pilots, that are hurting their ability to operate all their planned flights.
High gasoline prices crimping drivers’ spending at the pump
The slowdown in demand threatens a wide range of businesses that rely on a summer pickup in activity as Americans vacation, take road trips and just generally hit the road in bigger numbers for a wide range of activities.
Average U.S. mortgage rates make biggest jump in 35 years
Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association.
Revlon, beauty icon in crowded market, files for bankruptcy
Already weighed down by rising debt, Revlon’s problems only intensified with the pandemic as lipstick gave way to a new era in fashion, this one featuring medical-grade masks.
Production at beleaguered baby formula factory halted by storm
Abbott said it needs to assess damage and re-sanitize the factory after severe thunderstorms and heavy rains swept through southwestern Michigan on Monday evening.
Fed’s aggressive rate hikes raise likelihood of recession
Economic history suggests that aggressive, growth-killing rate hikes could be necessary to finally control inflation. And typically, that is a prescription for a recession.
Here’s how Fed’s rate increase could affect personal finances
The result of the rate hikes is increasingly higher borrowing costs as the Fed fights the most painfully high inflation in four decades and ends a decades-long era of historically low rates.
FDA advisers endorse first COVID-19 shots for children under 5
An advisory panel for the Food and Drug Administration gave a thumbs-up Wednesday to vaccines from Moderna and Pfizer for children under 5. It’s the only age group not yet eligible for vaccination against the coronavirus.
Fed tries to attack inflation with its largest rate hike since 1994
The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate and signaling more large rate increases to come that could raise the risk of another recession.
U.S. retail sales post first drop in five months as auto purchases plunge
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
Biden tells oil refiners to produce more gas, take fewer profits
The American Petroleum Institute, which represents the industry, said in a statement that capacity has been diminished as the Biden administration has sought to move away from fossil fuels as part of its climate change agenda.