Fed chairman says inflation, though elevated, will likely moderate
Federal Reserve Chairman Powell reiterated his long-held view that high inflation readings over the past several months have been driven largely by temporary factors.
Associated Press
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Wholesale inflation over past year jumps by record amount
Nearly 60% of the gain in wholesale prices in June reflected a jump in the cost of services, led by higher margins received by wholesalers and retailers.
U.S. COVID-19 cases rising again, doubling over three weeks
The COVID-19 curve in the U.S. is rising again after months of decline, with the number of new cases per day doubling over the past three weeks, driven by the fast-spreading delta variant, lagging vaccination rates and Fourth of July gatherings.
Senate Democrats announce $3.5 trillion budget agreement
Senate Democrats announced late Tuesday that they’d reached a budget agreement envisioning spending an enormous $3.5 trillion over the coming decade, paving the way for their drive to pour federal resources into climate change, health care and family-service programs sought by President Joe Biden. The accord marks a major step in the party’s push to […]
U.S. consumer prices surged in June by the most since 2008
The pickup in inflation, which has coincided with the economy’s rapid recovery from the pandemic recession, has heightened concerns that the Federal Reserve might feel compelled to begin withdrawing its low-interest rate policies earlier than expected.
Sanders, Biden meet as infrastructure bill swells past $3.5T
Sen. Bernie Sanders said Monday that he and President Joe Biden are on the same page as Democrats draft a “transformative” infrastructure package unleashing more than $3.5 trillion in domestic investments on par with the New Deal of the 1930s.
Lawsuit seeks $150M from Indiana online schools fraud claims
The lawsuit announced Monday by the Indiana attorney general’s office comes nearly two years after Indiana Virtual School and Indiana Virtual Pathways Academy shut down amid a state investigation.
Appeals court: Indiana must resume unemployment benefits
The Indiana Court of Appeals ruled Monday that the state temporarily continue payment of federal unemployment benefits, affirming an earlier court order that Indiana must restart the extra $300 weekly payments to unemployed workers.
Bonus pay for essential workers varied widely across states
As society reopens, momentum to provide pandemic hazard pay appears to be fading—even though the federal government has broadened the ability of state and local governments to provide retroactive pay.
Pfizer scheduled to discuss vaccine booster with U.S. officials
The company said it was scheduled to have the meeting with the Food and Drug Administration and other officials Monday, days after Pfizer asserted that booster shots would be needed within 12 months.
Billionaire Branson reaches space in his own ship, beating Bezos
The brief, up-and-down flight—about as long as Alan Shepard’s first U.S. spaceflight in 1961—was a splashy and unabashedly commercial plug for Virgin Galactic, which plans to start taking paying customers on joyrides next year.
Biden set to sign competition order targeting big business
The sweeping order includes 72 actions and recommendations that the White House says “will lower prices for families, increase wages for workers, and promote innovation and even faster economic growth.”
Vaccinated teachers, students don’t need masks, CDC says in new guidelines
The relaxed guidelines come amid a national vaccination campaign in which children as young as 12 are eligible to get shots, as well as a general decline in COVID-19 hospitalizations and deaths.
Pfizer to seek OK for third COVID-19 vaccine dose
Pfizer said another shot within 12 months could dramatically boost immunity and maybe help ward off the latest worrisome coronavirus mutant.
Consumer borrowing sees record one-month surge
Federal Reserve officials said the $35.3 billion seasonally adjusted increase in May was the largest one-month gain on records that go back to 1943.
Business groups, unions join together on infrastructure plan
The U.S. Chamber of Commerce and the AFL-CIO, along with trade groups representing manufacturers and retailers, announced the coalition Thursday.
Tyson Foods recalls almost 4,500 tons of chicken products
The U.S. Department of Agriculture announced the recall a month after two consumers reported falling ill with listeriosis. Further investigation revealed one death besides the two listeriosis cases traced to pre-cooked chicken.
Critics: Postal Service plans imperil community newspapers
Rates on periodicals would increase by more than 8% as of Aug. 29, according to agency filings. The price jump is part of a broad plan pushed by Postmaster General Louis DeJoy to overhaul mail operations.
Stellantis: 98% of its vehicle models to be electric or hybrid by 2025
The company that combined Fiat Chrysler and Peugeot is developing four fully electric vehicle platforms with ranges from 311 miles to 497 miles, it said.
Cold weather virus in summer baffles docs, worries parents
A South Bend physician said she has “never seen anything like this before.”