Federal Reserve Chairman Jerome Powell told congressional lawmakers Wednesday that the central bank is determined to bring down inflation and has the ability to make that happen.
Biden calls for three-month suspension of federal gas tax but faces long odds of getting Congress on board
President Joe Biden on Wednesday called on Congress to suspend federal gasoline and diesel taxes until the end of September, framing the move as necessary to provide relief to American consumers but itself not enough to resolve the problem of surging energy prices.
Stocks and oil tumble as recession fears mount
World stock markets and oil prices hit the skids on Wednesday as the persistent palpitations about rising interest rates and recessions struck again, while the Japanese yen hit a fresh 24-year low against a seemingly unstoppable U.S. dollar.
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