Scott Horsley - NPR
The Federal Reserve raised interest rates by three-quarters of a percentage point Wednesday in an effort to combat stubbornly high inflation. It's the biggest rate increase in 28 years.
The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.
The prospect that the U.S. and its allies could impose new sanctions on Russian oil pushed energy prices sharply higher. The average price of gasoline in the U.S. hit $4.06 per gallon.
Millions of Americans are losing a lifeline as pandemic unemployment benefits expire. Research suggests the loss of aid won't do much to push people back to work, but may lead to a drop in spending.
Consumer prices rose 5.4% in the 12 months ending in July, matching the highest rate of inflation in nearly 13 years. The cost of rent, food and gasoline continues to climb.
The prices dealers pay for used cars at massive auctions across the country finally dipped in June after hitting record highs in each of the four previous months, according to the Manheim Used Vehicle Value Index.
Over the past two months, lumber prices have been dropping fast, giving weight to the central bank's argument that pandemic price spikes for many products are likely to be temporary.