Inflation ahead? Even a top economist says it's complicated

WASHINGTON (AP) — Two months of sharply rising prices have raised concerns that record-high government financial aid and the Federal Reserve’s ultra-low interest rate policies — when the economy is already surging — have elevated the risk of accelerating inflation. ...

Biden objects to raising gas tax to pay for infrastructure

WASHINGTON (AP) — The White House made clear Friday that President Joe Biden was opposed to letting the federal gasoline tax rise at the rate of inflation to help pay for an infrastructure package that a bipartisan group of 21 senators is trying to craft. The gas tax...

US stocks slump; S&P 500 has its worst week since February

NEW YORK (AP) — Stocks sank again on Wall Street Friday, knocking the S&P 500 to its worst weekly loss since February, as more steam comes out of banks and other stocks that soared earlier this year with expectations for the economy and inflation. The S&P 500...

Republicans point to inflation in bid to retake Congress

WASHINGTON (AP) — Gas prices have whizzed past $3 per gallon in much of the nation. The cost of used cars and new furniture, airline tickets, department store blouses, ground beef and a Chipotle burrito are on the rise, too. Many economists say the price increases are...

US average mortgage rates mostly lower; 30-year at 2.93%

WASHINGTON (AP) — Mortgage rates were mostly lower this week as the economy continued to show signs of recovery from the pandemic recession and recent bursts of inflation were deemed temporary by federal policymakers. Mortgage buyer Freddie Mac reported Thursday that...

Turkey's central bank keeps interest rate unchanged at 19%

ISTANBUL (AP) — Turkey’s central bank left its key benchmark interest rate unchanged at 19% on Thursday. The bank said in a statement that the interest rate would be determined at a level about inflation and a “tight” monetary policy would continue “to maintain...

Fed sees earlier time frame for rate hikes with inflation up

WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest-rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation. ...

White House: Markets showing little worry about inflation

The White House believes it has an ally in the bond markets to make the case that inflation isn't an economic threat. Republican lawmakers have interpreted the jump in consumer and producer prices as a sign that inflation is spiking at levels that will hurt growth, and...

Text of the Federal Reserve's statement after its meeting

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price...

Fed moves up timetable for potential rate hikes to 2023 as economy and inflation accelerate