Fed saw evidence of a slowing economy at its last meeting
Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high’’ before raising their benchmark interest rate by a sizable three-quarters of a point in their drive to slow spiking prices.
Falling global food and fuel costs offer poor countries little relief
Many of the global prices for food, fuel and fertilizer that spiked when Russia invaded Ukraine have returned to their pre-war levels, defying the most dire forecasts even as policymakers warn of the continued risk of famine and financial crisis in the developing world.washingtonpost.com
What You Need to Know About Recessions — Including Whether We’re in One
US inflation is at a four-decade high, borrowing costs are surging and stocks have taken a beating. With the Federal Reserve going full steam ahead on an aggressive campaign to temper demand and tame prices, concerns are growing that its moves will tip the US into recession. There’s no shortage of opinions about whether a downturn is inevitable, when it might start and how bad it might be.washingtonpost.com
Kansas voters uphold right to an abortion: CBS News Flash August 3, 2022
CBS News projects that Kansas voters will uphold the right to an abortion, rejecting a measure that would have tightened curbs or banned abortions, statewide. House Speaker Nancy Pelosi, in Taiwan, says went there in peace for the region. China is fuming about the visit. And the Senate has passed the bill to expand health care benefits for veterans who were exposed to burn pits during their military service.news.yahoo.com
Treasury says borrowing needs increased by $262 billion
The Treasury Department is seeking to borrow $444 billion in the current quarter through September as the Federal Reserve tightens its portfolio. A Treasury official told reporters on the condition of anonymity that the department was now expecting to collect less in taxes than initially forecast. The additional debt during the July to September quarter is also due in part to the Fed's decision in May to scale back its holdings of Treasury notes, which caused the government to rely on private and foreign investors.news.yahoo.com
Fed board member opens door to 1-point hike if demand rises
Christopher Waller, a member of the Federal Reserve’s Board of Governors, said Thursday that he would be open to supporting a huge 1 percentage point increase in the Fed’s key short-term interest rate later this month if upcoming economic data points to robust consumer spending.