The Labor Department reported an unemployment rate of 3.6 percent in May, the lowest figure in years. According to a nationwide job survey, millions who retired a year earlier are returning to work due to rising inflation. Experts have called this phenomenon “The Great Unretirement.” “I had worked it [retirement] all out. I could afford…

Federal Reserve Chair Jerome Powell faced questions about inflation from the Senate Banking, Housing and Urban affairs committee. Wednesday’s two-day hearing began as inflation set a new 40-year high last month and the national average price for a gallon of gas topped $5 for the first time ever last week. “Inflation remains well above our longer-run…

With Biden’s approval ratings below those of Trump’s at this point in his presidency, and with nose-bleed inflation in an upward trend, Republicans smell blood. 34 Senate seats and all 435 House seats are up for election on November 8, 2022, and there’s a general consensus the GOP will win back the majority. Straight Arrow…

The House of Representatives passed the Lower Food and Fuel Costs Act in a mostly party line vote. All but five Democrats voted in favor, and all but seven Republicans voted against. Supporters hope the bill will control inflationary costs. To control food prices, the bill provides $500 million in USDA funds to help farmers…

The Pentagon’s defense budget is customarily a source of contention between the left and right. While the $773 billion requested for 2023 sounds like a huge sum, the budget provides for — in addition to security aid for Ukraine — items like countering China, supporting clean energy and combating suicide in the military. Straight Arrow…

For just the second time in modern history, the Federal Reserve started quantitative tightening in June to draw down its unprecedented $9 trillion balance sheet. The central bank’s assets on hand have more than doubled since the start of the pandemic. “I would just stress how uncertain the effect is of shrinking the balance sheet,”…

The Federal Reserve on Wednesday announced a move it hasn’t made in decades: Raising its benchmark interest rate by three-quarters of a percentage point, effectively doubling the bank borrowing rate to 1.5%-1.75%. The last time the Fed exercised this large of a one-time hike was in 1994 in an effort to get ahead of inflation.…

In one more sign inflation isn’t budging, wholesale prices surged 10.8% in May from a year ago, near a record annual pace. The producer price index measures inflation before it reaches consumers. Consumer prices were also hot in May, rising 8.6% over the year, a fresh 40-year high. As for wholesale goods, the Bureau of…

A bill aimed at controlling the cost of international shipping for American businesses and improving the supply chain is headed to President Joe Biden’s desk. Sponsors of the Ocean Shipping Reform Act hope it will help tackle rampant inflation, as prices rose 8.6% in May compared to the previous year. The House of Representatives passed…

The Wall Street hangover from last week’s shocking inflation report continued into the new week, as Wall Street officially entered a bear market. The S&P 500 dropped 3.9% Monday, and is now down more than 20% from the record high it set in January. Monday marked the first time the S&P 500 has confirmed a…