Biden wants Congress to give people a break on the federal gas tax for the summer. But economists say that won't translate into big savings at the pump — and could hurt efforts to curb inflation.
Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.
In an interview Thursday with The Associated Press, the president says the American people are "really, really down" after two years of pandemic, volatility in the economy and surging gas prices.
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.
President Biden says he wants the biggest refiners to do more to increase gasoline supply and lower prices. He says he's ready to use emergency powers to boost capacity — but he didn't give details.
Consumers are watching their pennies at the gas station and grocery store as consumer prices surged 8.6% in May, pushing the annual inflation rate to its highest in over 40 years.
While chicken prices nationwide have increased, retailers such as Costco and BJ's are still selling rotisserie chickens for under $5. That's part of a broader strategy.