Federal Reserve
The director of the Congressional Budget Office sees rising joblessness in response to the repeated rate hikes.
Recent data suggests a recession may be less likely than previously feared -- but some firms seem to be copying each other's layoff strategies.
December's lower inflation reading makes it likelier that the Fed will slow its interest rate hikes in the coming months.
“We are not and we will not be a climate policymaker,” he told a panel in Stockholm.
WHAT'S HAPPENING
Stocks struggled all year as inflation was made worse by Russia's war in Ukraine, and amid fears of a recession.
The consumer banking giant agreed to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages.
The Fed's latest increase — its seventh rate hike this year — will make it even costlier for consumers and businesses to borrow for homes, autos and other purchases.
Democrats are increasingly worried about the Federal Reserve tanking the economy.
With inflation an increasing challenge, it's more likely that the central bank will have to cause a recession to stop it, said Fed Chair Jerome Powell.
The Fed’s move raised its key short-term rate to a range of 3.75% to 4%, its highest level in 15 years.