The US economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve Chair Jerome Powell cautioned Wednesday.

Manufacturing growth is slowing from Asia to Europe as China’s Covid-19 curbs and Russia’s invasion of Ukraine disrupt supply chains, while the growing risk of a recession in the United States poses a new threat to the global economy.

US tariffs on Chinese goods offer a key element of leverage over Beijing which Washington should be reluctant to relinquish, the top American trade official said Wednesday.

A series of surprise actions by some of the world’s largest central banks fretting about runaway inflation has left bond investors battered. Now, a growing chorus of investors is calling on policymakers to move fast to end the uncertainty.

A recession in the United States is not  “inevitable” but the economy is likely to slow, Treasury Secretary Janet Yellen said Sunday, days after the US Federal Reserve hiked interest rates, raising fears of a contraction.

Federal Reserve Governor Christopher Waller on Saturday threw his support behind another large interest rate increase next month.

A massive interest rate hike by the US Federal Reserve and promises of more to come are fueling warnings that the only offramp from the searing price hikes engulfing American families is a full-blown recession.

US President Joe Biden on Wednesday chastised the oil industry over soaring fuel prices at the heart of 40-year-high inflation, warning of unspecified emergency measures.

New York restaurateur James Mallios has long prided himself on culinary authenticity, spending more for sunflower oil because it is used in Greece to fry foods.

The Federal Reserve on Wednesday approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation that US central bank officials acknowledged may be eroding public trust in their power, and being driven by events seen increasingly out of their hands.

President Joe Biden on Tuesday blamed Republicans and the Russian invasion of Ukraine for soaring US inflation, in a bid to deflect voter anger over his inability to keep prices down.

The US Federal Reserve is poised to raise borrowing costs Wednesday amid the troubling acceleration of inflation, with the only question being whether officials will opt for the biggest hike in nearly three decades or a smaller step up.

Electric delivery van maker Electric Last Mile Solutions, under investigation by a top US securities regulator, has announced plans to file for bankruptcy, less than a year after going public.

Red-hot US inflation is showing few signs of cooling, putting the Federal Reserve on track to continue its aggressive interest rate increases to help cool high prices that are challenging Joe Biden’s presidency.

US inflation surged to a new four-decade high in May, defying hopes that price pressures had peaked and deepening President Joe Biden’s political troubles as Americans struggle to meet the cost of essentials like food and gas.

US President Joe Biden on Friday accused the US oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.

In an effort to win back billions of dollars in tourism revenue lost during the Covid-19 pandemic, the US government on Monday launched a plan to attract 90 million international travelers a year.

The World Bank on Tuesday slashed its global growth forecast by 1.2 percentage points to 2.9 per cent for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Covid-19 pandemic, with many countries likely to face recession.

More than two years into the Covid-19 pandemic, American businesses are still struggling to manage their inventories in a feast-or-famine cycle caused by fickle consumer demand.

The dominant services sector saw growth slow in May, while price gains pulled back from the blistering pace in the prior month but remained high, according to an industry survey released Friday.