The Government Sells 42 Million Gallons of Gas Ahead of Summer Travel

To lower gas prices ahead of a heavy travel season for many, the Department of Energy is selling 42 million gallons of gas in the country's reserves. 

“The Biden-Harris Administration is laser-focused on lowering prices at the pump for American families,⭕ especially as drivers hit the road for summer driving season,” said U.S. Secretary of Energy Jennifer Granholm in a prepared statemen💞t.

The average gallon of gas nationwide costs $3.60, according to AAA, up from a year ago, but lower than in recent weeks. By putting more gasoline into the supply, costs should stay low as many hit th𒆙e road for Memorial Day.

Banks Should Prepare for Continued High Interest Rates, Fed Official Says

With interest rates likely to remain at their current levels for some time, banks will need to be prepared to manage these risks, said Federal Reserve Vice Chair Michael Barr Tuesday.

Pointing to an economy that was “quite strong” and supported by low unemployment, Barr echoed the remarks of other Federal Reserve offici𝓰als who said that interest rates were sufficiently high enough to bring down inflation, given ti⭕m🌳e. 

“We need to see more evidence of continued progress on inflation for us to be in a position to think about adjusting policy,” Barr told a 澳洲幸运5官方开奖结果体彩网:Dallas Federal Reserve conference on regional banking

-Terry Lane

Federal Reserve Official Gives Latest Inflation Report 'C+' Grade But Says Rate Hikes Unlikely

One Federal Reserve official gave the most recent inflation report a middling grade and said he would need to see several improved inflation readings before he could vote to lower interest rates from their 澳洲幸运5官方开奖结果体彩网:current decades-high levels. 

Federal Reserve Governor Christopher Waller told the Peterson Institute for International Economics Tuesday he would grade澳洲幸运5官方开奖结果体彩网: the latest reading of the 澳洲幸运5官方开奖结果体彩网:Consumer Price Index (CPI) at a “C+.” But while progress on inflation was slow, it was still welcome news, he said.

“It is good to see monthly inflation falling, even if it requires looking out to the second decimal point,” ꩲWalᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚler said.

However, future inflation reports will need to earn better grades in order for him to vote to cut interest rates, he said. Waller, 澳洲幸运5官方开奖结果体彩网:like other Fed officials recently, said rates need to be held steady untꦯil price pressures ease.

“In the absence of a significant weakening in the labor market, I need to see several more months of good inflation d🍎ata before I would be comfortable supporting an easing in the stance of monetary policy,”🐼 he said. 

He also said it was unlikely that inflation would accelerate e🌃nough to require raising ♏rates.

Waller said wage growth is s✱till a little too high to meet the Fed’s annual inflation target of 2%, but “not that high,” and h🍌e believes inflation could be brought down without significantly impacting the labor market.

“I d✤on’t see the need for some big increase in unemploym𝕴ent to do that,” he said.

-Terry Lane