The Federal Reserve’s preferred measure of inflation, the personal consumption expenditures (PCE) price index, increased 6.3 percent year-over-year in July, the Bureau of Economic Analysis reported Friday—down from a 6.8 percent annual rate in June. Despite the additional data showing the pace of inflation may be slowing, Fed Chair Jerome Powell reiterated over the weekend that the central bank plans to continue aggressively hiking interest rates. “While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said at an economic symposium in Jackson Hole, Wyoming. “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”
The United Kingdom’s Office of Gas and Electricity Markets (OFGEM) announced Friday that—due to Russia’s dwindling supply of energy to Europe—it will nearly double the annual price cap on a typical household’s electricity and gas bills beginning in October, from about £1,970 ($2,300) to £3,550 ($4,150). The cap—an effort to protect British consumers from profiteering—is expected to rise even further in January.
The U.S. 7th Fleet announced over the weekend that two naval warships—the USS Antietam and USS Chancellorsville—sailed through the Taiwan Strait on Sunday, demonstrating the United States’ “commitment to a free and open Indo-Pacific.” It was the first such passage since House Speaker Nancy Pelosi’s highly publicized trip to Taiwan earlier this month, and a Chinese military spokesman said troops were on “high alert” over the weekend and “ready to foil any provocation.”
The California Air Resources Board issued a rule on Thursday that will gradually ramp up the percentage of new vehicles sold in the state that must be zero-emission, from 35 percent in 2026 to 100 percent in 2035. The regulation faces both legal and practical hurdles, but it’s supported by multiple auto manufacturers—including General Motors—as the industry shifts away from internal-combustion vehicles to electric ones. Several states are expected to adopt a similar policy.
The Secret Service announced Friday it had recovered approximately $286 million in fraudulently obtained Economic Injury Disaster Loans and returned the funds—meant to support companies during the early days of the pandemic—to the Small Business Administration. The agency said it has aided in the return of approximately $2.3 billion in stolen COVID-19 relief over the last 30 months.
More than 30 people were killed in Tripoli over the weekend—and nearly 160 more injured—as violent clashes between rival militias erupted in the Libyan capital. The country’s provisional government said the fighting was triggered by a military group “firing randomly at a convoy” passing through the city.
Federal judge over the objections of the DOJ considering a Special Master.