CNBC Economy

Fed Chair Jerome Powell said he will back interest rate increases until prices start falling back toward a healthy level.

California's state average for a gallon of gas hit a record above $6.

Retail sales were expected to rise 1% in April, according to Dow Jones estimates.

"Housing leads the business cycle, and housing is slowing," said NAHB Chairman Jerry Konter, a builder and developer.

Fed Governor Christopher Waller pledged that the rate-setting group wouldn't make the same mistakes on inflation that it did in the 1970s.

April's consumer price index may show inflation has reached its height.

Inflation expectations over the next year fell to a median 6.3% in April, a 0.3 percentage point decrease from the record high the previous month.

Minneapolis Fed President Neel Kashkari said Monday he's confident inflation will come back to normal, though he added it will take longer than he expected.

Hiring in the manufacturing, transportation and health-care sectors helped the U.S. economy add more than 400,000 jobs in April.

Nonfarm payrolls grew by 428,000 for the month, a bit above the Dow Jones estimate of 400,000. The unemployment rate was 3.6%.

The level of workers who retired then came back a year later is running around 3.2%, just about where it was before the pandemic.

Worker productivity fell to start 2022 at its fastest pace in nearly 75 years while labor costs soared.

The changes would tailor the Community Reinvestment Act's approach to making sure banks are not engaging in "redlining."

Wednesday's rate hike will push the federal funds rate to a range of 0.75%-1%.

Private payrolls increased by just 247,000 for the month, well below the 390,000 Dow Jones estimate.

Total mortgage application volume rose 2.5% for the week ended April 29 compared with the previous week, according to the MBA's seasonally adjusted index.

Employment openings exceeded the level of available workers by 5.6 million in March while a record number of people quit their jobs.

The Federal Reserve is tasked with slowing the U.S. economy enough to control inflation but not so much that it tips into recession.

Overheated home prices and sharply higher mortgage rates are crushing housing affordability.

Prices are rising as the Fed winds down a historic round of stimulus. This tightening cycle could slow jobs growth as global markets ride a wave of volatility.