Analysts increasingly see a recession looming in the US following the Federal Reserves biggest increase in interest rates since 1994 and signs of weaker consumer spending.
New inflation numbers out Friday show the nation's economic pain has not peaked, and is still getting worse. The U.S. Labor Department reports consumer prices rose 8.6 percent in May from a year ago, marking the biggest increase in more than 40 years going back to December 1981. Michelle Singletary, a personal finance columnist for The Washington Post, joins Judy Woodruff to discuss the impact.
In our news wrap Thursday, President Biden backs Finland and Sweden's bids to join NATO, the U.S. Senate voted to send Ukraine an additional $40 billion in military and economic aid, a grand jury indicted the white man accused of killing 10 black people at a Buffalo supermarket on a first-degree murder charge, and the Jan. 6 panel has requested an interview with Republican Rep. Barry Loudermilk.
In our news wrap Friday, children in the U.S. ages 5 to 11 began receiving their Pfizer COVID vaccine booster shots after the CDC gave its final approval, a federal judge rules COVID asylum restrictions must continue on the border, the Justice Department unveiled new efforts to combat hate crimes after the massacre in Buffalo, and Russia claims it's taken full control of the city of Mariupol.
In our news wrap Monday, the son of one-time Philippines dictator Ferdinand Marcos scored a landslide victory in the country's presidential election, Sri Lanka's prime minister resigned after weeks of protests, the death toll continues rising in Havana, Cuba after Friday's explosion at a luxury hotel, and authorities in Shanghai intensified COVID measures Despite a drop in cases.