Federal Reserve Chair Jerome Powell pointed to an economy in "a different situation" from the last interest-rate-hiking cycle.

It's not the 1970s, but Biden and Congress face a significant challenge as prices are expected to rise at more than 6% annually.

The Biden administration is addressing supply-side issues that are pushing up prices, as the Fed maintains the view that inflation is transitory.

Most Americans will be receiving direct payments of $1,400, with checks going out within days.

Forecasts had called for a decline of 7.5 million in payrolls and a jump in the unemployment rate to 19%.

It's the first quarterly economic contraction since 2014 and the biggest since 2008.

Crucial characteristics of the recovery effort that will determine how quickly the U.S. economy can rebound.

However, the federal budget deficit is expected to top $1 trillion for the first time since 2012, and to reach 5.4% of GDP.