The U.S. Treasury said its database will contain personal information on the owners of at least 32 million U.S. businesses as part of an effort to combat illicit finance.
The outlook provides a snapshot of the synchronized shock stemming from Russia's attack on Ukraine and the ensuing energy crunch that has inflicted a widespread cost-of-living crisis.
Some of the longtime drivers of higher inflation — spiking gas prices, supply chain snarls, soaring used-car prices — are fading. Yet underlying measures of inflation are actually worsening.
Despite two quarters of GDP decline, the U.S. is not currently in a recession, says the official arbiter of such things, the NBER's Business Cycle Dating Committee.