Economy

As interest rates rise, market watchers expect a string of bankruptcies among non-bank mortgage lenders.

Still, manufacturing has moderated and risks further loss of momentum as businesses contend with an inventory overhang and an easing in domestic demand for goods.

Fed Governor Christopher Waller believes the central bank can control inflation without inflicting a "painful" spike in unemployment. Others say his analysis "contains misleading conclusions, errors, and factual mistakes."

"We've got a very strong labor market," Treasury Secretary Janet Yellen said. "This is not an economy that's in recession."

"Russia's going to face an insurance and financial services ban. ... Why should they retaliate for an initiative that enables their oil to continue to flow through to world markets at a price that is profitable?"

Fastest-rising CPI in four decades amps up pressure on the Fed to go big with interest rates.

How President Joe Biden's budget reconciliation bill shakes out will influence what else Congress can accomplish before the midterms.

Assets in emerging markets that are behind the curve in terms of interest rate increases are now seeing an influx of funds.