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US finance and payments live updates: tax credit for children, inflation, interest rates, KPI report, SS disability …

Inflation is a top priority for the Biden administration

The White House has reacted to rising inflation, doubling its commitment to keeping prices under control. Compared to this time last year, food prices are up around 10 percent, while energy prices are up more than 35 percent. The price for a dozen eggs is on average $ 1.20 higher than last year.

The Russian invasion of Ukraine as well as the continuing impact of the covid-19 pandemic on global supply chains continues to drive inflation. The Federal Reserve has begun a series of rate hikes to reduce the circulation of money and credit in the economy in the hope that it will cool down a bit.

On Friday after the news, the Dow Jones Industrial Average fell by more than 900 points in a single day. Over the past eleven weeks, the Dow has closed for less than ten weeks, something that has not happened since the Great Depression.

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