Economist Peter Schiff said the economic turmoil in the U.S. is worse than what is being described, saying it will hurt much more than the Great Recession.
ARK Invest CEO Cathie Wood said consumer sentiment, combined with supply chain problems, has already caused a recession.
One panelist on Russian state TV touted the country's oil revenues while the American economy struggles with high inflation and gas prices.
During a speech calling for a federal gas tax holiday, the president made a push for clean energy.
Federal Reserve Chairman Jerome Powell said a recession is possible and that more interest rate increases seem likely.
The Federal Reserve chairman spoke on the likelihood of a recession, whether interest rates will rise again and how unemployment factors in.
Federal Reserve Chair Jerome Powell said a recession is a 'possibly' during his testimony before Congress.
"We are not trying to induce a recession now," Fed Chair Jerome Powell said last Wednesday after raising interest rates. "Let's be clear about that."
The "nowcast" of GDP shows the U.S. hitting a second successive quarter of slowdown.
Concerns about inflation and wages come as the United States has entered its first bear market since 2020.
The largest interest rate hike in 28 years, three-quarters of a percentage point, was announced by the Federal Reserve as it tries to rein in surging prices.
Phoenix has the highest inflation in the U.S. according to the Bureau of Labor Statistics
"With inflation well above 2 percent...we expect it will be appropriate to raise [rates] at our meeting later this month," Fed Chair Jerome Powell said.
In a Congressional hearing on Tuesday, Fed Chair Jerome Powell said supply-side shortages and labor shortages have contributed to recent inflation in the U.S.
Powell spoke on Tuesday before the Senate Banking Committee, which will decide whether to confirm him for a second four-year term as Federal Reserve chair.
Powell will face questions from the Senate Banking Committee on Tuesday about the economy as they decide if he should be confirmed for another term.
Warren has voiced concerns to Powell over "the Fed's lack of transparency and your commitment to fully and honestly addressing the Fed's broken ethics culture."
The report cited several ways in which the issue could impact the economy, including possible loan losses after natural disasters like floods and fires.
The Federal Reserve could increase interest rates as early as the first half of 2022 due to withdrawing monthly bond purchases at twice the speed it announced.
Businesses heard a plethora of reasons for the staff shortage, including no childcare, retirements, and concerns regarding COVID, according to the Fed report.
Jerome Powell told a House committee Wednesday it's not possible to be sure when inflation will improve, but the pandemic fading would make it more likely.
"The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity," Jerome Powell said.
Minutes released Wednesday of the Federal Reserve's November 2-3 meeting revealed officials discussing inflation, and what the central bank could do to help.
Rhode Island Sen. Sheldon Whitehouse, Oregon Sen. Jeff Merkley and Massachusetts Sen. Elizabeth Warren said they oppose a second term for Powell.
The Federal Reserve will cut billions of dollars in aid in response to new timelines that show inflation may endure into the middle of next year.
Powell's term is set to expire in early February, but former presidents have announced decisions on re-nomination by late summer or early fall.
Federal Reserve Chair Jerome Powell said current inflation "is a function of supply side bottlenecks over which we have no control."
The prominent progressive Vermont senator said the massive budget reconciliation proposal "will pay for itself."