President Joe Biden met on Tuesday with the chairman of the Federal Reserve to plot a strategy to fight rising gas and food prices, reversing assertions from last year that the organization should remain independent. The national average price of gasoline finished May at above $4.60 a gallon, rising 11% over the past month. U.S. Treasury Secretary Janet Yellen said on Tuesday that she failed to anticipate how long high inflation would continue, underscoring the political liability facing the Biden administration as prices soar.

Shanghai is returning to some normalcy after a strict two-month COVID-19 lockdown that snarled global manufacturing and trade operations. Residents of China’s largest city report feeling “immense relief” at some easing of restrictions, although 650,000 people in closed-off zones are still restricted to their homes. Shanghai's lockdown froze businesses across China, dampening global factory growth and posing lingering uncertainties for the country’s economic outlook.

The Supreme Court has blocked a Texas law that sought to prevent social media platforms from censoring users based on their viewpoints. Champions of the law argued that the platforms are ​​generally liberal in outlook and often hostile to ideas that stem from the political right. The decision highlights the public’s increasing scrutiny of digital monitoring, especially after reporting revealed that Uvalde school district, the site of the deadly school shootings last week, had experimented with a social media monitoring service that alerted schools of potential threats.

More food and beverage companies are vowing to curb their advertising to children, responding to parents’ concerns about privacy and ad content as digital devices grow more common. The 20 companies that comprise the Children’s Food and Beverage Advertising Initiative agreed in May to only advertise products that meet certain nutritional criteria to children under 13, and others said they will stop using influencers who primarily appeal to that age group. The World Health Organization released a report on Tuesday that warns of how healthy food behaviors are being undercut by advertising campaigns, noting that nearly 40 million children under five are estimated to be overweight.

Britain on Wednesday will celebrate 70 years on the throne for Queen Elizabeth II’s Platinum Jubilee, a royal celebration to be filled with corgis and a performance from the Sex Pistols. The 96-year-old queen is Britain’s longest-serving monarch and is broadly popular, although few young Britains say they believe the monarchy should be kept for the foreseeable future.

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Eurozone inflation reached a record 8.1% in May, pushed higher by surging energy costs amid the war in Ukraine. Energy prices jumped 39.2%, driving inflation to its highest level since recordkeeping for the euro began in 1997. EU leaders on Monday agreed to ban 90% of Russian oil imports by the end of the year, a step that is expected to further squeeze Moscow’s economy but also add further stress the European economy and fan global inflation.

The Frankfurt offices of Deutsche Bank and its asset management unit were raided by German police on Tuesday following accusations of greenwashing. The bank’s chief sustainability officer went public last year with allegations that Germany’s largest lender had labeled ESG assets that didn’t translate into meaningful action. The raid underscores a new movement among global financial watchdogs, which are calling on companies to “walk the walk” on sustainability commitments.

The Indianapolis 500 will become the first North American racing series to use 100% renewable fuel in its race cars, marking a turning point for an event historically centered on combustion engines. Still, in the race to cut emissions, the United Nations warned that companies voluntarily setting climate-friendly targets could undermine the global effort to address climate change by becoming complacent in those commitments. The organization noted that commitments could become substitutes to real change.

Rental car rates are soaring this year as tight vehicle inventory continues across the U.S. Both Hertz and Avis said their rates rose at least 25% in the first quarter compared to 2021, and experts say rates could rise further this summer. Vehicle rental rates are just one of the travel costs expected to reach new highs this summer, even as 73% of Americans say they plan to travel. While demand has returned, many pools, restaurants and camps are cutting operations or closed due to the worker shortage.

Many Chinatowns across the nation are emerging from the pandemic and anti-Asian racism with more vibrant displays and tighter communities this year. In San Francisco, Wells Fargo partnered with the Chinatown Media and Arts Collaborative to establish a heroes mural. Advocates say that with renewed attention from cities, companies and younger Asian Americans, many Chinatowns have been able to restore community voice and inject new perspectives.

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Home listings surged by 9% last week as sellers attempt to cash in on a hot housing market. Despite the rise in listings, pending home sales fell in April for the sixth month in a row as high interest rates and prices curb some demand. Mortgage rates also fell for a second week to 5.1% after the steepest increase in decades. This week, the Federal Reserve discussed the possibility of raising rates high enough to deliberately slow economic growth to combat high inflation.

The Group of Seven leading economies pledged to end greenhouse gas emissions from their power sectors by 2035 and agreed to phase out coal-powered energy. While the original draft included a target to end unabated coal power generation by 2030, Japan and the U.S. both indicated they could not support that date. In the U.S., the Supreme Court announced it would allow the Biden administration to use a higher estimate for the costs of greenhouse gas emissions in regulatory actions. The government uses the estimate for rule making related to new drilling permits as well as assessing the costs of crop losses and flood risks.

Demand for gas hit one of its lowest levels for this time of year in nearly a decade as prices prompt some Americans to change their driving habits ahead of Memorial Day. Even as travel expenses rise, travel experts predict that millions will travel this weekend and more will plan summer trips after two years of pandemic-suppressed demand. Republicans demanded answers from the Biden administration regarding the Department of Energy’s plan to backfill the country’s petroleum reserves to ease costs at the pump.

A bipartisan group of senators met to quickly compromise on new gun laws in the wake of the Uvalde shooting. The Senate Democrats’ first attempt to pass a domestic terrorism bill that would open the debate on gun policy was blocked by Republicans. H.R. 8, a background check bill first championed after the Sandy Hook massacre, could see a similar fate after it stalled in the Senate. The National Rifle Association begins its annual convention in Houston Friday, hours away from Uvalde. Texas Gov. Greg Abbott pulled out of his in-person appearance at the convention and will deliver a pretaped speech and visit the site of this week’s massacre instead.

New research suggests long COVID can occur after breakthrough infections in vaccinated people, highlighting the need for additional treatments or vaccines as the virus becomes endemic. The study also showed that older adults face higher risks for the long-term effects. A study found one in five adult COVID survivors under the age of 65 experienced at least one health condition that could be considered long COVID. The Centers for Disease Control is working to better understand the syndrome as millions of people still suffer from lingering symptoms.

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President Joe Biden signed an executive order to reform federal and local policing, marking the second anniversary of George Floyd’s murder that launched a global protest movement. The order contains aspects of the GOP-backed Justice Act, leading Republicans to criticize Democrats for blocking that bill in 2020. Minneapolis renamed the intersection where Floyd died in his honor as the community gathered for a vigil on the anniversary.

Oklahoma Gov. Kevin Stitt signed a bill banning abortions after fertilization, the most restrictive abortion law in the country. The state had been a refuge for women seeking abortions in Texas after a six-week ban went into effect last year. Abortion-rights advocates vowed to challenge the ban in Oklahoma’s Supreme Court. Meanwhile, Michigan Gov. Gretchen Whitmer ordered state agencies to protect abortion access, and the University of Michigan created a task force focused on abortion-care access in the event of a statewide ban. A growing number of companies are offering abortion travel benefits as more states pass restrictive abortion laws.

The Federal Trade Commission fined Twitter $150 million for deceptively using personal account data for targeted advertising that affected more than 140 million users. Facebook and Instagram will start providing more details about how advertisers target people with political ads ahead of the midterms following years of criticism for withholding information on how campaigns use the platform for advertising.

Apple told employees it will boost pay for workers this year amid inflation and increased cost of living. Starting pay for U.S. hourly workers will rise to $22, a 45% increase since 2018, and U.S. salaries are also expected to increase. The plans reflect moves by other major companies competing in a tight labor market. Microsoft recently announced that it would nearly double its global budget for merit-based salary raises.

The Bank of Russia cut interest rates by 3% for the third time in a month, curbing a rally of the ruble as the country loosens financial protections first put in place at the beginning of the Ukraine invasion. The Russian Finance Ministry announced it will pay dollar-denomination debt in rubles after the U.S. allowed a license that permitted Russia to pay debt holders through U.S. banks to expire. The move will likely be seen by foreign investors as a default on the debts. The country is advancing a new law allowing Russia to take control of local businesses of Western companies that decide to leave the country, complicating Western companies’ attempts to quickly exit the economy without a large financial hit.

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Nineteen children and two teachers died in an elementary school shooting Tuesday, reigniting debate over gun control measures. President Joe Biden urged Americans to address the gun violence crisis following the deadliest school shooting in nearly a decade and the second-deadliest on record behind Sandy Hook. Sen. Chris Murphy (D-Conn.) – who filibustered for 15 hours for stricter gun laws following the Sandy Hook massacre – took to the Senate floor to implore Republicans to work together to address mass shootings. In the decade since Sandy Hook, gun laws in the U.S. have not changed much despite repeated school shootings.

Voters in the Georgia Republican primary rebuked former President Donald Trump, giving victories to Gov. Brian Kemp and Secretary of State Brad Raffensperger despite Trump’s efforts to remove them. In Arkansas, Sarah Huckabee Sanders received a boost from the former president, easily winning the Republican primary for governor. Alabama’s Republican Senate primary will head to a runoff between Rep. Mo Brooks (R-Ala.) and Katie Britt as none of the candidates were able to win more than 50% of the vote. Two top Republican candidates for governor in Michigan could be disqualified for forging thousands of signatures submitted by their campaigns.

The cost of owning a car continues to rise as gas prices struck another record high, reaching an average of $4.59 per gallon. Every state’s average now sits above $4. Gas prices have consistently hit new records since May 10. Prices at nine gas stations in California surpassed the federal minimum wage as consumers in the state pay more on average for gas than drivers in any other state. The average age of cars on U.S. roads is just over 12 years as supply chain issues force automakers to slow or stop production. The vehicle shortage pushed the average price for used cars to 23% and new cars to 13% from the year before.

An independent investigative report uncovered 20 years of sexual abuse in the Southern Baptist Church, sending shockwaves through the nation’s largest Protestant denomination. The church’s executive committee ordered the investigation after delegates overwhelmingly voted for it last summer. The president of the Southern Baptist Convention called the independent report “long overdue,” saying the rumors were “always out there.” Leaders of the church announced they will release a list of the ministers accused and apologized for failing to address past allegations.

Pfizer announced plans to sell its patented drugs and vaccines at cost in up to 45 lower-income countries in one of the most comprehensive drug-access programs announced by a large pharmaceutical manufacturer. The program will launch in five African countries with 23 drugs for various conditions and will eventually cover everything in Pfizer’s portfolio. In a recent interview, Pfizer’s CEO warned growing complacency about COVID-19 will cost lives and lead to “constant waves” of coronavirus variants and deaths.

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Snap slashed its quarterly forecast as the economy worsened faster than expected, sending markets into a spiral as shares of the social media company fell 31%. Snap’s Chief Executive told employees in a memo that the company will slow hiring and listed a multitude of problems. Stock futures dropped significantly due to a resulting tech sell-off as investors worried about the economic growth outlook. Top CEOs predicted the tech rout is just a shake-up despite the sudden downturn.

Americans reported the highest level of financial well-being last fall than at any point in the last decade, leaving them better positioned to withstand an economic downturn. The survey was taken in October and November 2021 when inflation reached 6% and a wave of COVID-19 cases caused many Americans to pull back on travel and other spending. Meanwhile, the top 50 richest people in the world have lost more than half a trillion dollars on paper this year due to volatility in the market. Analysts expect to see more losses before the Federal Reserve signals a shift in monetary tightening.

The U.S. birth rate rose in 2021 for the first time in seven years, according to a new federal report. The birth rate recovered by 1% after a sharp decline in 2020, suggesting that the pandemic led to more of a baby bust than the baby boom that was initially predicted. Despite the overall gain, births among Black, Asian and indigenous women dropped. U.S. births remain well below historic highs and the replacement rate, meaning the population can only grow through net immigration.

Shipping bottlenecks that have exacerbated the supply chain crisis hit the Port of New York and New Jersey as backups at the East Coast’s busiest port reached an average of 14 vessels a day. The Ports of Los Angeles and Long Beach, which faced massive delays through the pandemic, have seen some improvement in moving cargo off the docks due in part to to the threat of penalty fees. The UN warned of impending “crippling” food shortages due to inflation and supply chain issues.

Many school counselors and staff are discussing how to handle threat assessments after revelations that the shooter in last week’s shooting rampage in Buffalo was flagged for making threatening comments at his high school. A surge in mental health needs and staff shortages have stretched school resources to support students with the potential for violence. In the wake of the shooting, three-quarters of Black Americans say they are concerned that they or someone they love will be attacked because of their race. Two years after George Floyd’s death followed by a summer of protests, a majority of Black Americans feel there has been little improvement in how police treat Black people.

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On his first trip to Asia, President Joe Biden said the U.S. would intervene militarily if China were to invade Taiwan, noting the burden to protect the island country is “even stronger” in the wake of Russia’s invasion of Ukraine. Biden told reporters he was not concerned about North Korea’s recent nuclear tests after agreeing with South Korea’s President to consider bigger military exercises in response. The Biden administration also announced an economic pact with 12 Asian countries intended to counter China’s influence in the region. The nations involved in the Indo-Pacific Economic Framework comprise about 40% of the global GDP.

The first shipment of baby formula from Europe arrived in the U.S. Sunday as New York City’s mayor declared a state of emergency over the shortage. The shipment included specialized formula for children with allergies and will feed roughly 27,000 babies and toddlers for one week. Abbott’s CEO apologized for the company’s voluntary recall that helped trigger the nationwide shortage alongside supply chain disruptions and limited competition. Some brands that specialize in organic or clean label formulas have had to temporarily stop accepting new customers as demand spiked.

A Russian soldier was found guilty of killing an unarmed Ukrainian civilian and sentenced to life in prison in the first war crimes trial since Russia’s invasion. At the World Economic Forum in Davos, Switzerland, Ukrainian President Volodymyr Zelenskyy called for the world to shut off Russia’s economy and to funnel resources to Ukraine instead. The war cast a shadow over the summit as economists attempted to conduct “business as usual”.

Three doses of Pfizer’s coronavirus vaccine were 80% effective in preventing symptomatic COVID-19 in children six months to five years old, the company said. The vaccine was also found to be safe and well-tolerated by the children involved in the study. Last week, the Food and Drug Administration approved coronavirus booster shots for children as young as five. The FDA is expected to make a decision on initial shots for children under five in the coming weeks.

A Louisiana federal judge extended U.S. border enforcement rules known as Title 42 as President Biden moved to end the rules. The U.S. government has expelled migrants nearly 2 million times under Title 42, denying migrants a chance at asylum in order to prevent the spread of COVID-19. The Department of Justice announced it will appeal the decision. A record 100 million people, roughly 1% of the world’s population, have been forcibly displaced from their countries, according to the United Nations.

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Twitter introduced a new policy that aims to make sure the social network does not amplify or recommend disinformation during an international armed conflict and crisis. The new policy will be immediately applied to misinformation surrounding the war in Ukraine. Twitter and other social media platforms have wrestled with how to limit abuse, rein in hate speech and slow the spread of false information while facing criticism from lawmakers, users and advertisers. This effort, like many others, may be undone if Elon Musk buys the company.

The 2020 census undercounted people in six states and overcounted them in eight states, a new report by the Census Bureau found. The revelations come after the population totals from a census beset by the pandemic and years of interference from former President Donald Trump’s administration have already been used to divvy up seats in the House of Representatives, as well as votes in the Electoral College for the next decade. Some data from the 2020 census is still delayed – the longest in census data memory – and the bureau said it would not be able to publish the data until at least May 2023.

Cryptocurrency’s near-$2 trillion loss in value devastated an untold number of investors and is prompting some to question if the market could trigger a broader economic slowdown. At its peak in November, the entire crypto market was valued at $3.1 trillion, and 16% of U.S. adults said they traded or used cryptocurrency. Crypto has grown mainstream enough to inspire multiple Super Bowl ads and attention from mainstream financial institutions. The incident epitomizes regulators’ concerns over crypto projects and U.S. Treasury Secretary Janet Yellen’s call for regulation by year’s end.

The White House emphasized their commitment to resolving the uncertainty surrounding the solar industry in an effort to mitigate political fallout and avoid thwarting climate change-prevention endeavors. The effective freeze on solar panel installation projects erupted after the Commerce Department announced an investigation into whether Chinese companies are circumventing U.S. tariffs. In a report released this week, the American Clean Power Association said 10 gigawatts of renewable energy capacity set to go online last year was delayed, and the trade group expects issues like inflation, supply chain and regulatory action to have an impact on future growth.

Transportation Secretary Pete Buttigieg said America faces a crisis on its roads following a report that traffic-related deaths were up last year. Americans drove about 325 billion more miles last year than in 2020, which contributed to the increase. Friday marks the annual Bike to Work Day event, meant to raise awareness around riding and celebrate the efforts of those able to avoid driving or public transit. Researchers discovered in one study that commutes involving more physical activity, like walking or biking, correlated with less stress and better performance at work.

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Global stocks tumbled Thursday following Wall Street’s worst day in nearly two years and jobless claims climbed to their highest level since January. Target reported a 52% drop in profit for the first quarter, which the company blamed on higher expenses due to supply chain disruptions. Cisco shares plunged nearly 15% in premarket trading after the tech company warned that global politics and shutdowns in China would eliminate revenue growth. Economists said retail results are reflective of the migration into a more constrained consumer economy.

The European Union’s executive arm moved to jumpstart plans for the 27-nation bloc to abandon Russian energy amid the Kremlin’s war in Ukraine, proposing a nearly 300 billion-euro package that would accelerate the rollout of renewable power. Germany, which relied on Russia for the bulk of its oil, natural gas and coal, brought forward its goal of 100% renewable power by more than a decade to 2035. The urgency to ditch Russian energy ratcheted up in April when the country cut off supplies to Poland and Bulgaria.

The Biden administration on Wednesday invoked a wartime tool, the Defense Production Act, in an effort to address the nationwide shortage of baby formula. The law, which Congress first passed in the early days of the Korean War, reflects the magnitude of the supply crunch. Separately, the U.S. is also launching Operation Fly Formula in an effort to increase imports of formula from abroad. For the week ending May 8, 43% of formula was out of stock at retailers nationwide, up from 31% a month ago and around 11% in November.

Federal health officials warned the number of COVID-19 infections and hospitalizations could get worse in the coming months, urging areas hit hardest to consider reissuing calls for indoor mask mandates. Currently, about a third of the U.S. population lives in areas considered higher risk. Officials noted that with more at-home COVID-19 tests available, most Americans are not reporting their results to officials, resulting in infection totals being undercounted.

Dozens of confirmed or suspected cases of monkeypox – a disease rarely detected outside of Africa – have been recorded in the U.S., U.K., Spain and Portugal. The viral disease is typically not deadly and often detected in people who have had direct contact with an infected animal. Public-health researchers are conducting contact tracing to unearth any links between cases to prevent further transmission. The spread of monkeypox boosted shares of Bavarian Nordic A/S, which claims it’s the only company to make a vaccine approved for the viral infection.

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Netflix said it is laying off some 150 people across the company – about 2% of its total workforce – following an announcement last month that the streaming giant lost subscribers for the first time in a decade. In the weeks since the earnings announcement, Netflix has said it will allow subscribers the option to pay less for a version of the service that comes with ads and plans to crack down on password sharing. Netflix joins the ranks of other tech companies that have laid off employees this month, including Carvana, Doma, Zwift, Reef and Cameo.

Finland and Sweden formally applied for NATO membership, a move, that if approved, would fundamentally transform the security landscape in Northern Europe and give the alliance a valuable edge against Russia. The bid to join breaks with a decades-long position of neutrality. Turkey’s president has been outspoken about his disapproval due to their alleged support of Kurdish militants and other groups that threaten its national security. Finland’s president is optimistic Turkey’s stance can be managed through discussions and the NATO secretary general said NATO is determined to reach a rapid conclusion.

Hospitality workers are in high demand as travel picks up again, giving workers more leverage to negotiate better pay and benefits in an industry that historically favored employers. When the pandemic began, leisure and hospitality jobs accounted for 34% of all pandemic job losses, the largest percentage of any U.S. industry. Job data from April showed growth in leisure and hospitality, driven by food services, drinking establishments and accommodations.

The pandemic’s arrival emptied coworking spaces like WeWork, but now people are lining up for low-commitment offices as the return to office trend coincides with a startup environment that faces uncertain times. Coworking spaces have trended toward a revenue-sharing model in an effort to mitigate risk, while WeWork went public. Last week, the company reported a $435 million loss but saw a jump in member sign-ups compared to the same period the year prior.

Lowe’s reported a bigger-than-expected drop in sales Wednesday after a cold and wet April dampened the demand of seasonal goods like grills and patio furniture. The current La Nina gave way to the coldest April in records going back 72 years and increased the odds of a La Nina comeback later this year, along with forecasts of an active hurricane season. The cool weather also dealt a blow to farmers globally, some of whom still struggle with the heat and flooding of last year.

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