J.D. Vance won the crowded GOP Senate primary on Tuesday, confirming former President Donald Trump’s influence in the upcoming midterm elections. At the same time, reactions to the leak of the Supreme Court’s Roe v. Wade review have crystallized the stark red-blue divide on the issue of abortion, setting the stage for a deeply polarized debate in the coming months. Closer examination of the review has some speculating that the justices could also roll back the right to same-sex marriage.

The Federal Reserve on Wednesday is expected to begin raising rates more quickly and announce the start of reductions to its $9 trillion balance sheet to address rapidly rising inflation. Analysts say the pandemic, the war in Ukraine, and ongoing supply and labor shortages could dampen the effects of the organization’s efforts to curb inflation. To compete for customers struggling with high food bills, some retailers have begun to cut or cap the price of their products, hoping to stay in business with major packaged food brands.

The European Union has proposed to ban all oil imports from Russia by the end of the year in an effort to tighten sanctions, prompting a jump in oil prices. Some analysts say that severing Europe’s oil ties to Russia may lead to long-term shortages and higher prices for fuels, carrying the threat of derailing economic recovery from the pandemic. The sanctions come as Russian forces intensify their attacks in both the west and east of Ukraine, taking aim at supply lines for foreign weapons.

American shipping companies are logging major grievances with federal regulators, saying that international carriers have been taking advantage of supply chain chaos to inflate their prices. According to one watchdog organization, the five largest container-shipping companies collectively increased their profits by $41 billion from 2020 to 2021. While container lines are expected to post more all-time highs for the first quarter, some evidence points to a slowdown in the market.

A growing number of startups are emerging to challenge social media companies such as Twitter and Meta. Many challengers are employees who left those major companies in the hopes of solving the problems that they perceive with social media such as the advertising structure. The challengers come as Meta confronts a worsening advertising business and antitrust violations, and as Elon Musk shakes up the legacy of Twitter, although Musk recently told potential investors he may return the social media company to public ownership after just a few years.

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