An inflation gauge closely tracked by the Federal Reserve jumped 6.8% in June from a year ago—the biggest increase in four decades—leaving Americans with no relief from surging costs.
The U.S. economy shrank from April through June, the second straight quarterly drop, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
When questioned by members of Congress, the Federal Emergency Management Agency said its new update to the nation’s flood insurance program will prompt more people to sign up for coverage, even though many will pay more for it.