Scott Horsley

As the U.S. and western allies weigh restrictions on energy purchases from Russia, the U.S. is dealing with a record high price for a gallon of gas. That's due to an increase in crude oil costs.

The prospect that the U.S. and its allies could impose new sanctions on Russian oil pushed energy prices sharply higher. The average price of gasoline in the U.S. hit $4.06 per gallon.

The Federal Reserve Board plans to raise interest rates in an effort to curb inflation. It wants to do that without stalling job growth, and is likely encouraged by the latest employment report.

U.S. employers added 678,000 jobs in February as the unemployment rate fell to 3.8%, from 4% in January. The Federal Reserve hopes to curb inflation without stalling job growth.

The Labor Department will report on job growth in February. The job market has bounced back strongly from the depths of the pandemic, but some employers still struggle to find available workers.

Fed Chair Jerome Powell says the central bank is prepared to begin raising interest rates this month to fight inflation despite economic uncertainty after Russia's invasion of Ukraine.

The U.S. and its allies are taking additional steps to squeeze the Russian economy in response to the invasion of Ukraine. Russia's currency has fallen, which will mean higher prices for Russians.

A federal judge has allowed a Johnson & Johnson spinoff to proceed with a controversial bankruptcy, despite complaints from thousands who say they were harmed by the company's baby powder.

Stocks staged a remarkable recovery after plunging earlier, underlining just how volatile conditions are after Russia invaded Ukraine.

Stock prices are lower and energy prices are higher, in response to Russia's invasion of Ukraine. The U.S. stock market opened sharply lower, while crude oil prices topped $100 a barrel.

The U.S. and Europe aim their economic weapons against Russia in response to Putin's moves in eastern Ukraine. Biden says defending Ukraine's freedom will have costs for the U.S. Gas prices may rise.

Republicans boycotted a meeting of the Senate Banking Committee Tuesday, delaying a vote on five nominees to the Fed's board. The move was aimed at one nominee: Sarah Bloom Raskin.

By the standards of the last major inflation spike four decades ago, the current inflation rate is mild.

Consumer prices continue to climb at a rapid rate. The latest inflation data from the Labor Department also reflects how the pandemic is reshaping what Americans spend money on.

The latest inflation measurement for January is expected to show another sharp increase in consumer prices.

Consumer prices in January were up 7.5% from a year ago, the biggest annual gain since 1982. That may seem like a lot for those under 40, but older folks have lived through even sharper price hikes.

Inflation is higher than people under 40 have seen. But their parents lived through sharper price hikes in the 1970s and '80s. These experiences are helping shape the way both view today's economy.

U.S. employers added 467,000 jobs last month despite a surge of coronavirus infections. The unemployment rose to 4% from 3.9% in December.

Friday's jobs report is expected to show the fallout from the omicron wave of coronavirus infections, which reached its peak last month. Analysts expect stronger job gains in the months to come.

The Senate Banking Committee held confirmation hearings for three of President Biden's Federal Reserve Board nominees. The nominees were quizzed on their approach to inflation and climate change.