With inflation near 40-year highs, President Joe Biden met with top economic officials including Federal Reserve Chairman Jerome Powell, to discuss what can be done to bring prices down faster. The president proposes fixing supply chain issues and lowering the deficit as ways to lower inflation. At a White House press briefing on Tuesday, Biden’s economic adviser Brian Deese said the president is putting his faith in the Fed’s ability to tame inflation without harming the economy, which he said remains strong.
Meantime, gas prices already at or near record highs could resume their climb, with U.S. oil prices trading at their highest level since early March. The renewed spike in oil prices comes as the European Union agreed in principle to ban nearly all oil imports from Russia.
It’s not easy to get a business off the ground, but one state program helps to backstop early-stage technology and life sciences companies as they grow. New Jersey’s Net Operating Loss Program allows those companies to turn their losses into capital. The CEO of the New Jersey Economic Development Authority Tim Sullivan calls it a lifeline for startups. Companies can apply for the program through the end of June. Last year, the average award for companies approved through the program was $1.82 million.
Atlantic City has received millions in state and federal grants for several projects including to assist small businesses as well as for neighborhood revitalization. The city received $6 million in federal funds for the reconstruction of its boardwalk. But work on that won’t begin until after summer.
According to the S&P CoreLogic Case-Shiller Home Price Index, which came out Tuesday, U.S. home prices rose more than 20% in March. That month’s reading marked the highest price change in more than 35 years of data.
