Political | Process

Chase & Co. reported a 28% decline in its second-quarter profit Thursday. A year ago, the bank pulled $3 billion out of its loan-loss reserves due to the economy’s rapid recovery from the pandemic, pushing up profit to $11.95 billion, or $3.78 per share. Revenue rose 1% to $30.72 billion. That missed…

Ocasio-Cortez stressed that authorities never “got to the bottom” of whether officers aided and were “opening the doors” to rioters who entered the Capitol while warning fellow lawmakers. “There were actual officers working with this, and we never got to the bottom of that, and we never got any answers…

Jobless claims jumped to 244,000 last week, the highest level since November 2021. The Producer Price Index (PPI), which measures changes in the price of goods and services from a producer perspective, came higher than the 10.7% market estimate. The annual gain in producer prices stood at 10.9% in May.…

Barr was confirmed to finish out the remainder of a term on the Fed board lasting through 2032 and a four-year term as the Fed’s point man on financial regulations. “Today’s confirmation of Michael Barr as Vice Chair for Supervision of the Federal Reserve is important progress for my plan…

Biden announced the sale of 180 million barrels of oil Thursday, the largest release in the country’s history.  The country’s Strategic Petroleum Reserve had 564.6 million barrels of oil as of Friday. When the latest sale is complete, the number will fall to 384.6 million barrels, a decrease of about 40 percent since Biden…

Soaring inflation means that workers’ real earnings are falling at the fastest rate in decades. Inflation accelerated to an excruciating 9.1% for the 12 months ending in June, the highest level in four decades, according to the consumer price index report released on Wednesday. Hourly earnings have failed to keep pace. As a result, inflation-adjusted hourly…

Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.  So-called core prices, which exclude more volatile measurements of food and energy, climbed 5.9% from the previous year. Core prices also rose 0.7% on a monthly basis – higher than in…

Biden is facing an alarming level of doubt from inside his own party, with 64 percent of Democratic voters saying they would prefer a new standard-bearer in the 2024 presidential campaign. Widespread concerns about the economy and inflation have helped turn the national mood decidedly dark, both on Mr. Biden…

But the condemnations, at odds with Biden’s reputation for defending institutions, cements a precedent for politicizing the highest court in the land when he promised to encourage unity and a return to civility if elected. The Supreme Court’s authority is eroded by the perception it is influenced by politics, according to…

Police arrested a 41-year-old man who they said approached Mr. Abe from behind as he gave a speech in the city of Nara and fired twice with what appeared to be an improvised firearm. Mr. Abe, 67, was Japan’s longest-serving prime minister, who during nearly eight years in office pursued policies aimed…