The Fed's chair comments signal the central bank is determined to continue raising interest rates to bring down inflation.

Falling gasoline prices put a dent in the July inflation rate, which fell to 8.5% from 9.1% in June. But other costs such as housing continue to climb, putting a strain on many family budgets.

The Federal Reserve is expected to raise its benchmark interest rate by another three-quarters of a percentage point amid fears of a looming recession.

Inflation is sky high. The Federal Reserve wants to bring it back to earth without crashing the economy. But achieving a so-called "soft landing" and avoiding a recession is easier said than done.

The dollar has continued to strengthen against the euro, and for the first time in decades, the two currencies are worth about the same.

Forecasters say inflation likely hit a new, four-decade high last month, fueled in part by record high gasoline prices. Gas prices have since fallen, but overall inflation is still elevated.

U.S. employers added 372,000 jobs in June, while the unemployment rate held steady at 3.6%. Despite slightly slower job growth, the labor market remains an economic bright spot.

All that whipsawing on Wall Street in the first half of the year reflects real nervousness. Investors are worried the Fed may tip the economy into a recession.

Tesla, JPMorgan, Netflix, Redfin and Coinbase are among companies that are cutting jobs. While layoffs are contained to the hottest parts of the economy, there's fear they could spread elsewhere.

Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.

The Federal Reserve raised interest rates by three-quarters of a percentage point Wednesday in an effort to combat stubbornly high inflation. It's the biggest rate increase in 28 years.

The Fed will continue raising interest rates this week as inflation continues to soar. Some CEOs worry the fight to bring prices under control could end up sparking an economic downturn.

In a new book, Ben Bernanke explains how and why the U.S. Federal Reserve has evolved to play such an important role in the economy.

The S&P 500, one of the broadest stock market indexes, entered a bear market during Friday's trading. That means it had fallen a stunning 20% from a recent high in January.

Jerome Powell was confirmed to a second term as Federal Reserve chairman. The Senate vote comes as the central bank faces intense pressure to bring down inflation.