Overnight Finance

On The Money — Fed’s inflation tracker at fastest pace since ’82

Happy Friday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup. 

Today’s Big Deal: Inflation just keeps getting higher. We’ll also look at the Biden administration preparing banks for potential Russian sanctions and a push for antitrust legislation.  

But first, find out the name of the White House’s new cat. 

For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom.  Reach us at slane@thehill.com or @SylvanLane, afolley@thehill.com or @ArisFolley and kevers@thehill.com or @KarlMEvers.  

Let’s get to it. 

Inflation gauge hits fastest pace in 39 years

The Federal Reserve’s preferred gauge of inflation rose nearly 6 percent last year, marking the fastest rise in the closely watched index since 1982. 

The sharp rise in prices comes as the Fed plots a series of interest rate hikes, likely beginning in March, to quell a stretch of high inflation. Read more here. 


Biden calls for return of US manufacturing in Pittsburgh visit 

President Biden on Friday made the case for U.S. manufacturing as a way to rebuild the economy while on a visit to Pittsburgh.  

“From day one, every action I’ve taken to rebuild the economy has been guided by one principle: make it in America. Like we used to. No one knows that better than all the folks here in Pittsburgh,” he said at Carnegie Mellon University. 

Biden went to Pittsburgh to deliver remarks about the administration’s focus on strengthening supply chains, revitalizing American manufacturing and creating good-paying union jobs, including through the bipartisan infrastructure law.   

He also promoted the economic growth seen in his first year in office, noting 6.4 million jobs were created in one year.  

And he mentioned Intel’s $20 billion investment to build chip factories, which was announced last week, and General Motors’ recent announcement that the auto giant will invest nearly $7 billion in electric vehicle manufacturing sites in Michigan. 

The Hill’s Alex Gangitano has more here. 



Biden administration briefs banks on possible Russian sanctions 

The Biden administration has spoken with the country’s largest banks this week about possible sanctions against Russia amid concerns over a potential Russian invasion of Ukraine. 

The talks included Citigroup, Bank of America, JP Morgan Chase and Goldman Sachs, Bloomberg News first reported, citing people familiar with the matter. Senior administration officials and members of the National Security Council (NSC) reportedly spoke with executives from the major companies. 

Although most of the top banks don’t have a large presence in Russia, Biden administration officials briefed banks about their plans to ensure that sanctions don’t disrupt the global economy. 

Alex has more on the briefing here. 


App company CEOs urge senators to back antitrust bill 

A coalition of tech executives are urging members of the Senate Judiciary Committee to support a bill aimed at reining in the market power of Apple and Google’s app stores. 

CEOs of 20 tech companies, including Spotify, Basecamp and Tile, wrote a letter to the committee members asking them to back the bipartisan Open Markets Act. They said that U.S. tech giants “use a vice-like grip to control developers and impose terms and conditions that undermine competition, throttle innovation, limit consumer choice, and lead to higher prices.” 

The antitrust proposal, co-sponsored by Sens. Amy Klobuchar (D-Minn.), Richard Blumenthal (D-Conn.) and Marsha Blackburn (R-Tenn.), is scheduled for a committee mark up on Tuesday.   

The Hill’s Rebecca Klar has more here. 


Good to Know

The Federal Aviation Administration (FAA) on Friday announced that it worked out a solution with Verizon and AT&T to deploy 5G towers near airports without disrupting flights.  

The FAA has previously blocked some 500 towers from activating over concerns that they would mess with aircrafts’ instruments. The agency’s most recent statement indicates that it is getting closer to resolving the 5G standoff that pitted airlines and the FAA against wireless carriers and the Federal Communications Commission.  

Here’s what else have our eye on: 







That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you Monday.

Overnight Finance