US financial news summary | 22 May 2023

Hello and welcome to AS USA’s live blog covering economic and financial news.

Happy Monday! Negotiations between President Biden and congressional Republicans will continue at the White House today. Only eight days are left before the US Treasury could hit the debt limit and be left without enough money to pay its bills, so both parties are under pressure to reach an agreement. Both sides have confirmed that the proposal will need bipartisan support, which could pose a challenge for Speaker of the House Kevin McCarthy due to the slim majority he holds.

We will also bring you the latest on states that continue sending relief payments to residents.

As summer approaches, many are beginning to plan their vacations. Airfare prices have dropped, but as gas prices increased slightly, those planning to hit the road could encounter higher prices. However, these, like those for airfare, are likely to be lower than last year.

The Federal Reserve continues evaluating the prospect of another rate hike after saying they planned to pause for additional increases for a period. However, with unemployment falling to 3.4 percent in April, the central bank may choose a more aggressive path. As we learn more, we will bring you the latest on that front as well.

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