Grocery shortages rise as virus and weather bite shelves
Shortages across U S groceries widen with omicron spread and severe weather. Produce, meat, and packaged goods show higher out of stock rates around 15 percent. Experts split on whether the disruption is temporary, while trucking, staffing, and logistics challenges persist.
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Omicron
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Food Industry Association
Powell signals faster rate hikes to curb inflation
The World Bank trimmed its 2022 global growth forecast to 4.1 percent from 4.3 percent, citing supply chain issues and inflation. Federal Reserve Chair Jerome Powell warned in a Senate hearing that rate increases could come sooner and be larger if necessary to control rising prices, while stressing a strong labor market and ongoing economic recovery. Powell’s nomination for a second term drew bipartisan support as senators pressed for controlled rate rises to avoid a recession.
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Markets rebound as bond yields ease boosting indexes
Stocks closed higher after an early slide as bond yields retreated from recent highs. The S&P 500 gained 0.9 percent, the Dow rose 0.5 percent, and the Nasdaq advanced 1.4 percent while the Russell 2000 climbed 1.1 percent.
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