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Banking & Finance

The latest coverage of the banking and financial sectors.

High gas prices are posted at a full service gas station in Beverly Hills, Calif., Sunday, Nov. 7, 2021. The average U.S. price of regular-grade gasoline jumped by 5 cents over the past two weeks, to $3.49 per gallon. The price at the pump is $1.30 higher than a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the rise comes as the cost of crude oil and ethanol surges. Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $4.77 per gallon. The lowest average is in Houston, at $2.98 per gallon. (AP Photo/Damian Dovarganes)

Wholesale prices hit record highs as inflation soars

- The Washington Times

Wholesale prices at the end of October surged by 8.6% since October 2020, the highest year-over-year increase recorded by the federal government since it began tracking the data in 2010, the Labor Department reported Tuesday.

This May 4, 2021, photo shows the Treasury Building in Washington. (AP Photo/Patrick Semansky) **FILE**

New fiscal year begins with lower federal deficit

- The Washington Times

The new federal fiscal year has begun with some good — or at least less bad — news, as Uncle Sam ran a smaller deficit in October than a year ago, according to a new estimate Monday by the Congressional Budget Office.

In this Sept. 30, 2021, file photo, Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on Capitol Hill in Washington. (Sarah Silbiger/Pool Photo via AP, File)

Fed to start reining in economic aid as inflation risk rises

- Associated Press

With inflation at its highest point in three decades, the Federal Reserve is set this week to begin winding down the extraordinary stimulus it has given the economy since the pandemic recession struck early last year, a process that could prove to be a risky balancing act.

Smokestacks from the Greenridge Generation power plant tower above nearby homes, Friday, Oct. 15, 2021, in Dresden, N.Y. One Bitcoin mining operation in central New York came up with a novel solution in finding cheap energy to run the power-gobbling computer arrays that create and transact cryptocurrency: It took over Greenidge Generation which now produces about 44 megawatts to run 15,300 computer servers, plus additional electricity it sends into the state's power grid. (AP Photo/Julie Jacobson)

Bitcoin-mining power plant raises concerns among environmentalists

- Associated Press

An obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. One mining operation in central New York came up with a novel solution that has alarmed environmentalists. It uses its own power plant.

This Sept. 18, 2021, file photo shows the East Front of the U.S, Capitol in Washington. Members of the House are scrambling to Washington to pass a short-term lift of the nation's debt limit. The vote Tuesday will ensure the federal government can continue fully paying its bills into December. House Democrats are expected to have enough votes on their own to ensure that President Joe Biden can sign the bill into law this week. (AP Photo/J. Scott Applewhite, File)

House returns to stave off default with debt limit vote

- Associated Press

Members of the House are scrambling back to Washington on Tuesday to approve a short-term lift of the nation’s debt limit and ensure the federal government can continue fully paying its bills into December.

In this Sept. 6, 2021, file photo, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), delivers a speech during the opening ceremony for the Floating Office where a high-level dialogue on climate adaptation takes place in Rotterdam, Netherlands. (AP Photo/Peter Dejong, File)

IMF board confident about leader despite data-rigging claims

- Associated Press

The International Monetary Fund expressed “full confidence” in its managing director Tuesday in response to allegations that while she was a World Bank official, she and others pressured staffers to change business rankings in an effort to placate China.