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.
Todays Big Deal: Inflation just keeps getting higher. Well also look at the Biden administration preparing banks for potential Russian sanctions and a push forantitrust legislation.
But first, find out the name of the White Houses new cat.
For The Hill, were 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.
Lets get to it.
Inflation gaugehitsfastest pace in 39 years
The Federal Reserves 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.
LEADING THE DAY
Biden calls for return of US manufacturing in Pittsburgh visit
President BidenJoe BidenFormer chairman of Wisconsin GOP party signals he will comply with Jan. 6 committee subpoena Romney tests positive for coronavirus Pelosi sidesteps progressives' March 1 deadline for Build Back Better MORE 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 Ive 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 administrations 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 Intels $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 Hills Alex Gangitano has more here.
BIDEN BRIEFS BANKS
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 dont have a large presence in Russia, Biden administration officials briefed banks about their plans to ensure that sanctions dont disrupt the global economy.
Alex has more on the briefing here.
IT'S APP-ENING
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 Googles 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 KlobucharAmy KlobucharOn The Money Fed's inflation tracker at fastest pace since '82 Hillicon Valley Presented by Cisco Apps urge senators to advance antitrust bill App company CEOs urge senators to back antitrust bill MORE (D-Minn.), Richard Blumenthal (D-Conn.) and Marsha BlackburnMarsha BlackburnOn The Money Fed's inflation tracker at fastest pace since '82 Hillicon Valley Presented by Cisco Apps urge senators to advance antitrust bill App company CEOs urge senators to back antitrust bill MORE (R-Tenn.), is scheduled for a committee mark up on Tuesday.
The Hills 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 agencys 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.
Heres what else have our eye on:
ON TAP NEXT WEEK
Tuesday
Wednesday
Thursday
Thats it for today. Thanks for reading and check out The Hills Finance page for the latest news and coverage. Well see you Monday.
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