Federal Reserve Chair Jerome Powell says he is more concerned about the risk of failing to stamp out high inflation than about the possibility of raising interest rates too high and pushing the economy into a recession. Powell acknowledges there is a risk of going too far, but that the bigger mistake would be to fail to restore price stability. Fed officials are raising rates at the most aggressive pace since the 80s.
A coalition of 10 environmental groups filed a federal lawsuit challenging the first onshore oil and gas lease sale held under the Biden administration. The groups — including the Center for Biological Diversity and the Sierra Club — allege the lease sale violated the National Environmental Policy Act and Federal Land Policy and Management Act, arguing additional drilling would contribute to climate change. The lawsuit noted that the Biden administration itself has acknowledged the "fundamentally incremental nature of the climate crisis."