The dollar oscillated Friday after a key gauge of US consumer prices rose by more than expected pushing traders to add to bets that the Federal Reserve will raise interest rates next week.

Welcome to The Hill’s Business & Economy newsletter{beacon} Business & Economy Business & Economy   The Big Story Stubborn inflation raises prospect of Fed rate

White House weighs how to use Defense Production Act to expand US oil refining capacity, sources say The White House is weighing how to use the Defense Production Act to expand U.S. oil refining capacity as the ​conflict with Iran exposes the country's vulnerability to global crude supply disruptions and price spikes,

The so-called core consumer-price index showed a rounded rise of 0.3% in August, a hotter-than-expected price increase that raises the odds of a Fed rate hike. Fed watchers have taken to drilling down into the CPI report,

The cost ⁠of ⁠shipping oil in the ⁠largest tankers hit record highs this week following the ​biggest wave of attacks on shipping since the U.S.-Iran war began in late February. The ‌shipping rate for supertankers - ‌also called very large crude carriers or VLCCs - loading oil from the ⁠Gulf ⁠of Oman for shipment to China reached around 450 on a ​Worldscale basis,

Oil prices surged in the spring after the Iran war set off the largest oil supply shock ever recorded. The disruption catapulted United States gasoline prices above $4 a gallon and helped rekindle price increases for other everyday items,

Oil prices fell Friday after surging in the previous session, as traders assessed growing risks to Middle East crude exports following fresh territorial gains by Iran-backed Houthi militants in Yemen.

The price of oil has jumped to $105 a barrel amid signs the conflict in the Middle East will not be resolved quickly, fuelling fears that inflation could accelerate. With the conflict between the US and Iran in the Gulf intensifying in recent days,

A proposal on Social Security COLAs aims to help low earners but critics warn it would cut benefits for most Americans, including Palm Beach County.

The new estimates for the Social Security cost-of-living adjustment in 2027 are in. But September's data will be key in the final calculation.

Quick ReadSocial Security's 2027 COLA is estimated to fall between 3.4% and 3.6%, which would translate to roughly a $73 monthly raise for the average recipient receiving $2,086.Medicare Part B premium increases could shrink that $73 raise to around $55,

Quick ReadThe 2027 Social Security COLA is projected to fall between 3.4% and 3.6%, with the official announcement scheduled for Oct. 14.A COLA above 4% requires hotter inflation, which directly hurts seniors already struggling to afford rising costs.

The European Central Bank raised some of its growth projections on Thursday ​and also lifted its inflation outlook, suggesting that ‌it expects a war-induced energy shock to dissipate only slowly.

The European Central Bank is set to raise borrowing costs for the second time since the Iran war sent energy prices soaring, with inflation locked well above target and the region’s economy proving surprisingly robust.

Dow and S&P 500 futures are rising, the Nasdaq is falling in premarket trading Thursday as the stock market shrugs off the oil price rally.

The European Central Bank looks set to raise interest rates on Thursday for the second time this year, seeking to head off an energy-driven surge in inflation triggered by the Iran war.