President Joe Biden will meet with Federal Reserve Chairman Jerome Powell on Tuesday as soaring inflation continues to carve up Americans’ earnings.
U.S. markets headed lower before Tuesday’s opening bell after the European Union agreed to embargo most Russian oil imports by the year’s end, sparking a fresh spike in oil prices, AP reports.
Futures for the Dow Jones Industrial Average slipped 0.6%, and the S&P 500 ticked down 0.5%.
The pact was worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. That was crucial to bring landlocked Hungary on board, a decision that required consensus.
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