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Fed Governor Christopher Waller believes the central bank can control inflation without inflicting a "painful" spike in unemployment. Others say his analysis "contains misleading conclusions, errors, and factual mistakes."

If Congress spurns the global tax deal, other countries are ready fill that void and collect taxes themselves to bring U.S.-based companies up to the 15% global minimum.

The proposal would raise an estimated $739 billion, with the revenues going to fund climate and health initiatives, as well as to reduce the federal budget deficit.

Facing the hottest cost pressures in 40 years, policymakers have lifted the target for the federal funds rate by 1.5% over the past two months—the steepest increase since the price-fighting era of Paul Volcker in the early 1980s.

The short-term IOUs look increasingly attractive compared with locking in longer-term borrowing in a market beset by turbulence.

The number of Americans ages 55 and over who are working full-time is near the highest ever, in data that goes back to 1986.