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China’s strict zero-COVID-19 policy has left workers stuck at home and goods stuck at docks or warehouses. When those measures are lifted, a tidal wave of consumer goods could flood back into American ports, and the burdened supply chain could become congested yet again. We’ll talk about it. Plus: Oil drilling on federal lands provides political drama but little relief, and regulators voice anxiety about stablecoins.

Elon Musk has a 9% stake in Twitter and offered to buy the company Thursday. Now, Twitter has countered by activating a “poison pill,” a move that gives other shareholders the opportunity to buy more shares and dilute Musk’s power. We’ll also chat about whether we’ve reached peak inflation in the Weekly Wrap. And while China’s COVID-19 restrictions disrupt global supply chains, trucking capacity in the U.S. begins to loosen.

The pandemic sidelined millions of working women. Now, women — who often earn less than their male counterparts, yet spend more for similar products — are feeling the sting of inflation more acutely too. That could further slow their return to the workforce. Plus: Spending at the pump goes up, college students could get nice tax returns and cryptocurrency is having a moment … at kids’ summer camp.

There’s a monetary policy principle that says for every percentage point of inflation,  interest rates should rise a percentage point or more. But could rates north of 8% actually be in the cards for the Federal Reserve? Today, we’ll do the numbers. Plus: What JPMorgan’s earnings report hints about the economy’s future, why student enrollment dips complicate school budgets and how Russian retaliatory sanctions are affecting jam sessions.

… and not a drop of relief, at least for a while. Inflation clocked in at 8.5% year over year in March, but the economic cooling effects of the Federal Reserve’s interest rate hikes could take a year or more. Meanwhile, small businesses and consumers alike are trying to stretch their dollars further. We’ll also take an inside look at Shanghai’s indefinite COVID-19 lockdown and interrogate Germany’s “change through trade” approach to autocratic countries.

According to Standard & Poor’s, Russia is in “selective default,” or default on specific debt payments. The country has plenty of money, but Western sanctions could make it unable to pay. Meanwhile, some investors may spot an opportunity to scoop up Russian debt at low prices. Plus, spring flight cancellations could spill into the summer, and inflation comes to the school cafeteria.

Prices were already on the rise before the war in Ukraine, but the United Nations finds that global food prices have reached an all-time high. Now, people in developing countries, who spend proportionately more on food, are at increased risk of hunger as their governments seek alternative suppliers. Plus, a look at Russia’s profits from natural gas sales to Europe, the home health care crisis and the ripple effects of the Federal Reserve’s interest rate hikes.

The goal of Federal Reserve’s interest rate hikes is to cool demand and curb inflation, and it turns out they’re already working. Mortgage applications and refinancing of home loans dropped last month. Meanwhile, initial jobless claims are now at their lowest point in 50 years. Is there such a thing an unemployment rate that’s too low? We dig in. And for the opening day of Major League Baseball, a breakdown of the labor dispute between players and team owners that threatened the season.

Today, the Federal Reserve released its March meeting minutes. While many Fed officials are keen on half a percentage point interest rate hikes going forward, the central bank is also planning to shed $95 billion worth of bonds per month. We’ll dig into its plans to turn down the temperature of the economy. Plus: Why economists care about the Case-Shiller home indexes and what temporary protection status means for Ukrainians and Afghans.

The value of the ruble tanked under international sanctions after Russia invaded Ukraine. It’s since recovered, at least on paper. Today, we look into how the Kremlin manipulated supply and demand for its currency to keep it stable. Plus: The European Union proposes a Russian coal ban, the war in Ukraine boosts beer prices and the Great Resignation may actually be kinda normal.

Why are prices rising so quickly? The pandemic, supply chain snarls and war in Ukraine are obvious culprits. But, c’mon, what about corporations padding their profit margins? Or just-in-time supply chains? Today, we try to piece together the inflationary puzzle. Plus: The U.S. is maintaining its global financial clout — for now, the trucking industry grapples with wait times at ports and warehouses, and stock buybacks make a comeback.

Employers are on hiring sprees and they’re offering higher wages. Workers are coming off the sidelines in in-person, professional and business services. At the current rate of job growth, the economy could return to pre-pandemic employment levels this year — once inflation, COVID-19 and the war in Ukraine don’t stand in the way. It’s a red-hot jobs market, and today we’re digging in. Plus, how wildfire building codes have helped protect newer California homes.

Texas Gov. Greg Abbott recently ordered state agencies to investigate families that provide gender-affirming medical care to transgender kids for child abuse. Some parents are now looking to move to states with stronger LGBTQ protections — but that can be an expensive and disruptive solution. Today, we hear from some of those families. Plus, we’ll do the numbers on business costs, durable goods and shrinking consumer purchasing power.

The war in Ukraine has threatened the global supply of all sorts of commodities. Today, we’re zooming in on three key parts of the global energy industry: Russia’s role in nuclear power, how Europe’s shift from Russian to American natural gas could play out and why OPEC+ likely won’t boost oil supplies. Plus: The changing conversation around standardized tests and potential planting on protected lands.

We have two stories today of what it’s like getting by when a global crisis is playing out around you: First, our China reporter tells us about life in locked-down Shanghai. Then, a 75-year-old Ukrainian refugee finds shelter in Poland. Stateside, we’ll take a closer look at the Federal Reserve’s toolkit, examine new data on the gender wage gap and explain what an inverted yield curve is.