Daily business briefing

Fed Chair Jerome Powell says a recession is possible but unlikely, the FDA reportedly plans to pull Juul e-cigarettes off the market, and more [Try 6 risk free issues of The Week magazine. Order now.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Fed chair says recession possible]( Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Wednesday that a [recession is possible]( but unlikely. He said the central bank is committed to bringing down high inflation, which hit a four-decade high of 8.6 percent in May, through interest-rate hikes and other measures. "We need to get inflation back down to 2 percent," Powell said. "We're using our tools to do that." Sen. Elizabeth Warren (D-Mass.) said the Fed shouldn't raise borrowing costs so high it sparks mass layoffs while supply-chain problems continue to push prices higher. "You know what's worse than high inflation and low unemployment?" Warren said. "It's high inflation and a recession with millions of people out of work." [[NPR]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Fed+chair+says+recession+possible&body=Read the story here: utm_campaign=business_briefing_newsletter_20220623&utm_source=business_briefing_newsletter) 2. [FDA expected to order Juul e-cigarettes off the market]( The Food and Drug Administration plans to [order Juul Labs Inc. to remove its e-cigarettes from the domestic market]( as early as this week, The Wall Street Journal reported Wednesday, citing people familiar with the matter. The expected decision comes after a two-year review of data provided by Juul as it sought to keep selling its tobacco- and menthol-flavored products in the United States. Juul stopped selling most of its flavored e-cigarettes in 2019 after being accused of driving a sharp increase in underage vaping with sweet and fruity products, and marketing that appealed to young people. The FDA banned all but tobacco and menthol flavors in 2020, and required e-cigarette manufacturers to submit their products for review. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=FDA+expected+to+order+Juul+e-cigarettes+off+the+market&body=Read the story here: utm_campaign=business_briefing_newsletter_20220623&utm_source=business_briefing_newsletter) Advertisement by Enbridge [Enbridge: Safe, secure and sustainable energy for today and tomorrow]( [Advertisement by Enbridge]( 3. [Britain faces 2nd national rail strike]( The United Kingdom faces a [second one-day national railway strike]( on Thursday, after union representatives and employers ended Wednesday talks without a deal. Thousands of workers represented by the Rail, Maritime, and Transport Union walked out on Tuesday, demanding better pay, working conditions, and job security. It was the U.K.'s biggest and "most disruptive" railway strike in 30 years, according to The Associated Press. The union blamed the government for Wednesday's deadlock and the Thursday walkout. The company Network Rail said it was "disappointed" union negotiators walked away from the table, and Prime Minister Boris Johnson criticized strike participants for "unnecessary" travel disruptions. [[The Associated Press]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Britain+faces+2nd+national+rail+strike&body=Read the story here: utm_campaign=business_briefing_newsletter_20220623&utm_source=business_briefing_newsletter) 4. [Stock futures rise as market aims for rebound]( U.S. stock futures made modest gains early Thursday, the latest sign of a possible rebound as concerns mount about a potential recession. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.2 percent and 0.4 percent at 6:45 a.m. ET. Nasdaq futures were up 0.8 percent. All three of the main U.S. indexes fell by a little more than 0.1 percent on Wednesday, but they are up about 2 percent so far this week. On Thursday, investors will get new jobless claims data to digest. Federal Reserve Chair Jerome Powell, who told the Senate Banking Committee on Wednesday that a recession is possible but unlikely, will present remarks on monetary policy to the House. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+rise+as+market+aims+for+rebound&body=Read the story here: utm_campaign=business_briefing_newsletter_20220623&utm_source=business_briefing_newsletter) 5. [American Airlines to stop flying to 4 airports due to pilot shortage]( American Airlines announced Wednesday that it has made the "difficult decision" to stop flying to four small cities due to the "regional pilot shortage affecting the airline industry." The carrier said it would halt service on Sept. 7 to Dubuque Regional Airport in Iowa, the Eugene F. Kranz Toledo Express Airport in Ohio, and the Long Island MacArthur and Ithaca Tompkins International airports in New York. American said it would "proactively reach out to customers scheduled to travel after this date to offer alternate arrangements." American currently has two daily flights from each of the airports. A MacArthur Airport spokesperson said officials hope the decision "will not be permanent." [[NBC News]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=American+Airlines+to+stop+flying+to+4+airports+due+to+pilot+shortage&body=Read the story here: utm_campaign=business_briefing_newsletter_20220623&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Baltimore Ravens linebacker Jaylon Ferguson dies at 26: 'A life lost much too soon']( Brendan Morrow [Related image]( [Barack and Michelle Obama move their podcasting deal from Spotify to Audible]( Brendan Morrow [Related image]( [More than 920 dead in Afghanistan earthquake, officials say]( Peter Weber [Related image]( [America's latest drought is a sign of things to come]( Catherine Garcia [Related image]( [Is America abandoning religion — or just remixing it?]( Grayson Quay [Speed reads banner] [Article image]( [Jan. 6 'alternate' Trump electors scheme ensnares GOP Sen. Ron Johnson, several fake electors]( June 23, 2022 [Article image]( [Trumpet the bloodhound wins Best in Show at Westminster Dog Show]( June 22, 2022 [Article image]( [Aid workers say children in Somalia are dying of starvation 'before our eyes']( June 22, 2022 [Article image]( [Jan. 6 committee stretches hearings into July]( June 22, 2022 [Read more of today's best articles at theweek.com]( [Try 6 risk-free issues of The Week magazine]( [Unsubscribe from this list]( | [Privacy Policy]( © Future US LLC. Registered address: 10th floor, 1100 13th Street NW, Washington, DC 20005. [The Week Logo]( [Follow The Week at Facebook.com]( [Follow The Week at Twitter.com]( [The Week magazine cover]( Try 6 Risk Free issues of The Week [Try it out]( [Try it out]( [Subscribe]( [Subscriber login]( [Give a gift]( [Classroom subscriptions]( [Newsletters]( [RSS]( [Ad info]( [Privacy policy]( [Terms & conditions]( [The Week UK]( [Customer service]( [Contact Us]( [Accessibility](