Approval of the sweeping tax package is likely at the G20 meeting Friday and Saturday
Consumer spending stalled as incomes dropped for a second month and inflation posted a sizeable gain
The monthly drop was the largest since the pandemic began
No one wants to relive the double-digit inflation of the 1970s, Yellen told the Senate Finance Committee on Wednesday
The reading compared with a year-over-year gain of 3.4% in April
Leaders will also discuss the economy and a global minimum tax of at least 15% on corporations
All households saw income rise in 2020, with lower-income groups gaining most
That's a pullback from the 4.7% spending surge in March, but the drop was expected
Cyclical supply-demand imbalances are driving prices higher, not structural forces, a report said
Housing market worries are a sign that stimulus needs reigning in, report says