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Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve, Wednesday, May 4, 2022 in Washington. (AP Photo / Alex Brandon, File)

The central bank is ramping up its drive to tighten credit and slow growth with inflation having reached a four-decade high of 8.6%, spreading to more areas of the economy and showing no sign of slowing. 

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This May 8, 2019 photo shows a Caterpillar 279D Compact Track Loader, left, and 308E2 CR Mini Hydraulic Excavator, right, rear, at a demolition site in Fort Lauderdale, Fla. (AP Photo / Wilfredo Lee, File)

“We believe it’s in the best strategic interest of the company to make this move,” CEO Jim Umpleby said.

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(WTTW News)

With Tuesday’s successful vote in Chicago and another in St. Louis, organizers say there are now 150 union Starbucks locations around the U.S.

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(WTTW News)

A new fast-food chain restaurant opens in Russia, and it might look and taste familiar. Ann Dwyer takes us behind the headlines.

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The Lucy Gonzalez Parsons apartments opened in May 2022 near the Logan Square Blue Line station. (WTTW News)

The Lucy Gonzalez Parsons apartments opened in May near the Logan Square Blue Line station. The seven-story complex, which features retail space and 100 affordable units. In Pilsen, the Pilsen Housing Cooperative offers a blueprint for community-led affordable housing. 

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Bags of Pistachios are displayed at a grocery store in Mount Prospect, Ill., on, April 1, 2022. (AP Photo/Nam Y. Huh)

Consumer prices surged 8.6% last month from a year earlier, faster than April’s year-over-year increase of 8.3%, the Labor Department said Friday. The new inflation figure, the highest since 1981, will heighten pressure on the Federal Reserve to continue raising interest rates aggressively.

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Passengers get a COVID-19 test at Heathrow Airport in London, Nov. 29, 2021. (AP Photo / Frank Augstein, File)

The Biden administration is lifting its requirement that international air travelers to the U.S. take a COVID-19 test within a day before boarding their flights, easing one of the last remaining government mandates meant to contain the spread of the coronavirus.

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(WTTW News)

Irving Park on Chicago’s Northwest Side is a spacious community area with a variety of local businesses and provides easy access to transportation. 

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More than 30,000 people wait for homes from the Chicago Housing Authority. Meanwhile, a site that’s gone undeveloped for two decades is set to become a Chicago Fire practice facility.

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(Patrick Leger, special to ProPublica)

When thousands of families were forced to move out of the ABLA Homes public housing complex two decades ago, leaders promised they would be able to come back to new housing. Now, after building less than a third of the promised new units, officials are moving to redevelop the largest plot of empty land at ABLA — but not for housing.

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(Sharon McCutcheon / Unsplash)

Starting in July, minimum wage employees of larger businesses will see their paychecks rise by 40 cents an hour to $15.40

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A cannabis cultivation facility. (WTTW News)

The state has awarded 48 cultivation licenses to craft cannabis growers, and 100% of the licenses are going to social equity winners — folks who were most impacted by the nation’s so-called war on drugs.  

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(WTTW News)

The Hyde Park vote brings the total number of unionized Starbucks locations in the Chicago area to four. Bucktown Starbucks employees are currently voting by mail on unionizing, with results expected next Tuesday. 

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(WTTW News)

A legal brawl between Fifth Third Bank and federal regulators is underway; Walmart is hiring big time; and a new study says Cook County has earned itself a new title: climate change refuge. 

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Raquel Graham started her company, Roq Innovation, in 2014. (WTTW News)

Raquel Graham started her company, Roq Innovation, in 2014 when she was looking for a scarf her kids would wear. What started out as a fix to a problem is now a booming business operating out of a West Town warehouse.

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A hiring sign is displayed at a restaurant in Schaumburg, Ill., April 1, 2022. The white-hot demand for U.S. workers cooled a bit in April, though the number of unfilled jobs remains high and companies are still desperate to hire more people. (AP Photo/Nam Y. Huh, file)

Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation.

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Gerardo Trujillo is principal of Louis Pasteur Elementary. He organized a mural to be painted on the side of the school, and says that he wanted to give the almost 100-year-old school building some color and inspiration for the community.  (WTTW News)

On the Southwest side, a small community with a population of about 20,000 people offers a suburban feel and is home to many families. And it’s promoting education as the foundation of its hopes and dreams.