Capitol Report (July 27): Fed Hikes Rate to Slow Inflation; US, Russia Top Diplomats Set to Meet

President Joe Biden is back in the Oval Office after quarantining for nearly a week. Now, on the top of his agenda is a conversation with China’s leader Xi Jinping. In a major move by the Federal Reserve, the central bank is scrambling to cool down white-hot inflation by hiking the interest rate again. With the U.S. economy in...