Inflation Still High as Fed Weighs Rate Hikes; Stocks Mixed on Earnings; Contrasting Economic Outlooks from Yellen and Powell; Georgia Ordered to Redraw Districts over Discrimination; Rep. Phillips to Challenge Biden in 2024

U.S. inflation data showed prices continue to rise above Fed's 2% target, indicating interest rates likely to remain higher for longer.

Equity markets were mixed following earnings reports from Exxon and Chevron, which highlighted rising costs despite higher oil prices.

Federal Reserve and Treasury officials offered contrasting views on economic outlook, with Yellen optimistic and Powell citing deficit concerns.

A federal judge ordered Georgia to redraw districts due to racial discrimination, mandating additional black-majority districts.

Minnesota Rep. Dean Phillips plans to announce presidential campaign challenging Biden for Democratic nomination in 2024.