Volatile trading on has been the norm on Wall Street this year as investors try to gauge how much and how quickly the Fed will raise interest rates to tame surging inflation.

The administration on Thursday announced the availability of $5 billion in federal money to states over five years under President Joe Biden’s infrastructure law.

Inflation soared over the past year at its highest rate in four decades, hammering America’s consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy