It's almost six months since Russia invaded Ukraine, and the consequences are posing a devastating threat to the global economy.

President Joe Biden embarks for Asia on Thursday facing a new risk for the economy at home: a global economic slowdown caused by Russia’s invasion of Ukraine and the pandemic shutting down Chinese cities and factories.

For decades, the free flow of trade across much of the world allowed the richest nations to enjoy easy access to low-priced goods and supplies.

Not long ago, anticipation was high that Federal Reserve Chair Jerome Powell might begin to sketch out a plan this week for the Fed to start pulling back on its support for an economy that has been strengthening.

U.S. President Joe Biden's proposal for a global minimum corporate tax will get another going over at a meeting of top finance officials.