The biggest stories of 2022

Ukraine, inflation, FTX: The biggest stories of 2022

Yahoo Finance columnist Kevin Cirilli highlights some of the biggest news stories of 2022.

Ukraine, inflation, FTX: The biggest stories of 2022
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Ukraine, inflation, FTX: The biggest stories of 2022

Thu, December 29, 2022, 7:14 AM GMT+9

Yahoo Finance columnist Kevin Cirilli highlights some of the biggest news stories of 2022.

Video Transcript

[AUDIO LOGO]

JARED BLIKRE: 2022 brought us a lot of major headlines, from sky-high prices to a war in Europe and collapses in the crypto market as well. Here to break down some of these major stories is Yahoo Finance's contributor Kevin Cirilli. Kevin, what's your biggest story of the year here?

KEVIN CIRILLI: I think we're going to have to go with inflation. I think that there's no way to look at it. But inflation, which currently hovers at about 7.1% compared to this time last year, according to the Consumer Price Index, was the dominant story.

And it touched on everything from politics, where we saw it have a reverse effect than many pollsters thought in the midterm elections where Republicans underperformed, but also to policy. The Inflation Reduction Act signed into law by President Biden over the summer was a very partisan issue, several-- a hefty price tag, mind you, and Democrats on board for it.

Now, the biggest question that I have when I look into the future with inflation is whether or not Republicans, when they take control of the House of Representatives, will try to peel back some of that Inflation Reduction Act. It also, we should note, touched on the Federal Reserve and interest rates. Fed Chair Jay Powell continuing to raise interest rates.

And that garnered some criticism from progressives like Senator Elizabeth Warren from Massachusetts, who had asked openly whether or not those interest rates are going to tip the economy into a recession. But inflation was the center of all of the debate on the economic front here in DC, as well as Wall Street and elsewhere.

SEANA SMITH: And, Kevin, another massive story, obviously on a global scale, Russia's invasion of Ukraine, of course, the US role in this, whether or not-- or how much we should be providing in terms of support and towards-- of aid. That, of course, is still being debated on Capitol Hill. Your takeaway just from the headlines that we've seen this year.