Good morning, politics blog readers. Joe Biden’s allies are scrambling to get ahead of what’s likely to be a troubling week of economic news for the White House, with Congress beginning to think about its August recess with little to no progress on the president’s economic agenda, and inflation at 40-year highs.

Treasury secretary Janet Yellen has been talking up the resilience and “historical strengths” of the US economy, and low unemployment, while conceding “threats on the horizon” could nudge the country closer to recession, just as the midterm elections loom.

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