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U.S. President Joe Biden (R) gives Sen. Joe Manchin (D-WV) (L) the pen he used to sign The Inflation Reduction Act with Senate Majority Leader Charles Schumer (D-NY) in the State Dining Room of the White House August 16, 2022 in Washington, DC.

Here's what you need to know

US president Joe Biden signed a landmark climate, health, and tax bill into law. The legislation will boost investment in cleantech like electric vehicles. Ford is already reaping the benefits of EV enthusiasm.

Republican Liz Cheney lost her Congressional seat. The Wyoming lawmaker, a key player in the Jan. 6 investigation, paid the price of standing up to former president Donald Trump.

The US housing market cooled down. Construction of new homes has slowed down to early 2021 levels, and more deals are foundering as buyers pull out over higher mortgage rates.

American Airlines put down a deposit on 20 Boom supersonic jets. The aircrafts, when ready, should cut the travel time of trans-Atlantic flights by half.

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