Axios

President Biden and Federal Reserve Chair Jerome Powell are scheduled to meet at the White House on Tuesday, as the Fed's campaign to bring down inflation gathers steam — and with it the risk of a recession.

Driving the news: The Oval Office meeting, the first since just before Biden reappointed Powell to lead the central bank last fall, comes as the impact of Fed tightening is starting to be felt and the White House seeks to show it is laser-focused on bringing down inflation.

U.S. gasoline prices spiked to $4.619 per gallon as of Monday — a record high, according to the latest data from the American Automobile Association.

Why it matters: The new high comes during Memorial Day weekend and is about 52% higher than prices from last year, Bloomberg reports.

Paramount and Skydance’s huge weekend opener for “ Top Gun: Maverick” is now the biggest in Memorial Day weekend history.

Why it matters: Top Gun's smashing debut means we are "officially in the realm of consistent momentum, or at least in the realm of normalcy at the box office," said Comscore senior media analyst Paul Dergarabedian.

Pool openings are delayed across the country this Memorial Day weekend due to a severe lifeguard shortage for the second summer in a row.

Why it matters: The guard shortage could prevent about a third of more than 300,000 public pools from opening, per the American Lifeguard Association.

The unofficial start to summer has arrived and it's marked with patriotic parades, sales and cookouts.

Why it matters: Commemorating military personnel who died in service, many Americans get a day off to observe Memorial Day on Monday.

Ukraine's Eurovision winners, Kalush Orchestra, raised $900,000 for the country's war efforts against Russia's invading forces by auctioning off their trophy, per the BBC.

The big picture: Funds raised will go toward a PD-2 drone system featuring a ground control station and three aircraft, Sky News reports. The Eurovision trophy's winning bidder was WhiteBit, a European cryptocurrency exchange, according to the band's Facebook post Sunday.