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The 6 megawatt Stanton Solar Farm outside of Orlando, Florida. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

The World Bank and International Monetary Fund are out with fresh warnings about the energy commodity run-up, but both also see some relief ahead.

Driving the news: The IMF, in a post on Thursday, projects prices will moderate in the coming months, but also says, "uncertainty remains high and small demand shocks could trigger fresh price spikes."

  • The bank's new commodities outlook says on a yearly basis, prices are projected to rise over 2% next year after this year's 80% jump, though Reuters notes they see prices declining in the second half of the year.

Threat level: The bank report says increasing prices "pose significant inflation risks" in many emerging markets and developing countries, and "could weigh on growth in 2022 among energy-importing countries."

Go deeper

What to expect from Friday's Consumer Price Index report

Illustration: Aïda Amer/Axios

The latest measure of inflation is set for release Friday, as market watchers continue to process last week’s confusing jobs report and try to game out the economic impact of the latest coronavirus variant.

Why it matters: Americans, politicians, and regulators are laser-focused on price gains picking up steam and impacting the overall economic recovery.

Updated 6 mins ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.

House passes annual defense bill

Speaker of the House Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House voted to pass the annual defense bill 363-70 on Tuesday night, authorizing nearly $770 billion in funding for defenses and national security programs.

Why it matters: The National Defense Authorization Act (NDAA) still has to clear the Senate, but the House passage greatly increases the chances that the must-pass defense bill will move through both chambers of Congress before the end of the year.