Inflation climbs to three-year high as Warsh takes the Fed helm
TL;DR Summary
April’s PCE inflation rose 3.8% year over year—the highest in nearly three years, with core PCE at 3.3%—as energy costs led broad price gains across housing, utilities and services; personal income growth lagged inflation and the saving rate slipped to 2.6%, while spending rose 0.5% in April, signaling households are feeling the squeeze and fueling expectations for a potential Fed rate hike later this year under new chair Warsh.
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- Iran War Lifts a Second Inflation Reading to Highest Level Since 2023 The New York Times
- Iran War Keeps Fed’s Inflation Gauge Above Inflation Target WSJ
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