Inflation persists as Iran conflict slows growth ahead of midterms
TL;DR Summary
Inflation remains hot with the PCE index rising 3.8% in April (3.3% core) and GDP growth for Q1 trimmed to 1.6%, driven by higher energy costs as the Iran war persists. Despite solid unemployment and rising markets, consumer sentiment is waning, and gas prices above $4 per gallon add to price pressures, complicating Republicans’ midterm prospects.
- No solace: Inflation rises and the economy slows as the Iran war drags on Politico
- Iran War Lifts a Second Inflation Reading to Highest Level Since 2023 The New York Times
- Inflation is at a three-year high — and now many Americans are burning through their savings CNN
- Key inflation gauge worsens as Americans’ income and spending power erodes AP News
- The first inflation report under new Fed chief Kevin Warsh shows prices at highest in nearly 3 years CBS News
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