New Federal Reserve Chair Kevin Warsh said Wednesday that the central bank would remain independent and seek to bring down inflation, likely foreclosing the rate cuts President Donald Trump has sought.
Thursday, June 25, the U.S. Commerce Department reported inflation reached 4.1% in May, the highest level in three years.
Americans may be feeling a little better about the economy.
Rising gas prices pushed inflation to its highest level in three years last month, a headache for the Federal Reserve and a potential political challenge for the Trump administration as midterm elections near.
Not even during past wars, the 911 aftermath, the Great Recession, and the COVID pandemic have Americans felt this negative about the U.S. economy.
The Trump Administration is expanding its prescription website.
U.S. wholesale inflation came in hot last month. Producer prices rose 6% from a year earlier, the highest point in more than three years, as the Iran war pushes up energy prices and intensifies pressure on companies to pass along their rising costs to consumers.
U.S. consumer prices climbed sharply again last month as the 10-week war with Iran pushed energy prices higher.
As warm weather calls for more burgers, salsa, and salads, seasonal demand for tomatoes is picking up.
New data from the Bureau of Labor Statistics shows wholesale inflation hit a 3-year high last month.
