Public finances
UK borrowing jumps to £23.3bn as finance warning grows
Official figures showed May borrowing came in well above forecast, with debt interest costs hitting their highest level recorded for the month
Inflation news
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- Money Iran deal may ease fuel costs, but bills and rates face a slower turn A US-Iran agreement points to a reopening of the Strait of Hormuz, but delayed talks on harder issues leave questions over how long the economic relief will last
- Federal Reserve Trump’s trust gives Kevin Warsh room to reshape the Fed Markets expect the new Fed chair to hold rates steady Wednesday, but his bigger test is whether he can build support for longer-term changes inside the central bank
- Inflation Wholesale prices jump 1.1% in May as energy costs surge The producer price index rose faster than economists expected, lifting annual wholesale inflation to 6.5%, its highest rate since November 2022
Inflation
U.S. inflation rose to 4.2% in May, highest in three years
The consumer price index matched forecasts as energy prices jumped, while core inflation came in softer on a monthly basis
Monetary policy
Bank of Canada holds key interest rate at 2.25%
The fifth straight pause leaves the central bank balancing inflation pressure from higher energy prices against signs of economic weakness
Inflation
Fed’s preferred inflation gauge rises to nearly three-year high under Warsh
The April PCE report showed inflation running at a 3.8% annual rate, adding pressure on the new Fed chief as energy costs climb and rate-cut hopes fade
Household budgets
Florida mother turns to digital coupons as grocery bills climb
Kiana Powell told CBS News her family’s grocery costs have risen sharply, pushing her to track online deals, rewards programs and store-by-store sales
Market selloff
Silver slides as inflation fears hit bonds, stocks and metals
Global yields rose Friday, with the U.S. 10-year Treasury near a one-year high, as investors weighed energy risks, geopolitics and fading hopes for rate cuts
Household costs
Food pantries see more Americans return as prices outpace wages
A CBS News report says families are turning again to food assistance as household costs rise faster than paychecks for the first time in three years
Fed policy
Bond market pushes for tighter Fed stance as Warsh takes over
Ed Yardeni says the 2-year Treasury yield is flashing concern that rates are too low to contain inflation, while Treasury Secretary Scott Bessent argues the latest price surge should fade
Inflation
Producer Prices Rose at Fastest Pace in Four Years in April
The wholesale inflation gauge climbed as a separate consumer-price report also showed inflation was surging, according to a summary of government data
White House
Trump heads to Beijing as Iran war weighs on prices
The state visit is expected to focus on trade and the Iran conflict, while new inflation data may show higher fuel and travel costs reaching consumers
Monetary policy
Fed holds rates steady as inflation pressures persist
The central bank kept its benchmark rate at 3.5% to 3.75%, but an 8-4 vote showed rare internal division over how to frame possible future cuts
Inflation and growth
Core inflation rose to 3.2% in March as GDP missed forecasts
The Fed’s preferred inflation gauge accelerated while first-quarter growth came in at 2%, complicating the central bank’s next move after it held rates steady
Household finances
Gallup: Record 55% of Americans Say Their Finances Are Getting Worse
The April survey found deepening worries over inflation, energy costs, retirement savings and credit card payments, with pessimism at its highest level since Gallup began asking in 2001
Central banks
ECB and Bank of England expected to hold rates as inflation shock clouds outlook
The Iran war has lifted energy prices and revived stagflation concerns, but economists expect both central banks to wait for clearer evidence before tightening again
Economic fallout
Iran war’s economic hit may linger through 2026, economists say
Oil and gas prices have jumped since the conflict began, raising costs for drivers, travelers and households even if fighting eases soon
Federal Reserve
Warsh’s inflation gauge could complicate his Fed pitch
Trump’s nominee for Federal Reserve chair told senators he favors trimmed inflation measures. Bank of America says that approach may not always deliver a softer reading
IMF sees deep contraction as blockade bites
IMF projects Iran’s economy will shrink 6.1% in 2026 as inflation soars and rial slides
War damage, a near-shutdown of the Strait of Hormuz and tightening sanctions have cut Iran off from trade, pushing prices higher and the currency to about 1.32 million rials per U.S. dollar, according to IMF and analyst estimates