Inflation is sticking around. Here's what that means for interest rate cuts — and your money.
CBSN
The war against inflation was never going to be easy, but the latest consumer price index data demonstrates just how tough a fight the Federal Reserve is facing. In the months ahead, the outcome of that battle will have major implications for your finances.
New labor data shows that U.S. prices in March rose 3.5% from a year ago, hotter than economists expected and the third straight month that inflation has accelerated. Gasoline prices and rent contributed over half the monthly increase, the government said on Wednesday.
The upshot: The Fed's ongoing campaign to tame inflation is far from over. That has left consumers and investors wondering if the central bank, who until recently were widely expected to cut its benchmark interest rate in June, could push back that timeline several months, or even into 2025.
When Kevin Ketels bought an electric 2026 Chevrolet Blazer last year, he wasn't thinking about the cost of gas. He just thought EVs were better and "wanted to be part of the future." Now that the Iran war is spiking prices at the pump, the Detroit man is happy he's no longer filling up his 11-year-old gas-powered SUV. In:
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
U.S. motorists are likely to face higher gas prices for several weeks even if crude oil remains stable, according to GasBuddy petroleum analyst Patrick De Haan. Edited by Aimee Picchi In:
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Defense Secretary Pete Hegseth deemed artificial intelligence firm Anthropic a "supply chain risk to national security" on Friday, following days of increasingly heated public conflict over the company's effort to place guardrails on the Pentagon's use of its technology. Jo Ling Kent contributed to this report. In: