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Inflation

File - A worker counts money at a grocery store in Buenos Aires, Argentina, Nov. 21, 2023. Prices have surged so dramatically that the government has multiplied the size of its biggest banknote in circulation to 10,000 peso note, five times the value of the previous biggest bill, according to the central bank on May 8, 2024, and the new bill is expected circulate in June. (AP Photo/Natacha Pisarenko, File)

With inflation soaring, Argentina will start printing 10,000 peso notes

Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note by five — to 10,000 pesos, worth about $10.

Traders work on the floor at the New York Stock Exchange in New York, Wednesday, May 1, 2024. (AP Photo/Seth Wenig)

Stock market today: Wall Street rallies after hiring shows welcome signs of cooling

FILE - A sign highlighting the financing interest rate is displayed near the price sticker on an unsold 2023 vehicle at a Mercedes-Benz dealer on Nov. 30, 2023, in Loveland, Colo. The Federal Reserve’s decision Wednesday, May 1, 2024 to keep its benchmark rate at a two-decade high should have ripple effects across the economy. Mortgage rates, credit card rates, and auto loan rates will all likely maintain their highs, with consequences for consumer spending. (AP Photo/David Zalubowski, file)

The Fed indicated rates will remain higher for longer. What does that mean for you?

Workers surround a manhole on a street in Park Ridge, Ill., Monday, April 29, 2024. On Wednesday, May 1, 2024, the Labor Department reports on job openings and labor turnover for March. (AP Photo/Nam Y. Huh)

US job openings fall to 8.5 million in March, the lowest level in more than 3 years

A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, May 2, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Stock market today: Asian markets follow Wall Street swings after Fed keeps interest rates high

Federal Reserve chair Powell says interest rates will stay at high until inflation further cools

Federal Reserve chair Powell says interest rates will stay at high until inflation further cools

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Long lines in front of banks and ATMs as Cubans face another hurdle to their difficult daily routine – the search for cash

Surging auto insurance rates squeeze drivers

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Text of the policy statement the Federal Reserve released Wednesday

WASHINGTON (AP) — Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended:

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, May 1, 2024. (AP Photo/Susan Walsh)

Federal Reserve says interest rates will stay at two-decade high until inflation further cools

The Federal Reserve emphasized that inflation has remained stubbornly high and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target.

FILE- In this Feb. 5, 2018, file photo, the seal of the Board of Governors of the United States Federal Reserve System is displayed in the ground at the Marriner S. Eccles Federal Reserve Board Building in Washington. (AP Photo/Andrew Harnik, File)

Affluent Americans are driving US economy and likely delaying need for Fed rate cuts

Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending — the principal driver of economic growth — than ever before.

FILE - Heavy traffic is seen at O'Hare International Airport in Chicago, Monday, April 15, 2024. Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago. (AP Photo/Nam Y. Huh, File)

Surging auto insurance rates squeeze drivers, fuel inflation

Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago.

Jamie Dimon, CEO and chairman of JPMorgan Chase, center, attends the ribbon-cutting ceremony during the community branch opening in the Bronx borough of New York, on Friday, April 26, 2024. Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation. (AP Photo/Andres Kudacki)

JPMorgan’s Dimon hopes for soft landing for US economy but says stagflation is a possible scenario

JPMorgan CEO Jamie Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation.

A clearance sign is displayed at a retail clothing store in Downers Grove, Ill., Monday, April 1, 2024. On Friday, April 26, 2024, the Commerce Department issues its March report on consumer spending. (AP Photo/Nam Y. Huh)

Fed’s preferred inflation gauge shows price pressures stayed elevated last month

A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fed’s reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden’s re-election bid.

A trader works on the floor of the New York Stock Exchange shortly after the opening bell, Wednesday, April 24, 2024, in New York. (AP Photo/Mary Altaffer)

Stock market today: Alphabet and Microsoft help Wall Street clinch its best week in nearly 6 months

Alphabet and Microsoft led the U.S. stock market to its first winning week in the last four and its biggest weekly gain since November. The S&P 500 rose 1% Friday.

This July 29, 2013, photo shows a case of freshly-stamped Marlboro cigarette cartons at M. Amundson Cigar & Candy Co. in Minneapolis. Smokers in Minneapolis will pay some of the highest cigarette prices in the country after the City Council voted unanimously Thursday, april 25, 2024 to impose a minimum retail price of $15 per pack to promote public health. (Mark Zdechlik/Minnesota Public Radio via AP, file)

Minneapolis smokers to pay some of the highest cigarette prices in US with a $15 per-pack minimum

Smokers in Minneapolis will pay some of the highest cigarette prices in the country after the City Council voted unanimously to impose a minimum retail price of $15 per pack to promote public health.

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, April 26, 2024. Asian shares mostly rose Friday despite worries about the economic outlook and inflation in the U.S. and the rest of the world. (AP Photo/Ahn Young-joon)

Stock market today: Asian benchmarks mostly climb despite worries about US economy

Asian shares are mostly higher despite worries about the economic outlook and inflation in the U.S. and globally.

FILE - Heavy traffic is seen at O'Hare International Airport in Chicago, Monday, April 15, 2024. Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago. (AP Photo/Nam Y. Huh, File)

Surging auto insurance rates squeeze drivers, fuel inflation

Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago.

This week: economic growth, unemployment, inflation update

Economic gauge

The Commerce Department releases its initial estimate of first-quarter economic growth on Thursday.

FILE - A sign announcing a home for sale is shown on Feb. 1, 2024, in Kennesaw, Ga., near Atlanta. On Thursday, April 18, 2024, Freddie Mac reports on this week's average U.S. mortgage rates. (AP Photo/Mike Stewart, File)

Average long-term US mortgage rate climbs above 7% to highest level since late November

Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months.

FILE - Kristalina Georgieva, Managing Director of the International Monetary Fund, IMF, speaks in Davos, Switzerland, Jan. 17, 2024. During a IMF and World Bank meeting Thursday, April 18, 2024, Georgieva said the world economy has proven surprisingly resilient in the face of higher interest rates and the shock of war in Ukraine and Gaza, but "there is plenty to worry about,'' including stubborn inflation and rising levels of government debt. (AP Photo/Markus Schreiber, File)

IMF’s Georgieva says there’s ‘plenty to worry about’ despite recovery for many economies

The head of the International Monetary Fund said Thursday that the world economy has proven surprisingly resilient in the face of higher interest rates and the shock of war in Ukraine and Gaza, but “there is plenty to worry about,″ including stubborn inflation and rising levels of government debt.

FILE - A woman selects fruits at a supermarket in London, on Nov. 17, 2021. Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices, official figures showed Wednesday, April 17, 2024. (AP Photo/Frank Augstein, File)

UK inflation falls to lowest level since late 2021 as food prices ease further

Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices.

FILE - A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 16, 2024, in Tokyo. Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500's worse losing streak since the start of the year. (AP Photo/Eugene Hoshiko, File)

Stock market today: Asian shares gain despite Wall Street’s tech-led retreat

Asian shares have advanced even after sinking technology stocks sent Wall Street lower again. U.S. futures were lower, while oil prices gained.

Federal Reserve Chair Jerome Powell participates in a Washington Forum on the Canadian Economy, together with Tiff Macklem, Governor of the Bank of Canada, Wednesday, April 16, 2025, in Washington. (AP Photo/Manuel Balce Ceneta)

Fed’s Powell: Elevated inflation will likely delay rate cuts this year

Federal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates.

FILE - Philip Jefferson, then-nominee to be a member of the Federal Reserve Board of Governors, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Feb. 3, 2022, in Washington. Jefferson, now Federal Reserve Vice Chair, suggested Tuesday, April 16, 2024, that the central bank's key rate may have to remain at its peak for a while to bring down persistently elevated inflation. (Ken Cedeno/Pool via AP, File)

A top Federal Reserve official opens door to keeping rates high for longer

Federal Reserve Vice Chair Philip Jefferson suggested that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation.

Letters spell out IMF during a news conference about the International Monetary Fund's (IMF) World Economic Outlook report, during the IMF Spring Meetings, Tuesday, April 16, 2024, in Washington. (AP Photo/Jacquelyn Martin)

IMF: Outlook for world economy is brighter, though still modest by historical standards

The International Monetary Fund has upgraded its outlook for the global economy, saying the world appears headed for a “soft landing” — reining in inflation without much economic pain and producing steady if modest growth.

A shopper looks at clothes at a Walmart store in Secaucus, N.J., on March 25, 2024. On Monday, April 15, 2024, the Commerce Department releases U.S. retail sales data for March (AP Photo/Anne D'Innocenzio)

Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful

Americans increased their spending pace in March at a better-than-expected pace from the previous month, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.

Shoppers leave a Target store in midtown Manhattan in New York on Tuesday, March 19, 2024. On Friday April 12, 2024, the University of Michigan releases its preliminary reading of consumer sentiment for April. (AP Photo/Ted Shaffrey)

US consumer sentiment falls slightly as outlook for inflation worsens

Consumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americans’ outlook largely unchanged this year.

FILE - Pedestrians approach JPMorgan Chase headquarters on Dec. 29, 2023, in New York. JP Morgan reports earnings on Friday, April 12, 2024. (AP Photo/Peter Morgan, File)

Big banks warn of uncertain year ahead after mixed financial performances in the first quarter

Big banks warned of an uncertain year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.

FILE - A freight train carrying cars to be exported arrives at a dock for ro-ro shipping in Yantai in eastern China's Shandong province Sunday, March 3, 2024. China’s exports contracted in March after growing in the first two months of the year, underscoring the uneven nature of the country's recovery from the pandemic. (Chinatopix via AP, File)

China’s exports tumble 7.5% in March and imports also fall as demand slows

Official customs data show China’s exports contracted in March after growing in the first two months of the year.

FILE - A new home under construction is seen, Aug. 21, 2023, in southeast Denver. On Thursday, April 11, 2024, Freddie Mac reports on this week's average U.S. mortgage rates. (AP Photo/David Zalubowski, File)

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March

The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales.

FILE - A man walks past a tanker at a Chevron gas station in San Francisco, Oct. 23, 2023. On Thursday, April 11, 2024, the Labor Department releases producer prices data for March. (AP Photo/Jeff Chiu, File)

US producer prices rose 2.1% from last year, most since April, but less than forecasters expected

U.S. producer prices rose in March from a year earlier at the fastest pace in nearly a year, offering more evidence that progress against inflation may have stalled this year and raising doubts about whether and when the Federal Reserve will start cutting interest rates.

A patron eats a pimento cheese sandwich during a practice round in preparation for the Masters golf tournament at Augusta National Golf Club Tuesday, April 9, 2024, in Augusta, Ga. (AP Photo/Charlie Riedel)

No inflation here: Affordable Masters’ menu still includes $1.50 pimento cheese sandwiches

Inflation may be driving up food cost around the country, but patrons generally won’t see those increases at Augusta National.

Christine Lagarde, right, President of the European Central Bank (ECB), arrives for a press conference together with Vice President Luis de Guindos, left, at the ECB headquarters in Frankfurt, Germany, Thursday, April 11, 2024. The European Central Bank is leaving its key interest rate benchmark unchanged, choosing to wait for confirmation that rapidly receding inflation is firmly under control before cutting rates to support an economy that’s struggling to grow. (Arne Dedert/dpa via AP)

As world’s central banks wrestle with when to cut rates, Europe signals it’s ready to move

The European Central Bank has opened the door for an interest rate cut as early as its June meeting.

A currency trader watches monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, April 12, 2024. Asia stocks were mostly lower on Friday after gains for Big Tech shares helped U.S. stock indexes claw back much of their slide from the day before. (AP Photo/Ahn Young-joon)

Stock market today: Asia stocks are mostly lower after Wall St rebound led by Big Tech

Asia stocks are mostly lower after gains for Big Tech shares helped U.S. stock indexes claw back much of their slide from the day before.

FILE - Federal Reserve Board chair Jerome Powell speaks during a news conference the Federal Reserve in Washington, March 20, 2024. On Wednesday, April 10, 2024, the Federal Reserve releases minutes from its March meeting, when it kept its key short-term interest rate unchanged for a fifth straight time. (AP Photo/Susan Walsh, File)

Federal Reserve minutes: Some officials highlighted worsening inflation last month

Some Federal Reserve policymakers argued at their most recent meeting in March that inflation was likely worsening, even before the government reported Wednesday that price increases re-accelerated last month.

Gas prices are seen at a gas station in Riverwoods, Ill., Monday, April 1, 2024. On Wednesday, April 10, 2024, the Labor Department issues its report on inflation at the consumer level in March. (AP Photo/Nam Y. Huh)

A look at consumer prices in March, by the numbers

Consumer inflation rose more than expected in March, boosted by gas, rents, auto insurance and other items, the government said Wednesday.

A photographer takes photos of an electronic board showing Japan's yen and U.S. dollar exchange rate at a securities firm Thursday, April 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Stock market today: Asian shares are mixed, taking hot US inflation data in stride

Asian shares are mixed after U.S. stocks fell on worries that what seemed like a blip in the battle to bring down inflation is turning into a troubling trend.