The final federal inflation report before the midterms is set to be released and is expected to show soaring prices.Pope Leo is diagnosed with lung cancer after undergoing surgery.
And Bank of America is ordered to pay a billion-dollar fine after allegedly violating anti-money laundering and sanctions laws.Here’s what to know today.Latest inflation report expected to show soaring pricesAdd to GoogleKey inflation reports will reveal read on U.S.economy ahead of midterms02:51The Bureau of Labor Statistics is set to release its final inflation report before the midterm elections, as Republicans fight to keep control of Congress despite President Donald Trump’s lagging popularity and persistently high prices.
Economists expect the September consumer price index report to show the annual amount of inflation rose to 3.7% from 3.4% and for prices to have risen by 0.6%.The monthly jump, if confirmed, would be one of the largest in years.
This is Morning Rundown, a weekday newsletter to start your day.Sign up here to get it in your inbox.Diesel costs are a particular concern for economists who say the higher prices trickle down into “just about everything.” Since the start of the Iran war, the price of the fuel is up more than 75% while the price of regular gas has climbed more than 45%.While data shows consumer wage growth lagging behind the rate of inflation, consumer spending has remained steady.
Among the sectors fueling higher core inflation is airfare, with jet fuel prices up 90% since this time last year.Apple’s latest iPhone and autos — new and used as well as insurance for the vehicles — could also contribute.What Trump has done in an attempt to push down fuel prices.What to know about lung cancer following Pope Leo’s diagnosisAdd to GooglePope Leo diagnosed with lung cancer02:15Pope Leo XIV has been diagnosed with lung cancer and had part of his right lung removed, the Vatican announced following the completion of his surgery yesterday.
Leo, 71...