Ed Kalecki

Trump administration officials have encouraged the banks to use Mythos internally to detect vulnerabilities.

So far, JPMorgan Chase is the only bank named as part of an initiative to test the model, but other major financial institutions such as Goldman Sachs, Citigroup, Bank of America, and Morgan Stanley have also gained access or expect to in the coming days.

Bloomberg News had reported Thursday that earlier this week,

Treasury Secretary Scott Besant and Federal Reserve Chair Jerome Powell summoned Wall Street leaders for an urgent chat to warn that they should take the mythos model seriously.

Dan Schwartzman, Bloomberg Radio.

U.S.

inflation surged in March by the most in nearly four years as the war with Iran sent gasoline prices skyrocketing.

The Consumer Price Index rose 0.9 percent from February, according to data out Friday.

From a year ago, it was up 3.3 percent, the strongest pace since 2024.

A record increase in gas prices was responsible for nearly three-quarters of the monthly advance.

Another measure that excludes food and energy costs increased

at a slower than expected 0.2% base.

Jared Bernstein, former chair of the Council of Economic Advisors in the Biden administration, joined Kelly Lyons on Balance of Power and talked about how long the economic ripple effects could last after the war.

Jared Bernstein, former chair of the Council of Economic Advisors on Balance of Power with Kelly Lyons.

U.S.

consumer sentiment fell in recent weeks to a record low, indicating Americans increasing worries about mounting inflation due to the Iran war.

The preliminary April sentiment index slumped to 47.6%.

from 53.3 in March, this according to the University of Michigan data out Friday.

The survey period includes responses from March 24th to April 7th.

That was below all but one estimate in a Bloomberg survey of economists.