Ed Kalecki

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 percent base.

Jared Bernstein, former chair of the Council of Economic Advisers 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.

Consumers expect prices to rise at an annual rate of 4.8 percent over the next year, jumping a percentage point from March in the biggest advance since President Trump announced sweeping tariffs a year ago.

Congress returns next week to cope with continued financing for the Department of Homeland Security.

Republicans will insist on provisions that include immigration enforcement.

Congresswoman Nicole Meliotakis talked about it on Bloomberg's Balance of Power.

New York Congresswoman Nicole Meliotakis.

Abbott Laboratories was told by a jury to pay $70 million for claims by four mothers that the company hid the fact its premature infant formula can cause a bowel disease dangerous to frail babies.

Jurors in state court in Chicago found Abbott liable over claims that the company knew premature babies could develop necrotizing enterocolitis, or NEC, by ingesting the company's cow milk-based formula but continued to market the product to hospital intensive care units.