Inflation Accelerates, Accusations of Violating Ceasefire, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Karen Moscow. We have the latest on the Iran war in just a moment. But first, consumer spending edged higher in April with annual inflation accelerating to the highest level since 2023 as the Iran war drives up energy prices. We get the latest reading on the Fed's preferred inflation gauge with Bloomberg's Michael McKee.
We're looking at PCE inflation up four-tenths of a percent, a tick lower than what had been expected on a year-over-year basis. That still puts us at 3.8 percent, up from 3.5 percent. And remember, the headline PCE is the Fed's 2 percent target. Core PCE up two-tenths of a percent, a little bit less also than expected. And that puts us at 3.3 percent, the expected figure up from 3.2 percent in March. So more inflation on a year-over-year basis.
And that's Bloomberg's Michael McKee. Now, inflation-adjusted consumer spending increased one-tenth percent last month. U.S. first quarter GDP was revised down to a 1.6 percent annualized rate from the quarter prior. That compares to the advance reading of 2 percent. And applications for U.S. unemployment benefits rose slightly, signaling the labor market continues to remain stable. Initial claims increased by 5,000 to 215,000 in the week ending May 23rd. Continuing claims, a proxy for the number of people receiving benefits rose to 1.79 million in the previous week. Now to the latest in the Middle East, with the U.S. military slamming Iran for violating a fragile ceasefire after Kuwait reported coming under attack.
It's the latest flare-up to threaten ongoing negotiations to end the war. U.S. Central Command said that Kuwait had intercepted missiles launched by Iran late Wednesday night. The U.S. and Iran have been trading strikes throughout the week, and we get more with Bloomberg's Jumana Bersetchi.
It's another test of the ceasefire, the second time this week that we see an incident across the Strait of Hormuz. But the U.S. saying that they acted in a defensive capacity. They shot down four drones that were being directed at a U.S. commercial vessel. They also went on to target a drone launching site in Iran as well, close to the port of Bandar Abbas, which is very close to the Strait of Hormuz. In return, Iran saying that they would strike back at U.S. military base. And around the same time, Kuwait reported that their air defense system had been triggered.
And that's Bloomberg's Yamana Bersetchi. The semi-official TASDEM news agency says 26 commercial ships and oil tankers have transited the Strait of Hormuz in the past 24 hours. This after they obtained permission and coordinated with the Islamic Revolutionary Guard Corps. President Trump has said he's looking for an agreement that will reopen the Strait of Hormuz, through which about a fifth of all traded oil and natural gas once passed. Meanwhile, oil is climbing following those renewed attacks in the Persian Gulf. West Texas Intermediate up 2.3 percent at $90.71 a barrel. Brent is at $96.23. Israel carried out a strike on a southern suburb of Beirut today, the first such attack in three weeks.
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