US Inflation Accelerates, FDA's Makary to Resign, 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 Monica Ricks. U.S. inflation ticked higher in April thanks to higher gas and grocery prices, which exceeded wage growth. New data out today shows the consumer price index rose 3.8 percent from a year earlier, up about two-thirds percent from last month, marking the fastest pace since 2023. Core CPI also increased four-tenths percent from a month earlier. Bloomberg's Mike McKee has more on what caused that boost.
If you want to look at what actually pushed it higher, I bet you won't be surprised to know that gasoline prices were up 5.4 percent. Electricity, though, also up 2.1 percent, a big rise there. So it may not help you to buy that electronic vehicle. Owner's equivalent rent was up half a percent. That's a bit of a statistical quirk because of the government shutdown last October. There were no data. So it takes six months to turn the housing market data around. And that is what resulted.
That's Bloomberg's Mike McKee. Economists anticipate higher costs will stick around in the months ahead as this war in Iran continues, pushing prices even higher and making other goods and services more expensive. More turmoil in the Trump administration, with FDA Commissioner Marty McCary expected to resign after just 13 months in the position. Kyle Diamantis, who previously served as the agency's top food official, will step in as acting commissioner. Sources say McCary regularly clashed with other Trump officials. The Senate has confirmed Kevin Warsh's nomination to the Federal Reserve Board of Governors. The 51-45 vote grants him a 14-year term, which will be separate to a vote expected Wednesday on his position as chairman.
That term runs four years. Most Democrats did oppose Warsh's confirmation due to concerns that he won't maintain the independence of the central bank on monetary policy as President Trump continues pushing the Fed to slash interest rates. JPMorgan Chase chairman and CEO Jamie Dimon weighed in on the market today while speaking exclusively to Bloomberg's Francine Lacroix at its global market conference in Paris.
I think there's a little bit too much exuberance out there. It's not just the Middle East. It's Ukraine, Russia still there, America, China. There are a lot of these complex issues which may or may not affect the market. But then there are issues like inflation. Today's print wasn't so good. So yeah, I think the market's kind of exuberant and it may not be completely justified.
JPMorgan Chase CEO Jamie Dimon on Bloomberg TV. He tells Bloomberg corporate profits are doing very well, but did stop short of predicting whether the next earnings season will be as good as this one due to impacts from the war in Iran and inflation. We check the markets for you all day long here at Bloomberg, and right now the Dow is flat, but the Nasdaq is down 1.6%, the S&P down about 0.7%, the 10-year Treasury yields at 4.4%, the 2-year yields at 3.9%. Oil is also up a little over 3% right now with Brent crude trading at $107 a barrel.
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