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Today’s Lead Story
Friday, May 1

Inflation

U.S. Inflation Gauge Surges to 4.5% Annual Rate in Q1 Even as Economy Grows

via Bureau of Economic Analysis

The U.S. economy grew 2.0% in Q1 2026, but the PCE price index — the Federal Reserve's preferred inflation measure — jumped to a 4.5% annualized rate, up sharply from 2.9% last quarter. Core PCE, stripping out food and energy, also rose to 4.3%.

Why it matters

A reaccelerating inflation measure makes near-term Fed rate cuts less likely, which means mortgage, auto loan, and credit card rates are set to stay elevated through summer.

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