Kevin Warsh may have felt the urge to snooze his alarm clock Thursday morning.
The Federal Reserve’s preferred inflation gauge continued climbing higher in April — landing 150 basis points above year-ago levels — heightened by compounding effects of the Iran war and Trump administration tariff policies.
Posting 3.8% growth from a year ago in April, the personal consumption expenditures (PCE) price index steamed to its largest increase since May 2023, according to the Bureau of Economic Analysis (BEA), which updated the index Thursday.
Excluding volatile food and energy prices — categories of spending bearing the immediate brunt of the ongoing Middle East conflict — core PCE inflation rose 3.3% in April, only slightly higher than the 3.2% co...