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Inflation eases to 3.4% amid the Federal Reserve’s battle to tame higher prices

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Parents struggle to afford summer camp costs


Parents struggle to afford soaring summer camp costs

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The Consumer Price Index rose 3.4% in April on an annual basis, signaling a slight moderation after hotter-than-expected price hikes at year start. 

That was in line with a forecast for a 3.4% increase from economists polled by financial services company FactSet. It’s also slightly cooler than March’s 3.5% inflation bump.

Wall Street is closely watching Wednesday’s CPI report for signs that the Federal Reserve’s battle against inflation is regaining some ground after prices ticked higher in the first three months of 2024. Stubborn inflation has prompted the Federal Reserve to push back expectations for rate cuts in 2024, with Fed Chair Jerome Powell saying the central bank prefers to keep rates high until inflation retreats to about 2% on an annual basis, rather than risk cutting too early and fueling another bout of price spikes. 

On Tuesday, Fed Chair Jerome Powell reiterated that he expects inflation to ultimately reach the central bank’s 2% target. But in remarks during a panel discussion in Amsterdam, Powell acknowledged that his confidence in that forecast has weakened after three straight months of elevated price readings. 

The Fed’s policymakers have raised their key interest rate to a 23-year high of 5.3% in an effort to quell rising prices. Inflation has fallen sharply from 9.1% in the summer of 2022 but is higher now than in June 2023, when it first touched 3%.

—With reporting by the Associated Press. This is a developing story and will be updated.



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UNICEF executive director Catherine Russell says Gaza is a “hellscape for children”

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UNICEF executive director Catherine Russell says Gaza is a “hellscape for children” – CBS News


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UNICEF executive director Catherine Russell tells “Face the Nation with Margaret Brennan” that the malnutrition, hygiene and mental health for children in Gaza is “all terrible,” adding that it’s a “hellscape for children.”

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Sen. Mark Kelly says feds need to do a “better job” of letting Americans know “there’s a huge amount of misinformation” on election

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Washington — Sen. Mark Kelly said Sunday that the federal government needs to do its part to inform Americans of the vast swath of election misinformation that’s being consumed on social media platforms like X, TikTok, Facebook and Instagram.

“It’s up to us, the people who serve in Congress and in the White House to get the information out there, that there is a tremendous amount of misinformation in this election, and it’s not going to stop on Nov.  5,” Kelly said on “Face the Nation with Margaret Brennan.” 

Kelly, who sits on the Senate Intelligence Committee, said he’s seen these misinformation operations target not only his state of Arizona, but also other battleground states.

“There is a very reasonable chance I would put it in the 20 to 30% range, that the content you are seeing, the comments you are seeing, are coming from one of those three countries: Russia, Iran, China,” Kelly said.

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Sen. Mark Kelly on “Face the Nation with Margaret Brennan,” Oct. 6, 2024.

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In a committee hearing last month on foreign threats to the 2024 election, Kelly presented screenshots of Russian-made web pages showing fabricated headlines designed to look like Fox News and The Washington Post, targeted at voters in battleground states. 

“So my constituents in Arizona and others — they seek to influence the outcome of these elections, and that is absolutely beyond the pale,” Kelly said at the Sept. 18 hearing. “We’ve got to do something about it.”

Vice President Kamala Harris and former President Donald Trump each have the support of 49% of Arizona voters, according to CBS News’ battleground tracker as of Sept. 30. 

In another battleground state, Pennsylvania, Trump returned Saturday to hold a rally in Butler three months after an attempted assassination on him. He was joined by members of his own party and billionaire Elon Musk, who said Trump was the only way to preserve democracy and warned of a last election if he does not win in November. 

Speaking to CNN’s State of the Union on Sunday, Kelly called the social media mogul a hypocrite. 

“He’s standing next to the guy that tried to overturn the 2020 election on Jan. 6, saying that this is somehow going to be the last election and they’re going to take away your vote,” Kelly said. “And you know, it just doesn’t pass the logic test.”

At the White House press briefing on Friday, President Biden – speaking from the podium for the first time since taking office – said he’s confident of a free and fair election but alluded to the 2021 insurrection at the Capitol in his concerns on whether it will be a peaceful transfer of power.    

“The things that Trump has said and the things that he said last time out when he didn’t like the outcome of the election were very dangerous,” Mr. Biden said. “If you notice, I noticed that the vice-presidential Republican candidate did not say he’d accept the outcome of the election, and they haven’t even accepted the outcome of the last election.”



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Ret. Gen. Frank McKenzie says Iran is the country that’s in a corner

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Ret. Gen. Frank McKenzie says Iran is the country that’s in a corner – CBS News


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Retired Gen. Frank McKenzie, the former commander of U.S. forces in the Middle East, tells “Face the Nation with Margaret Brennan” that “Iran is the country that’s in a corner” in the conflict in the Middle East, and says the “Israelis are certainly going to hit back.”

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