China and others continue to take actions re: decreased use of U.S. dollarConsumer prices rose 4.9% on an annual basis in April, according to data released by the Labor Department on Wednesday, marking the smallest year-over-year increase since May 2021 and coming in better than economists' expectations for inflation to remain flat at 5%. Also, core inflation decreased slightly to 5.5%. Still, compared to the previous month, the CPI and the core rose 0.
G7 finance ministers and central bank governors are in Japan this week, set to debate the risk of more bank failures, the need for debt restructuring, and the threat of a U.S. default. Home prices fell in more parts of the U.S. than they have in over a decade during the first quarter, when nearly a third of metro areas posted annual price declines, the National Association of Realtors said Tuesday. Meanwhile, many Americans who want to move can't afford to lose their low-interest rate mortgages, keeping the supply of homes for sale unusually low and making the market more competitive and pricier than some forecasters expected.
Russia: Ukraine's spring offensive has begun, while Russia keeps repeating how it is unhappy with the Black Sea Gran pact. Russia says its"position is well known... and consistent" as talks to extend the Black Sea grain deal beyond the current May 18 deadline are scheduled to get underway in Istanbul.
• U.S. Treasury is expected to report a budget surplus of $242.5 billion for April, down from $308 billion one year earlier. amid easing chip shortages. The Japanese firm expects a five-fold increase in electric-vehicle sales this business year, from 38,000 to 202,000 units, signaling a more aggressive approach to electrification.
The federal government estimates more than 150,000 migrants were waiting in shelters and on the streets of northern Mexican states bordering the U.S. this weekend, including 60,000 migrants in the Mexican state of Chihuahua, 35,000 in the state of Tamaulipas and 25,000 in the state of Coahuila, among others. The administration also estimates hundreds of thousands of migrants were in the pipeline in southern Mexico and Central American countries. • Outside markets: The U.S.
• The Financial Times reports on plans to halt Russia's diamond trade, saying G7 nations are working on an inspections program to target the country's gemstones, but risk destabilizing the global industry. Link/paywall. — Italy is reportedly ready to pull out of China's Belt and Road Initiative. The country is the only G7 nation part of what President Xi Jinping refers to as the "project of the century," or what critics call a "debt trap" designed to create political goodwill and cement Chinese influence on the world stage.— U.S. and China trade chiefs plan to meet in Detroit later this month, Bloomberg reports , citing people familiar with the matter.
DOE said they are "committed to refilling the SPR in a manner that will deliver the best value for American taxpayers and protect U.S. national security interests, while abiding by congressional mandates and undertaking necessary maintenance that is also part of good stewardship." — Drive-thru service at Wendy's will soon use artificial intelligence, joining similar moves at restaurants like McDonald's, Panera and Popeyes, as more industries attempt to automate their processes. Google developed the AI chatbot and will attempt to mirror the customer-employee experience.— Cancer deaths are on the decline in every congressional district, according to a study published Tuesday in the journal Cancer.
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