Consumer prices continued to surge in April, led by higher energy prices, the government said on Tuesday.
Why it matters: The April report shows that inflationary pressures tied to the Iran war are seeping into consumer prices, making it difficult for the Federal Reserve to cut interest rates just as President Trump's pick is set to take the helm of the central bank.
President Trump's endorsement of suspending federal gas taxes pushes the idea higher on the political radar, but it still faces long odds.
Why it matters: Some Republicans rushed to introduce bills, and a few Democrats have already endorsed the idea — but there are still serious obstacles that could keep Trump's comments from becoming reality.
CNN on Tuesday launched its new weather app in the U.S., marking its first stand-alone lifestyle product since management overhauled digital strategy last year.
Why it matters: CNN's ability to successfully build audiences across its lifestyle-focused products, like CNN Weather, will be a major factor in determining how fast it can transition to becoming a digital-first news organization.
The Strait of Hormuz has been closed for 10 weeks now — a once unthinkable shock to the world economy — yet global oil prices aren't nearly as high as many people had expected.
Why it matters: The relatively restrained price movement helps explain why the global economy is holding up so far.
