Axios

Americans may be burdened by inflation, but they're still willing to buy cars, especially used ones, according to new research shared first with Axios.

Why it matters: While cost pressures persist, demand for vehicles remains resilient because of how essential they are to work and opportunity.

President Trump faces a tough climb turning his "energy dominance" agenda into energy wins when he meets Chinese President Xi Jinping in Beijing.

Why it matters: China is a massive market, and Trump loves using bilateral summits to secure energy purchase agreements.

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.

President Trump endorsed suspension of the federal gasoline tax in an interview with CBS News Monday.

Why it matters: It marks a reversal for the White House as Republicans face political blowback over high gasoline prices.

Energy Secretary Chris Wright said Sunday the Trump administration is "open" to suspending the federal gasoline tax amid high pump prices.

Why it matters: His remarks slightly soften the White House stance on the idea of halting the federal gas tax of 18.3 cents per gallon.

The U.S. economy added 115,000 jobs in April, while the unemployment rate held at 4.3%, the Labor Department said on Friday.

Why it matters: Employers kept hiring through the Iran war's energy shock, a sign of labor market resilience that complicates the case for the Federal Reserve to cut interest rates.

Graham Platner, the presumptive Democratic nominee in Maine's Senate race, on Friday called for ending federal taxes on gasoline and diesel.

• Platner is also proposing a national freeze on electricity rates.

Why it matters: His race is likely among the nation's tightest — and critical for Democrats' uphill climb to regain control of the chamber in November's elections.