The first inflation report under new Fed chief Warsh isn't good

The first inflation report under new Federal Reserve chief Kevin Warsh was released on Thursday, and it shows consumer prices in April were at their highest level in almost three years. The personal consumption expenditures price index — the Fed's preferred inflation measure — rose last month at an annual rate of 3.8 %, the Commerce Department reported on Thursday. That's up from 3.5% in March and 2.8% from February, and the highest since May 2023. …