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Key Fed official sees possible rate hike amid higher gas prices, inflation concerns
WASHINGTON (AP) — A top Federal Reserve official said Monday that an interest rate hike could be appropriate if inflation remains persistently above the central bank's 2% target, the latest sign that some policymakers are moving away from a bias toward reducing borrowing costs.Beth Hammack, president of the Federal Reserve Bank of Cleveland, said in an interview with The Associated Press that her general preference is for the Fed keep its benchmark interest rate unchanged “for quite some time."
And she also said the Fed might have to cut its rate if higher gas... Read More
Trump endorses Republican Steven Hilton for California governor, reordering wide-open race
LOS ANGELES (AP) — President Donald Trump has endorsed Republican Steve Hilton for California governor, reordering a crowded, wide-open race to lead the nation's most populous state.Trump posted late Sunday on his social media platform Truth Social that he has known Hilton for years and called the conservative commentator “a truly fine man” who could turn around a state beset with notoriously high taxes. California, Trump wrote, “has gone to hell.”
“With Federal help, and a Great Governor, like Steve Hilton, California can be better than ever before!”... Read More
JPMorgan CEO Dimon: Iran war could reignite inflation and keep Fed rates higher for longer
NEW YORK (AP) — JPMorgan Chase CEO Jamie Dimon warned in his annual shareholder letter that a “resilient” U.S. economy could face renewed inflation pressures if the war in Iran disrupts global energy markets.Dimon described inflation as the potential “skunk at the party” this year, cautioning that turmoil in oil and commodity markets could ripple through the economy, affecting everything from gasoline prices to manufacturing costs. He also warned that sustained inflation could force the Federal Reserve to keep interest rates higher for longer, posing risks to the... Read More
Iran rejects latest ceasefire proposal as Trump's deadline approaches
TEHRAN, Iran (AP) — Iran on Monday rejected a 45-day ceasefire proposal and said it wants a permanent end to the war, even as Israel attacked a major gas field and U.S. President Donald Trump’s ultimatum to open the Strait of Hormuz loomed.“We only accept an end of the war with guarantees that we won’t be attacked again," Mojtaba Ferdousi Pour, head of Iran’s diplomatic mission in Cairo, told The Associated Press. He said Iran no longer trusts the Trump administration after the U.S. bombed the Islamic Republic twice during previous rounds of talks.
Iran’s... Read More
A 12-hour drive through Iran offers glimpses of destruction, defiance and daily life
ZANJAN, Iran (AP) — A black banner hangs over the border crossing and portraits of Iran's slain Supreme Leader Ayatollah Ali Khamenei stare down, promising vengeance against the United States and Israel.But on the 12-hour drive south to the capital, Tehran, daily life continued, with only occasional signs of the ongoing war, including a Shiite religious center that officials say was damaged by a recent airstrike.
Associated Press reporters made the journey on Saturday after crossing into Iran from Turkey. They gained a glimpse of the country at the center of a... Read More
Top Stories
- The Latest: Iran rejects ceasefire proposal and insists on a permanent end to the war
- US stocks and oil prices flip-flop ahead of Trump's deadline to bomb Iranian power plants
- Iran rejects latest ceasefire proposal as Trump's deadline approaches
- A 12-hour drive through Iran offers glimpses of destruction, defiance and daily life
- Savannah Guthrie returns to 'Today' anchor desk for first time since mother's disappearance
- Artemis II astronauts race to set a new distance record from Earth and behold the moon's far side
- Russian attacks kill 4 as Ukraine drones target oil infrastructure
- Trump issues an expletive-filled threat against Iran as details of US aviator's rescue emerge
- Pope Leo urges peace in first Easter Mass as Christians celebrate in Jerusalem, Gaza and Tehran
- UConn and Hurley muscle their way to 3rd national title game in 4 seasons, beating Illinois 71-62
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Entertainment
- Savannah Guthrie returns to 'Today' anchor desk for first time since mother's disappearance
- From book bans to basement makeovers: 10 win I Love My Librarian Award for making a difference
- Pressure mounts on Ye to be pulled from his headline role at a summer festival in London
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Sports
- Angel Reese traded from Chicago Sky to Atlanta Dream for first-round draft picks in 2027 and 2028
- NCAA champion UCLA finishes No. 1 in women's AP Top 25 ahead of South Carolina, UConn, Texas, Duke
- In NCAA title game, a Michigan team on a roll tries to derail a UConn dynasty
- VinÃcius Júnior hails Lamine Yamal for condemning anti-Muslim chants