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☆ Bank of Israel to raise rates 25 bps next week, may be last in cycle
▼ + stars: | 2023-05-18 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Israel's annual inflation rate held steady at 5% in April versus expectations it would ease to 4.7%, and stayed well above an official annual target of 1-3%. Shal believes the cycle will end next week and expects rates to stay on hold for the rest of the year, before the Bank starts cutting them in early 2024. When it began hiking rates in April of 2022, the Bank of Israel had initially hoped its front-loading stance would be able to cap its key rate at around 3%. The inflation rate has stayed at at least 5% since last October and peaked at 5.4% in January. Bank Leumi Chief Economist Gil Bufman noted "the drop in inflation in Israel since its peak is low compared to the other countries".

☆ PGA Championship: Eric Cole soars but Jon Rahm sinks in frost-delayed first round
▼ + stars: | 2023-05-18 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

CNN —American golfer Eric Cole raced into an early PGA Championship lead following a scintillating start at Oak Hill Country Club on Thursday. Now, on his PGA Championship debut and only his second major appearance, the 34-year-old is enjoying a look at the leaderboard. 1 is bidding to become only the fourth golfer – and the first since Jack Nicklaus in 1975 – to win both the Masters and the PGA Championship in the same season. Jordan Spieth will need a strong response if he is to achieve golfing immortality come Sunday, as the three-time major champion opened with a three-over 69. The American is a PGA Championship title away from becoming only the sixth men’s golfer to win all four majors in the modern era.

☆ UFC maintains links with Russian fighters and fighters connected to sanctioned Chechen warlord despite Ukraine invasion
▼ + stars: | 2023-05-17 | by ( Ben Morse | ) edition.cnn.com time to read: +17 min

We have been saying for some time that these sports organizations need to prohibit Kadyrov’s fighters to perform,” he said. There’s also its decision to allow Russian fighters in general to compete in the world’s premium mixed martial arts organization. Some critics have suggested Russian fighters in general should be suspended, like has happened in some other sports, for the country’s involvement in the invasion of Ukraine. Chris Unger/Zuffa LLC/Getty ImagesUFC’s primary focusThere are 20 active Russian fighters currently competing in their organized events, according to the UFC website. CNN approached all 20 of those Russian fighters, only two responded initially and ultimately none of them agreed to an interview.

☆ Retail Sales to Show Americans’ Appetite to Spend in April
▼ + stars: | 2023-05-16 | by ( Gwynn Guilford | Sarah Nassauer | ) www.wsj.com time to read: 1 min

This week’s U.S. retail-sales data will provide the latest update on inflation and the economy. New data on existing home sales, the housing-market index and housing starts will also be released. Photo: Saul Loeb/Agence France-Presse/Getty ImagesApril’s retail-sales report will show consumers’ willingness to spend at stores and restaurants and online as easing inflation returns some spending power to shoppers. Consumers cut retail spending for the second straight month in March, pulling back on purchases of furniture, appliances and gasoline. But a solid labor market last month kept wage growth elevated while inflation cooled to its slowest pace in two years—which could in turn help boost consumer spending, the primary driver of economic growth.

☆ Day care, margarine, car repairs: Here’s what’s costing Americans the most
▼ + stars: | 2023-05-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Annual inflation unexpectedly declined to 4.9% last month, according to the April Consumer Price Index report, released Wednesday. Here are some of the notable price hikes Americans are confronting:MargarineCosting almost 24% more than last year, margarine earned the top prize for the biggest annual increase last month. The CarMD report found that the increase in repair costs isn’t coming from labor costs, which were down slightly last year. Day care and preschoolThe cost of sending your child to day care or preschool is up 7% compared to last year, the largest annual increase recorded, according to April’s CPI. Child care centers are seeing increased demand after more workers are being called back to work in person.

☆ Mortgage rates tick down for the second week in a row
▼ + stars: | 2023-05-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked down last week for the second week in a row, as progress on inflation is keeping rates calmer. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago, and have remained over 5% for all but one week during the past year. But over the last month rates have averaged about 6.37% and have been going up and down, but staying under 6.5%. “This should bode well for the trajectory of mortgage rates over the long term.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

☆ Instant View: US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. I think the Fed will raise rates again in June and then pause. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing."

☆ US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing." The other thing is shelter, a huge component of CPI and it came in a little bit weaker."

☆ Annual inflation cooled off slightly in April
▼ + stars: | 2023-05-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —Annual inflation continued its slow-but-steady deceleration in April, according to the latest Consumer Price Index released Wednesday. The CPI climbed by 4.9% for the 12 months ended in April, according to the Bureau of Labor Statistics, representing a slightly slower pace of increase than the 5% in March. It’s the 10th consecutive month that the headline CPI rate has slowed, and it’s at its lowest rate since April 2021 — when this bout of painfully high inflation started to spike. Excluding food and energy costs, which tend to have more volatility, core CPI was unchanged at 5.5% for the 12 months ended in April. A welcome decline — albeit a slight one — came in the category of grocery prices, which fell 0.2% over the month, helping bring the annual rate of inflation there to 7.1%.

☆ The Slowdown in Inflation May Have Ended in April
▼ + stars: | 2023-05-10 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +3 min

That plateau could come amid strong price increases for food, gas, used cars and car insurance. Although inflation has been gradually cooling, it remains too elevated for policymakers to be comfortable. Federal Reserve officials are likely to watch the April inflation report closely. There could be one silver lining from April’s numbers: Some economists expect a meaningful slowdown in services prices after stripping out food, energy and housing costs. Policymakers have been watching that trimmed-down measure for a signal of where price increases might go next.

☆ CNBC Daily Open: Bracing for April’s CPI reading
▼ + stars: | 2023-05-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Investors are hoping April's CPI reading will show dipping prices. April's jobs report showed the labor market's still going strong, which might contribute to price pressures. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Bracing for April’s consumer price index
▼ + stars: | 2023-05-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Markets had a quiet Tuesday as investors braced for key inflation reports coming out later today and Thursday. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. April's jobs report showed the labor market's still going strong, which might contribute to price pressures. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Inflation is cooling — but many items aren’t cheaper. Here’s why
▼ + stars: | 2023-05-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Instead, the pace of price increases slowed from a year ago. But they may be suffering from even bigger price increases for margarine, which was up 24%. Poorer households spend a greater portion of their income on unavoidable expenses like food and gas, which makes them more vulnerable to price increases. Not everything is responding well to interest rate hikesThe Federal Reserve spent the past year hiking interest rates in the interest of lowering inflation. When the Fed raises interest rates, it costs more for banks and other lenders to borrow money.

☆ Scientists used DNA to unlock who wore a 25,000-year-old pendant
▼ + stars: | 2023-05-06 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

Max Planck Institute for Evolutionary AnthropologyA deer tooth pendant has revealed details about the woman who wore it between 19,000 and 25,000 years ago. The groundbreaking analysis by a team of European researchers marks the first time scientists have successfully isolated ancient human DNA from a Stone Age artifact. Gregory BretonWith large ears and adorable faces, sand cats went viral seven years ago when their kittens were photographed in the wild for the first time. Although smaller than domestic cats, sand cats live in harsh environments with scorching heat, hunt venomous Saharan horned vipers and rely on blood from prey as a source of water. To unravel the many mysteries of sand cats, researchers tracked 22 of the felines that had been fitted with radio collars for four years.

☆ Wall St Week Ahead US. consumer price data to test feared stagflation scenario
▼ + stars: | 2023-05-05 | by ( David Randall | ) www.reuters.com time to read: +5 min

Some also believe the recent banking sector tumult will hurt lending and further constrain growth, forcing the Fed to cut rates before inflation is tamed. April’s survey of global fund managers from BoFA Global Research showed stagflation expectations near historical highs, with 86% saying it will be part of the macroeconomic backdrop in 2024. Next week’s consumer price data for April, due on Wednesday, May 10, could offer a clearer picture of whether the Fed’s interest rate increases are cooling inflation. Charlie McElligott, managing director of cross-asset macro strategy at Nomura Securities, pointed to the Atlanta Fed's GDPNow estimate, which is projecting a 2.7% growth rate in the second quarter, up from 1.8% on May 1. At the same time, expectations that the Fed is unlikely to raise rates much higher has created a better backdrop for investors, he said.

☆ Jarryd Hayne: Former NFL and Australian rugby player jailed ahead of sentencing
▼ + stars: | 2023-04-14 | by ( Ben Morse | ) edition.cnn.com time to read: +2 min

CNN —Former Australian rugby and NFL player Jarryd Hayne has been jailed ahead of his sentencing hearing after being found guilty of raping a woman in 2018. Earlier this month Hayne had been found guilty by a jury of two counts of sexual intercourse without consent. In a statement to CNN, Hayne’s barrister Margaret Cunneen said that jury did not understand the standard of proof. He was then tried a second time and, in March 2021, Hayne was found guilty of two counts of sexual intercourse without consent. Hayne is one of the National Rugby League’s most famous players, having won numerous awards for his success on the field.

☆ Top NFL Prospect Jalen Carter Charged in Fatal Crash That Killed Georgia Teammate, Staffer
▼ + stars: | 2023-03-01 | by ( Andrew Beaton | Laine Higgins | ) www.wsj.com time to read: 1 min

Georgia defensive lineman Jalen Carter has been projected as a top prospect in April’s NFL draft. INDIANAPOLIS—The tragic and ugly aftermath of Georgia’s second consecutive national football title mounted on Wednesday as a police department issued an arrest warrant for Jalen Carter , one of the top prospects in the upcoming NFL draft, for his alleged role in a January car crash that killed a teammate and staffer. Carter has been charged with reckless driving and racing by the Athens-Clarke County Police Department for his role in the Jan. 15 crash that killed Chandler LeCroy , 24, a team staffer who was driving another car that was also carrying the other victim, Georgia football player Devin Willock , 20. Previously, a police investigation had characterized the incident as a single car wreck.

☆ Chicago Mayor Lori Lightfoot Fails in Re-Election Bid
▼ + stars: | 2023-02-28 | by ( Ben Kesling | Joe Barrett | ) www.wsj.com time to read: 1 min

Chicago Mayor Lori Lightfoot speaking at a rally on Tuesday. CHICAGO—Mayor Lori Lightfoot lost her re-election bid by failing to garner enough votes to make a runoff election, a stunning fall for a candidate who had won all 50 of the city’s wards four years ago but had sparred with a powerful teachers union and been under fire for her response to rising crime. The Associated Press declared Tuesday night that Paul Vallas , a more moderate Democrat who had won the support of the city’s police union, and Brandon Johnson , a liberal teachers union organizer, secured the two spots in April’s runoff election.

☆ Chicago Mayor Lori Lightfoot Fails in Re-Election Bid Tuesday
▼ + stars: | 2023-02-28 | by ( Ben Kesling | Joe Barrett | ) www.wsj.com time to read: 1 min

CHICAGO—Mayor Lori Lightfoot lost her re-election bid by failing to garner enough votes to make a runoff election, a stunning fall for a candidate who had won all 50 of the city’s wards four years ago but had sparred with a powerful teacher’s union and been under fire for her response to rising crime. The Associated Press declared Tuesday night that Paul Vallas , a more moderate Democrat who had won the support of the city’s police union, and Brandon Johnson , a liberal teacher’s union organizer, secured the two spots in April’s runoff election.

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