00:00The Iran war is showing up on every American's grocery receipt and every trip to the gas pump.
00:05New government data confirms U.S. inflation hit 3.8% year-on-year in the latest PCE reading.
00:12The fastest pace since 2021, driven largely by the Strait of Hormuz closure and energy price surge.
00:20Gasoline has exceeded $4 per gallon nationally.
00:23In California, some stations are now charging above $6.
00:27But the pain is spreading beyond energy.
00:30Core inflation, which strips out food and energy, also rose to 3.3%,
00:35meaning higher costs are working their way into housing, utilities, and everyday spending.
00:41Lower-income Americans are feeling the squeeze hardest,
00:45since a larger share of their income goes toward basics.
00:48Bank of America data suggests overall consumer spending is still running at 4% annual growth.
00:54But analysts warn that it's driven partly by people spending more for the same goods,
00:59rather than buying more.
01:01The Federal Reserve's new chair faces his first policy meeting on June 16th with no easy answers.
01:07And we're ateyeعت Umland for its cocokers.
01:08Thank you, Leo.
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