00:00Americans are feeling it at the pump. And now in the grocery store, too. New government data
00:05released on May 28th showed U.S. inflation running at 3.8 percent year on year, the fastest pace
00:12since 2021. The driver is clear. The Strait of Hormuz crisis. Iran's closure of the waterway
00:19that handles 20 percent of the world's traded oil has sent gasoline above $4 per gallon nationally.
00:25In California, some stations are charging above $60. But this isn't just an energy problem anymore.
00:33Core inflation, which excludes food and energy, rose to 3.3 percent, meaning higher prices are
00:40spreading into housing, utilities, and everyday spending. New Fed chair Kevin Warsh faces his
00:46first policy meeting on June 16th and 17th, with both inflation rising and signs of economic
00:52slowdown emerging. The White House and Federal Reserve are now watching whether a potential
00:57Iran deal can reopen. The Strait and relieve pressure before the situation worsens for American households.
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