Yesterday’s News 2026 05 30

curated news excerpts & citations
… trying to ‘unbury the lede’

As the cost of gas stays high due to Middle East tensions, it’s spilling over into U.S. consumer spending more broadly and creating a conundrum for the Federal Reserve. AP Photo/David Zalubowski

D. Brian Blank, Brandy Hadley @ Conversation: It’s not just high gas prices – inflation is now spreading through the US economy

Americans don’t need a press release to know that inflation is rising. Gasoline is above $4 per gallon amid the ongoing conflict in the Middle East and closure of the Strait of Hormuz, and the release of key price data on May 28, 2026, underscores why policymakers are worried these pressures could spread into the broader economy.

The report offered a mixed but still uncomfortable picture. The month-to-month rise was softer than expected, but the change year over year still points to concern: a 3.8% jump from a year earlier, the fastest pace since 2021, and a less volatile index that excludes food and energy up 3.3%.

This increase suggests inflation isn’t limited to gasoline. Housing, utilities and recreational spending are also keeping underlying inflation elevated, even as other data shows a slowing economy and weaker income growth.

Dan Frosch @ WSJ: Americans Are Falling Behind on Their $1.25 Trillion Credit-Card Bill

Soaring interest rates and stubborn inflation have led to highest delinquencies since the financial crisis; ‘a pattern of survival debt’

Paul Krugman: Who’s Deranged, Exactly?

Of partisanship and economic sentiment


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