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Iranian Foreign Minister Abbas Araghchi has stated Tehran is prepared to resume direct military conflict with the US if negotiations fail, warning that the costs of war are weighing on Americans through inflation and public debt. The warning comes amid a blockade of the Strait of Hormuz and soaring food inflation inside Iran.
The U.S. Senate has confirmed Kevin Warsh as Federal Reserve Chair, a move that has sparked debate over the central bank's independence. The confirmation, which saw bipartisan support from Senator John Fetterman, comes amid rising inflation and political pressure from the Trump administration.
New York Mayor Eric Adams has slammed soaring US inflation, attributing it partly to the federal government's climate change campaign and poor economic policies. He called for urgent action to ease the burden on working families as CPI hit a 40-year high.
The Trump administration is considering a temporary suspension of the federal gas tax to combat rising fuel prices, according to administration sources. The move could provide immediate relief to consumers but raises concerns about funding for infrastructure projects.
Food prices in Iran have surged 115% year-on-year amid 73% overall inflation and a record low currency, driven by the U.S.-Israel war and naval blockade. Citizens face severe shortages as subsidies remain under $10 per month. The government blames the conflict while critics point to economic mismanagement and an ongoing internet blackout.
Japan's real wages rose 1.0% year-on-year in March, the third straight monthly increase, as companies raised pay to retain talent amid strong profits. Analysts view the trend as a positive sign for an economy long plagued by wage stagnation.
War with the US and Israel is inflicting severe economic damage on Iran, with prices skyrocketing, millions of jobs lost, and the rial plunging to a record low. A toxic mix of domestic mismanagement, infrastructure strikes, US sanctions, and a near-total internet shutdown is strangling the economy. The minimum wage, even after a 60% hike, is less than $92 a month, while basic goods grow ever more unaffordable.
Despite economic growth and wage increases, Greek workers had the second-lowest real wages in the EU in 2023, according to Eurostat. Inflation has eroded one-third of Greek incomes since the 2009 crisis, while collective bargaining coverage has fallen sharply. Workplace deaths are also rising, with official figures likely undercounting fatalities.
The U.S. Federal Reserve maintained its benchmark interest rate at 3.5-3.75% during Chair Jerome Powell's final policy meeting, citing inflationary pressures from the Middle East conflict and a sluggish labor market. The decision was widely expected, with 100% of investors forecasting no change.
