Author: Leslie Stewart

The US Treasury building in Washington.Saul Loeb | AFP | Getty ImagesThe U.S. budget deficit exceeded $1 trillion in the fiscal year that ended in February, Treasury data showed on Wednesday, but it was significantly lower than the same period a year earlier.Expenses exceeded revenues by $308 billion in February, roughly matching the deficit recorded in the same month last year.The fiscal year-to-date budget deficit totaled $1.004 trillion, about 12% less than the comparable period in 2025, as government revenues grew faster than spending.What helped narrow this gap was a sharp increase in customs duty collections. Tariffs totaled $151 billion…

Prices consumers pay for a wide range of goods and services rose in line with expectations in February, providing a final look at inflationary pressures before the Iran war-related oil shock rattled the outlook.The consumer price index rose a seasonally adjusted 0.3% in the month, bringing the 12-month inflation rate to 2.4%, according to Bureau of Labor Statistics data released Wednesday. Both numbers were in line with Dow Jones consensus estimates.Excluding volatile food and energy prices, core CPI was 0.2% month over month and 2.5% annualized, also in line with expectations, compared to expectations of 0.2% and 2.5%.The annual rate…

The February consumer price index, released Wednesday at 8:30 a.m. ET, is expected to show prices rose only slightly, just before the Iran war caused energy costs to soar.Analysts and economists surveyed expect overall inflation to rise 0.3% from January. On a year-on-year basis, inflation is expected to remain at 2.4%. Core inflation, which excludes volatile food and energy, is expected to slow to 0.2% month-on-month, down from 0.3% in January.”February’s CPI report should continue to show that inflation remains relatively subdued,” Bank of America economists said in a recent note.Importantly, the February report was produced before the United States…

A Rotterdam hopper dredger operated by Van Old is moored in Muscat, Oman, March 9, 2026, amid the US-Israel-Iran conflict and as Iran pledges to close the Strait of Hormuz.Benoît Tessier | ReutersIran continues to send large amounts of crude oil to China via the Strait of Hormuz, even though the war between the US, Israel and Iran has put widespread supplies through the vital sea route at risk. Tanker Trackers co-founder Sameer Madani told CNBC on Tuesday that Iran has sent at least 11.7 million barrels of crude oil through the Strait of Hormuz since the war began on…

IE11 is not supported. For the best experience, please visit our site in a different browser.Currently playingDallas players return home after witnessing strike in Tehran01:16to the nextApproximately 140 US military personnel injured in Iran war00:31UAE video shows Iranian drone destroyed00:23Fire breaks out in Tehran after reports of airstrike00:24US launches ‘heaviest day of attacks’ against Iran00:45Rescue workers search the rubble after Tehran airstrike00:31Prime Minister Netanyahu says there is ‘more to come’ on Iran00:27Australia grants asylum to 5 Iranian soccer players00:50Who is Iran’s new supreme leader?01:40President Trump threatens further attacks if Iran cuts off global oil supplies00:58Explosion detected in Beirut as Israel…

Former US Federal Reserve Board member Kevin Warsh spoke with CNBC on July 17, 2025.CNBCWhen Kevin Warsh becomes Federal Reserve chairman, he could face a buzzsaw: Hobson’s choice between fighting inflation and protecting the labor market.The Fed has a duty to support the sometimes contradictory dual mandate of price stability and full employment.There are basically three ways to do this. They can either raise interest rates to suppress demand and fight inflation, lower them to support economic growth and employment, or, best of all, keep interest rates where they are to maintain a balance between the two.But the deteriorating economic…

A Citgo gas station stands in Boston, Massachusetts, USA on January 6, 2026.brian snyder reuterMotorists are watching gasoline prices hit the highest in more than a year and a half as the war between the United States and Iran disrupts global oil trade.The average price of a gallon of unleaded gasoline in the U.S. rose to about $3.54 a gallon on Tuesday, according to AAA. This is the highest level since mid-2024 and represents a 21% increase from the previous month.Gasoline prices began to soar last week after the U.S. and Israeli attacks on Iran and the ensuing conflict crippled…

IE11 is not supported. For the best experience, please visit our site in a different browser.Woman reunited with missing dog for the first time in 4 years00:19Currently playingPrime Minister Netanyahu says there is ‘more to come’ on Iran00:27to the nextAustralia grants asylum to 5 Iranian soccer players00:50AI giant Anthropic sues Trump administration00:3223 people rescued from broken ice shelf in Canada00:18Who is Iran’s new supreme leader?01:40Alexander brothers convicted of sex trafficking00:16President Trump claims Iran has Tomahawk missiles, no evidence01:41How will lower interest rates affect inflation?00:58President Trump threatens further attacks if Iran cuts off global oil supplies00:58Iran hits back at Israel on…

DORAL, Fla. — President Donald Trump on Monday described the Iran war as “short” and “a quick jaunt,” suggesting the 10-day conflict that has roiled the Middle East may be nearing an end.President Trump made the remarks in a speech to House Republicans and donors at his namesake resort outside Miami. Republican lawmakers will meet over the next three days to discuss legislative challenges and campaign strategies ahead of November’s midterm elections, which were upended by the Iran war.”This was just a jaunt into what needed to be done, and we’re very close to finishing it,” Trump said.His appearance before…

A driver refuels a vehicle at a Wawa gas station on Monday, March 2, 2026 in Media, Pennsylvania, United States.Matthew Hatcher | Bloomberg | Getty ImagesThe threat of stagflation looms over the U.S. economy and financial markets again as oil prices soar to $100 a barrel, effectively paralyzing the job market.Stimulus measures such as interest rate cuts and government spending only worsen inflation, making high inflation and low growth a dual threat. If prices remain high, they could put a damper on not only the labor market but also consumer spending, which drives more than two-thirds of the U.S. economy.”I…