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Fed Inflation Forecast Halts Cuts; Iran Closes Strait, Markets Surge

4/28/2026

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Summary

Story summary

Federal Reserve (Fed)'s inflation tool projected inflation at 3.56% on April 23, a 26-bp jump and a 116-bp rise in months, removing rate-cut expectations.
President Donald Trump’s Feb. 28 order to attack Iran led Iran to close Strait of Hormuz, stopping 20 million barrels of oil.
The S&P 500, Nasdaq and Dow each rose to record levels as gasoline prices surged at the fastest pace in 30 years and diesel jumped more than 40%.

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Story summary

Federal Reserve (Fed)'s inflation tool projected inflation at 3.56% on April 23, a 26-bp jump and a 116-bp rise in months, removing rate-cut expectations.
President Donald Trump’s Feb. 28 order to attack Iran led Iran to close Strait of Hormuz, stopping 20 million barrels of oil.
The S&P 500, Nasdaq and Dow each rose to record levels as gasoline prices surged at the fastest pace in 30 years and diesel jumped more than 40%.