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Risks From Iran War Sway Minneapolis Fed President’s Dissent

  • Minneapolis Fed President Neel Kashkari objected to the Fed’s policy statement, citing heightened inflation risks from the Iran war.
  • Kashkari was one of four Fed voters to object at the April meeting, including Cleveland Fed’s Beth Hammack and Dallas Fed’s Lorie Logan.
  • Kashkari argued the Fed should signal the next rate change could be a cut or a hike, not imply a likely rate cut.

 
U.S. Factory Activity Expands in April

  • U.S. factory activity expanded in April, with price pressures rising for the second month of the Iran war.
  • The ISM’s purchasing managers’ index was 52.7 in April, indicating expansion and matching March’s reading.
  • The prices index increased 25.6 percentage points in three months to 84.6, its highest level since April 2022.
Canada Manufacturing Activity Picks Up

  • Canadian manufacturing activity recovered in April, with the S&P Global PMI rising to 53.3, driven by worries about future prices.
  • Paul Smith, S&P Global Market Intelligence Economics Director, said growth stems from fears of product availability and price rises due to the Middle East war.
  • Input costs rose by the greatest degree in over three-and-a-half years, with output price inflation strongest since late 2022.
The Fees That Fund Your Rewards Credit Card Are Facing a State Battle

  • An Illinois law, set for July 1, would ban credit-card fees on taxes and tips, sparking a local battle over transaction costs.
  • Banks warn the Illinois law could cause them to withdraw from the state, while federal regulators issued a rule to pre-empt such state laws.
  • Merchants argue the law would save businesses money, as they paid $500 million in Illinois interchange fees on sales tax in 2024.
 

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