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Day 448

1/ U.S. inflation hit a 40-year high of 8.5% in March –  the sharpest year-over-year increase since December 1981. It’s the sixth-straight month of inflation above 6%. The Federal Reserve’s average target is 2%. From February to March, inflation rose 1.2% – the biggest month-to-month jump since 2005 – with gasoline prices tied to Russia’s invasion of Ukraine driving more than half that increase. Since then, however, the national average for a gallon of gasoline has dropped to $4.10 – down from $4.33 – and several economists say March may be a high-water mark for overall inflation. (Associated Press / NBC News / Wall Street Journal / New York Times / Washington Post / CNBC)

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