Inflation report: The Consumer Price Index increased 0.3% in April after rising 0.4% in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the index increased 3.4%, down from 3.8% in March and the lowest since 2021. The easing in the rate of increase has renewed hopes that the Federal Reserve will be more inclined to begin cutting interest rates in the not-to-distant future. The Consumer Price Index measures the change in prices paid by consumers for goods and services. Increases were recorded in April for shelter, motor vehicle insurance, medical care, apparel, and personal care.. The energy index increased 2.6 % for the 12 months ending April. Â
Presidential debates: President Biden this morning challenged Donald Trump to two debates, one in June and the second in September. Biden said there should not be in-person audiences. Biden made the debate proposal in a video that was distributed by his campaign. In a post on his internet site, Trump this morning accepted the challenge and said he’s eager to debate Biden. In the past, Trump did not show up for some debates in which he said he’d take part. Â
Cohen on the stand: Former Trump attorney and fixer Michael Cohen underwent cross examination by Trump attorney Todd Blanche yesterday during the hush money trial in Manhattan. There is no court session today but Cohen was expected to be back on the stand for more cross-examination tomorrow. Blanche was unable to shake Cohen’s testimony that Trump was deeply involved in setting up and then hiding the alleged scheme to pay porn star Stormy Daniels hush money to keep her quiet about the adultery Trump is alleged to have committed with her.
Ukraine aid: Secretary of State Antony Blinken this morning announced that $2 billion in U.S. military aid is being rushed to Ukraine to help its military deal with stepped-up attacks by Russian forces. Blinken held a joint news conference in the Ukrainian capital Kyiv with Ukraine’s Foreign Minister Kuleba. Blinken said the new aid includes armored vehicles, ammunition, missiles and air defense equipment.
Giuliani sought: A source at the office of Arizona’s attorney general says they have been unable to find former Trump attorney Rudy Giuliani to serve with him with a summons. Giuliani would be ordered to appear in court because he has been indicted for the scheme in which a slate of false electors forged documents falsely claiming Arizona was won by Donald Trump, not Joe Biden. Giuliani was indicted along with the 11 people who were the fake electors. He is supposed to appear before a judge in Arizona on May 21.
Artificial intelligence: A bipartisan group of senators led by Senate Majority Leader Chuck Schumer of New York today issued a report calling for spending at least $32 billion a year on research, development and control of artificial intelligence. The report has been in the works for several months. The report includes a recommendation that Congress impose restrictions on the importation of artificial intelligence systems developed overseas. Schumer separately has raised concerns that artificial intelligence might be used to influence the outcome of the 2024 election and he promised to pass legislation to deal with the possibility.
