Overall CPI inflation rose by 0.3% in April, while core inflation—which excludes food and energy—also rose by 0.3%. This helped bring the year-over-year headline inflation down to 3.4% and core inflation to 3.6%.
Hiring cooled in April from the torrid pace of 269,000 jobs on average during the first three months of 2024 as the economy generated an average increase of 175,000 in total employment.
Citing a lack of progress in reducing inflation, the Federal Reserve kept its policy rate unchanged at 5.5% at its meeting on Wednesday, the same rate it has had since July.
House Ways & Means Committee Chairman Jason Smith (R-MO) and House Tax Subcommittee Chairman Mike Kelly (R-PA) recently announced the formation of 10 "Committee Tax Teams". Each team will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025 and identify legislative solutions.
