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close video Fed is willing to go pretty far to tame inflation: Thomas Hoenig

Former Kansas City Federal Reserve Bank President and CEO Thomas Hoenig joined Mornings with Maria to discuss the Federal Reserves forthcoming rate hike decision.

A high-stakes inflation report due Wednesday is expected to show that price pressures within the economy remained strong last month despite an aggressive interest rate hike campaign by the Federal Reserve.

Economists expect the consumer price index, which measures a basket of goods, including gasoline, health care, groceries and rent, to show that monthly prices rose 0.4% in April, up from the increase of 0.1% recorded the previous month. On an annual basis, inflation is projected to have climbed 5%, unchanged from March but down from a peak of 9.1% in June. 

That remains nearly three times higher than the pre-pandemic average, the latest evidence that inflation is "moderating at a snail's pace," Bank of America economist Michael Gapen said. 

Other parts of the report are also expected to point to a slow retreat for inflation, a worrisome sign for the U.S. central bank. Core prices, which exclude the more volatile measurements of food and energy, are expected to climb 0.4% or 5.5% annually, suggesting that underlying price pressures remain strong. 

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"As we have been saying for some time now, we expect that slowing economic activity will trigger a material deceleration in inflation, but the path back to 2% will be long and bumpy," Wells Fargo analysts wrote in a note Friday.  

Consumers were likely squeezed last month in the form of higher food and gasoline prices. Analysts expect that groceries posted another cost increase as major companies like PepsiCo, Nestle and Unilever announced price hikes in their most recent quarterly earnings calls.

DEBT CEILING DEADLINE IS CLOSER THAN PREVIOUSLY EXPECTED – HERE'S WHY

On top of that, gas prices spiked in early April after OPEC+ unexpectedly slashed oil production; AAA data indicates daily gas prices rose by 5.2% in April from the previous year. 

"Unfortunately, it has been like watching the financial equivalent of a car wreck," said Mark Hamrick, an economic analyst at Bankrate. "Between the spikes in gasoline, food and shelter prices, there has been no shortage of sources of aggravation associated with inflation for many months now. This tension is easing but hasn’t gone away."

A man shops for meat at a Safeway grocery store in Annapolis, Md., May 16, 2022. (Jim Watson/AFP via Getty Images / Getty Images)

The Federal Reserve is closely watching the report for evidence inflation is finally subsiding as policymakers try to cool the economy with a series of aggressive interest rate hikes. Officials approved the 10th straight rate increase last week, lifting the benchmark federal funds rate to a range of 5% to 5.25%, the highest since 2007.

FED RAISES INTEREST RATES A QUARTER POINT, HINTS AT POSSIBLE PAUSE

But central bankers also opened the door to a long-awaited pause in the tightening cycle, although they stressed that it hinged on upcoming economic data.

Shoppers in a Kroger supermarket Oct. 14, 2022, in Atlanta. (Elijah Nouvelage/AFP via Getty Images / Getty Images)

The Fed is also taking into consideration other economic indicators, including job growth and consumer inflation expectations. In a potentially worrisome sign for the central bank, both hiring and wage growth came in stronger-than-expected last month.

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The April jobs report showed employers added 253,000 jobs in last month, and the unemployment rate ticked down to 3.4%, the lowest since 1969. 

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King Of The Hill and Parks And Recreation actor Jonathan Joss shot dead in Texas

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King Of The Hill and Parks And Recreation actor Jonathan Joss shot dead in Texas

An actor who appeared in animated series King Of The Hill and hit show Parks And Recreation has been shot dead near his home.

Jonathan Joss, 59, was found injured by police in San Antonio, Texas, on Sunday evening.

Officers tried to save him but he was pronounced dead at the scene.

The actor’s husband claimed the gunman shouted “violent homophobic slurs” before opening fire, and that Joss had pushed him out the way to save his life.

“He was murdered by someone who could not stand the sight of two men loving each other,” alleged Tristan Kern de Gonzales on Facebook.

He said the couple had previously faced harassment from neighbours, much of it “openly homophobic”.

Joss’s husband said they had been checking for mail at his old home – which earlier this year burned down in a fire that killed their three dogs – when they noticed the skull of one of the animals in front of the property.

He said they began “yelling and crying” and claimed they were approached by a man who threatened them with a gun.

“We were standing side by side,” said Mr Kern de Gonzales. “When the man fired Jonathan pushed me out of the way. He saved my life.”

However, San Antonio police said it had found no evidence that the shooting was a hate crime.

“Should any new evidence come to light, we will charge the suspect accordingly,” said a statement.

A 56-year-old man, Sigfredo Ceja Alvarez, has already been charged with murder.

Joss is best known for voicing Native American character John Redcorn in cult show King Of The Hill, which ran for 13 series and more than 250 episodes from 1997 to 2009.

He also had a recurring role in NBC’s Parks And Recreation as tribal elder and casino owner Chief Ken Hotate.

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A King Of The Hill reboot is due to start in August and Joss had been in Austin, Texas, for events promoting the comeback the day before he was killed.

He posted a video on Instagram saying he was signing autographs at a comic book store, adding that he had already worked on four episodes of the revival.

“The fans get to revisit King Of the Hill again, which I think is an amazing thing because it’s a great show,” he said in the video.

The suspect is being held in a detention centre in San Antonio, but the lawyer representing him could not be traced as they were not listed in court records.

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Environment

West Virginia just hit a solar milestone but there’s a major catch

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West Virginia just hit a solar milestone but there’s a major catch

The third of a quintet of West Virginia solar farms just came online, and while that’s a renewable milestone, there’s a disappointing hitch.

3 out of 5 West Virginia solar farms are online

FirstEnergy subsidiaries Mon Power and Potomac Edison have launched a 5.75 megawatt (MW), 17,000-panel solar farm at Marlowe in Berkeley County. The new solar farm sits on about 36 acres of land along I-81 and the Potomac River – land that used to store ash from the retired R. Paul Smith Power Station.

In 2022, FirstEnergy wrapped up a major cleanup effort, pulling more than 3 million tons of ash from the site to be reused in cement manufacturing. With the landfill officially closed, the company cleared the way to turn the former waste site into a clean energy generator as part of its solar program. Fifty-four local union workers constructed the solar farm, which features US-made solar panels, a racking system, and electrical equipment.

It’s the third of Mon Power and Potomac Edison’s five solar farms that will generate up to 50 MW of clean energy combined. The companies completed their first solar farm at Fort Martin Power Station (18.9 MW) in early 2024, and their Rivesville solar site (5.5 MW) came online last fall. In total, the companies now have 30 MW of solar capacity.

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Electrek’s Take

Combined, the five projects will create more than 87,000 Solar Renewable Energy Credits (SRECs) available for purchase by customers for 4 cents per kilowatt hour in addition to normal rates. Aside from the essential benefit of cutting carbon emissions, there isn’t anything else in it for customers, apart from spending, on average, an extra $40 or so a month out of the goodness of your heart to go solar. Heck, you don’t even get a T-shirt.

Mon Power and Potomac Edison – why are customers being charged MORE to buy into solar in West Virginia? That’s a stick, not a carrot. (And WV? Coal’s not coming back. It doesn’t matter what Trump says.)

But solar growth anywhere is something to be cheerful about, and solar energy in coal-state West Virginia is progressing. According to the Solar Energy Industries Association, as of Q4 2024, 205 MW of solar is installed in West Virginia. So, it’s no surprise that it’s at the bottom – it’s ranked 49th in the US for the amount of solar installed. However, it’s projected to reach 40th place over the next five years with 1,064 MW, so at least it’s expected to improve.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Environment

Kia’s low-cost EV4 is getting the GT treatment: Here’s our first look at the interior

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Kia's low-cost EV4 is getting the GT treatment: Here's our first look at the interior

Is the Kia EV4 GT the affordable electric sports car we’ve been waiting for? Kia’s first global electric sedan is about to get a sporty upgrade. After the EV4 GT was spotted in public, we’re finally getting a glimpse of the interior.

Kia EV4 GT spotted, revealing first look at the interior

The EV4 arrives as one of the most highly anticipated electric cars of 2025. After opening orders in Korea earlier this year, Kia will launch it in Europe later this year and the US in 2026.

Kia’s electric sedan starts at just 41.92 million won, or around $30,000 in Korea. Although prices for Europe and North America have yet to be revealed, the entry-level EV is expected to start at around $35,000 to $40,000.

Despite its typical four-door design, Kia labels it as an “entirely new type of EV sedan” with a wide stance and fastback silhouette.

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Although the EV4 already has that sports car look, Kia is about to introduce an upgraded GT variant that could be a true Tesla Model 3 Performance challenger.

Kia-EV4-GT-interior
Kia EV4 GT-Line (Source: Kia)

Who could forget the EV6 GT? It hit the market in 2022 as “the most powerful Kia production vehicle ever.” With 576 hp, the high-performance EV could hit 0 to 60 mph in just 3.4 secs, faster than the average Ferrari or Lamborghini.

With significant advancements in battery technology, powertrain, and other areas over the past few years, the EV4 GT will likely offer even more.

Kia-EV4-GT-interior
Kia EV4 GT-Line (Source: Kia)

The EV4 GT was spotted outside Kia and Hyundai’s facility in Korea, and a few spy photos give us a glimpse of the interior for the first time.

The new video from HealerTV reveals a few interior upgrades the GT model will get over the standard EV4. As you can see, it resembles the EV9 GT interior almost identically. The only slight difference that we can see is the different material on the upper part of the seating.

Kia EV4 GT interior first look (Source: HealerTV)

Like the EV6 GT and EV9 GT, the EV4 GT will also include an adjustable ambient lighting feature, allowing you to customize the interior color and brightness.

Although it’s covered, the EV4 GT is expected to feature Kia’s new ccNC infotainment system. The panoramic curved display includes dual 12.3″ driver and navigation screens.

kia-ev4-gt-interior
Kia EV4 GT-Line interior (Source: Kia)

The exterior is likely to receive a more aggressive front-end design and larger wheels, similar to those of other Kia GT vehicles. Although the final specifications have yet to be revealed, the EV4 GT is expected to feature an all-wheel-drive (AWD) dual-motor powertrain.

In Korea, the EV4 is available in two battery options: 58.2 kWh and 81.4 kWh, offering a driving range of 237 miles or 331 miles (533 km). The GT variant is likely to use the larger 81.4 kWh battery pack, similar to other GT models.

Kia-EV4-GT-interior
2026 Kia EV4 electric sedan (Source: Kia)

Kia will launch the EV4 in the US next year, featuring a built-in NACS port to access Tesla Superchargers and an EPA-estimated driving range of up to 330 miles. Prices will be revealed closer to launch, but the EV4 is expected to start at around $35,000 to $40,000. The GT variant could cost upwards of $50,000 to $55,000, with the 2025 Kia EV6 GT starting at $63,800.

The Tesla Model 3 Performance starts at $54,990 in the US with 298 miles range and a 0 to 60 mph time in 2.9 seconds.

Will the Kia EV4 GT match it? Let us know your thoughts in the comments.

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