The core Personal Consumption Expenditure price index — the Federal Reserve’s preferred gauge of inflation — rose 0.3% in February and 2.8% year-over-year, according to the latest federal data.
The numbers were in line with analyst expectations — making it more likely that the central bank will keep interest rates at their current levels rather than rush into interest rate cuts that are eagerly anticipated by Wall Street investors.
The PCE index excludes volatile food and energy prices. When food and energy costs are factored in, headline PCE clocked in at 0.3% for February and 2.5% year-over-year — compared to estimates for 0.4% and 2.5%.
The main inflation gauge — the consumer price index — rose 3.2% in February yet another stubbornly high figure that wont inspire the Fed to slash interest rates in the short term.
Februarys Consumer Price Index which tracks changes in the costs of everyday goods and services came in a tick higher than the 3.1% headline inflation figure economists surveyed by FactSet expected.
Consumer prices have not fallen year-over-year since President Joe Bidens term began in January 2021.
The stock market was closed on Friday in observance of Good Friday.
Last week, the Federal Reserve kept decades-high interest rates unchanged following its meeting, though it made clear that it anticipates making three cuts this year.
Federal Reserve Chair Jerome Powell said recent high inflation readings had not changed the underlying story of slowly easing price pressures, but added that recent data also had not bolstered the central banks confidence that the inflation battle has been won.
Speaking after the two-day policy meeting, Powell said the timing of the much-anticipated reductions still depended on officials becoming more secure that inflation can continue to decline towards the Feds 2% target in an economy that continues to outperform expectations.
Investors, however, are betting that the cuts will begin in June.
Efforts by the Fed to tame inflation and steer a “soft landing” — bringing interest rates down without tilting the economy into a recession — have been complicated by the fact that unemployment is low while the US economy continues to hum along.
The US economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate.
The government had previously estimated that the economy expanded at a 3.2% rate last quarter.
The Commerce Departments revised measure of the nations gross domestic product — the total output of goods and services — confirmed that the economy decelerated from its sizzling 4.9% rate of expansion in the July-September quarter.
But last quarters growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports, and business investment in buildings and software.
It marked the sixth straight quarter in which the economy has grown at an annual rate above 2%.
For all of 2023, the US economy — the worlds biggest — grew 2.5%, up from 1.9% in 2022.
In the current January-March quarter, the economy is believed to be growing at a slower but still decent 2.1% annual rate, according to a forecasting model issued by the Federal Reserve Bank of Atlanta.
Thursdays GDP report also suggested that inflation pressures were continuing to ease.
The Federal Reserves favored measure of prices — called the personal consumption expenditures price index — rose at a 1.8% annual rate in the fourth quarter.
That was down from 2.6% in the third quarter, and it was the smallest rise since 2020 when COVID-19 triggered a recession and sent prices falling.
Net migration has fallen sharply in the UK, the latest official figures show.
The data, published by the Office for National Statistics (ONS), estimates that net migration has halved from 860,000 in the year ending December 2023 to 431,000 in the year ending December 2024.
The drop is the largest ever recorded for a 12-month period, and marks the most significant calendar-year fall in net migration since the early stages of the pandemic.
Meanwhile, long-term immigration fell below one million for the first time in around three years.
That was estimated to be 948,000 in the year ending December 2024, down by almost a third from 1,326,000 in the previous 12 months and below a million for the first time since the 12 months to March 2022.
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28:27
‘We need to reduce immigration’
Emigration rose by around 11% to an estimated 517,000 for the year to December, up from 466,000 in the previous year.
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Home Secretary Yvette Cooper hailed a 300,000 drop in net migration since the start of the Labour government last July as “important and welcome”.
She said: “These figures show a big increase in returns of failed asylum seekers and foreign national offenders, record levels of illegal working penalties, and the asylum backlog and hotel use coming down.”
Net migration hit a record high of 906,000 in June 2023, and stood at 728,000 in the year to June 2024, shortly before Labour took over from the previous Conservative government.
But former home secretary James Cleverly said while Labour “will try to claim credit” for the falling numbers, the changes are a result of policies enacted while he was in government.
What caused this fall in net migration?
The sharp fall reported on Thursday is thought to be driven by a decrease in immigration from non-European Union nationals.
The ONS also noted plummeting numbers of people coming to work and study in the UK.
Additionally, these estimates follow restrictions introduced under the Conservatives in early 2024 on people eligible to travel to the UK on work or study visas.
Mary Gregory, the director of population statistics at the ONS, said the fall is “driven by falling numbers of people coming to work and study, particularly student dependants”.
She said: “There has also been an increase in emigration over the 12 months to December 2024, especially people leaving who originally came on study visas once pandemic travel restrictions to the UK were eased.”
The new estimates come less than a fortnight after Sir Keir Starmer set out a series of measures aimed at reducing further the number of people moving long term to the UK.
The prime minister, who said the country risks becoming an “island of strangers” without better integration, said he wanted net migration to have fallen “significantly” by the next general election – but refused to set a target number.
Sir Keir’s plan includes reforming work and study visas and requiring a higher level of English across all immigration routes, and is expected to reduce the number of people coming to the UK by up to 100,000 per year.
However, the Conservatives have claimed credit for the fall.
Former home secretary James Cleverly said while Labour “will try to claim credit”, the changes are a result of policies enacted while he was in government.
He said: “This drop is because of the visa rule changes that I put in place. Labour will try to claim credit for these figures but they criticised me at the time, and have failed to fully implement the changes.”
A social media post believed to have been published by the suspect in the killing of two Israeli embassy workers in Washington DC accuses Israel of “atrocities” against Palestinians.
The suspect, identified as Elias Rodriguez, 30, from Chicago, chanted “free, free Palestine” as he was arrested, footage shows.
The victims, who were attacked as they were leaving an event at a Jewish museum, have been identified as Yaron Lischinsky and Sarah Milgrim, a young couple who were about to be engaged.
Image: Rodriguez shouted ‘free Palestine’ as he was arrested.
Pic: Katie Kalisher
Sky News has uncovered what is believed to be a statement by the shooting suspect posted at 10pm local time, around an hour after the shooting – suggesting it was scheduled.
The letter, signed with Rodriguez’s name, was dated 20 May 2025.
In the lengthy essay, Rodriguez criticises Israel’s actions in Gaza and attacks the US government’s position.
“The atrocities committed by the Israelis against Palestine defy description and defy quantification,” it says.
“Instead of reading descriptions mostly we watch them unfold on video, sometimes live. After a few months of rapidly mounting death tolls Israel had obliterated the capacity to even continue counting the dead.”
Image: Victims Sarah Milgrim and Yaron Lischinsky. Pic: @yaron_li/X
The statement adds: “Public opinion has shifted against the genocidal apartheid state, and the American government has simply shrugged, they’ll do without public opinion then, criminalize it where they can, suffocate it with bland reassurances that they’re doing all they can to restrain Israel where it cannot criminalize protest outright.”
Rodriguez concludes the statement: “I love you Mom, Dad, baby sis, the rest of my familia, including you, O***** . Free Palestine.”
Israel has repeatedly denied accusations of genocide in Gaza. Prime Minister Benjamin Netanyahu has described a UN report accusing Israel of carrying out “genocidal acts” against the Palestinians as biased and antisemitic.
The International Criminal Court has issued arrest warrants for Mr Netanyahu and his former defence secretary Yoav Gallant – as well as a senior Hamas commander – for alleged war crimes and crimes against humanity related to the war in Gaza.
Mr Netanyahu has decried what he said were the “false and absurd charges of the International Criminal Court, a biased and discriminatory political body”.
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2:23
DC shooting: What we know so far
The attack
The couple were leaving an event at the Capital Jewish Museum when the suspect approached a group of four people and began shooting, Metropolitan Police Chief Pamela Smith said at a news conference.
She said the suspect was seen pacing outside the museum before the shooting.
“After the shooting, the suspect entered the museum and was detained by event security,” Ms Smith said.
“Once in handcuffs, the suspect identified where he discarded the weapon, and that weapon has been recovered, and he implied that he committed the offence.”
When he was taken into custody, the suspect began chanting, “Free, free Palestine,” Police Chief Smith said.
Suspect believed to have been member of revolutionary socialist group
Rodriguez is believed to have been a member of the Party of Socialism and Liberation, which describes itself as a revolutionary socialist party.
An article in the group’s Liberation paper about a protest outside the home of Chicago’s then mayor Rahm Emanuel in October 2017 features a picture of Rodriguez at the demonstration as well as quotes from him. The protest was not linked to Israel or Gaza. The article was taken down from the paper’s website on Thursday.
Since 2024, Rodriguez has worked as an administrative specialist for the American Osteopathic Association, according to his LinkedIn profile.
Image: The picture on Rodriguez’s LinkedIn
Before that he was an oral history researcher at The HistoryMakers, an online archive developed by Carnegie Mellon University to tell the stories of African Americans.
A profile for Rodriguez on the website says he was born and raised in Chicago and has a BA degree in English from the University of Illinois Chicago.
“He enjoys reading and writing fiction, live music, film, and exploring new places,” the profile says.
Rodriguez is also believed to have donated $500 to Joe Biden’s presidential campaign in March 2020, when he was running in the Democratic Party presidential primaries.
Israel began its war against Hamas in Gaza after the militant group stormed across the border on 7 October 2023 and killed 1,200 people, taking 250 hostages.
Since then Israeli attacks in Gaza have killed more than 53,000 people, mostly children, according to the enclave’s Hamas-run health ministry, which does not differentiate between combatants and civilians in its count.
The war has displaced 90% of Gaza’s population of roughly two million people and left much of the territory in ruins.
Reporting by Samuel Osborne, news reporter, and Sam Doak, OSINT producer
Remember HiPhi, the ultra-futuristic EV brand led by Human Horizons? It’s been over a year since the company went on a six-month hiatus after failing to find additional funding, but it has reportedly found a savior in a Lebanese investor called EV Electra. EV Electra is taking over a majority stake and plans to resume vehicle development and production in China immediately.
HiPhi was a radical EV marque founded by Chinese startup Human Horizons over five years ago. The startup wowed us early on with a production-ready version of its flagship model, the HiPhi Z GT, complete with automatic suicide doors and a robotic touchscreen that moves independently.
The Z was joined by two robot-centric EV models, the HiPhi X “Super SUV” and the HiPhi Y “LuxTech SUV,” The Z and X EVs were actually certified for sale in Europe while Human Horizons teased a fourth model – a carbon fiber hypercar called the HiPhi A.
In early 2024, HiPhi showed its EV models weren’t just about robotic arms and futuristic designs, but could actually perform. The HiPhi Z shone during a winter range test in total distance traveled on a single charge and had the lowest range loss compared to what its makers advertised.
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Shortly thereafter, however, things went dark. During Chinese New Year, HiPhi announced a six-month shutdown while it searched for more funding. Human Horizons would fail in its search, resulting in the layoffs of most of its staff. That was over a year ago, but the lights at HiPhi’s Chinese manufacturing facility look like they’re about to be turned back on by a foreign financial backer with a cloudy history of its own.
Source: EV Electra
EV Electra already has HiPhi models on its website
As reported by local Chinese media outlet 21jingi, multiple independent sources have stated that HiPhi has received an investment of $100 million from EV Electra, a Lebanese company founded in 2017 by Jihad Mohammad, claiming on its official website to be “the first electric car manufacturer in Lebanon and the Arab world.”
The reports appear accurate, as HiPhi’s three production models now appear on EV Electra’s website (pictured above). According to independent sources, EV Electra intends to help HiPhi maintain its previous production capacity of 150,000 units per year at its facility in Yancheng, Jiangsu province, China.
Furthermore, that facility has reportedly already begun the necessary environmental assessment to resume EV production. Former HiPhi employees who did not sign a voluntary resignation agreement are reportedly being invited back to the company, but they are expected to see a 20% pay cut.
As of May 2022, Jihad Mohammad is the legal representative for HiPhi. EV Electra Ltd. owns 69.8% of the brand, while Human Horizons maintains the remaining 30.2%.
EV Electra’s website is quite confusing as it states it has a presence in Canada, Italy, Germany, Turkey, and China, yet its locations page lists footprints in Montreal, Lebanon, and Sweden. In 2023, Swedish media accused EV Electra of passing images of other OEMs’ vehicles off as its own, including the Skywell ET5, the K-1 Attack Rise, and SP:01 from Detroit Electric.
Per its website, EV Electra currently offers four very different models, which are built in Italy, specifically for Lebanon, I believe? This company is unique and confusing, to say the least. Hopefully, HiPhi has found a savior in EV Electra in a deal that works out for both parties. I’m not optimistic at this point.
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