Market pricing took virtually any chance of a cut off the table between now and the end of 2027.
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Here's some of the places where prices are rising fast for consumers.
The consumer price index was expected to increase by 3.7% annually in April, according to the Dow Jones consensus.
Washington has sought to press Beijing to lean on Tehran to reopen the strait, though China's appetite to act as a pressure mechanism remains unclear.
The world will be watching the Trump-Xi summit.