US Inflation Hits Three-Year High as Energy Prices Surge

US inflation has hit its highest level in three years, driven primarily by soaring global energy prices following the closure of the Strait of Hormuz—a critical chokepoint for world oil supplies. While the US doesn't import directly from the strait, the disruption has sent shockwaves through global markets, pushing up gasoline and food costs. Despite strong employment numbers, wages aren't keeping pace with inflation, leaving Americans struggling to make ends meet. This economic pressure comes at a pivotal moment: new Federal Reserve Chair Kevin Walsh faces mounting pressure as markets now price in a near-70% chance of a rate hike by year’s end, defying President Trump’s public calls for lower rates. Meanwhile, TSMC, the world’s leading chipmaker, is expanding rapidly across the US, Japan, and Germany to meet surging AI-driven demand, though the company insists advanced chip production will remain in Taiwan due to operational and R&D advantages. In a separate development, the EU is probing Middle East state-backed funding behind Skydance’s $110 billion bid for Warner Bros. Discovery, while World Cup ticket resales are flooding the market—despite high initial prices—leading to declining resale values and concerns over empty stadiums and diminished fan experience.