U.S. Economy and Inflation

Sen. Elizabeth Warren pressed Federal Reserve nominee Kevin Warsh about undisclosed assets and ties to President Trump during his Senate Banking Committee hearing. The hearing took place Tuesday at 10 a.m. Eastern before the Senate Banking Committee, where Warsh is President Trump's pick to succeed Jerome Powell as Fed chair. Warsh opened by stressing monetary independence and saying inflation control would be his priority, though his prepared remarks omitted the Fed's maximum employment mandate. Powell's term ends May 15, raising urgency to resolve leadership before that date.

President Donald Trump's economic approval rating fell to 30 percent, a new AP-NORC poll found amid rising prices and Middle East tensions. The Associated Press-NORC Center for Public Affairs Research poll, released this week, puts Trump's economic approval at 30 percent. Reporting by PBS and the AP linked the drop to rising consumer prices as tensions and conflict involving Iran pushed up energy and food costs.

US retail sales rose 1.7 percent in March from February as higher gas prices tied to the Iran war drove the increase. PBS News reported the sharp monthly gain reflected higher pump prices linked to the conflict, which pushed more dollars into gas sales even if volumes did not rise as much.

President Trump's public approval has slipped, with 63 percent of Americans now saying they disapprove of his overall performance. The NBC poll, released amid rising tensions and economic strain, found that 63 percent disapprove overall. The poll was conducted as violence escalated after the U.S. seized an Iranian ship near Touska and as a ceasefire deadline approached.