Federal Reserve Chairman Jerome Powell signaled the central bank was likely to raise interest rates by a half percentage point at its meeting next month and indicated similar rate rises could be warranted after that to lower inflation.

Blackstone’s assets under management rose to $915.5 billion, up from $880.9 billion in the prior quarter and $648.8 billion a year earlier. The firm raised nearly $50 billion during the quarter, pushing it closer to its goal of reaching $1 trillion in assets by 2026.

Interest on the average 30-year fixed-rate mortgage climbed from 4.72% a week ago to over 5%, its highest level since early 2011. Fifteen months ago, mortgage rates were at all-time lows.

U.S. inflation accelerated to 8.5% in March, a new four-decade high, as surging energy prices and higher food costs hit consumers.

Economists put the probability of the economy being in recession sometime in the next 12 months at 28%, up from 18% in January and just 13% a year ago.

Compared to pre-pandemic levels, hotel development costs have increased between 15% and 23%.

Average hourly earnings were up a seasonally adjusted 0.4% in March, following February’s relatively weak 0.1% rise. In the previous six months, by contrast, monthly wage gains averaged 0.5%.

Drivers are snatching up available vehicles as soon as they hit the lot. In the first quarter, 41% of all new vehicles were sold within the first week of sitting on a dealer lot, compared with 20% in the first quarter of 2021.

The Dow dropped about 550 points, wrapping up stocks’ worst quarter in two years as investors juggled war, inflation and rising interest rates.

About 80% of people subject to mandatory retirement account distributions withdraw more than the required minimum because they need the money.