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.

The Wharton School of the University of Pennsylvania estimates that last year’s inflation required the average household to spend around $3,500 more to achieve the same level of consumption of goods and services as in 2019 or 2020.

Federal Reserve Chairman Jerome Powell said the central bank was prepared to raise interest rates in half-percentage-point steps and high enough to deliberately slow the economy if it concluded such steps were warranted to bring down inflation.