Government
March CPI Surges to 3.3%, Highest Since April 2024. The Bureau of Labor Statistics reported Friday that consumer prices rose 0.9% in March — the steepest monthly increase in years — pushing the annual inflation rate to 3.3%. The spike is driven primarily by surging energy costs tied to the closure of the Strait of Hormuz during the Iran conflict. Core CPI, excluding food and energy, held closer to expectations. Bureau of Labor Statistics
White House Warns Staff Against Insider Trading on Prediction Markets. The White House Management Office sent an internal email warning employees that using nonpublic information to place bets on prediction platforms like Polymarket is a criminal offense. The warning follows multiple instances of anonymous accounts making six-figure profits on well-timed wagers ahead of presidential announcements on the Iran conflict. Lawmakers from both parties have introduced legislation targeting the practice. CBS News
FTC Settles with StubHub for $10 Million Over Deceptive Pricing. The Federal Trade Commission announced that StubHub will refund $10 million to consumers after the ticketing platform violated the agency’s all-in pricing rule by failing to display total ticket prices, including mandatory fees, in initial listings. The settlement covers transactions during a three-day window in May 2025. Federal Trade Commission
Courts
Federal Judge Finds Pentagon Violating Press Access Order. U.S. District Judge Paul Friedman ruled that the Defense Department is violating his March 20 order requiring restoration of press access to the Pentagon. Defense Secretary Pete Hegseth’s office had imposed new escort requirements and closed the Correspondents’ Corridor in an attempt to comply with the letter while circumventing the spirit of the ruling. The DOD says it will appeal. Federal News Network
Court of International Trade Hears Challenge to Trump’s 10% Global Tariff. A coalition of Democrat-led states and small businesses appeared before the U.S. Court of International Trade in lower Manhattan on Friday, arguing that the administration’s 10% global tariff imposed under Section 122 of the Trade Act of 1974 is unlawful. The challengers contend there is no international balance-of-payments emergency — a statutory prerequisite. A ruling could reshape the administration’s remaining tariff authority after the Supreme Court struck down its earlier IEEPA-based tariffs in February. YourNews
Immigration Board Denies Mahmoud Khalil’s Appeal. The Board of Immigration Appeals issued a final order of removal against Mahmoud Khalil, the former Columbia University graduate student arrested during the federal crackdown on noncitizens who criticized Israel’s actions in Gaza. Khalil’s attorneys say he cannot be detained or deported while a separate federal habeas corpus case remains pending in the Third Circuit. An appeal to the Fifth Circuit is expected. ACLU
International
US-Iran Ceasefire Talks Open in Islamabad. Vice President JD Vance, envoy Steve Witkoff, and Jared Kushner arrived in Islamabad on Friday for Pakistan-mediated negotiations with Iran’s delegation, led by Parliament Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi. The talks follow a two-week ceasefire brokered April 7, but the truce is already strained by differing interpretations of its terms and continued Israeli strikes in Lebanon. Iran has delivered a 10-point counterproposal that includes lifting sanctions, reconstruction, and a protocol for reopening the Strait of Hormuz. Al Jazeera
Tomorrow’s Watch
Watch for early readouts from the Islamabad talks, which could move oil markets sharply over the weekend. The Court of International Trade’s tariff ruling, if issued quickly, may land before Monday’s open.