Fed's Beige: Overall prices rose at a moderate-to-strong pace; inf in most Fed districts was higher than in the prior report.

Fars News reported Iran's parliament speaker Ghalibaf said the era of cost-free threats against Iran is over and any act of aggression will be met with a regrettable response.

An alliance of nine U.S. trade associations warned on Wednesday that an AI-driven global memory-chip shortage is creating increasing risks for automakers, medical-device makers and other industries, and urged the Trump administration to help expand supplies. The groups told Treasury Secretary BESSENT and Commerce Secretary Lutnick the shortage could disrupt critical supply chains and may push up consumer-goods prices in the near term. They said the rapid expansion of AI data centres is consuming a disproportionate share of memory capacity, prompting unprecedented price increases and reducing availability for manufacturing and consumer markets. The associations asked the administration to work with chip manufacturers and buyers to expand capacity in the United States and allied jurisdictions, and recommended using trade-agreement mechanisms or CHIPS Act-related programs to secure supply chains and shore up supply across market segments.