Inflation report expected to show soaring prices and Pope Leo diagnosed with lung cancer: Morning Rundown

Key Points:

• The upcoming federal inflation report is expected to show a rise in annual inflation to 3.7% and a monthly price increase of 0.6%, driven by soaring diesel, jet fuel, airfare, and consumer goods prices, despite stagnant wage growth.
• Pope Leo XIV has been diagnosed with adenocarcinoma, a common type of lung cancer in non-smokers, and underwent surgery to remove part of his right lung; the Vatican reports he remains in good spirits.
• Bank of America faces a historic $1.2 billion fine for failing to report over $5 billion in suspicious transactions linked to money laundering and sanctions violations, including involvement with Chinese money laundering networks.
• Senator Jon Ossoff announced he has no interest in running for president in 2028 and plans to serve a full six-year term if re-elected, amid his ongoing Senate race debate with Republican Mike Collins.
• Cornell University has suspended all fraternity parties for the academic year following gang rape allegations, sparking student protests demanding institutional changes and greater support for survivors.