EU leaders agreed to push for a partial embargo on Russian oil, paving the way for a sixth round of sanctions to punish Russia and its President Vladimir Putin for invading Ukraine. According to two people familiar with Monday's EU summit negotiations, the sanctions would ban purchases of crude oil and oil products from Russia that are shipped by sea to member states, but temporarily exempt Russian crude shipped by pipeline.

Fed Governor Christopher Waller said he wants to keep raising rates at a 50 basis point pace until inflation falls back toward the Fed's target. wouldn't rule out a 50 basis point rate increase." Fed officials raised rates by 50 basis points this month to curb the hottest inflation in 40 years and hinted they would raise rates at the same pace at the June and July meetings. They will also begin shrinking the size of their balance sheet, starting Wednesday at $47.5 billion a month and increasing to $95 billion in September, also known as quantitative tightening.

President Joe Biden will hold a rare meeting with Federal Reserve Chairman Jerome Powell in the Oval Office on Tuesday, as current U.S. inflation hits its highest level in decades, upsetting the public and damaging Biden's standing with voters. A statement released by the White House showed that the two will discuss the current state of the U.S. and global economy. Data released on Friday showed that the Fed's preferred measure of price pressures - the personal consumption expenditures price index - climbed 6.3 percent from a year earlier last month, more than three times the Fed's target. The data also showed that U.S. consumers moved to save and spending levels held steady.

The unexpected acceleration in Spanish inflation undercuts hopes that record prices in the eurozone are peaking and puts more pressure on the ECB to act. Spain's EU-adjusted CPI rose to 8.5% in May from 8.3% in the previous month, with higher fuel prices offsetting a decline in electricity prices; in previous months, electricity prices led to record inflation across Europe. Excluding more volatile factors such as food and energy, underlying price growth accelerated to 4.9%. The data provide a preliminary indication of inflation trends in the 19-country eurozone, with German inflation expected to accelerate to 8.1 percent later Monday and Belgian data due for release in May. Preliminary CPI for the eurozone will be released on Tuesday.

Iran's highly enriched uranium stockpile has surged as the country continues to lay the groundwork for a massive expansion of its nuclear fuel production capacity, the International Atomic Energy Agency (IAEA) reported. the IAEA's quarterly safeguards report comes as negotiations between Iran and major powers on restarting a nuclear deal are at a standstill. Talks to curb Iran's nuclear activities in exchange for sanctions relief broke down two months ago, and diplomats say prospects for a deal in the near term are dim. Without restrictions, Iran has amassed a stockpile of 43 kilograms (95 pounds) of 60 percent enriched uranium, a 30 percent increase in the past three months, according to the 16-page report released Monday by the IAEA and obtained by Bloomberg. The inspectors wrote in a separate 10-page document that the Tehran government also continues to obstruct investigations of traces of uranium found at several undeclared sites.

U.S. gasoline prices hit another record high, dealing another blow to motorists as the summer travel rush nears. The latest data from the American Automobile Association shows that the average retail price of gasoline in the United States reached $4.619 per gallon as of Monday. That level is higher than the $4.178 per gallon a month ago and about 52 percent higher than a year ago. President Joe Biden has pledged to do what he can to curb record gasoline and diesel prices, taking measures such as releasing millions of barrels of U.S. strategic oil reserves. Nymex gasoline futures also rose early Monday, reaching a high of 403.33 cents a gallon; if they settle at that level, they will set another new high. Brent and WTI crude futures also rose as China eased restrictions and the European Union proposed an embargo on Russian crude.

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