Here's what we are reading this morning:
U.S. Consumers Boosted Spending in March - WSJ: U.S. household spending rose 1.1% in March, the Commerce Department said Friday, reflecting higher prices and demand for services.
A key inflation gauge jumped 6.6% in March, most since 1982 | AP News: An inflation gauge closely tracked by the Federal Reserve jumped 6.6% in March compared with a year ago, the highest 12-month reading in four decades, further evidence that surging prices are pressuring household budgets and the health of the economy.
Russia attempts last-ditch dollar bond payments to try to avert historic default: Russia's Finance Ministry said Friday that it had attempted overdue dollar payments on its international debt obligations, a dramatic U-turn which could potentially avoid a historic default for the country.
Train Delays Bog Down U.S. Farm Sector - WSJ: Railroad gridlock squeezes farmers, ethanol producers, fertilizer makers and feed mills, companies say, threatening to push food prices higher.
Instacart’s Pandemic Boom Is Fading - The New York Times: The grocery delivery start-up changed its leadership, slashed its valuation and shifted its strategy after sales slowed.
Lake Powell water officials face an impossible choice amid the West's megadrought | CNN: Lake Powell, the country’s second-largest reservoir, is drying up. The situation is critical: if water levels at the lake were to drop another 32 feet, all hydroelectricity production would be halted at the reservoir’s Glen Canyon Dam.