meaning more rate hikes. on inflation watch, gas prices fell a penny overnight to $3.55. in a few hours we ll get weekly jobless claims, first quarter gdp, pending home sales and weekly mortgage rates. let s bring in greg mcprbride. fed has raised interest rates ten times. we ve been on recession watch for months and housing is perking up again, consumer spending a strong, job market is strong and we could get first quarter gdp print that maybe 1.4% growth. not blockbuster, but that is still rolling along. what is your assessment of where we are? the economy has been remarkably resilient in the face of the fastest pace of rate increases in 40 years. that is certainly a good thing. but it is also why we haven t seen inflation make the progress we d like. core inflation, which is everything except for food and energy, that has been at a holding pattern really since december.
futures barely moving down. but it was a higher day on wall street and s&p and nasdaq notched fresh closing highs for the year. goldman sachss sees chance of recession just 25%. so odds declining in the overall strong economy. on inflation watch gas prices held steady at $3.55 a gallon. trade deficit numbers are due out later today. never have so many women been in the labor market. a record share of women in what the government calls prime working age 25 to 55 years old are in the workforce. and let s bring in cnn global economic analyst and global business columnist and associate editor for the financial times. economists argue about why labor force participation for women has reached these new heights. two things here. hybrid work means more women can balance running a household and a job.
go by, things could get much tougher for both sides in this war. released with the tag line, plans love silence, there will be no announcement of the start. soldiers are seen urging operational secrecy ahead of an expected counteroffensive. in the past few days, ukrainian officials have tried to temper expectations regarding that counteroffensive, jericka. president zelenskyy said in an interview this weekend that kyiv is ready but avoided making any predictions, saying it could go a variety of different ways. debora patta for us in ukraine, thank you. today opec members voted to stick to the cartel s oil production targets for the year but saudi arabia announced it will slash its oil production by 1 million barrels a day in an effort to tighten global supply. today gas prices in the u.s. average $3.55 a gallon. mississippi has some of the lowest prices while california has the highest. still prices are significantly
hasn t caught on. they changed their name to meta and not gotten a lot of traction yet. let s see if apple can do what meta can. get average folks like us to live in the virtual world with a computer on your face. dana: don t cover up that pretty face of yours indeed. $3 thousand is a lot of money but exciting times and exciting to be part of it. great to have you, thank you. bill: saudi arabia announcing plans to cut oil production part of a strategy to increase gas prices. prices right now hovering around $3.55 a gallon. it was $4.84 a year ago. presidential candidate nikki haley reacting this morning on fox & friends. the saudis are not going to listen to joe biden because he basically called the crown prince a pariah. that s not what you do. he went hat in hand to saudi arabia and he is getting dirty oil from venezuela and iran.
cartel about where they are going to put oil prices and output here. so i think when the very near-term, what it means, look at where gas prices are today. $3.55 a gallon. that is down 25% from last year. this has been a good piece of the inflation story in the u.s., but also in the european union, where, you know, inflation levels have been coming down, still too high, but having coming down. what does the white house have to say about this? the white house points out, it doesn t set these prices. that is opec. we are not a party to opec plus, which makes its own decisions. we are focused on prices for american consumers, not barrels, and prices have come down significantly since last year. overall, what we ll watch here is how much oil prices could rise and how much gas prices could rise. the expectation had been that these gas prices would stay well below year-ago levels, in part because global demand is softening for oil from china and the united states. because the overall economi