Wendy's raised menu prices by around 8% while Chipotle Mexican Grill hiked its prices by approximately 7.5%, according to Kalinowski Equity Research. Read More 

The International Monetary Fund on Tuesday modestly upgraded its outlook for the world economy, but warned of ongoing risks including persistent inflation and geopolitical turmoil. 

The Washington-based institution said in its latest World Economic Outlook that global gross domestic product will grow by 3.2% this year – which represents a 0.1 percentage point bump from its January forecast – and expand at that same pace in 2025.

“Despite gloomy predictions, the global economy remains remarkably resilient, with steady growth and inflation slowing almost as quickly as it rose,” said Pierre-Olivier Gourinchas, the IMF’s chief economist, in a blog post.

The latest figures suggest the U.S. economy is likely to grow 2.7% this year and 1.9% in 2025.

JAMIE DIMON WARNS INFLATION, INTEREST RATES MAY REMAIN ELEVATED

Still, Gourinchas cautioned that while inflation trends are promising, “we are not there yet.” 

The IMF outlook comes one week after the Labor Department reported that inflation rose 3.5% in March, the highest level since September 2023, amid a resurgence in gasoline and rent costs. It marked the third straight month that inflation came in hotter than expected, underscoring the difficulty of taming price growth. 

Other parts of the report also pointed to stubborn price pressures within the economy. Core prices, which exclude the more volatile measurements of food and energy, climbed 0.4%, as they did in January and February, for an annual gain of 3.8%. Those figures are also higher than estimates.

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“Somewhat worryingly, progress toward inflation targets has somewhat stalled since the beginning of the year,” Gourinchas said. “This could be a temporary setback, but there are reasons to remain vigilant.”

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The fund also issued a warning to the U.S. about the astronomic level of government spending, which it called “out of line with what is needed for long-term fiscal stability.”

The U.S. national debt topped $34 trillion in January after a burst of spending by President Biden and Democratic lawmakers and is well on its way to surpassing $35 trillion. But that massive amount of spending – though it has helped to propel the economy – also risks reigniting inflation and undermining financial stability worldwide by increasing global funding costs.

“Something will have to give,” the IMF said.

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During his “My Take,” Tuesday, “Varney & Co.” host Stuart Varney discussed a potential “deep state” effort to derail Donald Trump’s second term, if he’s re-elected, after former British Prime Minister Liz Truss warned the 45th president about the power of government bureaucrats.

STUART VARNEY: Liz Truss was Britain’s prime minister. She lasted only 49 days.

Writing in today’s Wall Street Journal, she says she was done in by Britain’s deep state.

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Her editorial is a warning to Donald Trump. 

If he’s re-elected, says Truss, the deep state will come after him even more fiercely than in his first term.

Truss is a conservative, and in her first days in office she introduced a growth plan. Shocking.  

Britain’s deep state prefers big government. They are all too often committed leftists. 

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Her growth plan was sabotaged.

Her warning is that the same thing will happen if Donald Trump gets a second term.

Trump wants to expand oil and gas production. 

Do you think the bureaucrats at the Energy Department will go for that without a fight? 

They are climate guys. How about vast subsidies for electric vehicles? 

Trump’s not keen, but the environmental protection agency is gung ho for anything green. 

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They’ll keep promoting and defending the Green New Deal forever.

Tax cuts? No way. Spending cuts? Absolutely not. School choice? 

Never forget what the deep state teachers’ union did during the pandemic. 

Then there’s the Justice Department, which orchestrated the charges that keep Donald Trump tied up in court in the middle of a presidential election campaign. 

They’re not going to give up.

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Truss’ warning is a reminder that government bureaucrats on both sides of the Atlantic have real power.

They’re not afraid to use it to impose their own view of the world, regardless of our elected officials.

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