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

The final federal inflation report before the midterms is set to be released and is expected to show soaring prices. Pope Leo is diagnosed with lung cancer after undergoing surgery. And Bank of America is ordered to pay a billion-dollar fine after allegedly violating anti-money laundering and sanctions laws.

Here’s what to know today.

Latest inflation report expected to show soaring prices

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The Bureau of Labor Statistics is set to release its final inflation report before the midterm elections, as Republicans fight to keep control of Congress despite President Donald Trump’s lagging popularity and persistently high prices. Economists expect the September consumer price index report to show the annual amount of inflation rose to 3.7% from 3.4% and for prices to have risen by 0.6%. The monthly jump, if confirmed, would be one of the largest in years.

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Diesel costs are a particular concern for economists who say the higher prices trickle down into “just about everything.” Since the start of the Iran war, the price of the fuel is up more than 75% while the price of regular gas has climbed more than 45%.

While data shows consumer wage growth lagging behind the rate of inflation, consumer spending has remained steady.

Among the sectors fueling higher core inflation is airfare, with jet fuel prices up 90% since this time last year. Apple’s latest iPhone and autos — new and used as well as insurance for the vehicles — could also contribute.

What Trump has done in an attempt to push down fuel prices.

What to know about lung cancer following Pope Leo’s diagnosis

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Pope Leo XIV has been diagnosed with lung cancer and had part of his right lung removed, the Vatican announced following the completion of his surgery yesterday. Leo, 71, revealed the discovery of a small, localized nodule during his Sunday prayer. He appeared in good spirits before he left the Vatican for the hospital.

The cancer, adenocarcinoma, is the most common type of lung cancer seen in people who have never smoked. Doctors don’t have a clear explanation for why lung cancer develops in non-smokers, although some theories include genetics, air quality and an aging population, according to Dr. Panagis Galiatsatos, a pulmonary and critical care physician at Johns Hopkins Medicine.

Find out more about who’s at risk and treatments.

Bank of America ordered to pay historic $1.2 billion fine

Bank of America was ordered to pay $1.2 billion, the third-largest penalty in Treasury Department history, for violating anti-money laundering and sanctions laws, the department said. As part of that total, the bank was ordered to pay $750 million to the Office of the Comptroller of the Currency, the largest fine it has ever levied.

The Treasury Department said the bank didn’t report “over $5 billion dollars in suspicious transactions,” including suspicious transactions “indicative of Chinese Money Laundering Networks, fraud, and potential trade-based money laundering.” The bank is also settling “its potential civil liability for 475 apparent violations of multiple sanctions programs,” the Treasury Department said.

How Bank of America responded to the penalties.

Jon Ossoff says he won’t run for president in 2028

Sen. Jon Ossoff has “zero interest” in running for president in 2028, he said during his second debate with Rep. Mike Collins, his Republican competitor in the Georgia Senate race. Ossoff said he would serve a full six-year term if he wins re-election.

The remark came early in the hour-long debate, and Ossoff quickly transitioned to pressing Collins on why he has supported Trump’s tariffs. In addition to the economy, the pair debated the war in Iran and Collins’ son-in-law promoting white nationalist posts on social media.

More highlights from the debate.

A recent NBC News polling average shows 52% of Americans want Democrats to have the majority in Congress, while 43% prefer the Republicans. But voters are split on which party they think would handle issues like the economy, health care, crime and immigration better. See the poll results here.

Plus, see an overview of this year’s biggest elections in our Countdown to Midterms, as well as breakdowns of Trump’s approval rating, important state races and early voting.

More politics news:

• U.S. Ambassador to Greece Kimberly Guilfoyle has resigned after a request from the White House amid a misconduct probe.

• A federal judge issued an order blocking the Trump administration from banning CNN, MS NOW and Politico from the White House complex while the news organizations’ lawsuit over access proceeds.

• New White House press secretary Katie Zacharia’s first media briefing was unusually short and included questions from only conservative outlets.
• Trump said that “massive” oil, gas and mineral exploration is getting ready to begin in Greenland.

• For subscribers: How a conspiracy theory about Texas Democratic Senate candidate James Talarico began — and took hold.

Staff Pick: Students call for change at Cornell

The allegations of a gang rape at a fraternity party at Cornell University have sparked outrage across the country and on the school’s Ithaca, New York, campus. The university and local district attorney have defended their response, and Cornell announced yesterday that it’s suspending all “parties and social events” at fraternity houses for the rest of the academic year.

Students who heard about the allegations two years ago said they believed the school would properly handle its investigation and support the accuser, known as Jane Doe. But now those students say they’re deeply disappointed at Cornell and are demanding changes. We spoke to some of them and took a look at how they’ve led demonstrations, town halls, and a sit-in — with more events to come.

— Daniella Silva, national reporter

Read All About It

• A Texas district attorney said videos indicate an ICE officer intentionally hit a man with a vehicle in Houston — and that the agency may have allowed critical data to be erased.

• Duane “Keffe D” Davis, who was convicted of orchestrating rapper Tupac Shakur’s 1996 murder, was sentenced to 40 years to life in prison.

• NFL icon Terry Bradshaw said his career as a sports broadcaster is coming to a close.

• Dolly Parton’s nephew and former head of security said messages used to request a temporary restraining order against him were taken out of context.
• A fossil kept in drawer for a century has shed light on a tiger-sized dinosaur that prowled the Isle of Wight, off England’s southern coast, about 120 million years ago.

NBC Selected: Online Shopping, Simplified

Prepping for winter? The shopping editors at NBC Selected found the best windshield scrapers and emergency car kits to help you through any remaining snow storms. Plus, they put together an extensive guide on how to shop for a snow blower (and snow shovels, if that’s more your speed).

Sign up to The Selection newsletter for hands-on product reviews, expert shopping tips and a look at the best deals and sales each week.

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