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Here's your midday brief for Tuesday, May 12th. I'm Anthony Bansy for the Wall Street Journal.

Inflation has jumped to its highest rate in three years. The Labor Department says consumer prices

soared 3.8% in April from a year earlier. The numbers clearly show how the war with Iran has

raised gas prices. Meanwhile, core inflation, which excludes those

energy categories as well as food, rose 2.8%. The inflation report is the latest sign that

the interest rate cuts investors once expected for 2026 are probably not going to happen this year.

eBay says its board has rejected a $56 billion unsolicited takeover proposal from GameStop.

eBay said today that the offer was neither credible nor attractive and said there was

uncertainty over the proposal, including with its financing. GameStop has around $9 billion

in cash to put toward a deal, that still leaves gaps that analysts had

been questioning after the offer was made public. GameStop CEO has said he remains prepared

to take the offer directly to shareholders. And PayPal has agreed to waive $30 million in

transaction fees to end a Justice Department probe. Federal officials were investigating

whether a $530 million plan to support black

and minority-owned businesses violated civil rights laws by discriminating based on race.

As part of the settlement, the Justice Department says PayPal must now waive those processing

fees for small businesses owned by veterans, as well as those in the farming,

manufacturing, and technology sectors. PayPal didn't admit any wrongdoing.

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