The Note

In a Boston Globe op-ed, Jeff Jacoby argues the case that the championed $150 million figure Mayor Menino and other officials have been touting forever as the amount of revenue expected from this summer's Democratic convention is a farce based on what economists are saying and past miscalculations. LINK

Noteworthy sightings:

From yesterday's Kerry campaign events in the Big Apple:

Journalist Ashleigh Banfield: with great glasses and all, sitting at donor table 147 at the Sheraton fundraiser.

Blink 182's Tom DeLong -- first as the unidentifiable male sitting next to Chris Heinz at the town hall meeting at CUNY, and then as a speaker at the fundraiser at uber-cool Crobar, standing with the Heinz-Kerry family on stage.

Marissa Tomei -- pouting in the corner when the Secret Service wouldn't let her exit Crobar while Sen. Kerry was in the process of shaking hands.

Sen. Chuck Schumer -- at the Crobar fundraiser referring to the election on Nov. 6 (causing us to double-check ourselves), calling Steve Buscemi "John," and announcing that in the next presidential term there would be, count 'em, four Supreme Court seats up for grabs.

Andre Heinz -- fresh off the plane from Europe, breaking out his hip dance moves as well as his impersonations of Presidents George H.W. Bush, Clinton and Gov. Schwarzenegger.

The economy:

From ABC News' Ramona Schindelheim:

The sharper-than-expected rise in consumer prices in March increased speculation that the Federal Reserve could hike interest rates in the summer or fall.

"Many economists are now saying rising inflation and signs of improvement in the job market could prompt the Fed to raise interest rates by a quarter-point or more before the November election. Rates are at a 45-year low of 1% and its unclear how votes will react to a rate hike. But, GOP strategists can't be happy with the prospects. Back in October 1992, the Fed decided against lowering the rates when the economy was struggling, a move some Republicans say cost the first President Bush re-election."

The inflation news this morning and the possibility of earlier tightening by the Fed sparked a sell-off in the treasury market, pushing yields to a 12-month high.

Higher yields mean higher mortgage rates down the road.

The Los Angeles Times lede on the latest consumer price index figures: "Inflation is back." LINK

"Consumer prices jumped much more sharply than expected in March, driven by increases for gasoline and clothing," reports the New York Times ' Edmund Andrews Noting that the data reawakened worries about a return to higher inflation and higher interest rates. LINK

TODAY SCHEDULE (all times ET):

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