— The U.S. bombed Iran’s nuclear production sites, escalating potential for war in the Middle East; markets are pricing in a gradual de-escalation of the conflict as reflected in tepid rise in oil prices.
— The Federal Reserve left its key interest rate unchanged, continuing to expect a slight rise in inflation (to 3%) due to impact of U.S. tariffs; markets pricing in two Fed rate cuts in 2025.
— U.S. retail sales fell 0.9% in May, mostly due to lower gas prices as well as fewer sales of autos and building materials; miscellaneous and online retail both gained.
— The Social Security retirement fund is expected to be depleted by 2034, requiring a 23% cut to benefits assuming no changes to operations or funding between now and then.
— Chipmaker Nvidia will invest $650 million in U.S. nuclear power company TerraTech, as AI-related companies and U.S. government back nuclear to fuel AI development.
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