The Fed’s preferred inflation measure rose at a 4.1% annual pace in May, the fastest since April 2023, as energy prices climbed. Consumer spending and incomes still increased after adjusting for inflation.
Posts tagged as “anti-Iranian”
Oil tankers used a U.N.-recommended route near Oman to leave the Persian Gulf despite Iran’s warning that unauthorized crossings of the Strait of Hormuz are prohibited. The crossings come amid U.S.-Iran disputes over control, fees and traffic rules under a temporary reopening agreement.
The Senate rejected a measure to restrict President Trump’s authority to wage war against Iran after Sens. Bill Cassidy and Rand Paul shifted from earlier support. The vote followed a tense closed-door meeting between Trump and Senate Republicans.
Brent crude has fallen to levels last seen before the Iran war as shipping through the Strait of Hormuz gradually resumes. The rebound in traffic follows a U.S.-Iran memorandum setting up 60 days of negotiations, though disputes over fees and vessel authorization remain.
The Trump administration asked Congress for $87.6 billion in supplemental spending, with about $67 billion directed to Pentagon needs tied to the Iran war. The request faces resistance after lawmakers passed a war powers resolution challenging the president’s military action.
IAEA chief Rafael Grossi said inspections in Iran will take place under a preliminary US-Iran agreement. Tehran says access to damaged nuclear sites and materials depends on a final deal and sanctions relief.
Technology shares fell sharply worldwide as investors questioned whether massive AI spending can support lofty valuations. Chipmakers, Alphabet and newly public SpaceX were among the names hit as the sell-off spread to Asian markets.