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.
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Iran denied U.S. claims that it had agreed to allow IAEA inspectors back to damaged nuclear sites, even as talks with Washington produced a 60-day roadmap for a final deal. The dispute comes as the U.S. temporarily eased oil sanctions and traffic through the Strait of Hormuz rose to its highest level since the war began.
Trump said a U.S.-Iran deal is scheduled to be signed Sunday and would reopen the Strait of Hormuz, but Iran said the memorandum would not be signed that day. Pakistan, a key mediator, said finalization could come within 24 hours.
A federal judge in Virginia indefinitely blocked the Trump administration’s nearly $1.8 billion “anti-weaponization” fund. The court gave top officials one week to swear under penalty of perjury that the program will not move forward.
Trump threatened new strikes on Iran and the seizure of Kharg Island as U.S.-Iran fighting widened across Gulf states and the Gulf of Oman. Iran said the latest U.S. attacks made the ceasefire “practically meaningless,” while mediation efforts by Qatar and Pakistan continued.
Trump said Bill Pulte will serve only temporarily as acting director of national intelligence after the appointment drew Republican criticism over his lack of intelligence experience. The president defended Pulte as smart and said the administration is interviewing other candidates.
The Trump administration proposed tariffs of 10% to 12.5% on 60 trading partners, accusing them of failing to block imports made with forced labor. The duties would affect countries accounting for nearly all U.S. imports but must clear a comment process before taking effect.
President Trump has not yet decided on a potential ceasefire deal with Iran that would reopen the Strait of Hormuz and address nuclear concerns. Negotiations remain ongoing amid conflicting reports from U.S. and Iranian officials.