Money
Iran deal may ease fuel costs, but bills and rates face a slower turn
A US-Iran agreement points to a reopening of the Strait of Hormuz, but delayed talks on harder issues leave questions over how long the economic relief will last
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- Middle East Lebanon strikes test fragile U.S.-Iran deal as talks slow Israeli attacks continued in southern Lebanon despite a U.S.-Iran understanding calling for an end to attacks, with Lebanon reporting 18 deaths and Israel saying four soldiers were killed by Hezbollah
- Euro zone rates ECB raises rates to 2.25% as Iran war fuels inflation The quarter-point move, the bank’s first hike since 2023, came with higher inflation forecasts and a weaker growth outlook for the euro zone
- Inflation Wholesale prices jump 1.1% in May as energy costs surge The producer price index rose faster than economists expected, lifting annual wholesale inflation to 6.5%, its highest rate since November 2022
Euro zone rates
Energy shock puts ECB on course for expected rate hike
Policymakers are expected to lift the deposit rate by 25 basis points as rising oil and gas costs feed inflation concerns across the euro zone
Inflation
U.S. inflation rose to 4.2% in May, highest in three years
The consumer price index matched forecasts as energy prices jumped, while core inflation came in softer on a monthly basis
Inflation
Canada’s inflation rate rises to 2.8% as gas prices surge
Statistics Canada said energy costs drove the April increase, while rent, food and core inflation measures showed slower price growth
Foreign policy
Trump’s China trip is shadowed by the Iran war and energy squeeze
The president says he does not need Beijing’s help on Iran, but the conflict has driven up fuel prices, strained negotiations and left no clear path to a deal
Iran war
Trump Rejects Iran Peace Demands, Floats Gas Tax Suspension
Iran defended its conditions for a peace deal as President Trump dismissed them and said he wants to pause the federal gasoline tax, a step that would need Congress
Inflation pressure
US inflation hits 3.8% as Iran war drives energy costs
Gasoline and groceries pushed April prices higher, putting renewed pressure on consumers, the Federal Reserve and President Donald Trump’s party before the midterms