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Last month, the PPI increased 6.5% from May 2025 and 1.1% from April 2026.

"Negative earnings are not typically associated with an investment-grade company, but nothing about this is typical. It sits in a category of its own."

Fed officials are widely expected to hold rates steady this month, but investors expect the Fed to raise rates by the end of the year in response to higher inflation.

"To be honest with you, the United States does much better. We don't need anything that Canada has, we don't need anything that Mexico has, but they need everything that we have, and they have to treat us better."

The value of exports rose 2.6% in April, driven by a 60% increase in crude oil, while imports advanced 2%, led by computers and semiconductors.

Intervention in the month through May 28 hit a record ¥11.73 trillion ($73.4 billion).