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Analysts worry that if the Fed cut rates to reduce government debt payments and then inflation reignited, bringing prices back under control again “might require a painful recession—which would lower nominal incomes and tax revenue, further aggravating the fiscal situation.”

Auto manufacturing rose nearly 5% in May, but overall production at factories, mines, and utilities fell 0.2%.

“At a certain point, we’re just going to send letters out. And I think you understand that, saying: ‘This is the deal, you can take it or leave it.’”

Tariffs will remain at their current rate indefinitely, and export controls will be eased, at least temporarily.

The latest PPI report shows that tariffs have yet to result in higher prices for businesses and consumers.

This week, Cigna was again sued for fiduciary violations for using forfeited funds to reduce employer contributions to the plan, following a similar suit last month. What’s surprising is that another health insurer, UnitedHealth, is now facing two similar 401(k) lawsuits.

U.S. factory activity contracted for a third straight month in May, and growth in overall U.S. private construction spending on manufacturing has flatlined from the boom seen under the Biden administration.

The core CPI rose just 0.1% from April to May and 2.8% from a year ago.