Good morning, CFOs. Business activity around the world exhibits signs of growth, despite inflationary pressure; Fed governor Michelle Bowman on interest rates; plus, Zuckerberg leads the AI recruitment blitz.

Business activity in the U.S., Europe and some large economies in Asia continued to grow this month despite continued uncertainty about global trade policy and the threat of higher energy prices as conflict in the Middle East intensifies.

However, surveys of purchasing managers recorded an increase in prices that was much stronger in the U.S. than in other economies.

The S&P Global Flash U.S. Composite PMI, which gauges activity in the manufacturing and services sectors, fell to 52.8 in June from 53.0 in May. The reading above 50 suggests overall activity continued to expand, but at a lesser pace. Price pressures rose sharply across both sectors this month, the survey showed. Firms’ input and selling prices alike rose at the fastest rates since July 2022, at the peak of the postpandemic inflation crisis.

“The outlook remains uncertain while inflationary pressures have risen sharply in the past two months,” said Chris Williamson, an economist at S&P Global Market Intelligence.

📆 Earnings

• Carnival
• FedEx
• TD Synnex

📈 Economic Indicators

S&P CoreLogic releases its Case-Shiller National Home Price Index for April.

The Conference Board releases its Consumer Confidence Index for June.

Powell delivers the Semiannual Monetary Policy Report before the House Financial Services Committee. He will do the same before the Senate Banking Committee on Wednesday.

A top Federal Reserve official who resisted an aggressive cut last year said she is open to easing interest rates as soon as next month, in a sign support is building among policymakers for a looser monetary stance.

Fed governor Michelle Bowman noted U.S. inflation has cooled in a speech Monday in Prague. A dozen weeks after the rollout of the White House's aggressive bilateral tariff regime, retailers seem unwilling to raise prices on essential consumer items, she said.

"Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market," Bowman said, according to a published text of her remarks.

• Trump’s Relentless Fed Pressure Creates Lose-Lose Scenario for Powell

📰 Other headlines

• Stocks Rise, Crude Oil Falls After Iran Launches Missiles at U.S. Base in Qatar
• Zuckerberg Leads AI Recruitment Blitz Armed With $100 Million Pay Packages
• Home Sales Rose in May, but Housing Market Is Still Sluggish
• KB Home Cuts Outlook as Profit, Sales Fall
• Ford Still Scrambling to Get Rare-Earth Magnets
• Hims & Hers Stock Drops More Than 30% After Novo Nordisk Breakup
• Marina Whitman, Economist Who Advised Nixon and General Motors, Dies at 90
• Big Banks, Worried About Being Trump’s Next Target, Race to Appease Republicans
• Nearly Two Million Student-Loan Borrowers Are at Risk of Docked Pay This Summer

John Wiley & Sons, the Hoboken, N.J., publishing company, named Craig Albright as its CFO, effective June 26. Albright will succeed interim CFO Chris Caridi, who will continue to serve in his roles of chief accounting officer and finance transformation leader. Wiley said Albright has more than 30 years of experience in finance, strategy and consulting roles. He most recently held leadership positions at Xerox. As CFO, Albright will receive a base salary of $550,000 and is eligible for the company's executive annual incentive plan, with a target bonus equal to 100% of his base salary, according to a Securities and Exchange Commission filing.

—Connor Hart contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

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