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Fed’s Bowman Wary of Reacting to Short-Term Energy Inflation

  • Fed Governor Michelle Bowman said reacting to temporary energy-price inflation would add unwarranted policy restraint.
  • Michelle Bowman said the Fed’s moderately restrictive policy aims to maintain stable labor markets and return inflation to its 2% goal.
  • Michelle Bowman noted AI investment may cause supply-chain pressures but could lower production costs and inflation in the medium term.

 
Japan Confirms Yen Intervention Over Past Month, Spending Record Sum

  • Japan’s Ministry of Finance confirmed the country spent over $73 billion on currency intervention, its first since 2024.
  • The ministry’s data showed Japan spent a record 11.7349 trillion yen, or $73.69 billion, between April 28 and May 27.
  • Safe-haven dollar demand and Federal Reserve rate hike expectations pushed the yen near 160 against the dollar.
French Inflation Rises to More-Than Two-Year High as Energy Costs Intensify

  • French inflation rose to 2.8% in May, its highest level since February 2024, putting the European Central Bank on course for a June rate hike.
  • The French economy contracted 0.1% in the first quarter, with some economists expecting a technical recession in the second quarter.
  • Rising energy prices, due to the war in Iran, drove French inflation, prompting ECB policymakers to consider a rate increase.
Canada’s Economy Contracts for a Second Straight Quarter

  • Canada’s economy unexpectedly shrank for a second consecutive quarter, with GDP declining 0.1% at an annualized rate.
  • Exports faltered and imports rose, alongside weakness in business and government investment, contributing to the contraction.
  • Industry accounts showed March GDP edged down 0.1% from the prior month, but an early April estimate suggests a 0.4% increase.
SEC Proposes Scrapping Climate-Related Disclosure Rules

  • The Securities and Exchange Commission called for a formal rescission of its climate-related disclosure rules.
  • The SEC approved the climate disclosure rules in March 2024, but paused them a month later amid lawsuits.
  • The agency stopped defending the rules in May 2025 and now says they exceed its statutory authority.
 

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