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Fed’s Waller: Inflation Risks Mean Fed Should No Longer Signal Cuts
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- Christopher Waller, a Federal Reserve governor, said growing inflation risks mean the Fed should stop planning for further rate cuts.
- Waller cited the Middle East conflict and commodity costs as increasingly likely to cause sustained inflation, suggesting holding rates steady.
- Waller had been one of the Fed’s most dovish voices for much of the past year.
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Consumer Sentiment Drops to New Low, University of Michigan Survey Finds
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- The University of Michigan’s consumer sentiment index fell to a record low of 44.8 in May.
- Higher gasoline prices, Middle East tensions, and anxiety about future inflation contributed to the record-low sentiment.
- Consumers’ long-run inflation expectations rose to 3.9% in May from 3.5% in April, concerning Federal Reserve officials.
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Canada Producer Prices Rise a Fourth Straight Month in April
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- Prices for goods made in Canada rose 2% in April, marking the fourth consecutive monthly increase and heightening risk to consumers.
- The Middle East conflict disrupted shipping, sharply increasing prices for energy products, chemicals, and unwrought aluminum.
- Raw material prices climbed 2.6% in April, while consumer price inflation surged 2.8% year over year, largely due to gasoline.
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German Consumer Sentiment Bounces Back From Low Level
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- German consumer confidence improved slightly for June, ending a downward trend, according to a research group.
- An improved income outlook, a decreasing desire to save, and an increasing willingness to buy supported the gauge.
- The consumer-climate index rose to minus 29.8 for June from minus 33.1 for May, though the conflict’s impact persists.
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House Republicans Open Investigation Into Prediction-Market Insider Trading
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- James Comer, Republican chair of the House Oversight Committee, opened an investigation into Kalshi and Polymarket over insider trading.
- James Comer sent letters to Polymarket and Kalshi CEOs requesting documents on user identity, geographic restrictions, and trading.
- Authorities previously issued information requests to Kalshi and Polymarket regarding wagers tied to political events.
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