The Federal Reserve's main inflation measure rose to 4.1% in May, the highest in over three years. This increase suggests the Federal Reserve may raise interest rates later this year to manage inflation.
Key Facts
The Federal Reserve tracks inflation to guide its financial policies.
In May, the preferred inflation gauge hit 4.1%.
This is the highest inflation rate recorded in more than three years.
Higher inflation can affect the prices of goods and services.
Raising interest rates is a tool the Federal Reserve uses to control inflation.
Analysts expect the Federal Reserve to consider raising rates in response to this inflation data.
The goal of raising interest rates is to slow down inflation growth and stabilize the economy.
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The Glastonbury Festival will not take place this year, leaving a gap in the summer music scene. To fill this, the "Everywhere At Once" festival is happening across the UK, with over 2,000 local performances aimed at supporting small music venues that are struggling to survive after many closures.
Key Facts
Glastonbury Festival is taking a year off, leaving fewer large music events this summer.
"Everywhere At Once" festival features over 2,000 artists performing in small venues across the UK.
Artists like Becky Hill and Tinie Tempah are participating, playing in intimate local settings.
The Music Venue Trust organized the festival to highlight the challenges small venues face.
Since the COVID-19 pandemic, 37% of UK music clubs have closed.
Many remaining venues lost money last year due to rising costs and changes in taxes.
Nightclubs are closing at a rate of three per month in the UK.
Small venues are important for artists to grow their careers and connect with fans.
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The Federal Reserve's preferred measure of inflation, called the personal consumption expenditure (PCE) index, rose by 4.1% in May compared to the same month last year. This is the highest inflation rate in three years and comes during ongoing tensions related to the war with Iran.
Key Facts
The personal consumption expenditure (PCE) index measures inflation by tracking changes in consumer spending.
In May, the PCE index increased by 4.1% year over year.
This is the highest inflation level recorded in three years.
The Federal Reserve uses the PCE index to guide its monetary policy decisions.
The inflation rise coincides with continuing conflict involving Iran.
Inflation reflects how much prices for goods and services have increased.
Higher inflation can affect the economy, influencing prices, wages, and interest rates.
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Oil prices are dropping and getting close to the levels they were before the war. However, gas prices in the United States remain about $1 higher than before, so drivers are still paying more at the pump.
Key Facts
Oil prices have fallen near the levels seen before the recent conflict.
More ships are now passing through the Strait of Hormuz, a key route for oil transport.
Despite lower oil prices, gas prices in the U.S. remain about $1 higher than before the war.
The gap between oil prices and gas prices means consumers are not seeing full benefits at gas stations.
Changes in shipping and supply routes are impacting oil price trends.
The article focuses on the connection between oil market changes and U.S. gas prices.
CBS News contributor Javier David reported on this topic.
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A new nonprofit named RAISE US has been created to help workers and local economies prepare for job changes caused by growing use of artificial intelligence in businesses. The group includes states, big companies, and AI firms and is supported by leaders from both political parties.
Key Facts
RAISE US is a nonprofit organization focused on addressing job displacement from AI adoption.
It brings together states, major businesses, and artificial intelligence companies.
The goal is to prepare workers, companies, and local economies for upcoming changes.
The group is bipartisan, involving leaders from both the Republican and Democratic parties.
It was co-founded by Republican Eric Holcomb and Democrat Gina Raimondo.
The initiative aims to manage the impact of AI on employment as businesses adopt new technology.
Amna Nawaz conducted an interview with Gina Raimondo about this effort.
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The Federal Reserve's preferred measure of inflation rose to 4.1% in May, marking its highest point since 2023. This shows that prices for goods and services are increasing faster than before.
Key Facts
The inflation gauge used by the Federal Reserve reached 4.1% in May.
This is the highest inflation rate recorded by this measure in over three years.
The inflation gauge tracks how much prices for goods and services increase over time.
Higher inflation means the cost of living is rising.
The Federal Reserve monitors this measure to help guide economic policy.
Inflation affects decisions on interest rates and economic growth.
Experts analyze this data to understand the economy's health.
CBS News and Barron's Investor Circle provided analysis of this increase.
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The Crown Estate, which manages the land and property owned by King Charles, made over £1 billion in profit for the third year in a row. Most of this profit came from fees paid by offshore wind farm developers who lease parts of the seabed.
Key Facts
The Crown Estate reported £1.2 billion in profit for the last financial year, nearly three times more than three years ago.
About two-thirds of this profit came from the offshore wind industry.
Wind farm developers paid £875 million last year to secure seabed leases from the Crown Estate.
The Crown Estate owns the ocean floor around England, Wales, and Northern Ireland.
Once wind farms start producing electricity, developers must pay the Crown Estate 2% of the revenue from energy bills.
The Crown Estate returned £487 million to the UK Treasury, with £132.1 million paid to King Charles to support royal duties.
CEO Dan Labbad’s pay increased by nearly 20% to about £2.33 million last year.
The Crown Estate expects profits to stabilize as more wind farms start production and pay lower lease fees.
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A new bill proposes raising the federal minimum wage to $25 per hour. However, information shows that even this higher wage might not cover basic living costs in some places.
Key Facts
The bill suggests increasing the minimum wage from the current federal level to $25 per hour.
This proposed amount is much higher than the current federal minimum wage.
Data indicates that $25 per hour may still be too low for people in certain areas.
Costs of living vary by location, affecting how far a wage can go.
Some regions have higher housing, food, and transportation expenses.
The bill aims to improve earnings for low-wage workers.
There is ongoing debate about what minimum wage level is fair and livable.
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This episode of Business Daily discusses several key economic issues, including how heatwaves hurt work and energy use worldwide, Germany's plans to change its pension system, tensions between China and Taiwan over fruit imports, and recent unstable movements in technology company stocks.
Key Facts
Heatwaves are causing problems by reducing worker productivity and increasing energy demand, which affects global economic growth.
Germany is planning reforms to its pension system, which could impact the largest economy in Europe.
There is a new disagreement between China and Taiwan about the import of custard apples, causing trade tensions.
Technology stocks, including SpaceX shares, have shown sharp and unpredictable changes in value in the past week.
The episode features discussions with business experts from Jakarta and Frankfurt.
The economic stories reflect concerns about climate effects, trade conflicts, pension policies, and investor confidence in tech.
The program was hosted by Will Bain and produced by David Cann and Justin Bones.
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Apple increased the prices of some MacBook and iPad models. This change came shortly after CEO Tim Cook said higher prices were necessary because of rising costs for memory chips.
Key Facts
Apple raised the price of the MacBook Pro by $300, making it $1,999.
The MacBook Air price went up by $200, now costing $1,299.
iPad prices also increased, including the iPad Pro.
CEO Tim Cook said price hikes were unavoidable due to growing demand for memory chips.
The memory chip market is experiencing higher prices, affecting device costs.
These price changes happened on a Thursday.
The increase reflects supply chain pressures on technology components.
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A $20,000 long-term certificate of deposit (CD) can earn a fixed amount of interest depending on the term length, with rates around 4.15% to 4.30%. Longer terms pay more interest, but the money is locked in for the duration, unlike high-yield savings accounts that have variable rates and allow easier access.
Key Facts
CDs offer fixed interest rates, meaning savers know exactly how much they will earn.
Interest rates for long-term CDs range from about 4.15% to 4.30%.
An 18-month CD at 4.20% can earn around $1,273 on $20,000 by maturity.
A 10-year CD at 4.30% can earn over $10,000 on $20,000 by maturity.
CD funds cannot be withdrawn early without penalty, unlike high-yield savings accounts.
High-yield savings accounts have variable rates, which can change over time.
Choosing between a CD and a savings account depends on whether savers want guaranteed returns or flexible access to their money.
With inflation and economic uncertainty, locking money in a fixed-rate CD can protect savings and offer steady growth.
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A new law in California aims to make food date labels clearer for consumers. The article explains what the dates on food packages mean and what people should understand about them.
Key Facts
California has introduced a new bill regarding food date labels.
The bill intends to clarify the meaning of dates printed on food products.
Food date labels often cause confusion among shoppers.
Dates on food packages can indicate freshness or safety, but meanings vary.
The new rules will help consumers better understand when food is safe to eat.
This change currently applies only in California.
People outside California may not have the same labeling rules yet.
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Homeowners in the U.S. currently have large amounts of home equity they can borrow against. A $100,000 home equity loan now costs between about $900 and $1,160 per month, which is cheaper than earlier this year and generally less expensive than using credit cards or personal loans.
Key Facts
The average home equity loan interest rate is 6.98% as of June 25, 2026.
Monthly payments for a $100,000 loan are about $1,160 for 10 years or $898 for 15 years at this rate.
Earlier in 2026, rates were higher (around 8.1-8.2%), making monthly payments more expensive.
Home equity loans have a fixed interest rate, so monthly payments stay the same during the loan term.
Borrowers must keep at least 20% equity in their home when borrowing.
The home serves as collateral, meaning the lender can take it if the loan is not repaid.
Home equity loans provide a lump sum that can be used for major expenses or to pay off higher-interest debts.
Borrowers can refinance their loans if interest rates decrease in the future.
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The Federal Reserve’s preferred inflation measure rose to its highest level in three years in May due to higher gas prices and costs for computer parts used in AI technology. Inflation reached 4.1% over the past year, pushing the Fed to keep interest rates steady while some experts think rates might rise later this year.
Key Facts
Inflation increased 4.1% in May compared to one year earlier, the largest rise since April 2023.
Monthly inflation was 0.4% in May, the same as April, down from 0.7% in March.
Rising gas prices and more expensive computer chips helped drive up inflation.
The Federal Reserve has kept interest rates steady this year after planning rate cuts in January.
New Fed chair Kevin Warsh confirmed the goal to reduce inflation to 2% but did not specify new actions.
Some economists predict the Fed might raise interest rates again this year.
Gas prices peaked near $4.50 a gallon in May before falling to about $3.92, still over 20% higher than last year.
Consumer spending and incomes rose slightly after adjusting for inflation in May.
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A new report analyzed about 2,500 Amazon products and found that most Prime Day discounts were not the lowest prices these items had ever reached. Less than 13 percent of products dropped to a new low price during the event, suggesting many deals were similar to or higher than previous discounts.
Key Facts
The report examined Amazon product prices from May 22 to June 23, 2026.
Only 12.5 percent of discounted products hit a new lowest price on Prime Day.
About 44.7 percent matched previous promotional lows, meaning prices were not new discounts.
Around 42.8 percent of deals were actually higher than earlier low prices.
Certain categories, like Movies & TV and Toys & Games, had many deals that weren’t genuine price drops.
Categories such as Health & Personal Care and Beauty showed better-quality discounts.
Experts advise shoppers to compare prices and use price tracking tools to find true bargains.
The data covers only products with usable price history and may not represent all Amazon products.
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When someone dies, their unpaid medical bills do not automatically become the responsibility of family members. Instead, these debts are paid from the person’s estate, and family members only pay if they co-signed the bills, live in certain states, or under specific laws.
Key Facts
Unpaid medical bills become claims against the deceased person's estate, not the family directly.
The estate’s executor pays valid debts from the estate before giving money to heirs.
Medical debt is "unsecured," so it is lower priority compared to funeral costs, taxes, and other debts.
If the estate lacks enough money, unpaid medical bills may go unpaid and usually end there.
Family members who co-signed medical bills are responsible for paying them.
In community property states, a surviving spouse may be liable for medical bills incurred during the marriage.
Some states have laws that can require adult children to pay for an elderly parent's medical or long-term care costs.
States may recover Medicaid costs for nursing home or home care through estate recovery, often by claiming property.
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Income and consumer spending in the U.S. are growing despite rising inflation and higher energy costs. This situation makes it harder for the Federal Reserve to decide if interest rates should go up to cool down the economy.
Key Facts
Personal income, disposable income, and consumer spending each rose by 0.7% in May.
Inflation measured by the Personal Consumption Expenditures (PCE) Index increased 4.1% over the past year.
Core inflation, which excludes food and energy, rose 3.4% year-over-year, both reaching the highest levels in about three years.
Rising energy prices have not stopped Americans from spending on goods and services.
The Federal Reserve’s preferred inflation gauge shows inflation still above the Fed’s target despite some easing since February.
The recent drop in oil prices may help reduce inflation in the future, but supply issues linked to AI technology are causing new price pressures.
Some companies like Apple are raising prices to cover higher costs for computer memory chips.
Financial markets expect the Federal Reserve to raise interest rates later this year to control inflation, but the Fed has kept rates steady for now.
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The Academy of Motion Picture Arts and Sciences invited 529 new members to join its Class of 2026. This group includes well-known actors and filmmakers and is one of the most diverse and global classes in the Academy's history.
Key Facts
529 people have been invited to join the Academy for 2026.
The new members include actors like Jacob Elordi, Teyana Taylor, Julia Garner, and Josh O’Connor.
Filmmakers Benny and Josh Safdie are also invited.
The list contains 95 Oscar nominees and 21 winners.
Compared to last year’s 534 invites, this year’s list is slightly smaller.
Women make up 42% of the new members.
56% of the invitees come from underrepresented communities.
53% are based outside the United States.
If all accept, the Academy will have over 11,300 members, with more than 10,000 eligible to vote for Oscars.
The Academy has recently added new award categories, including Best Casting and a future award for Stunt Design.
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A limited number of special quarters with a July 4th theme are being released into circulation. Only 250,000 of these coins will be available for people to use or collect.
Key Facts
The coins are quarters, meaning they are worth 25 cents each.
They have a special design related to July 4th, the U.S. Independence Day.
Only 250,000 of these coins are being made.
These coins will enter everyday use, not just kept for collection.
People may need to check their change to find these rare quarters.
This release is part of a special coin program by the U.S. Mint.
The limited quantity makes these coins rare and possibly more valuable to collectors.
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A group of 10 farmers in western France formed a cooperative that grows only organic vegetables. They sell their produce to schools, supermarkets, and restaurants while matching the crop yields of traditional farming methods. They want to show that organic farming can produce enough food to feed an entire country without using chemicals.
Key Facts
The cooperative is located in the Vendée region in western France.
All farming done by the co-op is 100% organic, meaning no synthetic chemicals or pesticides are used.
Their vegetables are supplied to local schools, supermarkets, and restaurants.
Their crop yields are similar to those from conventional, chemical-based farming.
The farmers aim to prove organic farming can be productive on a large scale.
The initiative challenges the common belief that organic farming is too expensive or cannot produce enough food.
The co-op focuses on local production and sales within the region.
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