Consumer price index in May jumped 4.2% over the last year, the highest level since April 2023. Trump said on camera that he loves the inflation. The midterm elections are coming up and the economy is a top concern for voters. Democrats quickly promoted Trump's comment on social media.

Donald Trump has been in office for 507 days. Since he was sworn in, he has focused on corruption and incompetence. He has pardoned convicted insurrectionists, imposed illegal tariffs, dismantled scientific and medical research, started a war of choice, caused inflation to double, pushed millions off health insurance, inflicted draconian immigration measures, forced mid-decade redistricting and granted himself and his family tax amnesty. His approval rating is 33%, 12 points lower than it was before the 2018 midterm elections, when Republicans lost 40 House seats.

Trump is dismantling the climate change agenda. Republicans opposed the Obama administration's energy policies, which raised prices from the gas pump to our utility bills. Democrats are attacking Trump on energy affordability. Democrats' entire agenda is based on the premise that fossil fuels are far too cheap for our own good.

The US confirmed a second day of Iranian strikes. The energy story feeds directly into the inflation picture. The BoC kept the overnight policy rate unchanged at 2.25% for a fifth consecutive meeting. The consensus view is that the Fed will hold next week's meeting.

The proposal to weaken bank capital standards prioritizes the short-term capital efficiency of the largest banks over the long-term economic security of American families. The proposal also includes two dozen negative deviations from international Basel III standards. With the Fed supervisory staff cut by over 30%, similarly debilitating staff cuts at the other agencies, the FFIEC is creating a "perfect storm" for the next financial crisis.

Consumer Price Index rose 4.2 percent from a year ago, the worst print in three years. Inflationary pressures are not spreading from the energy sector to the rest of the economy. Outside of energy, the deflationary forces running through the economy are broad and substantial.

The Department of the Interior is cutting 43 partnerships with outside groups it says no longer align with the Trump administration's priorities. The department terminated more than $4 million in planned funding for programs tied to DEI, environmental justice and support services for illegal immigrants. The Hispanic Access Foundation, which offers scholarships for illegal immigrant Latino students, and Latino Outdoors, which provided instructions on avoiding detention by U.S. Immigration and Customs Enforcement, were among the groups targeted.