Fed holds steady as inflation persists
The Federal Reserve held interest rates unchanged at its first meeting with new Chair Kevin Warsh, marking the fourth consecutive hold in 2026. The Consumer Price Index accelerated to its fastest pace in three years, driven by energy costs linked to the Iran conflict. Core inflation remains above the Fed's 2% target, keeping rate cuts unlikely in the near term despite slowing economic growth.
SpaceX valuation surges past Amazon
SpaceX's valuation ballooned to $2.6 trillion in the days following its June 12 IPO, briefly surpassing Amazon to become the world's fifth most valuable company by market capitalization. The IPO raised $87.5 billion, far exceeding initial estimates of $75 billion. The company's stock surge reflects investor enthusiasm for its satellite internet business and Starship development program.
Pizza Hut sold for $2.7 billion
In other business news, struggling Pizza Hut chain agreed to be sold for $2.7 billion after facing increased competition from rivals. The deal highlights ongoing consolidation in the fast-food industry as companies grapple with rising labor and ingredient costs amid persistent inflation.