Fed holds steady as inflation concerns persist
The Federal Reserve left interest rates unchanged at its June meeting, the first under new Chair Kevin Warsh. Warsh signaled a new direction for the central bank but acknowledged that some colleagues are eyeing a rate hike rather than a cut. The US-Iran deal has cooled oil prices and eased inflation fears, but the Fed remains cautious about the broader economic outlook.
Gas prices drop but small businesses feel the pinch
Gas prices fell below $4 per gallon on average following the Iran deal, providing some relief to drivers. However, prices remain about a dollar more per gallon than a year ago. Small businesses say relentless pressures from tariffs and higher energy prices have sapped their resilience. Bank of America CEO Brian Moynihan noted that consumers are 'shifting around' to accommodate higher costs, with pet food aisle choices offering clues to consumer behavior.
Fox acquires Roku for $22 billion in media megadeal
In a major media consolidation move, Fox announced it will acquire streaming giant Roku for $22 billion. The acquisition, combined with Fox's ownership of Tubi, makes the network the third-largest player in US television by share of viewing. Meanwhile, the Justice Department approved Paramount Skydance's acquisition of Warner Bros. Discovery, saying the merger is 'not likely to result in harm to competition.'