Fed minutes: Officials deeply divided over future path of US inflation
WASHINGTON (AP) — The Federal Reserve's rate-setting committee agreed to keep its key rate unchanged at its meeting last month, though most officials were split over whether inflation is likely to stay elevated or whether it will cool once the Iran war winds down, according to minutes released Wednesday. The minutes underscored the deep divisions among Fed officials, particularly over the future path of inflation. The policymakers generally expected inflation would decline as gas prices cooled and the effect of tariffs faded. Yet many officials also worried that massive investment in the artificial intelligence buildout would keep inflation elevated by lifting prices for semiconductors and other technology goods.
Oil prices rise, and stocks drop worldwide after Trump says ceasefire with Iran is 'over'
NEW YORK (AP) — Oil prices rose, and stock markets dropped in shaky trading worldwide after President Donald Trump raised doubts about the temporary truce in the war with Iran. The S&P 500 fell 0.3% Wednesday after sinking as much as 1.1% earlier in the day. The Dow Jones Industrial Average dropped 1.1% after Trump said the agreement to pause fighting with Iran was over. The Nasdaq composite erased an early slump and rose 0.2% after Trump said in the afternoon that the most recent fighting did not mean a return to full-scale war. Brent crude oil’s price climbed 5% above $78 per barrel.
The tenuous state of a US-Iran ceasefire renews anxiety over high fuel prices
NEW YORK (AP) — The potential unraveling of a fragile truce between Iran and the United States has renewed anxiety over fuel prices. It’s raising concern that gasoline prices could go up again if sustained fighting keeps oil tankers from traveling through the Persian Gulf. Oil prices rose to their highest point in weeks after President Donald Trump declared the U.S. ceasefire with Iran over on Wednesday. Trump spoke after Iranian attacks on commercial ships in the Strait of Hormuz and on American military sites in other Gulf nations. Costlier crude oil could lead to costlier gas station fill-ups. That could happen as drivers in many countries were getting a break from elevated prices brought on by the war.
Specialty farmers adapt harvests, protect crops in face of extreme heat
BROOKSVILLE, Ky. (AP) — The heat dome that settled over much of the United States affected some specialty farmers who produce crops fruits and vegetables. Annie Woods, a vegetable and herb farmer in Kentucky who harvests by hand, has moved her work to the early morning and late evening to avoid the hottest parts of the day. The extreme heat has also shortened the harvest window for some farmers of certain fruits, like raspberries. Specialty crop farmers often plant a wide diversity of crops to offset potential losses from extreme weather farmers and crop insurance programs for these types of farmers are often underutilized and complicated.
John Deere owners will get the right to repair their own equipment under a new FTC settlement
John Deere owners should soon feel free to fix their own machines. The Federal Trade Commission and several state attorneys general have secured a “right to repair” settlement with farming equipment company Deere & Co., known as John Deere. The company faced complaints for withholding repair software and forcing customers to use authorized dealers. It's Deere's second right to repair settlement this year, following a $99 million class-action settlement in April. Deere must now provide diagnostic and repair tools to equipment owners and independent shops, and can't retaliate against them for using alternatives. The company has denied wrongdoing but says it supports more flexible repair options.
IMF expects world economy to grow a sluggish 3% this year, weighed down by Iran war but helped by AI
WASHINGTON (AP) — The International Monetary Fund on Wednesday modestly downgraded its outlook for the world economy this year, citing the energy shock caused by the Iran war. But the fallout from the conflict is being partially offset by booming investment in artificial intelligence and other technologies. The IMF now expects the global economy to expand by a sluggish 3% in 2026, down from 3.5% last year and from the 3.1% it had forecast for this year back in April. The war pushed up energy prices, squeezing businesses and consumers. The IMF now expects oil prices to be up nearly 32% this year and for overall global inflation to accelerate to 4.7% in 2026.
Meta plans billions for first AI data center in Canada, largest outside the US
EDMONTON, Alberta (AP) — Facebook and Instagram parent Meta said Wednesday it will invest more than 13 billion Canadian dollars ($9.1 billion) to build its first artificial intelligence data center in Canada and its largest outside the United States. The facility will be built in Sturgeon County, Alberta, and powered by a natural gas-fired plant being developed by a consortium that includes Calgary-based Pembina Pipeline Ltd. Technology and Innovation Minister Nate Glubish called the project “a big deal for Alberta,” saying the province had created a regulatory framework to attract data center investment.
Wall Street banks are sky-high about SpaceX, but investors remain cautious
NEW YORK (AP) — Wall Street banks have high hopes for SpaceX but at the moment shares of Elon Musk’s rocket market appear to be earthbound. Many of the investment firms that underwrote SpaceX’s initial public offering issued their first research notes about the company Tuesday, and almost all recommended that investors buy the stock and forecast it to trade above $200 in the next 12 to 18 months. But after topping $200 in its first week of trading, the stock is trading around $150 per share, roughly where it opened on June 12, its IPO day. Investors may be looking cautiously at the same factors that have Wall Street so enthusiastic.
US airlines’ monthly fuel spending topped $6 billion again in May, up 84% from year ago
Government data released Tuesday shows that U.S. airlines spent $6.66 billion on jet fuel in May. This marks an 84% increase from the previous year. It was the second month in a row with fuel costs exceeding $6 billion, following April's $6.47 billion. The latest figures show that the rise is mainly due to pricier jet fuel, as consumption in May was slightly lower from a year earlier. The average price per gallon was $4.09. That was down slightly from April but 85% higher than in May 2025. Fuel prices have eased since a U.S.-Iran ceasefire, but tensions remain.
Polymarket is in a high-stakes race to win back trust as it recommits to the US market
NEW YORK (AP) — After four years in exile, the prediction market platform Polymarket has begun a well-funded campaign to sell a new version of itself to the American public. The prediction market platform is trying to convince regulators and customers that its U.S. operation is more disciplined than its offshore counterpart. Polymarket has hired compliance and regulatory specialists from firms like Robinhood and Coinbase to support this effort. The company left the U.S. when it settled allegations of operating an unregistered derivatives market with federal regulators in 2022. Despite challenges, including deceptive marketing claims, Polymarket aims to establish trust and legitimacy in the U.S. market.
