🚀 US Consumer Prices up 2.4% YoY

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. inflation rose slightly in May, with the Consumer Price Index up 2.4% from a year ago, mostly due to base effects, while monthly inflation remained tame at 0.1%, suggesting underlying price pressures are easing. Gasoline prices dropped nearly 3% on falling oil prices tied to global growth fears, and rent inflation has returned to pre-pandemic norms. But grocery prices ticked up 0.3%, giving some economists pause. While the report reflects a cooling trend, many warned it’s the “calm before the storm,” as President Trump’s sweeping tariff hikes are expected to drive inflation higher later this year. The effective tariff rate has tripled since late 2024, and new levies on trading partners and goods could cost the average U.S. household an extra $2,500 in 2025.

2. Disney and Universal have filed the first major AI copyright lawsuit from Hollywood, accusing image generator Midjourney of willfully using and distributing AI-generated content based on protected characters like Star Wars and The Simpsons. The studios allege Midjourney ignored takedown requests and profited off unauthorized replicas, calling it a “bottomless pit of plagiarism” that threatens the core of U.S. copyright law. Filed in California, the suit demands a jury trial and marks a landmark clash as entertainment giants move to assert control over their IP in the generative AI era.

3. U.S. Commerce Secretary Howard Lutnick confirmed Wednesday that tariffs on Chinese goods will remain fixed at current levels, following high-level trade talks in London that President Trump declared “done” but still pending final approval from Chinese President Xi. The 55% U.S. tariff figure Trump cited isn’t new, according to the White House, but reflects already-existing duties: a 30% base tariff plus 25% on certain products. China’s tariffs on U.S. goods will remain at 10%. Trump also claimed China agreed to supply the U.S. with key rare earth minerals, a key issue in recent negotiations.

   Headlines

   1. All members of the Fulbright Foreign Scholarship Board have resigned in protest over President Trump’s decision to deny scholarships to students the board has previously approved.

   2. Elon Musk has started walking back some of his criticisms of Donald Trump in an apparent attempt to avoid further conflicts.

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Onwards and Upwards,

Liam Gill