Every weekend, I recap \u201cnews you can use\u201d from the week \u2014 a handful of quotes from major (and often expensive) financial news sources \u2014 so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.<\/p>\n
Here\u2019s an overview of what happened this week.<\/p>\n
US Consumer Sentiment Picks Up on Easing Gasoline Prices<\/a> (June 12, Bloomberg):<\/p>\n The University of Michigan\u2019s preliminary sentiment index increased to 48.9 in June from a record low 44.8 in May, according to the survey released Friday. That was higher than most economists in a Bloomberg survey expected, but it\u2019s still the second lowest reading in data back to the 1970s.<\/p>\n While gasoline prices are still above pre-war levels, the drop seen in recent weeks led Americans to be less pessimistic about their personal finances. <\/p>\n Oil Prices Fall Sharply After Iran\u2019s Foreign Minister Says Deal \u2018Has Never Been Closer\u2019<\/a> (June 12, Barron\u2019s):<\/p>\n Oil prices were dropping to their lowest levels in months Friday after President Donald Trump said the U.S. was nearing a peace agreement with Iran.<\/p>\n West Texas Intermediate futures were down 3.1% at $84.98 a barrel. The last time Brent settled in the $88 range was on March 10, according to Dow Jones Market Data.<\/p>\n US Jobless Claims Jump to 229,000, Highest Since February<\/a> (June 11, Bloomberg):<\/p>\n Even after the recent gains, the current level is well below the average of the five years preceding the pandemic. Economists will look for more than a couple of weeks of data before reassessing the recent stability of the labor market.<\/p>\n At the same time, high-profile layoff announcements have mounted across the tech sector, with many companies citing artificial intelligence as they cut white-collar roles.<\/p>\n Wholesale prices rose 1.1% in May, more than expected, on surge in energy<\/a> (June 11, CNBC):<\/p>\n The producer price index increased a seasonally adjusted 1.1% in May, putting the 12-month wholesale inflation rate at 6.5%, the highest since November 2022.<\/p>\n Excluding food and energy, the so-called core PPI accelerated 0.4%, compared with the consensus view of 0.5%, indicating that rising fuel prices are causing much of the inflationary burden.<\/p>\n Gold, silver and bitcoin fall as traders up Fed rate hike bets<\/a> (June 10, CNBC):<\/p>\n Ewa Manthey, a commodities strategist at ING, told CNBC that gold and silver are coming under pressure as market focus shifts back to rates and inflation rather than pure safe-haven demand.<\/p>\n \u201cThe escalation in the Middle East is pushing oil higher and lifting inflation risks, which in turn is reinforcing expectations that central banks stay tighter for longer,\u201d she said. \u201cThat\u2019s pushing real yields higher \u2014 a clear headwind for non-yielding assets like gold and silver.\u201d<\/p>\n Inflation Heated Up to 4.2% in May, as Energy Costs Continued to Bite<\/a> (June 10, Wall Street Journal):<\/p>\n Prices excluding food and energy categories\u2014the so-called core measure economists watch in an effort to better capture inflation\u2019s underlying trend\u2014rose 2.9% on the year. That was in line with forecasts, and was slightly hotter than 2.8% the previous month.<\/p>\n Home sales surged in May to the highest level since December<\/a> (June 9, CNBC):<\/p>\n Existing home sales in May rose 3.2% from April to a seasonally adjusted, annualized rate of 4.17 million units, according to the National Association of Realtors. Economists were expecting less than a 1% gain.<\/p>\n With a still tight supply, prices continue to rise. The median price of an existing home sold in May was $429,300, an increase of 1.3% from the year before and a record high price for the month.<\/p>\n US small business sentiment falls in May as inflation worries mount<\/a> (June 9, Yahoo Finance):<\/p>\n The National Federation of Independent Business said on Tuesday its Small \u200cBusiness Optimism Index slipped 0.6 to 95.3 last month, falling further below its 52-year average of 98.0. The survey\u2019s uncertainty index rose three points to \u200b91. It is running well above its historical average of 68.<\/p>\n \u201cUncertainty is the enemy of growth and investment, and it is high,\u201d the NFIB said in a statement.<\/p>\n Oil prices fall after U.S. Energy secretary says Hormuz ship traffic is increasing<\/a>\u00a0(June 9, CNBC):<\/p>\n U.S. crude oil futures were down about 2% to $89.40 by 8:05 a.m. ET.<\/p>\n Trump told reporters late Monday that a deal to end the war with Iran could come in \u201ctwo or three days\u201d and the Strait of Hormuz would open \u201cimmediately\u201d after an agreement. He has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.<\/p>\n