Here’s what we’re following:The energy price spike triggered by the Iran war has seeped into the price of bonds that help fund the U.S. government, causing interest rates to climb in ways that are worsening affordability pressures, hampering economic growth and creating a new risk for Republicans in November’s midterm elections.The United States said Monday that it bombed radar and drone sites in Iran after Tehran shot down an American drone over the weekend. Iran then said it launched a strike of its own, and Kuwait reported incoming fire. The nominal ceasefire between Iran and the U.S. has been repeatedly tested with such back-and-forth attacks, even as officials from both countries try to negotiate an end to the war.An upcoming celebration of America’s 250th anniversary, “The Great American State Fair,” recently had several musical guests back out, partly over the event’s ties to Trump. Now, Trump himself is slated to headline the festivities, the organizers said Saturday.
Jerome Powell uses JFK award speech to warn against political pressure on Fed, courts and schools
Federal Reserve Board Governor Jerome Powell, the former Federal Reserve chair, center, stands with former ambassador Caroline Kennedy, right, and her son Jack Schlossberg, as Powell’s wife Elissa Leonard takes a picture at left, while being honored with the Profile in Courage Award at the John F. Kennedy Presidential Library, Sunday, May 31, 2026, in Boston. (AP Photo/Charles Krupa)
