Economists predict June inflation will accelerate, especially in categories sensitive to tariffs—furniture, toys, recreation goods, and cars—ending months of below-expectation readings.

Cleveland Fed President Beth Hammack emphasized that inflation is still above target and new policies’ impacts must be assessed before lowering interest rates.

Fed Chair Jerome Powell requested the Federal Reserve’s Inspector General, Michael Horowitz, to independently review the $2.5 billion renovation of the Fed’s historic Washington D.C. headquarters. The move follows a letter from OMB Director Russell Vought, who conveyed President Trump’s concern over cost overruns. The Fed defended the project, citing structural needs, asbestos remediation, and unforeseen complications.

House Budget Committee Chair Jodey Arrington stated Republicans plan deeper cuts to Medicaid and Medicare and aim to address errors from the “Big, Beautiful Bill” in the upcoming budget.

U.S. banking regulators issued guidelines clarifying how banks can offer cryptocurrency custody services without violating existing rules, emphasizing the need to account for evolving crypto market structures and underlying technology.

Republican leaders in the U.S. House expect to pass an industry-friendly stablecoin regulatory bill this week, marking the start of a series of digital asset votes during the so-called “Crypto Week.”