Good morning. US stock futures rose in Wednesday morning trading as investors looked ahead to the Federal Reserve’s latest policy decision.

"Bottoms in the investment world don’t end with 4-year lows; they end with 10 or 15-year lows"

Jim Rogers

Top News

US inflation continues to cool

WHAT: US inflation appears to be leaving its sky-high days behind and finally returning to earth! According to data from the US Bureau of Labor Statistics, the consumer price index increased 4% for the year ending in May, a sharp decline from April’s 4.9% and slightly below economists’ expectations of 4.1%

WHY: Consumer prices in May rose at the slowest annual pace since March 2021, and represents the 11th consecutive month that inflation has slowed.

US seeks to top up oil reserves

WHAT: The US might be about to go on an oil “shopping spree” as it plans to buy around 12 million barrels of oil to replenish its emergency reserves. An Energy Department official noted the US would “seek opportunities for additional repurchases as market conditions allow”.

WHY: The more than 700 million barrel-capacity Strategic Petroleum Reserve is at a 40-year low following a historic 180 million barrel crackdown last year in response to Russia’s invasion of Ukraine.

Traditional media has “trust” issues…

WHAT: Traditional media’s role in society continues to be on the skids. In its annual Digital News Report, the Reuters Institute for the Study of Journalism found that the number of people globally who initially access news through a website or app has dropped by 10 points since 2018, with younger people preferring to access news through social media.

WHY: TikTok was the fastest growing social network in the report, used by 20% of 18 to 24 year-olds for news, up five percentage points from last year.

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In Other News

Meta makes bet on AI imaging

WHAT: Meta Platforms, rulers of all things Metaverse and beyond, announced they will be granting researchers access to their latest creation: a “human-like” AI model. According to Meta, the model can analyze and complete unfinished images more accurately than existing models.

WHY: Meta is also starting to incorporate generative AI features into its consumer products, like ad tools that can create image backgrounds, and an Instagram product that can modify users photos, both based on text prompts.

Consultants plan big spending in AI transition

WHAT: Tech consulting firm Accenture is ready to turn up the heat in the world of Artificial Intelligence. The company announced it will invest $3 billion over the next 3 years and double its AI-related staff to accommodate sizzling industry demand.

WHY: Accenture joins a growing list of technology companies racing to take advantage of broader interests from businesses looking for new AI tools that can analyze data, help make decisions, and can potentially replace some task performed by human workers.

Pyrex maker files for bankruptcy

WHAT: In a twist that’s hotter than an Instant Pot, the maker of the beloved pressure cooker and Pyrex glassware, Instant Brands, has filed for bankruptcy after high interest rates and the pandemic’s gnarled supply chain drained much of the company’s cash, making its debt unsustainable.

WHY: The kitchenware company initially benefited from the pandemic, but the surge in demand ultimately stretched wait times for products and drove up the cost of goods according to court papers.

Key Economic Events

• Wednesday - Fed Chair Holds Conference Following FOMC Meeting

• Thursday - ECB President Christine Lagarde Holds Press Conference

• Friday - U. Of. Mich. Sentiment

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