June 25, 2026
United States:
US Consumer Spending Picks Up as Inflation Hits Three-Year High
US consumer spending accelerated in May even as prices rose at the fastest pace in more than three years, suggesting Americans are powering through the fallout from the Iran war.
The personal consumption expenditures price index rose 4.1% from a year earlier, the most since April 2023, Bureau of Economic Analysis data out Thursday showed. Excluding food and energy, prices were up 3.4% from a year earlier.
Europe:
ECB Rate-Hike Forecasts Pared Back as Oil Regains Pre-War Level
A sharp drop in oil prices amid progress in Middle-East peace talks has prompted some economists to scale back expectations for European Central Bank interest-rate increases.
Oxford Economics on Thursday said that it no longer expects additional moves after this month’s first hike since 2023, with the abrupt fall in energy prices following the Iran-US deal “cutting the initial inflation spike short.”
Asia:
Japan Unveils Multi-Year Framework as Part of Budget Reform
Japan will create a new multi-year framework to finance policies aimed at boosting its growth potential as part of Prime Minister Sanae Takaichi’s overhaul of the country’s budgeting process.
The new mechanism is expected to start next fiscal year and will be used to fund measures including investments in economic security, crisis preparedness and other strategic growth areas, according to a document submitted by Finance Minister Satsuki Katayama to a government panel on Thursday.
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