The WSJ Dollar Index Falls 0.08% to 96.15
Kevin Warsh Opens His First Meeting as Federal Reserve Chair, With Rates Expected to Hold and a New Tone in Focus
Kevin Warsh opened his first policy meeting as chair of the Federal Reserve on Tuesday, a closely watched debut that will shape how Americans borrow, save and read the central bank for years to come.
The two-day meeting of the Federal Open Market Committee concludes Wednesday, when the Fed will announce its interest-rate decision and Warsh will hold his first press conference as chair.
Almost no one expects the rate itself to change.
The Fed is widely projected to hold its benchmark steady in a range of 3.50% to 3.75%, where it has sat since December 2025.
With that question largely settled, attention shifts to Warsh himself, and to what his arrival means for the direction of policy.
Warsh was sworn in on May 22 after a narrow 54-45 Senate confirmation vote, becoming the 17th chair of the Federal Reserve.
His predecessor, Jerome Powell, has agreed to stay on as a governor, an unusual arrangement that leaves the former chair in the room as the new one takes charge.
That makes Warsh’s first impression all the more important.
Because June is a quarterly projection meeting, Wednesday will bring more than a rate decision.
The Fed will release updated economic forecasts and a fresh “dot plot,” the chart that shows where each policymaker expects rates to go.
Many economists expect the committee to drop its long-standing lean toward future rate cuts and adopt a neutral stance instead, a quiet but meaningful shift.
Inflation is running near its hottest level in more than three years, and energy prices remain elevated even as the war with Iran winds down.
Both argue against cutting.
Some officials may go further: analysts at Bank of America expect at least three of the committee’s twelve voting members to pencil in rate hikes this year, and options markets still put the odds of at least one increase before year-end near 80%.
That puts Warsh in a tight spot from day one.
President Donald Trump, who nominated him, has been publicly demanding lower rates, arguing on television over the weekend that raising them would be a mistake.
The bond market and the inflation data are pulling the other way.
How Warsh navigates that pressure, while keeping a divided committee together, will say a great deal about the years ahead.
There are two things to watch beyond the rate.
The first is tone.
Warsh has signaled he wants a more open, argumentative Fed, telling senators at his confirmation hearing that he favors “messier meetings” where policymakers can have a real debate.
That is a departure from the careful consensus Powell prized, and it could mean more public disagreement among officials.
The second is the Fed’s massive bond portfolio.
Warsh has long argued the central bank should hold mainly Treasury securities and shed the roughly $2 trillion in mortgage-backed bonds it still owns.
If he signals plans to start actively selling those bonds, rather than letting them slowly expire as Powell did, it could push mortgage rates higher, a change that would land directly on anyone trying to buy a home.
That is the thread tying all of this to everyday life.
The Fed’s decisions set the cost of mortgages, car loans and credit cards, and the interest paid on savings accounts.
A hold keeps borrowing costs where they are for now.
But the signals Warsh sends about inflation, about future moves and about that bond portfolio will shape what families pay to borrow well into next year.
The decision and Warsh’s remarks come Wednesday afternoon.
Wharton finance professor Jeremy Siegel called it one of the most important Fed meetings in years, precisely because so much of it is about the man, not the math.
For now, the rate is expected to stay put.
The bigger story is what kind of Federal Reserve Kevin Warsh intends to run.
Washington — JBizNews Desk
JBizNews Desk / © JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
Britain’s Jewish Culture Month aims to move conversation beyond October 7
In the almost three years since the October 7, 2023, Hamas invasion of Israel, Great Britain has seen “a relentless focus on everything to do with the Jewish community in the public domain, and it’s about antisemitism or Israel,” said Adam Ma’anit, the communications manager for the Board of Deputies of British Jews.
Over the past four weeks, a flurry of performances, lectures and art exhibits has been an opportunity to move past that.
The Board of Deputies, which represents a community of diverse and often competing views under its umbrella, created Jewish Culture Month, a first-of-its-kind series held under the banner of “Less Oy, More Joy.” The month was designed to bolster Jewish communal confidence and to introduce wider audiences to aspects of Jewish life that rarely make headlines.
The month, which wrapped up Tuesday, sought to make clear that British Jewish identity is, and always has been, about far more than conflict. “We’re not defined as a community by pain,” Ma’anit told the Jewish Telegraphic Agency. “We’ve got great architects, writers, and musicians as well.”
Those artists were featured in more than 150 events over four weeks across the country at major museums and galleries , including London’s British Museum, Oxford’s Bodlein Library, Bath’s Little Theatre Cinema, Nottinghamshire’s National Holocaust Museum, and local synagogues and private homes nationwide.
Among them was The Klezmer Village Band, which introduced Jewish culture to primary schools in Plymouth. “We wanted to bring Jewish culture back into the community,” Plymouth Jewish Community Director Louise Clements said. “This is the first time in many years that something like this has happened here.”
One of the band’s musicians, Ilana Cravitz, also noted after the event that “music is a wordless language. People respond from inside – they stop thinking, they feel. And we really saw that today.”
British celebrities join Jewish Culture Month celebrations
Notables featured throughout the celebrations included British broadcaster and television personality Vanessa Feltz, who spoke at the opening at London’s Freud Museum; comedian Bennett Arron, who performed stand-up routines in Hampstead, London; and acclaimed British artist and vocal Israel critic Anish Kapoor, whose exhibit opening on Tuesday closed out the month.
“Part of Jewish Culture Month is about us celebrating our own culture and being proud, British Jews, and asserting ourselves in an environment where it has been the most challenging to be that very British Jew,” said Ma’anit.
The Holocaust Memorial Day Trust noted another aspect of the festival soon after it kicked off on May 16. “At a time when division and prejudice continue to affect communities across the country, initiatives like Jewish Culture Month can help build understanding and strengthen social cohesion,” it posted social media.
However, some thought it difficult to focus on social cohesion when discussing contemporary British Jewish identity without discussing how that identity dovetails with British Jews’ relationship with Israel.
It’s something that Jewish Renaissance, the online magazine of Jewish culture, raised ahead of the opening. Freelance writer and former Jewish Quarterly editor Matthew Reisz wrote that while there was definitely diversity in the program, “We seem unlikely to hear much about the deep divisions within the community, not least in relation to Israel/Palestine, or the crucial, though often tense dialogue with other minority communities on both shared and contentious issues.”
Ma’anit insisted that the choice was a deliberate one. “It’s not a rejection of Zionism or distancing ourselves from Israel,” he said. “Quite the opposite. The board’s leadership remains openly supportive of Israel and many of the figures involved in the project have deep personal and family ties to the country.”
Israeli-born Ma’anit is one of those figures. He is the cousin of the Idan family of Nachal Oz, a kibbutz close by the border with Gaza. Eighteen-year-old Maayan Idan was shot and killed by Hamas terrorists on October 7 while trying to help her father, Tsachi, hold their safe room door closed. The entire event was livestreamed by the terrorists. Tsachi was abducted into Gaza, where it was believed he was still alive as the war on Gaza raged. It was discovered only later that he had been murdered, with his body finally returned in the hostage deal in February 2025.
Ma’anit, who spent those years lobbying for the hostages’ return, appearing on news programs and organizing hostage vigils in his hometown of Brighton, has been forced to meld the personal with the professional when it comes to the post-October 7 era.
It’s why, he said, Jewish Culture Month is about creating space for aspects of Jewish identity that have been overshadowed post October 7. “The argument is not that Israel is unimportant,” he said, “it’s that Jewish life cannot be reduced to Israel alone.”
Museum lecture canceled over protester security concerns
Yet even without a focus on Israel and Zionism, the month did not pass without the conflict in the Middle East affecting the program. In May, a culture month lecture titled “Ancient Israel and Judah” at the British Museum had to be postponed, the museum said, because of “security concerns” over potential “disruptions” by protesters who had obtained tickets. The rescheduled event, held June 11, was the best-attended of the entire series, with around 4,000 people joining in person and online.
Ma’anit called the incident “overblown. It was just procedural,” he said. “People fill in the blanks and then it gets out of control.”
However, the speed with which the controversy escalated and elicited angry reactions from many in the community only served to highlight how questions about Jewish visibility and any event with “Israel” in the name – even a reference to thousands of years ago – have become highly charged in the last three years.
“It just shows how on edge the community is,” Ma’anit said.
That has intensified the need for something like Jewish Culture Month in the eyes of many British Jews. Steph Thwaites, head of a group dedicated to helping Jewish publishing professionals navigate an increasingly hostile publishing industry, said after a Jewish Culture Month event on the topic that the professionals felt “a sense of community and a source of comfort,” as well as a space to “combat anti-Jewish racism in publishing and to support Jewish creatives.”
Ultimately, as UK Communities Secretary Steve Reed put it in his speech at the launch of the festivities, Jewish Culture Month “is a time to celebrate Britain’s Jewish community and its contribution to our shared story. It’s a time for coming together. It’s a time for friendship. Jewish experience cannot just be about defending against fear; it also has to be an expression of hope and joy and freedom.”
Youth being recruited to carry out shootings against Jewish, US targets, Toronto police chief says
Young people are being hired to carry out shootings at targets around Toronto, including Jewish schools and synagogues, and the US consulate, Toronto’s police chief, Myron Demkiw, told reporters on Tuesday.
Demkiw called the conference to provide an update on arrests made in multiple firearm discharge investigations, including the shooting at the US Consulate that took place on Tuesday, March 10, 2026, and the killing of a veteran Toronto police officer last week during a raid linked to the shootings.
Addressing the broader pattern, Demkiw said, “What we are dealing with in this case and in other unrelated incidents, including shootings at synagogues and Jewish schools, is a recurring and similar modus operandi, and that is criminals for hire.”
“Through encrypted messaging apps, young people are hired to carry out attacks against various targets. And in order to get paid, they’re required to film their attacks.”
He said that the police, along with the RCMP and the FBI, are still trying to determine who is paying for this.
“I know there’s been a lot of reporting about criminal groups and foreign actors, but what I can tell you is that we are still working actively to investigate who is responsible for orchestrating these criminal acts.”
What is known, Demkiw said, is that bad actors are using criminal elements in Toronto to carry out these “dangerous incidents.”
“And it is clear that some of the people hiring these criminals want to create a sense of fear in our communities, including in the Jewish community,” he added.
‘Very complex investigations’
When asked which encrypted apps are being used to recruit the youth, Chief Supt. Joe Matthews told reporters that, so far, the apps are WhatsApp, Telegram, and Signal, but that the police is “expecting to uncover many more device apps.”
“These are very complex investigations. That’s why we are supporting our federal and provincial partners with legislative reform to allow us to be able to intercept encrypted apps, obviously through judicial authorization.”
Matthews said the networks “for sure” go beyond Toronto’s scope and are national, if not international.
Fmr. Mossad intelligence chief: Iran could move faster toward nuclear bomb under new leadership
Ze’ev Palti, the former head of the Mossad intelligence directorate, warned that he does not know how long it will be before Iran’s new leader decides whether to continue on his father’s path or change course toward a bomb in an interview with 103FM on Tuesday.
The United States and Iran agreed to a framework agreement on Sunday that is expected to advance negotiations between the two sides. Palti, who previously headed the Mossad’s intelligence directorate, laid out his view of the next stage in the campaign against Iran, of relations with the United States, and of the situation in Lebanon.
“I was not around for the Sinai Campaign and things like that, but once you are dealing with powers and fighting powers, you are almost not in focus,” Palti said, analyzing the implications of a war managed by great powers.
“This is the Americans’ war; their army did everything, and that is how it is presented there in the US. I mean, they decide, they close the war. President Trump is fed up with this whole affair and decides he has had enough of it.”
He added that Israel had no choice but to go to war with the US, noting, “The moment you decide, as in Iraq in 1981 or as in Syria in 2007, to take off and do things on your own, then no one interferes with you because you are not asking for favors. To a large extent, this war was enormous; we needed the US both for defense and offense. We need to look ahead; what we are talking about now is water under the bridge. We need to examine whether it is right to build power and capabilities so that in the future we will not need the Americans. I am deliberately looking ahead. Yes, we do need to investigate and understand whether we did everything right in order to reach a conclusion, and one can debate and challenge it.”
“These are things we need to deal with now because I do not know how much time we have until this young new leader decides whether he continues his father’s line of not rushing to the bomb, or suddenly changes course. We do not have time, we do not have time now. We must build power and give the IDF as many capabilities as possible to reorganize itself so it will be ready for the next campaign, and it will come,” he explained.
Israel must remain ready for escalation, Palti warns
Later, he clarified that Israel has slightly improved its position but still needs to be ready for escalation: “When it comes to Iran, one always has to be worried. Israel is not forsaken. We have been around this threat for several decades. Our situation is a little better now after the last two rounds, but as we understand, especially in recent days and after this botched agreement, Iran is with us for a long time.
“We have a huge challenge right now. I think it is a bit of an exaggeration to say our situation is worse than it was. There are two things, one with Iran and its missile program, and part of the bitterness is in light of the strategic plan right now, certainly in the world and in the Western world. If I deal with the Iranian issue alone, I think our situation is better than it was two years ago,” he added.
“There are always things we will not know about. When it comes to Iran’s ballistic missile issue and the program that was once about thousands, which led our decision-makers to strike in the current round, even on the nuclear issue, we knew how to assess the stages over the years. Overall, we had our finger on the pulse at a good and reasonable level. But is that always true? I do not know. Right now, a great deal of money needs to be invested to make sure that if there is a change in decision-making in Iran, we can know about it a minute before. Another thing is to build real strength inside the Mossad so that we can do things we did not do in the current campaign.”
Finally, he pointed to Israel’s weak spot at this stage of the campaign: “Our weak point is Lebanon. What sparked Iran’s firing at Israel was that same equation, that if we attack in the Dahieh, they attack us. We tried to break that equation in the strike the day before yesterday, and it did not work out so well for us, and they rushed to a nuclear agreement or to the thing they signed virtually. Lebanon is a problem, and it could develop in the coming days.”
Experts warn of essential service disruption if Israel’s electricity supply disrupted – study
“Be Prepared!” has been the motto of the international Scouts Movement since 1907, but it would be worth adopting in Israel for coping the not-too-likely possibility that an enemy would succeed in knocking out its entire electricity supply. In the event that Israel’s foes accomplished such a catastrophic attack, the country should be ready to cope with it.
Now, a new study at the Yannay Institute for Energy Security of Reichman University in Herzliya has warned of potential widespread disruption to essential services in the event of a prolonged power outage in Israel. In recent years, the possibility of a nationwide blackout has evolved from a theoretical threat into an issue with immediate and far-reaching implications. It has also increasingly become part of the public conversation, following warnings issued by the Israel Electric Corporation and Noga, Israel’s national electricity system operator.
The institute, established two years ago by the country’s first and only private university, is dedicated to advancing energy security and resilience in Israel and globally. It pioneers cutting-edge research across technology, economics, regulation, and environmental fields, addressing critical issues in energy economies and security. By producing rigorous studies and policy papers, the Institute provides data-driven, science-based proposals for designing effective, long-term energy policies, said Avri Schechter, its director, in an interview with The Jerusalem Post.
“Israel has been at war with Iran, which targeted our infrastructure, but our lights didn’t go off. We have not only to prevent it but to plan how to cope if it does. After October 7, 2023, many Israelis bought expensive generators to store electricity, but since then, they have realized they are not needed and haven’t managed to sell them even secondhand. There is no reason for Israelis to store large number of water bottles, cash under the floorboards, or endless cans of food in their pantries,” Schechter insisted.
The institute organizes conferences, roundtables, and exclusive forums that bring together researchers, policymakers, and senior executives from the business, and public sectors and educates and empowers the next generation of decision makers in the energy sector.
Blackout could cause breakdown of life-sustaining systems
According to Schechter and Dr. Asaf Tzachor, founder and academic director of the institute, the main danger in a prolonged blackout is not just the loss of electricity itself, but the gradual breakdown of the systems that sustain life in a modern country like Israel: communications, water, transportation, healthcare, food supply, and payment systems. The question guiding the researchers was not when electricity would be restored, but how long essential services could continue to function without it. Rather than reviewing the wide range of threats facing Israel’s energy sector and electricity grid including terrorism, missile attacks, cyberattacks, and geophysical risks, the research team examined how disruptions spread from one critical system to another, ultimately developing into a multi-system national crisis.
Schechter brought together leading experts in a variety of relevant fields and worked on the study for six months. “The risk is low, but we need to think about the repercussions, what to do, and are we ready,” he said.
“The purpose of this study is not to cause alarm – it’s the opposite. We call for a shared professional framework and integrated cross-sector planning. The national challenge is not only how to prevent a blackout, but how to maintain operational continuity if one occurs. After 72 hours, the challenge shifts from electricity itself to the management of essential services and the resilience of the economy. A blackout is a stress test not only for individual systems, but for the interfaces among them. If each system focuses solely on protecting itself, without cross-system coordination, localized protective measures may ultimately weaken the resilience of the system as a whole. Now is the time to prepare – during periods of routine and relative calm – through scenario planning and regular exercises.”
Many systems, from hospitals to tower elevators and water desalination plants have backups in the event of a halt in power, but these will not continue for more than a few days. Planning how to cope can be a proactive and controlled management tool aimed at preventing a widespread collapse, said Schechter, whose study examines the family ranging from a partial reduction in supply, load rationing, managed or unmanaged disruption on a regional scale to a large-scale blackout.
“When people think about a blackout, they imagine a power outage, dark windows, and candles. But the real danger lies further down the chain of consequences. Within minutes to hours, a form of ‘functional darkness’ begins to spread across critical systems, Schechter explained. “Home internet connections fail; water pumps in high-rise buildings stop working; refrigerators and freezers cease functioning. In public spaces, traffic-control systems, road signs, signals, and traffic lights are disrupted. Many essential services – including petrol stations, community healthcare services including kidney dialysis and other lifesaving hospital procedures, automated teller machine and payment systems – become dependent on backup power and connectivity. As the outage continues, resources become scarce and public pressure intensifies. Public order begins to deteriorate.”
This catastrophe will probably cause panic to spread among the citizenry, perhaps not on the first day, but the strain accumulates, and with each passing day, the economic and social fabric of the country begins to unravel, they said.
Communications, water, transportation, are key systems at risk in blackout
One of the study’s key conclusions is that different systems require different preparedness strategies. Certain systems act as what the researchers describe as “risk multipliers” – when they fail, other systems fail with them. The analysis identifies three such systems: communications, which is essential for command and control, coordination, and the dissemination of information to the public; water, because access to safe water is fundamental to public health and institutional functioning; and transportation and fuel supply, because without the ability to move personnel, spare parts, and fuel, emergency services cannot operate effectively, infrastructure damage cannot be repaired, and generator-based backup systems cannot be maintained over time.
He stressed the need for professionals to explain an emergency situation to the general public in a way they will understand and trust.
Schechter, who holds a BA degree in economics and sustainability from Reichman and a master’s degree in public policy from Tel Aviv University (TAU), brings over a decade of expertise in developing national economic policies in energy, renewable energy, energy storage technologies, energy efficiency, and greenhouse gas emission reduction, and setting long-term targets for reducing greenhouse gas emissions and enhancing energy efficiency.
The Yannay Institute head noted that modern society has become very dependent on uninterrupted electricity. “Governments now understand the dangers and have tried to spread out the risk so that it isn’t concentrated in one place and among many sources. AI can help manage cascading infrastructure failures but its role is coordination, recognizing where the failures are, and setting priorities and procedures.”
Maccabiah 2026 launched in Tel Aviv under theme ‘More Than Ever’
The road to Maccabiah 2026 officially began this week as organizers launched the Games at a festive ceremony atop Tel Aviv City Hall, unveiling the event’s theme, “More Than Ever,” and announcing that Paralympic taekwondo champion Asaf Yasur and Olympic judo silver medalist Inbar Lanir will light the Maccabiah torch at the opening ceremony in Jerusalem.
The Maccabiah, which was postponed last year due to Operation Rising Lion, will take place from July 1-14, 2026, bringing thousands of athletes, families, and visitors from Jewish communities around the world to Israel.
The launch event brought together Maccabiah officials, government representatives, municipal leaders and some of Israel’s leading Olympic and Paralympic athletes, including Artem Dolgopyat and Moran Samuel. Also in attendance were entertainers Assi Azar and Anna Aronov, who will host the opening ceremony at Teddy Stadium on July 1.
Maccabiah chairman Assaf Goren said the Games carry added significance following the challenges Israel has faced in recent years.
“Nowadays, the Maccabiah is a symbol of hope, recovery, and our determination as a people following the most difficult times that our generation has endured,” Goren said. “I am proud that we have overcome the challenges, and we look forward to welcoming thousands of guests from around the world who will come to compete, deepen connections, and strengthen Israel – this time, more than ever.”
One of the evening’s highlights was the unveiling of a new version of the official Maccabiah anthem performed by Israeli artists Nunu and Jimbo J. The pair collaborated on a contemporary arrangement of Naomi Shemer’s song originally written for the Maccabiah in 1981, with a music video filmed at the Hadar Yosef Athletics Stadium.
Minister of Culture and Sport Miki Zohar emphasized the role the Maccabiah continues to play in connecting Israel with Jewish communities worldwide.
‘Maccabiah – a bridge between Israel and Jewish communities around the world’
“The Maccabiah is a bridge between Israel and Jewish communities around the world, and in these times, amid all the challenges we face, that connection is more important than ever,” Zohar said. “The State of Israel is strong, sport leads and inspires us all, and the people of Israel live on and thrive.”
Organizers also announced the athletes and public figures who will participate in the torch ceremony during the opening festivities. Among them is Eviatar Zeitouni, a disabled IDF veteran and former Paratroopers Brigade officer who was severely wounded while defending Kibbutz Kissufim on October 7. His selection is intended to represent recovery, courage, and the rehabilitative power of sport.
Israeli soccer captains Menashe Zalka and Sheran Yeini were chosen to carry the torch on behalf of the country’s soccer community, while rhythmic gymnast Ofir Shaham, a member of Israel’s Olympic silver medal-winning team from Paris 2024, will represent a new generation of Israeli female athletes.
The torch will ultimately be passed to Yasur and Lanir, who will jointly light the Maccabiah flame. The pair symbolizes both elite athletic achievement and resilience. Yasur captured Paralympic gold in taekwondo at the Paris 2024 Games and has become one of Israel’s most recognizable Paralympic athletes. Lanir, the reigning world judo champion and Olympic silver medalist, is currently preparing for the Los Angeles 2028 Olympic Games.
KKL-JNF chairman Eyal Ostrinsky described the upcoming event as one of the most meaningful in the history of the Games.
“The Maccabiah is far more than a sporting event; it is a unique and highly significant Zionist event that represents the pinnacle of the connection between Israel and world Jewry,” Ostrinsky said. “This Maccabiah is more symbolic than ever. It is the first Maccabiah since the horrific October 7 massacre and the first following its postponement due to Operation Rising Lion.”
Tel Aviv, which has played a central role in hosting the Maccabiah since Israel’s early years, will once again serve as a major hub for the Games. Organizers announced plans for “Maccabiah City,” a large-scale sports and entertainment festival at Expo Tel Aviv that will offer activities and attractions for visitors and families throughout the event.
Deputy Mayor and Acting Mayor of Tel Aviv-Yafo Lior Shapira said the Games extend beyond athletic competition.
“This is an event that is about much more than sport,” Shapira said. “For us, it is a long-standing tradition that connects communities, countries, and hearts. Launching the Maccabiah during this complex period sends a clear message of resilience, unity, and continuity.”
Under the banner “More Than Ever,” Maccabiah 2026 is expected to welcome athletes from dozens of countries competing in more than 30 sports, serving as both a major international sporting event and a celebration of the enduring bond between Israel and Jewish communities across the globe.
Jerusalem Film Festival announces Israeli lineup
The 43rd Jerusalem Film Festival, which will run from July 9-19, has just announced the Israeli films that will be featured in this year’s edition.
Israeli movies have always been the heart and soul of this festival, Israel’s longest-running film event, and many movies that premiered in it went on to win international acclaim. This year, the Israeli program includes a wide-ranging lineup of feature films, documentaries, shorts, experimental films, and restored classics. Most are world premieres.
The total amount of prizes to be awarded in the Israeli and international competitions this year will be about NIS 1 million.
The Haggiag Competition for Israeli Feature Films will include How to Feel, directed by Hadas Ben Aroya, about an Israeli dancer and a German poet who fall in love in Berlin, only to find their relationship shaken by a crisis that takes them to an unexpected place.
Also in the competition is Amal, directed by David Ofek and Nahad Bashir, which tells the story of a woman fighting to save her son and stop a cycle of revenge in her village, as clan violence spins out of control.
The Wedding Entertainer (The Tale of Moishe Badhan), directed by Gidi Dar, just had its world premiere at the Tribeca Festival. Written by Shuli Rand from a story by Rand and Dar, the film stars Rand, Tal Friedman, Elon Gold, and Tzofit Grant-Rand. It’s about a man who was once Jerusalem’s greatest party entertainer, whose alcoholism destroyed his career, as he battles to regain his past glory working for an American.
Where To, the debut feature by Assaf Machnes, will have its Israeli premiere following its world premiere at the Berlin International Film Festival. The film follows Hassan, a 55-year-old Palestinian Uber driver (Ehab Salami) in Berlin, who keeps encountering a young, lost Israeli passenger (Ido Tako) in his cab.
Efrat Corem’s Heart of Goldstars Chen Amsalem Zaguri, Israel Atias, and Menashe Noy. It tells the story of a bus ticket inspector in Ashkelon who finds an abandoned baby on a bus and takes him home, an impulsive decision that brings up past trauma.
Ruthy Pribar’s What is to Come, which premiered at Tribeca, will have its Israeli premiere in Jerusalem. It stars Ronit Yudkevitch, Yaakov Zada Daniel, and Tovit Addis-Samai, and tells the story of Yehudit, who, after nearly losing her life, escapes to Eilat and tries to begin again.
The Diamond Competition for Israeli Documentary Films will include 269, directed by Keren Yehezkel-Goldstein and Noam Stolerman, about a radical animal-rights protest movement sparked by one dramatic action in Tel Aviv, and the unexpected love story at its center.
Yael Abecassis’s I Am New follows a boy who was critically injured in a car accident at the age of three and a half. The driver was, and remains, his best friend. Built from hundreds of hours of intimate footage, the film documents his long rehabilitation and a family that insists on compassion as a key to healing.
Good Morning Gaza, directed by Hanan Brandes and Matan Skopsky, tells the story of a reservist tank driver who broadcasts an improvised podcast to soldiers over the military radio network, opening a window into the psyche of people at war through candid interviews and clips.
Sarah’s Life, directed by Shir Huri-Abu, follows a 21-year-old woman who has left the haredi world and discovers that she is unexpectedly pregnant. Moving between temporary apartments and searching for a place to belong, she is forced to confront memories from her past.
Find Me, OK?, directed by Yola Gidron, documents two years in the lives of the mother and sisters of murdered hostage Eden Yerushalmi, who did everything they could to bring her back from Hamas tunnels, and after nearly a year of struggle, were forced to find a way to live without her.
The festival will also hold a special world premiere screening of David Fisher’s documentary The Survivor in a Tuxedo: In Search of Elie Wiesel. The film offers an intimate and searching portrait of Nobel Peace Prize laureate Elie Wiesel, examining questions about ambition, memory, and the burden of bearing witness.
Tribute to Israeli film history
In a special tribute to Israeli film history, the festival will present restored digital versions of Uri Barbash’s classic Beyond the Walls and the short films Crows, by Ayelet Menahemi, and A Big Girl, by Nirit Yaron. The screenings are part of the ongoing restoration project of the Israel Film Archive at the Jerusalem Cinematheque, which works to preserve Israeli classics and convert them into high-quality contemporary digital formats.
The Israeli Short Film Competition will feature 16 fiction, documentary, and animated films. The winner of the best short film prize will be eligible to submit the film for consideration for the Academy Awards.
The festival will also present nine works in the Video Art and Experimental Cinema Competition, held in cooperation with Mamuta Art and Research Center. The competition showcases contemporary Israeli experimental cinema and video art made in the past year.
The Wim Van Leer Young Creation Competition will offer a first platform for debut films by high school film students from around the country, in a festive screening of selected documentary and fiction films.
The festival will open, as always, at Sultan’s Pool under the stars, in front of an audience of 6,000 guests and movie lovers.
The opening-night film will be the Israeli premiere of Tell Me Everything, the new film by Moshe Rosenthal, at Sultan’s Pool. The film stars Assi Cohen, Keren Tzur, Yair Mazor, Ido Tako, Mor Dimri, and Neta Orbach, and will be screened in the presence of the filmmakers and actors.
Tell Me Everything had its world premiere at the Sundance Film Festival earlier this year, marking the first time in a decade that a full-length Israeli feature film was included in that festival. Produced by Green Productions and United King Films, the film is Rosenthal’s follow-up to Karaoke, which won several Ophir Awards and was a critical and popular success.
Set in 1987, Tell Me Everything tells the story of Boaz, who discovers a shocking secret just before his bar mitzvah about his admired father, Meir. Nine years later, Boaz sets out in search of his estranged father and is forced to confront the memories and choices that have haunted him ever since.
The international program, which will include Israeli premieres of films that have been shown at such festivals as Cannes, Venice, Berlin, Toronto, and many others, will be announced soon.
The festival was conceived and founded by Jerusalem Cinematheque founder and Israel Prize laureate Lia Van Leer.
Full details, screening times, and ticket information are available on the festival’s website at https://jff.org.il/en
Verizon launches simpler plans and new loyalty program, drops some fees
Verizon is looking to attract and retain customers by offering new, simpler plans that will drop activation and upgrade fees while also rolling out a new loyalty program offering discounts and other perks.
The company is competing aggressively with AT&T and T-Mobile in the telecoms market, with rivals looking to gain an edge with consumers and have extended device subsidies, added plan discounts and proposed increased spending on network infrastructure.
The new “Simplicity” plan drops network tiers and will combine Mobility and Home on one bill, with taxes and fees included.
Verizon said the new loyalty program will offer customers 3% back on bills from July that can be used to buy new phones or at consumer brands such as Sephora, Hilton, Marriott and Starbucks.
VERIZON CUSTOMERS FACE 35-DAY WAIT TO UNLOCK PAID-OFF PHONES UNDER POLICY CHANGE
Alfonso Villanueva, interim CEO of Verizon Consumer Group and Verizon chief transformation officer, told Reuters the move is about making it simpler and more flexible for customers.
“How do we create a value proposition that makes sense for every cohort?” Villanueva told the outlet in an interview.
“We are convinced that our retention will be even higher,” he added.
VERIZON NAMES FORMER PAYPAL BOSS DAN SCHULMAN AS CEO
Verizon said postpaid customers on all phone and connected device plans can opt into its loyalty programs and avoid activation and upgrade fees. It is also offering perks like free Starbucks coffee, a Dunkin’ Donuts treat or FIFA World Cup 2026 merchandise.
Verizon in April raised its annual profit forecast under new CEO Dan Schulman. The company declined to say how much the changes announced on Tuesday would cost, but they are expected to be accretive to revenue.
The company also said that the new program wouldn’t change its 2026 financial guidance.
FANATICS AND AT&T ANNOUNCE EXCLUSIVE MULTI-YEAR PARTNERSHIP TO CONNECT MORE FANS TO SPORTS MOMENTS
Like its rival AT&T, Verizon has leaned into discounted bundles combining high-speed broadband and wireless plans as part of a strategy to boost customer retention.
T-Mobile has had success with its loyalty programs offering perks and aggressive marketing along with its plans which bundle Netflix, Apple TV and Hulu with five-year price guarantees.
Last month, Verizon cut several hundred jobs after it said in November it was cutting more than 13,000.
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Reuters contributed to this report.
LARRY KUDLOW: Trump has smashed Iran’s capabilities for decades
With all the fake news about some kind of $300 billion reparations fund for Iran, and President Obama’s inane remarks that nothing’s changed and nothing’s going change regarding Iran, it’s important to remember how badly America has crippled Iran’s military and its economy.
Here’s President Trump on this fake news fund: “We are not investing any money in Iran, by the way. That rumor got out there yesterday, it was ridiculous. We have the right to go in some day and do if I want to do something or if somebody wants to do something, but we are not investing any money. We have no obligation to invest any money in Iran.”
Mr. Trump added: “We don’t pay them — there was some statement” that “we’re going to spend $300 billion. No, we’re allowed to go and invest if we wanted to. Someday, in the future. We have no obligation whatsoever.”
Between the incredible B-2 bunker-busting bombers dropped a year ago in Operation Midnight Hammer, and the incredible devastation wreaked on Iran’s military, and industrial complex from Operation Epic Fury, and the enormous economic and financial hardship imposed on Iran by Economic Fury, the simple straightforward fact is that Iran capabilities to do anything have been virtually obliterated.
And that includes their nuclear capabilities. Their navy is sitting at the bottom of the Arabian Gulf. The country has no air defense. Essentially no radar. All of this with no boots on the ground. The currency is worthless. The economy is shrinking rapidly. The inflation is a couple of hundred percent. If nothing else ever happened by way of deals or arrangements, or penalties, or whatever, Mr. Trump has taken them out probably for twenty years. And that could be an understatement.
Now, if we end their nuclearization altogether, if we get our hands on the enriched uranium, and destroy it, that will be a wonderful gift to the Middle East and the rest of human kind. Even if all the Trumpian red line objectives are not fully met, though, we have still knocked Iran from its Middle East pedestal. They are not the country that Mr. Obama was caving in to.
What Mr. Trump and Prime Minister Benjamin Netanyahu have done with their decapitations and their bombing obliterations, has at a minimum ended Iranian hegemony in the Middle East. That country, even with its crazy radical Islamists still running at least part of it, is nonetheless a tiny shadowy sliver of its former self because of what America has done to it.
So, as we await the outcome of the memo of understanding and the subsequent technical flushing out of this memo, where I still believe Mr. Trump will make good on his red line pledges and promises, let us not forget how far down Iran has been brought in the past year since the president began his campaign to truly crush Iranian evil.
Dave & Buster’s Profit Tumbles As Customers Pull Back On Arcade Visits
Dave & Buster’s Entertainment said Monday that profit fell sharply in its fiscal first quarter as fewer customers visited its arcade-and-restaurant locations, underscoring the pressure inflation and tighter household budgets continue to place on discretionary spending.
The Dallas-based company reported net income of $5.7 million, or $0.16 per share, for the quarter ended May 5, down from $21.7 million, or $0.62 per share, a year earlier. The decline of nearly 75% came as sales softened and operating margins narrowed.
Chief Executive Tarun Lal said the company’s “back-to-basics strategy is gaining clear traction,” despite results that fell short of Wall Street expectations.
Revenue declined 1.5% to $559.2 million, missing analysts’ forecasts of approximately $577 million. Investors focused particularly on comparable-store sales, a key measure of performance at locations open at least one year, which fell 5.4% from the same period last year.
The decline suggests the challenge is not a lack of locations but fewer guests visiting existing stores and spending less once they arrive.
Shares of Dave & Buster’s fell about 5% Monday to roughly $12.32. The stock has lost approximately two-thirds of its value from its 52-week high near $35.50, reflecting investor concerns about the company’s ability to reverse declining traffic trends.
Dave & Buster’s occupies a unique niche in what the company describes as the “eatertainment” industry, combining arcade games, food, beverages and sports viewing under one roof. But that business model is particularly vulnerable when consumers begin cutting nonessential spending.
A typical family visit can easily exceed $100 once food, drinks and game credits are included. As inflation and higher living costs continue to pressure household budgets, entertainment outings are often among the first expenses consumers postpone or eliminate.
The impact was visible throughout the company’s earnings report.
Operating income fell nearly 26% to $46.9 million, while operating margin narrowed to 8.4% from 11.1% a year earlier. Adjusted earnings came in at $0.22 per share, significantly below the $0.76 reported a year ago and below analyst expectations.
Despite weaker sales, the company highlighted several financial positives.
Adjusted free cash flow reached $25.3 million, compared with a negative $58.8 million in the same period last year. Dave & Buster’s also ended the quarter with approximately $499 million in available liquidity, giving management flexibility as it continues its turnaround efforts.
In practical terms, the company remains financially stable and continues to generate cash even as customer traffic remains under pressure.
Much of the turnaround now rests on Lal, the former president of KFC U.S., who took over as CEO in 2025. His strategy focuses on improving value, simplifying menus, refreshing marketing campaigns, remodeling locations and regularly introducing new arcade attractions.
During the quarter, Dave & Buster’s opened one new U.S. location, completed six store remodels and expanded its international franchise footprint with additional openings in May and June. More openings are planned throughout the year.
Management says value-oriented promotions and bundled offerings are gaining traction with budget-conscious consumers. However, the company acknowledged that the recovery remains in its early stages.
Recent economic data suggest the broader environment remains challenging. Consumer confidence remains near historic lows, while inflation continues to affect household spending decisions. Those conditions make it harder for entertainment-focused businesses to attract customers looking to reduce discretionary expenses.
The company’s struggles predate this quarter.
For its most recent full fiscal year, Dave & Buster’s reported approximately $2.1 billion in revenue, with comparable-store sales declining about 5% and a net loss approaching $49 million. Management has repeatedly argued that the brand remains undervalued and capable of generating stronger long-term results once operational improvements take hold.
For now, the company is betting that a combination of improved food offerings, stronger value propositions and refreshed entertainment experiences will eventually bring customers back.
Monday’s results showed progress in some areas of the business, particularly cash generation, but they also highlighted the central challenge facing the company: reversing declining traffic and convincing consumers that a night at Dave & Buster’s remains worth the cost.
JBizNews Desk
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SpaceX Now Has Higher Market Cap Than Amazon
Taylor Morrison names Mike Carlo Sarasota division president
Taylor Morrison, the sixth-largest builder in the HousingWire Homebuilder Rankings, has appointed Mike Carlo as president of its Sarasota division.
Carlo brings more than 25 years of homebuilding experience to the role.
“Mike is a proven leader with an impressive track record of operational excellence and strategic growth across several homebuilders,” said Area President Steve Kempton. “We are thrilled to welcome him to oversee our Sarasota division and are confident that his experience in driving growth, leading high-performing teams and executing thoughtful land and sales strategies will further strengthen our position in the region.”
Before joining Taylor Morrison, Carlo spent nearly nine years at Richmond American Homes, serving as division president of Jacksonville and most recently, senior division president of Orlando and Jacksonville. He previously was president of real estate investment and development firm CenterPoint Properties LLC in St. Johns, Florida, and held roles as vice president of sales and vice president of land acquisition for Lennar‘s Northeast Florida operations. Carlo earned a Bachelor of Science in finance from the University of Illinois and a law degree from American University.
“I look forward to building upon the strong foundation the Sarasota team has established and continuing to deliver exceptional homes and customer experiences,” Carlo said. “Taylor Morrison’s commitment to quality, innovation and culture deeply resonates with me and I’m enthusiastic to work alongside this talented group as we grow our presence and help more individuals achieve homeownership across the market.”
Taylor Morrison’s Sarasota division currently has seven open communities and plans to add two new Esplanade resort lifestyle communities over the next year: Esplanade at Wellen Park, which recently opened for sales, and Esplanade at Cammaray in Lakewood Ranch, anticipated in early 2027.
Located in Venice, Esplanade at Wellen Park is planned for approximately 877 single-family homes and a range of amenities, including a resort-style pool and spa; Bahama Bar & Grill; The Resort Club, a state-of-the-art amenity center with group fitness rooms, fitness equipment and spa therapy suite; dog park; massage treatment room; and tennis, pickleball and bocce ball courts. The community will be part of the 11,000-acre Wellen Park master plan, which features multiple districts, established neighborhoods and a walkable downtown.
Esplanade at Cammaray will be Taylor Morrison’s third Esplanade community in Lakewood Ranch and is planned for about 1,200 single-family homes and condos. The gated community is expected to include amenities such as a resort-style pool and spa with towel service and poolside cabanas; Culinary Center with multiple dining venues; Wellness Center; trail network; fitness center; tennis, pickleball and bocce ball courts; signature spa services; Bahama Bar; and event lawn.
New Housing Starts Sink To Lowest Levels in 6 Years: Report
Total housing starts, which include single-family homes, apartments, and condominiums, declined by 15.4 percent from April to May to a seasonally adjusted annual rate of 1.18 million housing units, a Census Bureau and Department of Housing and Urban Development report stated on June 16. May’s overall housing starts were 8.7 percent lower than the same month in 2025, with single-family home starts decreasing 1.9 percent from April.
The decline in the total number of new starts was led by a steep dip in new multifamily construction, which tumbled 40.2 percent month over month to a seasonally adjusted pace of 295,000 units for buildings that have five or more apartments. Multifamily starts were down by 14.2 percent year over year….
AI-native lending platform Copperlane lands $4.1M seed round
Copperlane, an AI-native mortgage origination platform, has raised $4.1 million in seed funding to scale an autonomous AI mortgage loan officer that aims to compress hours of document reviews into minutes, the company announced.
The round was led by TQ Ventures, with participation from Y Combinator, US News Digital Ventures, Mercor, Valon Mortgage and others.
The company says it has created the first AI mortgage loan officer called Penny that has the ability to autonomously analyze thousands of pages of borrower documents and surface recommendations for human staff by using a generalized AI model to interpret income patterns, assets and credit file nuances.
At the application stage, Penny can scan bank statements for large deposits that fall outside expected income, identify other conditions an underwriter is likely to question and proactively contact the borrower for clarification. The system can also draft letters of explanation before a file reaches underwriting.
The goal is to reduce document review and preapproval analysis from more than four hours per file to a matter of minutes, the company said.
Copperlane was founded by 21-year-olds Athan Zhang, a Princeton University computer science graduate, and Brianna Lin, who studied computer science and real estate at the University of Pennsylvania.
“Mortgage lenders want to build relationships and expand their portfolios, not spend hours each week reviewing or even drowning in dense paperwork,” said Zhang, Copperlane’s co-founder and CEO.
“Better technology for mortgage lenders directly translates into a better experience for borrowers. Our mission is to further democratize mortgages for all Americans so they can take part in the American Dream,” said Lin, co-founder and chief operating officer.
Copperlane did not disclose current customer counts or loan volume running through the platform. For lenders evaluating AI-native tools, proof points around defect rates, repurchase exposure and turn-time improvements relative to traditional workflows will be key benchmarks as the company deploys its new capital.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Builders slow starts in May to rebalance pricing and incentives
The real story in today’s Monthly New Residential Construction release from the Census Bureau isn’t a collapse in construction. It’s a production strategy that took shape months ago.
Headlines – and their sibling, “headline risk” –don’t enjoy a particularly good reputation among most homebuilding business executives who have chosen to talk with and listen to me over the past 23 years.
Years, I might add, writing countless headlines myself, some fair number of which those executives would rightly argue created headline risk out of thin air.
What frustrates these business operators about headline risk is not merely that it can be inaccurate or misleading.
It is often the case that it can become self-fulfilling.
A prospective homebuyer sees a headline about plunging housing starts or collapsing demand and assumes it signals something fundamentally wrong with the housing market. Rather than moving forward with a purchase, the buyer waits. When enough buyers wait, hesitation becomes another headwind for an industry already grappling with affordability challenges and elevated financing costs.
That’s what came to mind Tuesday morning when the U.S. Census Bureau released its May residential construction data.
The headlines came quickly. Housing starts posted an “epic miss.” Construction activity fell to its weakest level since the early months of the pandemic. Residential development was slowing sharply.
On the surface, the numbers appeared to support that narrative. Total housing starts fell to a seasonally adjusted annual rate of 1.177 million units, down 15.4% from April. Multifamily starts plunged more than 40% from the previous month. Even single-family starts fell short of expectations.
Yet if you spend time talking with homebuilding operators, strategists, division presidents, land executives and construction leaders, it becomes hard to view this report as a surprise. Many might argue the opposite. The decisions reflected in May’s starts data were made months ago.
The headlines see May. Builders see 2027
Homebuilders did not wake up in May and suddenly discover that affordability challenges remained stubborn, mortgage rates remained elevated and consumers remained cautious.
They had been seeing those conditions in traffic reports, website conversion metrics, sales center activity, cancellation patterns, incentive spending and community-level absorption trends throughout the spring selling season.
By the time the Census Bureau counts a housing start, management teams have already analyzed the demand environment, adjusted production plans, revised land-spending assumptions, updated capital-allocation priorities and communicated new operating targets to their divisions.
That is why housing starts data often tells investors and economists what builders already knew. The more important question is what builders are trying to accomplish now.
The answer increasingly appears to be this: they are attempting to create a more sustainable balance between production, pricing, and profitability after a prolonged period in which incentives became the industry’s primary tool for maintaining sales pace.
More simply, even existentially, they’re matching a buyer to a home, one by one by one by one.
For much of the past two years, builders have demonstrated remarkable flexibility in protecting demand. Mortgage-rate buydowns, closing-cost assistance, design-center credits, and targeted price adjustments helped many operators continue generating sales even as affordability deteriorated for many households.
That strategy succeeded in preserving volume.
It did not preserve margins.
As public builder earnings calls throughout the first half of 2026 repeatedly demonstrate, management teams have become increasingly focused on restoring profitability without sacrificing market position. One of the most effective ways to do that is to moderate the flow of new inventory entering the system.
Seen through that lens, May’s starts data begins to look less like a warning sign and more like evidence that builders are executing a plan to secure stability first, then relative predictability, and along with that increased net profitability.
Restraint is not the same as weakness
The May permit data reinforces that interpretation.
While total starts fell sharply, permit activity remained comparatively stable. Single-family permits edged higher in May, suggesting builders have not abandoned future production plans so much as they are pacing them more carefully.
Why does that distinction matter? Permits reflect future intent, while starts largely reflect decisions already set in motion. The same dynamic appears in the inventory pipeline itself.
Both the Census data and analyst commentary from firms such as Wolfe Research point to an industry that continues to work through elevated levels of homes under construction while steadily bringing those inventories closer to historical norms. Wolfe noted that builders have made meaningful progress in reducing inventory and described continued production restraint as understandable in the current environment.
That process carries implications well beyond inventory management.
The margin recovery few are talking about
As builders slow the pace of new production, they gain leverage elsewhere.
Land acquisition teams can become more selective. Development spending can be sequenced more deliberately. Trade partners and suppliers encounter a market in which builders no longer feel compelled to pursue every available lot or construction start.
Operating organizations gain opportunities to revisit cost structures, improve cycle times by days or even weeks and eliminate inefficiencies that are difficult to see during periods of rapid growth.
At the same time, many builders are using this period of slower demand to deepen investments in customer acquisition, digital marketing, sales process discipline and data analytics.
When demand is rocking, almost every product can find a buyer; sometimes more than one.
When demand slows, operators identify which floor plans and elevations create value, which locations resonate with consumers, and which parts of the customer journey need improvement, while winnowing the product selection to determine which buyers gain traction.
That knowledge may ultimately prove more valuable than an additional quarter of production growth.
What makes the current period unusual is that many of these operational improvements are occurring alongside a gradual reduction in future supply.
The scarcity equation begins to matter again
As fewer homes enter the pipeline and existing inventory continues to be absorbed, local markets begin to move toward balance. The relationship among supply, incentives, pricing, and margins starts to normalize.
Not everywhere, and not immediately. But gradually. That is why the signal in the May housing starts report may not be that builders are producing fewer homes.
It may be that they are producing a more precisely calculated number of homes the market can currently – or in a reasonably near-term future – absorb at a profit. That distinction seldom makes for a neat, sexy headline. It is, however, the distinction that homebuilding leaders spend their days thinking about and their nights losing sleep over.
What to look for in Kevin Warsh’s first Fed meeting
Today, as I write this article, oil prices are at $75.80, which is a big deal because tomorrow the Federal Reserve will announce its monetary policy under new Fed Chair Kevin Warsh. For many months, Federal Reserve hawks have said that the Iran conflict was a major reason they’ve been more hawkis as energy inflation can make the current inflation data much worse going forward. Warsh has said that the housing market needs help and today’s housing starts data did have an epic miss. So what is the most important thing to watch tomorrow when it comes to housing?
For the housing market, the most important thing is for Warsh to convince the hawks to be patient. The housing market has held up well this year, thanks to mortgage spreads, which have improved over the past few years and are now almost back to normal. They have kept mortgage rates from going above 7%, a level in the past few years that drove demand lower.
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Warsh vs the hawks
Obviously, Warsh was brought in by President Trump to cut rates because Jerome Powell wasn’t doing it fast enough. The Federal Reserve, before the year started, was on course for at least two, maybe three more rate cuts in this rate-cut cycle, and then the conflict with Iran started.
Inflation data worsened before the conflict, and then it lasted over 100 days, pushing oil prices above $100 at one point. This is not the environment for rate cuts, and even Kevin Warsh knows this.
Of course, things are much different with oil prices where they are today below $80. We had oil trading between $67-$82 before, without the Fed ever saying they needed to be more hawkish because of oil prices. This is the most important variable for rate hikes or a pause for the rest of 2026.
The hawks lost their oil trade, and if they’re honest about their take, they need to change their tune about oil. Some despise President Trump and Kevin Warsh; however, they shouldn’t make policy around their personal feelings.
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For tomorrow and for the rest of the year, the only job Warsh can do now until inflation cools down, is to get the Fed hawks to shut up about rate hikes. We had two to three rate cuts working their way through in 2026 due to a soft labor market in 2025, but that has changed amid rising inflation.
So, Kevin needs to not get into a rate-cut fight now, but just prevent the hawks from talking about another rate hike cycle. For this to work, the growth rate of inflation needs to come back down; it’s simply too hot now for hawks to stay quiet. The best he can do is buy some time and wait for the inflation data to improve.
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Warsh is going to try to make the Federal Reserve quieter, probably killing the Fed dot plot and maybe making a rule that Fed governors can’t talk about their personal monetary policy choices at events, which I think will be very hard in this day and age of social media. But since 65%-75% of where mortgage rates and the 10-year yield can go is still Fed policy, Warsh needs to try to convince the Fed governors to wait before talking about another rate-hike cycle.
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As you can see with the charts above and below, Fed policy really matters for what I call the slow dance between the 10-year yield and the 30-year mortgage. Cue the Jodeci music.
Conclusion
2026 has had a lot of crazy events and it’s not even the halfway point, but the housing market has held up well under the circumstances. As our Housing Market Tracker articles have shown, the last three weeks have seen positive year-over-year growth with three weeks of negative year-over-year inventory growth.
Housing starts to fade when mortgage rates get above 7% and mortgage spreads widen, creating more rate volatility. Today we are closer to 6.50% than 7% and Warsh’s first job is to try to convince people who are already suspicious of him to show patience, for now. That’s the only fight he should focus on tomorrow.
La-Z-Boy Profit Climbs, Helped by New Stores
Dow Closes Above 52,000 for the First Time as Tech Pulls Back and Investors Await Fed Decision
The Dow Jones Industrial Average closed above 52,000 for the first time Tuesday, setting a fresh record even as technology stocks retreated and investors focused on the Federal Reserve’s two-day policy meeting, the first under new Chair Kevin Warsh.
The Dow gained approximately 370 points, or 0.7%, finishing at an all-time high. The broader market moved in the opposite direction. The S&P 500 fell about 0.4%, the Nasdaq Composite lost nearly 1%, and the Russell 2000 declined roughly 0.6%.
After Monday’s technology-led rally following news of a U.S.-Iran peace framework, Tuesday saw investors rotate into more traditional sectors. Money flowed out of high-growth technology and artificial intelligence stocks and into financial, industrial, and blue-chip companies that carry greater weight in the Dow.
Market Movers
Financial and industrial stocks led the advance.
Goldman Sachs gained about 1.3%, Caterpillar rose roughly 2.2%, and American Express added nearly 1.7% as investors favored companies tied more directly to the broader economy.
One of the market’s biggest individual stories remained SpaceX, which surged approximately 20% after announcing plans to acquire Anysphere, the artificial intelligence startup behind the Cursor coding platform, in a deal valued at $60 billion. Despite that jump, weakness across much of the technology sector weighed on the Nasdaq.
Commodities
Oil prices remained relatively stable after recent declines tied to the U.S.-Iran agreement that reopened the Strait of Hormuz.
Brent crude traded near $81 per barrel, while West Texas Intermediate hovered around $80, levels close to two-month lows. The decline reflects the fading geopolitical risk premium that had pushed energy prices higher during months of conflict.
Analysts noted that oil markets are now returning to more normal trading patterns as investors unwind positions built around expectations of a diplomatic breakthrough.
For consumers, lower oil prices could translate into additional relief at the gas pump in the weeks ahead.
Focus Turns to the Fed
Attention now shifts to Wednesday’s Federal Reserve announcement.
Treasury markets signaled expectations for a measured approach. The 10-year Treasury yield eased to roughly 4.46%, while the 2-year yield slipped to about 4.05%.
Warsh takes over at a time when inflation has moderated, housing activity has softened, and energy prices have moved lower. Those factors generally support easier monetary policy, but investors remain uncertain about the timing and pace of any future rate cuts.
Markets will closely examine Wednesday’s statement and press conference for clues about the Fed’s outlook for the remainder of the year.
Looking Ahead
Another key event arrives Friday, when the formal signing of the Iran agreement is scheduled in Switzerland. Investors will be watching for confirmation that shipping through the Strait of Hormuz continues uninterrupted, a development that could place additional downward pressure on energy prices.
For now, the market is sending mixed signals. The Dow is reaching record highs on the strength of banks and industrial companies, while technology stocks that fueled much of the recent rally are taking a pause.
Whether that rotation continues may depend largely on what the Federal Reserve says next.
Wall Street — JBizNews Desk
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Consumer Confidence Rises Off Record Low As Gas Prices Cool
American households felt a little less gloomy in early June, recording their first meaningful improvement in sentiment since January. The University of Michigan said Friday that its preliminary Consumer Sentiment Index rose to 48.9 from May’s record low of 44.8, a gain of roughly 9% as easing gasoline prices offered consumers some relief.
Joanne Hsu, director of the university’s Surveys of Consumers, said the improvement was broad-based but cautioned that “views of the economy are still relatively dour.”
The rebound ended a four-month decline and came in ahead of economists’ expectations. Both major components of the survey improved: consumers reported feeling somewhat better about current economic conditions and slightly more optimistic about the months ahead. The gains were seen across age groups, income levels, educational backgrounds and political affiliations, with lower-income households showing some of the strongest improvement.
Even with the increase, consumer sentiment remains historically weak.
At 48.9, the index is still roughly 13% below where it began the year and about 19% lower than a year ago. The survey’s long-term average stands at 83.8, meaning June’s reading remains more than 40% below normal levels. In fact, despite the rebound, it remains the second-lowest reading recorded in the survey’s seven-decade history.
The improvement highlights how closely consumer attitudes remain tied to energy prices.
Since February, geopolitical tensions involving the United States and Iran have rattled energy markets and pushed fuel costs higher. Disruptions affecting shipments through the Strait of Hormuz helped drive the national average gasoline price above $4.50 per gallon by May, putting additional pressure on household budgets already strained by inflation.
That is why even a modest decline in fuel prices can have an outsized impact on sentiment. For many consumers, gasoline prices are among the most visible indicators of economic health because they encounter them several times a week. When prices fall, confidence often improves quickly.
Inflation, however, remains a significant concern.
Consumers’ long-term inflation expectations held at 3.4%, remaining above levels generally considered comfortable by Federal Reserve policymakers. Persistent inflation expectations can complicate monetary policy decisions because they suggest consumers still expect prices to continue rising at an elevated pace.
That creates a challenge for the Federal Reserve as policymakers evaluate the path of interest rates. If inflation expectations remain elevated, the central bank may have less flexibility to lower borrowing costs, potentially delaying relief for consumers facing high mortgage, credit-card and auto-loan rates.
There is also an important timing factor in the survey results.
The interviews were conducted between May 19 and June 8, before the weekend announcement of a deal aimed at ending the conflict between the United States and Iran and before the subsequent decline in oil prices. If energy costs continue moving lower following the reopening of the Strait of Hormuz, sentiment could improve further when the final June reading is released later this month.
For businesses, consumer confidence remains one of the most closely watched indicators in the economy.
Consumer spending accounts for roughly 70% of U.S. economic activity, and shifts in confidence often influence purchasing behavior. When households feel pressure, discretionary spending is typically among the first areas affected, impacting restaurants, retailers, travel companies and other consumer-facing industries.
Several major retailers and restaurant chains have already reported signs of more cautious spending and have increasingly relied on promotions and value-oriented offerings to attract customers.
The months ahead may determine whether June’s rebound marks the beginning of a broader recovery in consumer confidence or merely a temporary improvement.
A continued decline in gasoline prices, combined with greater stability in global energy markets, could help confidence recover further and support stronger spending. On the other hand, renewed inflation pressures or another spike in fuel costs could quickly reverse the gains seen this month.
For now, the message from American consumers appears cautiously optimistic. Conditions feel somewhat better than they did a month ago, and the sharp deterioration seen earlier this year has eased. But households remain far from confident that the economic challenges of the past several months are fully behind them.
JBizNews Desk
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EV-maker Rivian cuts hundreds of jobs after launching new SUV
Elective vehicle-maker Rivian is laying off hundreds of workers in its service and customer organization.
A company spokesperson told FOX Business that the job cuts represent less than 2% of Rivian’s workforce, which totaled about 15,200 employees at the end of 2025. Workers affected by the layoffs may apply for other open roles at the company.
“We recently restructured a handful of teams within Rivian as we work to profitably scale our business,” the spokesperson said.
AUTOMAKER GEARS UP FOR SELF-DRIVING FUTURE WITH NEW CHIP
The job cuts took effect on Tuesday and affected Rivian’s service and customer division, which is responsible for sales and marketing duties, as the company looks to restructure its teams to grow efficiently while rolling out a new model.
The Wall Street Journal first reported the layoffs.
Rivian recently conducted multiple rounds of layoffs in the last year while it prepared for the launch of the R2 SUV, which factors heavily into the EV-maker’s roadmap for future products.
RIVIAN CEO DISCUSSES TARIFFS, SAYS EV MAKER HAS ‘VERY US-CENTRIC SUPPLY CHAIN’
It cut over 600 jobs, or 4.5% of its workforce, in October amid softer demand for its vehicles following the expiration of EV tax credits in October.
The R2 officially debuted last week with a variant that had a larger number of optional add-ons for a starting price around $58,000 – while the automaker is planning to release more affordable versions in the future.
RIVIAN TO LAY OFF 10% OF SALARIED STAFF
The company is hoping that the lower-cost model will broaden demand and strengthen its sales outlook as it strives for profitability.
Rivian has said that it no longer expects to meet its 2027 adjusted core profit target as it ramps up spending on research and development to accelerate its autonomous driving roadmap.
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Reuters contributed to this report.
More Evidence of a Relevering US Economy
European Parliament Ratifies the U.S. Trade Deal on Tuesday, Heading Off a Trump Deadline That Threatened Steep New Tariffs on Cars
The European Parliament gave its final approval Tuesday to a long-delayed trade agreement with the United States, voting 440 to 151 with 50 abstentions and clearing the last major hurdle just weeks before a deadline set by President Donald Trump that would have sharply raised tariffs on European cars.
The vote locks in the framework that Trump and European Commission President Ursula von der Leyen struck nearly a year ago in Turnberry, Scotland. Under the deal, the United States applies a tariff of up to 15% on most goods coming from Europe, while the European Union removes many of the duties it charges on American industrial products. It is meant to settle a dispute that had been hanging over the world’s largest trading relationship.
What pushed lawmakers to act now was the calendar. Trump had given the bloc until July 4 to ratify the agreement, warning that he would otherwise raise tariffs to much higher levels. He had specifically threatened to lift duties on cars and trucks built in Europe to 25%, a move that would have hit the continent’s automakers hard and raised prices for the American shoppers who buy their vehicles. Tuesday’s vote takes that threat off the table, at least for now.
Getting here was not smooth. EU lawmakers had twice frozen the deal over the past several months. They paused it in January after Trump floated the idea of taking control of Greenland, a Danish territory, and again in February after a U.S. court struck down a large part of his tariff program, leaving Europe unsure what it was even agreeing to. Many members of parliament have called the agreement lopsided, arguing it gives Washington more than it gives Brussels, and they attached safeguards that would let the EU suspend the tariff cuts if the United States does not hold up its end.
The tension has not gone away. Tuesday’s approval came just days after Trump issued yet another tariff threat, this time aimed at France over its rules governing digital companies. That timing was a reminder that even a ratified deal remains fragile as long as tariffs are being used as a tool of pressure.
Why does an agreement negotiated in Brussels matter to people in the United States? Because the amounts involved are enormous. Roughly $1.8 trillion in goods and services move across the Atlantic in both directions every year, touching everything from German sedans and French wine to American machinery, software and farm products. When tariffs rise, those costs tend to land on businesses and, eventually, on the prices consumers pay. A 25% tax on imported European cars would have rippled through dealerships, repair shops and the broader auto market on both sides of the ocean.
For carmakers, the vote is a clear relief. European manufacturers such as BMW, Mercedes-Benz and Volkswagen sell large numbers of vehicles in the United States and build many of them at American plants as well. A jump to 25% would have scrambled their pricing and their factory plans. The 15% rate is still well above the roughly 2.5% they paid before the dispute began, but it gives them something businesses value above almost everything else: a number they can count on.
Not everything is settled. The safeguards the parliament attached still need sign-off from the EU’s member states before the tariff reductions on American goods fully take effect. Steel and aluminum remain subject to a separate 50% tariff that the two sides have yet to resolve. And the broader relationship will stay on edge as long as new threats keep surfacing.
Still, Tuesday marked a genuine turning point. After a year of brinkmanship, missed deadlines and frozen votes, the deal that has loomed over transatlantic trade finally has the approval it needed to move forward. For companies that have spent months unable to plan, that certainty may matter as much as the tariff rate itself.
The focus now shifts to whether Washington keeps the peace or reaches for the next threat.
Washington — JBizNews Desk
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Saylor Fires Back: ‘We’re The Biggest Buyer Of Bitcoin In The World’
Strategy Inc. (NASDAQ:MSTR) Executive Chairman Michael Saylor pushed back against critics of the company’s recent Bitcoin (CRYPTO: BTC) sale, arguing that the move was a rational part of its capital markets business and not a retreat from its long-term Bitcoin thesis.
“Will Continue As Long As We Act Rationally”
Speaking with Natalie Brunell at BTC Prague on June 16, Saylor addressed criticism that Strategy sold 32 Bitcoin despite his long-standing public message urging investors not to sell their Bitcoin.
“I got very famous for saying you do not sell your Bitcoin to the plebs,” Saylor said, adding that the comment was directed at individual investors, not at how to operate a Bitcoin finance company.
Saylor said Strategy exists to create Bitcoin-backed credit, not simply …
Vast majority of Gaza border residents support creating Oct. 7 national day of remembrance – poll
Over 90% of Gaza border residents support making a law -entitled the Memory of the Massacre and Commemoration of Heroism Law- to enshrine the remembrance, heritage, and commemoration of the October 7 massacre, according to a poll released Tuesday by the “Future for the OTEF” movement.
The survey polled more than 1,300 respondents, the majority of them residents, and found broad public support for formalizing remembrance and commemoration through legislation, alongside a strong expectation that affected communities be directly involved in shaping how that memory is preserved.
Permanent public participation mechanism
In addition, 71% support establishing a permanent public participation mechanism involving residents, families, survivors, and representatives of affected communities as a binding legal requirement.
The poll also found that 79.2% of respondents believe decisions regarding the preservation, modification, or demolition of buildings damaged on October 7 should be led by local residents or made with their active participation in the decision-making process.
Meanwhile, 85.2% said they prefer that commemoration efforts and educational tours in the Gaza envelope be led by, or include, local residents. A further 89.4% believe the events of October 7 should be incorporated into Israel’s education system and national curriculum in the coming years.
Documenting and preserving testimonies, documents, and historical materials
According to the report, 77.8% of respondents place especially high importance on documenting and preserving testimonies, documents, and historical materials, compared to 51.3% who support the broader concept of passing down heritage and heroism to future generations.
The “Future for the OTEF” movement is calling for the proposed law to include a fixed core budget for a governing body to be established; mandatory transparency measures, including publication of minutes and annual public reporting; and the creation of professional subcommittees in the fields of education and heritage, documentation and testimonies, commemoration sites, and public participation. It also calls for a special majority requirement in key decisions regarding the shaping of memory, memorial sites, and the museum. In addition, it demands a structured public participation framework, including within the subcommittees’ work.
“The data clearly shows: the residents of the Gaza envelope want a state commemoration law for October 7, but they are not willing for the national memory to be shaped without the communities that bore the highest cost. Our goal is not to delay the law — on the contrary,” said Ohad Cohen, CEO of the “Future for the OTEF” movement.
“To achieve this, a permanent budget, transparency, professional subcommittees, public participation mechanisms, and responsible decision-making in substantive decisions are required.”
US-Iran framework seen impacting Israel-Lebanon negotiations, diplomats tell ‘Post’
Western diplomats told The Jerusalem Post that the framework agreement between Iran and the United States, which includes a ceasefire in Lebanon, is expected to affect the negotiations currently taking place between Israel and Lebanon.
Next week, an Israeli delegation headed by Israeli Ambassador to Washington Yechiel Leiter is scheduled to meet in Washington with the Lebanese delegation led by Lebanon’s Ambassador to the United States, Nada Hamadeh Mawad, and former Ambassador Simon Karam.
The talks will focus on the possibility of normalization between the two countries and on the continued implementation of the agreement reached earlier this month.
At the conclusion of the previous round of discussions, Israel, Lebanon, and the United States issued a joint statement declaring a ceasefire between Israel and Lebanon, on the condition that Hezbollah withdraw from southern Lebanon and disarm.
The agreement also established the launch of a pilot program under which the Lebanese Armed Forces would enter designated areas and begin disarming Hezbollah, while the IDF would simultaneously withdraw from those same locations.
Iran ‘instrumental’ in securing current ceasefire in Lebanon
Diplomats told the Post that the perception that Iran was instrumental in securing the current ceasefire in Lebanon – and the fact that the US administration has linked the negotiations between Tehran and Washington to developments in Lebanon – has weakened the Lebanese government on one hand, while failing to persuade Hezbollah to accept any measures aimed at dismantling the organization on the other.
Lebanese Parliament Speaker Nabih Berri, a close ally of Hezbollah, said on Tuesday that “the priority now is to secure an Israeli withdrawal from Lebanon, and this issue will be addressed during the 60-day negotiation period between Iran and the United States.”
Berri emphasized that he opposes the establishment of “pilot zones” (a reference to the Lebanese government’s Hezbollah disarmament initiative), arguing that such an arrangement would prolong the withdrawal process for “two years.”
The memorandum of understanding explicitly states that upon signing, the ceasefire entered into effect “including in Lebanon.”
This was widely viewed as an Iranian achievement because it effectively linked Lebanon’s situation to that of Iran, contrary to Israeli efforts to separate the various regional fronts.
On Monday, for the first time since the outbreak of the war involving Iran, Iranian Foreign Minister Abbas Araghchi held a conversation with Lebanese President Joseph Aoun, signaling a renewed and public Iranian engagement in the Lebanese arena.
According to a statement released by the Lebanese presidency following the call, President Aoun emphasized that “Lebanon’s stability and sovereignty remain at the top of the national agenda.” The statement added that Araghchi expressed hope that all parties would respect Lebanon’s sovereignty.
At the same time, Iranian Parliament Speaker Mohammad Bagher Ghalibaf spoke with Lebanese Parliament Speaker Nabih Berri, Hezbollah’s key political ally in Lebanon.
US President Donald Trump said on Tuesday during the G7 summit in France that “Netanyahu needs to act more responsibly regarding Lebanon.”
Trump suggests Syria should take responsibility for dealing with Hezbollah
Trump also stated that he had suggested that Syria take responsibility for dealing with Hezbollah. “I think they would do a good job,” the president said.
The proposal has faced opposition not only from Israel but also from the Lebanese government. Moreover, Syrian President Ahmed al-Sharaa has reportedly conveyed that he prefers, at this stage, not to become involved in Lebanese affairs.
Talking points circulated by the US administration to various stakeholders over the past 24 hours explicitly stated that “the conflict between Israel and Hezbollah has been the most dangerous source of tension in the region, and President Trump incorporated it into the memorandum of understanding.”
The document further stressed that “the ceasefire must be preserved before any additional steps can move forward.”
Joint Jewish-Arab party launches ahead of upcoming elections, calling for equality
A new joint Jewish-Arab political party, A Place For All of Us, was launched on Tuesday ahead of the upcoming elections, calling for shared leadership and equality in Israeli society between Jews and Arabs.
The list will be led by co-chairs Rula Daood and Alon-Lee Green and will be made up of activists from the Left-wing Standing Together movement.
The party stated that its leaders will be both Arabs and Jews, and present the same political message in Arabic and Hebrew. It seeks to attract voters from all of Israeli society.
A Place for Us All also stated that its goals would be to focus on issues affecting the daily lives of citizens.
Among the points it said it aimed to address were violence and crime, lack of security amid an ongoing war, high cost of living, housing, construction challenges, and lack of educational solutions.
Advancing an Israeli-Palestinian peace agreement
The party noted that advancing an Israeli-Palestinian peace agreement has been an “urgent issue that has been pushed to the margins.”
It stated that it aims to offer a new political home for Jews and Arabs who “work toward peace, equality, social justice, and the fight against violence and crime.”
Party members noted that the goal was not only to replace the current government but also to offer a new direction for the country.
Daood stated while launching the party that A Place for All of Us was “a truly shared Arab-Jewish party, truly equal, that grew from the ground up and will not disconnect from it.”
“We are doing this because this is the last moment to save our society,” she added, reading the party’s formation.
“We are being abandoned, murdered, our future is being burned—and I know that to fix this, it is not enough to only say what we are against.”
Daood is currently the only woman leading a political party in Israel and the first Palestinian woman to head a national political party.
Green stated that A Place for All of Us will “strengthen the effort to remove [National Security Minister Itamar] Ben-Gvir, [Finance Minister Bezalel] Smotrich, and [Prime Minister Benjamin] Netanyahu from power.”
“The party will bring out young voters who, without a Jewish-Arab party, would not have gone to vote,” he added.
Arab parties running in the upcoming elections
Four main Arab parties were running in the upcoming elections: Hadash, Ta’al, Balad, and Ra’am.
Hadash, Ta’al, and Balad announced last week that they would move ahead with reestablishing the Joint List without the Ra’am Party, marking a setback in efforts to reunite all major Arab parties under a single electoral slate.
Currently, the two Arab-Israeli parties in the Knesset are Ra’am and Hadash-Ta’al – the latter a reduced Joint List that agreed to run together in the 2022 election.
Hadash-Tal reserves a slot for a Jewish candidate on its list.
The Balad Party, not in the Knesset, continues to fail to pass the electoral threshold in polls on its own.
General elections are scheduled to take place no later than October 27.
Social Security funding gap widens in 2026 trustees report
Social Security’s long-term financial outlook deteriorated significantly in the latest annual report from the program’s trustees, with officials projecting a larger funding shortfall and an earlier depletion date for the retirement trust fund.
The 2026 Trustees Report estimates Social Security‘s 75-year funding gap at 4.42% of taxable payroll, up from 3.82% a year earlier.
That increase, laid out Tuesday in a brief published by the Center for Retirement Research at Boston College, stems largely from lower projected birth rates, reduced immigration and federal tax changes that are expected to decrease revenue flowing into the system.
The report projects that the Old-Age and Survivors Insurance trust fund will be exhausted in 2032, one year sooner than previously forecast. At that point, incoming payroll tax revenue would cover only about 78% of scheduled retirement benefits.
Despite the worsening outlook, researchers at the Center for Retirement Research at Boston College said the program’s challenges remain manageable and that “all that is needed is the political will.”
Lower fertility, immigration policy drive revenue declines
A major change in this year’s report is a substantial reduction in the trustees’ long-term fertility assumption.
The projected lifetime birth rate was lowered from 1.90 children per woman to 1.75, reflecting years of declining U.S. fertility and the absence of a post-pandemic rebound.
Fewer births today translate into fewer workers contributing payroll taxes in the future, reducing revenue available to support retirees.
The report also assumes lower levels of temporary and unauthorized immigration. Trustees reduced projected annual entries in those categories and incorporated expectations of stricter immigration policies, leading to a smaller future workforce and lower payroll tax collections.
Together, changes related to fertility and immigration account for a significant share of the increase in Social Security’s projected deficit.
Tax law adds pressure
The report also factors in the One Big Beautiful Bill Act, which permanently extends tax provisions first enacted in 2017 and expands deductions for many taxpayers.
Because fewer retirees are expected to pay income taxes on their Social Security benefits, trust fund revenue is projected to decline. Trustees estimate the legislation reduced the program’s actuarial balance by 0.16% of taxable payroll.
While trustees adopted assumptions that reduce projected revenues, they also introduced changes that improve Social Security’s financial outlook on paper.
The report assumes somewhat faster productivity growth during the next decade, which would boost wages and payroll tax revenue. It also projects higher mortality rates, meaning beneficiaries would receive payments for fewer years.
Researchers at Boston College questioned both assumptions, arguing they may be overly optimistic.
They noted that Congressional Budget Office projections are less aggressive on productivity growth and that Social Security’s life-expectancy projections are lower than those used by other federal agencies.
According to the researchers, these assumptions partially offset the financial impact of lower fertility and immigration, making the system’s challenges appear smaller than they otherwise would.
Pressure mounts for congressional action
The report reinforces a conclusion that has remained largely unchanged for decades: Lawmakers must act to preserve full benefits.
Trustees estimate that permanently closing the funding gap would require an immediate payroll tax increase of 4.42 percentage points, equivalent to 2.21 percentage points for employers and workers alike.
Alternatively, benefits could be reduced by roughly 22% immediately, with larger reductions required over time.
The Center for Retirement Research said delaying action will limit available options and increase the eventual cost of reforms.
“Despite the larger deficit, the 2026 Trustees Report confirms what has been evident for almost three decades — namely, Social Security is facing a long-term financing shortfall and needs to be fixed,” researchers said. “Even with a deficit that equals about 1.5 percent of GDP, the changes required to fix the system are well within the bounds of fluctuations in spending on other programs in the past.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
CoStar amicus brief denied in Zillow MRED Compass case
CoStar’s attempt to enter the ongoing legal battle among Zillow, Midwest Real Estate Data (MRED) and Compass International Holdings has been denied.
In a ruling on Tuesday, Illinois-based federal judge John Tharp denied CoStar’s motion to file an amicus curiae brief. No reason for the judge’s denial was given.
“We sought to call attention to Zillow’s obvious hypocrisy: Zillow is asking the Court to guarantee its access to MLS listing data while simultaneously creating its own pre-market listing channel and seeking to restrict others,” Gene Boxer, CoStar’s general counsel, said in a statement. “That contradiction matters to the entire residential real estate industry. Zillow cannot claim to be defending openness and transparency while building a system that advantages Zillow, withholds inventory from competing platforms and undermines the very principles it invokes in court.”
Boxer said regardless of if the court considered the brief, CoStar believes it is “important for brokers, agents, MLSs, consumers and regulators to understand what Zillow is really asking for: open access for itself, but different rules for everyone else.”
“Zillow has already had plenty of time to refute the facts in our brief, but it hasn’t, because it can’t,” Boxer added. “We expect that the other parties to the case will continue to highlight our arguments as additional reasons why Zillow should lose. We are pleased to stand with the industry to expose Zillow’s wrongdoing.”
The legal history
Last Wednesday, CoStar, the parent company of residential real estate listing portal Homes.com, filed an amicus brief in opposition to Zillow’s motion for a preliminary injunction seeking to prevent MRED from suspending its listing feed. A hearing on this motion is scheduled for early July.
In the filing, CoStar claimed that Zillow’s motion is part of its “scheme to expand its ecosystem and replace the non-profit MLS system.”
“It seeks to fragment the market in its favor, locking out rivals like Homes.com, while barring others’ pre-market listings and maintaining broad access to MLS feeds, until it no longer needs them,” the brief stated.
The firm also claimed that its Homes.com portal had been “directly harmed” by Zillow’s exclusive pre-market listing practices, which it launched in mid-March with Zillow Preview, a new offering providing agents and their sellers with the option to publicly pre-market their listings before the properties transition to an active listing status.
In the brief, CoStar called the product “hypocritical,” claiming that Zillow Preview is the same thing as the defendants’ private listing networks, stating in the filing that the losing portal “trumpeted the very thing it had said was anathema when offered by a rival.”
Zillow’s preliminary injunction motion is part of its antitrust battle with MRED and Compass. The lawsuit, filed in mid-May claims that the Chicagoland MLS and the nation’s largest brokerage company conspired to withhold listing data and pressure Zillow to carry private “hidden” listings nationwide.
After suspending Zillow’s listing data feed in May, MRED is under a temporary restraining order requiring it to continue supplying Zillow with a listing feed, while Zillow is prevented from banning any MRED listings from its site.
Zillow did not immediately return HousingWire’s request for comment on the ruling.
Claude Customer Sues Anthropic, Claiming Top-Tier Plans Deliver Less Than Advertised
A paying customer has sued artificial intelligence company Anthropic, alleging that the company’s most expensive Claude subscription plans provide significantly less usage than advertised.
The proposed class-action lawsuit, filed in the U.S. District Court for the Northern District of California and first reported Monday, was brought by Karl Kahn, a Washington, D.C., resident who claims Anthropic’s premium Claude Max 5x and Claude Max 20x plans fail to deliver the usage levels promised in the company’s marketing materials.
Anthropic declined to comment on the litigation, according to reports.
At the center of the dispute is how Anthropic markets access to Claude, its flagship AI chatbot platform.
The company currently offers three primary paid subscription tiers for individual users: a Pro plan priced at roughly $17 to $20 per month, a Max 5x plan costing $100 per month, and a Max 20x plan priced at $200 per month.
As the names suggest, the higher-priced tiers are promoted as providing approximately five times and twenty times the usage of the Pro plan.
The lawsuit argues those claims do not match customers’ real-world experience.
According to the complaint, the Max 20x plan delivers “far less than twenty times” the usage of the Pro tier, allegedly providing closer to six to eight times the available usage. The suit similarly alleges that the Max 5x plan offers roughly three-and-a-half times the usage of the Pro plan rather than the advertised five-fold increase.
The complaint also accuses Anthropic of misleading customers by promoting the $200 plan as providing approximately 50% savings compared with alternative usage options.
Kahn says he initially used Claude’s free tier before upgrading to Pro, then later moving to the Max 5x plan in January and the Max 20x plan in April. According to the filing, he relied heavily on Claude for software-development work and coding projects.
Despite subscribing to the highest-priced plan, Kahn alleges he repeatedly encountered usage limits sooner than expected.
One example cited in the complaint claims a single five-hour coding session consumed approximately 15% of his weekly allotment, forcing him to either stop using the service, reduce his activity, or incur additional charges.
His attorney, Kati Daffan of Vaca Daffan LLP, argues the case centers on traditional consumer-protection principles: customers should receive what companies advertise and sell.
The lawsuit seeks to represent all U.S. customers who purchased a Claude Max subscription since Anthropic introduced the plans.
The case highlights a challenge facing the broader AI industry.
Unlike traditional software subscriptions, AI services do not operate on fixed seat counts or simple usage quotas. Instead, they rely on tokens — small units of text processed by AI models. A brief question may consume very few tokens, while coding projects, lengthy documents, or complex analytical tasks can consume dramatically more computing resources.
That makes it difficult to translate marketing promises such as “5x” or “20x” usage into a predictable experience for every customer.
The lawsuit argues that the gap between those marketing claims and actual usage limits is precisely where consumers are being misled.
Anthropic has faced scrutiny over usage restrictions before.
Last year, the company imposed weekly limits on Claude Code, its AI coding product, after reporting that some users were running the tool continuously and consuming significantly more computing power than anticipated under flat-rate subscription pricing.
Complaints about hitting usage caps sooner than expected have also appeared on online forums, where some users have reported unexpectedly large overage charges after exceeding subscription limits.
The issue extends beyond Anthropic.
As AI models become more powerful and resource-intensive, companies across the industry have increasingly introduced usage caps, throttling systems, and tiered pricing structures. Providers including Google, OpenAI, and Meta have all adjusted pricing, subscription models, or usage limits as they balance customer demand against the enormous costs of operating advanced AI systems.
The timing is notable for Anthropic.
The company is reportedly finalizing a separate class-action settlement related to claims involving training data and copyrighted books, while also being widely viewed as a potential future public-market candidate. A consumer lawsuit challenging its subscription practices adds another layer of scrutiny as investors and regulators increasingly examine the economics of AI businesses.
For now, the allegations remain unproven. Anthropic has not yet responded to the claims in court, and the case remains in its early stages.
JBizNews Desk
© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
Bitcoin, Ethereum, XRP, Dogecoin Pull Back 2% As Markets Await Fed Rate Decision
Bitcoin holds above $65,000 despite a hawkish Bank of Japan rate hike that tightened global liquidity conditions.
With crypto sentiment improving from extreme fear to fear, investors are now focused on the Federal Reserve’s upcoming policy decision for the next major market catalyst.
| Cryptocurrency | Ticker | Price |
| Bitcoin | (CRYPTO: BTC) | $66,031.54 |
| Ethereum | (CRYPTO: ETH) | $1,802.16 |
| Solana | (CRYPTO: SOL) | $73.99 |
| XRP | (CRYPTO: XRP) | $1.22 |
| Dogecoin | (CRYPTO: DOGE) | $0.08757 |
| Shiba Inu | (CRYPTO: SHIB) | $0.054996 |
Notable Statistics:
- Coinglass data shows 100,849 traders were liquidated in the past 24 hours for $411.24 million.
- SoSoValue data shows net outflows of $64.09 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net inflows of $22.5 million.
- In the past 24 hours, top losers include Audiera, Toncoin and Venice Token.
Notable Developments:
Reza Pahlavi condemns US-Iran MOU, warns it will strengthen Tehran regime
Iranian Crown Prince Reza Pahlavi denounced the upcoming US-Iran Memorandum of Understanding, calling it “morally wrong and strategically misguided,” in a Tuesday X/Twitter post.
“As it signs a Memorandum of Understanding for ‘peace,’ the Islamic Republic just executed two more protesters from January 8 and 9. This is the consequence of making a deal with this criminal regime,” Pahlavi wrote.
“To do a deal with a regime that murdered more than 40,000 protestors in two days in January is morally wrong and strategically misguided,” he continued.
As it signs a Memorandum of Understanding for “peace”, the Islamic Republic just executed two more protesters from January 8th and 9th.
This is the consequence of making a deal with this criminal regime. To do a deal with a regime that murdered more than 40,000 protestors in two…
— Reza Pahlavi (@PahlaviReza) June 16, 2026
“Dealing with this regime will fail, and we will all face the consequences. The regime’s 47-year war against the Iranian people continues,” he added.
“Just as it has never made peace with its own citizens, it will never truly make peace with the world. The international community should back the people of Iran’s fight for freedom… But let me be clear – with or without international support – this regime will fail. The people of Iran will liberate themselves from tyranny,” he concluded.
This morning, I met with @EmilyThornberry Chair of the House of Commons Foreign Affairs Committee, and other members of the Committee to discuss the situation inside Iran, the Islamic Republic’s repression of the Iranian people, and the urgent need to place the people of Iran at… pic.twitter.com/DaUIDcUWb9
— Reza Pahlavi (@PahlaviReza) June 16, 2026
Later on Tuesday, Pahlavi met with MP Emily Thornberry (Labour), the chair of the House of Commons Foreign Affairs Committee, as well as other committee members in London, to discuss the situation inside Iran, the regime’s “repression of the Iranian people, and the urgent need to place the people of Iran at the center of UK policy.”
Pahlavi repeated his “morally wrong and strategically misguided” statement to Thornberry and the other committee members.
Pahlavi: ‘Iran agreement that preserves regime, remnants, will fail, lack support from Iranian people’
“Any agreement that preserves this regime or its remnants will fail. The Iranian people will not support it,” he added.
“With or without international support, the people of Iran will overthrow this regime. Freedom will come to Iran,” he concluded.
Inside Elbit’s laser lab: How an aerial Iron Beam will alter modern warfare – exclusive
Much of the world is already familiar with the game-changing Iron Beam laser defense system, which Israel covertly deployed against Hezbollah drones in October 2024, and publicly in December 2025.
Few know that Elbit Systems is the manufacturer of the Iron Beam laser, which Rafael then incorporates into its larger system, which includes radar detection and other technologies needed for the full air defense package.
But Elbit is the company that developed the Iron Beam laser itself and it is the sole actor working on applying the recently deployed ground-based air defense to be placed on aircraft, such that aerial threats will eventually be able to be shot down from much closer range, and sometimes even from above.
The Jerusalem Post recently visited Elbit’s facility and met with – and had previously met with – experts in the field, to see the insides of the laser, and laboratories where its various pieces are developed up close, in order to understand how they are transforming the future of warfare.
How it works:
“Lasers have existed to cut steel and other items for commercial purposes since the 1960s” – following Albert Einstein’s earlier theories that electrons could emit photons when they absorbed enough energy to increase their energy level within an atom – “but what made today’s high-power laser systems possible was the much later development and widespread use of fiber lasers in industrial cutting and welding,” Elbit Systems ISTAR & EW ELOP’s Chief Technology Officer (CTO) Oded Ben David explained to the Post.
Cutting items using lasers is a technique used to cut or drill holes in metals and other hard materials by burning, melting or vaporizing. These processes have multiple industrial applications across various industries and production lines.
Mirrors, lenses and compressed gases such as carbon dioxide generally allow technicians to adjust the laser beam’s focus through a laser cutting nozzle, after which the narrow beam then melts or burns away the material.
A fiber laser cutter is the most recently invented laser machine, using a medium made of optical fibers and is less expensive to make than gas or crystal laser cutters.
They also have a higher power output.
The “guts” and inside of Iron Beam which the Post witnessed involved advanced techniques for Coherent Beam Combining (CBC) and phase modulators.
CBC and phase modulators are also used in a variety of private sector contexts with as few of them as around 10, but Iron Beam uses a much larger number.
In the private sector, CBC allows defense and industrial systems to scale low-power, single-emitter fiber lasers into a single much more destructive high-power laser beam.
Companies, and in certain ways Elbit, use active phase control to lock the relative phases of hundreds of individual lasers to develop perfect constructive interference, which in turns dramatically increases a laser’s intensity and range.
Online pictures of machines using CBC and phase modulator technology show layers of small-looking disks that are all interconnected to weave together the eventual laser beam.
This is what the Post witnessed up close, but on a much more extensive and grander scale.
Touring the winding above and underground Elbit campus, the Post witnessed more than half a dozen labs which either manufacture a piece of the laser or solve a problem relating to implementing using the laser or one of its components.
In one room, the Post had to don special gloves, foot coverings, a scientist’s smock, and a coronavirus-era style mask.
Still, Ben David made sure to emphasize “don’t touch anything.”
Specifically Iron Beam laser
Already in 2021, Elbit’s laser succeeded in shooting down drones, simulating the Iranian Shahid 101 and 136, during experiments at Palmachim Air Force Base.
Responding to a question about the drone threat, Ben David said, “First, currently many countries are fighting against drones and against cruise missiles with air-to-air missiles. That’s a very expensive fight, and it’s not sustainable. Because of that, we thought that bringing High-Power Laser to the air will create a new situation where actually we are becoming the asymmetric power player.”
In March of this year, Elbit Systems President and CEO Bezhalel Machlis responded to a question about the drone threat and lasers at a briefing relating to investors saying, “Putting a High-Power Laser in the air enable us first to overcome some of the challenges of the ground like weather and dust and turbulence. Flying above clouds will enable us to gain more ranges and to be more effective, and also to eliminate the threats far away from our borders. Now, from a technical point of view, it’s not an easy task,” said Machlis.
Machlis continued, “You need to miniaturize the elements. While moving, you need to lock yourself on a target and in a very precise way. We were able to overcome all these challenges, and we are very advanced in the development. When the solution will be mature and will be operational, I believe it will be a breakthrough in the way countries are defeating swarms and other types of threats.”
Advantages over land-based laser defense
Ben David stated, “Using lasers to shoot down aerial threats, air to air at the same height or from above, has a number of distinct advantages over ground-based laser defense.”
Aerial lasers are the holy grail of lasers in the sense that they can be used more effectively and suddenly on both defense and offense, as opposed to ground-based lasers, which must adjust the direction and goal of their firing much more slowly.
When firing a laser from the ground to the air, one faces a variety of environmental challenges, such as friction, wind, turbulence, impacts on the temperature and heat intensity of the laser beam as it tries to continue toward its target, and even electromagnetic interference or dust in the air.
Also, when firing a laser from the ground, the wattage of the laser must be higher in order to travel farther and compete with the elements.
Engineers work hard to keep the laser’s beam on the outside hot, while keeping the machinery on the inside cooler so that it does not overheat and cease to function.
A related significant challenge is developing a coating for the glass to make sure it does not overheat or explode.
Once in the air, especially at 20,000 or 30,000 feet, but to some extent even a few dozen meters off the ground, many of those elements which reduce the laser’s intensity are themselves reduced.
Given that environmental limits on the laser’s intensity get reduced, then this also means that the kind of laser which would be placed on an aircraft can be smaller and less intense, while still reaching its target.
This saves money, energy, weight, and wattage.
Unique challenges of air-based lasers
After citing all of the advantages of air-based lasers, this does not mean there are no unique challenges for such lasers.
One challenge is the aircraft shaking before and during the firing of the laser, which can throw off the laser’s aim.
Elbit resolved some of the engineering challenges by developing specialized items using a 3D Printer, though the names and nature of the items remain classified.
An additional challenge is to figure out how to have water flowing in aspects of the special 3D Printing process, since that process can also get too hot, and needs to be cooled down to avoid malfunctions and damage to the relevant equipment. At the same time, obviously water flowing freely through all parts of sensitive electronic equipment could also destroy the equipment.
Elbit has needed hundreds of engineers to evaluate and figure their way through a host of unique problems which no one has ever tried to solve before.
AI cannot solve all of the issues. Instead, Elbit has needed human beings, who have the ability to fail over and over again at one or another approach, while taking pieces apart and dissecting their failures in order to finally arrive at a complex solution that works.
In a presentation at a 2025 briefing, Elbit alluded to the idea that Israeli F15 fighter jets, which, according to foreign sources, can also hold heavy ballistic missiles, could be the lead fighter jet outfitted with lasers for the new and next generation of Israeli air defense.
Elbit also suggested that Israel’s UH-60A/L Yanshuf helicopter could be fitted with the Sting laser demonstrator in its cabin, engaging and neutralizing loitering munitions.
The concept was presented during Elbit’s 2025 financial results briefing, where the company outlined its progress.
An animated video shown at the event depicted an F-15I Ra’am equipped with an under-fuselage XCalibur pod intercepting a cruise missile and a Shahed-style drone.
Further scenes showed a UH-60A/L Yanshuf helicopter fitted with the Sting laser demonstrator in its cabin, engaging and neutralizing loitering munitions.
Not the answer to every threat
The Elbit laser may not be the answer to every threat, or not initially.
It may not fare well against tiny targets, such as Hezbollah’s extremely tiny FPV drones which it has used for harmful effect against IDF troops in Lebanon in recent months.
What about Iranian ballistic missiles?
For now, the initial focus is shooting down regular drones. But someday shooting down ballistic missiles, the greatest conventional threat Israel faces, may not be out of the question.
Little known or remembered by most of the public now, the US has an air-based laser defense program specifically to shoot down ballistic missiles and cruise missiles on and off from the 1980s until 2011.
In 2011, the Airborne Laser anti-ballistic missile system (ABL) developed by Boeing was canceled due to its being viewed as impractical in terms of deployment and expense.
As top US defense official explained, to use that particular laser at the time, a US aircraft would need to already be flying and hovering in enemy airspace (not realistic unless a massive operation has actually occurred to remove enemy air defense threats) and would need to be deployed on 10-20 747 jets at around $1.5 billion per system-jet.
However, in the 15 years that have passed, technology and engineering worldwide have made a variety of new game-changing evolutions, such that Elbit’s solution, if and when it works, could conceivably work from a longer and more useful distance and at a more affordable (though not cheap) cost.
Just as importantly, Israel is making a different cost comparison.
The US in 2011 was preparing for a theoretical ballistic missile attack, and one which might involve only a small number of missiles.
Israel in 2026 has had over 1,500 actual ballistic missiles fired at it and has had to use countless Arrow interceptors, each at a cost of $2-3 million, to shoot them down.
This means that any cost to Israel will be compared to that equation and not to a scenario of potentially zero cost.
The Post also asked about Iranian missiles with cluster munitions or just the cluster munitions after a missile might break apart in a dangerous way, as well as hypersonic missiles.
There were no specific details for the Post about these issues, and especially the cluster munitions is such a new issue, that it is unlikely that much research has been done on it for lasers. But the Post also understands that long-term projects like lasers, which have many arms and vast resources, are always updating themselves to the new strategic and tactical needs of the IDF.
When will air-based laser be ready against regular drones?
Even against standard drones, the main near term goal for air-based lasers, there is no immediate or even medium term timeline on when the aerial laser defense will be ready.
However, if a year or two ago, many were estimating that it could take 5-10 years, following the successful deployment of Iron Beam and other advances, the confidence one feels from Elbit officials about air-based lasers, is that they might be ready a good deal sooner, even if not in the imminent future.
Space lasers shoot down satellites
While working on the issue, it also may be seen as a completely separate project in some ways, which is likely farther off in terms of progress and being ready to deploy it. That said, IDF 9900 officers and space war expert Tal Inbar have both discussed Israeli efforts to defend its assets in space from adversaries.
Incidentally, the Post understands that besides using lasers as offensive and defensive weapons in space in a general sense, the US, EU, and Japan are all working on lasers to clear and clean up debris in space.
Previous Russian and Chinese tests using anti-satellite weapons have already caused dangerous debris to perpetually circulate within Earth’s orbit, along with some natural occurring asteroid pieces.
These may be potentially eliminated or reduced by lasers which can eliminate an object without causing it to break into more and smaller destructive pieces.
After the visit to Elbit, the Post later asked a spokesman for Elbit whether they have addressed the issue of space lasers, and he declined to answer.
US commits to rehabilitation of Islamic regime with at least $300 b. in reported leaked MOU
The United States has agreed to work with regional partners to “create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Iranian regime, while ensuring financing of at least $300 billion,” according to a reported draft of the 14-point US-Iran Memorandum of Understanding shared by Al Arabiya on Tuesday.
According to Reuters, the fund is a private investment vehicle, not a reconstruction or reparations program, and will not include any government money or grants. Companies based in the US, Gulf, Asia, South America, and Africa have all agreed to commit financing.
The fund will reportedly assist in fields such as energy, logistics, manufacturing, and transport. Additionally, it is said to be entirely different from the sanctioned $24 billion, which is discussed in a separate point of the document.
Additionally, Israel is not mentioned in the MOU, despite the first point calling for “an immediate and permanent end to the war on all fronts, including Lebanon.”
The reported draft focuses primarily on the end of the ongoing conflict, the reopening of the Strait of Hormuz, and the release of all funds currently sanctioned by the US.
This comes after Israel was denied permission to view a draft of the memorandum ahead of the signing ceremony, currently scheduled to be held this Friday in Switzerland.
The plan shared by Al Arabiya also does not specify the fate of Iran’s nuclear materials, stating that “the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement.”
US commits to contribute to rehabilitation of Iranian regime, financing of at least $300 billion
The US has also agreed to work with regional partners to “create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Iranian regime, while ensuring financing of at least $300 billion.”
Most notably, perhaps, is the penultimate point, stating that until a final agreement is reached, both the Islamic Republic of Iran and the United States will maintain the “status quo,” allowing the Iranian regime to “maintain the status quo on its nuclear program,” while the US is not permitted to impose sanctions on Iran or strengthen its forces in the regime.
Neither the US nor Iran has confirmed the validity of this draft.
Reuters contributed to this report.
Foreign Ministry denies annulment of Hebron Agreement, contradicting Smotrich’s announcement
The Foreign Ministry has denied Finance Minister Bezalel Smotrich’s claim of having annulled the 1997 Hebron Agreement in a Tuesday post to X/Twitter.
“Contrary to the Finance Minister’s statement, the Hebron Agreement has not been canceled,” the ministry wrote on X.
Under the 1997 Hebron Agreement, the Hebron Municipality oversaw planning and construction across the city, including the Cave of the Patriarchs and the adjoining Ibrahimi Mosque.
The ministry noted that the only change to the agreement was made several months ago, when the Security Cabinet adopted legislation specifically concerning the planning and construction of Hebron’s Jewish heritage sites and Jewish community.
In December, the Supreme Planning Council of the Civil Administration had pulled planning powers over the Cave of the Patriarchs from the Hebron Municipality after the municipality and the Islamic Waqf rejected a project to construct roofing over a section of the tomb.
Contrary to the Finance Minister’s statement, the Hebron Agreement has not been canceled.
Several months ago, the Security Cabinet adopted a decision that specifically concerns jurisdictions in the field of planning and construction with regard to the Jewish community in Hebron…
— Israel Foreign Ministry (@IsraelMFA) June 16, 2026
The decision, the ministry added, was made after “years of a complete lack of cooperation on these matters by the Hebron Municipality.”
Smotrich claims to end the Hebron Agreement during settlement inauguration
Smotrich’s announcement of the reported annulment of the Hebron Accords was made during the inauguration ceremony for the new West Bank settlement of Doron, located in the Hebron hills.
“For many long years, one of the most absurd clauses of Oslo remained in place, whereby authorities relating to the Jewish settlement in Hebron and to the holy sites were subject to the terrorist municipality of Hebron,” Smotrich said. “Yesterday [Monday] we put an end to that.”
He called the move a “historic correction,” noting that it is part of the initiative to regulate settlements and “deepening Israeli sovereignty in Judea and Samaria.”
Under Smotrich’s claim, all planning and construction responsibilities granted to the Hebron Municipality under the Hebron Agreement had been withdrawn and instead “returned” to the israeli government.
Palestinian Authority President Mahmoud Abbas’s office called the seizure of powers an “infringement upon the political and legal status of Hebron,” and a violation of international law.
Many MKs, including Smotrich, have pushed for Israel’s annexation of the West Bank – a move that has widely been criticized by the international community.
Israel advances bill for authority over West Bank heritage, archaeology sites
Recently, several Israeli initiatives in the field of heritage and archaeology have been put forth to extend Israel’s authority in the West Bank, the most prominent of which is the proposal to create a new civilian authority to oversee antiquities and heritage sites in the region.
The bill passed its first reading in mid-May and was debated in the Knesset ahead of its second and third readings in early June, after seeking an amendment to grant authority over the Gaza Strip as well.
Currently, oversight of the West Bank’s antiquities and heritage sites belongs to the Civil Administration’s Archaeology Unit – a branch of the Defense Ministry’s Coordinator of Government Activities in the Territories (COGAT) – and its staff officer, Benyamin Har Even.
It is responsible for the preservation, management, and development of antiquities and archaeological sites in the West Bank, as well as preventing looting, antiquities smuggling, and illegal excavations in the region.
According to the bill, these responsibilities, as well as the ability to expropriate and acquire land needed for preservation, would be passed to the proposed Judea and Samaria Heritage Authority.
Under the Oslo Accords, Israel’s authority extends only to Area C, where it maintains both civil and military control. For Areas A and B, civil governance falls to the Palestinian Authority, which has its own Culture Ministry overseeing preservation efforts.
Additionally, in May, Israel approved a NIS 250 million plan to preserve heritage and antiquities sites across the West Bank, the Jordan Valley, and the Judean Desert.
New heritage centers, set to serve as research and educational facilities, and visitor centers will be constructed at sites in these areas in order to bolster “the connection of the Israeli public to the Jewish people’s historic assets in the region.”
A multi-year plan worth tens of millions of shekels will also be implemented to upgrade existing infrastructure and, hopefully, turn the sites into major tourist destinations.
The plan also seeks to intensify efforts to prevent the looting and destruction of antiquities in the region.
Keshet Neev, Danielle Greyman-Kennard, Tzvi Jasper, and Reuters contributed to this report.
JD Vance becomes the face of the US-Iran MoU, Trump’s most dangerous foreign policy bet to date
In a high-stakes media blitz spanning the last 24 hours, US Vice President JD Vance has positioned himself as the administration’s primary advocate for the controversial Memorandum of Understanding (MoU) between the United States and Iran.
Vance, often seen as the face of the Trump administration’s “America First” foreign policy, spent the day moving from one major network to another, seeking to shape the narrative surrounding the agreement.
“This is a big day for the American people – a big win for everybody who cares about basic peace and stability in the Middle East,” Vance told Fox News host Sean Hannity in an interview that set the tone for the administration’s campaign.
The vice president’s rhetoric marks a significant departure from previous “maximum pressure” policies, focusing instead on the prospect of Iran rejoining the international community.
“The president of the United States doesn’t want just a nuclear deal, as much as that’s a win for the American people,” Vance explained to NBC. He emphasized that the administration is seeking a broader transformation of the Iranian state.
“We’re willing to give significant sanctions relief if the Iranians make the kind of long-term commitments that are necessary to be a normal country,” he told Fox News.
Vance says no US taxpayer money will go to Iran
Vance was also quick to address concerns about the use of American taxpayer funds.
“We’re not giving them American money,” he stated flatly. “Not a single dollar of American money will go to Iran.”
Instead, Vance has framed the agreement as an economic benefit for American consumers. By de-escalating tensions in the Gulf, he argued, the deal has already contributed to improved global economic conditions.
“Fundamentally, this deal immediately reopens the Strait of Hormuz,” Vance said, pointing to a sharp decline in energy prices. “You already see oil prices from a high of $126 a barrel down to about $80 a barrel today.”
For an Israeli public and government deeply wary of the latest developments, Vance offered a mixture of reassurance and criticism. While acknowledging the friction inherent in the US-Israel relationship, he maintained that the MoU ultimately serves Israel’s interests.
“Israel has been a good partner; sometimes, one side fires and the other side responds,” he told CBS, referring to the recent cycle of exchanges between Jerusalem and Tehran. “But what we fundamentally believe is that this is going to be a good deal for the people of Israel and for the people of the Gulf.”
Trump administration claims MoU is a good deal for Israel, despite pushback
Vance suggested that the skepticism voiced by Israeli politicians is based on incomplete information.
“There’s a lot of misreporting I’ve seen in the Israeli media about what’s actually in the deal,” he told ABC, adding that some of the reporting appears to rely on information originating from Iranian media outlets affiliated with the Islamic Revolutionary Guard Corps (IRGC). “But we believe it’s a good deal for the people of Israel.”
Vance’s and US President Donald Trump’s narrative has exposed a widening rift within the GOP’s foreign-policy establishment. While Vance describes a Tehran that is prepared to “change its ways” and “stop trying to fund terrorism all over the Middle East,” Senator Lindsey Graham has cautioned that the United States must “understand who we are dealing with” – a sentiment Vance addressed directly by urging the senator “not to believe the hardliner propaganda in Iran.”
Vance also argued that a new generation of Iranian leaders has grown weary of decades of isolation.
“We’re seeing even people that I would have assumed are hardliners who are kind of saying, ‘You know what? Maybe it was a mistake for us to do the things that we’ve done over the last 40 years,’” Vance claimed.
“You see people saying, ‘Our relationship with the United States over the past 47 years has been a mistake. Let’s turn over a new leaf.’”
Political analysts note that Vance’s nonstop media appearances –contrasted with the relative silence of US Secretary of State Marco Rubio – signal another phase in the emerging debate over who will succeed Trump as the Republican standard-bearer in 2028. By taking ownership of the Iran MoU, Vance is telling the Republican base that he is the leading heir to Trump’s political legacy.
Axios reported on Monday that during internal administration discussions, Rubio, Secretary of Defense Pete Hegseth, and CIA Director John Ratcliffe expressed concerns and raised questions about the Memorandum of Understanding. According to the report, Ratcliffe told Trump and other senior officials that intelligence gathered by US agencies raises serious doubts about Iran’s willingness to make the nuclear concessions that Washington is seeking in a final agreement.
For now, the vice president remains the administration’s lead salesman for the deal. The stakes, however, could not be higher. Should Tehran use sanctions relief to fund its regional proxies or advance its centrifuge program, Vance’s critics – including foreign-policy hawks within his own party – will be ready to pounce.
Project NexusRE adds governance layer for MLS data and AI use
NorthstarMLS and REcore Solutions, along with the WAV Group’s Fluente AI team have unveiled Project NexusRE, a patent-pending infrastructure layer intended to give multiple listing services (MLS) and brokers more visibility and control over how listing data is accessed, used and monetized by artificial intelligence systems, according to an announcement on Friday.
Project NexusRE is positioned as a governance foundation that sits between MLS databases and the growing number of websites, applications and AI systems consuming listing data. Rather than replacing local MLSs, the companies said the platform is designed to apply permissions, policies and compliance rules consistently across channels and interfaces.
System will be owned and governed by the industry
In the announcement, the firms said Project NexusRE is structured to be owned and governed by the industry. NorthstarMLS, which serves as patent assignee, originated the concept. The application is being built with WAV Group’s Fluente AI team, led by technologist David Gumpper, with additional support from WAV Group executives Jennie MacIntosh and Victor Lund. REcore,the industry-owned services organization that only accepts investment from brokerages and MLSs and whose largest partner is California Regional MLS (CRMLS), is commercializing the platform and will operate it as an industry-facing service.
“We started this about a year and a half ago and it began with conversations about strategic objectives and where the industry was headed, which surfaced a lot of the things everyone is talking about now like control of listings, marketing and the need to redefine things like MLS participant and subscriber,” Tim Dain, the president and CEO of NorthstarMLS, said. “We realized that all of these arguments were a symptom of a larger disease, which is that the MLS infrastructure was built years ago and not during the era of AI. So, we realized we needed to reposition the infrastructure to give us some answers as to how we move forward in this new era.”
Both Dain and Art Carter, the CEO of CRMLS will be speaking at HousingWire’s AI Summit in Dallas this August.
As AI tools increasingly process MLS data across the web, brokers often lack clear insight into where their listings are used, which systems are accessing them and under what terms. According to the announcement, Project NexusRE is intended to address that gap by providing a common framework for managing permission, monitoring usage and maintaining accountability as data flows to large language models and other AI tools.
The initiative is a response to growing concern that general-purpose AI platforms could capture the “intelligence layer” of real estate — how data is interpreted, summarized and used — even though brokers and MLSs spent decades building and curating the underlying listing data. By keeping the governance and learning layer under broker and MLS control, Project NexusRE aims to preserve data sovereignty and prevent AI value from migrating entirely to outside platforms.
“The platform addresses that argument that brokers and MLSs should have a say in what entitlements different vendors or tools have with the data,” Dain said. “It gives control over to the people that own the data and not sure who gets the data, but under what terms they can have it and use it.”
When brokers login to the platform, Dain said they can see where an MLS authorized their listing data to go and under what terms, enabling them to have an open dialogue with their MLS about how their data is being used and by whom.
Governance for AI-era listing data
The announcement notes that much of today’s MLS data infrastructure was built before AI-driven systems were common in real estate. Listing rules are often spread across participant agreements, vendor contracts, APIs and policy documents, making consistent enforcement difficult when data is ingested by AI systems at scale, as it now is.
“There is a hierarchy of policy that exists from federal fair housing laws, to state statutes, MLS rules and even broker rules, so as vendors or even agents begin doing more and more with AI, brokers can put in rules that their branding can only be used in certain ways and the platform ensures that the policies are applied everytime at both the data in and data out levels,” Dain said.
Economic alignment and broker visibility
The companies said the initiative is expected to support contribution-based credits for brokers who supply listing data into the system. As AI systems extract and use data, usage metering could inform how credits are earned and how value flows between contributors and consumers. Consumers of the data — including AI workflows and proptech applications — would participate based on usage.
“Anybody that contributes value should be rewarded for that, while anyone that extracts value should be charged for that,” Dain said. “Currently a brokerage with one agent that belongs to an MLS and gets a data feed pays the same per-agent fee as a brokerage with 2,000 agents. But the one with one agent is usually the one that is hitting the data at scale by putting AI and other tools against it — they are a high demand customer in terms of data. But the brokerage with a lot of agents is usually a high supply customer, so you have two different relationships with the data and one cost structure.”
In its report, WAV Group stresses this is not about “selling listings,” but about recognizing that AI reshapes where value is created. Instead of a simple yes/no access model, MLSs may need usage reporting, accountability and economic structures that track how machine-scale consumption evolves over time.
Deployment timeline and participation
Project NexusRE is currently in active development, with initial testing expected to begin in summer 2026, according to the release. NorthstarMLS and REcore are inviting MLSs, associations and industry partners to engage early to evaluate use cases, governance models and deployment options.
The companies emphasize that Project NexusRE is designed to strengthen, not centralize, the existing cooperative MLS structure. The platform is intended to be open to MLSs and brokers of any size and to apply “updatable” permissions and policies regardless of how listing data is accessed.
“There are a lot of companies that could have built something like this, but the industry shouldn’t want them to because their motive is different and the brokers and MLSs are really the only ones that should have a say in this because it is their data,” Dain said.
When will home sales finally return to normal?
The real estate industry is still reeling from four years of desperately slow home sales. The transaction is the unit upon which everyone gets paid. Whether sale commission, mortgage origination, insurance, movers, appliances or furniture — everything happens when the house is bought. Four years after the pandemic boom, the housing industry is still 30% smaller than it was.
Forget returning to the boom times, everyone wants to know simply when do we finally get back to normal?
And what is “normal” anyway? Thanks to many years of NAR publishing its Existing Home Sales data series, we have a standard framework for talking about normal levels of home sales.
The NAR seasonally adjusted annual rate (SAAR) of sales has averaged around 5 million for the last 15 years. The pace hit a peak of 6.2 million in July 2021 during the cheap money and work-from-home pandemic frenzy. Record low interest rates created payment affordability never before seen for homebuyers. Americans responded by buying everything in sight.
But then the market changed. Rates surged in response to inflation. Home prices didn’t crash but the pace of sales cratered down to roughly 4 million, down 35% from the peak. The sales rate has stayed at this level for over three years now with barely a budge higher. In the NAR numbers, May 2026 existing home sales came in at 4.2 million, up slightly from April and roughly 3% faster than a year ago.
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Mortgage rate lock-in effect
One reason that home sales have stayed so low is what’s known as the mortgage rate lock-in effect. Mortgage rate lock-in is felt when the available interest rate on a new mortgage is substantially higher than the rate you’re currently paying on your existing mortgage. In these times, if you move — even for the same priced house — your payment increases. As a result, many of us choose not to move. We feel locked-in to our low payments.
The decade of the 2010s held mortgage rates very low. As a result, a generation of homebuyers (and refinancers) availed themselves of very low mortgage payments. The 2010s were a tremendous time to buy real estate. Unfortunately, now those homeowners are locked-in.
Compass economist Jonah Coste was a lead author on the 2024 research that illustrates just how potent the lock-in effect is. Coste now calculates that in 2026 these conditions are preventing 870,000 homes sales that would otherwise take place if these rate conditions weren’t so extreme. That’s the difference between a stifled housing market and a normal one.
When do sales finally return to normal?
It’s easy to conclude that if interest rates drop substantially, that would solve a lot of problems in the housing market. And, yes, if mortgage rates were to drop to 4% again, we’ll all buy more homes.
In light of current macroeconomic conditions, I think it’s more prudent to ask, what if rates don’t fall soon? When will home sales finally return to normal?
Coste’s research tells us how quickly the lock-in effect “decays.” Over time, some people sell the cheaply financed homes, new buyers have expensive mortgages and they’re not locked-in at all. The average rate on all the outstanding mortgages climbs every day. From a low of 3.8% average on all outstanding mortgages in Q2 2022, the outstanding rate has steadily climbed to 4.5% now. The lock-in effect cures itself slowly over time as rates stay higher.
How many sales get unlocked each year? Coste’s research shows that about 5.8% of those locked-in homes get unlocked through normal demographic and economic activity. The 870,000 sales which are prevented in 2026 becomes 820,000 sales prevented in 2027.
I’ve translated Coste’s lock-in-decay equations into a chart that helps us see when normalcy finally returns to the US housing market. In this view, we see how even if mortgage rates don’t go below the current 6.5%, we have some growth in the industry.
If we get lucky and mortgage rates fall into the 5s, that stimulates a lot more sales. Fewer people are locked-in. This chart shows how many potential home sales would be possible, assuming nothing else changes in the economy.
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But of course other variables do change in the economy. Interest rates move up and down. Employment and incomes can grow. If mortgage rates dip to 5.5%, sales accelerate much faster. While it seems unlikely, a decline of 2.5% from current levels would effectively eliminate lock-in entirely (and create a new generation of locked-in homeowners.)
Back to the question of when home sales finally return to normal. The reality is likely some combination of the natural decay of the lock-in effect and economic conditions which lower mortgage rates gradually or at certain moments. That’s why this chart is handy. We can expect natural growth in home sales each year in the near future — even if mortgage rates don’t decline at all. However, in those moments when rates do ease lower, that lock-in effect also eases and we start to grow back into a market that looks more “normal” in the next few years.
Consumer Confidence Rises Off Record Low As Gas Prices Cool
American households felt a little less gloomy in early June, recording their first meaningful improvement in sentiment since January. The University of Michigan said Friday that its preliminary Consumer Sentiment Index rose to 48.9 from May’s record low of 44.8, a gain of roughly 9% as easing gasoline prices offered consumers some relief.
Joanne Hsu, director of the university’s Surveys of Consumers, said the improvement was broad-based but cautioned that “views of the economy are still relatively dour.”
The rebound ended a four-month decline and came in ahead of economists’ expectations. Both major components of the survey improved: consumers reported feeling somewhat better about current economic conditions and slightly more optimistic about the months ahead. The gains were seen across age groups, income levels, educational backgrounds and political affiliations, with lower-income households showing some of the strongest improvement.
Even with the increase, consumer sentiment remains historically weak.
At 48.9, the index is still roughly 13% below where it began the year and about 19% lower than a year ago. The survey’s long-term average stands at 83.8, meaning June’s reading remains more than 40% below normal levels. In fact, despite the rebound, it remains the second-lowest reading recorded in the survey’s seven-decade history.
The improvement highlights how closely consumer attitudes remain tied to energy prices.
Since February, geopolitical tensions involving the United States and Iran have rattled energy markets and pushed fuel costs higher. Disruptions affecting shipments through the Strait of Hormuz helped drive the national average gasoline price above $4.50 per gallon by May, putting additional pressure on household budgets already strained by inflation.
That is why even a modest decline in fuel prices can have an outsized impact on sentiment. For many consumers, gasoline prices are among the most visible indicators of economic health because they encounter them several times a week. When prices fall, confidence often improves quickly.
Inflation, however, remains a significant concern.
Consumers’ long-term inflation expectations held at 3.4%, remaining above levels generally considered comfortable by Federal Reserve policymakers. Persistent inflation expectations can complicate monetary policy decisions because they suggest consumers still expect prices to continue rising at an elevated pace.
That creates a challenge for the Federal Reserve as policymakers evaluate the path of interest rates. If inflation expectations remain elevated, the central bank may have less flexibility to lower borrowing costs, potentially delaying relief for consumers facing high mortgage, credit-card and auto-loan rates.
There is also an important timing factor in the survey results.
The interviews were conducted between May 19 and June 8, before the weekend announcement of a deal aimed at ending the conflict between the United States and Iran and before the subsequent decline in oil prices. If energy costs continue moving lower following the reopening of the Strait of Hormuz, sentiment could improve further when the final June reading is released later this month.
For businesses, consumer confidence remains one of the most closely watched indicators in the economy.
Consumer spending accounts for roughly 70% of U.S. economic activity, and shifts in confidence often influence purchasing behavior. When households feel pressure, discretionary spending is typically among the first areas affected, impacting restaurants, retailers, travel companies and other consumer-facing industries.
Several major retailers and restaurant chains have already reported signs of more cautious spending and have increasingly relied on promotions and value-oriented offerings to attract customers.
The months ahead may determine whether June’s rebound marks the beginning of a broader recovery in consumer confidence or merely a temporary improvement.
A continued decline in gasoline prices, combined with greater stability in global energy markets, could help confidence recover further and support stronger spending. On the other hand, renewed inflation pressures or another spike in fuel costs could quickly reverse the gains seen this month.
For now, the message from American consumers appears cautiously optimistic. Conditions feel somewhat better than they did a month ago, and the sharp deterioration seen earlier this year has eased. But households remain far from confident that the economic challenges of the past several months are fully behind them.
JBizNews Desk
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Equality NGO Forum Dvorah slams hesder yeshivot boycott over women’s integration in tank units
Forum Dvorah, an NGO that works towards the inclusion of women in Israeli society, denounced the decision by hesder yeshivot to boycott the IDF’s Armored Corps in a statement on Tuesday.
“The IDF must not give in to threats of refusal and exclusion of women,” the NGO said.
“Giving in to these extreme demands means creating an army with segregation.”
The demands that the NGO was referring to were statements issued by a total of 25 hesder yeshivot, which combine Torah study with serving in the IDF – banning their Orthodox religious-Zionist male students from joining the Armored Corps in protest at an IDF pilot program to integrate women into the corps.
According to the IDF, the program is only a pilot, and it is unclear whether it will lead to the permanent placement of women in the tank corps.
Further, the pilot program involves establishing women-only tank units, such that neither secular nor religious men would be serving with women within the same tank or unit, the primary concern of the religious-Zionist institutions that are protesting.
“This is an attempt to impose a haredi service model on the entire religious public based on the exclusion of women and sectoral dictates,” the forum said.
“It is particularly worrying to see similarities to the pressure methods used by haredi leadership, which has been waging a struggle for years to evade military service.”
“This is a violation of equality, the values of the IDF, and the principles established in court rulings,” it continued.
Female soldiers greatly contribute to IDF operations, Forum Dvorah argues
“This is also a serious security violation in times of war and at a time when the IDF is suffering from a shortage of manpower. It is impossible to give up on female combat soldiers who have already proven their ability to contribute to operations,” the NGO said.
“Today, more than 20% of the IDF’s combat soldiers are women, and their exclusion would directly harm the military’s ability to win,” it added.
“Women are not a problem that must be pushed aside, excluded, or trampled on in order to please one sector or another. The IDF must stand up to threats of refusal, maintain its values, and serve the entire State of Israel,” the forum concluded.
Yonah Jeremy Bob contributed to this report.
Reservists Party holds primaries ahead of elections, bereaved families among candidates
The Reservists Party, led by former communications minister Yoaz Hendel, held internal primaries on Tuesday, continuing preparations for the upcoming elections, with candidates including reservists, bereaved family members, and wounded IDF veterans.
Thousands of registered members of the Reservists Party voted to determine the party’s candidate list through a digital vote on Tuesday.
A total of 28 candidates will compete in the primaries, the party stated. In addition to bereaved family members and reservists, those running include social activists who have pushed against the coalition’s contentious haredi draft law over the past two years.
The results will be announced on Wednesday after the digital vote takes place.
Among those running is bereaved mother Sandra Alon, whose son, Sgt. Tomer Keren was killed in combat while serving during the Israel-Hamas War.
beyond politics – a calling to help bereaved families
Alon had told The Jerusalem Post after joining the party in February that she viewed her role in the party as going beyond politics and as a calling to help bereaved families in the country who have tragically lost loved ones.
“This was not about politics for me. I was looking for a platform to help, to help people like me, to help reservists, to help wounded soldiers,” she said.
Shlomi Damari, brother of Dan Damari, who was murdered by Hamas terrorists at the Supernova music festival on October 7, is also among the bereaved family members running in the primaries.
Shortly before the voting on the primaries took place, Shvut Raanan, one of the founders of the Reservists’ Wives Forum, announced that she was withdrawing from the primaries. She had been a main party activist.
The party has presented itself as a response to the leadership vacuum following the Hamas attacks of October 7, 2023, and it advocates for universal conscription. Among its central principles is a refusal to join any government that includes parties whose members do not serve in the IDF.
Campaigns against the haredi, Arab parties
The Reservists have launched campaigns against the haredi (ultra-Orthodox) and Arab parties ahead of the elections, calling to bar those who do not serve in the IDF from voting and from running for Knesset.
The party still fails to pass the electoral threshold in polls. Hendel has spoken about merging with another party ahead of the elections, though no official announcement has been made on who the expected alliance will be with. General elections are scheduled to take place no later than October 27.
Could the Vanguard S&P 500 ETF be your ticket to becoming a stock market millionaire?
The Vanguard S&P 500 ETF recently made stock market history, becoming the first ETF to reach $1 trillion in assets. And there’s good reason why it’s the most popular ETF among investors.
Not only does this fund offer diversified exposure to 500 of the largest U.S. companies, but it also has a rock-solid track record of consistent growth over time. In fact, since the Vanguard S&P 500 ETF was launched in 2010, it’s delivered total returns of nearly 800%, as of this writing.
But is it really possible to earn $1 million or more with this slow-but-steady ETF? History says yes – but with a caveat.
1 UNDER-THE-RADAR ETF TO INVEST $1,000 IN RIGHT NOW THAT’S OUTPERFORMING MAJOR INDEXES THIS YEAR
The market can be wildly unpredictable in the short term, but its long-term performance is much more stable. Over the last seven decades, the S&P 500’s (SNPINDEX: ^GSPC) annual returns have averaged out to just over 10% per year. The longer you stay in the market, the more likely it is that you’ll earn positive total returns.
A long-term outlook is crucial with any investment, but it’s especially important with an S&P 500 ETF. This fund isn’t the highest earner, especially compared to growth ETFs that are designed to beat the market. However, its strength is in its long-term potential.
ETF ASSETS ARE SURGING. HERE’S HOW THEY DIFFER FROM MUTUAL FUNDS
Let’s say you’re earning a 10% average annual return on your investment, and you have a goal of reaching $1 million. At that rate, here’s approximately what you’d need to invest each month, depending on your timeline:
Data source: author’s calculations via investor.gov.
Time and consistency are key to building significant wealth with the Vanguard S&P 500 ETF. It will likely take a few decades to accumulate $1 million with this type of investment, but it is within reach for many investors – assuming the S&P 500 continues earning returns in line with its historic average.
Again, the S&P 500 ETF is known more for its consistency than its high returns. For many investors, lower earning potential is a worthwhile trade-off for a fund with decades of history delivering consistent growth. Those who are looking to maximize their earnings in the stock market, however, may prefer a different approach.
HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES
Buying individual stocks is perhaps the best way to earn higher long-term returns. This strategy often requires more time and research, but a custom portfolio filled with healthy stocks can significantly outperform the S&P 500. Investing in growth ETFs is another option, as these funds only contain stocks with the potential for above-average returns.
The Vanguard S&P 500 ETF can offer diversification and stability, making it a smart choice for long-term investors. No matter where you choose to buy, investing consistently and staying in the market for the long haul can help you build wealth that lasts a lifetime.
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Katie Brockman has positions in Vanguard S&P 500 ETF. The Motley Fool has positions in and recommends Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.
Texas and Florida Become Buyer’s Markets as Homes Sit Unsold
AUSTIN, Texas — For years, Texas and Florida were among the hottest housing markets in the country, where homes sold in days and buyers fought bidding wars. That era is over. According to brokerage firm Redfin, the balance of power has shifted decisively toward buyers, with sellers increasingly cutting prices and offering incentives to attract interest.
In its latest report, Redfin found there were approximately 46.9% more home sellers than buyers nationwide in May, with some of the largest imbalances appearing in Texas and Florida. “A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026,” said Asad Khan, senior economist at Redfin. “But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”
The strongest buyer’s markets are concentrated across the Sun Belt. Redfin identified Nashville, Miami, Austin, Houston and San Antonio among the markets where buyers currently hold the greatest leverage. Earlier this year, sellers in those same markets led the nation in price reductions. In San Antonio, nearly 58% of sellers lowered their asking prices, followed by Austin, Dallas, Tampa, and Fort Lauderdale.
The primary driver is supply. Both Texas and Florida experienced aggressive homebuilding during the pandemic-era migration boom as developers rushed to accommodate population growth. Today, many of those homes remain unsold as buyers pull back amid elevated mortgage rates and affordability concerns.
When inventory rises faster than demand, buyers gain leverage. They have more homes to choose from, more negotiating power, and more time to make decisions.
The numbers reflect that shift. In Texas, homes are now taking approximately 68 days to sell, while the median home price of $343,779 rose just 0.9% year-over-year. In Florida, average selling times have stretched to roughly 69 days, while housing inventory has climbed to record levels.
Florida faces additional challenges beyond housing supply. The state continues to grapple with rising insurance premiums, escalating condominium association costs, hurricane-related risks and other climate concerns. Those factors have prompted some longtime homeowners to sell, increasing inventory even further.
The cooling market in Texas and Florida contrasts sharply with conditions elsewhere. Nationally, home prices remain near record highs. The National Association of Realtors reported that the median existing-home price reached $429,300 in May, a new record. Several Midwestern and Northeastern markets continue to favor sellers due to limited inventory.
According to Redfin, only seven of the nation’s 50 largest metropolitan areas remain seller’s markets, while 36 markets now favor buyers.
For the housing industry, the shift represents a meaningful change. Builders who expanded aggressively during the boom are now offering incentives, discounts and mortgage-rate buydowns to move inventory. Real estate agents increasingly advise sellers to price homes realistically rather than aiming for pandemic-era peak valuations.
The impact extends beyond housing. Mortgage lenders, moving companies, contractors and local economies all feel the effects when housing activity slows.
For prospective buyers, however, the changing market creates opportunities that have been scarce for years. Buyers who can manage today’s mortgage rates — still hovering near 6.5% — may now negotiate on price, request repairs, and secure concessions that would have been nearly impossible during the height of the housing frenzy.
For sellers, the environment requires adjustment. The days of listing a home and receiving multiple offers within hours have largely disappeared in many parts of Texas and Florida.
None of this suggests a housing crash. Prices are softening rather than collapsing, and demand remains present. Instead, the market appears to be moving toward a more balanced environment where buyers have greater choice and negotiating power.
After years as symbols of America’s housing boom, Texas and Florida are increasingly becoming examples of what happens when supply finally catches up with demand.
JBizNews Desk
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Indiana Tops Housing Affordability Report Card While New York Ranks Last: Realtor
Indiana homebuyers can purchase a typical single-family home for a median price of $295,810, spending about 28.3 percent of their average monthly income on mortgage payments—below the 30 percent threshold used to define affordability. In New York, potential buyers would need to spend 55.2 percent of their household income to cover the mortgage costs at a median listing of $668,173….
Bank of Japan Raises Interest Rates to Highest Level Since 1995
The Bank of Japan (BOJ) voted 7–1 to raise its policy rate to around 1 percent from 0.75 percent, marking the highest benchmark interest rate since 1995. The new rate takes effect on June 17.
The decision comes as policymakers assess the economic fallout from months of conflict in the Middle East, which has disrupted energy supplies and pushed up oil prices worldwide.
“Japan’s economy has recovered moderately, although some weakness has been seen in part, partly due to the impact of the situation in the Middle East,” the central bank said in its June 16 policy statement….
Supreme Court Rejects Challenge to Trump’s First-Term Tariff on China
The decision follows an appeal by HMTX Industries and other businesses after the U.S. Court of Appeals for the Federal Circuit last year upheld the tariffs, which Trump previously imposed on Chinese goods under Section 301 of the Trade Act of 1974 in response to China’s unfair trade practices related to technology transfer, intellectual property, and innovation.
The plaintiffs petitioned the Supreme Court to review the ruling, but the high court denied the request on June 15, keeping the tariffs in place. The justices did not provide any explanation for the decision….
US Private Credit Default Rate Remains at Record High: Fitch
Private credit woes this year have taken a backseat to various headwinds and tailwinds, whether the war in Iran or SpaceX’s blockbuster debut on Wall Street.
But data suggest that pressures are still mounting for the industry.
Fitch Ratings said its Private Credit Default Rate remained at a record 6 percent in May, unchanged from the previous month.
Monitoring approximately 1,500 private credit issuers, Fitch logged 14 default events last month. Healthcare providers, business services, and industrial manufacturing each registered three events….
Starter Homes Top $1 Million in Record 242 US Cities, Zillow Reports
Nationwide, a record 242 cities in 26 states now have starter homes listed at or above the $1 million threshold, Zillow researchers stated on June 15. Starter homes are typically smaller, lower-priced residences that meet the limited affordability requirements of first-time homebuyers. Starter home prices averaged $198,649 nationally in the first quarter, up by 1.7 percent from a year earlier, and are usually in the lower third of home values for any given region, Zillow noted.
However, the number of cities where starter homes have surged to the seven-figure mark increased by 7 percent year over year on the strength of an extended run-up in housing prices, the U.S. Federal Housing Finance Agency (FHFA) said. Home values have seen positive annual appreciation each year dating back to the start of 2012, FHFA stated, with year-over-year prices rising in 65 of the largest metropolitan regions in the first quarter of 2026….
Starter Homes Top $1 Million in Record 242 US Cities, Zillow Reports
Nationwide, a record 242 cities in 26 states now have starter homes listed at or above the $1 million threshold, Zillow researchers stated on June 15. Starter homes are typically smaller, lower-priced residences that meet the limited affordability requirements of first-time homebuyers. Starter home prices averaged $198,649 nationally in the first quarter, up by 1.7 percent from a year earlier, and are usually in the lower third of home values for any given region, Zillow noted.
However, the number of cities where starter homes have surged to the seven-figure mark increased by 7 percent year over year on the strength of an extended run-up in housing prices, the U.S. Federal Housing Finance Agency (FHFA) said. Home values have seen positive annual appreciation each year dating back to the start of 2012, FHFA stated, with year-over-year prices rising in 65 of the largest metropolitan regions in the first quarter of 2026….
Trump Threatens 100 Percent Tariff on French Wines Over Digital Services Tax
Trump said he delivered the warning directly to French President Emmanuel Macron, demanding that Paris scrap its 3 percent levy on major U.S. tech firms or face steep duties on some of France’s best-known exports.
“I asked him not to charge American companies, and if they do, I have no choice but to charge a 100% tariff on all champagnes and all wines coming out of France,” Trump told the New York Post in an interview. “All [Macron] has to do is get rid of the sales tax, and he wouldn’t have that kind of pressure.”…
Trump Threatens 100 Percent Tariff on French Wines Over Digital Services Tax
Trump said he delivered the warning directly to French President Emmanuel Macron, demanding that Paris scrap its 3 percent levy on major U.S. tech firms or face steep duties on some of France’s best-known exports.
“I asked him not to charge American companies, and if they do, I have no choice but to charge a 100% tariff on all champagnes and all wines coming out of France,” Trump told the New York Post in an interview. “All [Macron] has to do is get rid of the sales tax, and he wouldn’t have that kind of pressure.”…
UK Retailers Urge Faster Crackdown on Cheap Parcels From China
The government announced in its Autumn Budget in November 2025 that it would end the £135 ($180) de minimis customs duty relief by March 2029 at the latest.
A consultation on how the change should be implemented closed on March 6, and the Treasury has yet to publish its response.
The £135 threshold currently exempts qualifying low-value imports from customs duties, although VAT still applies.
Retailers say platforms such as Shein and Temu have benefited significantly from the arrangement by shipping parcels directly from factories in China to UK consumers….
UK Retailers Urge Faster Crackdown on Cheap Parcels From China
The government announced in its Autumn Budget in November 2025 that it would end the £135 ($180) de minimis customs duty relief by March 2029 at the latest.
A consultation on how the change should be implemented closed on March 6, and the Treasury has yet to publish its response.
The £135 threshold currently exempts qualifying low-value imports from customs duties, although VAT still applies.
Retailers say platforms such as Shein and Temu have benefited significantly from the arrangement by shipping parcels directly from factories in China to UK consumers….
Nearly Two-Thirds of Americans Prefer SUVs Over Cars, Trucks: Report
The 0.64 percentage point increase year over year in SUV registrations to more than 7.8 million vehicles registered in the last year represents about 117 million sport utility vehicles in operation through the first quarter of the year, Experian said in its Automotive Consumer Trends & Analysis report. SUVs account for about 42 percent of the 298 million vehicles traveling U.S. roadways.
Globally, driver preference for SUVs, which combine increased passenger seating and cargo capacity with improved all-weather handling versus sedans, minivans, and pickup trucks, is expected to top $1.41 trillion in market size in 2026, Fortune Business Insights reported. By 2034, though, the SUV market is expected to more than double to $3.17 trillion in market size….
Nearly Two-Thirds of Americans Prefer SUVs Over Cars, Trucks: Report
The 0.64 percentage point increase year over year in SUV registrations to more than 7.8 million vehicles registered in the last year represents about 117 million sport utility vehicles in operation through the first quarter of the year, Experian said in its Automotive Consumer Trends & Analysis report. SUVs account for about 42 percent of the 298 million vehicles traveling U.S. roadways.
Globally, driver preference for SUVs, which combine increased passenger seating and cargo capacity with improved all-weather handling versus sedans, minivans, and pickup trucks, is expected to top $1.41 trillion in market size in 2026, Fortune Business Insights reported. By 2034, though, the SUV market is expected to more than double to $3.17 trillion in market size….
JBS to Close 2 US Facilities as Beef Consumption Drops
According to the Pennsylvania Department of Labor and Industry’s WARN Notices page, the Souderton plant will be officially closed on Aug. 14, affecting 1,485 workers.
The Memphis plant produces packaged and prepared meat products for consumers.
Headquartered in Greeley, Colorado, JBS USA said the planned closures are part of the firm’s strategy to focus on growth, modernization, and long-term competitiveness across America.
The company said that earlier this year, it combined its beef and case-ready businesses into a more integrated platform that it contends will improve efficiency and productivity, and expand value-added capabilities. …
JBS to Close 2 US Facilities as Beef Consumption Drops
According to the Pennsylvania Department of Labor and Industry’s WARN Notices page, the Souderton plant will be officially closed on Aug. 14, affecting 1,485 workers.
The Memphis plant produces packaged and prepared meat products for consumers.
Headquartered in Greeley, Colorado, JBS USA said the planned closures are part of the firm’s strategy to focus on growth, modernization, and long-term competitiveness across America.
The company said that earlier this year, it combined its beef and case-ready businesses into a more integrated platform that it contends will improve efficiency and productivity, and expand value-added capabilities. …
Wall Street Review: Stocks Rebound From Sell-Off, Led by Small Caps and SpaceX IPO
For the week, the Dow Jones Industrial Average edged 0.66 percent higher to close at 51,202, slightly below the June 12 high. The S&P 500 gained 0.65 percent to 7,431, close to the high reached earlier in the week. The Nasdaq Composite posted similar gains, while small-cap stocks were the standout for the week, with the Russell 2000 up by 3.90 percent. …
Wall Street Review: Stocks Rebound From Sell-Off, Led by Small Caps and SpaceX IPO
For the week, the Dow Jones Industrial Average edged 0.66 percent higher to close at 51,202, slightly below the June 12 high. The S&P 500 gained 0.65 percent to 7,431, close to the high reached earlier in the week. The Nasdaq Composite posted similar gains, while small-cap stocks were the standout for the week, with the Russell 2000 up by 3.90 percent. …
UK Economy Shrank Slightly in April as Services Weakened: ONS
The Office for National Statistics (ONS) said on June 12 that gross domestic product (GDP) fell 0.1 percent in April, marking the first monthly fall since August 2025.
The decline followed growth of 0.3 percent in March and 0.4 percent in February.
Despite the monthly setback, the economy expanded 0.7 percent in the three months to April compared with the previous three-month period.
The slowdown comes as businesses across Europe grapple with higher energy costs and supply-chain disruptions linked to the conflict in the Middle East, while policymakers monitor the impact on inflation and economic growth….
UK Economy Shrank Slightly in April as Services Weakened: ONS
The Office for National Statistics (ONS) said on June 12 that gross domestic product (GDP) fell 0.1 percent in April, marking the first monthly fall since August 2025.
The decline followed growth of 0.3 percent in March and 0.4 percent in February.
Despite the monthly setback, the economy expanded 0.7 percent in the three months to April compared with the previous three-month period.
The slowdown comes as businesses across Europe grapple with higher energy costs and supply-chain disruptions linked to the conflict in the Middle East, while policymakers monitor the impact on inflation and economic growth….
US Appeals Court Allows Trump’s 10 Percent Global Tariffs to Continue During Appeal
The appeals court granted the Trump administration’s motion to extend the stay of an injunction preventing collection of the tariffs in an unsigned order.
This means the federal government may continue collecting the tariffs under Section 122 of the Trade Act of 1974 for the time being as the current appeal plays out.
On May 7, the U.S. Court of International Trade struck down the global tariffs. The court ruled 2–1 in favor of small businesses and several states that contested the tariffs, which had taken effect on Feb. 24. The dissenting judge said it was premature to rule on the dispute….
US Appeals Court Allows Trump’s 10 Percent Global Tariffs to Continue During Appeal
The appeals court granted the Trump administration’s motion to extend the stay of an injunction preventing collection of the tariffs in an unsigned order.
This means the federal government may continue collecting the tariffs under Section 122 of the Trade Act of 1974 for the time being as the current appeal plays out.
On May 7, the U.S. Court of International Trade struck down the global tariffs. The court ruled 2–1 in favor of small businesses and several states that contested the tariffs, which had taken effect on Feb. 24. The dissenting judge said it was premature to rule on the dispute….
Unemployment Claims Climb Above Estimates to Highest Since February
Initial jobless claims rose by 4,000 to 229,000 for the week ending on June 6, according to new Department of Labor figures released on June 11.
This was firmly above the consensus forecast of 219,000.
Weekly claims typically rise at this time of the year as various states permit non-teaching staff to file for unemployment benefits during the summer holiday.
The four-week average, which strips out week-to-week volatility, edged higher to 219,000. This is still hovering around historically low levels, marking the job market’s low-fire climate….
Unemployment Claims Climb Above Estimates to Highest Since February
Initial jobless claims rose by 4,000 to 229,000 for the week ending on June 6, according to new Department of Labor figures released on June 11.
This was firmly above the consensus forecast of 219,000.
Weekly claims typically rise at this time of the year as various states permit non-teaching staff to file for unemployment benefits during the summer holiday.
The four-week average, which strips out week-to-week volatility, edged higher to 219,000. This is still hovering around historically low levels, marking the job market’s low-fire climate….
ECB Raises Rates for First Time Since 2023 Amid Inflation Fears
The ECB lifted its three key rates by 25 basis points, taking the benchmark deposit rate to 2.25 percent from 2 percent, according to a June 11 policy statement citing inflation pressures driven by an energy price shock stemming from the Iran war.
“The decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook,” the ECB’s governing council said in the statement, which described the outlook as “uncertain, with upside risks for inflation and downside risks for economic growth.”…
ECB Raises Rates for First Time Since 2023 Amid Inflation Fears
The ECB lifted its three key rates by 25 basis points, taking the benchmark deposit rate to 2.25 percent from 2 percent, according to a June 11 policy statement citing inflation pressures driven by an energy price shock stemming from the Iran war.
“The decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook,” the ECB’s governing council said in the statement, which described the outlook as “uncertain, with upside risks for inflation and downside risks for economic growth.”…
US Producer Inflation Rises 1 Percent for 2nd Straight Month
The producer price index jumped by 1.1 percent last month, unchanged from April’s downwardly revised 1.1 percent increase, according to new Bureau of Labor Statistics data released on June 11.
The consensus estimate suggested a 0.7 percent gain.
Economists monitor this measure as a pipeline inflation indicator, since it reflects the prices businesses pay for goods and services and pass on to consumers.
On a 12-month basis, wholesale inflation climbed to a higher-than-expected 6.5 percent, from a downwardly adjusted 5.7 percent in the previous month. This marked the highest year-over-year level since the 7.4 percent reading in November 2022….
US Producer Inflation Rises 1 Percent for 2nd Straight Month
The producer price index jumped by 1.1 percent last month, unchanged from April’s downwardly revised 1.1 percent increase, according to new Bureau of Labor Statistics data released on June 11.
The consensus estimate suggested a 0.7 percent gain.
Economists monitor this measure as a pipeline inflation indicator, since it reflects the prices businesses pay for goods and services and pass on to consumers.
On a 12-month basis, wholesale inflation climbed to a higher-than-expected 6.5 percent, from a downwardly adjusted 5.7 percent in the previous month. This marked the highest year-over-year level since the 7.4 percent reading in November 2022….
New Car Prices Drop Slightly, Incentives Increase: Report
In May, the new vehicle ATP was $49,220, down from $49,456 in April, according to a June 10 statement from vehicle valuation company Kelley Blue Book (KBB). On a year-to-year basis, ATP prices were up by a modest 1.2 percent in May. Some of the affordable segments of the market posted sizable year-to-year gains, such as compact SUVs rising by 3.4 percent and subcompact SUVs by 4.2 percent, with the ATPs of both at “all-time highs.”
“Average transaction prices are rising 2-4 percent year over year across key vehicle segments, powered by a convergence of product cycles and supply dynamics,” said Erin Keating, executive analyst at Cox Automotive….
New Car Prices Drop Slightly, Incentives Increase: Report
In May, the new vehicle ATP was $49,220, down from $49,456 in April, according to a June 10 statement from vehicle valuation company Kelley Blue Book (KBB). On a year-to-year basis, ATP prices were up by a modest 1.2 percent in May. Some of the affordable segments of the market posted sizable year-to-year gains, such as compact SUVs rising by 3.4 percent and subcompact SUVs by 4.2 percent, with the ATPs of both at “all-time highs.”
“Average transaction prices are rising 2-4 percent year over year across key vehicle segments, powered by a convergence of product cycles and supply dynamics,” said Erin Keating, executive analyst at Cox Automotive….
US Inflation Surges to Highest Level Since April 2023
The U.S. annual inflation rate surged to 4.2 percent last month from 3.8 percent in April, according to new Bureau of Labor Statistics data released on June 10.
This is the highest 12-month inflation reading since April 2023.
Core inflation, which strips out the volatile energy and food categories, ticked up to 2.9 percent year over year from 2.8 percent in the previous month.
Both readings were in line with economists’ expectations.
On a month-over-month basis, May’s consumer price index (CPI) rose by 0.5 percent, while core edged up by a smaller-than-expected pace of 0.2 percent….
Nippon Steel to Double Investment in US Steel’s Pennsylvania Facility
According to an updated economic impact analysis released by U.S. Steel on June 8, the planned capital investment for its steelmaking facility in Mon Valley is now expected to cost up to $2.5 billion.
The investment is projected to generate $1.7 billion in economic impact for the Commonwealth through 2028, including up to 6,381 jobs. It will also generate an estimated $58 million in state and local taxes….
13 Million US Homeowners Face Potential Capital Gains Taxes: Report
Real estate professionals and analysts say this may be putting many homeowners on hold, adding to the nationwide housing shortage and worsening affordability pressures in recent years. They point to a nearly 30-year-old capital gains tax exemption law as one contributing factor.
Federal lawmakers are pushing a bipartisan bill to expand the tax exclusion and some are hopeful it will pass this year….
Number of US Home Sellers Hits Highest Level in 6 Years in May: Report
Home sellers outnumbered buyers by nearly 47 percent for the month, up slightly from 46.4 percent in April, but retreating slightly from the peak of 49.5 percent in December 2025, Redfin researchers said. The numbers are in stark contrast to 2021, when there were 36.4 percent fewer sellers than buyers as mortgage rates under 3 percent sparked a buying frenzy.
A typical buyer’s market has 10 percent more sellers than buyers, which gives prospective buyers greater negotiating power since there are an abundance of homes from which to choose. …
Harley-Davidson to Move Engine Production Back to US After Years of Offshoring
The maker of the iconic American motorcycle said on Tuesday that its facilities in Pennsylvania and Wisconsin will handle the work. That will include machining, powertrain assembly, painting, and final vehicle assembly.
The transition is expected to be completed ahead of the start of production of the 2028 model in 2027, the company said. The goal is to have motorcycles powered by U.S.-made Revolution Max engines—namely the Pan America, Sportster S and Nightster—to arrive at dealerships in 2028….
Social Security Trust Fund May Be Depleted in 2032, Trustees Report Finds
The Old Age and Survivors Insurance (OASI) Trust Fund “reserves are projected to become depleted in the fourth quarter of 2032, with 78 percent of benefits payable at that time,” the Social Security Administration (SSA) said in a statement, while it added that disability insurance “reserves are projected to remain positive throughout the 75-year projection period.”
The projected date is one year earlier than what had been forecast by the OASI trust fund last year. In that report, the trustees projected that the OASI fund, which pays benefits to retirees and survivors of deceased workers, would run dry in 2033, saying at the time that only 77 percent of benefits would be payable should it go insolvent….
US Debt Inches Closer to 100 Percent of GDP—What to Know
The U.S. government has regularly recorded grim fiscal milestones over the last 20 years.
A surging national debt, a bloated budget deficit, and interest payments are some of the financial challenges gripping Washington. Officials are at an impasse about what to do with the mounting IOUs.
Americans do not expect a solution anytime soon.
Fiscal confidence across party lines is at the lowest level in two years, according to new polling data from the Peter G. Peterson Foundation released last month….
Inflation Continues Rising: Will an Iran Truce End That Trend?
In the wake of strong payroll growth in the past three months, fears of “demand push” inflation are brewing, and we saw some evidence of that last week, when the Labor Department announced on Wednesday that the Consumer Price Index (CPI) rose 0.5% in May and 4.2% in the past 12 months. The core rate, excluding food and energy, rose 0.2% and 2.9% in the past 12 months. Energy prices rose 3.9% in May, causing most of the increase. Owners’ equivalent rent (shelter costs) rose 0.3% in May, which was a big retreat from 0.6% in April. Treasury yields declined after the CPI report, which is positive.
Then, on Thursday, the Labor Department announced the Producer Price Index (PPI) surged 1.1% in May and 6.5% in the past 12 months. The core PPI, excluding food, energy, and trade services, rose 0.8% in May and 5.1% in the past 12 months. Wholesale food prices rose 0.6%, while energy prices surged 10.7% and trade services declined 1.1%. Unfortunately, wholesale processed goods prices soared 3.5%, the largest monthly increase since March 2021. The good news is that much of this inflation is tied to energy prices, so this inflation surge may be transitory, especially if the new peace deal with Iran works out. …
Oil Exports Narrow US Trade Deficit in April
The international goods and services trade deficit narrowed 1.2 percent, or about $600 million, to $55.9 billion in April, according to the Bureau of Economic Analysis. This came in slightly below economists’ expectations of $56.1 billion.
Exports climbed almost 3 percent, or $8.3 billion, to a record $327.1 billion.
Energy shipments accounted for a large share of export growth. Crude oil rose by $6.4 billion, followed by fuel oil ($1.3 billion) and other petroleum products ($1 billion).
The United States has witnessed surging demand for American energy during the Iranian conflict—now in its 14th week—as the Strait of Hormuz has impacted global energy markets….
Airline Profits to Fall by 50 Percent in 2026 as Jet Fuel Prices Spike
Willie Walsh, director general of the International Air Transport Association (IATA), recounted the industry’s challenges since the COVID-19 pandemic in his report at the group’s annual meeting in Rio de Janeiro.
“No sooner did we put COVID behind us than we faced aerospace supply chain failures, war in Ukraine, geopolitical tensions, and tectonic shifts in trade policies,” he said.
“And when war broke out in the Middle East in March, oil prices jumped, and jet fuel prices skyrocketed. As a result, we expect average jet fuel prices to be 70 percent higher year-on-year. That will add $100 billion to our collective fuel bill this year.”…
Remote Jobs Linked to Wider Unemployment Gap for Young Workers: New York Fed
In an analysis published on June 1, New York Fed economists found that the unemployment rate for college graduates younger than 29 increased to 3.7 percent in 2022–2024 from 3.1 percent in 2017–2019. Over the same period, unemployment among more experienced college graduates aged 29 and older edged down to 1.8 percent from 1.9 percent.
At the center of this divergence is what researchers called “remotable” jobs, such as software engineering, financial analysis, and other desk-based work that can be performed off-site, versus “non-remotable” ones that demand physical presence, such as nursing, mechanical engineering, and many hands-on technical fields….
US Bankruptcy Filings Increase 7 Percent Yearly
Individual bankruptcy filings rose by 8 percent during the one-year period. Although overall commercial filings were down marginally by 0.1 percent, bankruptcy filings made by small businesses jumped by 36 percent, according to a June 5 statement from the American Bankruptcy Institute.
“The May data reflects a continued but measured uptick in bankruptcy activity, particularly among small businesses,” said Michael Hunter, vice president of Epiq AACER, the company that provided the bankruptcy data.
“The trend highlights the cumulative impact of elevated interest rates, persistent inflation, and higher operating costs. As access to affordable credit remains constrained, more businesses and consumers are turning to restructuring tools to stabilize and reset financially.”…
Wall Street Review: Techs Sell Off Amid Profit-Taking, Rising Bond Yields
For the week, the Dow Jones Industrial Average edged down by 0.32 percent to close at 50,866. The S&P 500 fell by 2.59 percent to 7,383. The Nasdaq Composite sank by 4.68 percent, while the Russell 2000 dropped by 2.94 percent.
The Chicago Board Options Exchange Volatility Index closed the week at 21.51, down by 40.4 percent.
Stocks opened lower on the first day of June amid a spike in oil prices and bond yields, as well as profit-taking.
West Texas Intermediate crude oil futures soared more than 5 percent to nearly $93 per barrel as Iran threatened that it would suspend talks with the United States in response to Israel’s continued military operations in Lebanon….
From World Cup Fever to Revisions—5 Takeaways From the May Jobs Report
Indicators over the past few months suggest that the labor market is far stronger than it was last year, despite a three-month-old war in Iran and renewed inflation risks.
The jobless rate remains low, vacancies have accelerated, and payroll gains have broadened.
“If the economy can continue to create jobs and the unemployment rate can stay low … all while keeping inflation under control, we could be in the sweet spot,” Chris Zaccarelli, chief investment officer for Northlight Asset Management, said in a note emailed to The Epoch Times….
US Labor Market Stays Hot as Economy Adds 172,000 New Jobs in May
The economy added 172,000 new jobs last month, from the upwardly revised 179,000 positions in April, according to the Bureau of Labor Statistics.
Economists had penciled in a reading of 85,000.
The unemployment rate held steady at 4.3 percent—in line with the consensus forecast.
May’s nonfarm payrolls report extends the string of solid indicators highlighting the labor market’s strength following the volatility that kicked off the year.
“AI may eventually kill off jobs, but that time is not now. It’s also very difficult to remain anchored to a stagflation narrative when growth and employment are rising,” Jamie Cox, managing partner for Harris Financial Group, said in a note emailed to The Epoch Times….
Bessent Signals Bigger Boeing Sales to China Before Xi’s US Trip
Speaking during a Senate Finance Committee hearing on the Treasury Department’s fiscal 2027 budget request, Bessent pointed to a previously announced commitment by China to acquire 200 Boeing aircraft following President Donald Trump’s visit to Beijing in May.
“They agreed to 200 airplanes during the visit. We will see if they commit to a larger number when Xi Jinping arrives in Washington,” Bessent told senators.
The 200-aircraft agreement was announced after the Trump–Xi summit in Beijing and was described by U.S. officials and Boeing as an initial package. China’s Commerce Ministry later acknowledged the agreement….
College Enrollment Increases, Led by Spike in Trades Programs: Report
More than 18.6 million students enrolled in postsecondary academic programs in Spring 2026, according to “Clearinghouse’s Enrollment Insights: Final Spring Enrollment Report.” Total undergraduate enrollment increased by 1.3 percent to 15.5 million students, but enrollment in undergraduate certificate programs at community colleges spiked by 12.1 percent, adding 82,873 students to reach a total of 767,662.
Community colleges also recorded the biggest enrollment gains of full- and part-time students among all postsecondary institutions. Full-time enrollment rose by 2.6 percent to 1,984,556 students, while part-time junior college enrollment climbed by 3.3 percent to 3,827,796 students. Community college students accounted for just under 32 percent of total postsecondary enrollment….
Appeals Court Halts Order for Customs Chief’s Testimony in Tariff Refunds Case
The dispute stems from litigation over refunds of tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The U.S. Court of International Trade previously ruled that importers are entitled to refunds of certain tariffs after the U.S. Supreme Court determined that IEEPA did not authorize the duties.
The U.S. Court of International Trade has since overseen the government’s efforts to process and distribute refunds through U.S. Customs and Border Protection (CBP)….
Greer Says EU Tariff Deal Can Stand as US Pursues Forced-Labor Duties
In a June 3 France 24 interview, Greer was asked whether the proposed tariffs would imperil the U.S.–EU trade deal reached last year, because they would come on top of tariffs agreed under that deal.
“We see a lot of room for continued compliance with the trade agreement even with what we just proposed last night,” Greer said. He said he had spoken with European Trade Commissioner Maros Sefcovic before the tariff proposal was released, and “both sides are committed to compliance with the trade agreement.”…
Dow Jones Rises Nearly 900 Points to Record Close as AI Trade Takes a Breather
The blue-chip Dow Jones Industrial Average rose by 874.86 points, or 1.73 percent, to close at a new record high of 51,561.
The popular index of 30 large-cap stocks has rebounded substantially since the March selloff and is up 7 percent this year.
Scores of non-tech names bolstered the Dow Jones during the June 4 trading session, including UnitedHealth, Costco, Eli Lilly, JPMorgan Chase, and Walmart.
“Each day and week, it’s interesting to watch the rotation,” Ken Mahoney, president and CEO of Mahoney Asset Management, said in a note emailed to The Epoch Times….
Unemployment Claims Hit 4-Month High Ahead of May Jobs Report
Initial jobless claims increased by 13,000 to 225,000 for the week ending May 30. This was the highest level since the first week of February, when the U.S. economy was digging out from a severe winter storm.
Economists had forecast a reading of 212,000.
Despite the sharp jump, unemployment claims continue to hover around historically low levels, furthering the low-fire trend of the past two years.
The four-week average, which strips out week-to-week volatility, edged up to nearly 215,000, from the previous week’s downwardly revised 208,250. …
AI, Mergers Fuel 16 Percent Jump in Layoffs Last Month
Companies announced 97,006 job cuts last month, representing a 16 percent increase from April’s 83,387 layoffs, according to new data from global outplacement firm Challenger, Gray and Christmas, released on June 4.
This is also up 3 percent from a year ago, when 93,816 planned job cuts were announced.
May’s tally marked the highest for the month since 2020 and the largest reading since January.
AI was the top factor for the job cuts, the firm noted, as the technology sector reported more than 38,000 job cuts—the highest monthly total since August 2024….
China Rejects New US Tariff Proposal Targeting Forced-Labor Imports
The response came a day after the Office of the U.S. Trade Representative (USTR) released findings from investigations into 60 economies and proposed additional tariffs linked to their handling of imports made with forced labor.
Chinese Foreign Ministry spokesperson Mao Ning said on Wednesday that forced labor does not exist in China and accused Washington of using the issue as a “pretext for political manipulation.”
“Economic and trade issues should be worked out through dialogue and consultation on the basis of equality, respect, and mutual benefit,” Mao told reporters in Beijing, according to a Foreign Ministry briefing….
Lawsuits Over Disabilities Act Hobble California’s Small Businesses, Owners and Advocates Say
The ADA, passed into law in 1990, is designed to protect people with disabilities from discrimination, as well as guarantee them the same opportunities as everyone else when it comes to employment, housing, purchasing goods and services, and other aspects of daily life.
The law also requires that businesses and workplaces be compliant with requirements for those with disabilities, such as providing accessible parking, wheelchair ramps, service counters with accessible sections, and restrooms with wider doors and grab bars….
France Fines Shein $26.1 Million Over Consumer Law Breaches
The Directorate General for Competition Policy, Consumer Affairs, and Fraud Control (DGCCRF) said the penalties followed investigations into the companies’ French operations in 2025.
Shein said it would challenge the fines, describing them as based on “technical issues” that had no effect on consumers and had already been addressed.
“We therefore intend to strongly contest both sanctions in their entirety,” the company stated.
According to the DGCCRF, Infinite Styles Ecommerce Co. Ltd. (ISEL), which sells Shein products through its French website, was fined 5.76 million euros ($6.7 million). The regulator said the company failed to fully comply with consumers’ legal 14-day withdrawal rights and did not provide certain environmental information required for textile products….
US Home Listing Prices See Steep Drop in May: Report
Realtor.com’s May 2026 Monthly Housing Trends Report, issued on June 3, shows that median listing prices nationwide dropped by 2.4 percent year-over-year—the biggest decline since 2017. The price per square foot, indicating the changing size mix of homes, fell by 2.5 percent year-over-year, representing a record annual decline.
Overall, the median listing price inched up by 1.1 percent from April, standing at $429,500, but the report indicates that sellers are now pricing to sell, rather than just to test the market.
Realtor.com Chief Economist Danielle Hale noted that rising mortgage rates, inflation, and economic uncertainty haven’t kept buyers away….
USA Rare Earth Secures up to $1.6 Billion in Federal Funding
The agreement includes $277 million in federal incentives and up to $1.3 billion in senior secured loan capacity. The funds will be dispersed in phases as USA Rare Earth hits key project milestones in the development of its Round Top mine in Texas and scales magnet manufacturing facilities in Stillwater, Oklahoma, and Blacksburg, South Carolina.
USA Rare Earth said it will issue the Commerce Department 16.1 million shares of its common stock, along with about 17.6 million warrants as part of the transaction. Combined with $1.5 billion in private investment and public equity funding USA Rare Earth raised in January, the company has roughly $3.5 billion in capital commitments to support its growth plans….
US Proposes Additional 12.5 Percent Tariff on Some Countries After Forced Labor Probe
The Office of the U.S. Trade Representative (USTR) stated on June 2 that it had finalized its months-long investigations into 60 trade partners to determine whether their trade practices allow products made with forced labor to enter U.S. markets.
On March 11, the USTR launched investigations under Section 301 of the Trade Act of 1974, which authorizes tariffs on U.S. trade partners overseeing unfair trade practices. Trade Representative Jamieson Greer said at the time that the probes would examine whether their practices discriminate against or burden U.S. commerce….
US Private Payrolls Post Biggest Gain Since January 2025: ADP
Private employers added 122,000 new jobs in May—the highest since January 2025—according to new data from payroll processor ADP released on June 3.
This is slightly down from the previous month’s revised 105,000.
Last month’s reading came in above the consensus estimate of 117,000.
“Hiring was more broad-based in May than we’ve seen in the last few years. The labor market continues to show sustained momentum going into the summer hiring season,” Nela Richardson, chief economist at ADP, said in a statement….
OECD Says Global Economy Hinges on Duration of Middle East Disruptions
The Paris-based organization said on June 3 that the conflict has become the main factor shaping global economic prospects and triggering an energy shock.
“The global economy entered 2026 with robust momentum, but the outlook has weakened significantly since the start of the conflict in the Middle East, with effects likely to be felt for some time,” OECD Secretary-General Mathias Cormann said.
In its latest economic outlook, the OECD outlined two possible paths for the global economy depending on how long disruptions to Gulf energy production and exports persist….
Declining US Birth Rates Will Put Social Security Even Deeper Underwater: Analyst
In her study of Social Security’s ability to pay its obligations to American seniors, Romina Boccia, an economist and budget expert at the Cato Institute, stated that the Social Security Administration (SSA) has been overly optimistic about the number of babies expected to be born in the United States.
“We noticed that the SSA’s total fertility projections diverged significantly from other forecasters,” Boccia told The Epoch Times. “The SSA’s predictions also diverged significantly from historical U.S. fertility rate trends.”…
1 in 4 Midcareer White-Collar Workers See Stalled Professional Growth, Study Finds
The report, a collaborative effort with researchers from New York University School of Professional Studies, focuses on office-based roles across business and management, clerical and administrative services, IT and math, and sales and customer service.
The study examined the career arcs of more than 1.3 million employees and found that 24.2 percent of midcareer workers have not seen a meaningful promotion or raise in five or more years of employment….
Netanyahu’s cross-examination concludes after year-long testimony phase
Prime Minister Benjamin Netanyahu’s cross-examination in his criminal trial ended on Tuesday after nearly a year of questioning, moving one of the most politically consequential trials in Israeli history into the final stretch of his testimony before the defense resumes questioning him.
Netanyahu’s testimony is not over. He is expected to return to the Tel Aviv District Court on Wednesday for questioning by his co-defendants’ attorneys, Yediot Aharonot publisher Arnon “Noni” Mozes and former Bezeq controlling shareholder Shaul Elovitch, before his own defense attorneys conduct a short re-examination.
If the coming hearings are not canceled or shortened, his testimony is expected to end by the end of the month or within the next two to three weeks. The cross-examination ended after 94 days of testimony by the prime minister, including 59 hearings of prosecution questioning, which began last June.
Tuesday’s hearing focused largely on Case 2000, the alleged quid pro quo between Netanyahu and Mozes. Netanyahu is charged in the case with fraud and breach of trust, while Mozes is charged with offering and promising a bribe.
Both deny wrongdoing.
Mozes offers to boost Netanyahu’s positive coverage
According to the indictment, Mozes offered to improve Netanyahu’s coverage in Yediot Aharonot and Ynet and to worsen coverage of his political rivals in exchange for the prime minister using his influence to promote restrictions on Israel Hayom, the free daily newspaper that posed a major economic threat to Yediot Aharonot.
Deputy State Attorney Yonatan Tadmor pressed Netanyahu on Tuesday over his December 2014 meetings with Mozes and with the late Sheldon Adelson, then the owner of Israel Hayom.
Tadmor argued that Netanyahu tried to convince Mozes that he would work to advance a softened version of the Israel Hayom bill in order to keep Mozes from launching a full attack against him before the 2015 election.
The prime minister rejected that interpretation. He said the main issue in his discussions with Adelson was the possibility that Adelson would buy Yediot Aharonot and Ynet, and that his talks with Mozes were part of a political fight over Israel Hayom, not a criminal arrangement.
“I wanted to reach an understanding with him on a softened law,” Netanyahu said, adding that such a law could only have been relevant after the election and depending on the next coalition, and he insisted that Mozes could “think whatever he wants.”
Tadmor confronted Netanyahu with his police statement that he had been trying to “buy time” until the election and to maintain a “cold war” rather than a “hot war” with Mozes.
‘Keep your friends close, and your enemies closer’
Netanyahu responded in English: “Keep your friends close, and your enemies closer.”
He described Mozes as a political rival with powerful media tools. Yediot Aharonot and Ynet, Netanyahu said, had “crossed the line” in their coverage of him and his family, but that did not mean he was “doing business” with Mozes.
A cold war, he said, meant an effort to keep the fight from breaking boundaries and becoming a “catastrophe.”
The prosecution also questioned the prime minister over his decision to record conversations with Mozes and his later statements to the police.
Netanyahu said he had recorded Mozes to document what he described as the publisher’s methods of “carrots and sticks,” but that he did not view the conduct as a criminal threat or as bribery.
“No one in the world thought that positive or negative coverage was a matter of bribery,” Netanyahu said, arguing that the prosecution had invented a retrospective criminal theory around routine relations between politicians and media figures.
Tadmor argued that Netanyahu could not have publicly released the recordings because they captured what the prosecution views as a clear bribery offer by Mozes and because Netanyahu did not reject it outright.
Netanyahu denied this, saying Mozes was acting in his own interest and had offered him “nothing.” He also said he had not used the recordings because, after winning the 2015 election, the matter “left my memory.”
When Tadmor pressed him on why he initially told police he had not recorded the conversations and then gradually changed his account, Netanyahu said his memory had been refreshed during questioning.
He said he had not remembered the recordings because, from his perspective, the political battle over Israel Hayom had ended.
The hearing also briefly returned to Case 4000, the Bezeq-Walla affair, when prosecutor Yehudit Tirosh argued that Netanyahu’s willingness to discuss Mozes’s business interests undermined his claim that Elovitch never spoke to him about Bezeq.
Netanyahu said the comparison was false, because Mozes was a political rival seeking to limit Israel Hayom through legislation, while Elovitch, he said, never spoke to him about Bezeq.
The trial, which opened in 2020, includes three cases.
In Case 1000, Netanyahu is charged with fraud and breach of trust over gifts allegedly received from wealthy businessmen. In Case 2000, he is charged with fraud and breach of trust over the Mozes talks.
In Case 4000, he is charged with bribery, fraud, and breach of trust over allegations that regulatory benefits were advanced for Bezeq in exchange for favorable coverage on Walla.
Netanyahu denies all charges and has repeatedly described the cases as politically motivated.
The end of cross-examination comes after months of disrupted hearings, many shortened or canceled because of Netanyahu’s security and diplomatic schedule during the war, including the period surrounding the Iran conflict and subsequent diplomatic developments.
On Tuesday, the judges allowed Netanyahu’s testimony to be shortened by an hour and 15 minutes for security-diplomatic reasons and because he also asked for a break to join a government meeting by Zoom.
New zoning laws won’t help housing starts grow
Today’s housing starts were an epic miss relative to estimates, which most likely means they will be revised slightly higher later. Housing permit data was just ok, but the report shows that in 2026, the law of supply and demand is still more relevant than better zoning laws when it comes to housing construction.
Some people believe that if zoning laws improve, angels will fall from the sky and we are going to build a lot more homes — even while new home sales go nowhere and the oversupply of completed units stands at 122,000 today. That number is important: Traditionally, going back decades, builders don’t want to build more homes when this data line exceeds 120,000.
To illustrate this point, here is the January of every year going back decades.
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We simply have too much supply of housing units to grow housing construction, as new home sales have just been stuck in a range for many years.
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Lets take a look at the report to see what just happened.
From Census: Housing Starts: Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,177,000. This is 15.4 percent (±9.8 percent) below the revised April estimate of 1,392,000 and is 8.7 percent (±8.2 percent) below the May 2025 rate of 1,289,000. Single-family housing starts in May were at a rate of 882,000; this is 1.9 percent (±10.8 percent)* below the revised April figure of 899,000. The May rate for units in buildings with five units or more was 284,000.
As you can see below, we just don’t have new home sales growth, and there’s too much supply for all these data lines to reverse and head higher. While the builders have done an admirable job of keeping demand from falling even more, it has come at the cost of profit margins, which means their confidence to really push permits higher just isn’t there.
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As you can clearly see in the homebuilders’ confidence index, everything is fading, not growing; this isn’t the environment where zoning laws can overcome supply and demand economics.
The multifamily construction boom that we enjoyed during COVID has come and faded out, and that’s not a shock, as rental vacancy data has grown from the COVID lows to 7.3%.
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This level of rental vacancy keeps rents from growing much, and in some parts of the country, we have rental deflation. That’s not good news if you’re trying to pencil out if it would be profitable to build.
In the past, the government gave builders financial incentives to increase multifamily construction, and they worked well; once those incentives ended, construction faded. The loan programs of the late 1960s and tax benefits of the early 1980s helped 5-unit construction a lot. We might need to think like that again, if we are serious about growing construction.
Back in June of 2021, I warned that once rates rise, you can kiss this construction boom goodbye and now, in 2026, we can see how housing construction has faded ever since.
Conclusion
I do believe this housing starts report will get revised slightly higher, as often happens with Census reports when you have a big beat or miss with new home sales or housing starts. However, the story stays the same: the builders aren’t the March of Dimes. We have too much supply of single-family completed units of sale and 5-unit construction to see growth in housing construction data, and better zoning laws won’t help this.
Demand stop-loss: Can a court ruling revive H-1B buyer mojo?
Last week, the U.S. District Court for the District of Massachusetts struck down the Trump administration’s $100,000 fee for new H-1B visa applications, which many American employers utilize to recruit highly skilled foreign workers.
Will the ruling, which grazes a highly sensitive policy debate over immigration pulsing through our nation’s politics, inject a needed adrenaline burst in a once-typically-reliable segment of home buyer demand, H1-B visa holders?
A broader policy crackdown on H-1 B visa holders has taken a chunk out of housing demand in local markets – particularly those with higher concentrations of tech- and professional-level households.
While the national impacts are unremarkable, demand in such communities – where average household incomes tend to be higher – has been dramatic.
H-1B visa buyers leaving the housing market has had a substantial impact on certain suburban towns north of Dallas, Ted Wilson, Principal at Residential Strategies, a market research and consulting firm that consults with homebuilders in Texas, told HousingWire TBD.
According to Wilson, 70% to 75% of new home sales in Celina – about 40 miles north of Dallas – between 2021 and 2025 were to international buyers, many of whom were H-1B visa holders who had laid down roots in the DFW area.
By the end of last year, this buyer segment accounted for only about 15% to 20% of buyers in Celina, he said.
Celina’s population grew a whopping 276.8% between 2020 and 2025, from just over 16,000 residents to more than 64,000. Skilled and knowledge-worker immigrants, attracted to nearby jobs in tech and other sectors, drove the bulk of that growth. With many of those buyers now exiting the housing market, local builders have been caught flat-footed.
“What we have really witnessed over the last couple of years is a complete retreat of the H-1B visa buyers’ impact on the DFW market, and it has created challenges within the DFW homebuilding market,” Wilson said. “Not only have sales withered from it, but in markets such as Celina, there was an expectation that we were going to continue to see the presence of these buyers in the market. Builders planned for it, and we now have a lot of neighborhoods… with a huge excess supply of lots in the Celina market. That’s creating a negative financial impact on a lot of people in that market.”
A broader crackdown on H-1B visa holders
The downturn in Celina’s housing market cascaded after the $100,000 fee for new H-1 B visa holders took effect last September. Other policy shifts, such as a 60-day window for these workers to find a new job before leaving the country, along with a broader reduction in immigration levels, further reduced the presence and impact of these buyers in the local market.
H-1B visa holders account for a very small fraction, less than 0.5%, of the overall U.S. workforce. As a result, fluctuations in H1-B visa policy don’t exert an outsized impact on the national housing market.
There have, however, been noticeable impacts in certain areas. Furthermore, these buyers, with a median salary of $140,000, according to an analysis by Deel, tend to be more discretionary buyers who purchase homes priced above the local average.
According to data from Manifest Law, these high-income immigrant households were most heavily concentrated in states such as California, Virginia, New Jersey, New York and Texas.
Meanwhile, metro and market areas such as Silicon Valley, San Francisco, Washington, D.C., Boston, New York City, Austin and Dallas-Fort Worth had the highest concentration.
The administration’s policy shifts somehow made Celina an epicenter of homebuyer-demand destruction. Homebuilders who had anticipated – and invested and budgeted on – continued growth in the city are now grappling with a market where demand has largely evaporated.
Given the rapid decline in demand, Celina is now a ‘poster-child’ of standing new-home inventory, with little prospect of moving it profitably.
While a balanced market would typically have about a two-year lot supply, the Celina market ended the first quarter of 2026 with an annualized start pace of nearly 1,700 homes and more than 7,000 finished lots, representing roughly 50 months, or more than four years, of supply, Wilson said. An additional 7,600 lots were under development, adding another 54 months of future supply that is expected to come online over the next year. However, demand has dried up.
“It’s a wipe out, and I think the expectation we had, and that others had, was that Celina was going to follow the same pattern that we’ve seen in Plano, Frisco and Prosper, and grow to be about 4,000 starts per year, but that’s just not happening, because we’re missing that buyer in this market,” Wilson explained.
The muted impacts of the federal ruling
U.S. District Judge Leo Sorokin struck down the Trump administration’s $100,000 fee for certain H-1B visas on June 12, finding that the fee functions as a tax that must be approved by Congress.
Within days, the Trump administration appealed the decision, so the ruling is now in limbo.
The consensus is that the federal ruling, even if it stands, likely would not, in isolation, be sufficient to unlock demand from this buyer segment, whether in Celina, Texas, or other impacted markets across the country.
High-income immigrant buyers still face significant uncertainty, and until there is a more fundamental policy adjustment and a shift in the vibe, many might stay on the sidelines.
“With the uncertainty revolving around immigration reform, I think that even if this is removed after appeal, there will still be hesitancy about what’s next. I am not sure there will be stability in that area until policy is changed,” said a homebuilding executive from Northern Virginia, who was granted anonymity to speak candidly.
Dr. Selma Hepp, Chief Economist and SVP at Cotality, who originally hails from Croatia, agreed with that sentiment.
“Being an international person myself, I don’t think that one specific ruling will change things immediately. I think it’s more about this overall narrative around not welcoming international employees and foreign visa seekers. It’s just a general feeling of, ‘maybe I should sit this out,’” Hepp said in an interview, noting the lingering policy uncertainty. “It makes it very difficult to make some long-term decisions, such as purchasing a home.”
However, Compass Chief Evangelist and New York-based broker Leonard Steinberg said brokerages under the company’s umbrella have felt the impact of the $100,000 H-1 B fee. The recent ruling, if it stands, could have some implications for the luxury market, Steinberg argued.
“We have seen the adverse effects of this fee; to be certain,” he said. “Eliminating this fee could be extremely helpful in attracting underserved talent in the US. This is usually a prime audience for real estate. The impact is likely to be felt most on the high end, as very highly skilled workers in short supply locally often have well-paid jobs.”
“[Effects of doing away with the $100,000 fee] will vary greatly from region to region based on supply and inventory levels,” Steinberg added. “This audience will find ready-to-move-in, renovated homes most attractive.”
How AI and tech layoffs play into the mix
Policy is only part of the story. Recent layoffs and a pullback in hiring across the tech industry, historically the largest source of H-1B employment, have also weighed on demand among these buyers. The slowdown in hiring has affected not only immigrant workers but also the overall labor pool.
Markets that attract many highly educated immigrants, such as Seattle, Silicon Valley, Northern Virginia, and portions of Dallas-Fort Worth, have borne the brunt of tech layoffs.
“A lot of these markets have suffered from slowing demand otherwise, so we cannot necessarily always tease out slowing of demand due to these international buyers versus overall slowing of demand,” Hepp noted. “You may want to attribute something to one driver, but there are actually a lot of things going on at the same time, so just a caveat there,” Hepp said.
Ram Konara – a Texas-based Realtor with StarPro Realty who works with many immigrant buyers – noted that most foreign nationals who eventually become homebuyers have already spent years in the U.S. building credit histories and stable employment records before seeking a mortgage.
Even if the $100,000 fee is ultimately eliminated, Konara said he doesn’t expect a meaningful surge in housing demand from newly arriving H-1B workers. Rather, broader labor-market conditions are weighing more heavily on the decisions of many highly skilled foreign professionals.
“The main thing is, especially on the software side, AI is taking a lot of jobs,” he said. “Even if they have a stable job, they are worried about their jobs here.”
Konara also noted that many H-1B professionals earn salaries high enough that the proposed fee alone would not necessarily deter relocation decisions.
Rather than the visa application fees themselves, Konara argued that policies that disrupt workers’ ability to remain in the country during the process might create even greater uncertainty for prospective homebuyers.
“The green card processing will affect a lot [of buyers],” Konara said. “That’s because the Trump administration has said people have to leave the country when they are processing their green cards. If that is implemented, I think that will affect a lot of people. They would have to leave their job and go back to their country and wait for the [processing] dates to be current.”
Congressional Crypto Hearing: Trump’s ‘Crypto Capital Of The World’ Ambition May Be In Danger
A congressional hearing on digital asset taxation has exposed sharply contrasting views on the future of crypto regulation.
While supporters argue that clear tax rules are essential for maintaining U.S. competitiveness, critics warn that proposed legislation could create special advantages for the industry and increase systemic risks.
Supporters: “We Have To Bring Stability To The Tax Code”
On June 16 in a house hearing, Rep. Max Miller (R-Ohio) said digital asset tax policy should be “coherent, administrable, and technologically neutral” and warned that isolated policy changes could create unintended consequences across the broader tax code.
“Every one in five Ohioans owns a form of cryptocurrency,” Miller said. “We have to bring stability to the tax code.”
The Ohio Republican argued that …
Coinbase Launches Real Tokenized Stocks, Robinhood, Kraken Race To Follow
Coinbase (NASDAQ:COIN) announced Tuesday it is launching fully backed 1:1 tokenized U.S. stocks on-chain, with holders able to trade, redeem, and collect dividends automatically with no derivatives or IOUs involved.
What Makes Coinbase’s Tokenized Stocks Different From Every Competitor
Most tokenized stock products from Binance, OKX, and Hyperliquid give non-US investors stock performance exposure through derivatives without holding the underlying shares.
Coinbase is promising the opposite, actual shares in reserve backing every token 1:1.
“Own actual tokenized shares of U.S. companies. Trade, hold, and redeem, all on-chain. Automatically receive dividends. No derivatives, no IOUs,” Coinbase posted on X Tuesday. More details are expected later Tuesday afternoon.
Robinhood (NASDAQ:HOOD) launched an Arbitrum-based initiative covering hundreds of tokenized US stocks and ETFs. Kraken is building its own onchain equity access.
Meanwhile Backpack, founded by former FTX employees, launched a blended traditional …
Why more private homebuilders face a succession test now
A succession challenge homebuilding can no longer ignore
A second U.S. President in a row to serve past the age of 80 is in the Oval Office. Whether spoken or not, succession, or rather a sound strategic, operational and organizational cultural plan for it, is on the minds of many.
It’s the same in homebuilding land. No fewer than a half dozen of America’s highest-profile homebuilding enterprises – including D.R. Horton, NVR, Toll Brothers, Sekisui House (U.S.A), KB Home, Meritage Homes, and more recently, Lennar – have either triggered CEO-level succession plans or put them into greater focus over the past five or six years.
Moreover, among the strategic challenges facing most private homebuilding companies today, succession rarely appears on quarterly business calls, land acquisition maps, sales dashboards, or construction schedules. Yet it ranks right up there with customer focus, capital resiliency, land position, and operational excellence as one of homebuilding’s truly burning – if not existential – strategic issues.
In fact, homebuilding leaders often take pride in having navigated housing downturns, labor shortages, supply chain disruptions, affordability crises, inflation, interest rate shocks, and shifting consumer expectations.
Yet many privately held builders face another challenge that receives far less attention: determining who will lead the enterprise when the founder, owner or longtime chief executive eventually steps aside.
The issue is neither theoretical nor distant.
As noted in a September-October 2025 Harvard Business Review article:
“More than half of all privately held businesses with employees in the United States have owners over age 55,” representing “2.9 million businesses, 32.1 million employees, $1.3 trillion in payroll, and $6.5 trillion in revenue.”
Homebuilding is hardly exempt. The succession question is central to merger and acquisition valuation analyses prevalent in a rapidly consolidating homebuilding firmament. In a land acquisition, development and construction capital context where terms, finance costs and covenants can make or break lot pipeline resilience in a net-margin-challenged backdrop, succession emerges as an equally compelling determinant for capital providers.
Across the industry, a generation of founders, entrepreneurs, second-generation operators, and long-tenured leaders is approaching the point where the question can no longer be deferred:
What happens next?
Partners in Building – the $410 million, Houston-based custom homebuilding company ranked No. 34 on our HousingWire Homebuilder Rankings and operating in Houston, Dallas-Fort Worth, and Nashville – offers a revealing case study of what a deliberate and replicable answer can look like.
It starts with commitment and investment in succession as an operational and strategic priority.
The company recently announced that President and CEO Jim Lemming will transition to the role of chairman, while his son, Chris Lemming, will assume the presidency.
On its face, it appears to be a straightforward family-business transition. The reality – and the candid insider insight into that reality we gain through our exclusive conversations with both Jim and Chris Lemming – shows this milestone to be anything but.
Our conversations reveal a succession effort years in the making – one involving executive coaching, leadership development, role transitions, operational cross-training, and a highly intentional effort to ensure the company was preparing for leadership continuity rather than reacting to leadership change or, heaven forbid, a reflexive generational family handoff.
Building a plan before it is needed
One of the most striking aspects of Jim Lemming’s account is how deliberately the process was designed.
“We began about 18 months ago,” Jim said, describing a formalized succession-planning effort that involved the family’s leadership team and its executive-coaching partner, Higher Echelon. The process included not only determining future roles but also mapping a specific sequence of transitions, communication plans and operational responsibilities.
“It was a very intentional process,” Jim said.
The objective of the commitment and investment in the process was not simply to identify a successor. Rather, it was to ready the organization so that it would be fit for a future full of known and unknown challenges and opportunities.
Jim recalls wanting to avoid the uncertainty that often follows abrupt leadership changes. The company announced Chris’s future role well in advance, named Chris’s successor in Dallas, arranged months of shadowing and overlap, and provided employees with visibility into the timeline long before the transition became official.
That level of planning stands in notable contrast to the pattern described in recent Harvard Business Review research.
Authors Jeff Rosenthal and Molly Rosen argue that many organizations spend significant time discussing succession while investing far less effort in preparing successors. One executive interviewed for their research put it bluntly:
“It doesn’t mean jack s**t if I have a grid full of leaders who are rated. What are we doing about it?”
Partners in Building’s approach appears to have focused heavily on the latter.
A successor who grew up around the business
Chris Lemming’s path to the presidency was neither genetically pre-determined, immediate nor automatic.
His earliest memories of homebuilding stretch back to childhood weekends spent accompanying his father to model homes and community openings.

“I do remember going to model homes with him on weekends with my brothers,” Chris said. “We’d go to a model home grand opening, and watch my dad give a few words.”
Yet he did not initially pursue homebuilding as a profession.
After college, Chris attended law school and practiced in finance-related legal work involving infrastructure projects. The experience, he says, proved unexpectedly valuable.
“The critical thinking skill set that you learn in law school and practicing law, to me, it’s applicable to any industry,” he said. “What’s the problem? What do we know about it? Let’s analyze it. Let’s make a conclusion. Let’s execute.”
Eventually, however, he found himself drawn toward the operating side of business.
“I always found myself wishing I was on the client side,” he said. “The one building the thing, or selling the product.”
That shift ultimately brought him to Partners in Building, where he spent the past decade advancing through operational leadership roles before leading the company’s expansion into Dallas-Fort Worth.
What gets passed down
Succession stories often focus on titles. More revealing are the leadership habits and cultural principles that get transferred from one generation to the next. Asked what he learned most from his father, Chris immediately pointed to curiosity.
“He is a voracious learner,” Chris said. “He’s constantly learning stuff, reading things, he’s really curious.”
That curiosity, Chris believes, extends well beyond homebuilding itself.
“He uses his interest in a lot of other varied subjects” and applies those perspectives to product strategy, marketing, pricing, and customer experience.
But the lesson Chris returned to repeatedly involved people.
“He cares a lot about people,” Chris said. “He is a really, really good people developer.”
That observation closely aligns with Jim’s own description of the culture he hopes will survive beyond his tenure.
“We’re a very people-centric company,” Jim said. “The team is very well valued. The team is well trained.”
Over the years, that commitment has evolved into a structured investment in leadership development through executive coaching and internal training programs. Rather than treating leadership development as an HR function, Partners in Building appears to view it as a competitive strategy.
Chris noted that the company invests heavily in developing managers, construction personnel, and future leaders, describing an organizational commitment to “creating a culture of leadership and resiliency.”
Beyond family: Building a leadership bench
Perhaps the least surprising aspect of the Partners in Building story is that the succession plan extends well beyond family members.
Jim repeatedly emphasized the importance of developing entrepreneurial leaders throughout the company.
Reflecting on his years in public homebuilding, he contrasted what he sees as increasingly managerial structures with the entrepreneurial environments that shaped earlier generations of operators. He described a desire to develop leaders capable of thinking and acting like business builders rather than simply administrators.
Chris echoes that philosophy. He described a culture built around teaching people the business, giving them meaningful responsibility, and then trusting them to perform.
“We hire great people, we put them in our culture, teach them as much as we can, and then you’ve got to let them do their thing,” he said.
That idea may prove especially relevant as homebuilding faces a broader generational transition amid a flurry of challenges, ranging from structural household formation and composition changes to AI-powered business economics shifts to seismic new patterns in where developers can build and why.
Succession planning is not merely about replacing a founder. It is about building enough leadership depth that an organization can continue evolving after its founder steps aside.
The next era
Neither Jim nor Chris frames the transition as preserving the company in amber.
Both talk about continuity and evolution.
Jim sees opportunity in technology’s ability to improve estimating, purchasing, design, and construction operations while creating greater value for customers.
Chris similarly points toward enterprise software modernization, data capabilities, and AI-assisted financial analytics while emphasizing that technology should enhance—not replace—the company’s commitment to human relationships and customer experience.
That balance may ultimately define whether succession efforts succeed.
The challenge is not simply preserving culture. It is enabling a new generation to inherit it, reinterpret it, and adapt it to a different operating environment.
Two takeaways for many organizations on the cusp
The deeper takeaway from Partners in Building’s transition is not that a father handed leadership to a son.
It is that succession became a strategic initiative long before it became an event.
The company invested in coaching. It built leadership-development programs. It created overlap periods. It communicated transparently. It developed successors to successors. It spent years preparing people before changing titles.
Those choices required time, money, patience, and organizational discipline.
They also stand as a reminder that succession planning is not fundamentally about retirement.
It is about stewardship.
As the Harvard Business Review observes in The Founder’s Final Act, the strongest outcomes emerge from “a structured, intentional approach.”
At a moment when thousands of privately held businesses are confronting the realities of generational transition, that may be the most important lesson this story offers.
How it should work
Succession planning has been called “the last act of a great CEO.” For founders, owners, and entrepreneurial builders, it may be even more significant: the ultimate test of stewardship. The irony is that when succession is executed exceptionally well, it often seems almost ordinary.
Years ago, after handing the chief executive role at Toll Brothers to Doug Yearley, co-founder Bob Toll greeted questions about the transition with a shrug and a Yiddish phrase: “Vus meer plan?” — what is all the fuss about?
Perhaps that is the highest compliment any succession plan can earn [ … and Doug Yearley more and vindicated Bob’s choice and nonchalance in discussing it.]
Not that it generated attention. Not that it created drama. Not that it became a case study.
But those years of intentional preparation, leadership development, trust-building, coaching, communication, and disciplined execution allowed a company to move confidently from one generation of leadership to the next, with employees focused on serving customers, managers focused on building teams, and the business focused on its future.
If that is the outcome Jim and Chris Lemming have helped create at Partners in Building, then the real story is not that a succession occurred.
It is that such a succession was prepared for. And that may be precisely why, in the years ahead, observers may look back on it and ask the same question Bob Toll did:
What was all the fuss about?
RLTYco launches RLTYconsulting for brokerages and teams
RLTYco has launched a national consulting division, RLTYconsulting, to help large brokerages and teams scale their brands while offloading back-office financial operations, the company announced on Tuesday.
The New York-based firm, which bills itself as a one-stop financial infrastructure provider for 1099 real estate professionals, said the new unit will be led by growth strategist Danielle Garofalo and Douglas Elliman broker and regional manager Scott Elwell.
RLTYconsulting will work at the brokerage level and with large real estate teams, focusing on strategic growth, brand positioning and operational efficiency. The offering is paired with RLTYco’s existing services — including tax planning, payroll and other financial logistics — as part of a membership model intended to reduce the friction of running high-volume real estate businesses, according to the announcement.
Garofalo, who previously held senior roles at Disney and IBM before moving into residential real estate, brings experience as former chief strategy officer at Stribling & Associates and chief business development officer at CORE. Her consulting work has included assignments for brands such as Compass, REMAX, Lennar and The Agency, the company said.
Elwell, co-principal of RLTYconsulting and a broker with Douglas Elliman in Greenwich, Connecticut, has served as a regional manager, broker of record and agent across New England. He said the goal is to bridge the gap between brokerage business models, day-to-day agent realities and long-term growth plans.
“Having served as a regional manager, broker of record, and boots-on-the-ground agent throughout New England, my mission has always been to advocate for brokers and help them scale,” Elwell said in a statement. “By marrying our operational expertise with RLTYco’s infrastructure, we are bridging the gap between the brokerage business model, a broker’s day-to-day realities and the long-term growth goals of both.”
Garofalo said the partnership is aimed at allowing brokerage leaders to focus on brand and measurable growth while RLTYco simplifies back-office administrative work.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Roomvu launches AI-built landing pages
Roomvu has introduced a new landing page creation tool designed to help real estate and mortgage professionals convert online marketing traffic into client inquiries and appointments.
The new product, called Engage Pages, is integrated into the company’s Roomvu Engage platform and allows users to create customized landing pages for specific marketing objectives.
Users can generate pages by selecting a marketing goal and design style, after which artificial intelligence (AI) generates page layouts, written content and lead-capture forms.
“Most agents think building a great web page means hiring a developer or spending thousands on a premium web service. Engage Pages changes that entirely,” said Sam Mehrbod, CEO of Roomvu. You describe what you want, the AI builds it, and in a few clicks you have an elite, custom grade page – without the price tag or the wait. We put a web designer inside the platform.”
Templates designed for several common business objectives, such as buyer lead generation, luxury property marketing and market expertise positioning, are also included.
The landing page builder is connected to Roomvu’s broader marketing platform. The company said its follow-up system combines AI and human assistance to respond to inquiries and schedule appointments.
“I’ve worked with web developers, paid for high-end custom web design services, and waited weeks for revisions,” said Tricia Lehane, a Realtor with REMAX Excalibur in Arizona. “With Engage Pages it felt like having a web designer in the chat. I described what I needed, made a few clicks, and had a page I would have spent thousands on is now done in minutes.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
This $12M home in a Chelsea Deco icon has a terrace and room for an extra bedroom
On a high floor of the Ralph Thomas Walker-designed Art Deco Walker Tower at 212 West 18th Street, this 2,428-square-foot two-bedroom condo residence has the elegance of pre-war architecture as well as peerless modern luxury. Dramatic Manhattan skyline views are framed by floor-to-ceiling windows or beheld from a 440-square-foot private terrace. Asking $11,995,000, the home’s gracious proportions easily allow for the creation of a third bedroom.

Thoughtfully crafted design details are supported by state-of-the-art infrastructure that includes radiant heated floors, hand-laid French herringbone oak flooring, Crestron home automation, Nanz hardware, ultra-quiet central air conditioning, and a dedicated ventilation system.



Highlights of the custom Smallbone kitchen include limestone countertops, Dornbracht fixtures, a wine cooler, a Viking induction cooktop, double wall ovens with a warming drawer, a Miele speed oven, and a built-in Miele coffee system. There’s plenty of room for gathering, with more options in the living and dining areas just beyond. In summer, bring the dining experience outdoors onto the south-facing terrace.



The home is currently configured with two large bedrooms. A corner primary suite enjoys both southern and eastern exposures. The marble-clad primary bath has a freestanding cast-iron soaking tub, a steam shower and heated towel racks.
A second large chamber gets access to the balcony; both have generous closet space. The apartment was originally configured as a three-bedroom home; the option exists to reconfigure it according to your needs.


Residents of Walker Tower enjoy exceptional amenities, including a 24-hour doorman and concierge, a library lounge with a pantry and bar, refrigerated storage, a children’s playroom, bike storage, and a state-of-the-art fitness center with a yoga studio and sauna. Residents also get use of a gorgeous landscaped rooftop terrace with dining, lounge, and entertaining areas all surrounded by dazzling Manhattan skyline and Hudson River views.
[Listing details: 212 West 18th Street, Unit 15A at CityRealty]
[At Compass by Vickey Barron, Pacey Barron and Larissa Petrovic]
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The post This $12M home in a Chelsea Deco icon has a terrace and room for an extra bedroom first appeared on 6sqft.
May Retail Sales Land Wednesday as Higher Prices Test Shoppers
WASHINGTON — One of the clearest reads on how American families are handling rising prices arrives this week. On Wednesday, June 17, the U.S. Census Bureau will release its report on retail sales for May — a monthly tally of what Americans spent at stores, restaurants, gas stations and online. After a long stretch of stubborn inflation and a war that pushed up energy costs, the report will show whether shoppers kept opening their wallets or finally began pulling back.
The recent trend has been resilient. The Census Bureau said retail sales rose 1.7% in March and 0.5% in April, leaving sales up roughly 5.2% from a year earlier. Despite economic strain, American consumers have continued spending at a pace that has surprised many economists.
Retail sales remain one of the most important indicators in the U.S. economy because consumer spending accounts for roughly two-thirds of economic activity. When consumers spend, businesses hire, factories produce and economic growth continues. When consumers pull back, the effects ripple quickly across the economy.
Industry forecasters remain cautiously optimistic. The National Retail Federation expects retail sales growth of 4.4% this year. NRF President and CEO Matthew Shay said he expects “consumer resilience to continue into 2026.” At the same time, the organization’s chief economist, Mark Mathews, warned that renewed Middle East tensions and volatility in global markets continue to create uncertainty.
The backdrop for May was challenging. Consumer prices rose 4.2% year-over-year, the fastest pace since 2023, with much of the increase tied to higher energy costs during the Iran conflict. Gasoline prices climbed to multiyear highs, squeezing household budgets even as the labor market remained healthy and the economy added 172,000 jobs in May.
Economists will be watching where spending occurred. Analysts often strip out gasoline, automobiles and building materials to get a cleaner view of underlying consumer demand. Restaurants and bars will receive special attention because discretionary dining is often among the first categories to weaken when consumers feel financial pressure.
The timing of the report is particularly notable because it arrives in the middle of the Federal Reserve’s policy meeting, the first chaired by Kevin Warsh. While the Fed is widely expected to keep interest rates unchanged, policymakers are watching consumer spending closely as they determine how long borrowing costs need to remain elevated.
Strong retail sales would reinforce the argument that consumers remain healthy and support keeping rates higher for longer. Weak retail sales could strengthen the case for future rate cuts.
There is also a potentially positive development heading into summer. The weekend agreement to end the war in Iran sent oil prices sharply lower on Monday. If those declines hold, households could see lower gasoline prices in the weeks ahead, providing some relief. That benefit would come too late to affect May spending but could improve conditions for June and the second half of the year.
For businesses, the report is more than just a data point. Retailers use it to gauge consumer confidence and determine staffing levels. The industry recently pushed employment to a two-year high, and many companies are using consumer spending trends to guide decisions on hiring, inventory purchases and expansion plans.
For now, Wednesday’s report will provide a snapshot of an American consumer balancing steady employment against higher living costs. Whether households continued spending through May — or finally began showing signs of fatigue — may offer one of the clearest clues yet about where the economy is headed for the remainder of 2026.
JBizNews Desk
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STAT+: How a biotech turned a trial failure into an AI model
You’re reading the web edition of STAT’s Health Tech newsletter, our guide to how technology is transforming the life sciences. Sign up to get it delivered in your inbox every Tuesday and Thursday.
Good morning health tech readers!
Think anyone will notice if I sneak out to go to a parade in New York on Thursday?
Johnson & Johnson CEO credits Trump tax policy for $55B US investment push, including $1B in Florida
Johnson & Johnson is betting big on America, crediting Trump tax policies, top talent and a strong investment environment for inspiring a $55 billion U.S. investment push that spotlights growing confidence in U.S. manufacturing.
“We have the best talent, we have the best investment environment and, very importantly, we have now the tax policy enacted with this administration that has enabled us to be competitive,” CEO Joaquin Duato said on FOX Business’ “Mornings with Maria” on Tuesday.
“We’re playing with a hand tied to our back compared to companies that were domiciled outside of the U.S.”
“Now we can create high-skilled jobs, we can invest in America, and we can be competitive,” he added.
Duato told “Mornings With Maria” that the company’s goal is to manufacture all its medicines, medical technologies and more in the U.S., touting the move as a “show of confidence in American manufacturing.”
Johnson & Johnson’s recent endeavors also include a more-than-$1 billion investment in a U.S. Vision manufacturing facility in Jacksonville, Florida.
While discussing such investments, Duato reiterated Johnson & Johnson’s role in medical technology and pharmaceuticals, distinguishing those businesses from the company’s former consumer health segment.
REPUBLICANS SUBPOENA PFIZER EXEC OVER TIMING OF COVID VACCINE CLINICAL TESTS
“We are now focused on science and innovation. So what is our goal now? Our goal is to continue to deliver sustained growth through patient breakthroughs,” he said.
Duato pointed to a recently-approved medicine called Icotyde, a once-daily oral treatment for psoriasis and psoriatic arthritis with efficacy and safety designed to rival injectable biologics.
He said the development will “transform… autoimmune diseases.”
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On the medical technology side, the company is seeking approval for its first robotic surgical system, which aims to improve surgical outcomes by assisting surgeons.
“We are not a one-trick pony company. We’re a company with a stable of blockbusters,” he said.
“We have 28 platforms at Johnson & Johnson of more than $1 billion, so that gives us the confidence to be so bold to say we have line of sight to double-digit growth for Johnson & Johnson by the end of the decade, and that is remarkable for a company which is more than $100 billion.”
IDF arrests Palestinian-American student with no charge, given poor medical attention, family says
Sama Safi, a 20-year-old Palestinian-American psychology student living in the West Bank, was arrested on June 2 during an IDF raid on her home and held without charge.
Two weeks later, Safi has yet to be charged with a crime, according to US officials as well as media outlets citing statements from her family.
An IDF spokesperson told The Guardian that Safi and three other female students at Birzeit University in the West Bank were arrested “after promoting hostile terrorist activity and additional terrorist-related activities.” The Guardian added that another student was released the week after the arrest.
IDF got intel on Safi from other students detained previously
Safi’s lawyer, Lea Tsemel, told The Guardian that two detained students provided Israeli security forces with information that led to Safi and three other women’s arrest. Specifically, they linked Safi and her colleagues with the student activism organization called al-Qutub, which, according to several local and international media outlets, is associated with the Popular Front for the Liberation of Palestine (PFLP), which Israel has designated a terror organization.
Safi’s next hearing is scheduled for Sunday, Tsemel told The Guardian, adding that being involved with al-Qutub is not illegal and the information was likely “extorted” from the detainees, “probably by force.”
US senators, congresspeople call for Safi’s release
Several US government officials released statements calling for the US to come to Safi’s aid, considering her status as an American citizen.
Massachusetts Democratic Senator Chris Van Hollen posted a video on Twitter/X on June 3 claiming Safi was taken from her home “without explanation” during a 3 a.m. raid and told security forces she was an American citizen, which he said was ignored.
Yesterday, the IDF seized 4 students from their homes in the West Bank, including 20-year-old American, Sama Safi.
The Israeli govt didn’t tell her family or the U.S. Embassy where or why she was being taken & is holding her without charges.
America must secure her release NOW. pic.twitter.com/sh4dI7JGP3
— Senator Chris Van Hollen (@ChrisVanHollen) June 3, 2026
Van Hollen said he spoke to Safi’s mother, who told him Safi has a medical condition that requires daily medication. Other family members told The Guardian that Safi was not getting enough medical attention in detention.
Democratic senator from Oregon Jeff Merkley posted a statement on Twitter/X on June 6 saying that “Sama’s family and the U.S. Embassy don’t know where she was taken. This is a five-alarm fire. The U.S. needs to secure Sama’s release NOW.”
Also on June 6, Massachusetts Democratic Congresswoman Ayanna Pressley wrote a similar message on Twitter/X, claiming also that the IDF soldiers “terrorized [Safi’s] family” when they arrested her.
The Jerusalem Post reached out to the IDF for comment.
Israel rebukes Belarus’s Lukashenko for ‘Gaza is a holocaust’ comments, dicussion of ‘Jewish lobby’
Israel has reproached the Belarusian President, Aleksandr Lukashenko, for his “deeply disturbing” comparison between the Holocaust of the Jewish people and Israel.
Lukashenko made the comparison during a wide-reaching interview with Al Arabiya on Monday.
The Belarusian president told Melinda Nucifora that “Israel must be a little more careful.
“They already have a bad reputation in the world because of the bombing of Gaza. It is a holocaust,” he said.
“Why do we speak about the Holocaust suffered by the Israelis while they themselves have killed so many people, women, and above all, children have died in the Gaza Strip?”
“Gaza was simply wiped off the face of the earth, and they are trying to build a resort on the land where these people were killed. So we say that Israel has to start thinking about its future because otherwise even nuclear weapons will not help them.”
In response, Israel’s Foreign Ministry said “the remarks made by the President of Belarus – a country that knows all too well the horrors of the Holocaust committed on its own soil – in his interview with Al Arabiya are unacceptable and deeply disturbing.”
“Any comparison between the Holocaust of the Jewish people and Israel’s just war against terrorism must be unequivocally rejected.”
‘Vile, outdated antisemitic conspiracies’
The Foreign Ministry also condemned as “equally appalling” Lukashenko’s “revival of vile, outdated antisemitic conspiracies that should have long been consigned to history.”
Later in the interview, Lukashenko said Israel “got the United States involved” in the Middle East war.
“Israel provoked the United States. The Israel lobby in the US, the Jewish lobby, is very strong in the United States. They are rich and powerful people in the United States, and they do have influence,” he said.
Lukashenko, who has ruled Belarus since 1994, was previously reprimanded by Israel’s Foreign Ministry in June 2024 when he claimed Jews “steal without thinking.”
During a meeting on corruption, Lukashenko said, “There is a list of 30 suspects here. Forgive me, I’m not antisemitic, but more than half of the accused are Jewish.”
“What’s going on here? Have they [the Jews] assumed a special privileged status? Stealing and not thinking about their future? In Belarus, everyone is equal before the law. Jews, Belarusians, Ukrainians, Russians, and also Poles. Everyone,” he said at the time.
Trump invokes defense production act for munitions, supply chains
US President Donald Trump has invoked the Defense Production Act to address constraints in weapons supply and development for munitions production and supply chains, according to a memo made public on Tuesday.
“I hereby find that conditions exist which may pose a direct threat to the national defense or its preparedness programs,” Trump said in a June 11 memorandum to US Secretary of Defense Pete Hegseth.
He cited “limited production capacity, fragile supply chains, long-lead dependencies, and related production bottlenecks.”
This is a developing story.
Hezbollah links future Iran-US talks to Israeli withdrawal from Lebanon
Hezbollah has received assurances from its ally Iran that it will demand a withdrawal of Israeli troops from Lebanon in its next phase of talks with the United States, Hezbollah’s media relations office told Reuters on Tuesday.
A withdrawal would be the result of, and not a precondition for, continuing talks between Tehran and Washington following the signing of a memorandum of understanding between the two countries on Friday, Hezbollah said.
The group told Reuters that there would be “no nuclear deal between Iran and the United States unless the Israelis withdraw” from Lebanon.
Iran negotiator says Israel must withdraw from southern Lebanon
Israel must withdraw from “occupied areas” in Lebanon, Iran’s top negotiator Mohammad Baqer Qalibaf said on Tuesday in a call with Lebanon’s Parliament Speaker Nabih Berri.
“The people of southern Lebanon must return to their homes,” Qalibaf added in a post on his Telegram channel.
This is a developing story.
Montreal City motion calling for suspension of ties with Israel postponed till August
A controversial anti-Israel motion scheduled for a Montreal City Council meeting has been postponed until August.
The Projet Montreal party was set to bring the motion to the Council on Monday; however, opposition from the Ensemble Montreal party and various pro-Israel groups led to the delay.
In essence, the Projet Montreal motion calls for official solidarity with Palestinians, condemnation of Israeli government actions, and suspension of municipal institutional relations with Israel while simultaneously reaffirming opposition to antisemitism.
It formally asks that the City of Montreal “recognize and denounce the apartheid regime imposed in Palestine and the genocide being perpetrated there,” while affirming that “Jewish communities in Montreal and elsewhere, as well as people of Israeli origin, cannot be held responsible for the actions of the State of Israel, and that these communities themselves face a troubling rise in antisemitism.”
Immediate suspension of ties with the current Government of Israel
It also asks that the City of Montreal suspend without delay its institutional ties with the current Government of Israel, its institutions, and its municipalities, notably by ceasing to invite representatives of Israel to official events held at Montreal City Hall, “until Israel returns to its internationally recognized borders, ceases violations of the rights of the Palestinian people, and ends its violations of international law.”
The motion cites organizations such as Amnesty International and Human Rights Watch, as well as the International Association of Genocide Scholars and the Lemkin Institute for Genocide Prevention, which have characterized the actions of the Israeli government in Palestine as genocide.
It also cites the similar conclusions of Israeli human rights organizations, including B’Tselem, and the International Court of Justice.
Following the publication of this motion, Mayor Soraya Martinez’ governing Ensemble Montreal party proposed a countermotion.
Ensemble’s motion is more balanced, asking the Montreal City Council to express deep sympathy to all civilian victims of the conflicts in the Middle East, to condemn all forms of antisemitism, Islamophobia, racism, and discrimination, and to reaffirm that members of the Christian, Muslim, Jewish, Israeli, Palestinian, Arab, Lebanese, and Iranian ethnic and religious communities, as well as no Montrealer, “should ever be held responsible for the actions of foreign governments, armies or terrorist organizations.”
The Ensemble motion also introduces practical measures, such as establishing a Montreal Roundtable on Dialogue and Social Cohesion that brings together representatives of the communities concerned. It also urges the Office of the Commissioner for the Fight Against Racism and Systemic Discrimination to make recommendations aimed at strengthening the prevention of hate crimes.
The submission of Ensemble’s countermotion prompted the City Council to postpone discussion until August.
B’nai Brith Canada stood behind Ensemble’s proposed motion, saying it is “more balanced, does not label Israel as an apartheid state, and is generally neutral.”
“This is, of course, preferable to B’nai Brith and (we presume) others in the community, as the original motion contains language, which is one-sided, divisive, and misleading,” the organization said in a statement.
This incident comes amid a scandal involving serious allegations about the police in Montréal-Nord (Montreal North).
‘Racial profiling, discriminatory practices’ within Montréal police
Two officers have been suspended and 14 reassigned, as there have been alarming reports of racial profiling, discriminatory practices, and even officers who allegedly cut and kept hair from racialized individuals as “trophies.”
In total, 16 police officers from Station 39 are under investigation for racist and hateful acts.
“This situation highlights serious issues that risk eroding trust between institutions and the communities they serve,” said Paola Samuel, B’nai Brith Canada’s Regional Director for Quebec and Atlantic Canada.
“Montreal’s leaders should focus on these pressing realities, restoring trust, ensuring accountability, and addressing issues that directly affect our city’s residents. Yet, instead, Projet Montréal proposes severing institutional ties with Israel, pushing the City to adopt a unilateral stance on a complex foreign conflict.”
“Montrealers deserve leadership rooted in everyday realities – public safety, social cohesion, and trust in our institutions – and not initiatives that heighten divisions and divert attention from urgent issues right here at home,” she concluded.
US envoy Barrack meets Iraq PM, pushes new direction in bilateral ties
US Envoy to Iraq and Syria Tom Barrack arrived in Iraq this week for a series of important meetings. On June 15, Tom Barrack, who is also the US Ambassador to Turkey, wrote that he was “happy and honored to be back in Baghdad, meeting with our great US Embassy team led by Chargé d’Affaires Joshua Harris. Today I will meet with Prime Minister Al-Zaidi to convey President Trump’s support for his government, and discuss our partnership on a new direction for a strong and mutually beneficial US-Iraq relationship.”
On June 15, he met with Iraq’s new Prime Minister Al-Zaidi. Zaidi is preparing for a trip to Washington next month. He is also being encouraged to rein in Iranian-backed militias. He met with Barrack in this context. Also, Barrack has unified the US envoy files on Syria and Iraq, making Barrack one of America’s most important diplomats in the region.
Iraq is going through a transition, and so is Syria. The US wants both countries to succeed and to be US partners. A decade ago, the countries were occupied by ISIS, and Syria was run by the pro-Iranian Assad regime. Iraq was also dominated by pro-Iranian Shi’ite parties, who had thrived under former prime minister Nouri al-Maliki. The Trump administration opposed Maliki seeking a new term this year. Zaidi is seen as having high potential within the White House.
Barrack reiterated the shared commitment of the United States Government, under President Trump’s leadership, and the Government of Iraq, under Prime Minister Al-Zaidi, to a strong and mutually beneficial US-Iraq partnership, able to fulfill Iraqi aspirations for a sovereign, secure, and prosperous future and to deliver tangible benefits for Americans and Iraqis alike. Special Presidential Envoy Barrack conveyed that President Trump looks forward to welcoming Prime Minister Al-Zaidi to the White House in mid-July to discuss the future of this important relationship,” the US Department of State said on June 15.
The report by the US State Department also added that “the leaders discussed the shared aspirational vision for the Iraqi government to build a brighter future free from terrorism, to implement Iraqi plans for ensuring the complete disarmament and disbandment of all armed groups and formations operating outside the authority and control of the Iraqi state, to ensure the confinement of their weapons within the authority of the Iraqi state, and to assert full sovereignty in order to keep Iraq away from conflict and ensure that Iraqi territory cannot be used by any side to threaten regional peace.” Barrack and Zaidi discussed the urgency of these efforts.
Iraq committed to close ties with the US
Iraq says that it is committed to trade and investment and close ties with the US in this respect. Barrack and Zaidi “commended the Iraqi decision to finalize the operating license for Starlink to offer worldclass internet services for Iraqi consumers; to launch negotiations with Chevron to develop the West Qurna-2 and Nasiriyah oil fields for the benefit of both sides; to enable US companies HKN, Western Zagros, and Hunt to resume operations with full security guarantees; and to advance a memorandum of understanding with TI Capital to rehabilitate the Kirkuk-Baniyas Pipeline as a vital oil export route.” Iraq and the US are also discussing Iraq’s electricity needs and the “Excelerate Energy’s project to develop an integrated LNG import terminal at Khor Zubair.”
Barrack has credited US President Donald Trump for the new endeavors in Iraq. He sees it as an “epic chapter” in Trump’s regional policy. Barrack also traveled to meet with Kurdish leaders of the Kurdistan autonomous region. The Kurdistan Regional Government is a key partner of the US, and the US has a large new consulate in Erbil, the capital of the KRG. In the Kurdistan region, Barrack met with KRG President Nechirvan Barzani and KRG Prime Minister Masrour Barzani, as well as Masoud Barzani. The Barzanis lead the KDP Kurdish party, the largest in the Kurdistan region.
The KDP dominates Erbil. Barrack also met with the leadership of the Kurdish PUK party, the second-largest party in the autonomous region. PUK dominates the Kurdish city and region of Sulimaniyeh near the Iranian border. Barrack met with PUK leaders Bafel Talibani and Qubad Talibani. The Talibani and Barzani families and large clans and tribes they are connected with have dominated Kurdish politics for generations in northern Iraq. They played a key role in the rebellions against the Saddam regime. They have had close ties to the US and other Western powers for many years. They also worked with the US and other members of the anti-ISIS coalition.
End of US anti-ISIS coalition
The US anti-ISIS coalition is expected to end its role in Iraq in September. It has already wrapped up its role in Syria. Iraq is expected to try to disarm some Iranian-backed militias in Iraq. The militias have been present in Iraq in greater numbers since 2003, after the US invasion. Some militias, such as Badr, have ties to the Iranian IRGC going back to the 1980s.
In the war on ISIS, the militias benefited from a fatwa by Iraqi Ayatollah Ali Sistani, a key Shi’ite cleric. In recent years, the militias have targeted US forces, attacked the Kurdistan Region, and attacked Syria and Israel, as well as targeting the Gulf states, and kidnapped a US journalist and a Princeton researcher. As such, the militias are a major threat to Iraq. The US hopes Zaidi will try to rein them in. Barrack’s visit is about showing how Iraq and the US can cooperate. Iraq should reduce the Iranian influence and get on track with the US.
Meanwhile, reports in Erbil say that “Pearl Petroleum has proposed a $10.2 billion capital investment plan spanning from 2026 to 2035 with aims of more than doubling its natural gas production in the Kurdistan Region,” Rudaw media reported on June 15. “According to the company’s latest report, the Kurdistan Gas Project’s 10-year expansion plan estimates an increase in production from 750 million to 1.65 billion cubic feet per day by scaling output at the strategic Khor Mor and Chamchamal fields in Sulaimani province.” This is very important. “The investment by Pearl Petroleum – a consortium led by Dana Gas and Crescent Petroleum – is expected to significantly boost domestic electricity supply, support thousands of local jobs, and unlock tens of billions of dollars in fiscal and environmental savings.” This is the kind of project that the US and others will support.
Iran will be allowed to sell oil immediately under Trump’s new MOU – report
A provision in the proposed Memorandum of Understanding (MOU) between the US and Iran will allow Iran to begin selling oil and fuel immediately upon its signing, The Wall Street Journal reported Tuesday, citing people familiar with the agreement.
According to the WSJ report, the same provision allows Iran to use banking, transportation, and insurance services to facilitate sales.
The exact details of the MOU have been under contention for the past few days, since US President Donald Trump announced the agreement on Sunday.
Outside the countries directly involved in the negotiations, the details of the deal have not been made public. Notably, on Tuesday, a source confirmed to The Jerusalem Post that Israel asked to see the agreement’s text but was denied.
Speaking to the press at the G7 summit in France, Trump offered some insight into the agreement’s clauses and said he intended to “go over the document with the media in a couple of days.”
The memorandum will reportedly be signed in Switzerland on Friday, and according to documents seen by Al Arabiya English, the final agreement will be adopted through a binding UN Security Council resolution.
Amichai Stein contributed to this report.
This is a developing story.
IDF strikes cars in Lebanon killing at least four, Lebanese media claims
Israeli drone strikes targeted three vehicles in southern Lebanon on Tuesday, killing at least four people and wounding others, Lebanon’s National News Agency reported.
Two people were killed in a double-tap strike, with a drone hitting a car in the village of Mayfadoun followed by a second strike after people had gathered at the scene.
Another drone strike on the town of Shoukin killed two other people, the agency said.
There was no immediate comment from the IDF on the reported strikes.
This is a developing story.
Mortgage rates recede slightly. Is there more to come as Iran conflict ends?
For months, the military conflict between the U.S. and Iran has weighed on mortgage rates as oil supply shocks and rising inflation have kept investors on edge. But with the two countries set to sign an end to hostilities on Friday in Switzerland, housing professionals and their clients can expect the costs of a home loan to stabilize.
Rates dropped slightly in the two days since President Donald Trump’s confirmation of a deal. On Tuesday, HousingWire’s Mortgage Rates Center showed that 30-year conforming rates averaged 6.73%, down 5 basis points from one week ago. Rates for 30-year jumbo loans were down 2 bps to 6.75%, while 30-year loans backed by the Federal Housing Administration (FHA) also shed 2 bps to average 6.31%.
Fed will ‘absolutely’ hold rates
While the macroeconomic picture should improve as the Strait of Hormuz reopens and oil prices come down, inflation is now at a 4.2% annual clip, which likely ended any slim hopes of the Federal Reserve lowering benchmark rates this week.
The Fed will conclude its two-day meeting on Wednesday — its first under the leadership of Kevin Warsh — but the federal funds rate is all but certain to remain at a range of 3.5% to 3.75%. Moving forward, a rate hike could be more likely than cut. According to the CME Group’s FedWatch tool, 9% of interest rate traders expect a 25-bps increase in July and 26% anticipate one by September.
“The Fed is absolutely going to hold rates [this week],” said Melissa Cohn, regional vice president of William Raveis Mortgage. “Even though Warsh is more dovish, he’s one of 12 voting members of the Fed’s Board of Governors, and he’s going to have a hard time getting a majority of them to agree to cut rates in this current inflationary environment.”
“Mortgage rates are likely to remain stable or uptick slightly at the next June Fed meeting, as the market points toward short-term rates holding steady,” said Charles Goodwin, vice president and head of bridge and DSCR lending at Kiavi.
“The latest first Friday jobs report indicated better-than-expected economic performance that suggests a reduced likelihood of a near-term Fed rate cut and sustained higher interest rates, adding 172,000 jobs in May while the unemployment rate held steady at 4.3% — effectively sealing the fate of no Fed rate cut in June.”
Odeta Kushi, deputy chief economist at First American, noted that expectations today have shifted significantly since the start of the year, when markets believed the Fed would begin cutting rates by this point. But with headline inflation running at its highest level since 2023, “markets have largely abandoned the idea that easing is the default path,” she said.
“The conversation has shifted from ‘when will they cut?’ to ‘will they cut at all?’” Kushi added.
Housing market activity stays resilient
This week’s Housing Market Tracker shows that homeownership demand continues to grow even as fewer properties are being listed for sale. HousingWire Lead Analyst Logan Mohtashami wrote Saturday that weekly pending sales increased to 75,856, up from 72,039 during the same week in 2025.
Mortgage Bankers Association (MBA) data for the week ending June 5 also showed that consumers are hungry to purchase a home as total applications were up 10.8% from the prior week. The higher demand coincides with an increase in mortgage credit availability, with jumbo loan programs driving a slight uptick in the MBA’s index from April to May.
“Mortgage applications increased for the first time in four weeks, jumping 10% overall with sizeable upticks in both purchase and refinance activity. The rise in purchase applications points to continued homebuyer demand despite affordability challenges and broader economic uncertainty,” said Bob Broeksmit, the MBA’s president and CEO.
Kyle Bass, production business manager at Refi.com — a subsidiary of Mortgage Resource Center and Veterans United Home Loans — said that recent stability in rates has benefited refinance origination opportunities as prospective borrowers “may be settling into the current rate environment rather than waiting for a meaningful decline.”
Kushi also expressed optimism for the purchase market as existing home sales recorded their largest monthly gain of the year in May.
“The most important thing to understand about today’s housing market is that demand has been delayed, not destroyed,” she said. “We estimate there are roughly 4 million missing home sales relative to historical norms, highlighting the amount of pent-up demand still waiting on the sidelines.
“For homebuyers, the question is no longer simply whether rates move lower. It’s whether households gain enough confidence in the path of inflation, borrowing costs and the broader economy to move forward with major financial decisions.”
Longevity emerges as key driver of luxury real estate demand
Wealth growth, changing buyer demographics and an increased focus on health and wellness are reshaping the luxury housing market, according to Sotheby’s International Realty.
The company’s 2026 Mid-Year Luxury Outlook report found that wellness-focused features and long-term livability are becoming more prominent considerations among affluent buyers, particularly in the highest-priced segments of the market.
The report draws on feedback from Sotheby’s International Realty agents involved in transactions valued at $10 million or more, along with data from organizations like the Federal Reserve, UBS, the National Association of Realtors and the Global Wellness Institute.
Among the report’s findings, roughly 38% of surveyed real estate professionals working in the $10 million-and-above market said aging in place has become a growing factor in home purchase decisions.
The report also cited projections that the global longevity market could grow from $5.3 trillion in 2023 to $8 trillion by 2030, while wellness-related real estate is expected to exceed $1.1 trillion by 2029.
“As we celebrate 50 years of Sotheby’s International Realty, this report mirrors the strength of a brand built on insight, trust, and global perspective,” said Bradley Nelson, chief marketing officer of Sotheby’s International Realty.
“This edition of Luxury Outlook reveals a housing market that consumers are actively experiencing. What stands out this year is the emergence of longevity as a defining force in luxury real estate. Homebuyers aren’t just investing in a home; they’re investing in how they want to live and age.
“At the same time, wealth at the top end continues to expand, and homebuyers are younger and more open to seeking properties in new locations. The result is a luxury property market that moves faster, feels more competitive, and requires more informed decision-making. This report helps bring clarity for both affiliated agents and the clients they serve.”
Luxury stays ahead of broader market
The report also points to continued strength in the luxury housing sector despite slower activity in the broader housing market. Researchers attributed demand in part to gains in financial markets and wealth creation among high net worth households.
According to Federal Reserve data cited in the report, the net worth of the top 1% of Americans reached $54 trillion by the third quarter of 2025. Additionally, nearly 40% of the world’s millionaires live in the U.S., and researchers project the creation of 5 million additional millionaires globally by 2029.
More than half of surveyed professionals specializing in properties priced above $10 million reported an increase in luxury buyers during the past year, while average prices rose about 5%, according to the report.
Millennials continue to account for a growing share of luxury buyers. Sixty-six percent of respondents reported an increase in millennial clients, a share that rose to 73% among professionals working in the $5 million-and-above market.
Lifestyle valued above taxes, stability
Lifestyle considerations ranked as the most frequently cited factor that influences purchase decisions, with 62% of respondents identifying it as increasingly important.
Taxes, economic stability and political stability followed.
The report also highlighted continued activity in major international markets, including New York City, San Francisco, Hong Kong and Milan, where demand for high-end properties remains steady.
Tax policy may also influence future buying activity. The report noted that the increase in the federal deduction cap for state and local taxes from $10,000 to $40,000 could encourage purchases of luxury homes in states with higher property taxes.
“The global luxury real estate market continues to endure, even as the forces shaping it evolve,” said Philip White, president and CEO of Sotheby’s International Realty. “This resilience is most evident in leading global cities, which continue to attract strong interest from the world’s most sophisticated homebuyers. Longevity is increasingly driving that interest too. It’s no longer just where folks want to live, but how they want to live as they age.
“What we are seeing in the industry is not a short-term change, but a sustained shift in how global wealth is stored, transferred, and expressed through property. It underscores a simple reality: while motivations are changing, prime real estate can be one of the most trusted ways people preserve and express wealth.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Ripple Invests In Africa’s Largest Payments Company: What Does It Mean For XRP?
Ripple invested in Flutterwave’s Series E round on Monday, embedding RLUSD and the XRP Ledger into Africa’s largest payments infrastructure as XRP (CRYPTO: XRP) pulls back after yesterday’s 9% breakout.
Ripple Embeds RLUSD Into Flutterwave’s Payment Rails Across Africa
Flutterwave processes over one billion transactions worth more than $50 billion and operates across Africa, with Nigeria as its primary hub.
The Series E round values the company at $3.2 billion, and Ripple’s strategic investment brings three specific integrations to the platform.
RLUSD becomes a primary settlement asset embedded directly into Flutterwave’s payment rails and Send App remittance corridors.
The XRP Ledger handles faster transaction clearing. A unified API bridges Flutterwave’s domestic network with Ripple Payments, connecting local cards, mobile wallets, and bank transfers to Ripple’s global payments infrastructure.
“Our investment will …
Binance Could Go Dark For Millions Of EU Users In 2 Weeks
Two sources told Reuters on Tuesday that regulators in Greece plan to reject Binance’s MiCA license application, putting the world’s largest crypto exchange at risk of losing access to EU customers before July 1.
MiCA Deadline Is July 1 And Binance Has No Approved License
The EU’s Markets in Crypto-Assets framework requires all crypto firms to hold a valid license to serve European customers.
The transition grace period expires July 1, after which any exchange operating without authorization breaches EU law.
The European Securities and Markets Authority warned in April that non-compliant firms must wind down EU operations or migrate customers before that date.
Binance applied through Greece’s Hellenic Capital Market Commission over the past 18 months and believed it had met all MiCA requirements. The HCMC declined to comment, citing confidentiality rules.
However, sources familiar …
Meta Adds An AI Search Mode To Facebook To Keep Users Hooked
Meta Platforms said Monday it is rolling out a wave of new artificial intelligence features on Facebook, led by a tool called “AI Mode” that lets people ask a question in plain language and get a single answer drawn from public posts across the app rather than scrolling through a list of search results. The company said the changes are designed to reshape how its billions of users find information, create content and interact with the platform, part of a broader effort to make Facebook a more useful destination for search and discovery.
The headline feature functions much like a chatbot built directly into Facebook’s search bar. Users can ask a question and receive an answer generated from public conversations across the platform, including posts, Groups and Reels. Instead of sorting through links and individual posts, users receive a summary of what people are already discussing.
The rollout is the latest sign of Meta’s aggressive push into artificial intelligence. Chief Executive Mark Zuckerberg has committed billions of dollars to AI infrastructure and development, and the company is increasingly embedding AI tools into products used daily by billions of people. The strategy is straightforward: increase engagement while reducing the need for users to leave Facebook to search elsewhere.
The move also places Meta in more direct competition with Google and AI-powered search platforms such as ChatGPT, which have increasingly changed how consumers look for information online. Rather than directing users away from Facebook, Meta wants answers to be found inside its own ecosystem.
Monday’s announcement follows a series of related launches. Last month, Meta introduced Forum, a discussion platform modeled after community-driven services such as Reddit. The app includes an AI-powered “Ask” feature that pulls responses from Facebook Groups and other community discussions. Together, the products point toward a broader strategy of transforming Facebook from a platform centered on content consumption into one focused on information retrieval and conversation.
The business rationale is significant. Meta generates the vast majority of its revenue from advertising, and user engagement remains one of the most important drivers of that business. The longer people stay within Meta’s apps and the more they interact, the more opportunities the company has to serve advertisements and improve ad targeting.
The company is also seeking new revenue streams beyond advertising. Meta recently expanded paid subscription offerings across Facebook, Instagram and WhatsApp, with plans starting at $3.99 per month. The subscriptions provide additional features and could eventually include premium AI capabilities. The move marks a notable shift for a company that has historically relied almost entirely on ad-supported products.
At the same time, Meta’s growing use of AI continues to raise privacy concerns. Critics have questioned how aggressively the company is using user data to train and improve AI systems. Recent features have included requests for access to users’ camera rolls and expanded AI integrations across Meta’s platforms. While AI Mode relies on public content rather than private messages, the broader direction of the company is clear: AI is becoming increasingly embedded throughout the Meta ecosystem.
For users, the immediate change may be simple. Searching Facebook could become less about scrolling through posts and more about receiving direct answers generated from conversations already taking place across the platform. The usefulness of those answers will depend largely on accuracy, an area where AI-powered systems continue to face scrutiny.
The stakes extend far beyond Facebook search. Search, shopping, customer service and everyday information requests are increasingly moving toward AI assistants. Companies that successfully become consumers’ first destination for those interactions stand to capture significant economic value.
Meta believes its existing scale gives it a major advantage. With Facebook, Instagram and WhatsApp collectively reaching billions of users worldwide, the company can introduce AI tools to a larger audience than most competitors. Facebook, now more than two decades old, is increasingly being reshaped around AI-powered discovery rather than traditional social networking alone.
The investment remains expensive, and some investors continue to question how quickly Meta’s AI spending will generate returns. Monday’s rollout offers a glimpse into the company’s answer: deploy AI broadly across its platforms today and build user habits that could support future growth for years to come.
JBizNews Desk
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S&P 500 Slips as Semiconductor Stocks Take a Breather; SpaceX Extends Gains
US stocks fell Tuesday, led lower by declines for technology companies after recent big gains.
The technology-heavy Nasdaq 100 was down 1.3% at 11:54 a.m. in New York, while the S&P 500 Index slipped 0.2%. The Philadelphia Semiconductor Index, known as the SOX, dropped 3.6%. Yields on 10-year Treasuries were around 4.43%. West Texas Intermediate crude oil declined about 5% to trade around $77 as the US and Iran prepare to formally sign their interim peace deal in Switzerland on Friday.
Yum to Sell Pizza Hut; Dave & Buster’s Sinks | Stock Movers
On this episode of Stock Movers with Alexis Christoforous:
– Yum! Brands (YUM) agreed to sell its struggling Pizza Hut chain for $2.7 billion to a private equity firm and its China business. LongRange Capital will acquire Pizza Hut ex-China for $1.5 billion, Yum said in a statement Tuesday. Yum China Holdings Inc. will buy the rest of the business for $1.2 billion. The transactions are expected to close in the third quarter.
– Dave & Buster’s (PLAY) shares tumble after the operator of restaurant and entertainment facilities reported comparable sales for the first quarter that missed the average analyst estimate. Research firm Benchmark downgraded the stock, citing a lack of confidence that same-store sales will stabilize/eventually turn positive this year.
– Robinhood Markets (HOOD) shares are up after it said it is reducing its full-time employee workforce by 10%, and also closing a small number of open roles.
Debt Chiefs Tout Benefits of Hedge Fund Growth in Bond Markets
Some sovereign debt chiefs are warming up to the growing footprint of hedge funds in government bond markets, casting these investors as potentially beneficial participants rather than a source of risk.
The heads of the Canadian, German and Italian government debt offices said the more active role now being played by hedge funds is benefiting liquidity and market functioning. The remarks, at the FT Global Bond Summit in London on Tuesday, follow recent concerns from various regulators about the risks to financial stability from leveraged hedge fund strategies.
A Billion Dollars of Leveraged SpaceX Bets Hit ETFs in One Day
Leveraged bets on SpaceX generated more than $1 billion of trading volume on their first day, as investors rushed to amplify wagers on the biggest IPO in history, underscoring the extraordinary retail appetite surrounding Elon Musk’s newest public company.
Roughly a dozen leveraged and inverse SpaceX exchange-traded funds traded on their debut Monday, according to data compiled by Bloomberg, making it one of the busiest first days on record for a batch of single-stock leveraged ETFs. While it will take another session before assets and fund flows become clear, the trading volumes alone point to exceptional demand.
L3Harris Missile Arm Axyv Picks JPMorgan, Morgan Stanley for IPO
L3Harris Technologies Inc., one of the largest US defense contractors, has selected banks to lead the initial public offering for Axyv, its missile unit, according to people familiar with the matter.
JPMorgan Chase & Co. and Morgan Stanley are leading the offering, the people said, asking not to be identified as the information isn’t public. A listing could raise as much as $2 billion, one of the people said.
JPMorgan Markets Debt for Long Lake’s $6.3 Billion Amex GBT Deal
JP Morgan Chase & Co. has begun marketing a debt package to help fund Long Lake Management Inc’s. $6.3 billion acquisition of Global Business Travel Group Inc., the travel platform spun out of American Express Co., adding to a recent pickup in leveraged-buyout financings coming to market.
The bank is offeringBloomberg Terminal a $1.5 billion term loan B at a margin of 4 percentage points above the benchmark, according to a person with direct knowledge of the matter. The facility is being offered at a discounted price of 99 cents on the dollar, the person added, asking not to be identified because the details are private.
Trump to unveil Iran deal text, says Hormuz will remain toll-free beyond talks
US President Donald Trump said Tuesday that he would soon release the text of a proposed agreement with Iran, speaking at the G7 summit in France.
He added that the deal explicitly states that Tehran will not pursue nuclear projects.
“Iran will never have a nuclear weapon, that’s what it says. It won’t have one.”
Trump also confirmed that the Strait of Hormuz would be operated toll-free during and after the 60-day period reportedly designated for negotiations in the agreement.
“The strait will be open toll-free, and it’s toll-free beyond the 60 days,” he said.
Trump insisted that “having a United States with a strong president” is the only way to keep the Strait of Hormuz open in the future, adding that agreements made with “bad people” don’t carry any weight.
Trump slams Obama’s JCPOA, claims Congress critics support deal
Trump rejected comparisons between his deal and Obama’s 2015 Iran deal, saying his agreement was better.
The president said that “Obama… could have destroyed the Middle East with the JCPOA,” which he described as a “road to a nuclear weapon,” while his own agreement was “a wall against a nuclear weapon.”
Trump also dismissed reports that congressional Republicans, including Senator Lindsey Graham (South Carolina), were skeptical of the deal.
“[Lindsey’s] not skeptical, he’s just fine,” Trump said, adding that he would agree to Graham’s suggestion of sending the deal to Congress for approval.
Graham, a strong critic of Iran and one of the main supporters of the war, had praised the White House’s deal in a post on X/Twitter this week while expressing concern over what Iran said the deal included.
“Congratulations to all for getting us to this point. Time will tell,” he wrote.
Trump also said that the US plans on destroying Iran’s enriched uranium, which he argued remained recoverable despite the US strikes on its nuclear facilities, saying the bombing caused the mountain above the site to collapse. He said excavating the material would be difficult and could only be accomplished by the United States or China, but stressed that Washington was in no rush to retrieve it.
“When we get it, we’ll destroy it,” he added.
Trump says more Middle Eastern countries could join Abraham Accords soon
Trump also said he believed additional Arab states would join the Abraham Accords.
“I think they’re all gonna come into the Abraham Accords,” he said, noting that the conflict with Iran was the only obstacle preventing more Arab countries from joining the normalization framework.
In recent days, Trump seemed to dismiss the notion that regime change in Iran was on the table.
“As far as regime change, I never cared about regime change,” Trump told the Wall Street Journal on Sunday. Iran’s current leadership is “the third group we’ve dealt with, and this is the most rational group yet.”
This sentiment echoes that of Prime Minister Benjamin Netanyahu, who on Monday told the press that regime change was never the goal of the war with Iran.
In the past two days, speculation has surrounded Trump’s deal with Tehran, which is meant to lead to an end to the war with Iran, and is due to be signed on Friday.
At the G7 meeting, Trump told reporters that he means to “go over the document with the media in a couple of days.”
US denied Israel’s request to view Iran deal prior to signing ceremony, source tells ‘Post’
The United States denied Israel’s request to view the newly agreed-upon Memorandum of Understanding before the signing ceremony, expected to be held in Switzerland later this week, a source confirmed to The Jerusalem Post on Tuesday.
Earlier on Tuesday, US President Donald Trump said he would read the deal “word for word,” though he did not specify when.
As of now, the details of the deal have not been published, which reportedly has 14 separate clauses, including the withdrawal of the IDF from southern Lebanon, reopening the Strait of Hormuz, and releasing some $24 billion dollars in sanctioned funds.
Future of IDF operations in Lebanon uncertain as details of MOU yet to emerge
Despite Pakistan’s Prime Minister Shehbaz Sharif’s announcement that the peace deal includes Lebanon, Israeli officials have not confirmed if the IDF will pull back from the area.
On Monday, an IDF source confirmed to the Post that if Hezbollah respects the ceasefire, there will be no attacks anywhere in Lebanon.
Separately, Hezbollah on Tuesday told Reuters it received assurances from Iran that it would demand a withdrawal of Israeli troops from Lebanon in its next phase of talks with the United States.
The group told Reuters that there would be “no nuclear deal between Iran and the United States unless the Israelis withdraw” from Lebanon.
Jewish start-up founders face hate for exposing antisemitic applicant’s messages – interview
On 8 June, Jewish American start-up co-founders and brothers Gabe and Aiden Einhorn received a message from a job applicant on the platform Handshake.
“Not interested in working for a jew. Thanks.” [sic] read the message from Aiden Franco, a Cornell student.
Gabe Einhorn posted a screenshot of the message on X/Twitter along with the caption “This kid applied to our job on Handshake, we accepted him, and then he responded this. He probably knows nothing about Jews except for what they tell him in college and on social media. Sad world.”
The incident soon went viral.
Cornell University released a statement on June 9 saying it was aware of “an unconfirmed report regarding a post made by a student on the Handshake platform” and that it takes all reports of discrimination and hate speech seriously.
Stand up to hate.
Stand up to antisemitism.
We need more love in this world. https://t.co/9y8O1w3k3u pic.twitter.com/VK4MRxSBlz— Gabe Einhorn (@EinhornGabe) June 11, 2026
“We are committed to conducting a thorough review in accordance with university policy,” Cornell added.
Franco doubled down in comments of Einhorn’s post
Franco himself then commented on Einhorn’s post. Instead of apologizing for his words, he doubled down on his original statements.
“I was stating why I was not interested after you had asked to interview three times. I found out you were Jewish after the fact. My experiences with Jews have not been pleasant, both in person and online. This is not to say I haven’t had positive experiences, but on the aggregate, that is not the case.”
Franco then said that the online reactions by the Jewish community “only serve to further prove my point.”
“Given that I have been doxed and intimidated by your community, including having my personal life investigated for no other reason than a single comment, I can’t imagine any reasonable person not coming to a similar conclusion, per the post above,” he said.
The Einhorns started the company VryfID about 10 months ago. The start-up verifies renters’ identity and income, then matches them with apartments they can afford. It aims to help landlords fill units faster, increase occupancy, and raise net operating income.
“We’ve made a big push to utilize Handshake and some of these other job hiring companies to bring on a lot of college interns, and we have over 10, close to 20 college interns across the team helping us build on the product side, on the sales side, all this stuff,” Gabe Einhorn, 24, told The Jerusalem Post on Tuesday. “We posted for the summertime job hiring about three or four weeks ago, and we got a lot of interest: over 100 people.”
It was during this process that the message from Franco came through.
“We were both just kind of shocked. My whole goal of posting this was to show this is a clear example of antisemitism. I only had maybe a thousand followers on X, so I didn’t expect it to reach the national news that it has.”
Einhorn stressed that his initial intention was not to call Franco out; in fact, he didn’t publish his full name so as not to identify him publicly.
‘He can learn from his mistakes’
“At the end of the day, he’s still a young college kid, and he can learn from his mistakes, and I don’t plan to take any other actions against him, but obviously just keep raising awareness,” Einhorn told the Post.
“Obviously, it spiraled, and it’s gotten a little bit out of hand. As it’s been exposed and blown up across social media, the rise of hate has gotten out of control, especially on X, so we’re just trying to figure out a way to still fight back against that.”
Einhorn has received swathes of antisemitic messages like “you need to die k***,” “piece of sh** Jew boy,” and “we hope [Hitler] will return and complete his work” across his social media platforms.
There has also been a coordinated campaign to destroy his startup and his family’s business by leaving bad reviews online.
“It’s tough. It’s scary to see that people are not afraid to hide it and they’re proud of their hate.”
“Thankfully, a lot of really cool people have reached out to support and to show guidance, so we’re just trying to lean on those people who have been through it and know how to get through it.”
“We don’t want to harp on about this story too much. Obviously, it happened, it’s terrible, and everybody’s true colors are being revealed, but we just want to use it as fuel to go forward and not let it destroy our business,” he concluded.
Coney Island’s Mermaid Parade returns on Saturday
The Mermaid Parade returns to the Coney Island boardwalk this Saturday for its 44th year, bringing its annual sea-themed celebration back to Brooklyn’s shoreline. Hosted by Coney Island USA, the event is the nation’s biggest art parade, drawing around 5,000 participants in handmade sea-themed costumes and floats. This year’s parade takes place on Saturday, June 20, at 1 p.m., rain or shine.

Founded by Coney Island USA in 1983, the Mermaid Parade is often described as the unofficial start to summer in New York City. It pays homage to the neighborhood’s early 20th-century Mardi Gras parades and draws on themes from ancient mythology and seaside rituals, highlighting the city’s creativity and community pride, as 6sqft previously reported.
Known to draw hundreds of thousands of spectators, the parade features colorful costumes and floats, along with marching bands, drill teams, dancers, antique cars and more.


The parade begins at 1 p.m. at West 21st Street and Surf Avenue, proceeds east to West 10th Street, then turns south to the boardwalk before continuing west to Steeplechase Plaza.

This year, New York-based musician Jesse Malin and two-time Grammy Award winner Rickie Lee Jones will serve as King Neptune and Queen Mermaid. As part of the tradition, the pair will be wheeled through the parade in an antique wicker boardwalk chair dating to 1923.
Previous King Neptunes and Queen Mermaids have included Lou Reed, David Byrne, Queen Latifah, Annabella Sciorra, Harvey and Daphne Keitel, and other famous figures.


“Our King and Queen this year are two exceptionally talented musicians,” Adam Rinn, Coney Island USA’s Artistic Director, said. “Our King, Jesse Malin is not only an amazing songwriter and musician who’s toured the world, he’s the king of New York nightlife and a true inspiration! And Rickie Lee Jones, what can I say, iconic, legendary, and influential are just a few words to describe our Queen.”
Immediately after the parade at 4 p.m., Rinn will lead the King and Queen in a procession to the beach at 19th Street, where they will officially open the beach for the summer swimming season.

Parade registration takes place from 10 a.m. to 1 p.m. in the parking lot between West 21st and West 22nd Streets along Surf Avenue. Learn more about the Mermaid Parade here.
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The post Coney Island’s Mermaid Parade returns on Saturday first appeared on 6sqft.
Build Housing Affordably Act introduced in House
U.S. Reps. Mike Flood, R-Neb., and Maggie Goodlander, D-N.H., have introduced legislation aimed at easing federal procurement requirements that housing advocates say are delaying affordable housing developments and increasing construction costs nationwide.
The measure, titled the Build Housing Affordably Act, would temporarily suspend the application of Build America, Buy America (BABA) requirements for certain affordable housing projects while federal officials study the policy’s impact on housing development.
Flood, who chairs the House Housing and Insurance Subcommittee, said the legislation is intended to address barriers that have contributed to rising housing costs.
“Across the country, and especially in Nebraska, the shortage of affordable housing options is making life more expensive for families,” he said. “Our bipartisan Build Housing Affordably Act cuts the government red tape and bureaucracy standing in the way of building homes American families can afford. Congress is making real progress on addressing the rising cost of homeownership, and this bill keeps us moving toward a future where an affordable home is once again within reach for every family.”
Goodlander said housing affordability remains a major challenge in New Hampshire and argued that federal requirements are slowing the construction of needed homes.
“New Hampshire is in a full-blown housing crisis, and hardworking people are paying the price every month in higher rents and home prices they cannot afford,” she said. “Right now, a single federal rule is senselessly jacking up costs and adding massive delays to the urgent mission before us: building the tens of thousands of homes the people of New Hampshire urgently need. Our bipartisan Build Housing Affordably Act cuts needless red tape that is standing in our way and paves the way for affordable homes, built much sooner, at a lower cost to the Granite Staters who need them.”
Aim is to reduce costs and speed up affordable home development
The proposal follows concerns raised by affordable housing developers over the implementation of BABA provisions enacted under the Infrastructure Investment and Jobs Act of 2021.
The requirements mandate that iron, steel, manufactured products and construction materials used in federally assisted infrastructure projects be produced in the United States.
Affordable housing stakeholders have argued that applying those standards to housing construction, rehabilitation and repair projects funded through federal programs such as the HOME Investment Partnerships Program has increased costs and slowed development timelines.
Under the legislation, the Department of Housing and Urban Development (HUD) would be required to conduct a study examining the effects of BABA requirements on affordable housing development and the federal waiver process.
HUD would then submit a report detailing its findings to Congress.
The bill would also pause BABA implementation for covered affordable housing projects until 60 days after the report is delivered. In addition, it would establish a 90-day deadline for HUD to review waiver requests.
Any waiver not acted upon within that timeframe would be automatically approved.
Flood has previously highlighted concerns about the impact of BABA requirements during congressional hearings focused on housing supply and regulatory barriers, including hearings held in late 2025 and early 2026.
The legislation has received backing from a broad coalition of housing, real estate and community development organizations, including the National Association of Realtors, National Association of Home Builders, Mortgage Bankers Association, National Multifamily Housing Council and Enterprise Community Partners, among others.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Single women gain ground in affordable housing markets
Single women are becoming a larger force in the housing market, particularly in more affordable metropolitan areas across the South, Midwest and Northeast, according to a report released Tuesday by Mortgage Research Network.
The analysis of 2025 Home Mortgage Disclosure Act (HMDA) data ranked the nation’s 50 largest metropolitan areas by the share of home-purchase mortgages made to women under age 45 buying on their own.
New Orleans topped the list, with single women accounting for 17.4% of purchase loans, well above the national average of 11.4%.
Hartford, Connecticut, ranked second at 16.2%, followed by Buffalo, New York, at 15.5%; Baltimore at 15.2%; Birmingham, Alabama, at 14.6%; Memphis, Tennessee, at 14.5%; Cleveland at 14.4%; Atlanta at 14.3%; and Pittsburgh and Philadelphia, both at 14.2%.
Nationwide, nearly 360,000 single women purchased homes with mortgages in 2025, according to the report.
“Affordability appears to be one of the strongest drivers of where women are buying homes on their own,” said Tim Lucas, lead analyst and author of the report. “In many markets, women are increasingly choosing not to delay homeownership while waiting for a partner.”
Report finds wide gap in home prices between the highest- and lowest-ranked markets
The average home value across the top 10 metros was about $309,000, compared with more than $818,000 in the bottom 10.
Single women purchased homes at nearly twice the rate in the five highest-ranked metros as in the five lowest-ranked metros, the report found.
Several high-cost West Coast markets ranked near the bottom of the list. San Jose, California, ranked last, with single women accounting for 6.5% of home-purchase loans. San Diego, San Francisco, Seattle, Riverside, Calif., and Los Angeles also ranked among the lowest-performing markets.
Income remains a barrier
The report found that income remained a barrier even in more affordable markets. Across the highest-ranked metros, single female homebuyers earned substantially more than the typical single woman living in those areas.
In New Orleans, for example, the median income of a single female homebuyer was $74,000, compared with about $36,000 for single women overall.
Eight of the top 10 metros were located in the South or Midwest, regions that generally offer lower home prices and more inventory at entry-level price points.
Atlanta was the largest metropolitan area in the top 10, with single women accounting for 14.3% of homebuyers. Nearly 10,000 single women purchased homes in the Atlanta area in 2025, according to the report.
Pennsylvania was the only state with two metros in the top 10: Pittsburgh and Philadelphia. Average home prices for single female buyers were $228,113 in Pittsburgh and $386,647 in Philadelphia. Median buyer incomes were $70,000 and $88,000, respectively.
Meanwhile, some markets that experienced significant home-price growth over the past decade ranked lower. Phoenix ranked 44th, while Dallas ranked 39th, suggesting affordability challenges may be limiting access for some single-income buyers.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Mortgage brokers ask FHFA for 12-month delay of Fannie, Freddie condo rules
The National Association of Mortgage Brokers (NAMB) is asking the Federal Housing Finance Agency (FHFA) to delay new Fannie Mae and Freddie Mac condominium project and property insurance standards, set to begin taking effect in August, by at least 12 months.
In a June 15 letter to FHFA Director Bill Pulte, the trade group warned that the current rollout schedule could push many projects into non-warrantable status and restrict access to conventional financing.
The rules, aimed at strengthening condo safety and financial health after high-profile structural failures, would retire Fannie Mae’s Limited Review process on Aug. 3 and raise required reserve funding levels for condominium associations from 10% to 15% on Jan. 4, 2027.
“We are not asking that these goals be abandoned,” Kimber White, president of NAMB, wrote in the letter. “We are asking that the industry be given a realistic, workable transition period so the new requirements can be absorbed without disrupting the very borrowers and communities the policy is meant to protect.”
Without that time, NAMB warned, the immediate effect of the policy “will be to reduce access to credit and depress values across the condominium market,” a result it said runs counter to the administration’s focus on affordability and supply.
Specific changes may shrink buyer pool
NAMB said eliminating Limited Review as of Aug. 3 will move “a meaningful number” of established projects into non-warrantable status, shrinking the buyer pool, raising borrowing costs and reducing lender participation.
The group also noted that many associations are not currently meeting the 10% reserve funding minimum. Jumping to 15% by early 2027 would likely force sizable dues increases or special assessments, straining owners on fixed and moderate incomes. NAMB wants the higher reserve requirement aligned with associations’ annual budget cycles.
On the move to universal Full Review, NAMB said routing every transaction through that process will significantly increase documentation — including budgets, reserve studies, delinquency data, meeting minutes and insurance — that boards, managers and lenders must produce and review, leading to longer closing timelines and higher fallout.
Another concern is the rolling, multi-date schedule. A condo that qualifies in one season could fail in the next based on reserves or documentation, creating uncertainty for buyers already under contract and for real estate professionals trying to advise clients, the group said.
NAMB asked FHFA to preserve a simplified review option for established, fundamentally sound projects; to phase in expanded documentation and Full Review requirements through clear, consolidated guidance and a single, well-publicized compliance date instead of multiple rolling deadlines; and to establish a formal process to monitor market impacts before additional tightening takes effect.
Protected bike lane coming to Adams Street near Brooklyn Bridge to curb illegal parking
A planned protected bike lane linking Downtown Brooklyn to the Brooklyn Bridge aims to close a gap in the borough’s cycling network while curbing a hotspot for illegal parking. Detailed by the city’s Department of Transportation (DOT) earlier this month in a presentation to Brooklyn Community Board 2, the project would install a two-way protected bike lane along Adams Street and Boerum Place, extending existing protections that currently end at Adams and Johnson Streets and creating a continuous connection to the Brooklyn Bridge. The redesign would also deter illegal parking in the existing painted bike lane, where cyclists are regularly forced into traffic to get around vehicles.

The project will be built in two phases: a protected bike lane north of Atlantic Avenue this fall following roadway resurfacing, while a smaller southern segment is planned for 2027 after two nearby residential construction projects are completed, Hayes Lord, a senior transportation manager in DOT’s Cycling & Micromobility Unit, told Brooklyn CB2.
On Adams Street between Fulton and Johnson Streets, the DOT will extend the existing Brooklyn Bridge path south to Atlantic Avenue along the east side of the landscaped median. It will also add a 10-foot-wide, two-way protected bike lane along the median, maintaining two travel lanes, with no loss of legal parking while restricting illegal parking.

The two-way protected bike lane would continue along Boerum Place from Fulton to Schermerhorn Streets. One northbound travel lane would be removed, but the number of legal parking spots would remain unchanged.

At Schermerhorn Street, the two-way protected bike lane would transition to the western curb, improving cyclist alignment for the connection south to the planned Dean and Bergen Streets bike boulevards and promoting safer interactions between cyclists and turning vehicles at Atlantic Street.
Two parking spaces will be lost for daylighting and improved sightlines, and the consolidation of the southbound travel lane is required to accommodate the new roadway design.

The two-way protected bike lane would continue along the west curb on Boerum Place between Atlantic Avenue and Bergen Street, requiring the removal of 24 parking spaces. The agency said 12 of those spaces have already been removed for construction. The segment is scheduled to be installed in 2027.
Overall, the project would improve cycling access to the Brooklyn and Manhattan bridges by connecting directly to Dean and Bergen Streets and providing a second route to Jay Street. Consolidating cyclists into a two-way protected lane would improve safety for all roadway users, while jersey barriers would prevent double parking.
Council Member Lincoln Restler told Streetsblog he has been urging the DOT to advance a project like this for the past four years. Cycling over the Brooklyn Bridge has nearly tripled since a protected bike lane was installed on the crossing in 2021, according to Gothamist.
The segment of Adams Street set for redesign sits in front of the Kings County Courthouse, where dozens of vehicles are often illegally parked in the bike lane as drivers come and go from the building.
Restler’s office conducted a 2025 study that found an average of 500 illegally parked cars daily in Downtown Brooklyn, with the stretch of Adams Street ranking highest.
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The post Protected bike lane coming to Adams Street near Brooklyn Bridge to curb illegal parking first appeared on 6sqft.
From the 2026 Chair: Connections, Strategy and the Future of CRE
I never intended to work in commercial real estate. In college, I studied English literature (and I do still love reading poetry). I was fortunate enough to have a commercial real estate company take a chance on hiring me, and then arrogant enough to think that I would probably just do this a couple of years until I found a “real” job!
My boss encouraged me to join NAIOP just a few years into my career, and this helped me build a professional network in Colorado and, later, across the U.S.
How did you get involved in commercial real estate? Why do you find it engaging?
I love sharing with clients and users how the space they occupy can have a positive (or negative) impact on their lives and business. When we share with an investor how we take a “whole health” approach to our senior living communities, such that the building itself can improve quality of life and care; or I explain to an industrial tenant how modern column spacing can increase their warehouse efficiency by double digit percentages over dated Class C product; or work with an office client to show options that can increase employment recruitment and retention, helping their bottom line tremendously – my passion for our business reignites.
If we are trapped indoors nine hours out of 10, then those buildings need to work for us, not just be walls and a roof where we exist. That philosophy has kept me going for over 20 years; it turns out, I found the real job from the beginning!
What do you see as the biggest benefit of NAIOP?
Being a member of NAIOP is all about resources and connections. Our incredible national resources are further bolstered by an indispensable network of professionals with which you can have instant access to learn about best practices, new technologies and how to partner with cities to create better development policy. Those resources are truly invaluable.
How has NAIOP helped your career? Your business?
NAIOP has been an invaluable asset to my career and by business over the years. Having in-depth knowledge and proactive engagement in local public policy issues kept us at the forefront of changes in development practices and tax implications; our relationships forged through NAIOP have allowed our Denver-based organization, Confluent development, to grow toward development in nearly half the states in the country and in all four time zones.
Commercial real estate is an industry that is impacted by both national and local practices. While we are always a “boots on the ground” business, markets and municipalities are increasingly influenced by strategies in other regions. As a Colorado-based developer, we have gained tremendous benefit not only through the local relationships we have developed, but also through relationships at the federal level and local markets such as southern California, where public policy decisions have served as inspiration in our own local market. This combination of engagement has yielded tremendous opportunity for our organization.
How are Developing Leaders shaping both our association and our industry?
As one of the youngest NAIOP members to serve as chair, I have had the benefit of experiencing firsthand the engagement and enthusiasm of our Developing Leaders. In an industry that has historically been resistant to change, our DLs are ushering in a new way of thinking, leading all of us to embrace a combination of tested best practices with new innovations in the industry. I truly believe that commercial real estate, like many industries, will be required to embrace many new changes in operations and technologies to improve our efficiency and data resources, and our Developing Leaders will certainly lead the way in this regard.
Meet Celeste Tanner in this short video:
Trump Aims To Make America’s 250th The Biggest July 4 Celebration Ever As Record Fireworks, Military Flyovers And Massive Crowds Descend On Washington
President Donald Trump said he plans to mark the 250th anniversary of American independence with what could become the largest Independence Day celebration in U.S. history, featuring a massive gathering on the National Mall, military flyovers, patriotic performances, and an attempt to set a world record for the largest fireworks display ever staged.
The centerpiece of the celebration will take place in Washington, D.C., where Trump is expected to headline a major event near the Lincoln Memorial and Washington Monument as part of a broader national effort to commemorate America’s semiquincentennial. Organizers say the celebration will include hundreds of military musicians, ceremonial units, aerial demonstrations, and a fireworks finale designed to eclipse any previous Fourth of July display.
The event is one of the most visible components of what has quietly become one of the largest tourism and economic initiatives the United States has undertaken in decades.
Behind the patriotic imagery sits a massive network of federal funding, corporate sponsorships, tourism promotion campaigns, vendor contracts, and public-private partnerships all centered on the nation’s 250th birthday. Cities, businesses, hotels, restaurants, transportation companies, and event organizers across the country are preparing for what many expect to be a once-in-a-generation surge in travel and consumer spending.
The celebration is being organized through two separate entities.
The first is America250, the nonprofit partner of the U.S. Semiquincentennial Commission created by Congress in 2016 to coordinate nationwide commemorations. The second is Freedom 250, a public-private initiative established by the Trump administration to support and stage several of the highest-profile events surrounding the anniversary.
Together, the organizations are overseeing what could become the largest coordinated patriotic celebration since the nation’s Bicentennial in 1976.
Congress previously appropriated approximately $150 million to support America’s 250th anniversary activities, with funding directed through federal agencies and related initiatives. America250 is required to provide annual reporting to Congress regarding its activities and spending, while Freedom 250 operates under a different structure that has drawn scrutiny from some lawmakers and watchdog groups.
Much of the remaining funding comes from private-sector sponsors.
Major corporate supporters of America250 include Amazon, Boeing, FedEx, General Mills, Northrop Grumman, Palantir, Comcast NBCUniversal, and JPMorganChase, among others. For participating companies, the anniversary offers a rare opportunity to align their brands with one of the most visible patriotic celebrations in modern American history.
The economic implications extend far beyond Washington.
Tourism officials frequently point to the nation’s 1976 Bicentennial as a benchmark. That celebration attracted millions of visitors nationwide and generated billions of dollars in economic activity. Adjusted for inflation, planners believe America’s 250th could rival or surpass those figures as travelers flock to events throughout the country.
Hotels, airlines, vacation-rental operators, restaurants, transportation providers, and retailers have spent months preparing for the expected influx of visitors.
Washington remains the focal point, but celebrations are planned nationwide.
One of the largest attractions is expected to be the Great American State Fair, scheduled to take place on the National Mall from late June through early July. The event will feature exhibits from all 50 states, showcasing regional industries, innovations, products, culture, and tourism opportunities.
Organizers describe it as a combination of a state fair, trade show, cultural festival, and patriotic exhibition.
Meanwhile, Sail 250, a major maritime celebration, will bring historic tall ships and military vessels to several U.S. ports, including Boston, New York, Baltimore, Norfolk, and New Orleans. The event is designed to echo the iconic tall-ship gatherings that became one of the defining images of the 1976 Bicentennial.
Additional celebrations are planned across the country, including major sporting events, festivals, concerts, historical exhibitions, and regional fireworks displays.
The fireworks finale in Washington is expected to serve as the signature attraction.
Pyrotechnics company Pyrotecnico has reportedly been working on a display large enough to challenge the current Guinness World Record for the largest fireworks show ever conducted. If successful, the event would add another historic milestone to an already ambitious celebration.
The road to the event has not been without controversy.
Several musical acts initially associated with related Freedom 250 programming reportedly withdrew after raising concerns about the political nature of certain events. Critics have argued that portions of the celebration place too much emphasis on Trump personally rather than on the broader national anniversary.
Supporters counter that the scale of the planned festivities reflects the importance of marking a historic national milestone and argue that the celebration is intended to promote national pride and unity.
Regardless of the political debate, the economic impact is expected to be substantial.
Large-scale public events generate significant spending through hotel bookings, restaurant visits, transportation services, retail purchases, tourism activities, and event-related employment. They also create extensive demand for security personnel, logistics providers, sanitation crews, construction workers, and temporary event staff.
For businesses, municipalities, sponsors, and vendors participating in America’s 250th, the opportunity is straightforward.
The United States turns 250 years old only once. From multinational corporations and tourism agencies to fireworks manufacturers and local restaurants, organizations across the country are betting that the largest Independence Day celebration in American history will generate both national pride and significant economic activity.
JBizNews Desk
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Bitcoin’s Run To $125,000 Was Good, But The Next Will Be ‘Even Bigger’, Analyst Says
Crypto analyst Kevin Capital says the next cryptocurrency bull cycle could be larger than the previous one, with altcoins positioned to outperform Bitcoin (CRYPTO: BTC) after years of underperformance.
Altcoin Season Next Cycle?
In a market update on June 15, Kevin Capital said the altcoin market is beginning to show signs of basing against Bitcoin after a prolonged downtrend.
The Total Others versus Bitcoin chart is approaching the same major support area that marked the beginning of altcoin recovery in 2019. “I do believe there will be an altcoin season next cycle, unlike the last cycle that we just had,” he said.
The analyst pointed to the end of the Federal Reserve’s quantitative tightening program as a key macro shift. Liquidity …
‘Release the damn MOU’: MAGA ally Mark Levin turns on Trump over Iran deal
Fox News’ major MAGA ally Mark Levin slammed US President Donald Trump over the Iran war peace deal, calling on the White House to release details of the accord’s Memorandum of Understanding.
Levin on X wrote: “I have asked for days, why can’t we, the people, see the damn MOU? Not through people briefed by an anonymous person. Honestly, I’ve never seen anything like this. If it is a great outcome for peace, then release it.”
I have asked for days, why can’t we, the people, see the damn MOU? Not through people briefed by an anonymous person. Honestly, I’ve never seen anything like this. If it is a great outcome for peace, then release it.
— Mark R. Levin (@marklevinshow) June 15, 2026
“Here’s an idea: if you want people to stop speculating about the MOU, release the MOU. Don’t brief a few anointed ones to control the narrative and expect everyone else to sit silently. That’s not how our country works. It’s going to be signed soon. It takes time for people to digest it all once it is released. Controlling the narrative can only last so long,” he added.
Vice President JD Vance said the peace accord was signed electronically over the weekend.
Levin speaks out against Trump’s attitude towards Netanyahu
Levin, a pro-Israel hawk, also slammed the president for lashing out at Israeli Prime Minister Benjamin Netanyahu after Israel attacked Hezbollah targets in Lebanon.
Trump had told a reporter that he questioned Netanyahu’s “f***ing judgment.”
“In a period of two-months, Israel has gone from a great ally and partner in war, fighting by our side against a horrible enemy that has killed thousands of our people, killed tens of thousands of their own people, and was a dire nuclear threat intent on attacking us, to Israeli PM Netanyahu being a difficult person who should be thanking us for saving his country from Iran and should get our permission if he wants to defend his people from Hezbollah and Iran, and stand down when his country is attacked,” Levin wrote.







































































































































































