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It's the Economy: US Consumer Sentiment Slides to Record Low on Price Concerns (Bloomberg)
US consumer sentiment fell in May to a record low and long-term inflation expectations worsened notably due to the Iran war.
The University of Michigan’s final May sentiment index was weaker than all projections in a Bloomberg survey of economists.
Gasoline prices hovering near the highest since 2022 are compounding Americans’ concerns about the cost-of-living and the absence of a deal to end the war. The toll of inflation on household budgets, particularly for lower-income consumers, poses a risk to the spending outlook.
Me, Me, Me: Trump’s Self-Indulgence Deepens G.O.P. Fears in Midterms (New York Times)
For many, a new jaw-dropper came last week when Trump created a $1.8 billion fund to pay people who say they have been victims of “weaponization and lawfare,” including those who attacked the Capitol and law enforcement officers there, on Jan. 6, 2021, the Times reports.
Incensed Senate Republicans, many of whom lived through that day, returned home vexed by a president who appears set on pursuing his personal priorities ahead of the November midterm elections, even if doing so undermines his own party. They angrily abandoned Washington on Thursday without funding the president’s immigration crackdown or the $1 billion he wants for his ballroom.
Money Boost: Japanese Megacorp SoftBank Donates $50M to Trump’s Presidential Library in Miami (Politico)
The donation from SoftBank is one of the largest known gifts to the fund. The Trump library is in the process of raising hundreds of millions of dollars for the project, and donations from media and tech organizations including ABC News,
Paramount,
X and Meta as part of lawsuit settlements are also other sources of funds.
Podcast Alert: Don't miss the Daily Read podcast on Spotify and Apple Podcasts. It's our AI-driven companion to today's newsletter going behind the headlines with added insight.
The New Fed Chair: Treasury Market Ushers in Warsh Era With Bets on 2026 Rate Hike (Blooomberg)
Bubble Watch: Worrying Signs in Markets After Months of Ups (CBS News - 60 Minutes)
Stocks on Wall Street have rallied in recent months, but '1929' author and journalist Andrew Ross Sorkin tells 60 Minutes that he's "anxious that we are at prices that may not feel sustainable." The question is: when will the bubble pop, and how much will the market slump when it does?
Gun Violence in DC: Shooter Killed Near White House was Previously Charged with Trespassing (Washington Post)
Nasire Best, 21, had cut off contact with even his closest friends and began claiming that he was Jesus Christ. Best’s motive for opening fire near the White House remains unclear. According to voting records, when he registered to vote in 2022, he marked his party affiliation as Republican, and he has no known history of political statements.
Middle East Update: Saudi Crown Prince MBS Scores Unexpected Wins During Iran War (Bloomberg)
Saudi Arabia's Red Sea coast has emerged as a vital corridor to bypass the Strait of Hormuz, which has been all but closed to commerce since the Iran war began. That’s turning the Gulf nation into a key transit route for supply chains across the peninsula, a potential boost for Crown Prince Mohammed bin Salman’s $1.3 trillion economy.
Irish By-Elections: Wins for Ireland’s Fine Gael and Social Democrats (Bloomberg)
The outcome on Sunday was a setback for the main opposition party, Sinn Fein, which was competing for a second seat in a constituency where its leader, Mary Lou McDonald, already holds one.
Colombia Votes on Sunday: Leftist Icon, Millionaire Lawyer, Conservative Senator: Who will be Colombia's Next Leader? (Agence France Presse)
USA's 250th: A Garden of Heroes Both Trump and Mamdani Can Support (Bloomberg Opinion - Frank Barry)
Democrats have rolled their eyes at President Donald Trump’s plan for a National Garden of American Heroes in Washington, DC, but they’re looking at it all wrong, writes Frank Barry. An outdoor showcase of classical sculpture depicting major historical figures is a brilliant idea — and the best part is: It already exists! It just needs a little TLC, and the country’s 250th anniversary is the perfect opportunity to provide it.
The Hall of Fame of Great Americans was dedicated 125 years ago this month at New York University’s Bronx campus, on a bluff overlooking Manhattan.
NYC Today: New York City’s Hottest Transit Mode Is a Boat (Bloomberg)
The city-run fleet of ferryboats is seeing a surge of riders — and social media fame — as it tries to navigate NYC's challenging commuting landscape.
The stage for a public ferry comeback was set in the 2000s, as new Lower Manhattan parks brought foot traffic to the waterfront and residential growth soared in river-abutting neighborhoods like Williamsburg, Greenpoint, Dumbo and Long Island City. Reviving a ferry system, the thinking went, would help the city capitalize on that, and in 2011, Mayor Michael Bloomberg launched a pilot.
The service now spans 25 landings across all five boroughs. Ridership is up, especially on the weekdays, and costs per passenger have been trending down from pandemic-era peaks. By its own accounting, the city is subsidizing each ride less than ever.
The Great Hotel Blanding: Why Hotel Rooms Have All Started to Look the Same (Bloomberg)
Thanks to shifts in tech, culture and hospitality business models, we’ve ended up in a place where hotel rooms look more alike than unique, no matter if they cost $300 or $1,300 per night.
Consolidation is one part of the reason. In 2019 the top six hotel conglomerates — Hyatt, Marriott, Hilton, H World Group, InterContinental and Accor claimed a combined 4.4 million rooms spread across 28,000 hotels globally, according to data from Bloomberg Intelligence. By the end of 2026, those numbers are expected to rise significantly, reaching 7.1 million rooms across 50,000 properties.
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