Rates

• The U.S. Personal Consumption Expenditure (PCE) price index for May met expectations, with headline inflation at 4.1% and core inflation at 3.4%. • Consumer spending rose by 0.7%, exceeding the 0.6% forecast, while personal income accelerated sharply by 0.7%, significantly beating the 0.4% consensus estimate. • This resilience in consumer demand and income growth suggests that households can sustain spending despite elevated borrowing costs.

• Cyberrey warns that AI is accelerating the "cyber kill chain," enabling attackers to execute malicious actions faster than traditional defenses can react. • To counter this threat, companies are urged to shift from reactive security models toward proactive resilience and automated incident response. • The proposed strategy involves using machines to handle repetitive workflows and intelligence channeling, allowing human security operations center (SOC) staff to focus on complex crisis management.

• The 2026 Bucheon International Fantastic Film Festival (BiFan) is launching in South Korea to celebrate 30 years of Asian genre cinema. • The event features a diverse global program of horror, action, science fiction, and fantasy films, maintaining its status as Asia's largest celebration of these genres. • The festival will open with the local premiere of *Blades of the Guardians*, a blockbuster wuxia epic directed by Hong Kong cinema legend Yuen Woo-ping.

• Global tech stocks experienced a significant sell-off on Tuesday, resulting in the Nasdaq index closing 2.2 percent lower. • Investors are reacting to the massive projected capital expenditures required for AI development and the looming prospect of higher interest rates. • This downturn reflects growing market anxiety over whether the high costs of AI infrastructure will yield immediate financial returns.

• Senate Republicans held a late-night vote on Wednesday to reject a war powers resolution, moving to appease President Donald Trump after he berated them for opposing his war in Iran. • The move follows a face-to-face confrontation where Trump harangued GOP senators for allowing a vote to block his military actions on Tuesday, specifically targeting Louisiana Sen. Bill Cassidy. • This internal conflict has stalled general Senate business and diverted the GOP's focus away from key election-year issues regarding affordability.

• Amazon will invest an additional $13 billion in India over the next four years, bringing its total planned spending on AI and cloud infrastructure to $21 billion by 2030. • The announcement followed a June 25 meeting in New Delhi between Amazon CEO Andy Jassy and Prime Minister Narendra Modi. • Funds will expand AWS data center capacity in Mumbai and Hyderabad, providing Indian startups and government agencies access to custom Trainium chips and AI services.

Airbus to inspect 15 Emirates and one Qantas plane after cracks found in structural wing beam of some jetsAirbus will inspect 16 A380 planes, five of them immediately, after cracks were found in a key wing component on aircraft used by the Emirates and Qantas airlines.The European Union Aviation Safety Agency (EASA) has ordered urgent inspections requiring airlines to examine the wing-spar structure on the affected jets after inspectors found cracks during routine maintenance checks. Continue reading...