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US Inflation Hits 3-Year High

The Federal Reserve’s preferred inflation measure climbed to its highest level in over three years in May, as energy price increases tied to the Iran war continued bleeding into broader parts of the economy, keeping pressure on the central bank to raise rates.

The Personal Consumption Expenditures price index rose 4.1% on an annual basis, the highest reading since April 2023, according to Commerce Department data released Thursday. The monthly gain came in at 0.4%. Energy goods and services led the way, rising 4% for the month alone.

Stripping out food and energy, core PCE advanced 3.4% year-over-year after a 0.3% monthly gain, its highest point since October 2023. Both readings matched expectations. Housing costs edged up 0.3%, and financial services and insurance posted a 1.2% jump, underscoring concerns that price pressures are no longer confined to the energy sector. Tariffs are also increasingly seen as a contributing factor.

You can read more on the matter here.

What’s going on?

• Micro Caps, Macro Gains: Trump-Linked Fund Turns Warrants Into Paper Gains (theDeepDive)

• Homes under $500K taking up bigger share in Ontario real estate market: report (CBC)

• How Google Knew Venezuela’s Earthquake Seconds Before It Happened (theDeepDive)

• Supreme Court Lets Trump End Humanitarian Protections for Many Immigrants (WSJ)

• Dimon Disputes Carney’s Middle-Powers Strategy: “It’s a Fantasy” (theDeepDive)

• Rescue efforts under way after Venezuela earthquakes kill at least 188 (Globe)

• Breaking Down Carney And Eby’s Condo-To-Housing Plan (theDeepDive)

• Carney says B.C. condo buyout proposal is about affordability, not bailouts (CTV)

• Will This Petition Calling For Carney’s Resignation Succeed? (theDeepDive)

What’s the latest?

• Trade War: PM Mark Carney said Canada will modernize CUSMA but won't accept a bad deal, noting 85% of Canada–U.S. trade remains tariff-free despite ongoing tensions. He also highlighted 4,500 affordable homes underway, 23 major projects, 20 international partnerships, a 60% drop in international student arrivals, and a one-third decline in asylum claims, while confirming his recent call with Trump focused on NATO and Iran, not trade.

• Markets: U.S. markets closed mixed as the S&P 500 slipped <0.1%, the Dow gained 0.1%, and the Nasdaq fell 0.5%. Micron (+16.6%) and Qualcomm (+6.9%) rallied on strong AI demand, while Apple (-4.5%) fell after raising product prices by 15–20% on many Macs. U.S. inflation came in at 4.1% (vs. 3.8% in April), but easing Treasury yields and lower oil prices supported sentiment, with the 10-year yield at 4.39% and Brent crude at $75.36/barrel.

• AI: A BDO Canada survey found 46% of Canadian business leaders are experimenting with AI without meaningful ROI, while only 18% have fully embedded AI into operations. Another 27% expect AI to have minimal impact over the next four years, suggesting many firms are still running disconnected AI pilots instead of redesigning workflows around the technology.

• BoC: The Bank of Canada’s review found strong support for keeping its 2% inflation target and flexible inflation-targeting framework. Canadians cited high living costs and housing affordability as top concerns, preferred gradual and predictable interest rate changes, and said the CPI often doesn’t reflect their real-world spending, prompting calls for clearer communication and better alignment with household experiences.

• Politics: A U.S. judge temporarily blocked part of the Trump administration’s new student loan rules, pausing its definition of 11 "professional degrees" while leaving the new borrowing caps largely intact. Beginning July 1, most graduate students remain subject to a $20,500 annual loan cap and professional students to $50,000, replacing the previous system that allowed borrowing up to the full cost of attendance.

Minera Alamos Copperstone PFS

The stock market and stuff

• Glass House Brands Cleared for NYSE Listing, Trading to Begin June 30 (theDeepDive)

• Anthropic Accuses Alibaba of Largest Known AI Extraction Campaign, Urges Congress to Act (theDeepDive)

• Wall Street drifts in mixed trading after Micron soars and Apple drops (BNN)

• Alphabet Joins the Dow on June 29, Putting Five of the Magnificent Seven Inside the Blue-Chip Index (theDeepDive)

In the juniors

• Crossroads Gold Maps Out Multiple Untested Targets in Pambula Reinterpretation (theDeepDive)

• Hemlo Mining Adds 1.4 Million Ounces in Updated Resource Estimate (theDeepDive)

• Titan Mining signs lease with US Army for graphite processing (Reuters)

• Integra Resources Raises 2026 Cost Guidance at Florida Canyon, Extends Mine Life To 2033 (theDeepDive)

FULL DISCLOSURE: Antimony Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Antimony Resources. The author has been compensated to cover Antimony Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.