Finance

In his first meeting as Chairman, Kevin Warsh oversaw a decision to maintain interest rates at 3.5%-3.75% while signaling a pivot toward future hikes. Projections from FOMC members now suggest a 65% chance of a rate increase by September as the central bank prioritizes taming inflation over economic growth.

Crude oil prices have plummeted to near prewar levels following an agreement to reopen the Strait of Hormuz to tanker traffic. Brent crude futures fell below $78 a barrel, providing immediate relief for American consumers as average gasoline prices dipped under $4 for the first time in months.

The June 2026 Russell index reconstitution has highlighted a dramatic change in market leadership, with Nvidia surpassing Apple and Microsoft to become the largest company in the Russell 1000. Additionally, traditional tech giants like Microsoft and Apple have been partially reclassified into value indexes, reflecting a maturing style profile amid the artificial intelligence boom.