US Inflation Picks Up to 3 Year High, Eroding Paychecks| Bloomberg Businessweek Daily 6/10/2026

Watch on YouTube ↗  |  June 10, 2026 at 21:55  |  48:54  |  Bloomberg Markets
Speakers
Chris Kennedy — Economic Statecraft Lead, Bloomberg Economics
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Charlie Pellett — Anchor/Reporter, Bloomberg
Isabel Lee — Bloomberg News Cross Asset Reporter
David Fortunato — CEO and President, Wealthfront Corporation
Todd Gillespie — Banking Reporter, Bloomberg News

Summary

The episode covers escalating US-Iran tensions driving oil and inflation to multi-year highs, with President Trump vowing more strikes. Markets tumble on geopolitical fears and a tech selloff. Wealthfront's CEO discusses client shifts to global diversification, while Goldman Sachs' CEO faces pressure over a lawyer's Epstein ties. The inflation surge complicates the outlook for Fed rate cuts.

  • President Trump threatens further strikes on Iran after stalled peace talks, escalating Middle East tensions.
  • Oil prices surge, WTI nears $91 and Brent hits $93.93, with Iran's ability to shut the Strait of Hormuz amplifying supply risks.
  • US May CPI hits 4.2% y/y, the fastest in three years, driven by war-related energy costs, erasing real wage gains.
  • Stocks fall broadly; S&P 500 drops 1.2%, tech and semis slide, with the SOX index down over 3%.
  • Fed Chair Kevin Warsh faces a difficult environment where sticky inflation likely prevents rate cuts this year, keeping Treasury yields elevated.
  • Wealthfront CEO David Fortunato notes clients increasingly favor global diversification and direct indexing, with assets nearing $99 billion.
  • Goldman Sachs CEO David Solomon decides to retain top lawyer Kathryn Ruemmler despite her Epstein email ties, causing internal debate.
  • Consumer movers include Cava up 6% on a UBS upgrade and Cracker Barrel surging 27% on raised guidance and patriotic merchandise.
Ideas
Chris Kennedy Economic Statecraft Lead, Bloomberg Economics 7:23
Iran war keeps oil supply at risk.
Iran has the capability to completely shut down shipping through the Strait of Hormuz at any point, and the ongoing US-Iran conflict with calibrated strikes is far from a ceasefire, keeping a floor under oil prices. Even if a deal is reached, oil may not return to pre-war levels until next year.
WTI MED
Michael McKee International Economics & Policy Correspondent, Bloomberg 15:22
Sticky inflation forces higher-for-longer rates.
May CPI accelerated to 4.2% y/y, the fastest in three years, driven by war-induced energy costs, and with food inflation likely to return due to screw worm, real wages are falling. This makes it impossible for the Fed to cut rates this year; the Treasury market is signaling that rates need to stay higher.
US 2-Year Treasury Yield MED
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This Bloomberg Markets video, published June 10, 2026, features Chris Kennedy, Michael McKee discussing WTI, US 2-Year Treasury Yield. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Kennedy, Michael McKee  · Tickers: WTI, US 2-Year Treasury Yield