Axios

The risk of a "sustained downturn" in the housing market is rising, as home prices show further signs of cooling off.

Why it matters: The sizzling housing market has elevated the wealth of countless Americans in recent years.

Federal Reserve chair Jerome Powell told lawmakers on Tuesday that he is in "wait-and-see" mode on interest rates, as Republicans and Democrats alike called for the Fed to make cuts soon.

Why it matters: It adds to the pressure Powell faces in Washington to slash borrowing costs — from some congressional leaders on both sides of the aisle, President Trump and even internally at the Fed.

A group is attempting to organize an "economic blackout" boycott against McDonald's, which the organizers accuse of "price gouging" and "tax dodging."

Why it matters: The group has led several widely publicized blackouts this year, but data reflects minimal, if any, impact from their campaigns.

Amid a historic flashpoint in the Middle East, the Voice of America has broadcast just 75 minutes of content targeted to its audience in Iran over the last 72 hours, a source familiar with its schedule said.

• ⏱️ The programming was limited to just one show for around 30 minutes Sunday morning and another for around 45 minutes Monday morning, the source said.
• Before the Trump administration's efforts to gut funding for USAGM and its outlets, the VOA broadcast 24/7 for its Iranian audience.

Why it matters: Lawmakers are growing concerned that what was once considered the country's greatest soft power weapon against authoritarian regimes has been sloppily gutted for political points.

Once touted as a place for inspiring creativity and joy, TikTok is now actively looking to boost news influencers in North America and beyond.

Why it matters: News creators have been informally publishing on the platform for years. Now, TikTok will support their growth with additional resources.

🗞️ Zoom in: Last week, the company posted a new position, based in Los Angeles, for a creator manager responsible for "managing and growing 'News' creators for North America (NA) on TikTok."

• The manager will be responsible for developing and championing "best practices in 1:1 management to support various product and creative strategy needs," the listing reads.

The third 90-day TikTok ban delay came last week as conversations between the government and potential suitors have stalled out, sources told Axios.

Why it matters: Patience is wearing thin on Capitol Hill, where Republicans are fed up with the delays, Axios' Maria Curi reports.

⏳ Between the lines: Negotiations between potential bidders and the White House were being led by the vice president's office. But talks slowed ahead of the third ban delay.

• "Things right now are pretty quiet," billionaire Frank McCourt told Axios in an interview last week.
• "There was a period of time where we were in active conversations with the White House and through the vice president's office and the Chinese side of this," he added.

The doubling of global ad revenue to $1 trillion over the past decade has ushered in a new wave of companies eager to sell consumer attention.

Why it matters: Publishers aren't just competing with Big Tech to sell advertising, they're now also competing with some of their biggest brand clients.

• 🥂 On my way to Cannes, France, last week, United Airlines handed out drinks to customers boarding its flights from Newark to Nice, celebrating the one-year anniversary of its new ad network, Kinective Media.

States across the U.S. are rolling out tough new laws that cap deposits and tighten oversight on cryptocurrency ATMs, seeking to cut off a favorite tool of scammers and extortionists.

Why it matters: The kiosks are the easiest way for ordinary people to turn cash into crypto, and their use by fraudsters has surged over the last few years, especially with scams targeting older Americans.

Major retailers — including Walmart, Target, Best Buy and Kohl's — have announced July sales of their own that take aim at Amazon's annual Prime Day.

Why it matters: Amazon's sale has become a marquee mid-year event, prompting rivals to create their own overlapping promotions to keep shoppers from heading exclusively to the e-commerce giant.

Oak Investment Partners is one of the biggest winners from the IPO of stablecoin issuer Circle, with shares worth in excess of $3 billion.

• It has a convicted crook to thank. Except that he might be dead.

Halter, a New Zealand-based maker of smart cow collars that enable virtual fencing for cattle ranches, raised US$100 million in Series D funding led by Bond at a $1 billion valuation.

Why it matters: The round is designed to further enable U.S. expansion, at a time when many cattle ranches are facing labor shortages due to increased immigration enforcement.

Krispy Kreme and McDonald's are ending their doughnut partnership and will part ways on July 2, the companies announced jointly Tuesday.

Why it matters: The decision follows a rocky spring for both brands — and caps months of uncertainty, after Krispy Kreme paused the planned national expansion in May to "reassess" the rollout.

New York Gov. Kathy Hochul on Monday directed the state's public power authority to build a gigawatt-scale plant somewhere upstate. Here are seven observations:

1. It's really a bipartisan thing now. The full-throated embrace of nuclear from the second-largest blue state is a powerful sign of cross-aisle support.

Stocks absolutely, positively don't want to go down.

• Tariffs? War in the Middle East? Rising energy prices? Surging deficits? High interest rates? Weak dollar? Plunging CEO confidence? Climate change? Nope, nope, nope. The TACO trade is for everyone.

Why it matters: Investors are already ignoring a slew of headwinds.

Forget top hats and monocles, millionaires look positively middle class now.

Why it matters: The number of "everyday" millionaires — those with wealth between $1 million and $5 million — is soaring. But many of these folks don't necessarily feel rich.