Axios

The Federal Reserve kept its target interest rate unchanged and released new projections showing the central bank's leaders now expect to cut interest rates only once this year.

Why it matters: Leaders of the central bank are looking for more evidence price pressures are receding before proceeding with a much-anticipated pivot to cheaper money.

A blank-check company led by crypto investors announced a deal that, at first glance, looks very uncrypto.

Why it matters: Dig deeper, and it looks like an epic troll or a Trojan horse of a deal.

Context: Listing on public exchanges via a special purpose acquisition company, or SPAC, has largely fallen out of favor following scrutiny from the SEC. (Part of the issue was how they performed after listing.)

• Stablecoin issuer Circle and crypto exchange Bullish (the company that bought CoinDesk) kiboshed their mergers when it became apparent that the route to the public market had significant hurdles.

ProShares is the latest entrant in the ether ETF race... as of this week.

• The move is a bit of a surprise, given the asset manager sat out the spot bitcoin ETF race.

Between the lines: It already has a large bitcoin futures fund called the Bitcoin Strategy ETF (BITO).

The big picture: That means the ether ETF eight, have one more issuer to compete with.

It's starting to feel a little bit like late 2023: For the second straight month, the Consumer Price Index was cooler than expected — a sign that inflation might be back on a downward path.

Why it matters: The first few months of the year stoked fears that price pressures were reaccelerating. So far, the second quarter appears much different — with a soft landing path for the economy looking like a reality.

The International Energy Agency isn't backing off its controversial projection of peak oil demand by 2030 — and it's warning petro-companies not to dismiss the analysis.

Why it matters: The future of consumption has repercussions for oil-producing nations and corporate strategies — and the planet's warming climate.

The Consumer Price Index was flat in May, while the core measure that strips out food and energy rose 0.2%, the Labor Department said on Wednesday.

Why it matters: For the second straight month, inflation slowed — welcome news for American households and policymakers after a hot start to 2024.

From the C-suites of big companies to the halls of the Federal Reserve, economic decision-makers are waiting to see whether the next shift is toward recession, reacceleration or something in between.

Why it matters: The economy has hit a midyear holding pattern in which policy is static, growth and inflation have leveled out and CEOs aren't making major adjustments to hiring plans as they await the results of the U.S. presidential election and a Fed policy pivot.

Apple shares reversed course from yesterday to close at a new record following a slew of bullish Wall Street takes on the company's AI announcements.

Why it matters: Today's 7.3% pop suggests many investors believe that Apple's AI strategy may help reinvigorate sales of its single most important device, the iPhone.

The public's sentiment toward electric vehicles is deteriorating.

Why it matters: EV companies like Tesla, Rivian and Lucid — plus automakers like GM, Hyundai and Mercedes-Benz — have staked their success on a future fueled by little or no gasoline.

By the numbers: 63% of adults say it's unlikely or very unlikely that they will buy an EV for their next vehicle, up from 51% in 2022, according to a new AAA survey of 1,152 Americans.

Bankruptcy is supposed to provide American individuals and businesses with a way to escape crushing debts, but one expert believes it's become an unjust — and often racist — system.

Why it matters: Bankruptcy is so foundational to America's economic system that the nation's founders enshrined it in the U.S. constitution, giving Congress the power to allow burdened debtors to shed creditors.

Canada-based crypto miner Bitfarms yesterday adopted a poison pill — a move sometimes employed by a company under threat.

Why it matters: Bitfarms is reaching for a corporate defense strategy that would dilute shareholder value in an attempt to gird itself from the possibility of a hostile takeover.

How it works: Under Bitfarms' poison pill plan, if any entity accumulates more than 15% of the company after June 20 and until Sept. 10, the company would issue new shares to dilute that acquirer's stake.

First came the economic shocks, now comes the steadying. The world economy might be stabilizing after years of unprecedented disruption.

Driving the news: The global economy will grow at a rate similar to 2023's, according to the World Bank's latest projections published Tuesday morning.

The world's largest convenience store is now open in Luling, Texas, with 120 fuel pumps, a massive 75,000 square feet store and the "world's cleanest bathrooms."

Why it matters: Texas-based Buc-ee's — renowned for huge locations and super-clean bathrooms — has developed a cult-like following across the South.