Morning Business Report: Prices Rise for food items, Fed Chair faces uncertain future
From your morning coffee to your weekend burger, prices on some common indulgences ticked higher in June.
(LILAMAX)- From your morning coffee to your weekend burger, prices on some common indulgences ticked higher in June. New data shows the median price of a premium cup of coffee, cold brew, beer, and a burger all rose slightly last month. However, there were a few bright spots for consumers—burritos and chicken wings dropped modestly in price, and the cost of eggs continued to decline. Still, one of the biggest cost burdens remains unchanged: housing prices are staying stubbornly high, putting pressure on household budgets nationwide.
The uptick in consumer costs comes as political pressure mounts around the Federal Reserve. Treasury Secretary Scott Bessent confirmed Tuesday that the search is underway to replace Federal Reserve Chair Jerome Powell. According to a report by Bloomberg, Bessent suggested Powell should step down from the Fed’s board when his term as chair ends in May 2026.
President Donald Trump and some of his allies have grown frustrated with Powell’s reluctance to aggressively cut interest rates amid persistent inflation. Despite the pressure, the Fed has maintained a cautious stance, weighing signs of economic growth against the risk of inflation climbing too fast. Those inflation concerns were reflected on Wall Street Tuesday, as stocks mostly declined. Banks, in particular, lost ground—even after reporting strong earnings—as investors responded to inflation data and interest rate uncertainty.
In a move that could reshape retirement investing, The Wall Street Journal reports President Trump is expected to sign an executive order in the coming days that would allow private companies to be included as investment options in 401(k) retirement plans. While private firms may offer stronger returns, they often come with higher fees—something investors will need to weigh carefully.
Meanwhile, signs of seasonal hiring are already here. Spirit Halloween announced it will hire 50,000 retail associates for the 2025 season. The pop-up retailer plans to open 1,500 locations across the country, most starting in August. All employees will also receive a 30% discount on in-store purchases.
