S&P 500 Overall Market

Federal Reserve officials disagreed at their June meeting about whether interest rates should rise, fall, or stay put, according to minutes released Wednesday (CNBC Finance). The split reflects uncertainty over inflation: some officials think price pressures will ease and justify rate cuts; others see persistent inflation demanding higher rates. The committee kept rates steady at 3.5%–3.75% and will wait for more data before moving—a posture that leaves markets guessing about 2026's path forward.

New Federal Reserve Chairman Kevin Warsh named five task forces to overhaul how the Fed operates, recruiting venture capitalist Marc Andreessen, former Walmart CEO Doug McMillon, and other prominent economists and business leaders (CNBC). The groups will examine everything from Fed communications to inflation frameworks, artificial intelligence's impact on prices, and the central bank's balance sheet. Warsh has signaled he wants the Fed to be less transparent about future policy moves and more focused on explaining its 'reaction function'—the specific conditions that would trigger rate changes.

Micron shares jumped nearly 5% Thursday after announcing it will raise total U.S. investment to $250 billion through 2035—a roughly $50 billion increase—as artificial intelligence demand for memory chips explodes (CNBC Tech). The chipmaker also pledged $3 billion to secure long-term raw silicon supplies, and poured first concrete on what it says will be the largest semiconductor manufacturing site in U.S. history, in Clay, New York. The rally lifted other chip suppliers including Applied Materials, KLA, and Lam Research, reflecting investor relief that the AI buildout remains on track.