Table of Contents

• The Fed

• U.S. Steel

Top Stories Today

The Fed

The Federal Reserve held its benchmark interest rate steady at 4.25%–4.5% on Wednesday, in line with market expectations, even as officials foresee persistent inflation and slower growth ahead. While the Fed’s “dot plot” still signals two rate cuts by year-end, projections for cuts in 2026 and 2027 were trimmed, reflecting continued uncertainty about the economic outlook. Policymakers have pushed down their GDP forecast for 2025 to 1.4% and lifted their inflation estimate to 3%, with core PCE, which excludes food and energy, also expected to run above target. Unemployment is now seen inching up to 4.5%. Chair Jerome Powell emphasized the central bank’s readiness to wait for clearer signals before adjusting policy, noting that recent tariff measures and geopolitical risks warrant caution.

U.S. Steel

Japan’s Nippon Steel has finalized its takeover of U.S. Steel, causing the American icon’s shares to halt trading on the NYSE and be officially delisted by June 30. Despite President Trump’s repeated assurances of an ongoing “partnership” and his insistence that U.S. Steel remain American-controlled, the company is now a wholly owned subsidiary of Nippon Steel North America. Under a national security agreement, the U.S. president holds a “golden share” granting veto power over key decisions, such as headquarters moves, name changes, job relocations, and major acquisitions, and a majority of board members and the CEO must be U.S. citizens. Nippon Steel has also committed to investing $11 billion into U.S. Steel operations by 2028, including a $1 billion greenfield project.

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