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New clip of Global Brand Ambassador's Wang Yibo during the photoshoot for the #LoeweSS26# show in Paris
YIBO LOEWE FASHION WEEK
#WangYibo_PFW# #PFW# #WangYibo# #WangYiboxLoewe#
BREAKING: The average price of US ground beef rises +13% YoY in May to a record $7.06 per pound, with prices now up +58% since 2020.
Steak prices surged +16% YoY to $12.80 per pound, the 2nd-highest on record.
This comes as the US cattle herd has shrunk to its lowest in 75 years, with drought conditions, elevated production costs, and a New World screwworm outbreak in Texas limiting supply recovery.
Meanwhile, nearly 80% of US cattle are currently located in areas facing dryness or drought, threatening to keep beef prices elevated well into 2027.
American consumers are paying record prices for beef.
LATEST: 🇯🇵 Japan’s Lower House has passed a bill to classify crypto assets as financial instruments, potentially lowering the top tax rate from 55% to 20%.
Kevin Warsh's view is clear: AI will eventually force interest rates lower because it will be highly deflationary.
"AI is going to make almost everything cost less. We're at the front end of a productivity boom."
The problem is that today's economy is telling a different story.
Inflation is at 4.2%, its highest level in three years.
Tensions with Iran continue to threaten oil supplies.
The labor market remains strong.
AI may be deflationary in the long run, but the Fed has to deal with today's inflation first.
I don't expect a single rate cut before the end of 2026.