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Good Morning,

Stock market was closed Friday in observance of Juneteenth, so no market updates today.

The French government swapped out Google search in favor of Microsoft’s’ Bing, Intel hires new EVP of Foundry division, Trump blames ‘vandalism’ for reflecting pool woes, Iran and US on edge again, Student Loan borrowers enrolled in auto pay to see 1% rate reduction next month, Idaho’s Sunshine Mine goes public.

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Let’s Rip

The Week ahead

Key Events This Week: (KL)
1. June S&P Global PMI data - Tuesday
2. May New Home Sales data - Wednesday
3. May PCE Inflation data - Thursday
4. US Q1 2026 GDP data - Thursday
5. June MI Consumer Sentiment data - Friday
6. June MI Inflation Expectations data - Friday

The spotlight remains on inflation.

Headline Roundup

EU Parliament to switch to French search engine from Google in tech sovereignty push (Reuters)
Why Intel Hired the Former CEO of Micron’s Big Rival SK Hynix (Barron’s)
Denied northwest Boise housing project gets another chance (IDP)
Meridian considers new development fees for jail and EMS services (IDP)
Trail Blazers owner Tom Dundon to appear in Portland as $600M Moda Center deal heats up (ORL)
County board votes ‘no confidence’ in Tillamook County DA, strips her of $20,000 stipend (ORL)
Former Convoy CEO Dan Lewis launches stealth startup (PBJ)
Praxis Health to close La Grande Urgent Care in August (LGA)
Historic Sunshine Mine makes debut on NYSE (SBJ)

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Community Highlight

Prosperity Council Likely to Streamline State’s Economic Development Agency (WW)

“When Gov. Tina Kotek’s Prosperity Council releases its final report in the last week of June, it’s almost certain the panel will recommend an overhaul of Business Oregon, the state’s economic development agency.

Business Oregon spends more than $1 billion a year on everything from funding for regional theater groups to tax breaks for multinational corporations such as Intel, Amazon, Facebook and Google.

Its stated mission is to “promote a globally competitive, diverse, and inclusive economy.” But by a basic measure—jobs created—it has failed that mission nine of the past 10 years, often by wide margins.

The response to that record: lower the target. As a result, the agency cleared its goal last year—by eight jobs.
“The governor and the Legislature need to take economic development more seriously,” says the organization’s CEO, Angela Wilhelms. “We believe that a robust Department of Commerce could provide an overarching, consolidated structure for related functions currently split across multiple agencies.”

The Prosperity Council’s recommendations will likely shine a light on Business Oregon’s director, Sophorn Cheang, whom Gov. Kate Brown appointed in 2021 to run the agency. Prior to her appointment, Cheang served as Brown’s director of diversity, equity and inclusion”

Rip’s Spotlight

US Education Department offers two-year trim on student loan interest rates (WSS)

The U.S. Department of Education will temporarily reduce interest rates for federal student loan borrowers enrolled in auto pay starting July 1, the agency announced Thursday.

“Borrowers who enroll in auto pay — the optional feature that allows a borrower to have their monthly loan payment automatically deducted from their checking or savings account — will see a reduction in their interest rate by one full percentage point from July 1, 2026, through June 30, 2028.

The change means a 6% interest rate would drop to 5%, for instance.

Federal student loan borrowers currently enrolled in auto pay already receive an interest rate reduction of 0.25 percentage points from their servicer. Those borrowers do not need to take any additional action and will automatically receive an extra interest rate reduction of 0.75 percentage points, the department said.

“This temporary incentive is designed to help borrowers pay down their balances more quickly, take full advantage of new repayment benefits, remain on track toward loan discharge opportunities and to strengthen the overall health of the federal student loan portfolio,” Under Secretary of Education Nicholas Kent said during a Thursday call with reporters.

Kent said the benefit is estimated to cost the agency $6 billion.”