Fed's Kashkari said he is concerned about inflation, particularly services-sector inflation.

Counterpoint Research says Apple’s entry into the foldable phone market will push up prices by refocusing consumers on the high end and boosting demand for premium software and productivity tools. The firm cites Apple as one factor behind a projected c.18% rise in global foldable-phone average selling prices (ASP) this year. It adds that competition is driving down prices for budget clamshell foldables—narrowing their gap with high-end slab smartphones—while demand is surging for larger, pricier book-style foldables.

U.S. military said it struck Iran in response to Iranian attacks on commercial vessels.