The Federal Reserve held its benchmark federal funds rate steady at 3.5% to 3.75% at the first FOMC meeting chaired by Kevin Warsh, while overhauling how it communicates about policy. The central bank moved to end forward guidance, issued a noticeably shorter post-meeting statement and declined to publish individual economic projections. The dot plot showed nine of 18 voting members expect a rate hike before the end of 2026, and the year-end PCE inflation forecast was raised from 2.7% to 3.6%.

The U.S. Department of Justice and the Federal Trade Commission sent a joint letter urging state attorneys general to investigate whether anticompetitive conduct or price fraud in gasoline retailing is keeping pump prices elevated. The agencies said crude oil has retreated to $68 a barrel from recent highs, but they argue retail prices have not fallen as quickly. AAA put the U.S. average regular gasoline price at $3.823 per gallon, down about 10% from a month earlier. The letter framed the move as an enforcement response rather than a new policy initiative and did not tie it to changes in crude supply, escalating geopolitical conflict or broader macro supply-demand shifts.

The U.S. Food and Drug Administration has upgraded a recall of certain Utz Quality Foods potato chips under its Zapp’s and Dirty brands to a Class I event, citing a seasoning ingredient that may contain salmonella-contaminated dry milk powder. The affected products were sold nationwide and include multiple flavors with “Best By” dates running through Aug. 31, 2026. Utz said it initiated the recall voluntarily out of an abundance of caution and has not received any illness reports. The company said it is working with the FDA as part of an ongoing investigation.

PJM Interconnection, the largest U.S. grid operator, expects electricity demand to reach 166,147 megawatts on Thursday, a level not seen in nearly 20 years. It has secured an emergency order from the Energy Department that could allow transmission operators to curtail usage by data centers and other large customers with backup generation if needed. PJM also obtained temporary relief from certain environmental permit restrictions for power plants through July 3 to help meet surging demand. Wholesale power prices have jumped in parts of the region, including northern Virginia, as temperatures neared 100 degrees.

Alibaba Group and its U.S. payment unit, AUS Merchant Services, reached a nonprosecution agreement with the U.S. Department of Justice after admitting they failed to prevent illegal products—including pharmaceuticals and controlled substances—from being sold into the United States. The companies will pay a combined $600 million, including a $125 million criminal penalty and $390 million in forfeiture. The conduct spans January 2016 to December 2024 and involves roughly 80,000 unlawful sales tied to U.S. imports, with more than $200 million in gross merchandise value. Alibaba said it will strengthen compliance controls governing third-party merchants on its e-commerce platforms.

The U.S. Justice Department and attorneys general from 17 states have announced proposed settlements with Cal-Maine Foods, Hickman’s Egg Ranch and Versova over allegations they coordinated to manipulate an egg pricing benchmark. The companies agreed to pay a combined $3.3 million to participating states and donate about 53 million eggs, while adopting antitrust compliance measures and ending the alleged coordination, according to New York Attorney General Letitia James’ office. Cal-Maine denied wrongdoing but said it will comply with the agreement’s requirements.

Ford is recalling more than 741,000 SUVs and pickups, including 2018–2021 Expedition and Navigator, 2020–2021 Explorer and Aviator, and 2021 F-150 models, over a transmission defect that can allow a vehicle to roll away. The company has linked the issue to 24 reports of property damage and nine alleged injuries, including two reports involving emotional injuries. Dealers will install a software update and inspect and replace damaged transmission components at no cost, with interim owner letters expected to begin Aug. 3. Ford said a permanent repair is not expected to be available until April 2027.

U.S. Treasury Secretary Scott Bessent, alongside former President Donald Trump, is pressing gasoline retailers to quickly pass through falling oil prices, with crude down to $68 a barrel and a target of about $2.50 per gallon. AAA data put the national average for regular gasoline at $3.860 a gallon, down from a January peak of $4.391 but above last year’s $3.187. The administration said it will track how quickly retail prices reflect lower crude costs and hold retailers accountable for failing to cut prices promptly, according to AAA.

Donald Trump said in a Truth Social post that gas retailers nationwide should immediately lower gasoline prices to around $2.50 per gallon, warning of “big problems” if they do not. He also said he had instructed the U.S. Department of Justice to investigate alleged fuel price gouging. The post cited oil at $68 a barrel, while market data showed WTI crude futures around $70.24 per barrel and AAA’s national average at $3.860 per gallon as of June 29.