McDonald’s is facing a federal antitrust lawsuit over an AI-enhanced pricing tool that allegedly shares nonpublic sales data with franchisees who may compete in the same market. The suit, filed Friday in Illinois, says the system uses artificial intelligence to gather store-level information that competing operators typically would not share. McDonald’s says franchisees set menu prices and that the tools are optional and do not coordinate or fix pricing. Separately, CEO Chris Kempczinski said only 60% of U.S. restaurants offer the company’s proposed 10-item menu priced under $3.

Senior U.S.-Iran talks in Switzerland have ended, with technical discussions set to continue, lifting market optimism about a lasting deal. Brent crude fell 1.4% to $79.42 a barrel as expectations grew that supply conditions could improve on the diplomatic progress. Iran said the Strait of Hormuz was closed again, but the U.S. said shipping was not disrupted, undermining fears of immediate supply shocks. The shift in sentiment has become a near-term, verifiable bearish catalyst for oil prices.

Federal Reserve Chair Kevin Warsh sharply scaled back the central bank’s policy messaging at his first press conference, stripping all forward guidance and cutting the rate statement to 132 words. Markets reacted quickly: the 10-year Treasury yield rose 6 basis points to 4.49%, the 2-year climbed to 4.16%, and the S&P 500 fell 1.2%. The shift marks a break from the post-2008 push for greater transparency and hits assets that rely on Fed signals for pricing.

U.S. consumers remain under pressure from everyday expenses, even as a Middle East ceasefire has pushed international oil prices below $80 a barrel and brought U.S. gasoline prices under $4 a gallon. The Conference Board’s leading economic index edged up for a second straight month, but its six- and 12-month growth rates remain negative. The Federal Reserve held interest rates steady and lowered its 2024 GDP growth forecast to 2.2%. The report said current momentum is being driven mainly by corporate investment in AI and data centers rather than consumer spending.

The Federal Reserve is set to announce its interest-rate decision, with Chair Kevin Warsh scheduled to hold his first press conference at 2 p.m. EDT after the meeting. Markets are focused on whether the Fed keeps rates unchanged, any shift in the “dot plot” for 2024 cuts, and how Warsh frames the central bank’s policy independence. The prevailing expectation is that the Fed will stand pat, but uncertainty remains over whether Warsh, a Trump pick, faces political pressure. The decision will shape Treasury yields, the dollar and the valuation of high-priced technology stocks.

U.S. retail sales rose 0.9% month over month in May, beating expectations, as warmer temperatures and easing gasoline prices encouraged consumer spending. Core retail sales excluding gas stations increased 0.7%. Clothing, furniture and online purchases all climbed, while restaurant spending slipped 0.1%.

Since early May, the U.S. military has led large-scale ship-to-ship crude oil transfers near the Strait of Hormuz exit in the Gulf of Oman, involving at least 92 vessels and an estimated 90 million barrels. The operation uses drones, helicopters and secret routes to conduct transfers off Fujairah in the United Arab Emirates and off Oman’s port of Sohar, avoiding an Iranian-designated no-sail zone. An Apache helicopter shot down on June 9 underscored the mission’s high risk and helped fuel a higher geopolitical risk premium that has supported both spot and futures oil prices.