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Fed official says rate cuts could come as soon as July. Federal Reserve Governor Christopher Waller said in a CNBC interview yesterday that he and his colleagues should consider slashing interest rates “as early as July” because he doesn’t believe tariffs will significantly drive up inflation. These remarks came after he and other Fed governors voted to keep rates unchanged this week. President Trump has criticized Fed Chair Jerome Powell for refusing to lower them, but with Waller’s comments, the call is now coming from inside the house. Waller noted that he wasn’t speaking for the whole committee that decides, but said it was time to start thinking about a cut to avoid harming the labor market. That presents a stark contrast to the cautious tone Powell struck in a press conference earlier this week, reiterating the Fed’s wait-and-see stance and expressing concerns that tariffs could still drive up prices.

No breakthroughs in Europe’s talks with Iran. European and Iranian negotiators met in Geneva yesterday in hopes of hashing out an agreement to deescalate Iran’s conflict with Israel over Iran’s nuclear program—which President Trump said Thursday he’d decide whether to join within two weeks to give diplomacy a chance first. But they failed to come to an agreement as Iran reportedly insisted it be allowed to continue enriching uranium. Despite ending at an impasse, the negotiations left open the possibility of more talks going forward. Meanwhile, Israel’s military chief warned the public to prepare for a “prolonged” campaign in Iran.

16 billion passwords have been exposed. And yours are probably among them, not only because that represents more login credentials than there are people on Earth, but also because they include passwords from Google, Facebook, and Apple, according to a report from Cybernews, which called it the largest data breach ever. The data is scattered across 30 different databases, so some of the information likely overlaps. The leaked information does not come directly from attacks on the companies or a single source, meaing they were probably obtained from multiple events over time, but the cybersecurity site noted that bad actors compiling the information can be as damaging as them actively trying to steal it.—AR

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