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1
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Your wallet
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+$100 to $300 per device
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Apple and Microsoft just raised prices on laptops, iPads, and Xboxes
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Apple hiked Mac and iPad prices Thursday, blaming memory chip costs that surged as much as 98% in the first quarter. AI companies hoarding chips for data centers are the reason. The MacBook Neo, their budget laptop launched at $599 in March, now starts at $699. High-end Macs and iPads jumped by as much as $300, and Microsoft followed hours later, raising Xbox prices $100 to $150 starting August 1. The iPhone hasn’t been touched yet, but analysts say that’s next.
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The other side: Memory costs are cyclical — prices spiked hard in Q1 but are expected to flatten later this year, and Apple has walked back mid-cycle hikes before.
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2
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Travel
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$3.75/gal forecast for July 4
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Your July 4 fill-up is getting cheaper fast
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Oil dropped toward $70 a barrel this week for the first time since the Iran war started in February. The national gas average is now $3.92, down from a $4.56 peak, and GasBuddy is forecasting $3.75 by the Fourth of July. That’s six straight weeks of pump price declines, driven by tankers resuming transit through the Strait of Hormuz. The drop is real, but fragile — Iran struck a vessel in the Strait this week and is still debating “transit fees” for tankers.
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The other side: The Iran deal still isn’t signed, the Strait isn’t fully open, and one flare-up could send crude back above $80 overnight.
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3
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Your money
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4.1% YoY, up from 3.8%
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Inflation jumped to 4.1% — rate cuts aren’t coming
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The Fed’s preferred inflation gauge — the PCE price index — rose to 4.1% in May, up from 3.8% in April. Core PCE, which strips out food and energy, ticked up to 3.4%. GDP was also revised up to 2.1% for Q1. Translation: your mortgage rate, your credit card APR, and your car loan aren’t coming down this year.
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The other side: Energy prices are now falling fast, and the war premium that drove oil above $90 is unwinding — June’s PCE reading could look meaningfully better.
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