U.S. Year-Over-Year Inflation Rose 2.4% in May
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The Venmo MasterCard is issued by the Bancorp Bank, and a pursuant to license by MasterCard International Incorporated card may be used everywhere MasterCard is accepted. Venmo purchase restrictions apply. Here's your midday brief for Wednesday, June 11th. I'm Pierre Bien-Aimé for The Wall Street Journal. Consumer prices in the U.S. were up 2.4% in May from a year earlier. According to new Labor Department data, inflation was hotter compared to April's gain of 2.3%, but May's figure was in line with the expectations of economists surveyed by The Wall Street Journal.

Prices excluding food and energy categories, the so-called core measure economists watch in an effort to better capture inflation's underlying trend, rose 2.8 percent below forecasts.

President Trump says the U.S. deal with China to revive their trade truce is done, subject to final approval from him and Chinese leader Xi Jinping. Posting on his Truth Social platform today, Trump said China would supply critical rare earths and magnets, and Chinese students would be able to attend U.S. colleges and universities. Representatives from the U.S. and China said the framework would essentially restore a pact they agreed to in Switzerland last month.

In a post on his ex-platform overnight, Elon Musk said he regrets some of the social media posts he wrote about President Trump.

And the governor of Texas, Greg Abbott, said he would deploy the National Guard across parts of the state as anti-ICE protests that have gripped Los Angeles since Friday spread across the country. The move comes ahead of a protest expected today in San Antonio. We'll have more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.