Elon Musk Is Betting Big on Retail Investors With SpaceX’s IPO

Alex Ossola (0:00)

Hey, this is Alex from What's News. Thanks so much for being a listener of the show. If you're looking for more insights and tools to understand the latest headlines, consider becoming a subscriber to The Wall Street Journal. Visit subscribe.wsj.com/what'snews to subscribe now.

Bill Gates tells Congress that Jeffrey Epstein tried to use his infidelities against him.

Bill Gates (0:28)

I hope my testimony is helpful to the important work of the committee to find justice for the victims.

Alex Ossola (0:35)

Plus, the Justice Department escalates President Trump's campaign to find evidence that big banks were de-banking conservatives. And inflation jumps to a three-year high in May.

Harriet Torry (0:45)

And that creates a lot of headaches for households when their incomes are not keeping up with what they're spending on groceries, on rent, on gasoline.

Alex Ossola (0:52)

It's Wednesday, June 10th. I'm Alex Ossola for the Wall Street Journal. This is the PM Edition of What's News, the top headlines and business stories that move the world today.

We begin this evening in Washington, where President Trump said that the US would resume attacks on Iran later today. That's what he told reporters in the Oval Office.

Donald Trump (1:14)

We'll see what happens. But we hit them hard yesterday and we're going to hit them again hard today.

Alex Ossola (1:20)

Trump said the flare up in fighting comes as both countries continue to work on a lasting peace deal. On social media today, Trump said that Iran has taken too long to negotiate a deal and, quote, now they will have to pay the price.

President Trump also called on Congress to pass a short-term extension of a federal surveillance program, Section 702 of FISA, which is set to expire Friday. Senate Democrats have said they won't vote to reauthorize it because they're concerned about Trump's appointment of Bill Colty as the acting Director of National Intelligence. Trump says that the program is crucial for national security.

Staying in Washington, the Journal has learned that the Justice Department has sent subpoenas to some of America's largest banks, including JP Morgan Chase and Bank of America. The US. Attorney's Office in DC, headed by Jeanine Pirro, is requesting information about whether these institutions debanked clients, that is, improperly closed customer accounts for political reasons. Banks have said they don't close accounts for religious or political reasons, and that decisions to avoid certain industries or clients follow the law. The subpoenas escalate a campaign by President Trump to root out evidence that the banks allegedly discriminated against conservatives and politically controversial industries like gun manufacturers.

On Capitol Hill today, Microsoft co-founder Bill Gates sat for a closed-door meeting in front of a House Committee about his relationship with sex offender Jeffrey Epstein. Gates told Congress that Epstein tried to leverage information about his extramarital affairs, which he said had nothing to do with Epstein. Gates said today that it had been a mistake for him to ever meet Epstein, which the journal has reported that Gates did multiple times between 2011 and 2014, and that he was sorry he lent Epstein any credibility. He denied that he had any knowledge of Epstein's criminal activity. The ranking member on the committee, California Democratic Representative Robert Garcia, said that Gates acknowledged that he was around people who were abused. Gates also shared names of others in Epstein's circle.

Robert Garcia (3:17)

He didn't mention a few names of folks involved within the Gates Foundation or the Gates Orbit that we're interested in speaking with.

Alex Ossola (3:24)

One of those people Garcia wants to speak with is former Harvard president Larry Summers. Summers has previously said it was a mistake to associate with Epstein and that he was ashamed of some of his correspondents.

New data from the Labor Department today show that consumer prices were up 4.2 percent in May from a year earlier. That's a three-year high, though it was in line with economist expectations. WSJ economics reporter Harriet Torry says there are signs that we could be near the worst of this rush of higher prices.

Harriet Torry (3:54)

Economists are saying that it's possible that this month was the peak for inflation, given the fact that gasoline prices are coming down. However, there are a few caveats to that because, for instance, food is often delivered to grocery stores in trucks, and sometimes a big jump in diesel prices can impact that. We didn't really see that this month, but it is possible that we see those types of pass-through effects coming down the pipeline, so to speak.

And that creates a lot of headaches for households when their incomes are not keeping up with what they're spending on groceries, on rent, on gasoline.