The Consumer Price Index was up 0.5% month-over-month in May, for an annual rate of 4.2%, highest in three years and up from 3.8% in April, the Labor Department reports. [Bureau of Labor Statistics]
•Scroll down this column for President Trump’s reaction.
Trump Goes to 39 – CNN counts 39 times President Trump has announced an impending peace deal with Iran since the beginning of the war at the end of February. As with many of the previous 38 such presidential announcements, Thursday’s was a reversal of Trump’s threat to invade Iran by land and take over energy facilities including Kharg Island.
In the face of Trump’s most strident pronouncement to date, the punditocracy was more dubious than ever and Iran’s leadership denied any impending deal.
This deal is another Memorandum of Understanding, and the art of Trump’s dealmaking apparently relies on his administration’s making new demands just as a deal is about to be signed.
Weekend diversions … Not to say President Trump won’t Truth Social another coming bombing campaign and MOU or two over the weekend, but he turns 80 on Flag Day, Sunday, and he has bigger plans. The president celebrates his 80th with UFC Freedom 250, the Ultimate Fighting Championship event on the White House lawn beginning 8 p.m. Eastern time Sunday (watch live on Paramount!).
It will be a big night for the Trump family in many ways – The Athletic reported in May that on March 25, the president purchased between $15,000 and $50,000 worth of TKO Holding Group, according to his required May 8 stock trading disclosure with the US Office of Government Ethics.
TKO is parent of the UFC and World Wrestling Entertainment. Trump says his family handles stock trades for him.
Not related to Flag Day/Trump’s birthday party, but related to the war on Iran, The New York Times, owner of The Athletic, reports that in February, Trump purchased between $1 million and $5 million in stock in the Texas computer company, Dell. In last May, the Pentagon announced a $9.7 billion contract with Dell.
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De-NATO’d? – The US plans to significantly cut the number of aircraft and warships made available in Europe for North Atlantic Treaty Organization operations, two senior officials have told The New York Times. Planned cuts include:
•F-16 and F-15E fighter jets from 150 currently down to 100.
•Fewer maritime reconnaissance aircraft, from 26 down to 15, and a cut of all eight aerial refueling tanker jets previously available to Europe.
•Relocating a missile-launching submarine and an aircraft carrier, plus several warships and “scores” of jets.
•Reallocation of one of two groups of bombers previously assigned for Europe’s defense.
Germany’s Die Welt previously had published some of these details, according to the NYT.
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More Qualified than Pulte – Amidst widespread bipartisan opposition to Tulsi Gabbard fill-in and shopping mall scion Bill Pulte as acting director of national intelligence, President Trump Truth Socialed Thursday that Manhattan US Attorney Jay Clayton is his nominee to take the position permanently (Politico). Trump’s social media post came in after the House and Senate left the Capitol for the weekend, so the confirmation process certainly will not come soon enough.
Senate leaders did get their early takes in, with Majority Leader John Thune (R-SD) praising former Securities and Exchange Commission Chairman Clayton for having “a great reputation as being an incredibly competent manager.”
What greater praise could there be?
Conversely, Minority Leader Chuck Schumer (D-NY) said the notion of Clayton replacing fill-in Pulte would not move quickly on reauthorizing the Foreign Intelligence Surveillance Act.
“It doesn’t matter what they do,” Schumer said. “Pulte has got to be gone.” –TL
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THURSDAY 6/11/26
UPDATE: Negotiations On Again, Again? – President Trump has called off Thursday’s strikes on Iran, again, claiming on social media progress made in negotiations with the Islamic Republic, The New York Times reports. Iran did not immediately confirm, however, Trump’s post that discussions “have been brought to the highest level of Iranian leadership and approved.”
Venezuelaing Iran – Makes sense that the foreign intervention the Trump administration figures is its most successful to date remains the model for all foreign interventions to follow.
With negotiations for a permanent deal apparently falling apart, President Trump says the US will strike Iran “VERY HARD” Thursday night, The Wall Street Journal reports.
The two sides have been trading strikes since a US Army Apache attack helicopter was downed Monday (with both crew members escaping unscathed), ending the ceasefire. On Wednesday, the US military apparently destroyed a drinking water facility on Iran’s southern coast, according to a New York Times analysis. US Central Command posted on X-Twitter that it has conducted attacks near the Strait of Hormuz “with precision munitions from US Air Force and Navy fighter jets.”
Trump’s Sisyphean quest to sign a deal with Iran, announced ad infinitum these past 14 or 15 weeks remains allusive. The US “in the not too distant future” will be taking Kharg Island, the main export hub off Iran’s southern coast, he said, “and assume total control of their Oil and Gas Markets, much like we have in Venezuela, which is working out brilliantly for both Venezuela and the United States of America.”
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He Loves It – When a reporter asked President Trump in the Oval Office for a reaction to May’s 4.2% CPI, the president said this: “You know what I really love? I really love the inflation.”
Perhaps Americans have become too accustomed to the president’s eccentric syntax as he attempts to shift the conversation from reporters’ probing questions to MAGA-friendlier subjects. That would explain Trump’s expansion on loving inflation he had promised as a candidate to bring down to nothing, in an exclusive interview with the New York Post: “I love the inflation number because of what I’m talking about. The numbers are going to be phenomenal because of what’s showing is that despite the fact we’re in a war, the numbers are much lower than anticipated, and when we’re out of that war, the numbers will be at lower numbers than they were before it started.”
Economist Claudia Sahm told NPR’s Steve Inskeep on Morning Edition Thursday, “’It could be worse’ is a really tough sell.”
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A Bit More Gas Relief – Will fuel prices “drop like a rock” if President Trump carries through with his threatened takeover of Iran’s oil and gas markets? We may soon find out. Meanwhile, the national average price for a gallon of unleaded regular continues to click down, according to AAA, at $4.129 Thursday, down 2.2 cents from Wednesday. That’s $1.156 less affordable than on February 26. Diesel came down 2.4 cents to $5.279, up $1.491 since the beginning of the war. –TL
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WEDNESDAY 6/10/26
It’s Not Over – That peace deal Iran has been on the brink of signing with the US is unlikely soon, as President Trump Truth Socials his anger over the shooting down of a US Army Apache attack helicopter near the Strait of Hormuz.
“They’ve taken too long to negotiate a deal that would have been great for them. Now they have to pay the price!!!” Trump TS’d Wednesday morning, hours after the US Military said it hit targets in Iran in a “proportional response” to the attack on the Apache, The New York Times reports.
Iran has not accepted blame for the Apache’s downing, in which its two crew members were saved, unscathed, by a drone boat.
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Platner to Take on Collins – Big news was Maine Democrats choosing Graham Platner, even though his one serious competitor, Gov. Janet Mills, backed out of the race earlier this year because she had a hard time raising sufficient funds, according to The New York Times. Despite the lack of competition, Platner took just 72% of the vote according to The Associated Press, with Mills, who has not yet congratulated the former oyster farmer, grabbing 20%.
Platner faces incumbent Republican Sen. Susan Collins, who occasionally casts an anti-Trump vote though it appears only when Senate passage of Trump’s agenda is guaranteed anyway. In his victory speech Tuesday, Platner said Collins has voted in Trump’s favor 95% of the time. An upset of Collins’ campaign for a sixth Senate term (she’s also chair of its Appropriations Committee) is considered crucial to the Democratic Party overturning its majority.
Writing in The Bulwark May 5, Jonathan V. Last called Platner “the post-Trump figure” and said he has a one-in-three chance of nabbing the 2028 Democratic nomination for president.
This was before the latest revelations that several of Platner’s girlfriends said he has a “toxic” personality.
Perhaps this latest in a series of revelations is Platner’s Access Hollywood tape moment, of sorts. Maine’s Democratic Senate candidate also has faced reports that he had a Nazi-esque skull & crossbones tattoo, since covered by a benign tattoo, and allegations that he sent sexually explicit text messages while married.
A Marine Corps veteran who served three tours in Iraq, Platner speaks of redemption and said in his victory speech he tries “to be a little bit better and a little bit kinder than the day before.” Certainly not Trump-like.
But Platner, a progressive who has had the backing of Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA) since early in his campaign, does have a two-word name for whom he is fighting for the voters of Maine, much like Trump has used the two-word term “deep state.”
Platner's "deep state" is the “ruling class.” –Compiled and edited by Todd Lassa
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WEDNESDAY 6/10/26