Bloomberg — Week of 2026-05-29 to 2026-06-05#

Story of the Week#

A blowout US May jobs report fundamentally rewrote the macroeconomic narrative, demolishing hopes for imminent rate cuts and driving traders to fully price in a Federal Reserve rate hike by year-end. The sudden hawkish repricing sent tech stocks and Treasuries reeling, disrupting a massive, AI-fueled liquidity frenzy that had been defined by Alphabet’s historic $84.75 billion equity raise and SpaceX’s unprecedented $75 billion initial public offering.

Markets & Economics#

Hawkish Repricing After Blowout Jobs Data · Bloomberg: The US economy added a staggering 172,000 jobs in May, crushing forecasts and prompting traders to price in a Fed rate hike this year as both tech and Treasury markets sold off.
Global Central Banks Ready Moves · Bloomberg: Eurozone inflation breached 3%, cementing expectations for an ECB rate hike, while the Bank of Japan mulls a June increase after deploying a record $73.6 billion to defend the yen.
Private Credit Gates Snap Shut · Bloomberg: Mounting investor redemptions forced alternative asset giants like Blackstone and Cliffwater to cap withdrawals from their flagship private credit vehicles, signaling deepening structural stress in the sector.
Crypto Narrative Crumbles · Bloomberg: Bitcoin plunged beneath the $60,000 threshold in a brutal 36% rout, shedding its safe-haven appeal amid Middle East escalations and a broader market rotation out of speculative assets.

Business & Industries#

SpaceX’s Unprecedented $75 Billion IPO: Elon Musk’s space venture drew overwhelming demand for its megadeal targeting a $1.8 trillion valuation, even as underwriters were ordered to block Chinese investors and index gatekeepers refused fast-tracked inclusion into major benchmarks.
Alphabet’s Historic Equity Raise: Google’s parent company upsized its equity offering to an immense $84.75 billion—poised to be the largest in history—to finance the staggering infrastructure demands of the artificial intelligence arms race.
Anthropic Beats OpenAI to the Punch: AI developer Anthropic confidentially filed for a blockbuster IPO led by Morgan Stanley and Goldman Sachs, securing a crucial first-mover advantage over rival OpenAI in the battle for public market capital.
Lululemon’s Downward Spiral: The premium activewear brand’s shares plummeted and analysts effectively abandoned the stock after it slashed its annual forecast due to slumping North American sales, mounting immense pressure on its incoming CEO.

Policy & World#

US-Iran Ceasefire Collapses: A preliminary 60-day truce dissolved into military clashes after Hezbollah rejected a US-brokered deal, choking commercial traffic through the Strait of Hormuz to a standstill and driving forecasts that oil could remain near $100 a barrel until 2028.
Trump Floats 10% Tariffs, Drops Compensation Fund: The Trump administration proposed sweeping 10% levies on 60 major trading partners citing forced labor, while simultaneously abandoning a controversial $1.8 billion “anti-weaponization” payout fund amid fierce bipartisan backlash and lawsuits.
Russian Officials Warn Putin on War Costs: In a rare showing of internal division, senior Russian finance officials warned President Vladimir Putin that the economic burden of the prolonged war in Ukraine is unaffordable and risks triggering a severe budget crisis.

Opinion & Analysis#

Dalio Sounds the Alarm on AI Bubble and US Debt: Bridgewater founder Ray Dalio warned that the relentless AI boom exhibits classic bubble dynamics, while cautioning that America’s debt burden has crossed a dangerous “point of no return” for global bond markets.
SCOTUS Abdicates Voting Rights Guardrails: Bloomberg Opinion argues that the Supreme Court’s decision to allow Alabama’s racially discriminatory congressional map sends a grim message that American voters are now entirely on their own in the battle for fair elections.