US inflation hits 4.2% in May, driven by gas prices

Inflation in the United States surged to an annual rate of 4.2 percent in May, driven by persistently high gas prices, according to figures released Wednesday. President Trump issued a stern warning to Iran on Wednesday morning, stating that the country would "pay the price" for attacks on U.S. allies Kuwait and Bahrain, and for stalled negotiations.

On Capitol Hill, Bill Gates is slated to testify before the House Oversight Committee as part of its investigation into Jeffrey Epstein. Additionally, Trump administration officials, including Energy Secretary Chris Wright and Agriculture Secretary Brook Rollins, are scheduled to address lawmakers. Senate Majority Leader John Thune is facing increased pressure from President Trump regarding his efforts to pass the SAVE America Act and potentially oust the Senate parliamentarian.

Congress is expected to have a short day, with many lawmakers participating in the annual congressional baseball game in the evening. President Trump is also scheduled to sign a $69 billion budget reconciliation bill on Wednesday morning and later greet finalists for the Presidential 1776 Award.