博客

Bidding war underway for world’s oldest bank, Italy’s Banca Monte dei Paschi di Siena

June 9, 2026 / 12:37 PM EDT / CBS News
By Anna Matranga

Rome— A bidding war is underway for the world’s oldest bank, Italy’s Banca Monte dei Paschi di Siena (MPS).

Founded in 1472 by the Republic of Siena to provide credit to poorer citizens, the Tuscan lender has evolved over more than five centuries into one of Italy’s largest banking institutions and a cornerstone of the country’s financial system.

Two rival suitors emerged within about 24 hours. On Monday, Italy’s largest bank, Intesa Sanpaolo, launched an unsolicited 31 billion euro (about $36 billion) bid for MPS. The offer came just one day after Banco BPM, Italy’s third-largest bank by assets, proposed what it described as a “merger of equals.”

Intesa said its proposal would create the second-largest banking group in the European Union’s common currency eurozone, behind Spain’s Banco Santander.

A Banca Monte dei Paschi di Siena SpA bank branch in Rome, Italy, is seen in a Feb. 5, 2026 file photo. Matteo Bastianelli/Bloomberg/Getty

While Banco BPM did not disclose the financial terms of its offer, it said the combined group would have a market capitalization of around 50 billion euros ($58 billion), creating Italy’s second-largest lender.

Banco BPM’s approach has garnered both political and financial scrutiny. The bank’s largest shareholder is French banking giant Crédit Agricole, which owns roughly 20% of BPM. Critics argue a merger could give Paris an indirect route into one of Italy’s most strategically important financial institutions, raising concerns over the future control of MPS’s vast holdings.

MPS owns 13% of Generali Insurance, one of Italy’s largest private holders of government bonds – one key reason why a potential takeover or merger carries significance for Italians beyond banking.

While no senior Italian officials have voiced public resistance to control of MPS falling into French or other foreign hands, concerns about Crédit Agricole’s influence over Banco BPM have repeatedly surfaced within political and financial circles.

The Financial Times reported resistance among some figures within Italy’s government to a BPM-MPS merger over the prospect of increased French influence over strategic Italian financial assets, including government debt.

The issue is especially delicate for Prime Minister Giorgia Meloni’s nationalist government, which has taken an increasingly interventionist approach to protecting nationally important companies from foreign influence.

According to the Reuters news agency, Meloni and key allies have previously sought to prevent foreign investors from gaining greater control over Generali, reflecting a desire to preserve domestic influence over strategic sectors of the economy.

US House Speaker Johnson meets with Trump with surveillance law at risk

2026-06-09 16:03:11 / reuters.com

U.S. House Speaker Mike Johnson (R-LA) walks to a vote, in the U.S. Capitol in Washington, D.C., U.S., June 3, 2026. REUTERS/Evelyn Hockstein Purchase Licensing Rights, opens new tab

• Summary
• Companies

• Trump’s pick of Bill Pulte as intelligence adviser sparks bipartisan concern over inexperience
• Senate Democrats block FISA renewal, citing fears of political abuse under Pulte
• Some Republicans question ​need for director of national intelligence, urge qualified nominee

WASHINGTON, June 9 (Reuters) – U.S. ‌House of Representatives Speaker Mike Johnson met with President Donald Trump on Tuesday to discuss his controversial appointment of loyalist Bill Pulte as his chief intelligence adviser, which could stand in the way of renewing an expiring domestic surveillance law that lawmakers say is vital to U.S. ​national security.

Trump’s appointment of the mortgage regulator to serve as acting director of national intelligence has led to ​a showdown in the Senate, where Democrats blocked renewal of Section 702 of the Foreign Intelligence ⁠Surveillance Act out of concern over his fitness for the job and worries that he may abuse his position ​to pursue Trump’s perceived enemies. The spying powers are due to expire on Friday.

Get weekly news and analysis on U.S. politics and how it matters to the world with the Reuters Politics U.S. newsletter. Sign up here.

House Majority Leader Steve Scalise, the chamber’s No. ​2 Republican, told reporters that Johnson was meeting with Trump to discuss next steps. “One of the reasons that the speaker’s not here right now is he’s over at the White House working with the president to finalize this agreement on FISA,” he said.

The law allows ​authorities to bypass warrant requirements before rifling through vast hauls of Americans’ communication data. U.S. spy chiefs have long defended ​the program, saying it provides an irreplaceable surveillance tool. Its extension must be passed by the Senate and House before Trump can ‌sign it ⁠into law.

Pulte, who has no experience in the intelligence field, was named by Trump to replace Tulsi Gabbard, who resigned effective June 30. His lack of experience outraged Republicans and Democrats. Democrats also worry that Pulte, who has used his position as head of the U.S. Federal Housing Finance Agency to attack Trump’s political targets, could use the spying powers for ​political purposes.

Senate Republicans have a ​53-47 seat majority and ⁠would need support from at least seven Democrats to meet the 60-vote threshold for passing the legislation.

Senator John Barrasso, the chamber’s No. 2 Republican, told reporters that Republicans have urged ​the White House to name a full-time nominee who can be confirmed by the Senate.

He ​also said ⁠some Republicans wonder if it is still necessary for the U.S. to have a director of national intelligence, a post created a quarter-century ago in the aftermath of the September 11, 2001, attacks on New York and Washington.

“There are a number of ⁠us that ​think that this is a position that doesn’t need to be there,” ​Barrasso said. “As long as it is there, we want somebody that can be confirmed because of their knowledge in the area.”

Reporting by David Morgan and Katharine Jackson in Washington; Editing by Andy Sullivan and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Mass transit will be put to the test for World Cup host cities across the U.S. Here’s how much it will cost.

June 9, 2026 / 1:01 PM EDT / CBS News

By

Kris Van Cleave Kris Van Cleave
Emmy Award-winning journalist Kris Van Cleave is the senior transportation correspondent for CBS News based in Phoenix, Arizona, where he also serves as a national correspondent reporting for all CBS News broadcasts and platforms.

Read Full Bio

Over the next few weeks, 11 U.S. cities will host hundreds of thousands of World Cup fans, putting mass transit to the test across the country.

While mass transit won’t be cheap in some cities, others are determined to not burden the fans.

MetLife Stadium in New Jersey is home to eight World Cup matches, including the final. With little available parking and no viable walking route, the majority of the more than 82,000 fans at each match will have to rely on mass transit, but that will come at a high price.

After the initial price of $150 for a round-trip ticket caused significant backlash, the transit agency announced it lined up sponsors to cut the price to $98, which is still more than seven times what the trip would normally cost.

“This FIFA train is not a regular service,” said New Jersey Transit CEO Kris Kolori. “We have to start it every time there’s a special event, and this one is more special and more secure than anything else we’ve done.”

The special service will cost $6 million a match, the agency said, which New Jersey’s governor said should be paid by attendees and not taxpayers.

In Massachusetts, the train from Boston to Foxborough’s Gillette Stadium will be $80 round trip and an express bus is $95.

Lower-cost transit

But pricing problems aren’t an issue in all U.S. World Cup host cities.

In Atlanta, Houston and Seattle, the stadiums are directly linked to rail lines. Regular fares will apply and they’re all under $5.

In Philadelphia, the trip is free because of a sponsorship deal.

Shuttle buses in Kansas City will take fans to Arrowhead Stadium for $15.

In Dallas, a fleet of charter buses will help take fans from a rail station to the matches at AT&T Stadium in Arlington.

“Part of our FIFA commitment is to showcase our regional rail system to the world,” said Michael Morris, the North Texas director of transportation. The ticket to ride is about $4 each way.

“When you’re in our particular region, if you’re traveling on fan fest days or you’re traveling on match days, the fare you pay to get to this particular location is the same fare everyone else pays,” Morris said.

Miami officials announced five locations around Miami-Dade and Broward on game days where fans can catch a free shuttle bus.

“This free round-trip shuttle service will be available exclusively to verified ticket holders and will take fans directly into the Miami Stadium, not to a remote parking lot,” said Stacy Miller from Miami-Dade Transportation.

In California, Los Angeles and the San Francisco Bay area will each host matches. State leaders announced in March the two regions will receive a combined $18.4 million in transit funding for the World Cup.

The World Cup begins June 11 and ends July 19 with matches in the U.S., Canada and Mexico.

Kelsie Hoffman contributed to this report.

The retirement issue most Americans don’t see coming: Spending their savings

June 9, 2026 / 2:14 PM EDT / CBS News

Many Americans spend decades saving for retirement. But far fewer have a plan for the equally important task of spending that money once they stop working.

That financial challenge, known as “decumulation,” refers to how retirees draw down their assets to fund their lifestyles while ensuring they don’t run out of money. Only 31% of Americans know what the term means, according to new research from Corebridge Financial.

The lack of planning may contribute to a retirement paradox: Some retirees are so worried about outliving their savings that they spend far less than they can afford. A May report from the Employee Benefit Research Institute found that one-third of retirees still had 100% or more of their initial retirement assets by their mid-80s, a finding the nonprofit group said could indicate “unnecessary underspending.”

Planning to spend

Only 29% of workers age 55 and older have a plan for withdrawing money from their retirement accounts, according to Corebridge.

“The big takeaway is that the plan for decumulation is as important as the plan for accumulation,” Jean Chatzky, a personal finance expert and co-founder of finance site HerMoney, who collaborated with Corebridge on the research, told CBS News.

She added, “Most people do not have a plan for spending down. But if you can get yourself to the point where you do have a plan, you’re going to find the whole experience in retirement of actually using this money that you’ve worked so hard to save much more pleasurable and empowering.”

The survey, which polled 2,210 adults aged 45 to 79 with more than $100,000 in investable assets, also found that only 6% of respondents said they would regret dying with money left behind. But 56% said they would regret running out of money before they die.

“You can always prevent running out of money by doing nothing,” said Bryan Pinsky, president of individual retirement and life insurance at Corebridge. “We want them to take action so they can live the retirement that they’ve always dreamed of.”

Retirement pitfalls

To be sure, retirees face plenty of real financial risks. The two biggest concerns cited in the survey were the potential cost of health care in old age and the impact of inflation on people’s purchasing power, with more than 7 in 10 retirees saying those factors caused them to spend less than they’d like.

One commonly cited withdrawal strategy is the “4% rule,” which holds that retirees can spend 4% of their savings in the first year of retirement and then adjust that amount annually for inflation. That guideline has long served as a rule of thumb for balancing spending with the risk of running out of money.

But retirement experts increasingly view the 4% rule as a starting point rather than a universal solution. And it doesn’t account for factors such as market volatility, taxes, investment fees or unusually long retirements, according to Charles Schwab.

The issue may eventually become more problematic for younger Americans. Unlike many older retirees, Gen X and younger workers generally lack traditional pensions that provide guaranteed retirement income, relying more on self-directed saving plans such as 401(k)s. Yet the Employee Benefit Research Institute’s research found that retirees with pension income tend to report greater financial stability.

As a result, some retirement experts place greater emphasis on building reliable income streams in retirement, such as adding annuities to supplement Social Security income. In the Corebridge survey, nearly half of respondents said they would prefer a guaranteed $60,000 in annual income for life over receiving a $1 million lump sum at age 65.

“We all need money in the markets, we all need to be able to keep pace with inflation and we all need that kind of growth,” Pinsky said.

But guaranteed-income products can help retirees cover essential expenses and reduce the fear of outliving their savings, he added.

Edited by Alain Sherter

Rising fuel prices hit US farms as Iran war drags on

2026-06-09T18:47:26.909Z / reuters.com

Summary

Diesel prices in Midwest hit record highs in May, squeezing farm margins and raising input costs

• Farmers delay fieldwork, cut operations to conserve fuel and cope with rising expenses
• Prices may rise further if Iran conflict persists, inventories at 23-year low

NEW YORK/CHICAGO, June 9 (Reuters) – High energy costs are squeezing grain and soybean growers across the U.S. farm belt, as the Iran war ​chokes fuel supplies through the Strait of Hormuz and pushes diesel prices to record highs in key agricultural states.

Many farmers were already under pressure before the conflict and ‌facing a fourth straight year of shrinking margins, battered by a resurgent drought, high input costs and fallout from U.S. President Donald Trump’s trade policies, which have weighed on crop prices.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

The conflict drove diesel prices in several states across the Midwest, America’s primary corn and soybean-producing region, to new all-time highs in May, just as farmers ramped up plantings and other spring fieldwork. Wisconsin diesel hit $5.873 per gallon, while Indiana reached $6.167, and Illinois rose to $6.14 in mid-May. Ohio and ​Michigan also posted records, according to data from the motorists association AAA.

The national average diesel price has surged more than 40% since the Middle East conflict began. Global crude oil ​prices, which underpin diesel and gasoline, jumped about 30% since late February.

On farms across the U.S., diesel powers equipment needed for crucial field operations, from ⁠spraying pesticides and planting seeds to fertilizing fields and harvesting crops.

Unlike other sectors that can switch fuels, most U.S. farm machinery is designed to run on diesel, leaving farmers highly exposed to ​diesel price volatility.

“It’s a huge cost,” said Glenn Brunkow, who raises soybeans and cattle in Wamego, Kansas. “There’s just not much we can do about it, and we weren’t budgeting for it. It came out ​of nowhere and surprised us.”

Prior to the war, fuel-related expenses accounted for about 3% to 4% of an average Illinois row-crop farmer’s input costs, or roughly $16 to $23 per acre, said Ben Klieve, Benchmark Analyst, referencing estimates from the University of Illinois.

If diesel prices stay at their current level, fuel-related costs could rise to 5% to 6% of total input costs, or from a $20 per acre midpoint to $30 acre for row-crop farmers, Klieve said.

“It’s a very difficult environment ​for row-crop farmers today,” he said. “The prices of the grain that they’re producing have fallen sharply in recent weeks and are actually down relative to the pre-Iran war levels, while input costs like ​diesel and fertilizer remain significantly higher so their bottom lines are only getting weaker.”

FARMERS BRACE FOR LOSSES

Corn and soybean farmer Tom Murphy said he delayed plans to turn over soil in fields he recently rented in ‌northwest Indiana because ⁠he did not want to use up precious fuel to operate his machinery.

Before prices spiked, Murphy intended to till five fields to make the ground level so that it would be easier to operate equipment for spraying and harvesting crops. However, he only tilled one of those as he tried to stretch out about 6,000 gallons of farm diesel he bought in December. He will still use the fields to grow crops, but the land will not be in the condition he wanted.

“We’re going to leave them a little rough this year and fix them next year, I guess,” said Murphy, who ​does not till most of his fields.

Murphy said ​in late May that he had about ⁠2,500 gallons left in storage from December and would need to buy more to tend to crops during the important summer growing season.

Don Bloss, a grain and soybean grower in Pawnee City, Nebraska, said he was paying higher shipping rates to truckers to haul corn 80 miles to market.

“You just have ​to keep writing out the checks,” Bloss said. “We’re at everybody else’s mercy.”

MORE PAIN MAY BE ON THE WAY

Experts warned fuel prices may rise ​further if the Iran war ⁠continues to choke global fuel supplies.

Demand for U.S. petroleum products has remained high since the closure of the Strait of Hormuz, a critical passageway for nearly a fifth of global oil flows. If exports of gasoline and diesel remain near record levels heading into the summer, the domestic supply cushion that helps keep their prices in check could shrink further.

U.S. distillate fuel oil inventories fell to a 23-year low in May, according ⁠to the U.S. ​Energy Information Administration said. The country’s distillate stockpiles

(USOILD=ECI), which include diesel and heating oil, fell by 2.1 million barrels in ​the week ended May 22 to 100.8 million barrels, the lowest since May 2003.

The coast is anything but clear as uncertainty surrounding a potential deal between the U.S. and Iran persists, said Patrick De Haan, head of petroleum analysis at GasBuddy.

“Overall, ​any setback in negotiations could quickly reverse the recent decline in fuel prices” De Haan said.

Reporting by Nicole Jao in New York and Tom Polansek in Chicago; Editing by Liz Hampton and Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

Many soccer fans excited about U.S. hosting World Cup, CBS News poll finds

June 9, 2026 / 3:20 PM EDT / CBS News

By Jennifer De Pinto, Fred Backus

Three in four U.S. soccer fans feel positive about the U.S. hosting the World Cup, including more than half who are excited about it. The U.S. hosting the tournament generates comparatively less enthusiasm among those who aren’t soccer fans.

Relatively few of those who aren’t soccer fans say the U.S. hosting the World Cup makes them more interested in the tournament. It has largely sparked the interest of people who are already fans of the sport.

More than a quarter of Americans report being either a “big fan” or a “casual fan” of professional soccer, and most of them say the U.S. being a host country makes them more interested in the World Cup.

Younger adults — those ages 18 to 29 — are the age group most excited or pleased about the U.S. hosting the World Cup this year, and many of them are more interested in the tournament because of that. They are also more likely than older Americans to report being soccer fans.

Others looking forward to the World Cup are parents whose kids play soccer. A majority of them are pleased or excited, and they are more interested in the tournament because the U.S. is a host country.

---

This CBS News/YouGov survey was conducted with a nationally representative sample of 2,023 U.S. adults interviewed between June 2-4, 2026. The sample was weighted to be representative of adults nationwide according to gender, age, race, and education, based on the U.S. Census American Community Survey and Current Population Survey, as well as 2024 presidential vote. The margin of error is ±2.8 points.

Toplines:

CBS News World Cup poll

Florida GOP gubernatorial primary candidate says as governor, he’d ‘shut down’ every abortion clinic in state

2026-06-09 12:29:26 EDT / Fox News

James Fishback said in a statement that each shuttered abortion clinic would be replaced ‘with a crisis pregnancy center’

By Alex Nitzberg Fox News

Published June 9, 2026 12:29pm EDT

Florida Republican gubernatorial primary candidate James Fishback, who has called abortion “a holocaust”, wants to close every abortion clinic throughout the Sunshine State.

“Ron DeSantis is the most pro-life Governor in America, and I intend to build on his incredible work. As Governor, I will shut down the 53 abortion clinics that remain in Florida and replace every single one with a crisis pregnancy center,” Fishback told Fox News Digital in a statement on Tuesday.

“These centers will offer free ultrasounds, baby food, diapers, and counseling, and even prenatal and postpartum care. Abortion is never the answer. Every expecting mom in Florida deserves real support, and as Governor, I will make sure she gets it,” he added.

FLORIDA GOP CANDIDATE LAUNCHES TINDER ACCOUNT TO CAMPAIGN TO YOUNG FEMALE VOTERS

James Fishback, a Republican, is a candidate for Florida governor.(Fishback for Florida campaign)

The Guttmacher Institute, which describes itself as “a leading research and policy organization committed to advancing sexual and reproductive health and rights (SRHR) worldwide,” indicated in a report earlier this year that as of December 2025 there were 49 clinics providing abortions in Florida, down from 53 as of March 2024.

Last week in a post on X, Fishback asserted, “100% of abortions are murder. And as Governor, I’ll treat them as such.”

OUTCRY OVER YOUTUBER’S DOWN SYNDROME ABORTION PROVES AMERICANS ARE ‘REPULSED BY EUGENICS,’ ACTIVIST SAYS

Video

In another post last week he wrote, “It’s murder. And I’ll prosecute it as such. No more games. Abolish abortion.”

President Donald Trump has endorsed U.S. Rep. Byron Donalds, R-Fla., for Florida governor.

Florida Lt. Gov. Jay Collins and former speaker of the Florida House of Representatives, former state Rep. Paul Renner, are also running in the contest.

FLORIDA GOP CANDIDATE WANTS 50% ‘SIN TAX’ ON ONLYFANS CREATORS TO FIGHT ‘CULTURAL DEGENERACY’

U.S. President Donald Trump hosts Sen. Ashley Moody, R-Fla., Rep. Byron Donalds, R-Fla., and others while celebrating the 2025 NCAA men’s basketball Champion Florida Gators in the East Room of the White House on May 21, 2025 in Washington, D.C.(Chip Somodevilla/Getty Images)

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

The Aug. 18 Florida GOP gubernatorial primary contest is still more than two months away.

Alex Nitzberg is a writer for Fox News Digital.

ICE detention center in Texas flagged for missing records, medical failures and wasteful spending

2026-06-09 18:45:06 UTC / Reuters

WASHINGTON, June 9 (Reuters) – A federal immigration detention center in Texas erected by the Trump administration failed to issue use-of-force reports, did not give medicine to seriously ill detainees and wasted tens of millions in taxpayer dollars through rushed contracts, a U.S. government watchdog report published on Tuesday said.

The report, issued by the Government Accountability Office, found “significant, pervasive issues” with planning and oversight at the Camp East Montana detention center.

U.S. President Donald Trump’s administration has sought to detain record numbers of immigrants as part of Trump’s mass deportation effort. Some 57,000 immigrants were detained as of early June, two sources familiar with the matter told Reuters, up from around 40,000 when Trump took office in 2025.

Camp East Montana was opened in August 2025 on the grounds of the Fort Bliss military base in El Paso using an expedited military contracting process to speed up its construction. Under the fast-track process, U.S. Immigration and Customs Enforcement gave the contract to Acquisition Logistics LLC, a small firm with no prior detention experience.

The GAO report raised questions about the handling of two deaths at the facility in January 2026, one ruled a homicide and the other a suicide.

In the homicide death, the detention center did not provide use-of-force or death reports to ICE and evidence “was missing or destroyed,” the report said.

In the suicide, staff placed the detainee in a medical holding room instead of a suicide-resistant cell and left the person unattended for longer than 15 minutes, the report said.

When ICE medical officials visited the site in December 2025, they found that the medical contractor did not provide treatment and care to detainees with chronic health problems.

“For example, none of the detained noncitizens with diabetes or HIV had treatment plans in place,” the report said.

ICE and Acquisition Logistics did not immediately respond to requests for comment.

The contract for Camp East Montana was abruptly shifted to Amentum Services Inc in March 2026.

Reporting by Ted Hesson; Additional reporting by Kristina Cooke; Editing by Aurora Ellis

US House advances $70 billion immigration enforcement bill

2026-06-09 18:54:32 UTC / Reuters

By Reuters

June 9, 2026 6:54 PM UTC Updated 24 mins ago

Federal law enforcement clears an entry point for vehicles to Delaney Hall during ongoing protests against U.S. Immigration and Customs Enforcement (ICE) outside the Delaney Hall detention center, in Newark, New Jersey, U.S., June 6, 2026. REUTERS/Caitlin Ochs Purchase Licensing Rights, opens new tab

WASHINGTON, June 9 (Reuters) – The U.S. Congress moved one step ​closer on Tuesday to ending a ‌stalemate over funding for immigration enforcement, as Republicans in the House of Representatives voted along party ​lines to open debate on a $70 ​billion bill.

The House was expected to vote ⁠on passing the measure later on ​Tuesday, which would send the legislation to ​the White House for President Donald Trump’s signature. The Senate passed the bill early Friday morning, also ​along party lines.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

The bill would fund ​U.S. Immigration and Customs Enforcement and Border Patrol for ‌the ⁠next three years, putting it beyond the reach of partisan disagreements in Congress.

Democrats refused to back funding for immigration enforcement ​after agents ​killed two ⁠U.S. citizens in Minneapolis in January. That disrupted funding for ​the Department of Homeland Security, leading ​to ⁠lengthy airport-security lines, until lawmakers agreed in April to fund portions of the ⁠sprawling ​department not involved in Trump’s ​immigration crackdown.

Reporting by Nolan D. McCaskill and David Morgan; ​Editing by Mark Porter and Alistair Bell

Our Standards: The Thomson Reuters Trust Principles.

Inflation in May likely topped 4% for the first time in 3 years, economists say

June 9, 2026 / 3:37 PM EDT / CBS News

Economists expect a key inflation gauge set to be released on Wednesday to show that U.S. consumer prices in May rose at their fastest pace in more than three years.

The Consumer Price Index is forecast to have risen last month at an annual rate of 4.2%, up from 3.8% in April, according to economists polled by financial data company FactSet. That would be the highest since April 2023, when inflation rose at a 4.9% rate, according to government data.

So-called core CPI, which excludes volatile food and gas prices, is forecast to have risen much more modestly in May to an annual rate of 2.9%, from 2.8% the previous month, according to FactSet.

Inflation surged during the pandemic and remains well above the Federal Reserve’s 2% annual target. In contrast to the supply disruptions that drove inflation during the COVID-19 crisis, the latest leg up in prices is largely attributable to government policy, including the Iran war, Mark Zandi, chief economist at Moody’s Analytics, told CBS News.

“It’s been almost five years since the last time we were at the Fed’s target, and I think just wearing down on the collective psyche, it’s one reason why people feel so bad about the economy,” he said.

Three-quarters of Americans said their incomes aren’t keeping up with inflation, according to a recent CBS News poll.

The May CPI data is likely to show that higher energy prices are mostly to blame for ongoing inflation, according to economists. Those figures will capture the rise in fuel prices from mid-April to mid-May.

More recently, oil and fuel costs have eased, according to CBS News’ energy price tracker. The average cost of a gallon of gas in the U.S. is $4.16, down 40 cents from its most recent peak on May 21, according to AAA. Brent crude, the international standard, fell 3.5% on Tuesday to $90.99 a barrel, while West Texas Intermediate, the U.S. benchmark, was down 4.1% at $87.57 a barrel.

Beyond what the latest CPI reveals about energy costs, economists on Wednesday will also zero in on the cost of goods and services to assess how higher fuel prices are rippling through the economy, Zandi said.

“It’s not just gasoline prices — it’s also diesel prices, which put upward pressure on prices for everything that’s put on a truck, from groceries to Amazon packages,” he said. “It’s now more expensive to fly as airlines have passed through the higher jet fuel costs.”