Today’s Top Stories From the Breitbart News Desk

[Maganomics]( Today’s Top Stories From the Breitbart News Desk The Supreme Court on Monday dealt an all-too-rare setback to the administrative state, ruling that the structure of the Consumer Finance Protection Bureau left it too independent to meet constitutional muster. The upshot of the ruling is the agency's director will now serve at the pleasure of the president, undoing the statutory provision that the director could only be removed for cause. While there's no immediate impact on the agency — its current Trump-appointed head had already said she thought the for-cause provision was unconstitutional and that she could be removed at the president's discretion — it does raise the stakes for financial companies in the next election because whoever controls the presidency will also control the CFPB. It has become an arm of the administration rather than the independent agency Congress intended. The CFPB ruling likely also means that the FHFA's similar structure — led by a single director removable only for cause — is unconstitutional. As a result, a change in administration would likely mean a new head of the FHFA. That casts into doubt the future of the plans to privatize Fannie Mae and Freddie Mac advanced by FHFA director Mark Calabria. China will release its official manufacturing purchasing managers index for June this week. It's likely to show a slowdown due to the resurgence of coronavirus, foreshadowing what may be to come for the U.S. Meanwhile, here at home we'll get a read on consumer confidence, reports on the U.S. manufacturing sector, and the ADP's private payroll estimate before we hit Jobs Thursday. Because of the July 4th holiday, the employment situation report for June will be released a day earlier than usual, which means it hits on the same day as jobless claims. The question at hand is whether the labor market recovery stalled in June after a better than expected May. – Alex Marlow, Breitbart News Network --------------------------------------------------------------- TOP STORY [image] [U.S. Pending Home Sales See Record-Breaking Rebound in May]( The number of Americans signing contracts to buy homes rebounded a record 44.3 percent in May after a record-breaking decline the previous month, as the impact of the coronavirus pandemic sidelined both buyers and sellers. The National Association of Realtors said Monday that its index of pending sales rose to 99.6 in May, the highest month-over-month gain in the index since its inception in January 2001. The pending home sales index plunged 21.8 percent from March to April to a level of 69. The contract signings — a barometer of finalized purchases over the next two months — have fallen 5.1 percent over the past year, but Monday’s better-than-expected pending home sales data offers some optimism for the housing market, which was severely hampered by the coronavirus pandemic. [[Click here for more]( IN OTHER STORIES… [Fed Goes Shopping for Jack Daniel’s, Quaker Oats, and Apple]( Jack Daniel’s. Quaker Oats. Apple. Walmart. No. It’s not a list of the latest products that shops are running short of during the coronavirus pandemic. It’s just the names of some of the companies whose bonds the Federal Reserve will start buying. The Fed on Sunday released a list of roughly 750 companies, including Apple, Walmart and ExxonMobil, whose corporate bonds it will purchase in the coming months in an effort to keep borrowing costs low and smooth the flow of credit. [[Click here for more]( [eBay Critics Targeted by Old School Silicon Valley Intimidation]( Recently Breitbart News reported that six eBay employees were named in federal charges for intimidating critics of the company with a cyberstalking terror campaign, now a recent article from the New York Times outlines how many Silicon Valley companies have been using similar intimidation tactics for years. In an article titled “EBay’s Critics Faced an Extreme Case of an Old Silicon Valley Habit,” the New York Times outlines how recent allegations that eBay employees intimidated two critics of the company by sending them a bloody mask, live cockroaches, and a funeral wreath are not exactly new tactics in the world of Silicon Valley. [ [Click here for more]( [McDonald’s Changes Social Media Profile Name to ‘Amplifying Black Voices’]( McDonald’s has changed its Twitter display name to “Amplifying Black Voices,” adding a profile banner that lists Trayvon Martin, Michael Brown, Alton Sterling, Botham Jean, Atatiana Jefferson, Ahmaud Arbery, and George Floyd as victims of “racism” and “systemic oppression.” The brand’s Twitter banner reads… [[Click here for more]( --------------------------------------------------------------- FROM THE MAGANOMICS INSTITUTE… [How Important Is the Stock Market to the Federal Reserve?]( One thing we know about our economic recovery is the Fed will be standing by to add liquidity… [[Click here for more]( [Maganomics]( Maganomics Institute 55 NE 5th Ave, Delray Beach, FL 33484 [www.maganomics.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. 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