"US Jobs Report and Debt Deal Latest Impact Financial Markets"

The Senate has passed a law suspending the debt ceiling, preventing a national default. The Consumer Financial Protection Bureau has warned Americans about the risks of storing money on digital payment apps, which lack the same protections as traditional bank accounts. The Social Security Administration will distribute the first batch of payments for June tomorrow. The Federal Reserve has stated that companies are keeping prices high because they can, leading to elevated inflation. A new survey shows that millennials are especially worried about how AI will affect their job and salary prospects. The Bureau of Labor Statistics estimates that around 2.1 million jobs will be lost due to automation and AI, but the economy is projected to add 10.4 million jobs by 2031. President Biden and House Speaker Kevin McCarthy brokered a deal to suspend the debt ceiling for two years, effectively raising it, and to fund the VA's medical care.