President Donald Trump has paused the Senate hearing for Jay Clayton's confirmation as Director of National Intelligence (DNI). The decision is pending Senate approval for Jamie McDonald, Trump's nominee for U.S. Attorney for the Southern District of New York. Trump announced the move on Truth Social, stating that the hearing for Clayton would not proceed until McDonald is approved.

Federal Housing Finance Agency (FHFA) director Bill Pulte will remain the acting director of national intelligence. Trump noted that Pulte faces bipartisan opposition but will stay in the role for now. The President expressed concern over the pace of Clayton's nomination and warned that Pulte could be replaced before Democrats vote on the Foreign Intelligence Surveillance Act (FISA).

The political standoff centers on FISA renewal. Democrats have indicated they will block FISA renewal unless Trump withdraws Pulte's appointment. Trump, however, accuses Democrats of breaking a deal despite Republicans fulfilling their side of the agreement. He also raised concerns that Democrats could use the Senate's blue slip tradition to block McDonald's nomination.

Trump is pushing to extend Section 702 of FISA only if it is paired with the SAVE America Act. Congress failed to renew the surveillance authority, allowing it to temporarily lapse. Section 702 allows the U.S. government to collect communications from foreign targets through tech companies without a warrant. Trump reiterated his stance on Truth Social, writing, "I will not approve FISA without THE SAVE AMERICA ACT going along with it."

US retail sales recorded a month-on-month increase of 0.9% in May, surpassing analyst expectations and improving upon the prior period's reading. The actual figure came in ahead of the consensus estimate of 0.6% and marked an acceleration from the 0.5% growth registered in the previous month.

Key Data at a Glance

The following table summarises the May retail sales data against prior and estimated figures:

Performance Against Expectations

The May retail sales figure of 0.9% exceeded the market estimate of 0.6% by 30 basis points, while also outpacing the previous month's reading of 0.5%. The uptick indicates a pickup in month-on-month consumer spending momentum compared to the prior period.