What you need to know today

U.S. President Joe Biden and House Speaker Kevin McCarthy have reached a deal Sunday to raise the debt limitdebt limit.
Central to the deal are general spending caps until 2024 and lower funding for the Internal Revenue Service. The Internal Revenue Service. The Congress for a voteRepublicans are unhappy with the deal

U.S. inflation in April was stubbornly high, and the economy still strong. The personal consumption expenditures index U.S. inflation in April was stubbornly high, and the economy still strong.
The personal consumption expenditures index personal consumption expenditures index , higher than March’s 4.2% reading.
Spending also jumped 0.8% in April, two times more than forecast, while personal income rose an expected 0.4%.personal income rose an expected 0.4%.

Stocks in the U.S. U.S. rallied Friday, with all indexes closing above 1% as investors hoped for a debt ceiling deal (in hindsight, it appears their hopes weren't misplaced). Asia-Pacific markets mostly debt ceiling deal Asia-Pacific markets mostly traded higher Monday. Japan's Nikkei 225 rose 1%, led by SoftBank, which popped nearly 6%, and Sumitomo, which jumped more than 3%.

Turkey's President Turkey’s President Recep Tayyip Erdogan has won the country's 2023 presidential electionRecep Tayyip Erdogan has won the country’s 2023 presidential election, the country's election board confirmed Sunday. With 99.43% of votes counted, Erdogan amassed 52.14% of the votes, while his rival Kemal Kilicdaroglu received 47.86%. In response, the country's lira Kemal Kilicdaroglu received 47.86%. In response, the country’s lira sank to a record low of 19.98 to the U.S. dollarU.S. dollar as of this newsletter's publication.