Finance departments at any company can be messy, and AI platforms are often pitched as solutions to straighten out problems, create more accurate reports and free up employees to do more interesting work. But there’s a lot of fear. Can AI be trusted? Will it mess things up? Is it going to take jobs away?

Toffer Grant, CEO and founder of PEX, a fintech company that works with middle-market companies, has heard a lot of the fears—and seen many of the benefits of using AI the right way. I spoke with him about how to best bring AI into a finance department, put fears of accuracy to rest, and make it a vital partner toward accurate bookkeeping going forward. An excerpt from our conversation is later in this newsletter.

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Last week was difficult for both consumers and Wall Street. Inflation in May continued to climb, hitting 3.4% in the Bureau of Economic Analysis’ monthly report released last week. May’s inflation rate is the highest since October 2023, and it seems pretty entrenched. The personal consumption expenditures index—minus volatile food and fuel prices, and the Fed’s favored inflationary metric—has increased 4.1% from a year ago.

Prices are likely to continue to rise for technology, with major manufacturers announcing large hikes last week. Apple’s laptops and iPads are going to be at least $200 more expensive, and Microsoft is raising prices for new Xbox consoles by $100 to $150. The reason for the increase: Rapidly growing demand for AI memory chips. Apple CEO Tim Cook said earlier this month that the price hike was “unavoidable.” After the announcement Thursday, Apple’s stock dropped more than 5% and has been slow to recover—and Forbes senior contributor Peter Cohan writes that the company’s outlook depends on whether consumers will pay the higher prices. While Microsoft’s stock quickly recovered from the 6% drop after the price announcement, its long-term outlook on the consumer front may not be rosy: Forbes senior contributor Paul Tassi writes this month has seen the lowest-ever sales for Xbox consoles.

Since he was sworn in for his second term, President Donald Trump has wanted more sway over the Federal Reserve. In a 5-4 decision on Monday, the Supreme Court blocked the firing of Fed Governor Lisa Cook, who was appointed by former President Joe Biden. Trump tried to fire Cook last August, accusing her of misrepresenting her situation when she applied for a personal mortgage to get a better rate. Cook has not been charged with a crime, has denied wrongdoing and was confirmed by the Senate after taking out the mortgage in question. She........

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