It’s great being the CEO. There used to be tension between CitiGroup managers. What has chief executive Jane Fraser done? Fired them all. That’s one way to turn your share price around.

The lowdown

• 🧂 Citigroup unveils its biggest management shakeup in more than two decades, giving its CEO more control.

• 🦾 Arm prices shares at $51, valuing the chip designer at more than $52bn.

• ⚡️ China slams EU over electric vehicle subsidy probe.

Flex your finance muscle 💪

Immaculate disinflation

In the US and elsewhere around the world, inflation is slowing. That doesn’t mean prices are falling – that would be deflation – but the pace of price increases is slowing. The Fed’s preferred measure of inflation rose just 0.1% in May, the least in more than two years.

However, disinflation usually comes hand in hand with a slowing economy. It’s just a side effect of raising interest rates, which is the Fed’s main lever to fight inflation. Immaculate disinflation is the somewhat optimistic idea that central banks can bring price rises under control without unemployment going up.

The argument goes that labor markets are tight, so they can handle slightly slower inflation. But historically, that’s been a tough one to pull off.

Featured story

A French supermarket is snitching on suppliers that shrink packaging

Being the world’s dullest man, I love to walk around supermarkets and comment loudly on how much smaller items have gotten. Shrinkflation is a common tactic companies use to pass on cost increases without raising prices.

But French supermarket Carrefour has had enough. It’s putting price warnings on products – from Lindt chocolate to Lipton ice tea – to warn customers about items that have shrunk in size but cost more, even as raw materials prices have eased.

The move is a bid to get customers on board ahead of price negotiations with the world’s biggest brands. Carrefour’s CEO has been vocal in the past about companies refusing to cut prices despite raw materials costs falling. The French government has also met with companies, and said Unilever, Nestle, and PepsiCo were among those refusing to budge.

The content we're consuming today

• Yahoo Finance: What a UAW strike could mean for the US economy

• WSJ: The cyberattack that sent Las Vegas back in time ($)

• World Politics Review: China’s slowing growth won’t be all bad news for the global economy

Off-balance sheet items

• Forget all that nonsense about Mexican alien corpses and read about the planet that may support life 124 lightyears away.

The bottom line