Key inflation gauge rose last month while Americans cut back on spending
Prices rose 2.3% in May compared with a year ago, up from just 2.1% in April, the Commerce Department said Friday. Excluding the volatile food and energy categories, core prices rose 2.7% from a year earlier, an increase from 2.5% the previous month. Both figures are modestly above the Federal Reserve's 2% target.
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NBA free agency is moving fast and furious. The latest: A stunner in Milwaukee Kevin C. Cox / Getty Images The Hawks' Dejounte Murray trade with New Orleans keeps on paying dividends. Not only did Atlanta obtain the pick that went to the Celtics for Kristaps Porziņģis and defensive stopper Dyson Daniels, but also the $25 million trade exception that deal generated now has been used to acquire Nickeil Alexander-Walker from the Minnesota Timberwolves. Atlanta will still have several million of that exception left over, as well as its full $14.1 million nontaxpayer midlevel exception and a $13 million exception from the Bogdan Bogdanović trade. But as a practical consequence, a hugely productive offseason in Atlanta is now down to smaller moves. Atlanta sent only a second-round pick to Minnesota in the sign-and-trade to assure it topped every other team on the market, ultimately going a shade over the nontaxpayer midlevel exception to get Alexander-Walker. The Hawks still have roughly $13 million remaining below the tax line with at least two more roster spots to fill, and seem likely to target another guard based on current needs. For its trouble, Minnesota will receive a trade exception for roughly $14.4 million. The Wolves are hugely unlikely to use it this season because they're way over the first apron, but it's a possibility for next summer. Nathaniel S. Butler / NBAE via Getty Images The LA Clippers will sign Brook Lopez for two years. Lopez just turned 37 years old. But he doesn't have to start, and he has a relationship already with two key Clippers: president of basketball operations Lawrence Frank (his first head coach in New Jersey) and center Ivica Zubac (teammates from the 2017-18 season in Los Angeles, Lakers edition). Now, the Clippers have three different centers: A post up big in Zubac who is an All-NBA defender, a veteran in Lopez who spaces the floor and protects the rim in deep drop and the 2025 first round pick in Yanic Konan Niederhauser who will develop his athletic tools. Lopez is arguably the best backup center LA has had for Zubac since Serge Ibaka's back injuries allowed Zubac to reclaim the starting job midway through the 2020-21 season, with the possible exception of Isaiah Hartenstein in 2021-22. Brett Davis / Imagn It's the end of an era in Milwaukee. For the last seven seasons, Brook Lopez has been a cornerstone of everything the Bucks have done on both ends of the floor. Defensively, Lopez was going to be playing drop coverage and waiting to swat shots at the rim. Offensively, he was going to be stationed in one of the high quadrants ready to fire a deep 3 and give space to two-time MVP Giannis Antetokounmpo. He exits Milwaukee as one of the greatest players of their championship era. Along with Antetokounmpo, Khris Middleton and Jrue Holiday, he was a member of the core four that led the Bucks to the league's best record in five seasons under former head coach Mike Budenholzer and the franchise's first title in 50 seasons. Brook Lopez becomes the first player in NBA history to give his team a "Disney discount," signing for two years and $18 million and putting himself within a short drive of his theme park of choice. The Clippers are now loaded up front with Ivica Zubac and Lopez. Rookie Yanic Konan Niederhauser's chances at rotation minutes just went from "pretty decent" to "LOL, kid." The Clippers are $4.5 million from the luxury tax line with at least one open roster spot left to fill. Getting an older guy in the building who can help Yves Missi and Derik Queen grow was high on the Pelicans' priority list. Kevon Looney has been around forever, but he's still only 29. He could be an important piece for this team on and off the court. Brett Davis / Imagn Given how tight the market was expected to be, I'm surprised we're seeing backup centers getting the contracts they are. Not so much in money, but in length of contract. I thought depth centers might get squeezed in this environment, but that is not the case. Ronald Cortes / Getty Images The Celtics had wanted to retain Luke Kornet, but didn't have the financial flexibility to compete with an offer the size he received from San Antonio (four years and $41 million). Without him, their depth at the center position is beginning to look bleak. In addition to Kornet, Boston also lost Kristaps Porziņģis this offseason and could soon lose another free agent in Al Horford. If Horford departs, the Celtics will only have Neemias Queta, Xavier Tillman and second-round pick Amari Williams (expected to sign a two-way contract) as rostered big men — and they will have limited resources to search for an upgrade or two. A two-year, $29 million deal for Caris LeVert would be for the entire nontaxpayer midlevel exception, and is a strong tell that A) the Pistons will operate as an over-the-cap team and thus re-sign Paul Reed via Bird Rights, and B) that the Hawks are very much in the market for a different backcourt player, most likely Nickeil Alexander-Walker. By virtue of operating this way, the Pistons can still re-sign or sign-and-trade Dennis Schroder and Tim Hardaway Jr. Note that this LeVert deal cannot be converted into a sign-and-trade, which would potentially benefit Atlanta, because a sign-and-trade must be for three seasons. The Detroit Pistons and free-agent guard Caris LeVert have agreed to terms on a two-year, $29 million, a league source confirmed The Athletic on Monday. LeVert, who will be 31 years old at the start of next season, averaged 12.1 points on 46.7 percent from the field and 37.7 percent from 3 during 64 games split between the Cleveland Cavaliers and Atlanta Hawks. The former Michigan Wolverine will presumably take over primary ballhandling duties on the Pistons' second unit, aiding Cade Cunningham and Jaden Ivey. GO FURTHER Caris LeVert, Pistons agree to terms on 2-year, $29 million deal: Source Kevin C. Cox / Getty Images The Houston Rockets will sign center Clint Capela to a fully guaranteed three-year, $21.5 million contract, a league source told The Athletic. Al Bello / Getty Images Free agent center Luke Kornet will sign with the San Antonio Spurs on a four-year, $41 million deal, a team source confirmed. In signing Kevon Looney to a two-year, $16 million contract, per a league source, the Pelicans add a veteran big with championship experience to the bench. Thearon W. Henderson / Getty Images Center Kevon Looney will sign a two-year, $16 million contract with the New Orleans Pelicans, a league source said. Looney departs the Warriors after spending his first 10 seasons in the Bay Area. Matthew Stockman / Getty Images Free agent wing Bruce Brown will sign a one-year contract with the Denver Nuggets, a league source said. The deal is for the veteran's minimum, a team source said. Brown was a key member of Denver's 2023 championship team before departing that summer as a free agent. He now returns to Denver. Cam Johnson was widely expected to be traded at the deadline back in February, with the Nets reportedly seeking two first-round picks. This trade for Michael Porter Jr. is a great reminder of how there is nuance to how we talk about asset value and the trade market. There is a massive difference between a first-round pick in the near future from a playoff team than the Nuggets' 2032 first, when Nikola Jokic would be 37. It's apparent the Nets are stretching out their rebuild timeline by taking on the next three seasons of Porter Jr.'s deal, but it's worth it to have that Nuggets pick as a gem in their trade coffers. First-round picks are not homogenous and the Nets' patience trading Johnson paid off big time. Page 2
