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How Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched—and created a $1.45 trillion shortfall

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Meet the 33-year-old CEO betting on boomers chasing their grandkids—and millennials selling their first house

3

The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner

1

How Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched—and created a $1.45 trillion shortfall

2

Meet the 33-year-old CEO betting on boomers chasing their grandkids—and millennials selling their first house

3

The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
Features5 things

Greek defaultnotdefault and May jobs — 5 things to know today

By
Tom Huddleston Jr.
Tom Huddleston Jr.
and
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Tom Huddleston Jr.
Tom Huddleston Jr.
and
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
June 5, 2015, 6:26 AM ET
Greek Prime Minister Alexis Tsipras speaks at parliament in Athens
ATHENS, GREECE - MARCH 30: Greek Prime Minister Alexis Tsipras speaks during a parliament session in Athens on March 30, 2015. (Photo by Ayhan Mehmet/Anadolu Agency/Getty Images)Photograph by Ayhan Mehmet — Anadolu Agency/Getty Images
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Hello friends and Fortune readers.

Wall Street stock futures are TK

Today’s must-read story is from Fortune‘s Brian O’Keefe and it is a profile of Walmart (WMT) CEO Doug McMillon, the man who last year became the fifth CEO ever at the country’s largest company based on annual revenue. Oh, and speaking of . . . the 2015 Fortune 500 list that Walmart sits atop is now available for perusal on Fortune.com.

Here’s what else you need to know today.

1. Greece is skipping a debt payment to the IMF

Greece is becoming the first developed economy ever to miss a payment to the International Monetary Fund. Against a background of continued deadlock over getting its remaining bailout cash, the country is going to bundle this week’s $336 million payment with others due later this month, a trick that will buy it a couple more weeks before it is formally declared to be in default.

2. Monthly jobs report

The Labor Department is expected to report that the U.S. economy added roughly 225,000 jobs in May, which would represent a slight increase in non-farm payroll from April. Another month of strong employment gains could send U.S. stocks tumbling during Friday trading, as investors worry that an improving economy will keep the Federal Reserve on track to raise interest rates sometime this year. Stocks dipped Thursday on the eve of the jobs report.

3. OPEC meeting

Oil futures are testing a five-week low as ministers from the Organization of the Petroleum Exporting Countries meet in Vienna to fix their output levels for the next six months. The cartel that produces one third of the world’s oil supply is still not expected to announce an easing of oil output despite global oversupply that has depressed crude oil prices for nearly a year.

4. Nestlé’s problems in India just got worse

The Swiss food giant has pulled its Maggi instant noodles from stores across in India, withdrawing one of the country’s most popular snacks after weeks of damaging headlines triggered by regulators’ reports that some packs contained excess lead. It still insists its product is “completely safe.”

5. National Donut Day

Yes, today is National Donut Day — a special occasion that apparently dates back to 1938 and honors Salvation Army workers. A number of companies and chains — including Dunkin’ Donuts (DNKN), Tim Hortons, and Entenmann’s — will have special giveaways in celebration.

About the Authors
By Tom Huddleston Jr.
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By Geoffrey Smith
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