US small-business sentiment weakened in June, with the National Federation of Independent Business’s optimism index slipping to 98.6 from May’s 98.8. The reading matched economists’ expectations and extends a stretch of sub-100 prints as firms confront lingering cost and policy pressures. Taxes resurfaced as the most pressing concern, cited by 19% of owners—the highest share since July 2021—while the proportion naming poor sales rose to 10%, a fresh cycle peak. Planned price increases accelerated and hiring intentions inched up, yet capital-expenditure plans fell to 50, the lowest since June 2020. Expectations for an improving economy continued to retreat, underscoring caution ahead of anticipated tax changes and a softer demand backdrop.