Interest Rates

The Federal Reserve cut rates by an expected quarter-point on Wednesday, placing the new range at 3.5%-3.75% after a 9-3 vote.

The Federal Reserve voted on July 30 to keep its benchmark interest rate unchanged at 4.25% to 4.50%, marking the fifth consecutive meeting without a change.

President Donald Trump renewed his criticism of Federal Reserve Chair Jerome Powell on Monday, slamming the central bank for refusing to cut interest rates despite falling inflation. Trump accused Powell and the entire Federal Reserve Board of costing the U.S. economy “trillions” in unnecessary interest costs.

President Donald Trump renewed his threat to fire Federal Reserve Chair Jerome Powell, escalating a standoff with the central bank over interest rates and economic policy. Speaking from the Oval Office Thursday, Trump criticized Powell for not cutting rates and declared, “If I want him out, he’ll be out of there real fast, believe me.”

Treasury Secretary Scott Bessent has announced a strategy to reduce long-term interest rates, focusing on lowering the 10-year U.S. Treasury yield. His plan, independent of the Federal Reserve’s monetary policy, emphasizes deregulation, tax cuts, and significant reductions in federal spending to stabilize interest rates and ease inflation. Bessent explained that fiscal policy adjustments, such as cutting wasteful government spending, could encourage economic growth without triggering inflation.

Kohl's has announced it will close 27 underperforming stores across the U.S. by April 2025, representing less than 3% of its over 1,150 locations.

With less than a week until Inauguration Day, former President Donald Trump’s team is rallying support for his “Make America Wealthy Again” (MAWA) agenda, a continuation of his America First policies. In a video released to Breitbart News, Trump lays out his promises to reduce costs and reinvigorate the economy by prioritizing energy independence, cutting taxes, and fighting inflation.

Macy’s has announced plans to close 66 underperforming stores this year as part of its Bold New Chapter strategy, which includes closing about 150 underproductive locations over a three-year period.

U.S. Treasury Secretary Janet Yellen acknowledged in a CNBC interview that the Biden administration's pandemic stimulus spending may have contributed “a little bit” to inflation.

Two children were found abandoned at the southern border with a note to give to authorities.