NAACP won't invite Trump to convention, breaking a 116-year tradition
The NAACP will not invite President Donald Trump to its national convention this year — the first time in the civil rights organization's 116-year history that it has excluded a sitting president — citing what it described as his attacks on American democracy.
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Washington Post
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'Purgatory:' Fed officials left in limbo as tariffs complicate this week's rate decision
WASHINGTON — The U.S. economy is mostly in good shape but that isn't saving Federal Reserve chair Jerome Powell from a spell of angst. As the Fed considers its next moves during a two-day meeting this week, most economic data looks solid: Inflation has been steadily fading , while the unemployment rate is still a historically low 4.2% . Yet President Donald Trump's widespread tariffs may push inflation higher in the coming months, while also possibly slowing growth .
Yahoo
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US stock futures lower amid Israel-Iran conflict
U.S. stock futures are lower after President Donald Trump abruptly left the Group of Seven summit in Canada. Trump had earlier urged everyone to immediately evacuate Tehran and reiterated that Iran should have signed a nuclear deal with the United States. Separately, a U.S. official said Trump would not sign a draft statement calling for de-escalation of the Israel-Iran conflict. Meanwhile, Israel is determined to continue its assault on Iran despite reports saying Iran wants to reopen nuclear talks. 'We're going to go about our operation to remove these two threats,' Israeli Strategic Affairs Minister Ron Dermer, referring to Iran's missile and nuclear programs, in a Bloomberg TV interview. 'Whether Iran will decide to meet with the United States and agree to terms that they should have taken a month ago, or two weeks ago, or two months ago, you know, that's up to Iran to decide.' At 6:15 a.m. ET, futures based on the blue-chip Dow fell-0.58%, while broad S&P 500 futures dropped -0.54% and tech-laden Nasdaq slipped -0.56%. Oil prices rose. May's retail sales data are due before the market opens. Economists surveyed by FactSet forecast a decline of 0.7% in total sales in May from April after a gain of just 0.1% in the prior month. However, the main event this week will be the Federal Reserve's rate policy decision due midweek. Almost everyone expects central bank policymakers to hold rates at their current target range of 4.25% to 4.50%, according to the CME FedWatch tool. Along with the Fed's policy announcement, central bankers will release their forecasts for economic growth, unemployment and inflation. Most economists expect the Fed's projections to show higher inflation in the second part of the year, a fairly low unemployment rate and slower economic growth. JPMorgan Chase, the country's biggest bank, has applied for a trademark related to digital currency with the United States Patent and Trademark Office (USPTO), leading to speculation the application for 'JPMD' means the bank is preparing to launch its own stablecoin. Stablecoins are digital assets designed to maintain a value in line with the U.S. dollar. TJPMorgan Chase filed the application on June 15, according to the USPTO's website. The application listed 'JPMD' as a good or service that would provide 'trading, exchange, transfer and payment services for digital assets,' among other categories related to cryptocurrencies and blockchain technology. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: US stock futures lower amid Israel-Iran conflict Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
20 minutes ago
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Senate expected to pass crypto bill without addressing Trump's investments
WASHINGTON (AP) — The Senate is expected to approve legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what is expected to be a wave of crypto legislation from Congress that the industry hopes will bolster its legitimacy and reassure consumers. The fast-moving legislation, which will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle where the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond. Eighteen Democratic senators have shown support for the legislation as it has advanced, siding with the Republican majority in the 53-47 Senate. If passed, it would become the second major bipartisan bill to advance through the Senate this year, following the Laken Riley Act on immigration enforcement in January. Still, most Democrats oppose the bill. They have raised concerns that the measure does little to address President Donald Trump's personal financial interests in the crypto space. 'We weren't able to include certainly everything we would have wanted, but it was a good bipartisan effort,' said Sen. Angela Alsobrooks, D-Md., on Monday. She added, 'This is an unregulated area that will now be regulated.' Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for 'Guiding and Establishing National Innovation for U.S. Stablecoins.' It's expected to pass Tuesday, since it only requires a simple majority vote — and it already cleared its biggest procedural hurdle last week in a 68-30 vote. But the bill has faced more resistance than initially expected. There is a provision in the bill that bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House. Trump hosted a private dinner last month at his golf club with top investors in a Trump-branded meme coin. His family holds a large stake in World Liberty Financial, a crypto project that provides yet another avenue where investors are buying in and enriching the president's relatives. World Liberty has launched its own stablecoin, USD1. The administration is broadly supportive of crypto's growth and its integration into the economy. Treasury Secretary Scott Bessent last week said the legislation could help push the U.S. stablecoin market beyond $2 trillion by the end of 2028. Brian Armstrong, CEO of Coinbase — the nation's largest crypto exchange and a major advocate for the bill — has met with Trump and praised his early moves on crypto. This past weekend, Coinbase was among the more prominent brands that sponsored a parade in Washington commemorating the Army's 250th anniversary — an event that coincided with Trump's 79th birthday. But the crypto industry emphasizes that they view the legislative effort as bipartisan, pointing to champions on each side of the aisle. 'The GENIUS Act will be the most significant digital assets legislation ever to pass the U.S. Senate,' Senate Banking Committee Chair Tim Scott, R-S.C., said ahead of a key vote last week. 'It's the product of months of bipartisan work.' The bill did hit one rough patch in early May, when a bloc of Senate Democrats who had previously supported the bill reversed course and voted to block it from advancing. That prompted new negotiations involving Senate Republicans, Democrats and the White House, which ultimately produced the compromise version expected to win passage Tuesday. 'There were many, many changes that were made. And ultimately, it's a much better deal because we were all at the table,' Alsobrooks said. Still, the bill leaves unresolved concerns over presidential conflicts of interest — an issue that remains a source of tension within the Democratic caucus. Sen. Elizabeth Warren, D-Mass., has been among the most outspoken as the ranking member on the Senate Banking Committee, warning that the bill creates a 'super highway' for Trump corruption. She has also warned that the bill would allow major technology companies, such as Amazon and Meta, to launch their own stablecoins. If the stablecoin legislation passes the Senate on Tuesday, it still faces several hurdles before reaching the president's desk. It must clear the narrowly held Republican majority in the House, where lawmakers may try to attach a broader market structure bill — sweeping legislation that could make passage through the Senate more difficult. Trump has said he wants stablecoin legislation on his desk before Congress breaks for its August recess, now just under 50 days away.
