Trump met with Fed Chair Powell for the first time in his second term
President Donald Trump on Thursday met with Federal Reserve Chair Jerome Powell for the first time in his second term, according to a statement from the central bank.
The meeting, which comes after months of unrelenting attacks from Trump against the Fed chief, took place at the White House and was at Trump's request.
'Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,' the Fed said in its statement.
This is a developing story and will be updated.
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Yahoo
19 minutes ago
- Yahoo
Mortgage and refinance interest rates today, June 12, 2025: Decreases following favorable inflation report
Mortgage interest rates are lower this morning, following a better-than-expected inflation report on Wednesday. According to Zillow, the average 30-year fixed mortgage rate fell five basis points to 6.76%, while the 15-year fixed rate moved three basis points lower, to 5.96%. The latest Consumer Price Index showed inflation notching a slight 0.1% increase, with any tariff-related impact not yet affecting the public's pocketbooks. While that's good news for consumers, it means any rate cut by the Federal Reserve will likely be delayed until September. For mortgage rates, it remains business as usual: waiting for a reason to make a substantial move up or down. Dig deeper: What the latest CPI report means for mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.76% 20-year fixed: 6.34% 15-year fixed: 5.96% 5/1 ARM: 6.84% 7/1 ARM: 6.46% 30-year VA: 6.28% 15-year VA: 5.65% 5/1 VA: 6.20% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: How to get the lowest mortgage rate possible Here are today's mortgage refinance interest rates, according to the latest Zillow data: 30-year fixed: 6.83% 20-year fixed: 6.35% 15-year fixed: 5.95% 5/1 ARM: 7.13% 7/1 ARM: 6.59% 30-year VA: 6.31% 15-year VA: 6.04% 5/1 VA: 6.08% As with the purchase mortgage rates, these are national averages we've rounded to the nearest hundredth. Refinance rates can be higher than purchase mortgage rates, but that isn't always the case. Use the mortgage calculator below to see how various mortgage rates will impact your monthly payments. The free Yahoo Finance mortgage payment calculator goes even deeper by including factors like homeowners insurance and property taxes in your calculation. You can even add private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be. A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates. A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will stay at 6% for the entire 30 years. (Unless you refinance or sell the home.) An adjustable-rate mortgage keeps your rate the same for the first few years, then changes it periodically. Let's say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years and then the rate would increase or decrease once per year for the last 25 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and U.S. housing market. At the beginning of your mortgage term, most of your monthly payment goes toward interest. As time passes, less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed. Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose? Two categories determine mortgage rates: ones you can control and ones you cannot control. What factors can you control? First, you can compare the best mortgage lenders to find the one that gives you the lowest rate and fees. Second, lenders typically extend lower rates to people with higher credit scores, lower debt-to-income (DTI) ratios, and considerable down payments. 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You're unlikely to get a 2.75% rate in today's market unless you take on an assumable mortgage from a seller who locked in this rate in 2020 or 2021, when rates were at all-time lows. According to Freddie Mac, the lowest-ever 30-year fixed mortgage rate was 2.65%. This was the national average in January 2021. It is extremely unlikely that rates will dip below 3% again anytime soon. Some experts say it's worth refinancing when you can lock in a rate that's 2% less than your current mortgage rate. Others say 1% is the magic number. It all depends on what your financial goals are when refinancing and when your break-even point would be after paying refinance closing costs.
Newsweek
20 minutes ago
- Newsweek
How Trump-Friendly Home Depot Got Caught in America's Immigration Wars
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's aggressive immigration crackdown is targeting illegal migrants—not only at airports and border crossings but also in Home Depot parking lots nationwide, putting the retail giant with a history of support for the president in a difficult position. Scenes of protest and riots that erupted in Los Angeles last week were partly sparked by an unexpected immigration raid on Friday at a Home Depot in the Westlake neighborhood. Dozens were arrested in a coordinated sweep that also hit garment factories downtown and additional Home Depot locations in suburban cities like Paramount and Huntington Park. The big-box retailer, founded in 1978 and now boasting over 2,300 stores, has long been more than just a place to buy lumber and paint—it's also been an informal hiring hub for day laborers, many of them undocumented. The parking lots of Home Depot stores around the country have functioned, for decades, as sites where homeowners and contractors can connect with available laborers for their immediate needs, no resume required. That unofficial relationship has now collided with federal immigration policy. White House Deputy Chief of Staff Stephen Miller talks to reporters outside of the White House West Wing on May 09, 2025 in Washington, DC. White House Deputy Chief of Staff Stephen Miller talks to reporters outside of the White House West Wing on May 09, 2025 in Washington, White House adviser Stephen Miller, the architect of President Trump's immigration strategy, has explicitly ordered ICE to target informal labor gathering points such as Home Depot and 7-Eleven. "Why aren't you at Home Depot?" Miller reportedly asked ICE leadership in a Washington meeting last month, frustrated that arrests weren't meeting daily targets. Over the weekend, the consequences of those orders were visible across Los Angeles. In Paramount, anti-ICE protesters clashed with sheriff's deputies as raids unfolded. In Huntington Park, a predominantly Latino suburb, raids resumed Monday morning. And in Westlake, witnesses described a chaotic scene as agents detained workers while others fled. The raids are also having an economic impact, as frequent enforcement at Home Depot locations may be driving away customers. On Tuesday in northern New Jersey, the Wall Street Journal reported far fewer workers showed up for contractors than a few months ago. At two Home Depot stores in Los Angeles, store security kept the few men who did come confined to the public sidewalks. And at three stores around Houston, no laborers were seen at all. "Even workers who I know have legal status were running," said Jorge Nicolás, a senior organizer at the Central American Resource Center, or CARECEN, in an interview with the Los Angeles Times. "We felt powerless." 'We are not involved' Day laborers wait near a Home Depot home improvement store in hope of finding work for the day on August 15, 2008 in Los Angeles, California. Day laborers wait near a Home Depot home improvement store in hope of finding work for the day on August 15, 2008 in Los Angeles, California. Getty Images The sudden visibility of the immigration raids, combined with Miller's comments, has placed Home Depot at the center of a public controversy—one in which the company has denied any involvement. "We're not notified when raids are going to happen, and we are not involved in the operations," said Margaret Smith, a spokesperson for Home Depot, in a statement to Newsweek. Smith said Home Depot instructs its employees not to engage with ICE activity and to report any incidents to management. She added that workers who feel uncomfortable after witnessing immigration actions near the stores are given the option to go home for the day and still receive pay. "When ICE arrives at a parking lot or outside one of our stores, we ask our associates to report it immediately, not engage with the activity, and if associates feel uncomfortable after witnessing ICE activity, we offer associates the option to go home for the day with pay." However, critics of the company have long argued that this falls short, given the company's history and its often-contentious relationship with workers—drawing criticism from both pro- and anti-immigrant groups. It also raises questions about its ties with the administration. Home Depot CEO Bernie Marcus poses for a portrait in a Home Depot store October 15, 1998. 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Home Depot has long worked to distance itself from the personal politics of its founders. "His views do not represent the company," a spokesperson said of Marcus during the 2019 backlash. The company also stresses that it does not endorse presidential candidates. But its political action committee has made substantial donations to Republican causes. In the 2024 election cycle, Home Depot contributed $1 million to the School Freedom Fund and $220,151 to the National Republican Congressional Committee. Another $143,569 was directed to Trump's campaign, according to OpenSecrets. In the current political climate, those past connections and donations have resurfaced amid a public reckoning over what some progressives say is a theme in corporate America of complicity and silence surrounding the most controversial policies of the Trump administration. Despite Home Depot's claims of noninvolvement, the recurring presence of ICE near its stores continues to draw national attention. The raids come at a time when the company is already under financial pressure, largely related to Trump's on-again, off-again tariff policies. First-quarter earnings dipped slightly from a year earlier, and shares fell after news of the raids broke. Analysts have warned that if public protests and customer anxiety persist, the company could face both reputational and operational fallout.
Yahoo
21 minutes ago
- Yahoo
FIRST ON FOX: High ranking DOJ official resigns post to run for attorney general in red state
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