
Robson, Toublan on Economic Data, Yields, Foreign Buyers
As US Treasuries are set for the first month of loss of 2025, BNP Paribas Head of US Credit Strategy Meghan Robson says the tariffs uncertainty will be impactful to the negative side of growth. Barclays Head of US Credit Strategy Dominique Toublan says uncertainty does not give consumers or businesses much confidence to make big plans for the future. They speak with Vonnie Quinn on "Real Yield." (Source: Bloomberg)
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Forbes
8 minutes ago
- Forbes
Elon Musk Doesn't Agree With Every Trump Administration Action
Elon Musk—a key adviser to President Donald Trump who left his formal role in the government Friday—said in an interview with CBS News earlier in the week he thought criticism of his Department of Government Efficiency was 'unfair' and said he doesn't want to 'take responsibility for everything this administration's doing.' President Donald Trump speaks during a news conference with Elon Musk on May 30, 2025 inside the ... More Oval Office at the White House in Washington. During an interview with CBS News, Musk initially shied away from questions about the impact of Trump's tariffs on his businesses before openly discussing DOGE and what he said were 'unfair' criticisms. 'If there was some cut, real or imagined, everyone would blame DOGE,' Musk told CBS News' David Pogue. He went on to discuss the administration more broadly, saying, 'it's not like I agree with everything the administration does … So it's like, I mean, I agree with much of what the administration does. But we have differences of opinion.' Musk said he doesn't want to 'take responsibility for everything this administration's doing,' but if he brought up his disagreements publicly it 'creates a bone of contention,' saying, 'I'm a little stuck in a bind.' On Tuesday, CBS News released a clip of the interview in which Musk criticized the 'big, beautiful bill' Trump has been advocating for in Congress. The clip showed Musk saying he was 'disappointed' about the bill, which he said 'increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.' The comments quickly made headlines, and the following day Musk confirmed his official departure from the government. Musk endorsed Trump and became a megadonor after an assassination attempt on the president while he was campaigning in July, and Musk ended up giving more than $200 million to help Trump get elected. After he won a second term in November, Trump announced Musk would lead the Department of Government Efficiency, which the president said would 'slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.' Musk became a special government employee—which limited his service term to 130 days—when Trump was inaugurated, and he began the work of slashing the federal workforce and spending. DOGE's work—which included laying off hundreds of thousands of federal employees—drew bipartisan criticism and a number of legal challenges that are still playing out in court. Trump regularly praised Musk, though, and Friday when the pair were discussing Musk's government departure, Trump thanked Musk for the 'colossal change' DOGE spearheaded and said he thinks Musk will continue helping the government. 'I'll continue to be visiting here and be a friend and adviser' to Trump, Musk said Friday at a press conference with the president. $2 trillion. That's initially how much Musk said DOGE would save the government, though he later lowered the estimate to $1 trillion. DOGE's website claims it has so far saved the government an estimated $175 billion, though the website has frequently featured errors like counting contracts multiple times, using 'billions' when it meant to report 'millions,' and more, according to The New York Times. A reporter from CNN estimated last week that less than half of the $175 billion figure is supported with documentation on DOGE's sites. Trump privately questioned whether Musk and DOGE could follow through on the amount of cuts they said they would make, according to a report in The Wall Street Journal Saturday. Unnamed officials in the administration told the Journal Trump asked, 'was it all bullshit?' and wondered if Musk could actually cut $1 trillion in government spending. Forbes estimates Musk has a net worth of about $422.7 billion as of Sunday morning, making him the wealthiest person in the world. Trump Defends Spending Bill After Musk Says It 'Undermines' DOGE Cuts (Forbes) Elon Musk on DOGE and why he doesn't want to "take responsibility for everything the administration's doing" (CBS News) Trump Defends Spending Bill After Musk Says It 'Undermines' DOGE Cuts (Forbes) Trump Questioned Extent Of Musk's DOGE Cuts, Report Says (Forbes)

Associated Press
35 minutes ago
- Associated Press
The Knicks' all-in moves didn't get them all the way there. But they are getting close
NEW YORK (AP) — The New York Knicks went further than they'd gone in 25 years, just not as far as they hoped. They signaled they were serious about making a run at the NBA title when they traded for Mikal Bridges in the summer and then Karl-Anthony Towns in a preseason blockbuster, adding a top perimeter defender and an All-Star center to a lineup headlined by Jalen Brunson. Their all-in moves just couldn't get them all the way there. The Knicks were eliminated by the Indiana Pacers on Saturday, leaving them without a championship since 1973. But after advancing to the Eastern Conference finals for the first time since 2000 following consecutive second-round exits, they could at least feel that they are getting closer. 'So it's improvement from last year, but it's ultimately not what our ultimate goal is,' coach Tom Thibodeau said. After Boston rolled to the 2024 title and brought back all its key players, the Celtics were viewed as strong favorites in the East. Yet after building gradually since Leon Rose's arrival as team president in 2020, the Knicks weren't conceding anything to the champions. They re-signed OG Anunoby to the largest contract in team history, then traded five first-round picks in the deal to acquire Bridges from Brooklyn. Just as they were set to begin training camp, the Knicks dealt two starters in All-Star Julius Randle and Donte DiVincenzo, who had just set their single-season 3-point record, to get Towns from Minnesota. The moves made the Knicks good enough to get past the Celtics in the second round. But it turned out to not be the right roster against the deep and speedy Pacers, who knocked them out for the second straight season. 'You make the moves to win, so it hurts to not be able to bring an opportunity to the city for a championship,' Towns said. 'We've got a bunch of great guys in that locker room and the plan now is just to put ourselves in this position again and succeed next time.' First, Rose and the front office will have to evaluate just how close the Knicks really are. Their 51-31 record left them a distant third in the East behind Cleveland and Boston, and they went a combined 0-8 against those teams in the regular season before they finished off the Celtics in the second round after Jayson Tatum ruptured his Achilles tendon in Game 4. With two All-NBA selections in Brunson and Towns, the starting lineup is one of the NBA's strongest. The bench could use a boost, as the Knicks lack the solid depth of the Cavaliers and Celtics — and certainly of the Pacers. Still, after being mostly miles away for two decades, the Knicks have turned themselves into a contender. They have won 50 games in back-to-back seasons and made the playoffs in four of five under Thibodeau. Even after Saturday's defeat, there was belief that the Knicks will get another shot soon. 'The most confidence. Overconfident,' Brunson said when asked if he was confident the Knicks had a group that could win. 'Seriously. There's not an ounce of any type of doubt that I'm not confident with this group.' The extension their captain agreed to last summer that was far below maximum value could help add to it. And perhaps the Knicks are finally at the point that there isn't much to do. The Knicks surely will regret letting this chance get away, unable to recover from their Game 1 collapse at home when they blew a 14-point lead in the final 2:45 of the fourth quarter. So naturally, there was disappointment. That's all there had been in New York in the 2000s. Now there's also hope. 'And so I think the challenge for us is to look at it for what it is,' Thibodeau said. 'And it's, we finished in the top three, but we're falling short of the ultimate goal, and so for us it's to use that for motivation and determination to work all summer to prepare ourselves to make the final step and keep improving so we can achieve our goal.' ___ AP NBA:

Wall Street Journal
41 minutes ago
- Wall Street Journal
What's Good for Politicians Is Good for General Motors
General Motors CEO Mary Barra earned $29.5 million last year, and it's hard to argue that she isn't earning her keep. The automaker sold more cars in the U.S. than any other company last year, and its profits have doubled in her 11 years as CEO. Credit her ability to please her most important customers—politicians. Their command is her wish. While doubling down on manufacturing profitable gas guzzlers, Ms. Barra promoted electric vehicles to ingratiate herself to Democrats who want to eliminate the products that churn out profits for her company. She again proved her flexible principles last week by praising President Trump's auto tariffs, which the company estimates will dent its profits by $5 billion this year. 'I think tariffs is one tool that the administration can use to level the playing field,' she said. What she omitted is that the playing field has been tilted in GM's favor for decades by a 25% tariff on pickup trucks, which gives domestic automakers an effective monopoly. Also: Mr. Trump's new 25% tariffs on all cars and parts not made in the U.S. will hurt GM, but they will wallop its foreign competitors even more. In 2018 Ms. Barra got a crash course in politicking when she announced a corporate restructuring that involved closing four U.S. plants that produced low-selling sedans. Her goal was to make GM leaner and more profitable. In this she succeeded, but she blundered by not throwing a bone to Mr. Trump, who thinks CEOs answer to him.