London Population Set to Jump 600,000 Putting Strain on Housing
London's population is expected to jump by a further 600,000 by 2032, according to official projections that suggest a ratcheting up of pressure on the capital's constrained housing market.
The city's population is expected to rise by 6.7% to over 9 million between 2022 and 2032, the Office for National Statistics said on Tuesday.
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Yahoo
29 minutes ago
- Yahoo
Trump tariffs live updates: Pressure on to to seal trade deals before Trump's deadline
The pressure is now on. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go before President Trump's tariff deadline. Trump managed to firmed up a trade deal with the United Kingdom last week, and its European Union neighbors are apparently pushing for a similarly styled deal despite fits and starts in talks. According to reports, the EU now expects a 10% "reciprocal" tariff to be the starting point for an US-EU trade deal. The FT reported last Thursday that the EU is pushing for a deal modeled on the US-UK agreement. Trump has threatened tariffs of up to 50% on EU imports after various tariff "pauses" lapse July 9. Starting Monday, Trump's tariffs will affect washing machines, fridges and ovens. This could mean higher prices for everyday items in the US. Meanwhile, in Canada, Prime Minister Mark Carney's government threatened to hike tariffs by late July on US imports of steel and aluminum, weeks after Trump ballooned US levies on those metals to 50%. At the G7 this week, Trump and Carney both expressed optimism on a trade deal between the countries. The furious push follows Trump's recent warning that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his "Liberation Day" tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9. Trump scored a legal win on Friday, as the Supreme Court decline to expedite a challenge from two family-owned businesses, including toy maker Learning Resources. The case is one of several legal challenges working its way through the court system. Meanwhile, the US economy is still figuring out the effects of the tariffs. Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady last week that the Fed is still waiting to see the effects of the tariffs on prices. "We're beginning to see some effects, and we do expect to see more of them over the coming months," he said. He said the Fed needs more data, saying "the pass-through of tariffs to consumer price inflation is a whole process that's very uncertain." Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. With just two weeks left before President Trump's deadline to make trade deals, talks with key US partners are still stuck. If no deal is made by July 9, countries could face steep new tariffs, which will be much higher than the current 10%. So far, only the UK has a deal, but it doesn't solve everything, like the 25% steel tariffs. China is on a separate timeline, with a temporary pause on tariffs lasting until mid-August to allow talks to continue. Here is a look at how each country is doing, as it races to reach a deal with the Trump administration: Bloomberg News reports: Read more here. Consumer confidence unexpectedly retreated in June as Americans grew more pessimistic about the economy and inflation despite delays to the Trump administration's tariffs. Yahoo Finance's Josh Schafer reports: Read more here. Federal Reserve Chair Jerome Powell stated that he anticipates greater inflation from tariffs in the third quarter during his semiannual testimony before House lawmakers Tuesday. However, he reiterated that the Fed remains in "wait-and-see mode" due to a high level of uncertainty around the extent of tariff-related inflation. Powell noted that he met with an "unusually large" number of business leaders in the last FOMC cycle and frequently heard from them that they were selling inventory from February, meaning many of President Trump's tariffs were not factored into the cost of those goods. But he said he expects to see accelerated inflation in the June and July data. "We do expect ... tariff inflation to show up more," Powell said, "but I want to be honest, we really don't know how much of that's going to be passed through to the consumers. We just don't know. We won't know until we see it." Watch Powell's full testimony live: President Trump's tariffs on imported steel and aluminum doubled to 50% on June 4. As a result, many companies in the US have become collateral damage and have been hit hard. Reuters reports: Read more here. Bloomberg News reports: Read more here. Metal companies in the EU want the bloc to impose export duties or curbs on scrap metal shipments "in the next few weeks" to stem a sharp increase in flows to the United States caused by the Trump administration's trade policies. The groups are claiming too much is being sent to the US because of trade policies from the Trump administration. Reuters reports: Read more here. South Korea's Trade Minister Yeo Han-koo has requested again to be exempt from US tariffs, this includes duties affecting key sectors such as cars and steel. Bloomberg News reports: Read more here. Ireland plans to use its budget surplus to protect its corporate competitiveness as President Trump's tariffs pose heightened risks to its economy. Bloomberg reports: Read more here. Starting Monday, President Trump's tariffs will affect washing machines, fridges and ovens. This could mean higher prices for everyday items in the US. According to the US Commerce department, the new tariffs are in addition to Trump's existing 50% tariffs on imports of steel and some steel items and will apply to the steel content of goods. The FT reports: Read more here. Amazon (AMZN) may have found a way to offset tariffs for Prime Day — by focusing on luxury goods. Reuters reports: Read more here. The Federal Reserve's preferred inflation measure is expected to show a slight uptick in price pressures in May, with prices going up more broadly, as Trump's tariffs start to affect US costs. The FT reports: Read more here. Early trade data for June from South Korea has shown the biggest rise in exports to the US so far this year. This is an indication that manufacturers may have rushed shipments ahead of a July deadline that will see broad tariff rates double. Bloomberg News reports: Read more here. The UK's private sector grew slightly faster in June, easing fears of a second-quarter slowdown. This is the first sign of stability since President Trump's tariffs began impacting global trade. Bloomberg News reports: Read more here. The US Supreme Court on Friday denied an appeal by two family-owned companies to put a legal challenge to President Trump's tariffs on a fast track. Per Reuters: Read more here. German auto group, Volkswagen (VWAGY) may build a new factory in the US. On Friday, Reuters reported that VW's luxury brand Audi could open the plant. This is just one option being looked at to ease tensions with President Trump over tariffs. Reuters reports: Read more here. Bloomberg News reports: Read more here. German car makers have been hit with around $535 million in costs due to President Trump's tariffs, the VDA auto industry revealed on Friday. Reuters reports: Read more here. Tariff hikes from the US on small packages from China triggered a slump in shipments in May, contributing to a huge drop in bilateral trade and causing problems for exporters such as Shein. Bloomberg News reports: Read more here. Norway's shock rate cut on Thursday has highlighted how uncertain investors have become about the economic environment. US tariffs, conflict between Israel and Iran, and a shaky dollar have made global monetary policy and inflation harder to predict. Reuters reports: Read more here. Japan's trade negotiator Ryosei Akazawa said on Friday that negotiations remained "in a fog" despite both sides seeking to make a deal. Akazawa also said that Japan is not fixated on the July 9 deadline, which is when reciprocal tariffs return to higher levels. Japan was keen to speak to President Trump at the G-7 summit this week, but Trump's early exit meant this discussion never took place. Tokyo has failed so far to clinch a trade deal with Washington and fulfil its goal of convincing Trump to scrap a 25% tariff on Japanese cars, as well as a 24% reciprocal tariff on other Japanese imports that has been paused until July 9. Bloomberg News reports: Read more here. With just two weeks left before President Trump's deadline to make trade deals, talks with key US partners are still stuck. If no deal is made by July 9, countries could face steep new tariffs, which will be much higher than the current 10%. So far, only the UK has a deal, but it doesn't solve everything, like the 25% steel tariffs. China is on a separate timeline, with a temporary pause on tariffs lasting until mid-August to allow talks to continue. Here is a look at how each country is doing, as it races to reach a deal with the Trump administration: Bloomberg News reports: Read more here. Consumer confidence unexpectedly retreated in June as Americans grew more pessimistic about the economy and inflation despite delays to the Trump administration's tariffs. Yahoo Finance's Josh Schafer reports: Read more here. Federal Reserve Chair Jerome Powell stated that he anticipates greater inflation from tariffs in the third quarter during his semiannual testimony before House lawmakers Tuesday. However, he reiterated that the Fed remains in "wait-and-see mode" due to a high level of uncertainty around the extent of tariff-related inflation. Powell noted that he met with an "unusually large" number of business leaders in the last FOMC cycle and frequently heard from them that they were selling inventory from February, meaning many of President Trump's tariffs were not factored into the cost of those goods. But he said he expects to see accelerated inflation in the June and July data. "We do expect ... tariff inflation to show up more," Powell said, "but I want to be honest, we really don't know how much of that's going to be passed through to the consumers. We just don't know. We won't know until we see it." Watch Powell's full testimony live: President Trump's tariffs on imported steel and aluminum doubled to 50% on June 4. As a result, many companies in the US have become collateral damage and have been hit hard. Reuters reports: Read more here. Bloomberg News reports: Read more here. Metal companies in the EU want the bloc to impose export duties or curbs on scrap metal shipments "in the next few weeks" to stem a sharp increase in flows to the United States caused by the Trump administration's trade policies. The groups are claiming too much is being sent to the US because of trade policies from the Trump administration. Reuters reports: Read more here. South Korea's Trade Minister Yeo Han-koo has requested again to be exempt from US tariffs, this includes duties affecting key sectors such as cars and steel. Bloomberg News reports: Read more here. Ireland plans to use its budget surplus to protect its corporate competitiveness as President Trump's tariffs pose heightened risks to its economy. Bloomberg reports: Read more here. Starting Monday, President Trump's tariffs will affect washing machines, fridges and ovens. This could mean higher prices for everyday items in the US. According to the US Commerce department, the new tariffs are in addition to Trump's existing 50% tariffs on imports of steel and some steel items and will apply to the steel content of goods. The FT reports: Read more here. Amazon (AMZN) may have found a way to offset tariffs for Prime Day — by focusing on luxury goods. Reuters reports: Read more here. The Federal Reserve's preferred inflation measure is expected to show a slight uptick in price pressures in May, with prices going up more broadly, as Trump's tariffs start to affect US costs. The FT reports: Read more here. Early trade data for June from South Korea has shown the biggest rise in exports to the US so far this year. This is an indication that manufacturers may have rushed shipments ahead of a July deadline that will see broad tariff rates double. Bloomberg News reports: Read more here. The UK's private sector grew slightly faster in June, easing fears of a second-quarter slowdown. This is the first sign of stability since President Trump's tariffs began impacting global trade. Bloomberg News reports: Read more here. The US Supreme Court on Friday denied an appeal by two family-owned companies to put a legal challenge to President Trump's tariffs on a fast track. Per Reuters: Read more here. German auto group, Volkswagen (VWAGY) may build a new factory in the US. On Friday, Reuters reported that VW's luxury brand Audi could open the plant. This is just one option being looked at to ease tensions with President Trump over tariffs. Reuters reports: Read more here. Bloomberg News reports: Read more here. German car makers have been hit with around $535 million in costs due to President Trump's tariffs, the VDA auto industry revealed on Friday. Reuters reports: Read more here. Tariff hikes from the US on small packages from China triggered a slump in shipments in May, contributing to a huge drop in bilateral trade and causing problems for exporters such as Shein. Bloomberg News reports: Read more here. Norway's shock rate cut on Thursday has highlighted how uncertain investors have become about the economic environment. US tariffs, conflict between Israel and Iran, and a shaky dollar have made global monetary policy and inflation harder to predict. Reuters reports: Read more here. Japan's trade negotiator Ryosei Akazawa said on Friday that negotiations remained "in a fog" despite both sides seeking to make a deal. Akazawa also said that Japan is not fixated on the July 9 deadline, which is when reciprocal tariffs return to higher levels. Japan was keen to speak to President Trump at the G-7 summit this week, but Trump's early exit meant this discussion never took place. Tokyo has failed so far to clinch a trade deal with Washington and fulfil its goal of convincing Trump to scrap a 25% tariff on Japanese cars, as well as a 24% reciprocal tariff on other Japanese imports that has been paused until July 9. Bloomberg News reports: Read more here. 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
Associated Press
an hour ago
- Associated Press
DOGE Actions Begin to Trigger Shifts in D.C. Housing Market
North Bethesda, Md., June 24, 2025 (GLOBE NEWSWIRE) -- Federal workforce reductions under the Trump Administration's Department of Government Efficiency initiative are creating visible ripples across the Washington D.C. metro housing market. According to new data from Bright MLS, nearly 40% of real estate agents in the region reported working with clients in May whose decisions to buy or sell were directly tied to layoffs or federal buyout offers. According to the survey, the housing market in the nation's capital, long known for its stability, is now facing a wave of inventory driven by early retirements and uncertainty among federal employees. The trend is putting downward pressure on prices and may signal a broader reshaping of homeownership patterns across the region. 'This spring marked a turning point for the Washington housing market,' said Lisa Sturtevant, Chief Economist at Bright MLS. 'Federal buyouts provided older, often higher-income homeowners a chance to cash out and relocate, but the ripple effects are just beginning. As more impacted families list homes post-school year, we could see further price pressure across the region this summer and fall.' The Trump Administration's February buyout program offered up to eight months of salary and benefits to encourage federal workers to voluntarily resign. According to the Office of Personnel Management, approximately 75,000 employees accepted the offer. Retirees lead the sell-off The federal workforce cuts are not impacting all homeowners equally. The survey reveals that in the greater Washington D.C. region, 15% of spring home sales were due to retirement, compared to just 10% across the broader Bright MLS service area. Many of these retirees were federal employees with above-average incomes and fully paid-off homes, giving them the financial means and incentive to take buyout packages and transition out of the region ahead of potential further restructuring or job instability. Prices under pressure Although home prices in the D.C. area remain higher than national averages, agents are reporting growing price sensitivity and early signs of decline, with 38% indicating that workforce cuts are contributing to falling prices. Another 2% noted small price increases tied to tighter inventory in select pockets. As inventory continues to rise, pricing power is shifting. Sellers are more likely to reduce asking prices or offer concessions to close deals. Agents also say that a second wave of listings is expected this summer, particularly from families waiting until after the school year to relocate. Sales activity shifts Over half (54%) of D.C.-area agents report that federal workforce reductions are affecting market activity, with 43% saying they've seen an uptick in sellers. A small number of agents (3%) reported seeing more buyers as a result of DOGE actions. Market outlook 'Federal agencies have recently begun rehiring a limited number of laid-off workers, and no new cuts have been announced. However, with buyout payments ending later this summer, more selling activity may still be on the horizon,' Sturtevant said. 'By fall, the increase in inventory in the region could lead to flat or falling home prices in some markets in the region.' The full report is available at About Bright MLS Bright MLS is the engine behind the nation's most dynamic real estate markets. As the largest multiple listing service in the U.S., Bright empowers over 100,000 real estate professionals with real-time data, deep market insights, and advanced tools. We support millions of showings annually on more than 425,000 properties listed across our primary markets in Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia—outpacing every other MLS in the country. With a nationally recognized research team and industry leading technology, Bright delivers trusted housing intelligence that guides smart decisions. Bright was built to lead, pushing organized real estate forward and creating a marketplace that is more transparent, competitive, and informed. Christy Reap Bright MLS 2023099362 [email protected]
Gizmodo
an hour ago
- Gizmodo
Your Bitcoin Might Soon Get You a Mortgage—No, Really
In a move that should send a chill down the spine of anyone who remembers 2008, the man now in charge of regulating a huge chunk of the U.S. housing market wants to see if your crypto holdings—like Bitcoin or Solana—should count when Americans apply for a mortgage. That's right: your dog-themed coin stash might one day help you buy a house. Bill Pulte, the new director of the Federal Housing Finance Agency (FHFA), announced the plan on X, the platform formerly known as Twitter. 'We will study the usage of cryptocurrency holdings as it relates to qualifying for mortgages,' Pulte posted on June 23. We will study the usage pf cryptocurrency holdings as it relates to qualifying for mortgages. — Pulte (@pulte) June 24, 2025The FHFA is going to explore whether your Dogecoin stash should count as legitimate wealth when you apply for a mortgage. The agency is the federal regulator that oversees housing giants Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These entities help support the bulk of U.S. home loans, so any shift in their policies affects millions of Americans. This is a radical departure from the current rules. Right now, both Fannie Mae and Freddie Mac require that cryptocurrency 'may only be used as funds for closing and reserves if it has been exchanged into U.S. dollars and is held in a U.S. or state regulated financial institution.' In other words, you have to turn it into real money first. Pulte is suggesting the agency might one day let you keep it as volatile internet tokens. Crypto evangelists were, predictably, ecstatic. Billionaire Bitcoin bull Michael Saylor immediately jumped into Pulte's replies. 'We have developed a BTC Credit model that we are happy to share,' Saylor commented, adding that his model accounts for 'BTC volatility.' We have developed a BTC Credit model that we are happy to share. It takes into account Loan Duration, Collateral Coverage, BTC Price, BTC Volatility, and BTC ARR outlook to generate statistical BTC Risk and BTC Credit spreads. Try it now on our website: — Michael Saylor (@saylor) June 24, 2025But who is Bill Pulte? His appointment and this new initiative are a perfect case study in the crypto industry's relentless push into Washington. According to his own disclosure filings, Pulte isn't just a regulator; he's a crypto investor. He personally holds between $500,000 and $1 million in Bitcoin, another half-million to a million in Solana, and has a stake in the crypto mining firm Mara Holdings. He's also a shareholder in GameStop, one of the original meme stocks. This isn't his first foray into crypto publicity, either. Pulte is known in the crypto community for a 2019 stunt where he promised to give away Bitcoin on Twitter. 'Leave comment why you need Bitcoin and I'll pick one person to send some satoshis to,' he posted, assuring his followers, 'Yes, this is real.' 'Satoshis' are the smallest unit of Bitcoin, kind of like pennies to the dollar. Pulte, the grandson of the founder of one of the nation's largest homebuilders, is also politically connected. Last year, he donated thousands to Donald Trump's campaign, the Save America PAC, and the Republican National Committee, according to OpenSecrets. His appointment and this pro-crypto announcement are being seen as a direct extension of the Trump administration's friendly stance toward the industry. So what's next? For now, the FHFA says it's only studying the idea of factoring crypto into mortgage qualification. But even opening that door signals a big shift in how federal agencies view crypto, not just as speculation, but as potential financial infrastructure. Crypto is notoriously volatile, prone to scams, and rarely stable enough for long-term planning. Letting it into the housing market could bring chaos, or innovation, depending on your faith in blockchain. Either way, if you've ever dreamed of holding onto your cryptocurrency long enough to buy a house with it, that future might be closer than you think.
