Fed Provides Media Tour of Renovation Site Ahead of Trump Visit
The president and other Republicans have ratcheted up pressured on Fed Chair Jerome Powell over the renovation in recent weeks, targeting the project's growing budget and scrutinizing Senate testimony Powell gave about the construction last month.
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Yahoo
4 minutes ago
- Yahoo
Trump eyes 'world tariff' of 15-20% for most countries
By Andrea Shalal TURNBERRY, Scotland (Reuters) -President Donald Trump said on Monday most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he imposed in April. Trump told reporters his administration will notify some 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20% range," Trump told reporters, sitting alongside British Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end decades of U.S. trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50% on some countries, including Brazil, starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates, including India, Pakistan, Canada, and Thailand, among others. The U.S. president on Sunday clinched a huge trade deal with the European Union that includes a 15% tariff on most EU goods, $600 billion of investments in the U.S. by European firms, and $750 billion in energy purchases over the next three years. That followed a $550-billion deal with Japan last week and smaller agreements with Britain, Indonesia, and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday, Trump's deadline for deals before higher rates take effect. Trump has repeatedly said he favors straightforward tariff rates over complex negotiations. "We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals." Canadian Prime Minister Mark Carney said on Monday trade talks with the U.S. were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35% announced by Trump on some Canadian imports. Carney conceded this month that Canada - which sends 75% of its exports to the United States - would likely have to accept some tariffs. (Additional reporting by Andrew MacAskill in Turnberry, Andrea Shalal in Edinburgh and William James in LondonEditing by Rod Nickel) Sign in to access your portfolio
Business Wire
5 minutes ago
- Business Wire
New Study Finds America's Largest Wealth Transfer Faces Unexpected Obstacle: The Family Dinner Table
ADA, Okla.--(BUSINESS WIRE)--The largest private asset transfer in history is facing a significant hurdle, as a new LegalShield study reveals nearly half of Baby Boomers (41%) and Gen Xers (45%) do not have basic estate planning documents like a will. This lack of planning by older generations leaves their Millennial and Gen Z heirs with significant and possibly costly uncertainty as a historic $84 trillion wealth transfer builds momentum expected to carry beyond 2045. This lack of planning also sets the stage for something most Millennials dread: family conflict. "The greatest risk to this $84 trillion wealth transfer isn't taxes – it's silence," said Warren Schlichting, LegalShield CEO. "An estate plan is essential, combined with open dialogue. Without planning and conversation, Americans risk trading family fortune for family feuds." The LegalShield survey of over 1,000 U.S. adults, conducted in June 2025, underscores the high stakes of this transfer, revealing that a clear majority of the next generation—including 63% of Millennials—is already counting on an inheritance. The Single Biggest Issue? Silence Even when estate plans exist, the study found a wall of silence can be just as damaging as having no plan at all. Nearly one in five (19%) Boomers and Gen Xers admit their family doesn't even know if they have a will. The silence is mutual: 42% of Millennials and Gen Zers expecting an inheritance have not discussed it with the person leaving it to them. A key result is anxiety: The top inheritance-related fear for Millennials is emotional, not financial. 58% of Millennials fear family conflict more than financial fears such as taxes. The Compounding Problem: Procrastination The study reveals a critical failure to plan among the generations holding the most wealth. 41% of Baby Boomers and 45% of Gen Xers—the two generations holding approximately 77% of U.S. private wealth according to the Federal Reserve—do not have a will. Among those with wills, many are dangerously out of date: 51% of Boomers and 46% of Gen Xers have not updated estate planning documents in more than three years. Gen X: Caught in the Middle The pressure is especially high for Gen Xers, who are caught in the unique position of expecting to inherit from their parents while also planning to leave wealth to their children. This "sandwich generation" role fuels their financial anxiety. One more dimension adds to the unease: 78% of Gen Xers report uncertainty about the economy, making them more concerned about protecting their assets. 'The silence between generations jeopardizes far more than just financial assets,' said Wayne Hassay, a LegalShield provider attorney. 'People think estate planning is only about who gets the house, but it's much more. It protects your kids, directs healthcare decisions, and handles digital assets. An attorney helps ensure no piece is missed, preventing a legal nightmare for your loved ones later on.' Study Methodology: The LegalShield survey was conducted in June 2025 among 1,018 U.S. adults. The data was segmented by generation (Gen Z, Millennials, Gen Xers, Baby Boomers) to analyze attitudes and behaviors toward estate planning and the generational wealth transfer. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and
Forbes
6 minutes ago
- Forbes
Is It Time To Buy A New Car? Auto Loan Rejection Rates Drop
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Getting behind the wheel just got easier, as auto loan approvals are picking up speed. July 2025 data from the Federal Reserve Bank of New York shows that rejection rates for auto loans have fallen notably in the past quarter, from 14% in February to 6.7% in June. As access to credit continues to improve, consumers looking to finance a car may find the process smoother this summer. In other words: the green light for new car financing is flashing bright for many. The data from the New York Fed shows a broad decline in loan application rejections, particularly in categories that had been tightened earlier in the rate hike cycle. Auto loan rejection rates fell to 6.7%, down from 14% in February. Mortgage refinance rejections also dropped to 14.6%, compared to a whopping 41.8% in February. Rejection rates are dropping, and at the same time, consumers are feeling better about credit access. Fewer households say it's hard to get credit now, and more expect things to improve over the next year. And while interest rates are still high by pre-pandemic standards, the Fed's pause on further hikes seems to give lenders and borrowers a little breathing room. Several factors are helping loosen the credit spigot. Stable employment: The labor market remains resilient, with unemployment hovering around 4%, according to the Bureau of Labor Statistics. Stable income supports stronger borrower profiles. Federal rate stabilization: Rates are still high, but the Fed's decision to hold steady has added some predictability. That stability, analysts say, can help reduce the risk premium lenders build into approvals, making credit a bit easier to come by. Improving consumer balance sheets: After years of pandemic-era savings and stimulus, some households are still better positioned financially, even with rising costs. With auto loan rejections declining, this could be a good moment to finally trade in that car that's been breaking down weekly. Here are some of the best auto loan providers of 2025 . However, it's not a free-for-all. The same New York Fed survey shows that experienced rejections for credit card limit increases climbed from 30.7% last June to 37.8% this year, signaling growing lender caution around revolving credit. Even with approval odds improving, not everyone should jump at the chance to borrow. Rates for auto financing are still high, around 7% to 8%. Approval rates have improved, but monthly payments can still be a burden, especially with elevated new car prices. For example, let's say you're eyeing a $20,000 car. With a 7% interest rate over five years, you'd pay roughly $400 monthly. If you're eyeing a $35,000 car, that jumps close to $700 a month. Even though getting approved these days is easier, those monthly payments add up quickly, especially when you factor in insurance, taxes, and repairs. Before you sign on the dotted line, ensure you're comfortable with the full cost and that it won't break your wallet. Getting credit approval is easier than earlier this year, especially for auto loans and mortgage refinancing. But that doesn't mean it's cheap. Interest rates are still relatively high, and consumers should approach new debt cautiously. Improved access is a good sign for the broader economy, indicating confidence on both sides of the lending equation. Make sure any credit decision fits your financial picture, not just what's trending in the data.
