Markets in 3 Minutes: Yields Will Feel the Coming Tariffs Shock
Rebecca Choong-Wilkins, Guy Johnson, Kriti Gupta and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Tariff revenue makes it hard for Supreme Court to rule against Trump, Bessent says
WASHINGTON (Reuters) -Increasing revenues flowing into U.S. government coffers from tariffs would make it difficult for the Supreme Court to rule against the Trump administration on the issue if a lower court case makes its way to country's top court, U.S. Treasury Secretary Scott Bessent said on Tuesday. "The more money coming in, it gets harder and harder for SCOTUS to rule against us," Bessent said in an interview on Fox Business Network's "Kudlow." Bessent was responding to a question about a case currently in front of the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., which challenges the legality of what Trump calls "reciprocal" tariffs as well as a separate set of tariffs imposed in February against China, Canada and Mexico.
Yahoo
3 minutes ago
- Yahoo
‘Crazy!!': How Labor Statistics staff reacted to Trump firing commissioner after dismal jobs report
WASHINGTON (AP) — 'Depressing.' 'CRAZY!!' That's how staff at the Bureau of Labor Statistics reacted after President Donald Trump fired its commissioner, Erika McEntarfer, after a dismal jobs report issued Aug. 1 undermined the White House's claims of an economic boom. The emails obtained by The Associated Press under the Freedom of Information Act suggest an agency with little of the corrupting partisanship that Trump had claimed. He called the report 'phony' and 'rigged' after it indicated a paltry 73,000 jobs were added in July and after downward revisions that showed 258,000 fewer jobs were added in May and June than previously reported. After the commissioner's firing, BLS employees talked about the importance of accurate numbers and professional integrity in producing data that is foundational for measuring the economy and holding elected officials accountable for how the nation performs. Officials at the agency sought to rally morale by focusing on their task at hand at a time when outside economists wondered if Trump had compromised the credibility of reports on jobs, inflation and other key economic indicators. The president has said without evidence that the numbers were meant to make him and other Republicans look bad — his latest effort to interfere with the functions of executive branch agencies, including the Federal Reserve. 'This news is sudden, but our mission is unchanged — to provide high quality data to the nation,' William Wiatrowski, the acting commissioner, told the staff in an email. 'Thank you for all the good work you do.' One assistant commissioner told staff to persevere just as a ship's crew might after losing its captain. 'We may have lost our captain but the ship will not go down,' the assistant commissioner wrote. 'We will neither hit an iceberg and sink to the ocean floor, nor run aground on a low-lying shoal. We are not rudderless. We remain ... guided by our mission to provide gold-standard statistics the public can trust.' For her part, McEntarfer stayed stoic in her email to staff, choosing not to dwell on her firing by the president. Instead, she thanked BLS employees for the importance of their work. "Our data moves markets because it is some of the most timely and accurate information on economic conditions that businesses and policymakers have," she wrote. 'BLS data impacts the decisions of the Fed, the President, Congress, and millions of businesses and households. The work of this agency is vital to the US economy.' The White House maintains that McEntarfer was removed because the size of the revisions suggested that the monthly jobs report was flawed. As part of each jobs report, the BLS revises the prior months' data two times. It also issues an annual benchmark revision after getting more complete survey information, an effort that is meant to balance being timely with being accurate. Trump announced Monday that he would nominate E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS. Antoni told Fox News Digital in an interview before the announcement that the BLS 'should suspend issuing the monthly job reports' because of inaccuracies and offer quarterly updates instead. When asked at Tuesday's White House briefing whether the monthly jobs report would continue to be released, press secretary Karoline Leavitt said the administration hoped it would be. 'I believe that is the plan and that's the hope,' Leavitt said. Josh Boak, The Associated Press
Yahoo
3 minutes ago
- Yahoo
US national debt reaches a record $37 trillion, the Treasury Department reports
WASHINGTON (AP) — The U.S. government's gross national debt has surpassed $37 trillion, a record number that highlights the accelerating debt on America's balance sheet and increased cost pressures on taxpayers. The $37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation's daily finances. Shop Top Mortgage Rates Your Path to Homeownership A quicker path to financial freedom Personalized rates in minutes The national debt eclipsed $37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office's January 2020 projections had gross federal debt eclipsing $37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilize the national economy and support a recovery. And now, more government spending has been approved after Trump signed into law Republicans' tax cut and spending legislation earlier this year. The law set to add $4.1 trillion to the national debt over the next decade, according to Congressional Budget Office estimates. Chair and CEO of the Peter G. Peterson Foundation, Michael Peterson said in a statement that government borrowing puts upward pressure on interest rates, 'adding costs for everyone and reducing private sector investment. Within the federal budget, the debt crowds out important priorities and creates a damaging cycle of more borrowing, more interest costs, and even more borrowing.' Wendy Edelberg, a senior fellow in Economic Studies at the Brookings Institution said Congress has a major role in setting in motion spending and revenue policy and the result of the Republicans' tax law "means that we're going to borrow a lot over the course of 2026, we're going to borrow a lot over the course of 2027, and it's just going to keep going." The Government Accountability Office outlines some of the impacts of rising government debt on Americans — including higher borrowing costs for things like mortgages and cars, lower wages from businesses having less money available to invest, and more expensive goods and services. Peterson points out how the trillion-dollar milestones are 'piling up at a rapid rate.' The U.S. hit $34 trillion in debt in January 2024, $35 trillion in July 2024 and $36 trillion in November 2024. 'We are now adding a trillion more to the national debt every 5 months," Peterson said. "That's more than twice as fast as the average rate over the last 25 years.' The Joint Economic Committee estimates at the current average daily rate of growth an increase of another trillion dollars to the debt would be reached in approximately 173 days. Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in a statement that 'hopefully this milestone is enough to wake up policymakers to the reality that we need to do something, and we need to do it quickly.' 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
