Roger Ferguson: July jobs report creates 'increased complexity' for the Fed
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New York Post
12 minutes ago
- New York Post
Trump's EU trade deal win: Letters to the Editor — Aug. 4, 2025
The Issue: President Trump strikes a landmark EU trade deal before his new tariffs take effect. President Trump and his team keep on striking massive deals ('EU got a deal!,' July 28). How long can the biased media and Democrats not give credit where credit is due? Advertisement Now it's time for Federal Reserve chief Jerome Powell to cut interest rates and really get the economy moving. Bob Robustelli Stamford, Conn. Advertisement This is what happens when you elect a businessman as president, instead of a politician. Democrats lambasted Trump on the tariffs, but look how wrong they were. Robert Berk Manhattan Advertisement Saying the tariff deal with the EU is a lopsided win for the United States doesn't consider the whole picture. Sure, tariffs for EU products are 15% versus zero tariffs on US products to the EU, but this doesn't take into consideration the European Value Added Tax. VATs (somewhat similar to sales taxes in the United States) are on average 21.8%, compared to the US sales tax average of 7.25%. Add the US sales tax average to the new 15% EU tariff, and the US total average 'sales tax' is 22%. One can certainly argue this is not good for the EU or US consumers who foot that tax bill, but at least the revenue percentages for each government are similar. Advertisement Brice Russell Naples, Fla. Powell says he's against cutting interest rates because he wants to see how Trump's tariff policies and trade deals play out. That's not the absolute worst position to take. However, with each trade deal Trump inks, particularly the European Union one touted as 'the biggest deal ever made,' the United States becomes even more of an economic powerhouse. How much greater could we be doing if the US economy was turbo charged with an interest-rate cut to 3%? After the Fed stalling for months on a rate cut, Trump's mammoth EU deal has more than made his case for a stable and vibrant US economy. It's time that Powell abandons his cautious position and allows Trump to take full ownership of the US economy, which he is so far doing a spectacular job of managing. Eugene R. Dunn Advertisement Medford Touché, Miranda Devine ('Don deal proves all wrong — again!,' July 31). I guess the screams from those leftist idiots that the sky is falling shouldn't have been taken so literally. Hysteria was spewed by the media and their political minions, but they'll do whatever it takes to undermine Trump. Even many on the left, as hard as it is for them, cannot deny that Trump has a magical power that has the world coming around to even up the playing field. As Trump said, 'Victory is its own reward!' Advertisement Shame on the Democrats for trying to undermine what is best for everyone in this country. Kevin Judge Naples, Fla. Here's how I would deal with the tariff dilemma: Make tariff-free zones with some countries, let's say all Caribbean Community nations. Impose a basic minimum tariff, let's say 10%, with the opportunity to negotiate at a later date. Advertisement Then have conversations with like-minded nations to negotiate the tariff rates. Finally, call for a world conference, and I am sure it will be well-attended with solid suggestions from experts. Anant Nagpur Ottowa, Canada It didn't take Trump long to get the wheels in motion, and now our economy is like a well-oiled machine. Advertisement The naysayer Democrats were hoping that his tariffs would cause pandemonium and utter gloom, but take a good look — that didn't happen. Although prices haven't fallen (especially when dining out), what was once unaffordable has all of the sudden become within your budget simply because of consumer confidence. That's a good feeling that was absent for the last four long years. Ron Zajicek Cortlandt Want to weigh in on today's stories? Send your thoughts (along with your full name and city of residence) to letters@ Letters are subject to editing for clarity, length, accuracy, and style.
The Hill
42 minutes ago
- The Hill
Hassett on Trump's next Fed chair: ‘We'll have to see if he chooses me'
National Economic Council (NEC) Director Kevin Hassett signaled in a Sunday interview that he is open to succeeding Federal Reserve Chair Jerome Powell if he's tapped to do so. In an interview on NBC News's 'Meet the Press,' Hassett said President Trump and Treasury Secretary Scott Bessent are in the process of finding a replacement for Powell, whose term as chair is up next May. Powell's term on the board of governors expires in January 2028. 'I've been working with the president for about eight years, and, you know, as one of his closest economic advisers, of course, we've talked about the Federal Reserve,' Hassett said, when asked whether he wants to succeed Powell as Fed chair and whether he would accept the position. 'Right now, he's set up an active search with Secretary Bessent, and they're going to go through a list of names. And I'm sure the president will pick the best available person,' Hassett continued. NBC News's Kristen Welker pressed Hassett: 'If that's you, will you say yes?' 'Well, we'll have to see if he chooses me,' Hassett responded. 'But I think that I have the best job in the world, and I'm really well placed at the National Economic Council.' Powell has resisted calls from Trump to lower interest rates, often frustrating the president, who has in the past floated the possibility of firing the chair — a move that, without cause, would raise legal questions. Welker asked Hassett whether he thinks the Fed chair should take direction from the Oval Office or economic conditions in general. 'I think that a Fed chair should listen to all the voices, especially their critics, to try to think about, what am I getting right? What am I getting wrong? The Fed chair also has a transparency responsibility, which I think that Jay has fallen down on a little bit,' Hassett said. 'If you're going to come out and say, for example, that you think that tariffs are going to cause inflation, then, for goodness sake, you should put out a model that explains how much inflation and why you think that way,' Hassett continued, 'because there are others that disagree.'
Bloomberg
43 minutes ago
- Bloomberg
Bond Market's Pain Trade Turns to Payoff on Jobs Shock
Just when bond investors were doubting one of their favorite strategies, it's making a comeback. Treasuries surged on Friday as a surprisingly weak US payroll report unleashed a frenzy of buying following a month of bond losses. The data, including downward revisions that trimmed a whopping 258,000 jobs from the tallies in May and June, sent traders piling into fresh wagers on Federal Reserve interest-rate cuts, with futures pricing in 84% odds of a reduction next month and at least two cuts by year-end.
