Economy is gradually slowing down, says JPMorgan's David Kelly
David Kelly, JPMorgan Asset Management chief global strategist, joins 'Squawk on the Street' to discuss the latest employment data, if the Federal Reserve should cut rates and much more.
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Miami Herald
3 hours ago
- Miami Herald
President Trump sends harsh message to Federal Reserve on interest rate cuts
President Trump upped the ante on the Federal Reserve hours after the latest jobs report, angrily demanding Fed Chair Jerome H. Powell slash the federal interest rate to create greater demand for consumer loans and better terms for business investment. And POTUS wasn't shy about it. Related: Veteran fund manager resets stock market forecast amid Musk, Trump fallout The president pounded out a furious message to the central bank chair, once again calling him "Too Late" Powell in Truth Social media posts. The lashing included references to rate cuts in Europe, plus a debatable declaration that there is "virtually no inflation (anymore)." The President's June 6 comments came as the Department of Labor reported that hiring remained stable in May with employers adding 139,000 jobs, gains that were slightly higher than expected but down from April. The unemployment rate stayed the same at 4.2%, as expected by most economists. Image source:While stocks bounced on the jobs report and recession concerns eased a tad, there is still a strong sense of caution due to the recession and, in some corners, even stagflation concerns. The $36.21 trillion U.S. debt, one of the major points of debate of Trump's "Big Beautiful Bill," now in the Senate, also made the president's screed. "If 'Too Late' at the Fed would CUT, we would greatly reduce interest rates, long and short, on debt that is coming due…Very Simple!!! He is costing our Country a fortune. Borrowing costs should be MUCH LOWER!!!,'' wrote President Trump. Related: Jobs report shifts Fed interest rate forecasts President Trump, just days before the June 6 jobs report, blasted the central bank chairman as "unbelievable" and a "disaster" on Truth Social for Powell's delay in lowering interest rates, a move Trump maintains is choking economic growth. Minutes from a meeting of the Federal Reserve Bank leaders, which was held in early May and released on May 29, show the central bank voted to undertake open market operations "as necessary" to maintain the federal funds rate in a target range of 4.25% to 4.50%. The Board of Governors of the Federal Reserve System also voted unanimously in early May to approve establishing the primary credit rate at the existing level of 4.5%, meaning interest rates for lenders, consumers, and the rest of Americans likely won't fall in the short term. This led to Trump's increasing displays of frustration against Powell. Veteran fund manager Chris Versace wrote on TheStreet Pro that the market will likely rethink the three 25-basis point rate cuts expected per the CME's Fed Watch Tool. "With Atlanta Fed President Raphael Bostic signaling ahead of this data that he sees room for just one rate cut, the growing likelihood is more Fed heads will fall into that camp based on the aggregate data published this week." Versace says. " We also have to wonder if Bostic's comment helps lay the groundwork for the Fed's upcoming set of economic projections that it will publish alongside its next policy decision on June 18.'' Related: Analyst resets stocks, gold outlook after rally The chances of more than one rate cut in the second half of 2025 will likely increase if May CPI and PPI inflation data released this coming week support "May inflation data we've seen thus far and there is no meaningful progress on trade deals,'' Versace says. The president isn't buying it. "Too Late" at the Fed is a disaster! Europe has had 10 rate cuts, we have had none,'' Trump posted. Note that Europe has actually had eight central bank cuts recently, not ten. "Despite (Powell), our Country is doing great,'' Powell said. "Go for a full point, Rocket Fuel!" The "Rocket Fuel'' moniker is apparently a new one from the White House. A spokesperson for the Federal Reserve, responding to a comment about the full point cut, said, "We don't have anything to share here." Related: Veteran fund manager who predicted April rally updates S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
3 hours ago
- Yahoo
Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
Ever wonder how your nest egg stacks up as you near retirement? If you're in your 60s and curious about what it takes to break into the elusive top 1%, you're not alone. According to the Federal Reserve, the median net worth for Americans in their late 60s and early 70s is $266,400. That's much, much lower than what the elite are working with. Read More: Find Out: 'People often assume that a few million dollars in savings places them at the summit of the wealth ladder, yet the numbers tell a different story once you compare yourself with the true top one percent,' said Andrew Gosselin, CPA, personal finance expert, and senior contributor at Save My Cent. Whether you're just getting serious about wealth-building or already eyeing early retirement, here's what you need to know about the net worth benchmarks that define the financial elite in your age group. 'To be in the top 1% wealth bracket in your 60s, you're typically looking at a net worth north of $11 million in the U.S., though this varies depending on the state you live in,' said Michael Foguth, founder of Foguth Financial Group. 'But here's the thing, chasing that number alone won't guarantee peace of mind.' Gosselin agreed, noting that a person in their sixties usually needs between eleven and thirteen million dollars to break into that elite club in the United States. The threshold climbs because assets must cover not only daily living but also medical costs, longer life spans, and rising prices that quietly shrink the buying power of every dollar. 'A nest egg that looked enormous twenty years ago can feel average when groceries, travel, and housing have each ratcheted up in cost,' Gosselin explained. Discover Next: Inside that eleven to thirteen million target, Gosselin said the balance sheet of a typical one-percenter in their sixties often starts with a primary home valued near a million dollars. Add a rental property or two that contribute both appreciation and steady cash flow and you edge closer to the mark. Retirement accounts such as a 401(k) or IRA frequently carry another million or more because long stretches of tax-advantaged growth compound quietly in the background. 'A diversified mix of stocks, bonds, and alternative holdings like private equity fills in several hundred thousand more and guards against relying on a single asset class,' said Gosselin. Moreover, cash reserves of at least one hundred thousand remain essential for unplanned events, allowing other investments to keep working without forced sales when markets dip. Gosselin explained that a net worth of about one million dollars can secure top one percent status worldwide, though that figure varies greatly from one country to another. Residents of Monaco, for example, may still need well over twelve million to stand out, while families in emerging economies reach the same percentile with much less. Location, therefore, plays a pivotal role in how far each dollar stretches and how exclusive a wealth bracket is. But according to Foguth, what matters at that stage in life is how well your money supports your lifestyle. 'Are your retirement goals covered? Do you have a plan for healthcare and legacy giving?' He's worked with clients who aren't in the top 1%, but said they sleep better at night than some who are, simply because they've got a solid financial plan in place. 'Wealth is relative, and in your 60s, the goal should be financial freedom, not just financial flex,' said Foguth. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 4 Affordable Car Brands You Won't Regret Buying in 2025 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
Yahoo
3 hours ago
- Yahoo
Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
Ever wonder how your nest egg stacks up as you near retirement? If you're in your 60s and curious about what it takes to break into the elusive top 1%, you're not alone. According to the Federal Reserve, the median net worth for Americans in their late 60s and early 70s is $266,400. That's much, much lower than what the elite are working with. Read More: Find Out: 'People often assume that a few million dollars in savings places them at the summit of the wealth ladder, yet the numbers tell a different story once you compare yourself with the true top one percent,' said Andrew Gosselin, CPA, personal finance expert, and senior contributor at Save My Cent. Whether you're just getting serious about wealth-building or already eyeing early retirement, here's what you need to know about the net worth benchmarks that define the financial elite in your age group. 'To be in the top 1% wealth bracket in your 60s, you're typically looking at a net worth north of $11 million in the U.S., though this varies depending on the state you live in,' said Michael Foguth, founder of Foguth Financial Group. 'But here's the thing, chasing that number alone won't guarantee peace of mind.' Gosselin agreed, noting that a person in their sixties usually needs between eleven and thirteen million dollars to break into that elite club in the United States. The threshold climbs because assets must cover not only daily living but also medical costs, longer life spans, and rising prices that quietly shrink the buying power of every dollar. 'A nest egg that looked enormous twenty years ago can feel average when groceries, travel, and housing have each ratcheted up in cost,' Gosselin explained. Discover Next: Inside that eleven to thirteen million target, Gosselin said the balance sheet of a typical one-percenter in their sixties often starts with a primary home valued near a million dollars. Add a rental property or two that contribute both appreciation and steady cash flow and you edge closer to the mark. Retirement accounts such as a 401(k) or IRA frequently carry another million or more because long stretches of tax-advantaged growth compound quietly in the background. 'A diversified mix of stocks, bonds, and alternative holdings like private equity fills in several hundred thousand more and guards against relying on a single asset class,' said Gosselin. Moreover, cash reserves of at least one hundred thousand remain essential for unplanned events, allowing other investments to keep working without forced sales when markets dip. Gosselin explained that a net worth of about one million dollars can secure top one percent status worldwide, though that figure varies greatly from one country to another. Residents of Monaco, for example, may still need well over twelve million to stand out, while families in emerging economies reach the same percentile with much less. Location, therefore, plays a pivotal role in how far each dollar stretches and how exclusive a wealth bracket is. But according to Foguth, what matters at that stage in life is how well your money supports your lifestyle. 'Are your retirement goals covered? Do you have a plan for healthcare and legacy giving?' He's worked with clients who aren't in the top 1%, but said they sleep better at night than some who are, simply because they've got a solid financial plan in place. 'Wealth is relative, and in your 60s, the goal should be financial freedom, not just financial flex,' said Foguth. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 4 Affordable Car Brands You Won't Regret Buying in 2025 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
