Fed Officials' Musings on Rates Spur Market Jump
With fear of a self-induced US recession gripping Wall Street, any news is good news these days. So it can't be too surprising that stocks spiked in frenzied trading Thursday after a few Federal Reserve officials publicly mused about possibly cutting interest rates in the near future.
Federal Reserve Bank of Cleveland President Beth Hammack told CNBC the central bank could move as early as June if it has clear evidence of the economy's direction. Federal Reserve Governor Christopher Waller similarly said he'd support rate cuts if President Donald Trump's tariffs start pushing Americans out of work.
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Yahoo
11 minutes ago
- Yahoo
Opinion - Democrats are looking for answers — outside Washington
On the campaign trail, President Trump made a lot of promises. He promised to strengthen our economy. He promised to make our government more efficient. He promised to bring down costs. But after more than 100 days in, our economy is not strengthened, our government is certainly not more efficient, and costs are not down. The president has entangled us in trade wars with some of our closest trading partners — wars that erased $10 trillion from the stock market this spring and threaten to decimate family farms in my district and across the country. And with the help of the Department of Government Efficiency, he has waged an all-out assault on the federal government in an effort to weed out 'waste, fraud, and abuse.' I believe the American people elected Trump because they wanted solutions to pocketbook issues and a government that took action to get things done. But the president's agenda isn't working, and Democrats need to deliver. That's where the New Dem Coalition comes in. Before I explain why, I want to acknowledge that Democrats haven't always gotten everything right. During the election, we saw many working class voters drift away from the party. At times, our emphasis on identity politics or concepts like 'saving democracy' — while undeniably important — overshadowed the core economic issues that affect people's everyday lives. Instead of meeting voters where they are, we sometimes come across as telling them where they should be. That approach can feel out of touch and give the impression that the party is elitist, disconnected from the realities of everyday people. Working class voters are focused on how they'll afford their mortgage, put food on the table, or save for their kids' college — not necessarily on abstract debates about the soul of the nation. Don't get me wrong: the threat to democracy is real and urgent, especially with a president who shows little respect for courts or the Constitution. But if we're truly going to save democracy, we must build a broader coalition and bring more voters along. That means meeting people where they are, rather than telling them what should matter most. We need to address the tangible, kitchen-table issues that keep folks up at night. The New Dem Coalition has always done this. We have prioritized the needs of hard working Americans over the politics of D.C. We understand that we should be finding ways to make our government more efficient. We understand that we have to work across the aisle when we can — without compromising our values. That's why New Dems are crafting a proactive agenda — not only to win the House majority in 2026, but to maintain it for the long term. So, we're getting out of the D.C. bubble for a new series known as 'New Dems On the Road.' We'll be engaging with communities across the country, and gathering the critical feedback we need to guide our work. We're tackling every issue — from improving education outcomes to bolstering our national security — and working to find practical, lasting solutions that reflect the values and priorities of the American people. For our first stop, we zeroed in on immigration. Immigration isn't a problem we're going to solve overnight, but it's one that is consistently top of mind for the American people. We've come close to bipartisan solutions, only for selfish interests to squash our efforts in the 11th hour. That's why New Dem Immigration and Border Security Working Group members Greg Stanton (D-Ariz.) and Lou Correa (D-Calif.) sat down with Arizona leaders to talk about immigration. They met with industry and union representatives, members of the Arizona business community, and DACA recipients to discuss the importance of immigrants to Arizona's economy. The panel addressed the need to secure our border and pass a long-lasting immigration reform policy. It was instructive. And it showed the folks in these communities that we are listening to them. We know we don't have it all figured out — that's why we need real, local voices to help guide our work. Voices on the ground who are living and breathing these problems every single day. Then, it was my turn. I joined my friends Reps. Scott Peters (D-Calif.) and Wesley Bell (D-Mo.) for a conversation around clean energy and potential opportunities for bipartisan cooperation. We discussed the actions the Trump administration has taken to gut clean energy tax credits. There is no way around it — this is going to have a negative impact on people's utility bills. They will feel this. We also discussed what's ahead — like permitting reform, carbon capture and ultimately ways we can lower costs for people trying to keep the lights on, not raise them. Last month, Reps. Sarah McBride (D-Del.), Chrissy Houlahan (D-Pa.) and Katherine Clark (D-Mass.) got together to talk one-on-one with Delawareans about paid family and medical leave for working families. This is just the beginning. In total, we'll be conducting at least nine New Dems On the Road events — across the country. We need to come together, share ideas and forge a new path forward. A path that can address the issues that demand our attention: whether it's a single mom struggling to afford child care, a farmer looking to break into new markets, or a family who wants a good, public school education for their kids. We should all be committed to finding effective ways to achieve our shared goals and ensure that the government serves the people better. This isn't a partisan objective; it's a matter of common sense. However, real progress requires thoughtful strategy and careful action, not reckless cuts. Simply slashing budgets without consideration doesn't eliminate waste — it erodes the very foundation of what our government is meant to do: serve its citizens. New Democrats understand this deeply. We recognize that this moment calls for a meaningful response and an agenda that inspires — not the status quo. Our communities have elected us to take action, to solve problems and to improve lives. Now, more than ever, Democrats need to prove we can deliver Nikki Budzinski represents the 13th District of Illinois and is vice chair for policy for the New Dem Coalition. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNBC
13 minutes ago
- CNBC
Ron Insana says Trump's spending bill unlikely to generate the economic boom he promised
As he did in his first term as president, President Donald Trump is once again predicting an economic boom the likes of which the U.S. has never before seen. In reviewing the publicly available economic data since Ronald Reagan, the period in which the U.S. grew the fastest with the most job creation did not occur in Trump's first term and is unlikely to do so in this term, the reasons why to be explained shortly. First, a brief review of recent economic history where the biggest economic boom actually took place. Former President Bill Clinton's eight years in office produced nearly 4% annual growth, over 240,000 jobs added per month and an inflation rate that averaged less than 3%, considered very low for that time. The unemployment rate when Clinton first took office was 7.3% and bottomed at 3.8% by April 2000. By contrast, in Trump's first term, the economy added under 200,000 jobs per month, roughly equal to that of former President Barack Obama, while GDP growth averaged 2.3%, again, roughly equal to Obama's last three years in office, while inflation was less than a quarter percentage point lower than in Obama's second term. (Trump's numbers, of course, were skewed by the Covid crisis, which featured the steepest and shortest recession in U.S. history.) All that leads me to the notion that a boom, the likes of which we have not seen, is unlikely even if the "Big Beautiful Bill" passes through Congress and lands on Trump's desk. And here's why. Nothing new to help growth First, the bill largely extends existing tax rates that were put in place in 2017, without further lowering corporate taxes, as once promised, from 21% to 15%. There are no major additional tax cuts included in the bill. The bill simply makes much of the existing code permanent. No change, no gain. It's true that taxes on tips, overtime and Social Security payments may be eliminated, but that could also lead to employers seeking out ways, in the first two cases anyway, to pay lower wages if tips and overtime go untaxed. Beyond that, there's not much new in the bill that would accelerate economic growth, nor would a failure of the bill's passage lead to a 68% tax increase for everyone in America, as the president has warned . Published analyses have suggested that 68% of Americans could see a 7% increase in their taxes, but not a 68% increase in what they pay. Given the prospects for rising inflation amid recently imposed tariffs, and a subsequent slowing in consumer spending, some of which is already taking place, the economy appears to be downshifting rather than speeding up. Job growth , as we saw on Friday, has moderated for several months in a row and while not reflective of a recession, we're also witnessing a jump in jobless claims, announced layoffs and, according to some published reports, consumers maxing out credit cards to buy the basics. Add to that the reductions in support for the poorest Americans, whether its access to Medicaid or food stamps, and the ingredients for a further slowdown are embedded in the bill, especially for those who can least afford to have government assistance reduced in a meaningful way. Big changes needed The Department of Government Efficiency spending cuts are also affecting government stimulus in so far as key funding in technology, medicine and education are being slashed, threatening the very areas that make the U.S. economy competitive and very much growth-oriented. The bill, by most accounts, also adds from $2.4 trillion to $3.3 trillion to the budget deficit over the next decade. With the current national debt standing at a record $36.2 trillion, higher federal borrowing needs could further push up borrowing costs as investors, especially international ones, now nervous about America's fiscal position could demand higher yields to compensate them for the risk, however unlikely, that the U.S. runs into trouble in paying its bills. During the Clinton administration, tax rates were higher, and yet growth was stronger, 22.7 million jobs were added and the budget deficit turned to surplus by the end of his term. None of those metrics are supported by existing or proposed policy initiatives today. The Clinton boom was second only to that of FDR, whose economy grew strongly as Roosevelt took over, quite literally, at the very bottom of the Great Depression. In modern times, Clinton's economy was stronger than that of any president who came before or after him. None of the policies currently being pursued by this administration offer the same prospects for growth though, even like Clinton, this president has a major technological revolution underway. That big, beautiful bill would require some big, bountiful changes if it hopes to stimulate growth in a way in which all Americans, rather than perhaps a handful of billionaires, will share meaningfully in any future prosperity.
Yahoo
17 minutes ago
- Yahoo
Logan Finance Launches Open Road Series: Seven Non-QM Solutions Breaking Down Barriers to Homeownership
HAUPPAUGE, N.Y., June 9, 2025 /PRNewswire/ -- Logan Finance Corporation, a top-five Non-QM lender, today unveiled its Open Road product series: seven specialized mortgage solutions transforming how mortgage brokers and correspondent lenders approach challenging loan scenarios. The suite addresses the financing gap affecting millions of creditworthy borrowers who don't meet conventional lending requirements. With more than 16.75 million self-employed Americans, per the National Employment Law Project, the Open Road series arrives as traditional lending criteria become increasingly disconnected from modern borrower profiles. "Every day, mortgage brokers and mortgage lenders encounter talented entrepreneurs, successful investors, and international buyers who deserve homeownership but can't check the conventional boxes," said Don Pace, CEO at Logan Finance. "Our Open Road series recognizes that the path to homeownership has evolved, and our lending solutions need to as well." The Open Road series features: Asset Qualification (Beyond) –Turn retirement accounts into keys. Perfect for your affluent buyers. Bank Statement (Overland) – Because tax returns don't tell the whole story. 12-24 months of bank statements can help. Condotel (Horizon) – Resort properties. Condo-hotels. Up to 75% LTV financing. DSCR (Autobahn) – Airbnb-ready financing. DSCR for vacation rentals up to $1.5M at 70% LTV DSCR: No-Ratio (Accelerate) – Qualify on guarantor's FICO, property LTV and reserves. Experienced investors can use this as a ticket to portfolio growth. Full Doc (Roam) – Complex income, simple solution. Loan amounts up to $3M. P&L (Reach) – Smart businesses deserve smart loans. CPA-prepared P&Ls welcome. "We've built solutions that work in the real world," said Bobby Love, President at Logan Finance. "Our scenario desk handles income calculations within 24 hours, our underwriters specialize in each product type, and we provide white-label marketing materials brokers and correspondents can use immediately. We're not just offering products—we're offering a partnership." Key mortgage broker and correspondent advantages include: Same-day scenario analysis Dedicated condo review desk Private-label marketing materials Custom training programs Technology integration with major platforms The complete Open Road product suite is available immediately through Logan Finance's wholesale and correspondent channels. To learn more, email bizdev@ About Logan Finance Corporation Logan Finance Corporation (NMLS ID # 127722) is a leading Non-QM mortgage lender providing access to innovative home financing solutions. Through its Correspondent and Wholesale channels, Logan offers a full suite of Non-QM products, including DSCR, Bank Statement, Condotel, Full-Doc, P&L, DSCR No-Ratio, and Asset Qualification loans. With over 70 years of lending experience, Logan continues to grow by staying true to its founding principles: a commitment to excellence and a relentless focus on delivering an exceptional customer experience. Equal Housing Opportunity Lender. View original content to download multimedia: SOURCE Logan Finance 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
