logo
Fed decision, Israel-Iran tensions, GENIUS Act: 3 Things

Fed decision, Israel-Iran tensions, GENIUS Act: 3 Things

Yahoo5 hours ago

Here are some of the stories Wall Street is watching on Wednesday, July 18.
All eyes are on the Federal Reserve, which releases its decision on interest rates this afternoon.
Tensions continue to flare between Israel and Iran, with Iran warning the US not to get militarily involved.
The US Senate passed the GENIUS Act, giving the crypto industry a big legislative win.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
Melden Sie sich an, um Ihr Portfolio aufzurufen.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump Urges SALT Deal as Lawler Stands Firm on $40,000 Cap
Trump Urges SALT Deal as Lawler Stands Firm on $40,000 Cap

Yahoo

time20 minutes ago

  • Yahoo

Trump Urges SALT Deal as Lawler Stands Firm on $40,000 Cap

(Bloomberg) — President Donald Trump expressed optimism that lawmakers could reach a compromise on the state and local tax deduction — a sticking point in his 'One Big Beautiful Bill' — even as a key SALT advocate insisted a deal had already been reached. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Trump said Wednesday that resolving the contentious debate over the SALT cap is imperative to passing his multitrillion dollar tax bill. 'It's very difficult, and I understand both sides, but we'll just have to see, hopefully a compromise or something's going to be made,' Trump told reporters at the White House. New York Representative Mike Lawler — one of the House's most vocal supporters of the SALT deduction — said earlier Wednesday he is open to negotiating with the Senate to advance the tax bill, but insisted he would not agree to lower the $40,000 SALT cap deal reached in the House. 'We negotiated,' Lawler said Wednesday in an interview with Fox Business of the House version of the bill. 'That's the deal.' The SALT deduction has been a primary sticking point holding up Trump's legislative agenda. Lawler, one of a handful of Republicans representing districts in high tax states, previously called the Senate version of the tax bill 'dead on arrival' because of its $10,000 cap on SALT. Senate leaders have characterized that figure as a placeholder while negotiations have continued, but have also said there is no desire among Republicans in their chamber to keep the cap at $40,000. GOP Senators are considering a $30,000 cap on SALT as a compromise between the $10,000 currently allowed and the more generous limit in the House tax bill. White House Chief of Staff Susie Wiles is scheduled to meet with Senate Republicans on Wednesday to discuss the tax bill, according to a person familiar with the planning. Vice President JD Vance met with senators on Tuesday to urge them to support the legislation. The House and Senate have to agree on a plan before it can go to Trump's desk to become law, giving Lawler and his SALT-focused colleagues leverage to demand their concerns be addressed. Trump warned that making SALT a 'red line' would mean a tax increase. The bill renews many of his first-term tax cuts on households and small businesses, which are set to expire at the end of the year. Instead of agreeing that the SALT cap could be lowered, Lawler listed off costly items in the bill, including the child tax credit and cutting taxes on tips and overtime, that could be negotiated. 'We're not giving you the full boat,' Lawler said. 'I have negotiated in good faith from day one, and I am still willing to work with my colleagues to get this done, but we are not going to be fleeced in New York.' There are other variables that could be negotiated besides the cap amount, including length of time it is in place and the phase out for higher income taxpayers. Senate Democratic Leader Chuck Schumer criticized Republican colleagues in the chamber for seeking to minimize the SALT deduction, calling that move a 'a dagger aimed at the heart of blue states.' —With assistance from Erik Wasson and Cam Kettles. (Adds Wiles plan to meet with senators on Wednesday) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P. Sign in to access your portfolio

US unemployment ticked down, hovering at historically low levels
US unemployment ticked down, hovering at historically low levels

Associated Press

time23 minutes ago

  • Associated Press

US unemployment ticked down, hovering at historically low levels

WASHINGTON (AP) — The number of Americans applying for unemployment benefits dipped to 245,000 last week, hovering at historically low levels, the Labor Department said Wednesday. U.S. jobless claims ticked down from 250,000 the week before. Economists had expected last week's claims to match that at 250,000. The four-week average of claims, which smooths out week-to-week volatility, rose to 245,500, the highest since August 2023. The number of Americans collecting unemployment benefits the week of June 7 slid to 1.95 million. Weekly unemployment claim are a proxy for layoffs and mostly have stayed within a healthy band of 200,000 to 250,000 since the economy recovered from a brief but painful COVID-19 recession in 2020, which temporarily wiped out millions of jobs. In recent weeks, however, claims have stayed at the high end of range, adding to evidence that U.S. job market is decelerating after years of strong hiring. So far this year, employers are adding a decent but far from spectacular 124,000 jobs a month, down from an average 168,000 last year and an average of nearly 400,000 from 2021 through 2023. The hiring slowdown is partly the drawn-out result of 11 interest rate hikes by the Federal Reserve in 2022 and 2023. But Trump's aggressive and often-erratic trade policies — including 10% taxes on imports from almost every country on earth — are also weighing on the economy, paralyzing businesses and worrying consumers who fear they'll mean higher prices. Carl Weinberg of High Frequency Economics is worried that claims remain elevated compared with recent years, when employment has remained very low by historical standards. 'We believe firms have been 'hoarding' workers to ensure that they don't lay off skilled and trained workers by mistake, especially with the labor market still very close to full employment,' Weinberg wrote. 'With uncertainty still high ... companies have remained hesitant about layoffs. That may be changing.'' The Fed, satisfied that an inflation was coming down, cut rates three times last year. But the central bank has turned cautious in 2025, worried that Trump's tariffs will rekindle inflationary pressures. The Fed is expected to leave rates unchanged as it wraps up a two-day meeting Wednesday.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store