Latest news with #HouseFinancialServiceCommittee
Mint
8 hours ago
- Business
- Mint
Wall Street week ahead: All eyes on Middle East conflict, Jerome Powell's testimony, PCE inflation, personal income data
Amid the escalating Middle East conflict, Wall Street investors will have a plenty of economic data to look forward to in the week ahead. Tensions in the West Asia deepened after the United States joined Israel in attacking Iran. The US attacked three nuclear sites in Iran on early Sunday. In an address to the nation from the White House, US President Donald Trump said that Iran's key nuclear sites were 'completely and fully obliterated'. In response, Iran's Foreign Minister Abbas Araghchi stated that the time for diplomacy had passed and that his country had the right to defend itself. 'The warmongering, a lawless administration in Washington is solely and fully responsible for the dangerous consequences and far reaching implications of its act of aggression,' he said at a news briefing in Turkey. In terms of the US economic data, focus of market participants will be on the Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation gauge, personal income and spending data, and home sales numbers. Spotlight will also be on US Fed Chair Jerome Powell's testimony before the House Financial Service Committee on Tuesday and Wednesday. On June 23 (Monday), separate reports on S&P flash US services PMI for June, S&P flash US manufacturing PMI for June, existing home sales for May will be released. On June 24 (Tuesday), data on S&P Case-Shiller Home Price Index (20 cities) for April and consumer confidence for June will be declared. US Federal Reserve Chair Jerome Powell is scheduled to testify before the House Financial Service Committee on Tuesday. On June 25 (Wednesday), data on new home sales for May will be released. On June 26 (Thursday), separate reports on advanced US trade balance in goods for May and second revision of first quarter Gross Domestic Product (GDP) will be released. On June 27 (Friday), data on consumer sentiment (final) for June, personal income for May, personal spending for May, and PCE Index for May will be released. Following companies are due to report first quarter results in the week ahead — FactSet Research, Commercial Metals, FedEx, Carnival Corp, BlackBerry, Micron, Paychex, Daktronics, Nike, Walgreens Boots, and Concentrix. US stocks closed mixed on Friday. The S&P 500 lost 0.21%, while the Nasdaq Composite shed 0.49%. The Dow Jones Industrial Average, however, rose 38.47 points, or 0.09%, to 42,210.13. In the bond market, the yield on the 10-year Treasury edged down to 4.37% from 4.38%. The 2-year yield fell to 3.90% from 3.94%. Oil prices fell on Friday as the US imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement. Brent crude futures ended down $1.84, or 2.33%, to $77.01 a barrel. US West Texas Intermediate crude for July lost 21 cents, or 0.28%, at $74.93. Brent rose 3.6% on the week, while front-month US crude futures increased 2.7%.
Yahoo
18-02-2025
- Business
- Yahoo
Trump Administration Wants to Let Banks Jack Up Overdraft Fees
The Trump administration is looking to overturn a Biden-era rule limiting major banks' ability to penalize customers with overdraft fees, a reversal that has major banking associations salivating at the mouth. Last week, House Financial Service Committee Chair French Hill (R-Ark.) and Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced legislation to repeal the rule, which eliminated junk fees associated with account overdrafting — capping the penalty at $5 — and gave banks several options to manage overdraft costs without placing an excess burden on consumers. The Trump administration endorsed the legislation on Monday, with Office of Management and Budget Director and Consumer Financial Protection Bureau Interim Director Russ Vought writing on X that he was 'grateful' that the representatives had introduced legislation overturning the rule. 'Passing this important legislation will immediately further President Trump's deregulatory agenda,' he wrote. At the time the rule was passed, former CFPB Director Rohit Chopra wrote that the directive was expected to 'add up to $5 billion in annual overdraft fee savings to consumers, or $225 per household that pays overdraft fees.' 'Over the past few decades, these highly profitable overdraft loans have increased consumer costs by billions of dollars,' Chopra argued. 'The loans have also led to tens of millions of consumers losing access to banking services, as well as facing negative credit reporting that has prevented them from opening another account in the future.' The rule angered major banking organizations. In December, the The American Bankers Association sued the Biden administration alongside a coalition of banking groups, accusing the CFPB of exceeding its authority and claiming that the regulations would harm consumers. On Monday, several banking associations once again called on the CFPB to withdraw the rule. In their announcement, Reps. Scott and Hill wrote that they have the 'support of key stakeholders, including the Consumer Bankers Association, Independent Community Bankers of America, American Bankers Association, and America's Credit Unions.' Under the auspices of Elon Musk's so-called Department of Government Efficiency (DOGE), the CFPB has become a target of the Trump administration's gutting of the federal workforce, which has included regulatory agencies providing oversight to major corporations. In a statement released earlier this month, the White House accused the CFPB of functioning 'as another woke, weaponized arm of the bureaucracy that leverages its power against certain industries and individuals disfavored by so-called 'elites.'' Musk added 'CFPB RIP ' on X, writing that while the organization did 'above zero good things,' they 'still need to go.' Last week, Vought ordered all work at the bureau to cease, pending layoffs at the organization amid efforts to shut it down entirely. Over the weekend, a federal judge blocked the mass firing of CFPB staffers following a union challenge. Sen. Elizabeth Warren (D-Mass.) torched the administration's actions in a recent interview with Rolling Stone. ' Donald Trump campaigned on lowering costs for working families 'on day one,' she said. 'He is now sidelining the agency that over the last dozen years, has returned $21 billion directly to people who got cheated by giant financial institutions. In other words, his plan is to do nothing on reducing costs, but sure enough, put in place a plan to raise costs for people who are working hardest in our economy.' More from Rolling Stone FAA Employees Say Trump and Musk's Purge Is a 'Threat' to Air Safety Social Security Chief Quits as Musk Infiltrates Sensitive Data Systems 'No Kings Day': Protesters Denounce Trump and Musk Best of Rolling Stone The Useful Idiots New Guide to the Most Stoned Moments of the 2020 Presidential Campaign Anatomy of a Fake News Scandal The Radical Crusade of Mike Pence
