Latest news with #JenniferSchonberger
Yahoo
a day ago
- Business
- Yahoo
Treasury's Bessent to testify on China trade talks, tax bill
US Treasury Secretary Scott Bessent will testify before the House Ways and Means Committee on Wednesday, where he will be questioned about the progress of trade negotiations with China and the "big, beautiful" tax and spending bill working its way through the Senate currently. President Trump took to social media this morning to announce that US and Chinese officials have reached a trade deal but the nations' two leaders still have yet to agree to the terms. Yahoo Finance senior Washington reporter Jennifer Schonberger discusses Bessent's top talking points going into this hearing. Also catch Jennifer Schonberger's coverage of what investors know so far about President Trump's announced trade deal with China. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. Well, Treasury Secretary Scott Besin set to testify in front of the House Ways and Means Committee on Capitol Hill Wednesday. Jennifer Schonberger joining us now with the latest. Hey, Jennifer. Good morning, Maddie. Treasury Secretary Scott Besin slipping past reporters into a holding room where he is moments away from entering the hearing room for the House Ways and Means Committee, which is just behind me, where he will testify on the administration's tax and trade policies. In his testimony, he will send China a warning just hours after wrapping talks with the Chinese in London. He says that this is an opportunity for the Chinese to right-size their economy towards consumption and away from production, but that, quote, uh, the country needs to be a reliable partner in trade negotiations if China will course correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world's two largest economies is possible. Now, the secretary will also tout the benefits of that big, beautiful tax bill, where he will say that it will benefit working-class Americans and revitalize the manufacturing sector of this economy. He touted he will tout some details and stats on income that can be raised from the tax bill, saying that take-home pay will increase between $7,800 to $13,300 for the average family of four. He says it will increase wages between $6,100 to $11,600 for the average worker and will cement no taxes on tips, Social Security, and overtime. He also gave an update on tax collections for the tax season so far. He says that receipts are up nine and a half percent for the month of April and nearly 15% for the month of May while also cutting $2 billion in waste from the IRS. He called it one of the most successful tax collection seasons in some time. And also, on the back of that somewhat cooler CPI inflation report this morning, he says that inflation is showing signs of improvement, chalking it up to the administration's policies. Also calling the job market strong. We're just moments away from Secretary Besin. Back to you. Jennifer, thank you so much, as always, for your reporting. Appreciate it. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Business
- Yahoo
Treasury's Bessent to testify on China trade talks, tax bill
US Treasury Secretary Scott Bessent will testify before the House Ways and Means Committee on Wednesday, where he will be questioned about the progress of trade negotiations with China and the "big, beautiful" tax and spending bill working its way through the Senate currently. President Trump took to social media this morning to announce that US and Chinese officials have reached a trade deal but the nations' two leaders still have yet to agree to the terms. Yahoo Finance senior Washington reporter Jennifer Schonberger discusses Bessent's top talking points going into this hearing. Also catch Jennifer Schonberger's coverage of what investors know so far about President Trump's announced trade deal with China. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. 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
Yahoo
6 days ago
- Business
- Yahoo
Trump's bill will create 'big, beautiful workforce': Labor Secy.
The US labor market grew by 139,000 in the month of May, reported by the US Bureau of Labor Statistics (BLS), hitting above estimates of 126,000 while the unemployment rate held at 4.2% and average hourly earnings rose by 3.9% year-over-year (above expectations of 3.7%). The US Secretary of Labor Lori Chavez-DeRemer sits down with Yahoo Finance senior Washington correspondent Jennifer Schonberger to talk more about the labor participation rate, the administration's relationship with labor unions, and the private sector investments into local communities and job markets. Last month, Secretary Chavez-DeRemer stated that "the Golden Age is here" in response to April's overwhelming labor addition of 177,000 non-farm payrolls under the Trump administration. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. Sign in to access your portfolio
Yahoo
7 days ago
- Business
- Yahoo
Fed's Kugler, Schmid warn of higher inflation tied to tariffs
Federal Reserve Governor Adriana Kugler is expecting to hold interest rates amid inflation uncertainty tied to President Trump's tariffs, the central bank officials explained at The Economic Club of New York on Thursday. Yahoo Finance senior Fed reporter Jennifer Schonberger comes on Market Domination to break down the latest commentary from Kugler and Kansas City Fed CEO and President Jeff Schmid. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. Federal Reserve Governor Adriana Kugler is doubling down on her support for keeping interest rates steady for now. Yahoo Finance's Jennifer Schonberger joins us now with more on today's Fed speak. Rounded it up for us, Jen. Hey, Julie. Getting a lot of Fed speak today with members of the Fed warning that the risk of higher inflation from tariffs is more of a focus now than a weakening job market. Fed Governor Adriana Kugler warned today she sees the risk of higher inflation from tariffs and supports holding interest rates steady so long as inflation remains a risk. I see greater upside risks to inflation at this juncture and potential downside risks to employment and output growth down the road. And this leads me to continue to support maintaining the FOMC's policy rate at this current setting if upside risks to inflation remain. Kugler said she doesn't think it's clear that one could look through tariffs and that they'll be a one-shot deal. She's eyeing inflation expectations that could give businesses ammunition to raise prices as well as tariffs on parts used to make final products where the price increases could prove more permanent. Referencing research from staff at the Fed, she said a 20% tariff on Chinese imports is estimated to add two tenths of a percentage point to inflation. And that since Chinese tariffs are higher than that and have increased on other countries as well, that prices are getting passed through quickly and we could see larger price increases soon. Meanwhile, Kansas City Fed president, Jeff Schmid, also said today he's very focused on the risk for higher inflation from tariffs, noting that economic theory might suggest that monetary policy should look through a one-time increase in prices, but that quote, "This is not a signal that we should let down our guard." He said the Fed balances its mandate for as the Fed balances its mandate for full employment and price stability, he intends to remain focused on the importance of, quote, maintaining credibility on inflation. Elsewhere, outgoing Philadelphia Fed president, Patrick Harker, said in his last speech before he retires at the end of this month that he too favors holding rates steady in the face of policy uncertainty. He says it's unclear whether inflation from tariffs could prove short-lived. Back to you. Jen, thanks very much. Sign in to access your portfolio
Yahoo
04-06-2025
- Business
- Yahoo
Fed points to decline in economic activity: Beige Book takeaways
The Federal Reserve emphasized the decline in US economic activity in its latest Beige Book published on Wednesday. Yahoo Finance senior Fed reporter Jennifer Schonberger explains the biggest takeaways from the report, highlighting the central bank's biggest points on inflation, rising prices, and new unemployment and labor data. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. 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
