Donald Trump again insulted Jerome Powell, chair of the U.S. Federal Reserve, calling him a “numskull” because the central bank has not lowered its key interest rate as Trump has been demanding.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Jun 17 2025
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CITI RAISES LOAN LOSS RESERVE AMID POSITIVE ECONOMIC SIGNS
In the current quarter, Citi will raise its cash reserve against bad loans by “a few hundred million dollars…given the macro environment and [interest rates] compared to the last quarter,” Viswas Raghavan, the company’s executive vice-chair and head of banking, told a Morgan Stanley financial conference on 10 June.
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HOUSING MARKET FLIPS: SELLERS FAR OUTNUMBER BUYERS
In April, 500,000 more homes were listed than were sold, according to online brokerage Redfin. It was the biggest such gap since 2013.
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“BIG BEAUTIFUL” TAX BILL TRANSFERS WEALTH TO THE RICHEST, CBO SAYS
Donald Trump’s “big beautiful” tax bill now before the U.S. senate would hand $12,000 a year to the richest Americans, in part by taking $1,600 a year from the poorest, according to an analysis by the nonpartisan Congressional Budget Office (CBO).
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INFLATION TICKS UP IN MAY
Last month, the U.S. inflation rate edged up to 2.4 percent after marking 2.3 percent in April, the Bureau of Labor Statistics reported.
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MAY’S BUDGET DEFICIT 14 PERCENT HIGHER THAN A YEAR EARLIER
In May, the U.S. federal government spent $316 billion more than it took in, a deficit 14 percent greater than in May 2024, the treasury department reported, deepening the fiscal year’s loss so far to $1.36 trillion.
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ECONOMIC UPDATE—MARKET OVERVIEW
Today, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment fell by 2 points in June from May to 32. Last June it was at 43, and a number below 50 is ranked negative.