Senate GOP unveils budget in bid to push Trump agenda
Senate Republicans released a slimmed back 340 billion blueprint prioritizing the deportation plan and defense while House Republicans miss another deadline on a broader 4 trillion tax cut and spending package. The two chambers clash over timelines as Trump presses for debt limit action and border wall funding.
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Jobs growth steady in January 2025 report under Trump
U S employers added 143000 jobs in January with unemployment at 4.0 percent. Wages rose 0.5 percent from December and 4.1 percent vs a year earlier as health care retail and government led hiring while mining cut jobs. Labor revisions boosted November and December payrolls by 100000 amid cautious Fed stance.
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Trump to unveil reciprocal tariffs next week
President Donald Trump said he will announce reciprocal tariffs next week in a major escalation of his trade war. He spoke with Japanese Prime Minister Shigeru Ishiba and indicated tariffs could replace or supplement a universal import duty plan, with autos likely among targets.
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Wall Street slides on tariffs inflation fears
Wall Street fell Friday as inflation worries resurfaced amid tariffs talk. The S&P 500 dropped 0.9 percent while the Dow sank 444 points and the Nasdaq led losses on Amazon’s weak profit report. Bond yields rose after a University of Michigan sentiment report showed inflation expectations climbing to 4.3 percent, the highest since 2023. Economists flagged tariffs as a possible price driver, with Fed rate path expectations muting prospects for further cuts in 2025.
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Fed
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Wells Fargo Investment Institute
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