Latest Finance-Economy News
Trump Demands Credit Card Interest Rates Capped at 10% by January 20
President Trump stated credit card lenders must cap interest rates at 10% by January 20 or face legal violation, causing shares of Visa, Mastercard, and American Express to slip. Broad market reaction remains levelheaded despite the pressure ahead of bank earnings.
This follows escalating Trump administration attacks on the Fed.
Fed Served with DOJ Subpoenas Amid Trump-Fed Feud
The Federal Reserve received DOJ subpoenas, intensifying tensions as Trump escalates attacks and Chairman Powell pushes back on independence threats. Fed's Williams defends Powell's 'impeccable integrity' and calls for continued data-driven decisions.
Investors watch closely ahead of bank earnings shedding light on the economy.
Wall Street on Edge Over Fed Independence and Trump Policies
US markets rebound but test early 2026 gains amid 'Sell America' trade revival due to Trump-Fed conflicts. Credit card shares like Capital One and JPMorgan dipped on rate cap talk.
Rebecca Patterson weighs in on the feud and Trump's credit-card threat.
Chinese Markets Extend Rally on Earnings Optimism
Chinese stocks continue upward momentum driven by positive earnings expectations. Investors bet on an earnings-led rally in China as markets reopen.
This contrasts with global jitters over US policy shifts.
Best CD Rates Reach 4.18% APY as of January 13
Top certificates of deposit offer up to 4.18% APY, with Marcus by Goldman Sachs at 4.00% for 1-year terms. Northern Bank provides 4.15% for 6-month CDs, amid federal funds rate at 3.50%-3.75%.
Rates track Fed policy, with next FOMC meeting January 27-28.
Trump Vows 25% Tariff on Countries Trading with Iran
President Trump announces 25% tariffs on nations doing business with Iran, adding to trade tensions. This comes alongside threats to exclude Exxon from Venezuela deals.
Markets monitor potential impacts on global trade.
Japan's Current Account Widens to $23.16B in November
Japan's November current account surplus expanded to over $23.16 billion. Markets reopen amid snap election speculation and yen weakness concerns.
Officials like Katayama and Bessent highlight currency issues.
Australia Consumer Confidence Falls 1.7% in January
Westpac consumer confidence in Australia dropped 1.7% month-over-month. Despite RBA easing cycle expectations, housing purchase intent rises.
This reflects mixed signals in the Asia-Pacific economy.
BlackRock Cuts 250 Employees Across the Firm
BlackRock announced layoffs of 250 staff members firm-wide. The move occurs amid market volatility and Fed policy debates.
Investors assess impacts on asset management sector.
Nvidia Partners with Eli Lilly for $1B AI Drug Lab Investment
Nvidia plans to invest $1 billion in an AI drug development lab with Eli Lilly. This highlights AI's role in healthcare transformation.
Shares react positively to tech-healthcare synergies.
US Close to Finalizing Trade Pact with Taiwan
Sources indicate the US is nearing completion of a trade agreement with Taiwan. This development aims to strengthen economic ties amid global tensions.
Markets eye implications for Asia supply chains.
Big Banks Earnings to Reveal Economic Health
Upcoming earnings from major banks like JPMorgan will provide insights into the US economy. Investors focus on impacts from Trump policies and Fed actions.
Reports expected to influence market sentiment.