Tax

The import taxes — initially set at 25% for cabinets, vanities and upholstered wooden furniture — officially took effect on Tuesday at 12:01 a.m. New York time.

Federal Reserve Vice Chair Philip Jefferson said despite the near term cloudiness to economic projections, he does expect inflation to resume its downward trajectory next year and reach the Fed's 2% inflation target in the coming years.

Trump administration tariff policy led lumber futures prices to surge over the first half of 2025, but the front-loading of purchases led to a current glut.

Premiums for property insurance have risen over 69% since 2019, far outpacing other components of the monthly mortgage payment, ICE Mortgage Technology found.

Even with direct costs of import taxes excluded, prices for residential construction goods and services increased by the most in two years, NAHB said.

Core CPI, which excludes food and energy, rose to 3.1%, up from 2.9% in June.

Federal Reserve Vice Chair for Supervision Michelle Bowman said she foresees three interest rate cuts for this year, a view bolstered by the latest employment data.

The tax delinquency rate hit a seven-year high last year with residents of some states seeing amounts owed increasing by more than 50% since 2019.

President Trump's imposition of sweeping tariffs on more than 90 countries Thursday represents a major shift in the U.S. trade stance, but the impact on inflation, the Federal Reserve and the economy are still unclear.

Groups like the Mortgage Bankers Association and National Housing Conference welcomed the decision to increase the secondary market for the credits.