Tax

President Trump said his massive tax package is close to being finalized, but the White House has yet to win over a faction who want more spending cuts.

In a dramatic move, conservative hardliners blocked President Donald Trump's tax and spending bill, which would have included many measures favored by banks.

Federal Reserve Vice Chair Philip Jefferson said in a speech Wednesday that elevated tariffs will likely lead to inflation, but time will tell how impactful that spike in prices might be.

In a draft version of the tax bill released on Monday, House Republicans highlighted the president's populist priorities in a package that would enact those cuts through 2028.

A 90-day pause on reciprocal tariffs between the U.S. and China boosted the near-term economic outlook for banks, but tensions and uncertainty around trade barriers remain high.

Federal Reserve Gov. Adriana Kugler said in a speech in Dublin that trade barriers could soon affect prices and slow down growth while increasing uncertainty in 2025.

The median property tax payment amounted to $2,969 a year, or $247 a month, an analysis by LendingTree found.

Federal Reserve Gov. Michael Barr said global supply chain disruptions and inflation caused by tariffs could weigh heaviest on small businesses, especially those with little access to credit.

Their worries center on fears the new duties could impact their personal finances, according to a new survey from home-equity investment platform Point.

Treasury Secretary Scott Bessent said he expects negotiations with trading partners over tariffs to conclude by the end of the year but acknowledged that talks with China had not yet begun.