Tax

The government measure of inflation for May ticked up modestly, adding to the signals that the Federal Reserve is unlikely to move on interest rates when it meets next month.

House Speaker Mike Johnson said he's pressuring Senate Republicans to refrain from changing a deal to increase the state and local tax deduction cap to $40,000.

The Federal Reserve Board governor said higher import tariffs could have a "persistent" impact on inflation.

The deal that led the House to increase the maximum deduction for state and local taxes to $40,000 is not set in stone in the Senate.

The Treasury market experienced unexpected volatility in April after President Trump announced sweeping tariffs, but recovered after the moves were delayed. Some see that as proof of resilience in the market, but others say it highlights vulnerabilities.

Federal Reserve Gov. Christopher Waller said changes to the Federal Open Market Committee's quarterly economic projections could lead to clearer communication with markets and market participants.

Significant changes are in store for President Donald Trump's signature $3.9 trillion tax-cut bill as the Senate begins closed-door talks this week on legislation that squeaked through the House by a single vote. 

The Federal Reserve's preferred measure of inflation moved closer to the 2% target last month, but the impact of tariffs remains to be seen.

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.

The Federal Reserve's preferred inflation reading fell in March, but the positive reading came before new trade policies hit the economy.

President Trump suggested his sweeping tariffs would help him reduce income taxes for people making less than $200,000 a year.