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Fed minutes show rising unemployment, stagflationary risks
Full StoryPresident Trump on Wednesday bristled when asked about a new Wall Street term based on his tendency to reverse his tariff threats, defending his approach and dismissing the question as “nasty.”
White House to send DOGE cuts package to Congress as Speaker promises quick action
Full StorySenate Republicans are deeply divided over President Trump’s “big, beautiful bill,” which the House passed by a single vote last week, setting up a battle in the upper chamber between moderates and conservatives that is likely to drag on well into July.
GOP senators are vowing to rewrite the bill, but they’re still weeks away from putting together a package that can muster the 51 votes it needs to pass, according to GOP senators and aides.
Centrist GOP Sens. Susan Collins (Maine), Lisa Murkowski (Alaska) and Thom Tillis (N.C.) are facing off against conservatives such as Sens. Ron Johnson (Wis.), Rick Scott (Fla.) and Mike Lee (Utah) over potential cuts to Medicaid, the phaseout of renewable energy incentives and other deficit-reduction measures that conservatives say don’t go far enough.
The Medicaid cuts also divide conservatives, with Sen. Josh Hawley (R-Mo.) warning they could be bad policy and politically suicidal.
It has all left observers skeptical the debate in the Senate will end in June.
— Alexander Bolton has more here.
COMING UPThe Ticker
Federal Reserve Board Governor Adriana Kugler on Thursday will deliver remarks at the 5th Annual Macro-Finance Workshop at 2 pm E.T.Elon Musk criticizes Trump’s ‘big beautiful bill,’ a fracture in a key relationship
Full StoryGood to Know
Dow closes more than 200 points lower Wednesday ahead of Nvidia earnings (CNBC) Victoria’s Secret takes down its website after a security incident (CNN) Planning a wedding is stressful. Couples and vendors now have to factor in tariffs (The Associated Press)Trump pardons former GOP Rep. Michael Grimm amid clemency spree
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