Trump scores massive win as Buffett endorses his Fed chair pick
IRS chief urges every American family to get Trump Accounts
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Trump scores massive win as Buffett endorses his Fed chair pick
Senator Rounds hails Warsh’s rock-solid stance on inflation control
Trump strikes back hard demanding reversal of New York data ban
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Trump scores massive win as Buffett endorses his Fed chair pick
Warren Buffett described President Trump’s selection of Kevin Warsh as Federal Reserve chair as a good choice noting the new leader’s focus on two percent inflation and maximum employment.
Good Choice for Tough Job: Buffett said Warsh will do the best he can at achieving the assigned job of hitting inflation and employment goals.
Rates Held Steady Initially: Warsh presided over holding interest rates steady in his first meeting as chair in June.
Cares About the Country: Buffett praised that Warsh cares about the country like many others despite tough decisions.
Testimony This Week: The new Fed chair is returning to Capitol Hill for Senate Banking Committee testimony on Wednesday.
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Senator Rounds hails Warsh’s rock-solid stance on inflation control
Senate Banking Committee member Mike Rounds said Federal Reserve Chairman Kevin Warsh struck the right tone on inflation control and central bank independence during recent congressional testimony.
Focus on Inflation Control: Rounds noted Warsh started by emphasizing the need to get inflation under control aligning with congressional efforts.
Rates Maintained in June: The senator said the Fed was correct to maintain interest rates during Warsh’s first meeting as chair.
Independence Important: Rounds stressed wanting the Federal Reserve to make decisions based on what they believe is right.
Lower Mortgage Rates Desired: Long term goal includes bringing down thirty year mortgage rates but requires getting inflation down first.
IRS chief urges every American family to get Trump Accounts
IRS CEO Frank Bisignano urged enrollment of every family in Trump Accounts, the tax-deferred child investment vehicles, aiming for all 70 million children under 18 with 6.5 million already signed up.
Universal Enrollment Goal: Bisignano said the objective is to have 70 million children under 18 with Trump Accounts and every family enrolled.
Technology Driven Process: He described it as a technology business and plans simple enrollment through tax preparers and banks.
Incentives Spur Uptake: Financial incentives include $1,000 federal seed money for 2025-2028 babies, employer matches and philanthropist grants.
Expansion Leadership Task: Bisignano has been tapped to lead the Trump Accounts expansion while also heading Social Security.
Trump strikes back hard demanding reversal of New York data ban
President Donald Trump slammed New York Gov. Kathy Hochul’s moratorium on large AI data centers, calling it a terrible decision and demanding the state change policy immediately for job growth.
Data Centers Job Driver: Described as one of the biggest driving forces in future jobs and money machines for states where built.
Moratorium Called Terrible: Executive order bars construction of data centers using 50 or more megawatts for up to one year.
Public Backlash Growing: Concerns over fresh water use, power consumption and rising utility prices amid AI infrastructure boom.
Payment Mandate Pushed: Data centers must pay for their own water and power with leftovers benefiting state and local communities.
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New York Fed president says inflation has peaked
New York Fed President John Williams stated inflation has peaked with rates well positioned to bring it down citing five encouraging reasons and easing drivers like oil and tariffs.
Decline to Three Point Two Five: Williams expects overall inflation to fall to around three point two five percent by year end then glide to two percent goal.
Easing Key Drivers Noted: Oil prices likely peaked post Iran conflict, tariffs no significant additional impulse, AI imbalances receding with more supply.
Solid Economy and Labor: Growth solid on trend labor market stable with well anchored inflation expectations.
June CPI Sharp Drop: Consumer prices posted unexpected zero point four percent drop in June bringing annual rate to three point five percent.
Apple Goldman and Chevron ignite massive July Dow rally
Apple Goldman Sachs and Chevron are leading the Dow Jones Industrial Average in July with 8 to 12% gains each, fueled by unrelated drivers in technology, banking and energy sectors.
Apple Valuation Surge: The stock added over half a trillion dollars nearing $5 trillion valuation and hitting multiple records.
Goldman Post Earnings Rally: Broke above June record after earnings rising over 150% from April low with high price weight influence.
Chevron Energy Rebound: Rebounded from 20% percent loss as energy sector recovery challenging technical moving averages.
Concentrated Tech Strength: Megacap rebound continues but technology sector remains July’s weakest showing concentrated leadership.
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The winds of change are blowing. Democrats at war with each other. Add this to yesterday's report that Buffett has cancelled his $6 billion yearly contribution to the Gates Foundation. He has made this contribution for the past 20 years.