WASHINGTON ā A divided Federal Reserve on Wednesday voted to keep its benchmark interest rate steady, despite a barrage of criticism from President Donald Trump and dissents from two top officials. The Federal Open Market Committee, the group that sets the overnight borrowing rate, voted 9-2 to stay on hold. The federal funds rate will…
The U.S. economy grew at a much stronger-than-expected pace in the second quarter, powered by a turnaround in the trade balance and renewed consumer strength, the Commerce Department reported Wednesday. Gross domestic product, a sum of goods and services activity across the sprawling U.S. economy, jumped 3% for the April through June period, according to…
U.S. President Donald Trump gestures before boarding Air Force One as he returns to Washington, D.C., in Lossiemouth, Scotland, Britain, July 29, 2025. Evelyn Hockstein | Reuters President Donald Trump said that he will not extend Friday’s deadline for his “reciprocal” tariffs on dozens of countries to restart. “THE AUGUST FIRST DEADLINE IS THE AUGUST…
Tencent shows off its various AI applications based on its Hunyuan model at the World AI Conference in Shanghai on July 26, 2025. CNBC | Evelyn Cheng This report is from this week’s edition of CNBC’s The China Connection newsletter, which brings you insights and analysis on what’s driving the world’s second-largest economy. Each week,…
It’s a virtual three-way tie to replace Fed Chair Jerome Powell as Fed chair when his term expires. The CNBC Fed Survey found 24% of respondents saying President Donald Trump will replace Powell with Treasury Secretary Scott Bessent and 24% saying it will be former Fed Governor Kevin Warsh. Close behind is Kevin Hassett, director…
US President Donald Trump (R) and Apple CEO Tim Cook (2nd L), with Senior Advisor to the President Ivanka Trump (L) and Treasury Secretary Steven Mnuchin, tour the Flextronics computer manufacturing facility where Apple’s Mac Pros are assembled in Austin, Texas, on November 20, 2019. Mandel Ngan | AFP | Getty Images Faced with intensifying…
The Trump Organization has filed a lawsuit against unnamed online merchants it said are hawking counterfeit merchandise promoting President Donald Trump. In the suit, filed Friday in U.S. District Court in Florida, the company accused the merchants of selling “inferior imitations” of Trump-branded products on several online marketplaces, including Amazon, Walmart and eBay. The Trump…
Federal Reserve Board Chairman Jerome Powell arrives ahead of the Federal Reserve Board of Governors’ “Integrated Review of the Capital Framework for Large Banks Conference” at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC on July 22, 2025. Mandel Ngan | Afp | Getty Images A U.S. District Court judge on…
U.S. President Donald Trump and Rupert Murdoch. Kevin Lamarque | Ricky Carioti | Via Reuters Lawyers for President Donald Trump asked a judge on Monday to order Rupert Murdoch to sit for a deposition within 15 days for Trump’s $10 billion lawsuit accusing the media mogul of defaming him in a Wall Street Journal article…
Portrait of American financier Jeffrey Epstein, left, and Donald Trump as they pose together at the Mar-a-Lago estate in Palm Beach, Florida, in 1997. Davidoff Studios Photography | Archive Photos | Getty Images President Donald Trump on Monday said that he threw his long-time friend Jeffrey Epstein out of his Mar-a-Lago club and cut ties…
