Bessent Credits Trump Policies for ‘Substantial' CPI Improvement
'Inflation in the US is at its slowest pace since 2021 on decelerating cost increases for shelter, food and energy,' Bessent said in testimony prepared for a House Ways and Means Committee hearing. Earlier Wednesday, new data showed underlying inflation rose in May by less than forecast for the fourth month in a row.
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Exclusive-Trump administration to formally axe Elon Musk's 'five things' email
WASHINGTON (Reuters) -The Trump administration plans as soon as Tuesday to formally axe a program launched by billionaire former Trump adviser Elon Musk requiring federal employees to summarize their five workplace achievements from the prior week, two people familiar with the matter said. The Office of Personnel Management, the federal human resources agency that implemented Musk's push to slash the federal workforce, plans to announce the end of the "five things" email to HR representatives across the federal government later on Tuesday, the two people said, declining to be named because the matter was not public. While many federal agencies had already phased out compliance with the weekly email, the move, not previously reported, signals the Trump administration is turning the page on one of Musk's most unpopular initiatives following a dramatic row between the two men in early June. The White House and OPM did not immediately respond to requests for comment. Musk, who spent over a quarter of a billion dollars to help Trump win November's presidential election, led the Department of Government Efficiency's efforts to slash the budget and cut the federal workforce until his departure in May to refocus on his tech empire. Musk initially received a warm White House sendoff from Trump, but then incurred the president's wrath by describing Trump's tax cut and spending bill as an abomination. Trump pulled the nomination of Musk ally and tech entrepreneur Jared Isaacman to lead NASA and later threatened to cancel billions of dollars worth of federal contracts with Musk's companies after the blowup between the two men. The "five things" email, launched by Musk in February to boost accountability, sparked tensions with department chiefs who were blindsided by the weekend email mandating the move. It also fueled confusion among government workers who received mixed messages about whether and how to comply. Reuters reported in March that the White House installed two Trump loyalists at OPM to ensure better policy coordination between the White House and the agency. Scott Kupor, a venture capitalist who took the helm at OPM in July, foreshadowed the end of the initiative last month, describing processing of the weekly response emails as "very manual" and "not efficient." It is "something that we should look at and see, like, are we getting the value out of it that at least the people who put it in place thought they were," he said.
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ROVOS Unveils a New Era of Custom Travel with Interchangeable Designer Luggage
Los Angeles, California--(Newsfile Corp. - August 5, 2025) - ROVOS, a U.S.-based premium travel design brand rooted in a legacy of innovation and aesthetic refinement, today announced the debut of its flagship product: the interchangeable designer carry-on. The launch unveils a new design concept in the premium travel category, enabling discerning travelers to transform the appearance of their luggage through tool-free, artistically interchangeable exterior panels. ROVOS Interchangeable Designer Luggage To view an enhanced version of this graphic, please visit: Conceived to meet the evolving expectations of style-conscious globetrotters, the ROVOS carry-on combines functionality with enduring elegance. It features a minimalist polycarbonate shell enhanced with aluminum bumper reinforcement, a telescoping Infinity Handle with fluid height adjustment, and precision-engineered wheels inspired by performance skateboards. At the heart of the design is the proprietary Canvas Board System-enabling effortless aesthetic transformation in seconds. Each panel is crafted to be water- and scratch-resistant, ensuring both resilience and sophistication in motion. Skateboard Roller, Infinity Handle, Canvas Board, Bumper Protection To view an enhanced version of this graphic, please visit: The debut collection includes nine curated panel designs, ranging from foundational monochromes to limited artist collaborations. New seasonal styles will be unveiled throughout the year. This modular approach allows travelers to update their luggage's appearance at a fraction of the cost of replacing a full case. ROVOS | Artistry that Endures To view an enhanced version of this graphic, please visit: "This moment marks more than a debut-it introduces a new design language for travel itself," said Lisa Dawson, a ROVOS spokesperson. "We envision luggage not as an object of convenience, but as a companion in motion-one that reflects, adapts, and evolves in rhythm with its owner's narrative." ROVOS Fractured Identity - Special Edition To view an enhanced version of this graphic, please visit: ROVOS also confirmed it is finalizing strategic investment agreements with several globally recognized fashion houses. While the identities of these partners remain undisclosed due to confidentiality agreements, the company stated that these alliances will accelerate its global design collaborations, retail expansion, and product innovation roadmap. As part of its long-term creative vision, ROVOS recently introduced the Canvas Collaboration Program-an initiative inviting artists, designers, and cultural voices to contribute to future panel releases. Each design will be available as a limited edition and supported through a revenue-sharing framework. ROVOS Black and white Signature Shells To view an enhanced version of this graphic, please visit: The ROVOS carry-on luggage is currently available in black and white signature shells, with modular panels sold separately via the brand's official website: About ROVOS ROVOS is a U.S.-based premium travel design brand recognized for its commitment to elevated craftsmanship and progressive aesthetics. With design, engineering, and operational teams across the United States and Asia, the company merges global expertise with a deeply considered creative ethos. ROVOS is dedicated to redefining the role of luggage-not simply as a travel utility, but as an evolving medium of personal style and creative on Instagram - @rovostravel Media ContactVincent Amatorovos@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Gold Gains as Weaker Economic Data Boosts Fed Rate Cut Bets
(Bloomberg) -- Gold edged higher on Tuesday, building on three days of growth amid expectations the Federal Reserve will cut interest rates next month after a spate of weaker economic data. PATH Train Service Resumes After Fire at Jersey City Station Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole All Hail the Humble Speed Hump US President Donald Trump's trade wars and tension surrounding his looming deadline for Russian President Vladimir Putin to end his full-scale invasion of Ukraine has also provided momentum for gold. 'Fears of a slowdown in the US economy along with concerns about rising inflation amid Trump's tariffs are driving increased demand for gold,' ING Groep NV strategist Ewa Manthey said. 'With US fed rate cuts now intensifying, gold's bullish momentum could grow, sending gold to fresh highs.' Spot gold traded near $3,379 an ounce in London, up 0.2%. Traders are increasingly pricing in US rate cuts to bolster the US economy after weaker data, including a Monday report from the Institute for Supply Management that showed the services sector effectively stagnated in July as firms — faced with tepid demand and rising costs — reduced headcount. That comes after data out last week showed a much weaker labor market than previously thought after revisions to May and June, while inflation-adjusted consumer spending barely rose. Lower rates typically boost the price of gold, which doesn't pay interest. 'I think it will be the Fed cutting rates that could be the catalyst to push gold to another record,' Manthey added. 'I think gold has further room to run. Geopolitical risks remain elevated, Trump's trade war is still going on and ETF holdings continue to expand. The bullish drivers are there.' Bullion has gained nearly 30% this year amid Trump's campaign to slap tariffs on imports and geopolitical conflicts, along with central bank buying and bets on rate cuts. Investors and analysts see more gains ahead, with Fidelity International forecasting bullion could hit $4,000 an ounce by the end of next year. Citigroup Inc. also revised its forecast for gold, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. But many expectations for gold to break out of its range bound trading following April's $3,500 high haven't come to fruition even with the slew of uncertainty in both the economy and geopolitical outlook. 'Despite all these gold-positive arguments, the gains of the precious metal remain limited,' Commerzbank Research wrote on Tuesday. 'We continue to see gold fundamentally well-supported, but it is clear that the momentum we saw particularly in the first quarter has dissipated. This is also evident in the fact that gold traded 'sideways' despite significantly increased US rate cut expectations since April,' the note said. The Bloomberg Dollar Spot Index was down 0.1%. Silver also gained while palladium and platinum declined. --With assistance from Laura Avetisyan and Yihui Xie. Russia's Secret War and the Plot to Kill a German CEO AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity What Happens to AI Startups When Their Founders Jump Ship for Big Tech How Podcast-Obsessed Tech Investors Made a New Media Industry ©2025 Bloomberg L.P. Sign in to access your portfolio
