Moody's Raises Dominican Republic's Credit Rating to Ba2
The ratings agency upgraded to Ba2 from Ba3 the country's long-term local, foreign-currency issuer and senior unsecured debt ratings. The outlook was revised to stable from positive.
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CNN
4 minutes ago
- CNN
Trump Fires The Messenger After Weak Jobs Report - CNN NewsNight with Abby Phillip - Podcast on CNN Podcasts
Trump Fires The Messenger After Weak Jobs Report CNN NewsNight with Abby Phillip 45 mins In Donald Trump's economy, size apparently does matter. The bigger the tariff, the brighter the alarm about the cost of liberation. Plus, Jeffrey Epstein's accomplice is suddenly moved to a cushy new prison one week after meeting with Trump's DOJ. Also, MAGA mansplains manhood.
Yahoo
21 minutes ago
- Yahoo
Republicans slam Trump's firing of Bureau of Labor Statistics chief
Senior Republican lawmakers are condemning the decision of their party leader, Donald Trump, to fire the leading US labor market statistician after a report that showed the national economy added just 73,000 jobs – far fewer than expected – in July. The disappointing figures – coupled with a downward revision of the two previous months amounting to 258,000 fewer jobs and data showing that economic output and consumer spending slowed in the first half of the year – point to an overall economic deterioration in the US. Trump defended his decision to fire US Bureau of Labor Statistics (BLS) commissioner Erika McEntarfer. Without evidence to back his claims, the president wrote on social media that were numbers were 'RIGGED in order to make the Republicans, and ME, look bad' and the US economy was, in fact, 'BOOMING' on his watch. Related: Trump fires labor statistics chief hours after data showed jobs growth slowed But the firing of McEntarfer, who had been confirmed to her role in January 2024 during Joe Biden's presidency, has alarmed members of Trump's own party. 'If the president is firing the statistician because he doesn't like the numbers but they are accurate, then that's a problem,' said Wyoming Republican senator Cynthia Lummis. 'It's not the statistician's fault if the numbers are accurate and that they're not what the president had hoped for.' Lummis added that if the numbers are unreliable, the public should be told – but firing McEntarfer was 'kind of impetuous'. North Carolina senator Thom Tillis, a Republican, said: 'If she was just fired because the president or whoever decided to fire the director just … because they didn't like the numbers, they ought to grow up.' Kentucky senator Rand Paul, another Republican, questioned whether McEntarfer's firing was an effective way of improving the numbers. 'We have to look somewhere for objective statistics,' he said. 'When the people providing the statistics are fired, it makes it much harder to make judgments that you know, the statistics won't be politicized.' According to NBC News, Paul said his 'first impression' was that 'you can't really make the numbers different or better by firing the people doing the counting'. Tillis and Paul were both opponents of Trump's recent economic legislative package, which the president dubbed the 'big, beautiful bill'. But Alaska senator Lisa Murkowski, a Republican who supported the legislation after winning substantial economic support for her state, remarked that the jobs numbers could not be trusted – and 'that's the problem'. 'And when you fire people, then it makes people trust them even less,' she said. William Beach, a former BLS commissioner appointed by Trump in his first presidency, posted on X that McEntarfer's firing was 'totally groundless'. He added that the dismissal set a dangerous precedent and undermined the BLS's statistical mission. Beach also co-signed a letter by 'the Friends of the Bureau of Labor Statistics' that went further, accusing Trump of seeking to blame someone for bad news and calling the rationale for McEntarfer's firing 'without merit'. The letter asserted that the dismissal 'undermines the credibility of federal economic statistics that are a cornerstone of intelligent economic decision-making by businesses, families and policymakers'. The letter pointed out that the jobs tabulation process 'is decentralized by design to avoid opportunities for interference', adding that US official statistics 'are the gold standard globally'. 'When leaders of other nations have politicized economic data, it has destroyed public trust in all official statistics and in government science,' the letter said. Democrats have also hit out at Trump's decision. Vermont senator Bernie Sanders described it as 'the sign of an authoritarian type', and he said the decision would make it harder for the American people 'to believe the information that comes out of the government'. Paul Schroeder, executive director of the Council of Professional Associations on Federal Statistics, described the president's allegation against McEntarfer as 'very damaging and outrageous'. He said: 'Not only does it undermine the integrity of federal economic statistics, but it also politicizes data which need to remain independent and trustworthy. This action is a grave error by the administration and one that will have ramifications for years to come.'
Yahoo
35 minutes ago
- Yahoo
Trump's Next Job: Selling Skeptical Americans on His Economy
(Bloomberg) -- Six months into his comeback term, Donald Trump has taken full ownership of the US economy. For better or worse, his party must now sell it to voters. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind San Francisco in Talks With Vanderbilt for Downtown Campus The president has hailed the world's 'hottest' economy – and found others to blame for any wobbles. When Friday's jobs report showed a dramatic slowdown in hiring, he fired the head of the agency that published it. He's pinned some frustrations on his predecessor Joe Biden, and continues to berate the Federal Reserve for what he considers too-high interest rates. But for political purposes, his takeover has now been cemented — after passage of the 'One Big Beautiful Bill' tax-and-spending law, and the latest phase of his global tariff rollout. Commerce Secretary Howard Lutnick trumpeted the transition: 'The Trump Economy has officially arrived,' he posted on social media. The question is whether Americans like it. Next year Trump's economic record will be on the midterm ballot. Polls suggest voters are unhappy with the tariffs and tax plans — potentially giving Democrats an opening. The loss of GOP majorities in Congress could stall Trump's legislative agenda and expose him to impeachment efforts, as it did in his first term. The July employment figures, with job creation running at the weakest pace since the pandemic, were the latest indicator of a slowing economy. GDP shrank in the first quarter then rebounded in the second, as trade shifts skewed the numbers — but the overall pace in the first half of 2025 has been around half of last year's, with consumers hitting the brakes amid trade-war uncertainty. Still, unemployment remains low and so far there's been little sign of the tariff-led surge in prices that many pundits warn of. 'The economy has held up remarkably well. Inflation has stayed relatively tame. But I do think there are storm clouds on the horizon,' said Republican strategist Marc Short, who served in Trump's first administration. Many businesses have so far avoided passing on tariff costs to consumers, he said, but 'the frog has been boiling all along.' Trump announced another round of tariff hikes this week, after months of often chaotic threats and reversals. Almost all US trading partners now face higher rates. The import taxes are bringing in billions in government revenue, but the longer-term economic impact remains unclear. Critics say US consumers and businesses will foot the bill. A recent Fox News poll shows that 62% of voters disapprove of Trump's handling of tariffs – while 58% are against the tax and spending bill, and 55% are unhappy with his overall handling of the economy. Voters are especially sensitive to the cost of living right now after prices skyrocketed under the Biden administration. Fed Chair Jerome Powell has cited the risk that tariffs could rekindle inflation as one reason for holding interest rates steady – to Trump's fury. The president has campaigned aggressively for lower rates, hinting he may fire Powell before his term ends next May. On Friday he called on the Fed's board to 'assume control' if Powell doesn't deliver a cut. There were some signs in June's price data that tariffs are starting to nudge prices higher for products like furniture and appliances. Still, the White House has a decent story to tell, according to Republican strategist Alex Conant. 'I would certainly take this economy over two or three years ago,' he said. 'There are two things that crush a president, inflation or unemployment. Right now both are low.' Democrats see opportunities to go after Trump on his tax-and-spending legislation as well as his tariffs. The measure includes new breaks for tips and overtime pay – but also steep cuts to health programs that will hurt many low-income Americans. 'Our summer's all about Cancel The Cuts,' former House Speaker Nancy Pelosi said on social media. 'I'll be looking at how House and Senate Republicans fare back home as they try to sell the recent budget bill,' said Democratic strategist Jim Manley. 'If you look at the polling, Democrats have to focus on his handling of the economy, because Americans are not happy.' With tariffs largely in place, the White House in August plans to start promoting its tax law. State and local officials were at the White House this week getting briefed on the legislation, one official said. Another White House insider said Trump was expected to hit the road as part of the effort. 'Naysayers and Doomsayers' Key parts of the bill like the tips exemption are 'huge immediate political winners,' Conant said. 'They should not only run on them, they should attack Democrats for opposing them.' The law also extends tax cuts from Trump's first term, which had been due to expire. That's potentially the GOP's strongest argument to voters — 'if they'd not done it, can you imagine what your tax bill would've been like next April' — according to veteran Republican pollster Frank Luntz. 'They should be saying it, they're doing it to some degree,' he told Bloomberg TV on Friday. 'But it's not being heard.' The White House maintains that the economy is booming. 'All the naysayers and the doomsayers have been proven wrong,' Communications Director Stephen Cheung said. And Trump is pulling other levers to improve GOP chances in the midterms. He's raised $236 million for his political operation in the first six months of 2025 — an unprecedented sum for a second-term president. The latest filings to the Federal Election Commission suggest most of that cash will be available for GOP House and Senate candidates. Trump is also urging Texas lawmakers to redraw the state's congressional map in an effort to win House districts that are more favorable to Republicans — a move Democrats have decried as a power grab. Midterm elections historically favor the party out of power — potentially giving a boost to Democrats, who were soundly beaten in 2024. But the opposition party is also struggling in the polls, and hasn't coalesced around an effective appeal to voters. Former Chicago Mayor Rahm Emanuel, who has said he is considering a 2028 Democratic presidential bid, said the party has a clear economic message available for the midterms – which includes focusing on tariffs as an effective tax hike. 'This is all about accepting that Donald Trump owns this economy,' Emanuel said. How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
