Latest news with #PresidentTrump
New York Times
12 hours ago
- Business
- New York Times
Trump Encourages Powell to Resign in Latest Attack on the Fed Chair
President Trump continued his assault on the chair of the Federal Reserve on Friday, saying he would like Jerome H. Powell to resign. The president, who has berated Mr. Powell for weeks, called the chair a 'stubborn mule' who has 'Trump derangement syndrome' for his refusal to immediately lower borrowing costs. 'I'd love for him to resign if he wanted to,' the president told reporters in the Oval Office. Such attacks have become a mainstay in Mr. Trump's second term in the White House. The president, who elevated Mr. Powell to Fed chair during his first term, has spent the past few weeks castigating him for not moving quickly enough to cut interest rates. Mr. Trump has long been a fan of low interest rates, which make it cheaper for businesses and consumers to borrow and in turn fuel growth. He cajoled Mr. Powell during his first term when he thought the Fed chair was taking too long to lower rates. But Mr. Trump's interest in lower borrowing costs has taken on more significance this time around. He is pushing Republican lawmakers to approve an expensive tax-cut package that would require the United States to sell large sums of debt to finance it. That goal has become harder — and more expensive — given that interest rates remain elevated in a range of 4.25 to 4.5 percent. Mr. Trump has argued that the government would save 'billions' if the Fed lowered interest rates, calling for as much as an immediate 2.5-percentage-point decline. 'We have a guy that's just a stubborn mule and a stupid person that is making a big mistake,' the president said on Friday. The country is paying more to service its debts 'because we have a guy who's suffering from Trump derangement syndrome, if you want to know the truth,' he added. 'He's not good for our country.' Want all of The Times? Subscribe.
Wall Street Journal
13 hours ago
- Politics
- Wall Street Journal
The Supreme Court Kills ‘Universal' Injunctions
When the President abuses his executive power, the answer isn't for federal judges to abuse theirs. That was the message Friday from the Supreme Court, in a landmark 6-3 opinion ending routine 'universal injunctions.' This is a victory for President Trump in this case, but it will work in favor of future Democratic Presidents too. The ruling involves Mr. Trump's executive order that seeks to deny 'birthright citizenship' to certain children born in the U.S. The consensus view is that Mr. Trump's effort is unconstitutional under the 14th Amendment, and the Court reserves judgment on that question. Its opinion in Trump v. CASA is focused on whether lower-court judges hearing challenges to the policy from specific plaintiffs have the authority to block it nationwide for everyone.
Washington Post
13 hours ago
- Politics
- Washington Post
Takeaways from the Supreme Court's term: largely good news for Trump
WASHINGTON — The Supreme Court has been very good to President Donald Trump lately. Even before he won a new term in the White House, the court eliminated any doubt about whether Trump could appear on presidential ballots, then effectively spared him from having to stand trial before the 2024 election on criminal charges he tried to overturn the 2020 election. That same ruling spelled out a robust view of presidential power that may well have emboldened Trump's aggressive approach in his second term.
Forbes
15 hours ago
- Business
- Forbes
The 6 Best Stocks To Buy Now For July 2025
Opt for companies with reasonable valuations and strong outlooks to hedge against a downturn later ... More this year. The S&P 500 is flirting with a new high this June, despite geopolitical unrest and a fast-approaching tariff deadline. When investor enthusiasm runs hot, it can be a good time to exercise caution. Should inflation or unemployment jump later this year, you'll appreciate having defensive options in your portfolio. That's why these top stocks for July have defensive qualities alongside double-digit upside potential. Any one of them could be the all-field player your portfolio needs to thrive amid the economic complexities of 2025. How These Top Stock Picks Were Chosen Analysts at Wealth Management see opportunities later this year in utilities, financials and international industrials alongside ongoing growth in technology. Utilities have long been viewed as defensive stocks, but they now have good growth potential, too—since the AI data center buildout is driving electricity demand higher. Financials can be a defensive play against rising interest rates, but they're also likely to thrive as banking regulations ease under President Trump. Also, regional financial companies and utilities have the added advantage of limited tariff exposure. The selection criteria for these top stock picks were designed to capitalize on these trends. All six stocks are either utilities or financials that meet these parameters: The six stocks chosen also pay dividends, with yields ranging from 0.7% to 6.5%. 6 Top Stocks To Buy Now In July 2025 The table below highlights six reasonably valued financial and utility stocks that are expected to deliver double-digit EPS growth this year. A review of each company follows. Metrics are sourced from company reports, and author calculations. For more top stock ideas, see this list of best stocks to buy for 2025. 1. PG&E Corporation (PCG) (H2) PCG by the numbers: PG&E sells electricity and natural gas to residential, commercial and agricultural customers in Northern and Central California. PG&E's 2025 non-GAAP core earnings EPS guidance is $1.48 to $1.52. The midpoint of the range, $1.50, represents an increase of 10.2% from 2024. Longer term, analysts expect the utility company to continue increasing earnings by high single digits, reaching EPS of $2.12 in 2029. A strong data center pipeline and aggressive capital spending plan are contributing to PG&E's optimistic outlook. The utility has 18 projects in the final engineering phase, with some scheduled to come online next year. PG&E's capital spending budget from 2025 through 2028 totals $52.5 billion. Cost control and risk mitigation are also priorities. PG&E's long-term operations and maintenance cost reduction target is 2% annually. The company exceeded this goal in 2023 and 2024. The risk mitigation efforts are focused on improving wildfire response and powerline safety. PG&E's quarterly dividend is $0.025 and the yield is 0.7%. 2. Edison International (EIX) EIX by the numbers: Edison International provides electricity to residential, commercial, agency and industrial customers in Southern California. Edison International's 2025 core EPS guidance is $5.94 to $6.34. The midpoint of the range, $6.14, is 24.5% higher than EIX's 2024 core EPS of $4.93. The EIX leadership team says the company can grow core EPS 5% to 7% annually through 2028. The targeted range for 2028 core EPS is $6.74 to $7.14. EIX's stock price fell dramatically after the California wildfires in January 2025. The stock had been trading above $80 per share since the prior summer. It's now in the $50s. Several analysts see this as a buying opportunity. The consensus price target on the utility is $76.82, equating to 51.5% upside. Edison is facing lawsuits related to the wildfires, a risk investors should weigh carefully. California has a wildfire fund to protect its utility companies from bankruptcy if courts rule one of them liable for fire damages. Unfortunately, the $21 billion fund may not be enough to cover losses from the Eaton Fire. PG&E executives have said they don't think the utilities or their shareholders should contribute to the fund. Edison International pays a quarterly dividend of $0.8275 per share, for a yield of 6.5%. 3. SouthState Corporation (SSB) SSB by the numbers: SouthState Corporation operates a regional bank serving consumer and business customers in Texas and the southeastern U.S. Analysts expect SouthState to deliver EPS of $8.62 in 2025, up nearly 24% from the $6.97 result in 2024. By 2027, analysts expect SouthState's EPS to reach $10.50. SouthState implemented pivotal changes in the first quarter. The company completed its acquisition of Independent Bank Group, with branches located in fast-growing Texas markets. SouthState also completed a sale and leaseback of 165 bank branches and restructured $1.8 billion of securities. The acquisition expands SouthState's footprint into key markets. And the restructuring helped boost the bank's net interest margin to 3.85% from 3.48% in the prior quarter. The company is well-positioned for the future, with improved financial strength and profitability. SouthState pays a quarterly per-share dividend of $0.54, for a yield of 2.3%. 4. Webster Financial Corporation (WBS) WBS by the numbers: Webster Financial Corporation operates a regional bank serving consumers and business customers in Connecticut, Massachusetts, Rhode Island and the New York metro. The 2025 EPS expectation for Webster Financial is $5.79, up 32.6% from last year's $4.37 result. Additionally, eight analysts project the company's 2027 earnings to eclipse $7 per share. Webster reported solid first-quarter 2025 results that included deposit and loan growth across multiple business lines. The bank also grew net interest income 0.6% on a higher net interest margin. However, WBS did increase its allowance for credit losses in the first quarter. CFO Neal Holland cited an uncertain economic outlook and the need to prepare "for a wider range of economic scenarios." Despite the uncertainty, WBS increased its common stock repurchase authorization by a generous $700 million in May. The move signals confidence in the bank's outlook. Webster Financial pays a quarter per-share dividend of $0.10, for a yield of 2.9%. 5. UMB Financial Corporation (UMBF) UMBF by the numbers: UMB Financial provides regional banking services to consumers and businesses in the Midwest and California. Services include traditional depository services plus wealth management, financial planning and institutional banking. Analysts expect UMBF to produce 2025 EPS of $10.23, a 13.8% improvement over 2024 EPS of $8.99. The earnings growth is projected to continue, albeit more slowly, in 2026 and 2027. The 2027 EPS outlook for UMBF is $12.25. UMB Financial has historically been a conservatively managed business. Strategic priorities include balance sheet health, liquidity and above-average credit quality. This approach has contributed to double-digit net income growth in three of the last four years. Business prudence also allowed UMBF to close the largest acquisition in its history in January. The purchase of Heartland Financial increased the bank's asset size by 32% and expanded UMBF's footprint into California, New Mexico, Minnesota, Wisconsin and Iowa. The acquisition also contributed to a 37-basis point reduction in deposit costs and a 39-basis point improvement in net interest margin in the first quarter. UMBF pays a quarterly dividend of $0.40, for a modest yield of 1.5%. 6. Old National Bancorp (ONB) ONB by the numbers: Old National Bancorp operates the sixth largest commercial bank in the Midwest. The bank offers retail and commercial banking, wealth management, investing and capital markets services. Old National Bancorp produced 2024 EPS of $1.68. Analysts expect 2025 EPS of $2.17, which equates to earnings growth of 29.2%. Current EPS projections for 2026 and 2027 are $2.66 and $2.98, respectively. ONB's first quarter results beat analyst expectations for revenue and adjusted EPS. The leadership team cited solid organic loan and deposit growth combined with tight control of operating expenses. Other highlights included continued strong capital ratios and stable credit quality metrics. The positive results positioned ONB well for its merger with Bremer Bank, which closed after quarter-end on May 1. The ONB team expects the transaction to contribute to lower deposit costs and loan growth going forward. The combined entity at close had about $70 billion in assets and $37 billion in assets under management, placing it in the top 25 of U.S.-based banks. ONB pays a quarterly per-share dividend of $0.14, for a yield of 2.6%. Bottom Line For the second half of 2025, utility and midsized financial stocks could provide defensive growth, plus a nice boost to your cash income. Opt for companies with reasonable valuations and strong outlooks to hedge against a downturn later this year.
Yahoo
16 hours ago
- Business
- Yahoo
'We can do whatever we want': Trump sows confusion on his summer tariff timeline
The market's task of planning for how tariff developments will play out this summer got more complicated Friday as President Trump and his team offered a host of options as for what to expect in the months ahead. First Treasury Secretary Scott Bessent raised eyebrows when he suggested that his focus could be on an end of summer deadline, saying "I think we could have trade wrapped up by Labor Day." But any hopes for a summer lull between now and then were short-lived when, just a few hours later, Trump offered multiple other scenarios during a wide-ranging press conference. At one point the president reiterated his plan to send letters to dictate tariff rates for at least some countries — perhaps as soon as in the next week — saying "it's going to go very quickly." Then minutes later he said that a July 9 deadline to raise "reciprocal" tariffs is not set and perhaps could move — but in an unpredictable direction. "We can do whatever we want," he told reporters of that deadline. "We could extend it, we could make it shorter," adding his preference was to make it shorter. Trump then capped things off with a social media post in the early afternoon announcing he was "terminating ALL discussions on Trade with Canada, effective immediately" over digital taxes. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period," he added. It all comes as the administration faces a series of deadlines in the weeks ahead from that July 9 date to strike "reciprocal" trade deals to an early August deadline for progress with China, and Bessent's new end of summer deadline to wrap things up. The immediate effect of Trump's surprise announcement on Canada, which pushed stocks slightly down and off record high levels, was unclear — with talks with America's closest neighbors on yet another track. The key date in those talks with Canada and Mexico often focuses on next summer, when there is a renewal deadline for the United States-Mexico-Canada Agreement (USMCA). Terry Haines of Pangaea Policy summed up the many scenarios in a note to Yahoo Finance (before the Canada post). "Markets are right to assume that bilateral trade deals are on a positive markets shouldn't assume there's only one direction trade/tariffs can go" — adding that plenty of things could go south in the days and weeks ahead. Henrietta Treyz of Veda Partners added her own bottom line on the next few weeks, saying "the best investors and consumers can hope for beyond July 9th is an extension of the current 10% tariff rates" — with potential increases potentially delayed as Trump and his team acknowledge they need more time. But that could mean that perhaps the most likely immediate-term development — both Trump and Treyz noted on Friday — are these long-promised letters from Trump to lower level trading partners simply setting new rates. As Treyz wrote, her forecast remains that "about 135 nations will simply be advised of their new tariff rates, which I suspect will land in the 10%-25% range, the major trading partners will announce robust enough deals in principle or frameworks for continued negotiations that will allow the White House to build an off ramp to avoid higher tariff rates for most countries." The developments come near the end of a June that saw relatively fewer developments on the trade front — with Trump often more focused on issues like geopolitics, immigration, and his tax bill. The month also saw US coffers set to see another monthly record for tariff revenue with more than $26.7 billion in evidence so far for June. Tariffs also remain central to economic projections and could rise, added EY chief economist Gregory Daco in a Yahoo Finance Live appearance as he warned that a new rise in tariffs could accelerate inflation and impact consumer spending through the rest of 2025. "We are going to see a tariff re-acceleration that is going to be tariff induced," he said of the months ahead, adding "there's more pressure to come into the economy." The flood of White House trade commentary also came as Trump and his team continued to tout — and overstate what is publicly known at least — about his limited existing deals with China and the United Kingdom. The US and China did move forward this week and inked their recently agreed-to "framework" to move forward on talks. Trump announced that move on Thursday, which Chinese state media later confirmed as the nations look to get into trade talks in earnest in the weeks ahead and move past a few pressing short-term issues like rare earth minerals and semiconductor export controls. The move this week does further stabilize trade relations but with an array of unresolved trading issues between the world's two largest economies still very much outstanding. One of them Bessent confirmed Friday during his appearance on Fox Business Network's "Mornings With Maria." He confirmed that this week's step forward with China does not include any change in tariff rates, noting "Now our tariffs are 30 on them [and] we're collecting a substantial tariff income." As Haines put it in all caps in a note to clients " — suggesting investors shouldn't react too strongly on that front. Ben Werschkul is a Washington correspondent for Yahoo Finance. 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