Business

JPMorgan Chase CEO Jamie Dimon on Monday criticized financial regulators for not easing rules that are raising costs for borrowers buying a home that he says are unnecessary.Dimon was speaking at JPMorgan Chase's annual investor day, which was held virtually, and discussed his frustration with mortgage lending rules that increase costs and make homeownership less affordable for lower-income buyers."I've mentioned over and over, the cost of mortgages is like 50 […]

Moody's Ratings on Friday announced a downgrade of the U.S. government's credit rating, moving it down a notch from the ratings agency's top tier amid concerns about the rising national debt, which could have implications for the larger market.Credit ratings are used by analysts to determine the creditworthiness of debt issued by a government or a corporation. Higher credit ratings at or near the top of the rating scale are […]

About 50 years ago, Art Laffer drew a convex curve on a napkin to illustrate the power of tax cuts to two senior officials from the Ford administration named Donald Rumsfeld and Dick Cheney.Unfortunately, they didn’t take his advice, and they raised taxes in order to reduce economic demand, which they erroneously thought would conquer inflation. They were wrong.The economy went into a deep recession and inflation wasn’t conquered until Ronald […]

The California Avocado Commission (CAC) is urging the Trump administration to take actions to help protect the Golden State’s avocado industry from insect pests in Mexico.In a new report, the trade association issued a series of recommendations that it thinks the Trump administration and the U.S. Department of Agriculture (USDA) should take up to keep pests in Mexico from seriously hurting California’s billion-dollar avocado industry.Chief among the recommendations was returning […]

Newark Liberty International Airport in New Jersey suffered from staffing issues and a radio outage on Monday, weeks after a previous radio outage was reported at a nearby Federal Aviation Administration (FAA) station.The FAA told Fox News that Philadelphia TRACON Area C "lost radio frequencies" at around 11:35 a.m. on Monday. The delay lasted two seconds."All aircraft remained safely separated," the statement added. "The FAA is investigating."Also on Monday, the […]

Bath & Body Works has chosen a former Nike executive to become its new CEO.The company said Monday that Daniel Heaf, Nike’s former chief strategy and transformation officer, has taken over the CEO role at Bath & Body Works effective immediately. "I am honored and energized by the opportunity to lead Bath & Body Works into its next chapter of growth," he said in a statement. "Bath & Body Works has […]

White House press secretary Karoline Leavitt on Monday detailed a provision of President Donald Trump's "big, beautiful bill" that would codify "MAGA" savings accounts for new parents.The 1,116-page legislative package that would make the Trump 2017 tax cuts permanent by 2026 and enact several other campaign promises narrowly passed out of the key House Budget Committee in a Sunday night vote. House Speaker Mike Johnson, R-La., is continuing negotiations with […]

A 100-point drop in a credit score can be "absolutely catastrophic."It can also take years to recover from, according to LendingTree chief credit analyst Matt Schulz. The Federal Reserve Bank of New York reported last week that millions of student loan borrowers saw substantial declines in their credit standing because of missing a payment, hurting their chances of qualifying for new auto, mortgage and credit cards. Specifically, 2.2 million student loan borrowers, […]

Treasury Secretary Scott Bessent downplayed the impact of Moody's downgrading the U.S. government's credit rating in an interview on Sunday.Moody's Ratings on Friday downgraded the U.S. credit rating by one notch, from the highest tier Aaa to Aa1, citing concerns over the rising national debt and widening budget deficits. Bessent was asked about the downgrade in an appearance on NBC News' "Meet the Press" and said the downgrade was mainly in response to the […]