In a surprising turn, President Donald Trump has embraced the cryptocurrency world by launching $Trump coins, initially valued at $10 billion. This move comes despite his previous skepticism towards digital currencies. (The Scottish Sun)
Scott Bessent, a billionaire hedge fund manager, is on the brink of becoming the next U.S. Treasury Secretary. On January 21, the Senate Finance Committee voted 16-11 to advance his nomination to the full Senate. Notably, two Democrats joined Republicans in supporting his candidacy. (Reuters)
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Portugal’s finance minister has called for enhanced EU-US dialogue to prevent harmful tariff escalations under the new administration. (Reuters)
Bessent’s confirmation would bring a wealth of financial expertise to the Treasury, particularly in managing economic policies that align with President Trump’s agenda. His focus on tax cuts and tariffs could have significant implications for the U.S. economy, particularly in trade negotiations and fiscal policy.
Future Implications
If confirmed, Bessent’s leadership may reshape U.S. economic priorities, with potential impacts on tax policy, trade relations, and financial market regulations. His alignment with Trump’s economic agenda could either bolster growth or deepen political divisions on fiscal strategy.
Equifax faces a $15M fine for mishandling credit disputes, while mortgage rates hit 7%, squeezing homebuyers. Mid-sized banks report strong Q4 profits, fueled by fee income. Inflation cooled in December, but core prices remain sticky. JPMorgan’s earnings soar as investment banking rebounds.