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Market Volatility: Stocks Flatten as Powell's Remarks Weigh on Gains

The stock market experienced a turbulent session on Wednesday, ultimately closing near flat after Federal Reserve Chair Jerome Powell's comments on monetary policy and inflation concerns. The S&P 500 ended nearly unchanged , giving back earlier gains as investors digested Powell’s remarks on the Fed’s stance regarding interest rates and economic restraint. Powell reiterated that the central bank remains cautious about inflation, particularly in light of tariff-driven price increases expected over the summer. While the Fed signaled that borrowing costs are likely to decline this year, the pace of future rate cuts appears to be slowing.  Following Powell’s speech, U.S. Treasury yields reversed their earlier declines , influencing market sentiment. The Dow Jones Industrial Average fell 43.83 points (0.10%) , while the Nasdaq Composite managed a slight gain of 23.66 points (0.12%).  Investors also kept a close eye on geopolitical developments, particularly tensions in the Midd...
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House Republicans Push Through Sweeping Tax and Spending Bill After Marathon Session

 

In a dramatic overnight session, House Republicans successfully passed a multitrillion-dollar tax and spending package, a major legislative victory for President Donald Trump and Speaker Mike Johnson. The bill, dubbed the "One Big Beautiful Bill Act," includes extensive tax cuts, spending reductions, and funding for border security and defense initiatives.

The legislation extends tax breaks from Trump's first term while introducing new provisions, such as eliminating taxes on tips, overtime pay, and certain auto loan interest. To offset revenue losses, Republicans have proposed rolling back clean energy tax credits and tightening work requirements for Medicaid and food assistance programs. The bill also allocates significant funds for defense spending and immigration enforcement.

Despite strong opposition from Democrats, who argue the bill disproportionately benefits wealthy Americans while cutting essential social programs, the measure narrowly passed with a 215-214 vote. The Congressional Budget Office estimates the tax provisions will increase federal deficits by $3.8 trillion over the next decade, while spending cuts will reduce costs by $1 trillion.

The bill now moves to the Senate, where further revisions are expected before final approval.

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