Senate Republicans has set up a potential fight uh with the uh House following massive changes uh to the president's tax bill. A sticking point in the House raising the state and local tax deduction to $40,000. The Senate uh would like it to remain where it is at $10,000.Joining us now, Republican uh Congressman Nick Loa. Congressman, thanks for uh for joining us this morning. Can you you can make the case for for 40,000. Can you make the case for taking Can you make the case for taking it off completely.Ye ...

Catalyst anchor Brad Smith breaks down the day's market movers for June 17, 2025. Investors eye trade, geopolitics, and the Fed. Brad speaks with several experts about what these issues mean for markets and investors. Senate Republicans have unveiled big changes to President Trump's tax bill with key issues being the SALT tax and medicare. Yahoo Finance's Ben Werschkul breaks down the details. For more Catalysts videos, please visit: About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to- ...

After President Trump’s tax bill pushed mortgage rates higher in late May, the momentum has reversed—with monthly payments now notably more affordable. https://t.co/64mPv4PLMt ...

Tax Bill Overview - The Senate's multi-trillion tax bill faces challenges from both House and Senate Republicans [2] - Concerns arise regarding Medicaid cuts, particularly limiting the provider tax states can charge to healthcare providers [2] - Overall cost is a concern, with calls for more spending cuts due to the national debt of $37 trillion [3] Key Provisions and Changes - The Senate bill makes key tax breaks for businesses permanent, including research and experimenting, faster depreciation, and deducting interest [4] - The Senate bill slows down the phase out of clean energy tax credits compared to the House bill [4] - The Senate bill would blunt the impact of the revenge tax on foreign countries and investors, allowing more time for negotiation with the US [5] State and Local Deduction Cap - The Senate's state and local deduction cap will be lower than the House's proposed $40,000 [5] - Republican House members from high tax states threaten to sink the Senate bill if the cap goes a dollar under $40,000 [5] Timeline - Congress aims to finalize the bill by July 4th [6]

Tax Bill Discrepancy - The White House projects an $8 trillion surplus, while independent economists estimate a $3 trillion deficit, a difference of $11 trillion [2] - The White House's projection relies on writing off $3.7 trillion in tax cuts, assuming they pay for themselves [3] - A key assumption is a sustained 3% economic growth over the next decade, generating $4 trillion, which many economists doubt [4] - The projection includes $2.8 trillion in revenue from tariffs, based on a CBO report, but this is uncertain due to ongoing negotiations [5] Trade Negotiations & "Liberation Day 2.0" - Commerce Secretary envisions "Liberation Day 2.0" as a celebration of multiple trade deals [10] - Treasury Secretary suggests pushing back deadlines for countries negotiating in good faith, potentially adding another 90 days [11] - The President's approach involves sending "take it or leave it" tariff letters to countries [11] - Analysts describe the situation as a "potluck," with varying quality of deals, leading to scrambling in the next 3 weeks [13][14]

Joining us now to extend the conversation, I'm pleased to say, is David Kelly of Jp morgan Asset Management. David, I just want your initial reaction to the data we got about 10 minutes ago. Was that a surprise to you, sir.I'm not too much of a surprise. As we were going into this into this print, we were looking at a lot of the different industries. And there's a soggy miss in the economy, which is really preventing prices from going up.I mean, one of the things that I was struck by was that both airline f ...

Summary of M&T Bank Conference Call Company Overview - **Company**: M&T Bank - **Event**: Sixteenth Annual Morgan Stanley US Financial Conference Key Industry Insights - **Economic Environment**: - Positive sentiment among customers regarding investments and acquisitions despite a pause in activity this quarter [4][5] - Anticipation of a strong second half of 2025 due to potential new tax legislation and progress on tariffs [5] Financial Performance - **Loan Growth**: - Modest loan growth expected, with a focus on consumer portfolios, particularly in auto, RV, and marine sectors [12][13] - Commercial real estate (CRE) concentration reduced to about 136%, with expectations for growth by the end of the year [15][17] - **Net Interest Income (NII)**: - NII is on track with expectations, driven by loan growth and stable margins [10][37] - Current NIM at approximately 3.66, with potential to rise above 3.70 depending on loan growth and yield environment [37][40] Credit Quality - **Credit Monitoring**: - Continuous monitoring of credit quality with a focus on retail, trade, manufacturing, and construction sectors [6][61] - Positive trends in upgrades and payoffs in the CRE portfolio, with expectations for criticized loans to decline [59][61] Deposits and Funding - **Deposit Trends**: - Strong growth in consumer deposits and business banking, with a rebound from seasonal outflows [31][32] - ICS deposits are variable but contribute positively when they come in [33] - **Deposit Costs**: - Deposit costs expected to remain flat, with a disciplined approach to pricing and promotions [34][35] Fee Income and Growth Opportunities - **Fee Income**: - Fee income is expected to grow, particularly in wealth management, mortgage, and treasury management [46][49] - Wealth management is seen as a significant growth area, with a focus on ultra-high-net-worth and affluent segments [50][51] Strategic Investments and Expenses - **Strategic Projects**: - Seven key strategic projects underway, with three nearing completion, aimed at enhancing operational efficiency [53][54] - Overall expenses are expected to grow at a modest rate of 2-3%, maintaining positive operating leverage [56] Capital Management - **Capital Position**: - Strong capital position with a CET1 ratio of 11.5%, targeting 11% in the near future [62][63] - Share repurchase program expected to exceed $2 billion this year [65] Regulatory Environment - **Regulatory Changes**: - Support for regulatory changes focusing on real risks such as credit, interest rate, and liquidity risks [80][81] - Anticipation of more balanced supervision under new leadership in the regulatory space [81] Conclusion - M&T Bank is positioned for growth with a focus on customer relationships, strategic investments, and maintaining a strong capital position while navigating a competitive and evolving regulatory landscape.

Legislative & Policy Focus - The Senate Commerce Committee is working to pass a bill to deliver on promises made to the American people, including securing the border, rebuilding the military, and extending the 2017 tax cuts [2][3] - The bill includes a $12.5 billion investment in modernizing air traffic control systems, addressing outdated equipment and embracing modern technology like GPS [8][9][10] - The Commerce Committee is considering a tweak to the moratorium on state aid laws, tying it to the federal broadband expansion program, which may face challenges before the parliamentarian [4][5] - The senator advocates for technology decisions based on merit, citing the $42 billion broadband program that failed to connect a single home due to dislike of StarLink [11][12] Economic Impact & Investment - The senator introduced a provision to create an investment account for every newborn child in America, with an initial $1,000 and the potential for $5,000 annual contributions [21] - Assuming historical S&P 500 growth rates, a child with this account could have $170,000 by age 18 and $700,000 by age 35 [22] - Failure to act by December 31st would result in an automatic $4 trillion tax increase, negatively impacting working families and small businesses [16] Social & Political Issues - The senator criticizes Democrat politicians for not supporting law enforcement and for siding with illegal immigrants and violent criminals [28] - The senator supports the federal government's authority to enforce federal law, drawing parallels to the civil rights movement [30] - The senator believes birthright citizenship encourages illegal immigration and has long advocated for changing that policy [19]

The US – and the world – seems to have turned the page on tariffs. It now seems likely that total tariffs on US imports will settle between 14-17%: somewhere between 10-30% on China, 10% "reciprocal" tariffs on the rest of the world, and some sectoral tariffs (with exemptions). This is not a small rise relative to the start of the year. But it is a far cry from the situation just a week ago, when there was a virtual trade embargo between the world's two largest economies. It's time for investors to turn the ...