Watch live coverage as Treasury Secretary Scott Bessent testifies before the House Financial Services Committee at a hearing titled “The Annual Report of the Financial Stability Oversight Council.” MS NOW: My Source for News, Opinion, and the World. Same mission. New name. » Subscribe to MS NOW: https://www.youtube.com/@msnow MS NOW is the go-to destination for domestic and international breaking news, and best-in-class opinion journalism. For more context and news coverage of the most important stories of ...

Economic Outlook - The Federal Reserve has increased its GDP growth forecast for next year to 2.3% and expects inflation to fall to 2.5% while maintaining an unemployment rate of 4.4% [2][4] - The Atlanta Fed reports a growth rate of 3% for the current quarter, following a 3.8% growth in the second quarter [2][3] - The economy is performing better when excluding federal spending, with growth estimated at 4.5% in the second quarter [3] Productivity and Tax Policies - Current productivity trends and tax policies, referred to as "Trumpomics," are expected to drive faster economic growth than the Fed's forecast [4][5] - The administration anticipates tax refunds of $1,000 to $2,000 per household next year, which could stimulate demand [6] Interest Rates and Financial Markets - The Fed has cut rates three times since September, but the current yield on the 10-year Treasury is around 4.1%, indicating a restrictive policy environment [9][10] - The Treasury is implementing policies to restore fiscal sanity and reduce budget deficits, which is expected to lead to lower interest rates and mortgage rates [12][15] Financial Stability Oversight - Proposed changes to the Financial Stability Oversight Council aim to reduce regulatory burdens on the banking system, facilitating credit flow to small businesses [16][17] - The goal is to enhance economic growth and improve wage rates by ensuring that credit is accessible to the backbone of the economy, small businesses [17][18]