Disability Benefit Claims Surge; Reforms Scaled Back

 

Disability benefit claims in England and Wales have surged from three million in 2019 to four million in 2025, largely driven by mental health conditions. The government's scaled-back reform plan, facing Labour pressure, will only affect new claimants. While remote assessments during the pandemic may have played a...

Senate May Kill EV Tax Credits Early

 

The Senate is considering ending electric vehicle (EV) tax credits sooner than anticipated, potentially by September 30th. This contrasts with the House bill's later deadlines. While the bill isn't finalized, the move has drawn criticism from EV advocates who see it as hindering US competitiveness. Conversely, groups...

Wedding Dress Tariffs Crash Bridal Market

 

US wedding dress prices are rising due to tariffs on Chinese-made gowns, which account for 90% of the market. A temporary tariff reduction to 30% until July 9th offers little relief, with boutiques adding 10-15% surcharges. This uncertainty is impacting bridal shopping, with brides delaying purchases and exploring...

Trump's Shadow Fed Chair Plan Risks Market Chaos

 

President Trump's consideration of naming a "shadow chair" for the Federal Reserve before Jerome Powell's term ends is causing concern. Experts warn this could create market chaos by introducing conflicting messaging and undermining the Fed's independence. A shadow chair could potentially jawbone markets but risks exacerbating confusion and...

NRI Remittance Tax Reduced to 1% in New US Bill

 

The revised "One Big Beautiful Bill Act" significantly reduces the remittance transfer tax for Non-Resident Indians (NRIs) from 3.5% to 1%, impacting only transfers made after December 31, 2025. The tax excludes transfers from US bank accounts and cards, lessening the impact on daily remittances. The bill targets...

US Personal Income Drops 0.4 Percent in May

 

U.S. personal income dropped 0.4 percent in May, totaling a $109.6 billion decrease, according to the Bureau of Economic Analysis. Disposable personal income fell 0.6 percent, while personal consumption expenditures decreased by 0.1 percent. The decline in income stemmed largely from reduced government benefits and farm income. Despite...

US Inflation Rises, Fed Rate Hike Unlikely

 

US May inflation, as measured by the Personal Consumption Expenditures (PCE) Price Index, rose to 2.3% year-on-year, meeting expectations. The core PCE, excluding food and energy, increased to 2.7%. Personal income fell 0.4% and spending dropped 0.1% month-on-month. The US dollar weakened slightly following the report. ...

Inflation Rises, Spending Falls Amidst Tariff Impact

 

Inflation edged up in May, with the key inflation gauge rising to 2.3% year-over-year, slightly exceeding the Federal Reserve's target. Core inflation also increased to 2.7%. Simultaneously, consumer spending dipped for the first time since January, falling 0.1%, while incomes dropped 0.4%. These decreases were partly attributed to...

Trump's crackdown fuels worker shortages, economic fears

 

Trump's immigration crackdown is causing widespread concern among US businesses. Many companies rely heavily on immigrant workers, and recent deportation efforts are leading to staff shortages and potential economic consequences. Firms in various sectors, including cleaning, healthcare, and elder care, report losing employees due to the stricter policies....

Pound Soars as Trump's Actions Rattle Dollar

 

The pound surged to a near four-year high against the dollar after reports suggested President Trump might replace Federal Reserve Chair Jerome Powell sooner than expected. This sparked concerns about the Fed's independence and potential inflationary impacts from Trump's tariffs. The dollar weakened as markets reacted to the...