Hope someone here lives in Hollis Illinois.

Federal Reserve Bank of Philadelphia President Patrick Harker expects rates to remain steady. He believes we may be at the point where we can let the central bank’s monetary policy do its job, though he doesn’t expect rates cuts anytime soon. The Fed raised rates again in July after “pausing” in June when it was comfortable with easing economic activity. The economy’s slowdown is expected to continue, and Harker forecasts core inflation to reach the Fed’s 2% target in 2025.

U.S. trade deficit shrinks for first time in two years – Recent data from the Commerce Department shows that the U.S. trade deficit fell to a three-month low of $65.5 billion in June. This came in below analyst expectations of $65 billion and marks the lowest level since 2021. Shifting consumer spending has led to decreased demand for foreign goods and reduced imports. Overall, Americans are more cautious with their money, though they are also spending more on services rather than goods.

After decades of being the top U.S. importer, China has finally fallen below Mexico and Canada. This shift in U.S. imports reflects the changing dynamics of global trade and can be attributed to several factors, including differences in trade policies and efforts to diversify supply chains. The strained relationship between the U.S. and China has prompted the U.S. to explore alternative sourcing options and mitigate risks in the face of geopolitical uncertainties.