Treasury Secretary Scott Bessent said the US ended the fiscal year of 2025 with a lower deficit-to-GDP ratio than the year before and sounded an optimistic note for 2026, noting that the US is on its way to lowering deficits without causing a recession. The Treasury has not been able to release the exact fiscal 2025 deficit-to-GDP figure due to the government shutdown, but Bessent cited the Congressional Budget Office when making his claim Thursday that the key ratio was lower in the fiscal year ending Se ...

The country’s largest banks are navigating a delicate balancing act in President Trump's Washington. CEOs for some of the biggest US lenders, including JPMorgan Chase (JPM), Goldman Sachs (GS), Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), and Wells Fargo (WFC), are all competing to win a leading role in a lucrative public offering for mortgage giants Fannie Mae and Freddie Mac, a competition that has involved Oval Office appearances with the president. At the same time, Trump has called out ...