Bloomberg Daybreak: US Edition Trump Tax Bill Passes Key Hurdle; Traders Await June Jobs Report
Jul 3, 2025
President Trump rallies support in Congress, leading to a narrow passage of his tax cut bill, which promises tax breaks and a phase-out of clean energy incentives. Traders are on edge, awaiting the June jobs report to guide interest rate expectations. Additionally, the administration lifts constraints on chip design software sales to China, signaling a new chapter in trade relations. As various economic factors intertwine, the impact of these developments on market stability and investor sentiment remains a hot topic.
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Tax Bill Brings Market Certainty
- The tax bill passage offers markets certainty amid the uncertain political climate.
- The bill addresses tax cuts, manufacturing incentives, and distribution of deficit concerns, boosting investor confidence.
June Jobs Report's Impact
- June jobs report is crucial but unlikely to shift Fed policy dramatically.
- Policymakers watch unemployment carefully but remain cautious about rate cuts.
Jerome Powell's Fed Role Uncertain
- It's uncertain if Jerome Powell will leave Fed Chair position despite criticism.
- Powell focuses on job, inflation, and financial stability amid political pressures.