Morning Brew Daily Trump Calls for 10% Cap on Credit Card Interest & Golden Globes Welcome Podcasts
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Jan 12, 2026 Trump proposes a 10% cap on credit card interest rates, igniting discussions about its impact on banks and borrowers. Walmart partners with Google to enhance AI shopping experiences, hinting at the future of retail. Mortgage rates finally dip below 6%, easing the housing market. Excitingly, podcasts gain their own category at the Golden Globes, reflecting their cultural significance. The hosts also delve into upcoming economic events, including inflation data and bank earnings, ensuring listeners stay ahead of the news.
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Powell's Public Rebuttal To Probe
- Jerome Powell released a direct video message calling a DOJ probe political intimidation related to rate decisions. Senator Tom Tillis vowed to block Fed confirmations until the matter is resolved.
Trump's 10% Credit Cap Proposal
- President Trump proposed a 1-year, 10% cap on credit card interest to ease consumer burdens. Banks warn such a cap would cut credit access and push risky borrowers to costlier alternatives.
Why Credit Card Rates Are High
- Credit cards are unsecured, so issuers price in borrower default risk with higher rates. Studies show caps save interest but often reduce lending to subprime consumers.