Bloomberg Businessweek Pre-Fourth of July Special: Stock Jump on Jobs Surprise, Trump's Tax Bill Passes
Jul 3, 2025
Scott Bessent, the U.S. Treasury Secretary, shares insights on the administration's economic policies and the recent tax bill's impact on the market. Patrick de Haan, Head of Petroleum Analysis at GasBuddy, discusses the drop in gas prices due to easing tensions, just in time for the Fourth of July. They explore the stock market's record highs fueled by surprising job growth, the implications of hiring trends, and evolving global currency dynamics, making for a captivating conversation about economic forecasting and investment strategies.
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US Labor Market Surpasses Expectations
- The US labor market showed stronger job growth than expected in June 2024, adding 147,000 jobs when only 106,000 were forecasted.
- This supports a "pause" scenario where hiring and firing are subdued, indicating no immediate Fed rate cuts.
Invest with Dollar Cost Averaging
- Avoid market timing when investing as entry points are unpredictable.
- Use dollar cost averaging and rebalancing to steadily increase equity exposure.
Gas Prices Falling, Diesel Key to Economy
- Gas prices have dropped significantly for most Americans, reaching lows not seen since 2021.
- Diesel prices are critical as they impact economic growth, with inventories tight and affecting refinery profits.