Bloomberg News Now May 21, 2025: GOP Presses Ahead on Tax Bill, Bond Market Concern, More
May 22, 2025
This discussion dives into the GOP's latest tax bill and its potential impact on state and local tax deductions. The conversation also highlights market reactions to the federal budget deficit. Exciting insights on Bitcoin and ethical considerations in the military are included, showcasing a range of topics from political maneuvers to economic implications. It's a whirlwind of information that connects politics and finance in a turbulent week.
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GOP Pushes Revised Tax Bill
- The GOP tax bill includes a higher state and local tax deduction cap and speeds elimination of Biden-era clean energy breaks.
- Republicans aim to pass this bill imminently, showing strong legislative determination under Speaker Johnson.
Bond Market Worries Amid Deficit
- The US bond market shows weak demand amid a ballooning federal deficit and recent Moody's downgrade.
- Poor sales in Japan and higher coupon rates highlight global concerns over US credit stability.
Crypto Boost from Regulatory Clarity
- Bitcoin hit an all-time high due to hopeful US stablecoin regulation and pro-crypto shift under Trump.
- The new administration's supportive stance unleashes strong investor enthusiasm globally.