The Census Bureau reported that Americans' real median household income rose 2.6% to $87,460 in 2025 and the poverty rate fell to 10.2%, data celebrated by Treasury Secretary Bessent as the Federal Reserve considers whether to raise interest rates. Democrats criticized the economic data during a hearing, citing high gas prices and mortgage rates above 7%, while the administration's tax law is expected to reduce food stamp eligibility by $211 billion through 2035.
Treasury Secretary Scott Bessent will testify before the House Financial Services Committee on Tuesday, highlighting economic successes including rising wages for lower-income Americans and sanctions against Iran. Congress is expected to question him on inflation, energy prices, interest rates, federal debt, and the administration's fiscal record.
U.S. Treasury yields are approaching the psychologically significant 5% threshold, with the 10-year yield at 4.968% as markets await the Federal Reserve's interest rate decision this week. The path to 5% matters more than the level itself—yields driven by economic growth carry different implications than those fueled by inflation, fiscal concerns, or market stress.
The 30-year fixed mortgage rate exceeded 7% for the first time since May 2025, driven by rising Treasury yields linked to surging oil prices and geopolitical tensions. The increase, which has accelerated since the start of the Iran war, raises monthly payments significantly for homebuyers and pressures the homebuilding sector.
Apple released its first foldable iPhone (iPhone Duo) starting at $1,999, alongside new iPhone 18 models and other devices, with social media focusing on the screen crease. The U.S. Treasury tripled bond buyback operations to $6 billion to stabilize markets amid rising yields and oil prices. Trump's energy portfolio gained $1.5 million as oil prices surged following escalating Iran conflict, though no evidence suggests policy was influenced by his financial interests.