Local Business
Sunday, May 3, 2026 · Green Cove Springs
Pre-Tariff Import Frenzy Balloons U.S. Trade Deficit to Record $162B
Companies raced to stockpile goods ahead of President Trump's new tariffs, propelling the U.S. goods-trade deficit to a historic $162 billion in March 2025. Imports surged 5% to $342.7 billion, potentially dooming first-quarter GDP to contraction. As the 2026 Trade Policy Agenda ramps up protectionism, businesses brace for higher costs and shifting global chains.
Fed Cuts Rates as Economy Cools, Signals More Ahead
The Federal Reserve lowered interest rates by a quarter-point to 4-4.25% amid moderating growth and rising unemployment risks. Officials cited slowed job gains and elevated inflation but shifted focus to bolstering employment. Markets now eye further easing despite persistent price pressures.
Sunday, May 3, 2026
Inflation Squeezes U.S. Wallets as Spending Stalls
American consumers are tightening their belts amid stubborn inflation and a cooling job market, with real spending flatlining since December 2024. Tariff shocks and policy uncertainty have triggered a sharp pullback in discretionary purchases, signaling broader economic strain. As core inflation lingers above 3%, households face eroding purchasing power into mid-2026.[1][3]
Sunday, May 3, 2026
Mortgage Rates Surge to 6.71%, Freezing US Housing Market
The average 30-year mortgage rate climbed to 6.71% in April 2025, the highest in months, slamming the brakes on home sales and piling up inventory nationwide. Buyers face 47% higher costs for the same home compared to a year ago, amid tariff uncertainties and persistent inflation. Forecasters predict rates staying above 6% through 2026, testing the limits of affordability.
Sunday, May 3, 2026