Final US penny sets sold for $16.76 million at auction. Stack’s Bowers Galleries sold 232 omega marked trios averaging $72,000. The US Mint lost $85.3 million making pennies in 2024 and halted production.

President Trump will interview Fed Governor Christopher Waller on Wednesday as he weighs a new Fed chair. Trump already met Kevin Warsh and Kevin Hassett. Treasury Secretary Scott Bessent said the President may decide in early January.

The Trump administration warned the EU it will retaliate over digital taxes on US tech. The Office of the US Trade Representative said it may hit firms like Accenture Plc, Siemens AG and Spotify Technology SA with fees.

Washington pauses a $40 billion Tech Prosperity Deal with Britain after concerns over UK digital rules and food standards. The pact agreed during President Trump’s state visit covers AI and quantum tech. The New York Times reports US frustration as talks drag on.

House Speaker Mike Johnson says he will not allow a vote to extend Affordable Care Act subsidies. The Covid era aid expires this month. Premiums will rise for millions next year. GOP leaders cite a $35 billion annual cost.

Jonathan Levin argues the Fed is flying blind. He warns shutdown chaos warped US jobs data as unemployment rose to 4.6% and payrolls swung wildly. Levin says policymakers risk waiting too long as the labor market slips from weak to bad.

Swiss Re Institute says global insured catastrophe losses hit $107 billion in 2025. Los Angeles Palisades Fire cost $40 billion. The US took 83% of losses. Swiss Re's Group Chief Economist Jérôme Jean Haegeli urges tighter underwriting as $100 billion losses persist.

Citadel founder Ken Griffin says GOP tariff and immigration policies fuel inflation by shrinking the workforce, which pushes prices up. He says deregulation should boost productivity and cut inflation.

US business inventories rose 0.2% in September the Commerce Department said. Retail stocks rose 0.4% and auto inventories jumped 1.2%. Inventories likely boosted Q3 GDP.

US business activity grew at the slowest pace in six months in December as price pressures surged to a three year high. Chris Williamson, chief business economist at S&P Global Market Intelligence, said tariffs are pushing costs from manufacturing into services. www.bloomberg.com/ne...

US importers scramble to protect refund rights as the Supreme Court reviews President Trump's tariffs. Importers paid $129 billion across 34 million entries. The Justice Department said it may recalculate and repay tariffs if the Supreme Court rules against the government.

President Trump ordered the SEC to increase oversight of proxy advisory firms, including Institutional Shareholder Services and Glass Lewis. Analysts and attorneys warn the move could weaken shareholder rights, limit votes on CEO pay and boards, and shift power to executives.

Reuters finds 14 of the biggest US banks raised overdraft fee income 2% to $2.99 billion in nine months after Republicans killed a former President Joe Biden CFPB rule that would cap fees at $5.

TOTAL BUSINESS SALES (SEPTEMBER) $1,947.5 BILLION MOM: 0.0% | YOY: +3.7% BUSINESS INVENTORIES (SEPTEMBER) $2,670.0 BILLION MOM: +0.2% | YOY: +1.2% INVENTORIES/SALES RATIO (SEPTEMBER) 1.37 www.census.gov/mtis/...

Shadow banking surges. The Financial Stability Board says non banks now hold 51% of global assets or $256.8 trillion. The sector grew 9.4% last year, double banks. Regulators warn low transparency and weaker lending could threaten financial stability.

US employers added just 64,000 jobs in November, after payrolls fell 105,000 in October, BLS said. Unemployment rose to 4.6%, a four year high.

RETAIL SALES (OCTOBER) $732.6 BILLION MOM: +0.0% | YOY: +3.5% CORE RETAIL SALES (OCTOBER) $595.4 BILLION MOM: +0.4% | YOY: +4.0% www.census.gov/retai...

NONFARM PAYROLLS (NOVERMBER) 64,000 UNEMPLOYMENT RATE (NOVERMBER) 4.6% LABOR FORCE PARTICIPATION RATE (NOVERMBER) 62.5% AVERAGE HOURLY WAGES (NOVERMBER) $36.86 MOM: +0.1% | YOY: +3.5% AVERAGE WORKWEEK (NOVERMBER) 34.3 HOURS www.bls.gov/news.rel...

US unions shrink to 9.9% of workers, down from one third in the 1950s, per Bureau of Labor Statistics. Sharon Block of Harvard Law School says rising fear of corporate power revives labor. Veronique de Rugy of George Mason says unions now fail workers and keep declining.

US energy bills jumped 13% in 2025 since President Trump took office, Climate Power reports using US Energy Information Administration data. The group links higher costs to canceled clean energy projects, rising data center demand, and Trump’s July spending bill.

US government launches US Tech Force to hire AI talent. OPM Director Scott Kupor plans to recruit 1,000 early career engineers and data scientists for a 2 year program. Salaries run $130,000 to $195,000 as President Trump pushes AI to modernize agencies.

White House plans more historic mining deals. Jarrod Agen, executive director of the National Energy Dominance Council, says President Trump plans more equity stakes after MP Materials, Lithium Americas, and Trilogy Metals to boost U.S. critical minerals and cut China reliance.

Kevin Hassett faces pushback as Federal Reserve chair pick. Sources say aides close to President Trump worry the National Economic Council director looks too close to Trump. Kalshi odds show Hassett at 41% down from 80%.

US homebuilder confidence rose in December as incentives spread. NAHB and Wells Fargo index hit the highest since April. 67% of builders used sales incentives and 40% cut prices. NAHB chief economist Robert Dietz warned high regulatory and material costs keep pressure on profits.

EU Trade Commissioner Maros Sefcovic told Bloomberg the EU will not weaken tech rules under US pressure. He said Brussels protects tech sovereignty as the Trump administration ties steel and aluminum tariff relief to EU regulation changes.

Supreme Court conservatives seem ready to back President Trump on firing FTC Commissioner Rebecca Slaughter, but they signal caution on the Federal Reserve. Trump fired Fed Governor Lisa Cook, sparking a January 21, 2026 showdown that tests Fed independence.

Christmas shopping turns practical as inflation bites. Adobe Analytics data shows rising demand for essentials like appliances, clothing and cookware. Director of Adobe Digital Insights Vivek Pandya says shoppers buy necessities and cut back on traditional gifts. www.washingtonpost.c...

President Trump promised big tax refunds, but Adam Michel of the Cato Institute says most W-2 workers with no kids will see little change. Penn Wharton Budget Model finds middle income households gain about $650 while average refunds rise near $1,000 with higher earners capturing bigger deductions.

Atlas Van Lines analyzed 107,000 interstate moves in 2025. Arkansas, Idaho and North Carolina led arrivals. Louisiana led exits again. Jack Griffin, CEO of Atlas World Group, says moves now skew toward lifestyle choices.

National Economic Council Director Kevin Hassett said on Face the Nation that President Trump can offer advice on interest rates, but the Federal Reserve would decide rates independently.

UPCOMING US ECONOMIC DATA (12/15-12/19) Monday: New York Fed Empire State Manufacturing Survey (Dec) NAHB/Wells Fargo Housing Market Index (Dec)

President Trump told The Wall Street Journal he cannot predict if Republicans keep the House. He says multibillion dollar U.S. investments have not kicked in yet as prices stay high. Trump says he can only do his job and hopes voters feel it by fall.

President Trump signed an April executive order to revive US shipbuilding, but China holds 53% of global output and 75% of 2025 orders. Peter Sand of Xeneta says foreign expertise is essential. US runs just eight shipyards versus China’s 300 plus.

Reuters finds US freight rail emits more smog than coal power. Railroads produced 485,000 tons of nitrogen oxide in 2024 vs 452,000 from coal plants. BNSF Railway led with 161,500 tons as aging diesel fleets avoid replacement.

US and Mexico settled a Rio Grande water dispute after President Trump threatened tariffs. Mexico will send 202,000 acre-feet starting December 15. US Agriculture Secretary Brooke Rollins warned tariffs remain if Mexico misses the 1944 treaty target of 1.75 million acre-feet.

Attorneys general from 20 states sued the Trump administration to block a $100,000 H-1B visa fee. President Trump imposed it September 21st. California Attorney General Rob Bonta says it will damage tech, health care and education.

The Trump administration paused a tech pledge with Britain after the May trade deal. Officials say the Keir Starmer government failed to cut digital and food trade barriers. The move stalls AI and nuclear cooperation tied to $40 billlion in US tech investment.

The US lifted sanctions on Belarus potash. President Trump ordered the move, said envoy John Coale in Minsk. Potash once drove Belarus FX. Alexander Lukashenko still faces EU bans, which block exports via Lithuania.

US Ambassador Marc Knapper said Washington will deepen defense trade with Vietnam as trade talks drag on. Vietnam plans more US arms buys to cut a $123.5 billion trade surplus.

Bipartisan US lawmakers move to lock down biotech data. Senators Tom Cotton, Maggie Hassan and Ted Budd, plus Reps Warren Davidson and Chrissy Houlahan, push licenses for exporting synthetic DNA to China and Russia.

Big firms cash in on Trump tax cuts. Walmart, Amazon, Verizon and Eli Lilly report lower near term taxes. AT&T, Inc. says it saves up to $2 billion this year. Treasury data shows corporate tax revenue fell about 33% or $52 billion from July to November.

President Trump told The Wall Street Journal he leans toward former Fed governor Kevin Warsh or National Economic Council Director Kevin Hassett as Fed chair. Trump wants interest rates cut to 1% or lower and says the new Fed chair should consult with him.

Transportation Secretary Sean Duffy warned New York he will freeze $73 million and decertify its trucker program. DOT found 53% of 200 non domiciled CDLs unlawful. Duffy told Governor Kathy Hochul to revoke licenses within 30 days or lose highway funds.

US bank regulator moves on crypto. The Office of the Comptroller of the Currency conditionally approved Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos for national trust bank charters. Comptroller of the Currency Jonathan Gould says new entrants boost competition.

President Trump ordered agencies to sue states and cut AI laws, but legal hurdles loom. Courts may block tying $42B BEAD funds to AI rules. Digital Progress Institute head Joel Thayer says the administration lacks legal authority. Former W.H. official Dean Ball gives it a 30 to 35% legal chance.

Federal Reserve governors voted unanimously to reappoint 11 reserve bank presidents to new five year terms starting March 1, 2026.

WHOLESALE SALES (SEPTEMBER) $708.2 BILLION MOM: -0.2% | YOY: +4.8% WHOLESALE INVENTORIES (SEPTEMBER) $911.5 BILLION MOM: +0.5% | YOY: +1.8% WHOLESALE INVENTORIES/SALES RATIO (SEPTEMBER) 1.29 www.census.gov/whole...

Shev Dalal-Dheini of the American Immigration Lawyers Association warns courts could kill President Trump's new a Gold Card immigration program, revoke citizenship, and wipe out applicants’ money.

President Trump presses for deeper cuts after White House Press Secretary Karoline Leavitt says he welcomed the Fed’s 25 bps cut this week but wants the Federal Reserve to drive rates even lower. www.reuters.com/sust...

Commerce Secretary Howard Lutnick told CNBC that the US must stop taking “below-average” immigrants after President Trump cut the gold card visa price to $1 million. Lutnick said average green card holders earn one-third less and urged the US to bring in the best.