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President Donald Trump's administration is inflicting more damage on the U.S. economy with its policies than on the rest of the world, France's central bank head said on Thursday. "It's a shock for the world economy, but even more so for the American economy," Villeroy said at a conference at the German embassy in Paris with his German counterpart. "It's firstly a tragedy for the American economy," he added.

These are today's mortgage and refinance rates. Inflation has slowed. Mortgage rates often increase when the economy is in a good place. Lock in your rate today.

The Federal Reserve has broken this year with its long-standing practice of releasing an annual preview of its finances for the preceding year. The U.S. central bank has released a preliminary statement detailing its annual profit or loss in early January since at least 2006, but has yet to release the numbers for 2024. A Fed spokesperson said the audited version of the financial statement will be released later this month.

Americans just got some reassurances that inflation was slowing, and not reaccelerating, last month.

Thursday's reading of wholesale inflation follows a better-than-expected reading of consumer prices on Wednesday.

HSBC has put some staff on short-term “gig economy” contracts as part of an aggressive cost-cutting drive overseen by its new chief executive.

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