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Trump to Sell the Economy During State of the Union Address
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President Trump will use his State of the Union address to sell the public on the economy and unveil new measures meant to lower costs, as Republicans look to address voters’ concerns ahead of the midterm elections. Regarding the economy's performance, Trump has already graded himself—“A-plus-plus-plus-plus-plus,” he told Politico in December. However, the actual report card is more mixed after his first year back in office. The labor market, in particular, has been in the spotlight: U.S. employers added only 181,000 jobs in 2025—the lowest figure outside of a recession in more than two decades. On that front, Federal Reserve governor Christopher Waller indicated Monday he may support holding interest rates in March if the February jobs report comes in solid, but he said a weaker report would leave him eager to support a rate cut.
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Trump to Sell the Economy During State of the Union Address
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Photo: Ricky Carioti/The Washington Post/Getty Images
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The official theme of President Trump's State of the Union speech, according to White House officials familiar with the draft: “America at 250: Strong, Prosperous and Respected,” a reference to the 250th anniversary of the country’s founding. The address will emphasize the idea of American exceptionalism, and the president is planning to weave in stories of Americans who say they have benefited from his policies, the officials said.
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Waller Weighs Supporting Fed Rate Pause if Labor Data Stabilize
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Federal Reserve governor Christopher Waller indicated Monday that he may join the majority of Fed officials likely to support leaving interest rates on hold in March if February data show the labor market on solid footing. But a weaker February jobs report would leave him eager to support a March rate cut, and at the moment, the possibilities are “close to a coin flip,” he said.
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What to Know About Trump’s New Tariff
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U.S. Factory Orders Fell in December
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U.S. factory orders fell in December, the Census Bureau said Monday. Orders from U.S. factories fell 0.7% in December to $617.5 billion, from $621.9 billion in November. Economists polled by the WSJ were expecting a 0.2% increase.
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Acting BLS Commissioner Rejects Speculation About Falsified Data
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The acting chief of a government statistics agency on Monday pushed back on President Trump’s rationale for firing its commissioner last summer, calling accusations of phony data unfounded. The comment from William Wiatrowski, acting commissioner of the Bureau of Labor Statistics, was the strongest rebuttal of Trump’s criticism to date from a top official at the statistics agency.
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Once America’s Most Affordable Rental City, Austin Is About to Get More Expensive
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Renting in Austin, Texas, is about to get more expensive again. Analysts project the city’s rents will stay flat or even increase this year following at least 10 quarters of decreases. Investors are flocking back to the market.
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Texas Factory Business Activity Expands in February
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Texas' factory sector expanded in February, with production accelerating slightly, according to the Federal Reserve Bank of Dallas. The Texas Manufacturing Outlook Survey's index for general business activity, released Monday by the Dallas Fed, was 0.2 in February, compared with minus 1.2 in January. A reading below zero indicates a slowdown in activity. (Dow Jones Newswires)
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Chicago Fed's National Activity Index Rose in January
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The U.S. economy likely expanded at a faster pace in January, following indications of a contraction in December, according to a delayed indicator published Monday by the Federal Reserve Bank of Chicago. The Chicago Fed National Activity Index rose to 0.18 in January, from minus 0.21 in December and minus 0.04 in November. A reading above zero indicates that the national economy is expanding above its historical average trend rate. (Dow Jones Newswires)
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Key Developments Around the World
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China's Benchmark Lending Rates Left Unchanged
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Chinese lenders held their benchmark lending rates steady this month, after the country's central bank cut rates on its structural monetary policy tools in January to aid growth. The one-year loan prime rate was steady at 3.0% and the five-year rate was kept the same at 3.5%, the People's Bank of China said Tuesday. The hold on benchmark rates was widely expected as the PBOC had kept its main policy rates steady in recent months, despite some limited easing in a pro-growth gesture. (Dow Jones Newswires)
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Beijing Sees Opening in U.S. Trade War After Supreme Court Ruling
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The battleground of the U.S.-China trade fight has suddenly shifted. With President Trump on the back foot following a stinging judicial rebuke of his power to impose tariffs, Xi Jinping is spying a chance to reset relations with the U.S. on Beijing’s terms.
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China Hits Japanese Firms With Export Bans
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Japan has demanded that China roll back its export bans targeted at several major Japanese companies, the nation's deputy chief government spokesman said Tuesday. The measures announced by China earlier in the day are "unacceptable and extremely regrettable," Kei Sato said at a news conference. (Dow Jones Newswires)
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Japan Maintaining Dialogue With U.S. on Forex, Finance Minister Says
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Japan continues to maintain a tight dialogue with the U.S. on foreign-exchange moves, Finance Minister Satsuki Katayama said Tuesday, as traders remain on alert about potential market intervention.
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Philippine Central Bank Governor: Bar for Another Rate Cut is High
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The Philippines central bank has just delivered a sixth straight rate cut and markets are pricing in more as the economy struggles with weak growth and a confidence crisis. Those bets could be wrong.
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Jane Street Accused of Insider Trading That Aided Collapse Terraform
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The administrator winding down Do Kwon’s Terraform Labs has sued Jane Street, alleging that the high-speed trading giant engaged in insider trading to profit unlawfully from and ultimately hasten the crypto empire’s collapse.
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Meet the Trump Official Fighting for Prediction Markets
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Michael Selig oversees a federal agency created to regulate soybean futures. Now the chair of the Commodity Futures Trading Commission is helping Americans around the country bet on everything from the Federal Reserve’s interest rate decisions to who will win the latest season of the reality TV show “Survivor.”
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9 a.m.: Johnson Redbook Retail Sales Index
9 a.m.: U.S. Monthly House Price Index
9 a.m.: FRB Atlanta President Raphael Bostic conversation with Marketplace senior editor
10 a.m.: Monthly Wholesale Trade
10 a.m.: Richmond Fed Business Activity Survey
10 a.m.: Consumer Confidence Index
6 p.m.: U.S. President Donald Trump delivers State of the Union address
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9:30 a.m.: FRB Richmond President Thomas Barkin speaks at Northern Virginia Chamber event
11 a.m.: Federal Reserve Bank of Kansas City President Jeffrey Schmid speaks before the Economic Club of Colorado
1:30 p.m.: Federal Reserve Bank of St. Louis President Alberto Musalem speaks at Missouri Athletic Club Speaker Series event
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WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.
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