GET DAILY REPORT FREE
Plans announced: New York intends to build a large nuclear-power facility, the first major new U.S. plant undertaken in more than 15 years and a big test of President Trump’s promise to expedite permitting for such projects. Gov. Kathy Hochul said in an interview that she has directed the state’s public electric utility to add at least 1 gigawatt of new nuclear power generation to its aging fleet of reactors. A gigawatt is roughly enough to power about a million homes. Read more from The Wall Street Journal.
Overhauled: The Federal Reserve will no longer consider “reputation risk” in bank exams, replacing it with more specific financial risk assessments. The move follows criticism that the term was too broad and allowed regulators to pressure banks over politically sensitive clients. Other regulators are also eliminating the term from oversight materials. Read more from Bloomberg. A subscription may be required.
Slowing down: U.S. business activity slowed marginally in June, though prices increased further amid President Donald Trump’s aggressive tariffs on imported goods, suggesting that an acceleration in inflation was likely in the second half of the year. The anticipated rise in inflation has resulted in the Federal Reserve pausing its interest rate cutting cycle, putting pressure on the housing market. Read more from Reuters.
