Open: 123.78 Close: 127.61 Change: 3.83

Today's Summary

Commercial banks, not the Federal Reserve, are the beating heart of this system. Banks as a group saw a huge inflow of short-term deposits during the pandemic years that paid little or no interest. Banks did so even though mortgage/Treasury spreads were historically very low. The One Big Beautiful Bill (OBBB) included seven tax credits, deductions, and exclusions – new or increased – that will lower the tax bill for individuals for the tax year 2025 by $129 billion. OpenAI, which unleashed the nations AI mania with the public debut of ChatGPT in 2022, expects to lose more than $100 billion through the end of the decade. Chinas central bank and nine other regulators have moved to lock in a sweeping crackdown on crypto-related activity. Bitcoin is down 16% in the last week and sits over 44% off its all-time high of $126,080. India has agreed to halt Russian oil purchases under a sweeping trade deal with the U.S.