U.S. Sovereign Debt Surpasses $30 Trillion for the First Time

U.S. sovereign debt has surpassed $30 trillion, doubling since 2018. The total federal debt is $38.4 trillion, including obligations to Social Security and savings bond holders. Interest payments are $1.2 trillion, posing a significant challenge. Despite projected deficit reduction, tariff revenues are insufficient to cover interest expenses, likened to quicksand by Citigroup's Jason Williams.

US and China aim to finalize rare earth export agreement by Thanksgiving, Treasury Secretary says.

Scott Bessent, the Treasury Secretary, has expressed optimism about reaching a rare earth export agreement between the United States and China before Thanksgiving. The agreement aims to solidify details concerning the trade of rare earth minerals between the two countries. This development highlights the importance of cooperation in securing essential resources, with significant implications for both nations' economies and industries.

TRADING DAY-Claims muddy Fed outlook

Wall Street indices were stable, while the dollar and Treasury yields rose due to strong U.S. labor market data, questioning future Fed rate cuts. Unemployment claims fell to historic lows, indicating a robust labor market. Consumer delinquency rates are mixed, with some measures showing high rates and others leveling off. The Fed's upcoming rate decision may see dissenting votes, reflecting divided opinions. China's yuan is strong, but Beijing controls its rise. Oil prices increased, while silver fell sharply.

USTR Greer calls for smaller, balanced China trade and tighter USMCA enforcement

U.S. Trade Representative Greer emphasized the need for a balanced and likely smaller trade relationship with China, noting a 25% reduction in the U.S. goods trade deficit with China. Greer also highlighted issues within the USMCA, stressing the importance of preventing Mexico and Canada from becoming transshipment hubs for Chinese, Vietnamese, or Indonesian exports. The remarks indicate a continued U.S. focus on reshaping supply chains, tightening trade rule enforcement, and managing trade across North America.

Shares of uranium and nuclear-related stocks are trading higher on reports indicating the US plans to take more stakes in critical minerals companies.