Good morning! It’s Daniel de Visé with your Daily Money.
The Federal Reserve held interest rates steady Wednesday and maintained its forecast for two rate cuts later in 2025, as officials struggled to respond to the double-barreled threats spawned by President Donald Trump’s widening trade war – rising inflation and a slowing economy.
Although Trump recently slapped tariffs on many imports and unveiled plans for more aggressive duties to come, Paul Davidson reports, the Fed’s decision underscores that it’s taking a wait-and-see approach.
Claiming Social Security gets harder
The Social Security Administration announced it will be implementing “stronger identity verification procedures,” including requiring millions of recipients and applicants to physically go to agency field offices instead of proving their identity via phone.
The stated purpose is to crack down on fraudulent claims. But the AARP decried the new policy, saying the move would effectively “force people to visit offices in-person” and “result in more headaches and longer wait times to resolve routine customer service needs.”
Why cash-poor Americans can’t get ahead
Ilaria D’Anca, 44, in Mesa, Arizona felt that she had everything going for her, with a graduate degree in advertising and public relations. She worked for 20 years as a healthcare executive.
But between 2016 and 2019, she hit a rough patch that included a career change, an unprecedented flooding of her home and property, a legal battle and a falling-out with family members that depleted her savings.
Too often, Medora Lee reports, D’Anca and other cash-poor Americans resort to risky financial products.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
