The US economy is expected to see a sharp slowdown in growth in the first quarter.

The latest fights now threaten to shake the Pentagon, where Defense Secretary Pete Hegseth has pushed out top aides and faces backlash over sharing secret airstrike details outside secure channels.

APNews mentioned that Hegseth has removed several senior advisers in recent weeks. Last Tuesday, he went on Fox News and blamed those former aides for leaking information and trying to “sabotage the president’s agenda.”

A former Pentagon spokesperson who resigned last week wrote in Politico that Mr. Trump should fire Hegseth for overseeing a “full-blown meltdown.”

This clash has not yet become the main story of Mr. Trump’s return to the White House. However, it shows that the chaos that shaped his first term remains intact.

Mr. Trump often rewards loyalty over experience, setting his team members against each other and using their disagreements as leverage.

The national security team was rattled when Laura Loomer, a far-right activist known for conspiracy theories, visited the Oval Office. Ms. Loomer has accused some officials of disloyalty and persuaded Mr. Trump to fire them.

In an interview released on April 21, she said the White House is far from “one big happy family.” “The advisers don’t get along with each other,” she said. “The heads of agencies don’t get along with each other.”

Trump’s plan to change global trade balances causes conflict among his advisors

Tesla Chief Elon Musk, whose companies could face higher costs, called trade adviser Peter Navarro “dumber than a sack of bricks.” Mr. Navarro shot back, saying that Mr. Musk protects “his own interests” and dismisses Tesla as a “car assembler” who depends on overseas parts.

Navarro is truly a moron. What he says here is demonstrably false.

White House press secretary Karoline Leavitt downplayed these fights. She told reporters there are “far more examples of the president’s team working together enthusiastically and collaboratively.” “The numbers and results of this administration speak for themselves,” she said. “The president and his team are getting work done.”

Mr. Trump has long mixed opposing views to keep people on their toes. He values unpredictability as a tool in negotiations and picks advisers known for aggression and devotion.

John Bolton, who served as national security adviser in Mr. Trump’s first term, said this style shows a lack of experience and inconsistent ideology.

“The only thing they have in common is the belief that they should show personal fealty to Trump,” Mr. Bolton said. “That may keep them in the job, but it undercuts their seriousness.”

Despite the turmoil, Mr. Trump and his allies have closed ranks around Mr. Hegseth

On April 21, Mr. Trump brushed off reports that the secretary joined a second group chat about Yemen airstrikes, calling the stories “fake news.” He told reporters at the White House Easter egg roll that Mr. Hegseth is “doing a great job.” Ms. Leavitt defended him on Fox News, blaming Pentagon staff for resisting “monumental change.”

Yet criticism is rising from inside the department. John Ullyot, the former Pentagon spokesperson, said, “It’s hard to see Defense Secretary Pete Hegseth remaining in his role for much longer.” He said, “Many in the secretary’s own inner circle will applaud quietly” if Mr. Hegseth is fired.

Three other senior aides, Dan Caldwell, Colin Carroll, and Darin Selnick, said they were forced out amid “baseless attacks on our character.”

Trade tensions have also tested the administration’s unity

Mr. Navarro insisted there would be no negotiations on tariffs, but Treasury Secretary Scott Bessent said import taxes would improve the White House’s negotiating hand.

After Mr. Trump partly backed down, Mr. Navarro and Mr. Musk traded more barbs. Ms. Leavitt shrugged at the feud, saying “boys will be boys” and urging critics to remember “the most transparent administration in history.”

Ms. Loomer has kept up the pressure on other officials. Last week, she accused Mr. Bessent of bringing a “Trump hater” into his financial literacy effort. She posted on X that she planned to “personally tell President Trump and personally show him these receipts,” adding “shame on” Mr. Bessent. Mr. Musk shared her post and called the development “troubling.”

Source: CryptoSlate

Majorities in both parties say Trump administration must stop an action if a federal court rules it is illegal

Pew Research Center conducted this study to understand how Americans view President Donald Trump and the recent actions his administration has taken on key issues.

For this analysis, we surveyed 3,589 adults from April 7 to April 13, 2025. Everyone who took part in this survey is a member of the Center’s American Trends Panel (ATP), a group of people recruited through national, random sampling of residential addresses who have agreed to take surveys regularly. This kind of recruitment gives nearly all U.S. adults a chance of selection. Interviews were conducted either online or by telephone with a live interviewer. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education and other factors.

Here are the questions used for this report, the topline and the survey methodology.

With President Donald Trump’s second term approaching its 100-day mark, 40% of Americans approve of how he’s handling the job – a decline of 7 percentage points from February.

And, even as Trump continues to receive high marks from his strongest supporters, several of his key policy actions are viewed more negatively than positively by the public:

• 59% of Americans disapprove of the administration’s tariff increases, while 39% approve.
• 55% disapprove of the cuts the administration is making to federal departments and agencies, while 44% approve.

Trump’s use of executive authority also comes in for criticism: 51% of U.S. adults say he is setting too much policy via executive order. Far smaller shares say he is doing about the right amount (27%) or too little (5%) through executive orders.

Note: This survey was conducted after Trump’s April 2 announcement of sweeping new tariffs on nearly all U.S. trading partners, which triggered several days of volatility in U.S. and global stock markets. The survey was in the field on April 9 when Trump paused tariffs on most countries but levied higher rates on China. Americans’ opinions (including those about the economy and tariffs) were largely unchanged throughout the April 7-13 field period.

With many of the administration’s actions facing legal challenges in federal courts, there is widespread – largely bipartisan – sentiment that the administration would have to end an action if a federal court deemed it illegal.

• 78% say the Trump administration should have to follow a federal court’s ruling, rising to 88% if the Supreme Court were to issue the ruling.
• 91% of Democrats and 65% of Republicans say the administration would need to stop an action if a federal court ruled it illegal, rising to 95% of Democrats and 82% of Republicans for a Supreme Court ruling.

However, the latest national survey by Pew Research Center, conducted April 7-13 among 3,589 adults, finds much wider partisan differences in evaluations of Trump’s overall job performance and some key policies.

Seven-in-ten or more Republicans and Republican-leaning independents approve of:

• Trump’s job performance (75%)
• The administration’s cuts to government (78%)
• Increased tariffs (70%)
• Ending diversity, equity and inclusion (DEI) policies in the federal government (78%)

By comparison, even wider majorities of Democrats and Democratic leaners disapprove of:

• Trump’s job performance (93%)
• The administration’s cuts to government (89%)
• Increased tariffs (90%)
• Ending DEI policies in the federal government (86%)

Trump’s job rating compared with his first term and his predecessors

Trump’s current approval rating of 40% is on par with his rating at this point in his first term. It remains lower than other recent presidents’ approval ratings in the early months of their presidencies.

Among Trump’s predecessors dating back to Ronald Reagan, the only other leader who did not enjoy majority approval at his 100-day mark is Bill Clinton (49% approval in April 1993).

In April 2021, Joe Biden’s job approval rating stood at 59% – though it would drop substantially to 44% by September of that year.

Read Chapter 1 for more on Trump’s approval rating and explore demographic breaks in the detailed tables.

In their own words: How Americans view the first months of Trump’s presidency

Asked to describe what they like most – and least – about the administration’s actions so far, similar topics come up in both questions, though to different degrees.

Immigration actions

Trump’s immigration actions top the list of what Americans say they like most about the administration: 20% point to immigration, including 7% who specifically mention Trump’s deportation actions. But immigration actions, including deportations, also are cited by 11% of Americans as the thing they like least about the administration.

Approach to governing

About two-in-ten Americans (22%) describe an aspect of Trump’s governing approach as what they like least about the administration. This includes mentions of “carelessness” (3%), Cabinet and other staffing picks (2%), perceived targeting of law firms and universities (2%), and terms like “authoritarian” or “dictator” (3%). Conversely, 11% of Americans cite his “keeping promises” or “getting things done” as what they like most.

Tariffs and cuts to government

Tariffs and trade policy (15%) and government cuts (11%) are both mentioned by at least one-in-ten Americans as actions they like least. But these are also volunteered by sizable shares (6% and 9%, respectively) as aspects of Trump’s presidency they like most.

Views of cuts to the federal government

As the administration continues to plan and implement large-scale reductions across federal agencies, 59% of Americans say it is being “too careless” in how it makes these cuts. And the public is more likely to see the cuts having negative, rather than positive, effects.

• 51% say the cuts will make the government run worse, while 36% say they will make the government run better.
• 48% expect the cuts will cost Americans money in the long run. Fewer (41%) say the cuts will save money.

Read Chapter 3 for more on the Trump administration’s actions.

Other key findings

The public’s economic outlook has turned more negative. While current overall economic evaluations are unchanged from February, Americans are now more likely to say the economy will be worse a year from now (45% now, up from 37% then).

Read Chapter 4 for more on economic views.

Confidence in Trump’s handling of the economy – long a relative strength – has declined. Today, 45% express confidence in Trump to make good decisions about the economy, his lowest rating on this measure in Pew Research Center surveys dating back to 2019. Still, Trump’s economic rating remains higher than Biden’s was throughout his presidency. About half (48%) express confidence in Trump on immigration – his highest-rated issue.

Half of Americans say Trump’s policies are weakening U.S. standing in the world compared with Biden’s policies. About four-in-ten (38%) say Trump’s policies are putting the U.S. in a stronger position internationally. Views of the impact of Trump’s policies on the economy are nearly identical.

Read Chapter 1 for more on Trump’s handling of issues.

Related: Americans Give Early Trump Foreign Policy Actions Mixed or Negative Reviews

The GOP is viewed more favorably than the Democratic Party, a shift from recent years. Views of the Republican Party have trended more positive over the last year, and 43% now have a favorable view. Views of the Democratic Party are little changed over the last few years, with 38% now expressing a favorable view.

Source: PEW

On April 23, U.S. Treasury Secretary Janet Yellen announced that U.S. and India are close to finalizing a tariff agreement.

This agreement is fueling optimism in financial markets, leading to notable gains in both equity and crypto sectors.

U.S.-India Tariff Deal: Market Implications

Janet Yellen, the U.S. Treasury Secretary, stated that the U.S. and India are close to finalizing a tariff agreement. This announcement aligns with her consistent efforts to streamline international trade policy and reduce global economic friction.

The progressing negotiations hint at a decrease in trade tension, positively influencing market sentiment. The potential agreement is expected to strengthen economic ties between the two nations, facilitating smoother trade transactions.

Bitcoin Hits $92,625 as Trade Talks Progress

Did you know? In previous U.S.-India trade discussions, positive outcomes typically spurred financial markets, reinforcing investor confidence and generally promoting risk-on trading behavior across sectors.

As of April 23, Bitcoin's price is $92,625.23, per CoinMarketCap data. The cryptocurrency's current market cap is $1.84 trillion, commanding a 63.34% dominance. BTC has gained 2.15% over the last 24 hours, with a seven-day increase of 9.1%.

Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 15:49 UTC on April 23, 2025.

Source: CoinMarketCap

Experts from the Coincu research team highlight the potential regulatory easing as U.S.-India trade discussions progress. Heightened international cooperation could provide insights into more adaptive policies, possibly benefiting regulatory clarity in cryptocurrency markets. As Janet Yellen put it, "tariff negotiations could never be a lengthy process" and emphasized that the U.S. and India are very close to reaching an agreement on a tariff deal.

Source: CryptoSlate

Over two months of market correction may finally be coming to an end as Bitcoin’s on-chain metrics begin to flash positive signals again.

According to a weekly report by the on-chain analytics platform CryptoQuant, the contraction in bitcoin (BTC) spot demand is gradually easing, while the decline in the asset’s apparent demand is slowing down, and crypto liquidity growth is expanding.

BTC Demand Signs Are Improving

In the last 30 days, Bitcoin’s apparent demand has declined by 146,000 BTC, a significant contrast from the 311,000 BTC plunge recorded on March 27. This shows that spot demand for the leading digital asset is still declining, but at a slower rate.

Unfortunately, the negative momentum in demand for BTC has intensified. The demand momentum, which compares BTC purchases by new investors to those by older investors, has fallen to 642,000 BTC, its lowest since October 2024.

Large investors are accumulating BTC at the slowest monthly pace since February, with their holdings declining slightly in the past week. The holdings of this cohort of market participants have plummeted by roughly 30,000 BTC, with their monthly accumulation rate slowing from 2.7% at the end of March to 0.4% currently.

Also, Bitcoin demand in the United States spot exchange-traded fund (ETF) market is relatively low, although the funds recorded over $912 million in positive flows on April 22. On average, flows into these funds have been oscillating between -5,000 and +3,000 daily, compared with inflows of more than 8,000 in November-December when BTC skyrocketed to $100,000.

Moreover, U.S. spot Bitcoin ETFs have net sold 10,000 BTC so far this year, compared to a net purchase of 208,000 BTC by this time in 2024. CryptoQuant insists that Bitcoin demand, demand momentum, and purchases from U.S. spot ETFs need to sustain positive growth for prices to surge.

Bears Are Still Dominant

Additionally, the market analytics platform noted that prices rally sustainably when the market cap of stablecoins, with Tether (USDT) as a proxy, expands by more than $5 billion, and the change hovers above its 30-day moving average. However, that is not the case now.

The market cap of USDT has grown by only $2.9 billion in the last sixty days, and this level of growth is insufficient to support the crypto market liquidity needed for a sustained rally.

Meanwhile, BTC was trading above $94,000 at the time of writing after jumping 6.5% within 24 hours. Regardless, the Bull Score Index remains below 40, indicating that bears are dominant.

Source: CryptoSlate

Nvidia (NVDA 4.44%) stock is jumping in Wednesday's trading. The artificial intelligence (AI) hardware leader's share price was up 4.6% as of 10:45 a.m. ET. The S&P 500 and the Nasdaq Composite were up 2.8% and 3.5%, respectively, at the same point in the day's trading.

Nvidia's valuation is rapidly moving higher today thanks to indications that the Trump administration is adopting a softer trade-war stance that could help lower tariffs and ease tensions with China. Investors are also getting some good news about adoption for the company's AI Enterprise software platform.

Nvidia stock surges as White House signals trade-war pivot

President Donald Trump said yesterday that tariffs on China will "come down substantially" from their current levels. Along with comments from Treasury Secretary Scott Bessent and White House Press Secretary Karoline Leavitt, Trump's recent statements appear to signal a significant shift in the administration's approach to trade-war dynamics. Investors are seeing a potential resolution to a huge source of uncertainty, and it's powering strong bullish momentum for Nvidia stock and the broader market.

What's next for Nvidia?

Outside of macroeconomic and geopolitical developments, sales performance for AI processors will continue to be the biggest performance driver for Nvidia stock for the foreseeable future. But the company is continuing to make progress on software initiatives that extend beyond the CUDA AI software development platform that is currently strengthening its hardware ecosystem.

Along those lines, Cerence announced today that it had partnered with MediaTek to develop the next generation of its in-vehicle AI platform and that they will be using Nvidia's AI Enterprise software platform. Nvidia has positioned itself as an early leader in agentic AI services, and these technologies have the potential to have powerfully accretive impacts on the company's top-and-bottom-line results over the long term. In addition to offering AI processing as a service, the company appears to be making some smart moves that could help it reduce exposure to cyclical hardware demand trends.

Source: The Motley Fool

The S&P 500 was 2.6% higher in midday trading, coming off a big gain Tuesday that more than made up for its steep loss on Monday. The Dow Jones Industrial Average was up 848 points, or 2.2%, as of 11:20 a.m. Eastern time, and the Nasdaq composite was 3.6% higher.

Wall Street’s gains followed strong moves higher for stocks across much of Europe and Asia. They also continue a dizzying, up-and-down run for financial markets as investors struggle with how to react to so much uncertainty about what Trump will do with his economic policies. The S&P 500 remains 11.7% below its record set earlier this year after briefly dropping roughly 20% below the mark.

The market’s latest move is up in part because Trump said late Tuesday that he has “no intention” to fire the head of the Federal Reserve. Trump had been angry with Jerome Powell, whom Trump had called “a major loser,” because of the Fed’s hesitance to cut interest rates.

While cutting rates could give the economy a boost, it could also put upward pressure on inflation. Economists say Trump’s tariffs are likely both to slow the economy and to raise inflation, at least briefly.

Trump’s tough talk had frightened investors because the Fed is supposed to act independently, without pressure from politicians, so that it can make decisions that may be painful in the short term but are best for the long term.

Trump may have recognized the market’s fear about a move against Powell. He may also be looking to keep someone around whom Trump could blame later if the economy does fall into a recession, according to Thierry Wizman, a strategist at Macquarie.

“Indeed, if the Fed cuts its policy interest rates aggressively, Trump would have little excuse for a recession apart from the pugnacity of his tariff policies,” Wizman said.

Markets also rose after Trump said late Tuesday that U.S. tariffs on imports coming from China could come down “substantially” from the current 145%. “It won’t be that high, not going to be that high,” Trump said.

The hope along Wall Street has been that Trump may lower his tariffs after negotiating trade deals with other countries, and Trump said Tuesday he would be “very nice” to the world’s second-largest economy and not play hardball with Chinese President Xi Jinping.

“There is an opportunity for a big deal here,” U.S. Treasury Secretary Scott Bessent said in a Wednesday morning speech.

If Trumps brings his tariffs down by enough and quickly enough, investors believe a recession could be averted.

U.S. businesses say they’re already feeling the effects of the trade war. A preliminary reading of U.S. business activity fell to a 16-month low, as the threat of tariffs helped push up prices charged for goods and services at the sharpest rate for just over a year, according to S&P Global’s latest survey released Wednesday.

That’s why one of the few predictions many along Wall Street are willing to make is only that sharp swings for financial markets will continue for a while. The market will “more likely than not continue to be dictated by Trump’s latest whims regarding tariffs and trade,” said Tim Waterer, chief market analyst at KCM Trade.

Trump’s comments also had a big effect on the bond market, where Treasury yields eased. It’s a turnaround from earlier this month, when spiking Treasury yields raised fears that Trump’s actions were scaring investors away from U.S. investments and weakening the U.S. bond market’s reputation as one of the safest places to keep cash.

The yield on the 10-year Treasury fell to 4.33% from 4.41% late Tuesday. That’s a notable move for the bond market, which measures things in hundredths of percentage points.

On Wall Street, Big Tech helped lead a widespread rally where most U.S. stocks climbed.

Nvidia rose 5% to claw back more of the sharp losses it took last week, when it said U.S. restrictions on exports of its H20 chips to China could hurt its first-quarter results by $5.5 billion. The chip company’s stock was the strongest single force lifting the S&P 500.

Other stocks in the artificial-intelligence technology ecosystem also helped lead the way. Vertiv Holdings, which traces its roots to the industry’s first manufacturer of computer room air conditioning, jumped 12% after reporting stronger profit and revenue for the latest quarter than analysts expected. It said it’s continuing to see accelerated demand from AI data centers.

Super Micro Computer, a company that makes servers used in AI, leaped 10.6% for the biggest gain in the S&P 500. Palantir Technologies, which offers an AI platform for customers, climbed 8.5%.

Tesla revved 7.9% higher after CEO Elon Musk said he’ll spend less time in Washington and more time running his electric vehicle company. Tesla on late Tuesday reported a big drop in profits. It’s been struggling because of backlash against Musk’s efforts to lead cost-cutting efforts by the U.S. government.

In stock markets abroad, indexes jumped 2.4% in France, 2.4% in Hong Kong and 1.9% in Japan. Stocks in Shanghai were an exception, where they dipped 0.1%.

Source: BNN BIoomberg