President Donald Trump's "reciprocal" tariffs went into effect at midnight ET Thursday, affecting dozens of U.S. trading partners. "IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!

President Donald Trump's higher tariff rates of 10% to 50% on dozens of trading partners kicked in on Thursday, testing his strategy for shrinking U.S. trade deficits without massive disruptions to global supply chains,

President Trump boasted early Thursday that “billions of dollars” were now flooding into the US after the higher tariff rates he slapped on dozens of trading partners officially came into effect. “It’s midnight!

The Bank of England is poised to cut interest rates as it grapples with slowing economic growth and lingering inflation. Investors expect the BoE to cut its benchmark rate by 0.25 percentage points to 4 per cent when it announces the decision at midday in London.

By contrast, the European Central Bank expects inflation in the euro zone to hold below 2%. It has cut borrowing costs eight times since June of last year, three more reductions than those of the BoE. Inflation has been above the BoE's 2% target almost constantly since May 2021.

Interest rates have been slashed to 4% this afternoon, marking the fifth cut since last August - and taking the cost of borrowing to its lowest level in more than two years

In what was likely welcome news for aspiring home buyers, the average rate on a 30-year mortgage held at a 10-month low, sitting at “levels from early October 2024,” according to data released Tuesday from Mortgage News Daily.

The average 30-year fixed mortgage is now 6.58%, falling after last Friday's weak jobs report increased the likelihood the Fed will cut interest rates next month.

Rates on new 30-year loans have fallen two days in a row, pushing the average to its lowest level since early April. Rates have moved lower for other loan types as well.