- President Trump enacted an executive order to ban institutional home buyers, aiming to curb rising housing costs and promote individual homeownership, preventing the U.S. from becoming "a nation of renters".
- He expressed optimism about signing a cryptocurrency bill soon and highlighted ongoing legislative efforts to regulate the crypto market structure, emphasizing the need to counter China's influence.
- Trump criticized Federal Reserve interest rate policies under Chair Jerome Powell, attributing them to hindering U.S. economic success, and indicated an upcoming announcement for a new Fed Chair.
- The President also escalated international trade rhetoric at Davos, threatening additional tariffs on France over drug prices and recalling past tariff disputes with Switzerland, while the EU delayed a vote on a trade agreement with the U.S..
- Intel (INTC) shares surged 6.7%, hitting a three-year high after Bernstein raised its price target to $36 from $35, contributing to a positive open for major U.S. indices.
President Donald Trump delivered a wide-ranging address at the World Economic Forum in Davos, Switzerland, on Wednesday, outlining his administration's economic and policy priorities. A central theme was the U.S. housing market, where Trump announced an executive order banning institutional investors from buying single-family homes. He stated that this measure is crucial to boost housing affordability and ensure the U.S. does not become "a nation of renters". The order directs federal agencies to prioritize individual homebuyers and review institutional acquisitions for anti-competitive practices.
On the technology front, President Trump expressed hopes to sign a cryptocurrency bill in the near future, noting that Congress is actively working on market structure regulation for digital assets. He underscored the political popularity of crypto and the strategic importance of blocking China's hold in the sector. This comes as he also criticized credit card firms for high interest charges, advocating for the U.S. to secure the lowest interest rates of any country.
The President also took aim at the Federal Reserve, blaming Chair Jerome Powell for raising interest rates and impeding U.S. economic success. Trump indicated that an announcement for a new Fed Chair is expected in the "not too distant future," with Treasury Secretary Scott Bessent mentioned as a key figure in the administration's economic discussions. Trump asserted that proper economic growth can effectively combat inflation.
In international relations, Trump's remarks at Davos fueled trade tensions. He threatened French President Emmanuel Macron with additional tariffs over drug prices, recalling past disputes where he imposed tariffs on Switzerland due to trade deficits. The European Union, meanwhile, has delayed a vote on ratifying a trade agreement with the U.S.. Trump also reiterated his plan to initiate land strikes against drug cartels, following previous maritime operations.
Separately, Ukrainian President Volodymyr Zelenskiy had planned to meet with Trump in Davos on Thursday, though reports from Axios indicated that no major breakthroughs were expected, and a "prosperity plan" signing was canceled.
In market news, Intel (INTC) shares saw a significant rise of 6.7%, reaching a three-year high after Bernstein increased its price target for the semiconductor giant to $36 from $35. Major U.S. stock indices opened higher, with the Nasdaq, S&P 500, and Dow Jones Industrial Average all posting gains after market open, up 0.30%, 0.35%, and 0.29% respectively.
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