CNBC Daily Open: Washington's house is divided over interest rates
On interest rates, Washington's house cannot even agree on which direction to take.
TL;DR
- U.S. markets rallied as Fed Governor Waller signaled support for holding interest rates steady, reducing the likelihood of a September rate hike.
- Vice President JD Vance publicly urged the Fed to lower interest rates to improve housing affordability.
- A trade dispute between Canada and the U.S. escalated, with Canadian Prime Minister Mark Carney responding to claims by U.S. Commerce Secretary Howard Lutnick.
- Lululemon's stock fell by 15% after the company cut its annual outlook, citing negative social media commentary and a slowdown in core product categories.
- Microsoft will introduce monthly time limits for Xbox cloud gaming subscribers on Game Pass, with different caps for various subscription tiers.