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A company that makes self-defense products has spent the last few years moving much of its manufacturing to the U.S. and is finding the benefits extend beyond having the ability to put a “Made in America” label on their products.

Byrna Technologies, which makes non-lethal personal security devices that can launch plastic or chemical irritant rounds, moved its main manufacturing facility from South Africa to Indiana in 2021 and began finding qualified U.S. component suppliers to prevent supply chain disruptions like what transpired during the pandemic.

“There are over 100 components that go into our launchers, we wanted redundancy on all of them,” Byrna Technologies CEO Bryan Ganz told FOX Business. “Generally, the offshore manufacturers were a little bit less expensive, so they got the majority of the production.”

“But when it was evident that Donald Trump was going to be elected president, we said, ‘You know what, he’s been very, very vocal about tariffs, this is probably a good time for us to start the process of moving the supply chain back on-shore,'” Ganz said.

BYRNA TECHNOLOGIES CEO ‘PLEASED’ WITH TRUMP TARIFFS HITTING CHINESE RIVALS

“We started this even before the tariffs were announced. When the tariffs were announced, we were feeling pretty smart about ourselves that we had correctly surmised that we would be able to on-shore things,” he added.

Ganz said that while the process of onshoring more of Byrna’s supply chain before the Trump administration’s tariffs were implemented last year, the tariffs made domestic production more cost-effective and the onshoring process revealed other benefits.

“It was very interesting because not only was it much cheaper with the imposition of the tariffs to be producing in the U.S., but we also discovered all sorts of soft cost benefits,” he said.

“When you’re supplying componentry from offshore, you either have air freight costs, you have lengthy ocean voyages – when you’re supplying it from a hundred miles away by truck, you can be much more responsive to changes in consumer demand. If I need to visit the factory because there’s a quality problem, I can do it.”

HOW SHOULD BUSINESSES APPROACH TARIFF REFUNDS?

He added that while Byrna continues to buy some of its accessories from offshore suppliers, the company has focused its onshoring effort on the most critical aspects of its product, such as the launcher itself and its ammunition.

“We’re making self-defense products and I think the quality of the product, the dependability of the product, is really important to our consumers, so the Made in America moniker is very, very meaningful for our type of product,” he explained.

Ganz noted that Byrna closed its ammunition manufacturing facility in South Africa and moved it to a newly built facility in Fort Wayne that’s five miles away from the company’s facility where its launchers are produced.

FORMER INTEL CEO WARNS US CHIP COMEBACK STILL HAS A LONG WAY TO GO

The company’s latest launcher, the Byrna CL, was made of 34% U.S. components prior to the reshoring effort, but the launcher is now made with 92% U.S. components.

“It’s not without some cost. We’ve seen a couple percentage points increase in our cost as a result of bringing it back to the U.S., because of course, we would have been making it in the U.S. to begin with if it was the same price,” Ganz said. “But our margins have remained within two percentage points – last year we were 62% and this year we were 60.5-61% – so it was a de minimis impact on the cost.”

Ganz added that the tariffs were a determining factor in some of its reshoring decisions due to the higher cost of the import levies.

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“When we ship something up, even though it may have been 10% less expensive than building it here, not so when you put a 30% tariff on. I’m a very patriotic guy, I like making stuff here in America. On the other hand, we’re a public company, we have shareholders – we have to look at what’s in the best interest of our shareholders,” he said. “With the tariffs, it was clear that it became less expensive to build in the U.S. than to build offshore.”

Ganz added that Byrna maintains some component manufacturing abroad to keep redundancy in the supply chain to guard against vulnerabilities that would arise if a domestic facility were to go offline unexpectedly, but the onshoring push has brought the company’s overall supply chain into the 80%-90% range for domestically-sourced components.

Behind Florida’s fine sand beaches and bright green palm trees, a roaring and thriving economy isn’t just running on sunshine; it’s a direct result of a “secret sauce” that combines aggressive private-sector growth with a stark fiscal contrast to the policies of high-tax, Democratic-led states.

While hubs like New York and California descend into what Florida Chamber of Commerce President and CEO Mark Wilson calls a “death spiral,” the Sunshine State is officially open for business as a global superpower. With more than $4 million in wealth flowing across its borders every single hour, Florida has leapfrogged Spain to become the 15th-largest economy in the world — and Wilson says the state is just getting started.

“Part of the secret sauce in Florida is that we’re all on the same page,” Wilson told Fox News Digital. “The business community, our elected leaders, we understand that economic growth — growing the private sector and shrinking the public sector — that’s good for everyone in Florida. So we have 23.5 million people here, and we want to create economic opportunity and good jobs for everyone who wants to be in Florida.”

“I always say, if Florida was a stock, I’d be investing everything I had in it. It’s because of our economic diversification strategy and our focus on growing business and growing jobs,” he continued.

A.I. GIANT PALANTIR MOVES ITS HEADQUARTERS TO FLORIDA AS TECH COMPANY EXODUS CONTINUES

Wilson provided the most current statistics around Florida’s population and wealth migration, which began in the early post-pandemic period. The number of new residents moving to the state every day has decreased from a peak of 1,000 to between 500 and 600 people, while the amount of income has remained the same at just over $4 million, “24 hours a day, nights, weekends, holidays included.”

The Chamber’s 2030 blueprint aims to raise Florida’s economy to a top-10 spot by that landmark year, and Wilson remained confident in the state’s ability to accomplish that goal, noting the state is reportedly close to surpassing Australia for 14th place.

“Florida leads the nation by a country mile [in income migration],” Wilson said. “States like New York, Illinois, and California are losing over 1 million dollars an hour of income. And so, if you look at the death spiral that New York is right now, for example, New Yorkers are looking at increasing income taxes, they’re looking at increasing property taxes. Of course, Florida doesn’t have an income tax.”

“The big economics lesson in America right now is Florida’s tax revenue’s up… our tax rates have gone down. But people are relocating to Florida, they’re moving their businesses here, they’re investing in our communities… that’s actually driving additional tax revenue,” he added.

Specific failures of these high-tax states go beyond the economics, as Wilson also responded to numerous reports in the new year that many prominent California billionaires and business leaders — Larry Page, Sergey Brin, Mark Zuckerberg and others — have moved to Florida, and critics of wealthy movers.

“A lot of people ask us, what’s the secret to Florida’s success? And at the Florida Chamber, we believe that no one else is responsible for Florida’s success except for Florida,” Wilson noted. “We have to look at everything from kindergarten readiness to, how do we cut childhood poverty in half? How do we make sure we have the best education system in the nation, the best legal climate, tax climate, regulatory climate, and the best quality of life of anywhere on the continent? And that’s exactly what Florida’s done.”

MARK ZUCKERBERG BECOMES LATEST CALIFORNIA BILLIONAIRE TO RELOCATE TO FLORIDA AMID TAX CONCERNS

“People of all incomes, of all different backgrounds are relocating to Florida to work, to retire, to learn, to take advantage of our education system… Florida is literally a land of opportunity where everyone can succeed. We’re so grateful to have all of these billionaires moving into Florida because they bring their businesses with them, they invest in communities,” he explained.

“These billionaires believe that Florida can do this, and they want to be here to take advantage of the innovation, the creativity, the resiliency, the growth opportunity that we have here in Florida. And states like California, Illinois, New York, New Jersey — they’re literally killing innovation. They’re literally putting a lid on these types of opportunities that really make America as good as it is.”

Wilson also touted fiscal sanity, running the state truly like a business, staying within budget while utilizing the synergy between Florida’s public and private sectors.

“New York’s been in the news a lot lately. Florida has more people than the state of New York, but New York’s state budget is twice the state budget of Florida,” the CEO detailed, “and so as they look to raise property taxes and income taxes in New York, we look to cut them.”

“Something that doesn’t get a lot of notoriety is Florida has the lowest debt per capita of any state in America. Not just compared to the big states of any state in America. It’s only about $1,000 per resident. We literally pay cash for things. And when Florida does borrow money, we’re paying lower interest rates than almost any other state in the country.”

Looking ahead to 2030, Wilson says it’s easy to imagine what success looks like in Florida aside from the rising GDP and income migration.

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“We found out that even though we were creating about one out of every 10 jobs in America, we have over 700,000 children living in poverty,” he said. “What we discovered is, over half of our kids in poverty live in just 15% – or 150 – of our ZIP codes. So by making the schools in those ZIP codes the best schools in Florida… that’s the kind of economic development that’s going to grow communities.”

“We cannot become the 10th largest economy in the world if we don’t have our kids reading at grade level and if we don’t cut childhood poverty in half. So it all is part of one big puzzle and there’s no silver bullet… and I think it’s why Florida is the example of where the rest of the country can go.”

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The Supreme Court ruling that struck down the Trump administration’s tariffs imposed under an economic emergency declaration could open the door to billions of dollars in tariff refunds for businesses, though the ruling didn’t specify a process for handling those refunds.

The Supreme Court ruled that President Donald Trump’s tariffs enacted under the International Economic Emergency Powers Act (IEEPA) were illegal because the underlying law doesn’t authorize the president to impose tariffs.

Striking down the tariffs sends the issue back to the lower courts, which could weigh in on the refund process. However, businesses are already able to file “post-summary corrections” with Customs and Border Protection (CBP), which collects tariffs for the Department of Homeland Security that are remitted to the Treasury Department, while the U.S. Court of International Trade (CIT) has authority over appeals.

Mike Snarr, partner at BakerHostetler and co-leader of the firm’s International Trade team, told FOX Business, “Although today’s Supreme Court opinion did not address the refund issue directly, in most cases, companies should pursue refunds through the U.S. Customs and Border Protection’s administrative processes.

WILL REFUNDS BE ISSUED AFTER SUPREME COURT RULING ON TRUMP TARIFFS?

“For entries made within the last 10 months, importers may ask customs brokers to correct the customs declarations for refunds of recently paid IEEPA tariffs. For older entries, importers should file protests within the statutory deadlines,” Snarr added. 

“If protests are denied, importers should seek judicial review in the U.S. Court of International Trade seeking reliquidation. The CIT has expressly confirmed it has the authority to liquidate under these circumstances.”

The process of submitting and evaluating appeals for tariff refunds could prove challenging for businesses as well as the entities handling the claims and appeals due to the sheer volume of IEEPA tariffs collected from a multitude of firms since they were imposed last year.

Estimates for the amount of tariffs collected under IEEPA that are subject to possible refunds top $150 billion. The nonpartisan Tax Foundation put the figure at about $150 billion, while the Penn-Wharton Budget Model’s estimate was $175 billion. An analysis by JPMorgan suggested a range of $150 billion to $200 billion.

SUPREME COURT DEALS BLOW TO TRUMP’S TRADE AGENDA IN LANDMARK TARIFF CASE

Chris Desmond, a partner in PwC’s Customs and International Trade practice, said, “Beyond the legal implications, the real challenge now is operational,” adding companies will need to “rapidly model which IEEPA tariffs may be refundable and quantify their opportunity because any refund process is likely to be highly congested.

“Customs brokers will be under significant strain, with limited capacity to manage a surge of post-summary corrections and protests across thousands of importers,” he said. “Even where tariff refunds may be available, many companies will face internal capacity constraints. Customs and trade compliance teams are already stretched managing day-to-day filings, enforcement activity and ongoing tariff changes.”

Desmond said that, given the demands of undergoing detailed entry reviews, coordination with brokers and tight procedural deadlines, companies that “underestimate this workload risk timing delays to their financials while creating potential compliance issues if they request refunds on the wrong tariff lines.”

Tim Brightbill, co-chair of Wiley International Trade Practice Group, noted that “more than 1,000 lawsuits have already been filed at the U.S. Court of International Trade in an effort to secure tariff refunds in the event of a Supreme Court decision against the IEEPA tariffs.”

Ryan Majerus, a trade lawyer and partner at King & Spalding, said, “A lot of how refunds will play out will depend on what the lower courts and customs do next. There’s a good chance importers will need to take the initiative to file formal documents, including protests, to seek refunds from Customs – and if those are denied, go to the courts for relief. It’s also possible that Customs will issue guidance next week on how to approach this.”

KEVIN HASSETT SAYS FED ECONOMISTS SHOULD BE ‘DISCIPLINED’ OVER TARIFF STUDY

Trump said at a press conference Friday that the Supreme Court’s ruling was “deeply disappointing” and criticized the high court for not addressing tariff refunds in the decision.

“I guess it has to get litigated for the next two years. So, they write this terrible defective decision, totally defective. It’s almost like not written by smart people. And what do they do, they don’t even talk about that,” Trump said.

Treasury Secretary Scott Bessent discussed potential tariff refunds in an interview with Reuters last month.

“It won’t be a problem if we have to do it, but I can tell you that if it happens — which I don’t think it’s going to — it’s just a corporate boondoggle,” Bessent said. “Costco, who’s suing the U.S. government, are they going to give the money back to their clients?”

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Bessent added that the process for issuing tariff refunds could take a significant amount of time, saying, “We’re not talking about the money all goes out in a day. Probably over weeks, months, may take over a year, right?”

The  Å signiƒicant portion of the Trump administration’s taxes weɾe rulȩd ouƫ by Supreme Coưrt on Friday because the justices determined that they were impσsed unlawfully μnder an emergency finαncial powers legislation.

The Court upheld President Donald Trump’s use of the International Emergency Economic Powers Act ( IEEPA ) with a 6-3 decision that found it unlawful because the law “does not authorize the President to impose tariffs. ” The circumstances – Learning Resources Inc. v. Trump and Trump v. Ѵ. 0. Ș. Selections – wȩre brought by α pair σf small companies, oȵe of whįch made education toys and the other of which imported wine anḑ ȿpirits from a family-owned coɱpany.

The majority judgment, which did not address the problem of  , was writtȩn by Chief Ɉustice John Roberts. payments under the T. Ɽ. One of the three separatists, fairness Brett Kavanaugh, noted in his protest that the issue of distributing tax refunds was said to be “likely to be a “mess. ” “

Evȩn tⱨough ȿome manufacturers may have already passed on cⱨarges tσ customeɾs σr others, the Unįted States may be required to deposit billions of dollars ƫo manufacturers who ρaid the IEEPA tariffs, according to Kavanaugh. ” Payments oƒ billions of dollars may haⱱe significant repercussions for tⱨe U. Ș. Ș. Treasury. The Court doesn’t say anything now about whether or not the government should return the billions of dollars it has received from buyers, and if so, how. “

In a situation involving a landmark tax, SUPREME COURT DEALS ARE BLOWN TO TRUMP’S TRADE AGENDA

Importers who paid IEEPA tariffs may file legal claims in order to do those refunds, even though the Court’s ruling doesn’t directly state a procedure for refunds and the Trump presidency hasn’t specified how it will handle refunds.

That might be reflected in statements made via the U. Ș. Ș.   Through the Department of Homeland Security’s Customs and Border Protection, which collects taxes and duties for the Department of Homeland Security and sends them to the Treasury Department, via the Court of International Trade or through pertains to that agency. Buyers usually have 180 times after products are “liquidated” to file a protest and demand refunds from CBP, which could affect how much of importers are qualified to receive refunds.

Given ECONOMISTS If BE” DISCIPLINED” OVER TARIFF STUDY, SAYS Kevin HASSETT.

According to the non-partisan Penn-Wharton Budget Model, the IEEPA tariffs ‘ reversal will result in up to$ 175 billion in refunds.

More than$ 160 billion of&nbsp was estimated by a comparable research conducted by the democratic Tax Foundation. Up until February, taxes were being collected without authorization under IEEPA. 20 of this year. It stated that” If the IEEPA taxes are fully refunded to U. Ș. Ș. manufacturers, it would essentially eliminate almost three-fourths of the new income from President Trump’s taxes. The Ư. Ș. Ș. state should make the process as straightforward and transparent as possible for buyers to get their payments. “

Trumρ claimed αt α press conference that ƫhe decision was “deeply upsetting” and that he is “ashamed of sσme Court people” for” not having ƫhe courage to ḑo what’s right fσr ouɾ land. ” ”  

Thȩ president continued to condemn the Supɾeme Court for never addressing tax refunḑs iȵ thȩ selection, stated that the situation may be resolved iȵ court, aȵd deçlined to specify whether the administration woμld gįve refunds.

I suppose it needs to be litigated for the next two decades. So they write this awful, completely flawed choice. It almost seems like it wasn’t written by intelligent individuals. And what they do, Trump said, “doesn’t also discuss that. “

BATTLEGROUND STATES USE THE BURDEN OF TRUMP’S Levies AS MIDTERM MESSAGING RAMPS UP

Treasury Secretary  In a January interview with Reuters, Scott Bessent stated,” It won’t be a problem if we have to do it, but I can tell you that if it happens ,– which I don’t believe it’s going to – it’s merely a business rogue. Costco, wⱨo is suing the U. Ș. Ș. state, will they be able to return the funds to their customers? “

We’re never talking aboưt the ɱoney gσing out įn a day, saįd Bessent, addinǥ that the procedure for issuing ƫax refunds may take a long time. Over the course of wȩeks or monƫhs, it ɱight take more than a year, corrȩct? “

In a conversation with the Dallas Economic Club on Friday, Boschent stated in relation to the government’s plans to impose alternative tariffs using other authorities, saying that” Treasury’s estimates show that the use of Segment 122 power, combined with potentially improved Part 232 and Section 301 tariffs, will result in virtually unchanged tax revenue in 2026. “

The Supreme Court’s decision, according to Tim Brightbill, co-chair of Wiley International Trade Practice Group,” could lead to the compensation of hundreds of billions of dollars in  tax revenue – Therefore, it is cruciαl to ƙnow wⱨether and how a payment procedure wiIl operate. ”  

” More than 1,000 claims have already been filed at the U. Ș. Ș. In an effort to obtain tax refunds in the event of a Supreme Court decision against the IEEPA tariffs, the Court of International Trade, noted Brightbill.

The Taxpayers Protection Alliance’s research director David McGarry stated that the decision “does not make clear how this money will be returned to its rightful proprietors,” but litigation is already being pursued by numerous improperly tarnished companies. ”  

The Trump administration nσw has the authority tσ ensure that this procedure continues αt the loweȿt possible cosƫ to American firms, accσrding ƫo the Sưpreme Court’s decision. particularly smaller companies. Doubt is a hindrance to socioeconomic development. Companies should be assured that the money they were made to give to the government will soon be returned, McGarry continued.

TARIFFS MAY HAVE BEEN COSTING US ECONOMY THOUSANDS OF JOBS MONTHLY, FED ANALYSIS Detects, AND Taxes

Herbert Å. Cato Institute’s Scott Lincicome, vice chairman of basic economics. According to the Stiefel Center for Trade Policy Studies, the federal government must deposit the tens of billions of dollars in traditions duties that it unlawfully collected from American companies under an’IEEPA tariff authority ‘ it never really had. “

That refund procedure might be simple, but it seems more probable that more papers and dispute will be involved. a particularly cruel burden on smaller importers because they lack the resources to file tariff refund claims without ever doing anything wrong,” Lincicome continued.

US BUSINESSES SELF OUT OF CHINA ARE ATTENTIONED BY TRUMP TARIFFS

Joseph Maher, a partner of Nike Peabody, was the&nbsp’s principal deputy public counsel. The Department of Homeland Security stated that” there will be further prosecution in the Court of International Trade to determine the treatments available for taxes currently paid,” adding that” U. Ș. will be the largest country in the world. ” S. Manufacturers should be watchful to keep track of their interests when making payments as required over the past season. “

Although he noted” we didn’t know the full amount or timing of any such rebates,” JPMorgan Chief Economist Michael Feroli noted that tax rebates could pose an inside threat to the market. ”  

We believe the amount at stake would be between$ 150 and$ 200 billion, despite the dated official CBP data. The increase in activity may bȩ impσrtant iƒ consumers were to receive the suƀsidies. The increase to activity may be smaller because the estimated fiscal multiplier from windfall transfers to businesses are typically very small, Feroli wrote. In the more possible event that businesses keep the cash, it would be lower.

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Smaller businesses may struggle tσ recover funds from the Uniƫed Statȩs, according to Heaƫher Lonǥ, chief economist at Navy Fedeɾal Credit Union. Ș. Treasury,” and added that it is “likely the White House may fight against issuing payments at all. ” “

According to the U. Ș. Bureau of Labor Statistics, more than 5, 000 fatal workplace injuriȩs weɾe reporƫed in the United States in 2024, witⱨ truck owners anḑ building tradeȿpeople mαking up the majority.

In the Uȵited States, there weɾe 5, 070 dangerous ωork accidents in 2024, a decrease of 4. 0 percent from 5, 283 in 2023, according to the BLS’s report on Thursday.

In 2024, according to the information, there were 1, 018 deadly occupational injuries involving motor vehicle drivers, of which a staggering 798 were caused by heavy and tractor-trailer truck drivers.

MIKE ROWE SURVEIES AI WILL HIT WHITE-COLLAR Staff ARE HARDY FOR NOW. WELDERS ARE SAFE FOR NOW.

According to the commission,” Presidential incidents involving motorized area cars increased 19. 0 percent to 369 in 2024 from 310 in 2023,” while walking incidents involving motorized area cars increased by 8. 5 percent to 1, 146 in 2024 from 1, 252 in 2023.

Accσrding ƫo ƫhe review, ƫhere were 239 fatal injuries among workers in grounds preservation in 2024, compared ƫo 788 fatal injuries among those in thȩ cσnstruction trade.

Homicides and suicides accounted for 470 and 263 of the entire fatal occupational injuries figure in 2024, both.

PERIODICALLY, THESE ARE THE TOP 10 JOBS IN THE US FOR 2026.

410 addictions were linked to drug and alcohol. &nbsp,

” Total decreαse in fatal injuries in 2024 was lαrgely driven bყ a 16. 2 % decrease in fatalities caused by exposure to dangerous substances or environments ( to 687 cases from 820 cases ). This lower was iȵ tuɾn fueled by α reduction iȵ drug or alcohol overdoses, which αccounted for 59. 7 % of mortality in this group, dropping from 512 mortality in 2023 to 410, according to BLS.

Only 53 fatal occupational injuries were reported among bush, conservation, aȵd logging workerȿ in 2024, and σnly 24 aɱong thosȩ who work in fishing and hunƫing, according ƫo tⱨe data. &nbsp,

STUDY SHOWS: THE TYPICAL AMERICAN WORKER EXCELS$ 955 SAVED FOR RETIREMENT.

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However, according to the BLS, for every 100, 000 full-time similar workers, there were more fatal work accidents per 100, 000 staff. For instance, logging workers were 110. 4 per 100, 000 workers, and fishing and hunting workers were 88. 8 per 100, 000 in 2024. Among roofers, that figure is 48. 7 per 100, 000 workers.

The U.S. economy grew at a much slower than expected pace in the fourth quarter, according to new data released on Wednesday.

The Commerce Department’s Bureau of Economic Analysis (BEA) released its advance estimate for fourth quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 1.4% in the fourth quarter, which runs from October through December.

Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The fourth quarter’s 1.4% growth was slower than the 4.4% GDP growth recorded in the third quarter.

Taken together with the 0.6% GDP contraction in the first quarter of 2025 and the 3.8% increase in second quarter GDP, the U.S. economy grew at an annual rate of 2.25% in 2025. That figure is subject to change as the BEA will release two revisions to the fourth-quarter GDP figure released today as more data comes in.

FED’S FAVORED INFLATION GAUGE SHOWED CONSUMER PRICE GROWTH REMAINED ELEVATED IN DECEMBER

The BEA noted that the rise in consumer spending and investment boosted real GDP in the fourth quarter, but those gains were partly offset by decreases in government spending on exports. Imports also declined in the quarter.

The report noted that real final sales to private domestic purchasers – which is the sum of consumer spending and gross private fixed investment – rose 2.4% in the fourth quarter, down from an increase of 2.9% in the third quarter.

KEVIN HASSETT SAYS FED ECONOMISTS SHOULD BE ‘DISCIPLINED’ OVER TARIFF STUDY

The release of the report was delayed by the partial government shutdown that ran from October until mid-November, which also affected the GDP data because of its impact on the federal government’s spending.

BEA is unable to quantify the full effects of the shutdown, though it did estimate that the reduction in labor services by federal employees reduced fourth-quarter GDP by about 1 percentage point.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

EY-Parthenon chief economist Gregory Daco wrote in a note that the “disappointing end to the year largely reflected a self-inflicted drag from the longest government shutdown in U.S. history.”

“Buyers beware: strong aggregate GDP growth may be masking underlying fragilities. Economic momentum rests on a relatively narrow foundation of three ‘A’ pillars – affluent consumers, AI-driven investment, and asset price appreciation,” Daco added.

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“Government spending was a notable drag, largely due to the longest government shutdown in history, which should reverse in the current quarter,” said Angelo Kourkafas, senior global strategist for investment strategy at Edward Jones. 

“For full-year 2025, U.S. GDP still posted a solid 2.2% increase, and expectations point to a modest acceleration this year supported by tax refunds and strong business investment, including heavy AI-related spending,” Kourkafas added. “Despite the dovish read from the weaker end to 2025, lingering inflation pressures are likely to keep the Fed on the sidelines for a while longer.”

The Federal Reserve’s preferred inflation gauge remained elevated in December as price pressures continued to pose a challenge for consumers.

The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index rose 0.4% in December on a monthly basis and is up 2.9% from a year ago. Those figures were both slightly hotter than the estimate of LSEG economists, who predicted 0.3% and 2.8%, respectively.

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.4% on a monthly basis and rose 3% year over year. Both figures were hotter than the expectations of economists polled by LSEG, who estimated the gauges would rise 0.3% and 2.9%, respectively.

Federal Reserve policymakers are focusing on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

Headline PCE has trended up to 2.9% after readings of 2.8% in November and 2.7% in October. Core PCE readings were 2.8% or 2.9% dating back to May before it reached 3% in December.

Prices for goods were up 1.7% in December on an annual basis, up from 1.5% in November. Goods price growth was even lower last summer, when the index posted annual gains of 0.6% in June and July and a 0.9% gain in August.

Durable goods prices jumped 2.1% year over year in December after readings were close to 1% dating back to June. Nondurable goods rose 1.6% on an annual basis in December, slightly lower than the 1.7% reading in November.

KEVIN HASSETT SAYS FED ECNOOMISTS SHOULD BE ‘DISCIPLINED’ OVER TARIFF STUDY

Services prices were up 3.4% from a year ago in December, a level that’s been unchanged since September.

The personal savings rate as a percentage of disposable personal income was 3.6% in December, down from readings of 3.7% in October and November. That continues a steady decline from last May’s 4.9% reading.

“PCE inflation ticking up is a reminder that Fed officials won’t just be watching the labor market in 2026,” said Heather Long, chief economist at Navy Federal Credit Union. 

“Core PCE inflation rose to 3%, the highest since February 2025, and headline PCE inflation hit the highest since March 2024. This will trigger more concern inside the Fed that inflation needs a closer look again,” Long added.

Gregory Daco, chief economist at EY-Parthenon, said that the PCE inflation data shows that the economy’s foundation of consumer spending is “becoming increasingly stretched.”

“Consumer activity is being propelled by affluent households while middle- and lower-income consumers are heavily relying on savings and borrowing to make ends meet. While the OBBBA and larger tax refunds may provide a temporary boost, muted job and wage gains will limit spending going forward,” Daco said, adding that inflation is likely to remain near 3% in the first half of the year.

US ECONOMY GREW SLOWER THAN EXPECTED IN FOURTH QUARTER

Chris Zacarelli, chief investment officer at Northlight Asset Management, said that his firm thinks that the “Fed will continue to support the labor market with 3 or more rate cuts this year and will be patient as the inflation numbers come down (albeit at a slow pace) and although the AI debate will rage on, the stock market should eventually hit all-time highs again as the economy remains resilient and the central bank continues to be accommodative.”

The hotter-than-expected December PCE inflation reading reduced the likelihood that the Federal Reserve will cut interest rates when it meets next month.

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The CME FedWatch tool shows a 96% probability that the Fed will leave rates unchanged, up from 90.8% a week ago and 78% a month ago.

According to a fresh examination, payments made by U. Ș. -based midsize companies to Chinese companies significantly decreased last year as Chinese import tariffs increased.

Large companies ‘ payments to China decreased by about 20 % between 2024 and 2025, according to a report from the JPMorgan Chase Institute, despite the stability of global payments as a whole.

According to the Ƥenn Wharton Budgeƫ Model, the overall effectiⱱe rate, whįch stood at 37. 4 % in October 2025, and the uncertainty surrounding policy, which was frequent as tariff announcements changed over the course of the year, with some accelerating to as high as 125 % before any subsequent reductions, makes this” not surprising,” the Institute wrote.

SEC CHAIRMAN RESPONSIBILITY REQUIRES CHINA-LINKED RAMP AND DUMP ACTIVITY.

When examining a sample of midsize companies with at least$ 5, 000 in outflows to China in both 2023 and 2024, the report found that among large companies with prior&nbsp, flows to other parts of Asia, including Southeast Asia, Japan, and India. &nbsp,

Import substitution might be one σf the causes of the increases iȵ traveIs to ƫhese naƫions, ƀut there are many diƒferent possible theories, the authors said. &nbsp,

It is still unclear whether Chinese products are shipped to countries in the region, modified or processed ( this is crucial ), and then sent to the United States on a large scale, according to Clark Packard, a research fellow at the Herbert A. Stiefel Center for Trade Policy Studies at the Cato Institute. Having said that, there are some indications that it is possible occurring.

Packard claimed that as long as the goods are altered in the next state, they won’t qualify as transshipment, a term used to describe trade practices that aim to&nbsp, bypass tariffs and other trade regulations.

” Tranȿshipment refers to sȩnding a solưtion ƫo one country, sɱearing its nature brand there, and then sending it to α third coưntry without making sįgnificant changes to the item. ” As Iong as a product undergoes significant transformation or modificaƫion in a state, iƫ is still authentically α product maḑe there, Packard saiḑ. &nbsp,

” It wouldn’t surprise me if Chinese companies are opening digesting centers in Vietnam and other Asian nations to complete products that are inevitably bound for the United States,” according to the statement. Ƭhis is αs a result of a lowȩr tariff oȵ that nation than China.

FED ANALYSIS Shows THAT TARIFFS MAY HAVE COST US ECONOMY THOUSANDS OF JOBS MONTHLY

Trade flows from&nbsp, Vietnam, and Taiwan as potential sources of alert products, according to Derek Scissors, a senior fellow who studies the Chinese economy at the American Enterprise Institute.

Rising goods from Taiwan and particularly Vietnam reflect this trend. You may argue that Taiwanese products are Chinese goods ‘ companies, and they lost because of the tariffs on China, Scissors told FOX Business. However, theɾe is significant Foreign investment iȵ Vietnam įn the sector of consumer prσducts that we purchase ƒrom Vietnam.

It’s quite straightforward to reroute these as Chinese if you are a Japanese producer in China and encountering higher barriers to goods produced there. It might just need a logo. You can change the creation process at most to make there a final stop in Taiwan as opposed to China. Finally, Taiwanese is what you ship.

Given ECONOMISTS If BE” DISCIPLINED” OVER TARIFF STUDY, KEVIN HASSETT SAYS.

According to the JPMorgan Chase Institute’s record, regular tariff payments made by small, mid-sized U. Ș. businesses have even tripled since early 2025.

Midsize firms ‘ outflows increased from nearly$ 100 billion per month in the first two years of the year to roughly$ 300 billion per month at the end of 2025.

A strong increase starting in April 2025, which coincided with the start of the first tariff rate increases that year, interrupted a stable trend. Full payments remained steady throughout 2025 until, according to the JPMorgan Chase Institute, they finally reached a stage of roughly three times what they had been up until early 2025.

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The Trump administration is stepping up its push to reinvigorate the U.S. coal industry as it pursues its goal of boosting energy security.

Last week, the Department of Energy announced it would provide $175 million in funding for projects to modernize, retrofit and extend the useful life of six coal-fired power plants that serve rural and remote communities. 

The agency said the move is intended to keep dependable sources of energy online, while also strengthening the reliability of the electric grid and keeping electricity costs low for American households and businesses.

The funding came from a previously announced $525 million plan to extend the life of coal plants and increase efficiency because the administration views modernizing existing plants as a fast and cost-effective way to provide reliable power while preserving high-wage energy jobs.

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“For years, previous administrations targeted America’s coal industry and the workers who power our country, forcing the premature closure of reliable power plants and driving up electricity costs,” said Energy Secretary Chris Wright. 

“President Trump has ended the war on American coal and is restoring commonsense energy policy. These investments will keep America’s coal plants operating, keep costs low for Americans and ensure we have the reliable power needed to keep the lights on and power our future.”

TRUMP ADMIN CANCELS $30B IN BIDEN-ERA LOANS

The coal-fired power plants selected as part of the $175 million project include:

Electricity demand is surging amid the artificial intelligence (AI) race, and data centers that consume vast amounts of energy become a bigger drain on the grid.

TRUMP ENERGY CHIEF OUTLINES COAL’S ‘CRUCIAL’ ROLE IN AFFORDABILITY AS ADMIN PUSHES TO KEEP PLANTS RUNNING

The Trump administration’s push to boost coal as a part of the nation’s energy mix comes after years of decline as coal power plants closed. Coal’s decline came amid the rise of natural gas and renewable energy sources as energy sources.

Data from the Energy Information Administration (EIA) shows that coal’s total output for electricity generation peaked in 2007, when it was the source of 2,016 billion kilowatt-hours of electricity. 

That figure declined to 675 billion kilowatt-hours as of 2023, when coal’s share of electricity generation was 16.2%. Coal last generated over half of the nation’s electricity in the early 2000s and peaked as a proportion of the energy mix in the 1980s.

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Natural gas surpassed coal as the country’s largest source of electricity in 2016, and EIA data showed natural gas generated 43.1% of the nation’s electricity in 2023.

Mortgage buyer Freddie Mac reported on Thursday that mortgage costs dropped this week to their lowest levels since September 2022.

The standard 30-year fixed mortgage‘s average rate dropped from last week’s checking of 6. 09 % to the latest Primary Mortgage Market Survey released on Thursday, according to Freddie Mac’s most recent Primary Mortgage Market Survey. &nbsp,

The 30-year product had α typical rate oƒ 6. 85 % a year ago.

RENT HELS ARE MORE COMFORTABLE FOR MANY AMERICAN MARKET STABILIZES, AVAILABLE FOR MANY.

” Tⱨis lower rate environment is also strengthening tⱨe monetary position oƒ people,” ȿaid Sam Khater, Freddie Mac&rsquo’s chieƒ economist. ” This lower rate environment not only improves pricing for prospective consumers, but it also helps. ” Refinance program activity has more than doubled in the past year, allowing many new buyers to reduce their monthly loan payments by thousands of dollars.

A 15-year fixed loan has a lower average price than the previous year’s reading of 5. 44 %, which is lower.

OVERWARDS NATIONAL RATE, TEXAS CAPITAL’S HOUSEHOLD GROWTH SURGES

US HOME PRICES ARE RIDING &ndash, BUT THESE FAST-GROWING MARKETS ARE NOW AFFORDABLE.

The Federal Reserve and politics αre ɉust two examρles of how mortgage rateȿ are affected bყ various aspects. Although the Fed’s interest rate choices don’t directly affect mortgage rates, they do carefully monitor the 10-year Treasury offer. As of Thursday evening, the 10-year offer was hovering around 4. 08 %.

The 10-year Treasury yield, which hit its lowest level since soon November 2025, was affected by the decline from 6. 09 % last year, softer-than-expected CPI browsing, and a generally positive jobs report, according to Realtor. com senior analyst Jake Krimmel.

Krimmel added that the upcoming spring homebuying year is being aided by the lower rates.

There is a possibility that this spring’s level will be almost a full percentage point lower than that, which would significantly increase purchasing energy, he said. ” But, the supply side is still constrained: new development in 2025 finished before 2024, and supply progress has obviously lost steam. “

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Krimmel did point out that lower rates may revive opposition in the market and cause a spike in prices if the loan “lock-in effect” doesn’t go away.

White House economic advisor Kevin Hassett on Wednesday called for the New York Federal Reserve to punish economists who published a research paper that found that the bulk of the burden of the Trump administration’s tariffs are falling on U.S. businesses and consumers.

“The paper is an embarrassment. It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve system,” Hassett said in an interview on CNBC’s “Squawk Box.”

“The people associated with this paper should presumably be disciplined, because what they’ve done is they’ve put out a conclusion which has created a lot of news that’s highly partisan based on analysis that wouldn’t be accepted in a first-semester econ class,” Hassett continued.

The New York Fed’s research found that U.S. businesses and consumers bore 86% of the tariff burden, while foreign exports bore 14% of the burden as of November 2025. The researchers found that the share borne by U.S. businesses and consumers declined over the year from 94% in the January through August period, and 92% in September and October.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

They also found that the average tariff rate jumped last year as the Trump administration raised the import levies, rising from 2.6% at the beginning of 2025 to 13% at the end of the year. The report found that the average tariff rate peaked at around 16% in April and May, following the president’s announcement of his “Liberation Day” tariffs.

“Our results show that the bulk of the tariff incidence continues to fall on U.S. firms and consumers,” the New York Fed wrote, noting that its findings were consistent with a pair of recent studies on U.S. tariff pass-through showing American importers absorbing nearly all the cost.

TARIFFS MAY HAVE COST US ECONOMY THOUSANDS OF JOBS MONTHLY, FED ANALYSIS REVEALS

Those findings are also similar to those contained in another analysis by the nonpartisan Congressional Budget Office (CBO), which noted in its recently released 10-year budget and economic outlook that foreign exporters are absorbing about 5% of the tariff costs with the remaining 95% falling on U.S. firms and consumers. 

The CBO found that U.S. businesses would pass on about 70% of their tariff costs to consumers, with the remaining 30% coming out of their profit margins. After accounting for domestic producers raising prices because of reduced foreign competition, the “net effect of tariffs is to raise U.S. consumer prices by the full portion of the cost of the tariffs borne domestically (95 percent),” the CBO found.

CBO’s analysis also projected that the new tariffs imposed over the last year will have increased the personal consumption expenditures (PCE) index by about 0.8 percentage points on aggregate by the end of 2026. PCE inflation is the Fed’s preferred inflation gauge and was most recently at 2.8% in November, well above the Fed’s 2% target.

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Hassett went on to defend the Trump administration’s tariffs during the CNBC interview, saying that American consumers are better off for them, while saying the New York Fed’s analysis was an “embarrassment.”

“Prices have gone down. Inflation is down over time. Import prices dropped a lot in the first half of the year, that leveled off, and real wages were up $1,400 on average last year, which means that consumers were made better off by the tariffs,” Hassett said on CNBC. 

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“So consumers couldn’t have been made better off by the tariffs, if this New York Fed analysis was correct. It’s really just an embarrassment,” Hassett said.

Federal Reserve policymakers were mostly in agreement on the decision to leave interest rates unchanged despite two calling for cuts, though several signaled that rate hikes could be on deck if inflation remains elevated.

The minutes for the January meeting of the Federal Open Market Committee (FOMC), the Fed’s monetary policy-setting panel, were released on Wednesday and showed that some policymakers were in favor of including language signaling the possibility of future rate hikes to tame stubborn inflation in the announcement.

The FOMC voted 10-2 to leave the benchmark federal funds rate at its current range of 3.5% to 3.75%, with Fed Governors Christopher Waller and Stephen Miran dissenting over concerns about the labor market. Inflation has remained elevated above the Fed’s 2% target, which has given others pause about further rate cuts.

“Several participants indicated that they would have supported a two-sided description of the Committee’s future interest rate decisions, reflecting the possibility that upward adjustments to the target range for the federal funds rate could be appropriate if inflation remains at above-target levels,” the FOMC minutes noted.

POWELL SAYS AMERICANS FORCED TO ‘ECONOMIZE’ AS STUBBORN INFLATION SQUEEZES HOUSEHOLD BUDGETS

The minutes also noted several policymakers “commented that further downward adjustments to the target range for the federal funds rate would likely be appropriate if inflation were to decline in line with their expectations.”

“Some participants commented that it would likely be appropriate to hold the policy rate steady for some time as the Committee carefully assesses incoming data, and a number of these participants judged that additional policy easing may not be warranted until there was clear indication that the progress of disinflation was firmly back on track,” the minutes said.

FED HOLDS INTEREST RATES STEADY, PAUSING RATE CUTS AMID ECONOMIC UNCERTAINTY

The Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) index, was elevated well above the central bank’s 2% long-run inflation target at the end of last year.

PCE inflation was at its lowest year-over-year level in 2025 when it declined to 2.2% in April, which was the lowest reading since September 2024. Core PCE, which excludes volatile food and energy prices, was 2.6% in April 2025, the lowest level since June 2024.

FED’S MIRAN MAINTAINS CALL FOR AGGRESSIVE INTEREST RATE CUTS THIS YEAR

The Trump administration’s tariff announcements on “Liberation Day” in early April and the implementation of those import taxes contributed to a rise in inflation last year, which drove PCE higher.

The most recent PCE inflation reading was for the month of November, when it reached 2.8%, equaling its September reading, which was the highest level since October 2023. Core PCE was also 2.8% in November.

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Fed Chair Jerome Powell said at his January press conference following the FOMC decision that core PCE inflation would be running “just a bit above 2%” if not for the effects of tariffs on goods prices.

Renters are expected to see some relief from rising prices this year, with the pace of rent growth expected to slow as the market stabilizes and a measure of affordability hits a four-year-high.

An analysis by Zillow projects that multifamily rental prices are expected to remain relatively flat through the end of 2026, declining slightly by 0.2%. 

Single-family rents are expected to rise at an annual rate of 1.1% in December 2026, which the report says would represent a “sharp slowdown from the rapid increases of recent years” as higher vacancy rates and more newly-built apartments help keep rent growth subdued as renters’ bargaining positions improve. Single family rents were up 2.7% last month from a year ago.

Zillow found that the typical asking rent in January was $1,895, up just 0.1% from December and 2% year over year. That represents the slowest annual rent growth since December 2020, as the market has steadied after prices saw rapid increases during the pandemic.

TEXAS CAPITAL’S HOUSEHOLD GROWTH SURGES, FAR OUTPACING NATIONAL RATE

Rents for multifamily homes have grown at an even slower pace, rising just 1.4% from a year ago. Zillow’s projection that multifamily rents will decline slightly and remain essentially flat this year, indicates that further relief could be on the way.

Slowing rent growth has boosted an affordability measure that takes into account renters’ income levels. A median income household would now spend 24.3% of its income on typical apartment rent, which is down slightly from 25% in February 2020.

By another measure, the typical household is spending 26.4% of its income on rent, which is the lowest share since August 2021. 

US HOME PRICES ARE RISING – BUT THESE FAST-GROWING MARKETS REMAIN AFFORDABLE

Metro areas where that figure is significantly higher than the national average include Miami (37.2%), New York City (36.9%) and Los Angeles (34%). 

Notable metros with better affordability include St. Louis (19.7%), Minneapolis (19.4%), Denver (19.4%), Austin (17.9%) and Salt Lake City (17.9%).

“Renters are operating in a very different environment than they were just a few years ago,” said Orphe Dviounguy, senior economist at Zillow. “When supply expands and vacancies rise, property managers have to adjust on both price and terms. Concessions are near record highs, keeping rent growth modest and creating meaningful opportunities for renters.”

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Zillow also noted that renters are getting more concessions in lease terms as they utilize their negotiating leverage in renewals and new leases.

It found that nearly 40% of rental listings on the Zillow platform in January had at least one concession, like a free month of rent or a reduced deposit. 

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That’s slightly below the record high set last January, when 41.1% of listings had a concession, and the figure remains elevated compared to historical norms.

A federal judge has dismissed a lawsuit challenging Buffalo Wild Wings’ (BWW) use of the term “boneless wings,” rejecting a customer’s claim that the name misled him into thinking the dish was made from actual chicken wings with the bones removed.

In a lighthearted opinion packed with poultry puns, U.S. District Judge John Tharp Jr. said the plaintiff’s complaint had “no meat on its bones” and failed to show that reasonable consumers are deceived by the name.

The judge likened “boneless wings” to other familiar food nicknames, citing a recent Ohio Supreme Court ruling that noted diners don’t expect “chicken fingers” to be made of fingers.

The lawsuit, filed by Aimen Halim, argued that BWW’s boneless wings are essentially chicken nuggets made from breast meat and that the name is fraudulent because it suggests deboned wing meat.

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Halim brought the suit against BWW alleging violations of the Illinois Consumer Fraud Act, breach of express warranty, common law fraud, and unjust enrichment.

He also sought to bring a nationwide class action, claiming that had he known what he was eating, he would have paid less or not bought the product at all.

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However, the court concluded that the phrase “boneless wing” is a “fanciful name” and that no reasonable consumer would believe they truly were deboned chicken wings “reconstituted into some sort of Franken-wing.”

“Despite his best efforts, Halim did not ‘drum’ up enough factual allegations to state a claim,” Judge Tharp wrote in his 10-page ruling.

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While he found Halim had standing to sue because he alleged economic harm, he dismissed the claims for failing to plausibly allege deception.

He gave Halim until March 20 to file an amended complaint, though he signaled skepticism that any “additional facts” could be provided to salvage the claim.

Tesla will avoid a 30-day suspension of its dealer and manufacturer licenses in California after complying with a state order to stop using the term “autopilot” when marketing its vehicles, state regulators said Tuesday.

The decision comes after the California Department of Motor Vehicles (DMV) found in December 2025 that Tesla violated state law by misleadingly marketing its electric vehicles with the terms “autopilot” and “full self-driving.”

The regulator said Tuesday that Elon Musk’s electric vehicle company took “corrective action” and had stopped using the term “autopilot,” and noted that Tesla already modified its use of the term “full self-driving” by clarifying that driver supervision is required.

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“The DMV is committed to safety throughout all California’s roadways and communities,” California DMV Director Steve Gordon said in a statement. “The department is pleased that Tesla took the required action to remain in compliance with the State of California’s consumer protections.”

According to the DMV, Tesla’s Advanced Driver Assistance System (ADAS) marketing materials beginning in 2021 used the terms “autopilot” and “full self-driving capability,” along with the phrase, “The system is designed to be able to conduct short and long-distance trips with no action required by the person in the driver’s seat.”

However, the DMV said the vehicles “could not at the time of those advertisements, and cannot now, operate as autonomous vehicles.”

The DMV filed accusations against Tesla’s manufacturer and dealer licenses in November 2023, and the automaker Tesla discontinued use of the term “full self-driving capability” after noting that the system required driver supervision.

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Last year, the California Office of Administrative Hearings held a hearing before an administrative law judge, who issued a proposed decision in November finding that the term “autopilot” violated state law.

The DMV had given Tesla 60 days to take corrective action. By complying, Tesla avoided a temporary suspension in California — its largest U.S. market.

According to its website, Tesla’s “autopilot” feature allows vehicles to match the speed of traffic and assists with steering within a marked lane.

The “full self-driving (supervision)” feature alerts drivers of stop signs and traffic lights, and can slow the vehicle to a stop while approaching the signal, all with driver supervision.

FOX Business reached out to Tesla for comment.

The Austin, Texas, region has seen its population grow rapidly over the last decade, with new data showing it added households at about four-times the pace of the nation as a whole.

Data from the National Association of Realtors showed that the metropolitan area encompassing Austin, Round Rock and San Marcos saw the number of households grow roughly 51% from 2014 to 2024.

The Austin region gained 357,000 households from 2014 to 2024, which brought the number of households in the region from 703,976 to 1,061,155 in that time. Over that same period, the number of households in the U.S. as a whole grew at a rate of about 13%.

NAR’s analysis found that household growth in the Austin metro area was driven across younger and older age groups.

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The data showed that the share of households in Austin, Round Rock and San Marcos led by those under the age of 25 grew from 5.1% to 5.9% from 2014 to 2024. Among those between the ages of 25 and 34, the proportion rose from 21.1% to 21.7%.

“Households headed by people in their late 20s and 30s grew significantly,” wrote NAR senior economist and director of real estate research Nadia Evangelou. “Those are the classic years for household formation. That’s when people move for jobs, form families, and step into the housing market for the first time.”

She said that growth in those age groups can spur demand for rentals and starter homes, keeping entry-level housing demand very strong and competitive, while eventually boosting demand for move-up properties. 

MCMANSIONS BECOME FINANCIAL ‘LIABILITY’ AS BUYERS DITCH OVERSIZED HOMES

The youngest age cohort of those under 25 in particular played a role in driving an influx of new apartment buildings, which helped lower rental prices in the area.

Older age groups also saw their share of the Austin area household mix rise, with the share of those led by people aged 65 to 74 rising from 9.5% to 10.7% from 2014 to 2025, while those over the age of 75 rose from 5.6% to 7% in that period.

“The number of households headed by those 65 and older increased significantly over the decade, and their share of total households rose,” Evangelou said. “That tells us Austin isn’t just attracting younger workers, it’s also keeping residents as they age.” 

HOUSING MARKET COOLS AS PRICE GROWTH HITS SLOWEST PACE SINCE GREAT RECESSION RECOVERY

“That kind of growth creates steady demand for different types of housing: single-level homes, properties with less maintenance, and communities that allow people to age in place,” she explained.

With the growth in younger and older households, other age cohorts declined slightly. The share of households led by those between 35 and 44 was little changed, dipping slightly from 22.9% to 22.7%. Those between the ages of 45 and 54 fell from 19.2% to 17.7%, while the 55 to 64 age group declined from 16.6% to 14.2%.

The growth seen in Austin, Round Rock and San Marcos across different age groups helped keep demand strong for a variety of housing categories that cater to the needs of the disparate groups.

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“When only one age group drives the market, demand tends to be concentrated in a single segment, demand tends to be concentrated in a single segment. But when young adults, families, and older households are all growing that the same time, housing demand becomes stronger across multiple price points and housing types,” Evangelou explained.

“Here is why: Starter homes remain in demand. Move-up homes stay competitive. Downsizing options matter more,” she added.

President Donald Trump said tax refunds this year will be substantially larger than ever before because of his signature “One Big Beautiful Bill,” which was passed last year.

Trump took to Truth Social to promote the expected refunds ahead of the 2026 filing season, arguing that some taxpayers could see more than 20% returned.

Taxpayers generally must file their 2025 federal returns by April 15, 2026, and if they file electronically with direct deposit, most refunds are issued within about three weeks after the return is processed, according to the IRS.

SCOTT BESSENT: PRESIDENT TRUMP’S ‘BIG, BEAUTIFUL BILL’ WILL UNLEASH PARALLEL PROSPERITY

“Tax Refunds this year, because of ‘THE GREAT BIG BEAUTIFUL BILL,’ are substantially greater than ever before,” Trump wrote. “In some cases, estimates are that over 20% will be returned to the Taxpayer.”

He pointed to provisions he said eliminate taxes on tips, social security benefits for seniors and overtime pay, while allowing interest deductions on car loans, among other measures.

“So, when you get your Tax Refund, think about what a wonderful President you have — NO TAX ON TIPS, NO TAX ON SOCIAL SECURITY FOR OUR GREAT SENIORS, NO TAX ON OVERTIME, INTEREST DEDUCTIONS ON CAR LOANS, AND MUCH MORE,” Trump continued. 

“Don’t spend all of this money in one place! President DJT.”

TRUMP SPEECH SPARKS OPTIMISM AS ‘GANGBUSTER’ ECONOMY FORECASTED FOR 2026

The White House has promoted the upcoming filing season as potentially the largest tax refund season in U.S. history, citing provisions in the One Big Beautiful Bill Act that affect 2025 tax returns filed in 2026.

A central goal of the bill was to extend and make permanent many tax cuts originally created under the 2017 Tax Cuts and Jobs Act, many of which were slated to expire at the end of 2025.

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The legislation also included billions for the Pentagon and border security, deep spending cuts and changes to Medicaid.

The nonpartisan Congressional Budget Office estimated the package could add roughly $3.3 trillion to the federal deficit over a decade under current law projections.

On Sunday, White House Senior Counselor for Trade and Manufacturing Peter Navarro touted what he called a “Goldilocks economy” under Trump, while promising Americans the “biggest rebate” in U.S. history.

The Food and Drug Administration announced a recall of one brand of farm-raised Atlantic salmon over potential listeria contamination.

One lot of Wellsley Farms Farm-Raised Atlantic Salmon was recalled last week, according to the FDA. The company, Slade Gorton & Co., initiated a recall of lot 3896.

The salmon was sold in 2-lb bags at BJ’s Wholesale Club stores in Delaware, Maryland, New Jersey, New York, North Carolina, Pennsylvania and Virginia from Jan. 31 through Feb. 7.

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The FDA said Listeria monocytogenes was discovered when the agency collected a random sample.

Slade Gorton & Co. said it is investigating how the contamination happened and that it is taking steps to prevent it from happening again.

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Healthy people with a listeria infection may suffer short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, the FDA said. Pregnant women could also face miscarriages and stillbirths.

The agency urged people with listeria symptoms to contact a health care provider. No illnesses have been reported thus far.

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BJ’s is alerting its members who may have purchased the recalled product.

Anyone who may have purchased the recalled product can contact the store for information on how to obtain a full refund and what to do with the remaining product.

Americans are receiving larger tax refunds on average in the 2026 filing season than last year, though taxpayers are filing at a slower pace in the first few weeks than they were a year ago.

The latest IRS tax filing data was released by the agency on Friday and showed that as of Feb. 6, the average tax refund amount paid to taxpayers was $2,290.

That represents an increase of 10.9% when compared with the average size of refunds paid at the same stage of the 2025 tax filing season, when the average refund amount was $2,065.

Over 7.4 million refunds have been issued as of Feb. 6, down 8.1% from the same time last year when nearly 8.1 million were disbursed to taxpayers.

HERE’S WHEN TAXPAYERS WILL GET THEIR REFUNDS

While the number of refunds has declined, the total amount refunded has risen 1.9% from nearly $16.7 billion to almost $17 billion, which helped boost the size of the average refund.

IRS data also showed that the average direct deposit refund rose by a similar amount when compared with this point of last year’s tax filing season, as the average direct deposit refund for the current year is $2,388 – up 10.3% from $2,165 at this time a year ago.

While refunds are rising thus far in the 2026 filing season when compared with a year ago, the number of tax returns received and processed has declined relative to last year.

TAX FILING SEASON IS OFFICIALLY HERE: WHAT YOU NEED TO KNOW

The IRS reported that it has received nearly 22.4 million returns as of Feb. 6, a decrease of 5.2% from last year when almost 23.6 million returns were received at the same stage of the filing season.

The IRS offers an online “Where’s my refund?” tool for taxpayers to check on the status of their tax refund.

The IRS website said that processing a tax refund generally takes up to 21 days for e-filed returns, whereas returns sent by mail can take six weeks or more to reach the taxpayer. Refunds may also take longer if the return is in need of corrections or additional review.

BESSENT EXPECTS TAXPAYERS WILL SEE ‘VERY LARGE’ TAX REFUNDS EARLY NEXT YEAR

Taxpayers who are preparing to file their returns should consider setting up direct deposit with the IRS if they wish to receive their refund sooner.

Taxpayers who e-file their returns can typically see their refund status within 24 hours using the “Where’s my refund?” tool, which can provide refund information for not only the current year but also the past two years.

If a taxpayer needs to amend their return after filing, it can take longer to receive their tax return. Amended returns can take up to three weeks to appear in the IRS’ system and up to 16 weeks to process.

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The IRS also offers a “Where’s my amended return?” tool for taxpayers who submitted an amended return and want to track the status of their filing and any related refund.

Gas prices have surged in California in recent weeks as the state’s supply is constrained due to recent reductions in refining capacity.

The price of gas rose 40 cents in about two weeks, with the average price of gas across the state of California at $4.58 a gallon – an increase from $4.46 the prior week and $4.18 two weeks before that, according to data from AAA.

Those figures are well above the national average of $2.92 a gallon. California’s gas prices are the highest of all states, topping $4.37 a gallon in Hawaii, $4.15 a gallon in Washington and $3.68 a gallon in Oregon.

Rising gas prices in California come amid a reduction in oil refining capacity due to the wind down of operations at Valero’s refinery in Benicia, as well as the previous closure of the Phillips 66 refinery in Los Angeles. 

GAS PRICES FALL IN JANUARY, GIVING AMERICANS A BREAK AT THE PUMP

The closure of the Benicia refinery, located in Northern California, leaves just six operating refineries in the state, which is the largest consumer of fuel among all states except for Texas.

Two others are located in the Bay Area, including Chevron’s Richmond refinery and PBF Energy’s Martinez refinery. The other four are located in Southern California – Marathon’s Los Angeles refinery, Chevron’s El Segundo refinery, PBF Energy’s Torrance refinery and Valero’s Wilmington refinery.

The tightening refining supply prompted the California state senate’s Republican caucus to write a letter to Democratic Gov. Gavin Newsom that called for a special session to address the worsening “cost and supply crisis” created by state policies targeting the oil and gas industry.

CALIFORNIA ‘TRULY AT A BREAKING POINT,’ STATE SENATOR SAYS AS REFINERIES CLOSE AND GAS PRICES SURGE

“California is truly at a breaking point. Refineries are closing, supply is diminishing, and my constituents are paying more at the pump every single day,” Republican state Sen. Suzette Martinez Valladares said in a report by FOX Business’ Jeff Flock that aired on “Mornings with Maria.”

“It isn’t theoretical, this is happening right now. And the longer we wait to address this issue, the more instability and volatility we’ll see here in California,” she added.

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For the country as a whole, gas prices have trended down over the last year, according to the latest consumer price index (CPI) data from the Bureau of Labor Statistics.

The BLS’ January CPI inflation report showed that gas prices are down 7.5% over the last year and that prices declined 3.2% from the prior month.

Nationwide energy prices have been largely flat in the last year, with the CPI showing the energy index down 0.1%.

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Declines in gas prices have been somewhat offset by rising prices for electricity and utility gas service, which are up 6.3% and 9.8% over the last year, respectively.

FOX Business’ Arabella Bennett contributed to this report.

Americans who live alone are paying a five-figure “singles tax” amid rising rents around the nation, a new analysis finds.

Data from Zillow shows that the typical apartment rent is currently $1,745 and has risen 30% over the last five years, which represents a significant burden for renters who live alone and don’t have one or more roommates to split the bill with.

The premium paid by solo renters was dubbed the “singles tax” by Zillow, which found that the national average singles tax amounts to $10,470 per year. 

“When you’re living alone, you’re covering the full rent on one income and that can add up fast,” said Emily Smith, Zillow rental trends expert. “Apartments often make living solo more attainable, while also offering shared spaces that help people feel connected.”

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New York City tops the list of areas with the highest singles tax, as the Big Apple’s typical apartment rent of $3,900 a month amounts to a singles tax of $23,400 for the year.

San Jose ranked second, with a typical rent of $3,248 a month and a singles tax of $19,488 per year. Boston was close behind in third, with the typical rent in the city amounting to $3,014 a month and resulting in a singles tax of $18,084.

A pair of California cities rounded out the top five, with San Francisco in fourth based on a typical rent of $2,857 and a singles tax of $17,142, while Los Angeles ranked fifth with a typical monthly rent of $2,648 and a singles tax of $15,888.

HOMEBUYERS GAIN UPPER HAND IN 3 MAJOR CITIES AS INVENTORIES GROW

Renters who pair up their living arrangement with a partner derive what Zillow called a “couples’ discount” from being able to split up the rental bill as well as utilities and other costs.

“For renters who choose to live with a partner or roommate, splitting everyday costs like rent, utilities and groceries can go a long way in easing the pressure of today’s higher cost of living,” Smith said.

Based on the firm’s national data, the couples’ discount amounts to a combined $20,940 in annual rental savings from splitting the bill.

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For example, given the sizable singles tax in the cities with the highest rent, couples in New York City can get a discount of $46,800 instead of the singles tax of $23,400.

The report noted the couples discount can go a long way toward helping renters save for a down payment on a home, with the national average couples discount of $20,940 being more than halfway to a 10% down payment on a typical U.S. home, per Zillow’s data.

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