Former Treasury Secretary Lawrence H. Summers warns that President Trump’s “One Big Beautiful Bill” may have serious long-term consequences by expanding deficits and cutting the social safety net. While inflation from President Trump's policies hasn’t hit yet, Summers cautions that tariffs and debt-driven spending could have delayed effects. He also rejects Trump’s call for 1% interest rates, saying they would spark dangerous borrowing and inflation expectations. Meanwhile, Bank of America CEO Brian Moynihan notes consumers remain strong due to wage growth, but small businesses face pressure from trade uncertainty and high rates. (Source: Bloomberg)
