The Daily Signal - Q2 GDP Growth Surges, Powell Fights to Keep Interest Rates High, Pelosi Yells at Tapper | July 31, 2025

Episode Date: July 31, 2025

Today on the Top News in 10, we cover: Quarter 2 GDP has the Trump team exultant and Senator Chuck Schumer furious. Fed. Chairman Jerome Powell continues to keep interest rates high despite opposition from his own governors. Nancy Pelosi loses it over insider trading questions. Subscribe to The Tony Kinnett Cast: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/playlist?list=PLjMHBev3NsoV3kHckydY58R7TaYsizl45⁠⁠⁠⁠⁠⁠⁠⁠⁠ Don't forget our other shows: Virginia Allen's Problematic Women:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.dailysignal.com/problematic-women⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Bradley Devlin's The Signal Sitdown:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.dailysignal.com/the-signal-sitdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Follow The Daily Signal:  X:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://x.com/DailySignal⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.instagram.com/thedailysignal/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Facebook:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.facebook.com/TheDailySignalNews/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Truth Social:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://truthsocial.com/@DailySignal⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  YouTube:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.youtube.com/user/DailySignal⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Rumble:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://rumble.com/c/TheDailySignal⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠    Thanks for making The Daily Signal Podcast your trusted source for the day’s top news. Subscribe on your favorite podcast platform and never miss an episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

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The quarter two gross domestic product has the Trump team exultant and Senator Chuck Schumer furious. Federal Reserve Chairman Jerome Powell continues to keep interest rates high despite opposition from his own governors. And Nancy Pelosi loses it over insider trading questions. I'm Tony Kennett, host of the Daily Signals Tony Kenned cast syndicated nationally at 7 p.m. Eastern. It is Thursday, July 31st, 2025. This is the Daily Signal's top news in 10. Yesterday we got our first look at the gross domestic product numbers for quarter two from the Bureau of Economic Analysis, showing a 3% increase in annualized growth, beating expectations of about 2.3% and rebounding from a negative 0.5% drop in quarter one. You can see some of the analysis with some cheery attitudes over on CNBC.

Up 3% of 3% better than expected. That would be the highest level since the third quarter of 24 when it was up 3.1%. On the consumption side, up 1.4, very close to estimates, up 1.4 would be the best since the last quarter of 24. The GDP price index also rose 2.1% down from 3.7% in quarter 1, a sign of cooling inflation. Here's Trump Economic Director Kevin Hassett celebrating the inflation numbers as well as future. growth. It's really one of the best GDP announcements or releases that you could imagine because there's blockbuster growth way above expectation. And there's also a real, real almost collapse in inflation. It went down by about a percent and a half all the way down to 2.1 percent,

which is the Fed's target, as to have high growth with low inflation and also high income growth, personal income growth, was 3 percent. That's just like about a sweet spot for a GDP release. And I will add that all of this happened while 127 billion in tariffs was raised, which is clearly not harming the American consumer. And we've been downsizing government in order to be more fiscally responsible. 70,000 federal jobs have been reduced at 5%. There was a 5% reduction in federal government spending while all this was going on. Senate Minority Leader Chuck Schumer was not happy about these numbers, calling them a mirage, as well as a lot of other conspiratories. terms on the Senate floor. Check it out. And while the Trump administration will try to wave

rosy headlines about the Q2 number, today's GDP number is in fact a mirage because some ominous numbers lurk under the hood. Business investment plunged in the second quarter by 3.1%. The fact that business investment plunged so starkly is very troubling. It shows that already businesses are worried about growing their operations, worried about hiring more workers, worried about trading with their international partners, and worried in general about the future. And this number is another data point in a larger pattern.

Donald Trump's tariffs are weighing down the U.S. economy, spiking costs for small businesses and families alike. And if Donald Trump keeps up the chaos, the dangers for the economy will continue to get worse. Additionally, Federal Reserve Chairman Jerome Powell announced yesterday that the Federal Reserve would not be cutting interest rates. In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged.

We believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments. He gave a couple of reasons for this, essentially amounting to his belief that the tariffs were going to come back and bite the United States in the economic dairy air and that that would eventually cause inflation to spike, though it hadn't done so in Q1, it hadn't done so now in quarter two, and may or may not do so in quarters three and four. Total PCE prices rose 2.5% over the 12 months ending in June, and that, excluding the volatile food and energy categories, core PCE prices rose 2.7%. These readings are little

changed from the beginning of the year, although the underlying composition of price changes has shifted. Services inflation has continued to ease, while increased tariffs are pushing up prices in some categories of goods. Near-term measures of inflation expectations have moved up on balance over the course of this year on news about tariffs, as reflected in both market-based and survey-based measures. Of note, Chairman Jerome Powell and the Federal Reserve Board's decision to keep interest rates where they are was dissented by two Federal Reserve governors, Waller and Bowman, who were in favor of an interest rate cut. This is the first time that two governors have dissented from the opinion of the suggestions

from the Federal Reserve chairman since 1993. At Desjardin, we speak business. We speak startup funding and comprehensive game plans. We've mastered made-to-measure growth and expansion advice, and we can talk your ear-off about transferring your business when the time comes. Because at Desjardin business, we speak the same way. language you do, business. So join the more than 400,000 Canadian entrepreneurs who already count on us and contact Desjardin today. We'd love to talk business. And after the Pelosi Act,

which would restrict lawmakers from owning individual stocks or trading them, made it out of committee after Senator Josh Hawley voted along with Democrats to advance the legislation out of committee. President Trump had these words to say about his feelings on the bill, and then a little something for Nancy Pelosi herself. Thank you, Mr. President. Senator Hawley introduced legislation that would ban members of Congress from owning or trading individual stocks at expense to the president and vice president. Are you in favor of that legislation?

Well, I like it conceptually. I don't know about it, but I like it conceptually. And, you know, Nancy Pelosi became rich by having inside information. She made a fortune with her husband. And I think that's disgraceful. So in that sense, I'd like it. But I'd have to really see the, you know, I studied these things very carefully, and this just happened.

So I'll take a look at it. But conceptually, I like it. And what I do think is Nancy Pelosi should be investigated because what she has the highest return of anybody practically in the history of Wall Street, save a few. And how did that happen? It happened by she knows exactly what's going to have. happen what's going to be announced you by stock and then the stock goes up after the

announcements made and she had to be investigated. Former House Speaker Nancy Pelosi has long been criticized for her and her husband's track record of very successful financial decisions in the stock market that appear to be connected to a series of legislative matters that she was directly or closely involved with, especially considering that many individuals have made quite a bit of money simply following Nancy Pelosi's legislative moves before they were out of session and then trading in the same way that she did. Of course, this involves a lot of speculation on insider trading, which Jake Tapper then asked Nancy Pelosi about yesterday afternoon. Pelosi did not respond well. Nancy Pelosi became rich.

I might have to read that. We're here to talk about the 60th anniversary of Medicaid. That's what I agreed to come to talk about. And what that means in the election. I wanted to give you a chance just to respond. He accused you of insider trading. What's your response to that? That's ridiculous.

In fact, I very much support the trading of members of Congress. Not that I think anybody's doing anything wrong if they are. They are prosecuted and they go to jail. But because of the confidence that instills in the American people, don't worry about this. But I have no concern about the obvious investments. so had been made over time. I'm not into it. My husband is, but it isn't anything to do with anything insider.

Just a quick statistic for you. Nancy Pelosi outperformed Warren Buffett in the stock market over the last 10 years. Nancy Pelosi's stock portfolio grew by 720%, whereas Buffett's stock portfolio grew by 185%. For those of you doing the math in your heads, that is four times the gains of one of the most successful and wealthy businessman on planet Earth.

And since we're citing statistics, it's worth mentioning that while in 1987 Pelosi's husband, Paul, had a net worth of $165,000, Paul Pelosi's worth as of last year was $265 million. Of course, he trades along some of the same strategies that Nancy Pelosi has. Before you go, head down to the description and make sure you're subscribed to the Tony Kinnettcast. and join us tonight at 7 p.m. Eastern live from Washington, D.C., for a couple of special treats for those of our daily signal subscribers over on the live streams on YouTube X&Rumble, as well as a good healthy dose of the day's news and nonsense. I'm Tony Kinnett, and this has been The Daily Signals Top News in 10.

Take care.