Homebuilders also noted a steep drop in demand in April, with sentiment among that group now at the lowest level since the end of 2023.

There are 18 “important” trading partners that the United States is most focused on solidifying deals with, Bessent said. He did not say how quickly tariff rates could revert to “reciprocal” rates.

Japanese Finance Minister Katsunobu Kato said on Tuesday he expects any bilateral meeting with U.S. Treasury Secretary Scott Bessent on exchange rates to be based on their shared view that excessive currency volatility was undesirable.

Mortgage rates jumped higher on Monday following Moody's downgrade of U.S. debt, adding to the headwinds facing homebuyers.

Asian stocks rose on Tuesday while U.S. Treasury yields steadied allowing a bit of a breathing room for the U.S. dollar as investors took stock of the debt load of the world's biggest economy and awaited trade deals.

That’s not just any surplus — it’s the first monthly surplus of fiscal year 2025 (which began in October 2024), and the second-largest monthly surplus in U.S. history, behind only April 2022’s $308.2 billion surplus.

The declines broke a fledgling two-day streak in the green for the major stock indexes as markets attempted to bounce back last week after President Trump announced a 90-day truce with China to lower tariff rates. Moody slashed the nation’s credit rating down one notch from Aaa, the highest score, to Aa1, after Friday’s closing.

The dollar fell in tandem with U.S. Treasury yields on Friday after downside surprises on U.S. economic data this week cemented bets of more Federal Reserve rate cuts this year. The week started out with a mix of market tailwinds headlined by a U.