Key Takeaways
- U.S. consumer credit saw a notable increase in June, rising by $7.371 billion, and expanding by 2.3% in the second quarter of 2025, indicating continued, albeit moderating, consumer borrowing.
- The White House is reportedly preparing to nominate Council of Economic Advisers (CEA) Chair Stephen Miran to the Federal Reserve Board, with expectations for a temporary appointment.
- Mexico's central bank, Banxico, implemented a widely anticipated 25 basis point cut to its key interest rate, bringing it down to 7.75%.
- The Federal Reserve is actively seeking experts in diverse insurance fields—life, property and casualty, and reinsurance—to serve on its Insurance Policy Advisory Committee (IPAC).
- Apollo Global Management (APO) has filed for a $500 million offering of 5.15% senior notes due 2035, as indicated by an SEC filing.
U.S. consumer credit continued its upward trend in June 2025, increasing by $7.371 billion. This figure, while accelerating from May's revised $5.129 billion gain, came in slightly below the $7.500 billion estimate. For the second quarter of 2025, overall consumer credit expanded by 2.3% at a seasonally adjusted annual rate. Delving deeper into the components, revolving credit, primarily credit card balances, grew at a 0.7% annual rate, while non-revolving credit, which includes auto and student loans, saw a more substantial 2.9% increase. Total household debt reached $18.39 trillion in Q2 2025, a 1% rise from the previous quarter, with mortgage balances growing by $131 billion and credit card balances by $27 billion.
In a significant development for U.S. monetary policy, the White House is reportedly preparing to nominate Stephen Miran, currently the Chair of the Council of Economic Advisers (CEA), to the Federal Reserve Board. This appointment is expected to be temporary, filling a vacant seat for a short term. Miran has been noted for his views on economic policy, including tariffs, and his past questioning of the Federal Reserve's independence.
Separately, the Federal Reserve announced it is seeking individuals with diverse expertise in insurance to join its Insurance Policy Advisory Committee (IPAC). The committee advises the Board on international insurance capital standards and other insurance-related matters, with members bringing backgrounds in life, property and casualty, and reinsurance issues.
On the international front, Mexico's central bank, Banxico, proceeded with a widely anticipated interest rate cut. The bank lowered its key rate by 25 basis points to 7.75%. This marks a continuation of Banxico's easing cycle, though the pace of cuts has slowed compared to earlier, larger reductions. The decision comes amidst signs of disinflation and a slowing economy in Mexico.
In corporate news, Apollo Global Management (APO) has filed with the SEC for an offering of $500 million in 5.15% senior notes due in 2035. This filing indicates the firm's plans to raise capital through debt issuance.
Meanwhile, former President Trump has indicated he may visit China soon, possibly before the year's end. This potential visit is set against a backdrop of ongoing trade discussions and tariff considerations between the U.S. and China.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.