Economics in the News – May 25-31, 2026
Economics impacts our lives every day. Below are some of the top storylines from this past week related to economics.
o The US Treasury Department is preparing a $250 note to bear the face of President Donald Trump. In addition, Trump has pushed for the creation of a $1 coin that would also bear his image. It’d be an unprecedented move, as an 1866 law prohibits any living person from appearing on a US bank note. The law was created to avoid the appearance that America was a monarchy. However, Trump intends to honor himself while commemorating America’s 250th birthday this July 4.
Congressional approval is needed for the $250 note, but Treasury secretary Scott Bessent has asked the Bureau of Engraving and Printing to begin preparations. It was announced in March that Trump would become the first sitting President to have his signature appear on the US dollar, replacing the traditional appearance of the sitting US treasurer and Treasury secretary both signing US bank notes. In addition, a plan to replace Andrew Jackson with Harriet Tubman on the $20 note was delayed. [The New York Times]
o The World Cup begins in less than two weeks. While there are no games being played in Rhode Island, Gillette Stadium – the home of the NFL’s New England Patriots – is hosting seven games during the tournament is located closer to Providence than it is Boston. Local officials in Providence are hoping to benefit from a tourist boom, having sought broker hotel deals to draw visitors.
An estimated 10,000 Scottish fans are making their home throughout the tournament in Providence, as well as other fans and Ghana’s team. Rhode Island officials estimate that fans opting to stay in Providence over Boston are saving as much as 40 percent of their hotel bills. Opting to stay in Providence over Boston does have its downfall, because the only direct train service to Gillette Stadium is from Boston. Many fans staying in Providence will arrive by bus – with the Scottish fan club negotiating its own bus contract of $45 per person. [The New York Times]
o Many Americans are being pushed to their financial limit due to high inflation and the highest interest rates in decades. As a result, more consumers are falling behind on their credit card bills, as the number of delinquencies of 90 or more days rose to 13.12 percent -- the highest level in 15 years in the first three months of 2026.
America’s total credit-card balance finished the quarter at $1.25 trillion, an increase from the $1.18 trillion at the same time last year. The typical credit-card balance for an American consumer is between $6,500 to $6,700, according to credit-reporting agencies. However, credit card balances of more than $10,000 are on the rise across all income levels. Many consumers are also turning to credit-counseling agencies, with the National Foundation for Credit Counseling reporting 24 percent higher clientele this past January compared to the January before. [The Wall Street Journal]
o Many home buyers are concerned about interest rates in the housing market. Many anticipated interest rates to drop this year, but instead they are dealt with high rates, high inflation and worries in the job market. The War in Iran is taking its toll, with experts suggesting that oil prices, inflation and bond yields would fall if the war ended.
According to Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage is 6.5 percent. And rates have increased a half-percent since the Iran War began. Recent years of high rates has prospective home buyers, who had been waiting for rates to fall, frustrated. Others are buying and hoping for the opportunity to refinance at a later time. [The Washington Post]
o Experts are warning that consumers should expect their grocery bills to rise throughout the summer. Americans are eating at home at a higher rate than in recent years and the prices of everyday items such as beef, fruits, vegetables and soda have all ticked higher.
One aspect to the higher grocery prices are the elevated energy prices, as it costs more to transport food from farms to the stores. In addition, fertilizer prices are impacting farmers decision-making for their crops, whether reduce the number of crops they produce or reduce the amount of fertilizer spread across the crops. For many Americans losing their Supplemental Nutrition Assistance Program (SNAP) benefits, the rising costs is amplified. [Bloomberg]
