Morning Business Report: Trump meets with China’s Xi as markets hit new highs

Trade discussions are taking center stage as President Donald Trump meets with Chinese President Xi Jinping during a high-stakes visit to China.

(LILAMAX)- Trade discussions are taking center stage as President Donald Trump meets with Chinese President Xi Jinping during a high-stakes visit to China.

A number of CEOs from some of America’s largest companies are also accompanying the president on the trip. According to Bloomberg, President Xi told Trump that China would open its markets further to U.S. goods.

Meanwhile, rising inflation could lead to larger Social Security payments for millions of Americans in 2027. The Senior Citizens League currently predicts the average retired worker’s monthly check could increase by $81.17, bringing the average payment to about $2,162. Final cost-of-living adjustment calculations are expected in October.

On Wall Street, markets continued their strong performance Wednesday. The S&P 500 reached another all-time high, with technology stocks once again leading gains. The Senate has also confirmed Kevin Warsh as the new chair of the Federal Reserve. Warsh is expected to be sworn into the position Friday as inflation remains at its highest level in three years.

A new survey also found many Americans remain loyal to their longtime banks. Research conducted by Talker Research on behalf of Chime found one in four Americans still use the same bank where they opened their very first account. The average respondent reported staying with their bank for nearly two decades, while 26% of baby boomers said they have remained with the same bank for more than 30 years.