Hey, it’s Noah here. Can you believe we’re already halfway through 2025? It’s been quite a year that’s kept us on our toes. Happy 4th of July! 😊
👥 Life Updates from the Spokane Stewardship Concepts Team
Noah: You have probably seen plenty of baby photos by now. Judah is doing great and packing on that adorable baby weight. My photo roll is officially all Judah these days. Jenny and I are excited about a long weekend on the Oregon Coast in August. It will be our first big road trip with Judah and a real test of how travel-ready he is!
Amy: Our family is heading to the Ark Encounter in Kentucky this July. It is a full-size replica of Noah’s Ark.. After that, we will enjoy some thrilling rides at Cedar Point in Ohio and visit extended family in Michigan.
Kate: I just completed my associate degree in accounting and have added an extra workday to my schedule here at the firm. I am also looking forward to a trip to Chicago to celebrate.
Wyn: I've been spending more time with my kids and grandkids over the past month. Kerry and I are getting ready for an epic hiking adventure in Switzerland this July, and my knees are already preparing for it.
💼 Big Beautiful Bill Becomes Law
Congress has passed a sweeping tax and spending package. The bill now heads to President Trump for his signature.
This new law extends the 2017 tax cuts for corporations and high earners, eliminates taxes on tips, increases funding for military and border security, and reduces incentives for clean energy and electric vehicles. It also includes $1 trillion in cuts to Medicaid over the next ten years. Analysts estimate that up to 12 million people could lose coverage. Food assistance benefits are also being reduced by around 20 percent.
Strategists at Wells Fargo believe the bill’s corporate tax cuts and deregulation could help boost company earnings and support long-term market growth. However, they also warn that short-term volatility may continue as tariffs and trade negotiations remain uncertain.
As your Spokane financial advisor team, we are monitoring these developments closely and considering their long-term impact on portfolios and retirement income plans.
📈 U S Job Market Surprises to the Upside
The U.S. economy added 147,000 jobs in June, well above expectations of 110,000. Revisions to earlier months added another 16 thousand jobs. However, immigration crackdowns appear to be weighing on the labor force. The labor participation rate dropped to 62.3 percent, primarily due to a decline in the number of foreign-born workers.
Federal Reserve Chair Jerome Powell told Congress that the Fed remains in a wait-and-see mode. Inflation data will guide future rate decisions. A rate cut in July seems unlikely, but a cut in September remains possible.
GDP data continues to be inconsistent. The first quarter showed a slight contraction due to trade-related distortions, but second-quarter growth is expected to exceed 5 percent.
As your local Spokane financial advisor, we remain committed to helping you stay informed and confident in your financial future. If you have any questions about how these updates affect your retirement planning, investment strategy, or tax outlook, we are here to help.
To talk with a Spokane financial advisor, schedule a no-cost, no-commitment discovery call today.
About the Author
Noah Schwab CFP® is a financial advisor in Spokane, Washington, helping retirees with $ 1M+ maximize their 401(k) with Roth conversions and tax strategies.
- No commissions or insurance
- Investment management, tax and financial planning
