Archives June 2025

Written by Steven Dooley, Head of Market Insights, and Shier Lee Lim, Lead FX and Macro Strategist

USD rebounds from three-year lows

The greenback climbed from key support at the three-year lows after a better-than-expected result from the US labour market boosted sentiment.

The job openings and labour turnover series (JOLTS) saw an increase in job openings from 7.20m in March to 7.39m in April.

The result continues to show that while some US data is weakening, employment data has remained resilient – this is key ahead of Friday’s US jobs report.

The Aussie and kiwi both reversed from recent highs.

The AUD/USD fell 0.5% while NZD/USD lost 0.6%. The USD/SGD gained 0.4%.

Aussie lower as RBA minutes shows 50bps cut considered

The Reserve Bank of Australia’s May meeting minutes, released yesterday, revealed the board’s preference for a cautious 25 basis point rate cut over a larger 50bps cut.

Despite domestic conditions supporting cuts, policymakers remained concerned about inflation not sustainably reaching targets and persistent labor market tightness.

They noted no clear evidence of global trade risks significantly impacting the economy.

The RBA emphasized its commitment to measured, predictable policy while maintaining readiness to act if downside economic risks materialize.

The AUD/USD is currently near the top its six-month trading range.

Chinese yuan higher despite weaker data

China’s Caixin Manufacturing PMI dropped to 48.3 in May, significantly below expectations of 50.7 and April’s 50.4 reading, marking the lowest level since September 2022.

This contraction occurred despite recent US-China diplomatic progress in Geneva. The private sector survey contrasted with official data showing slight improvement to 49.5, though still contractionary.

Both supply and demand weakened substantially, with Caixin noting that unfavorable economic development factors remain widespread across China’s manufacturing sector.

The 21-day EMA of 7.2111 acts as key resistance level for USD/CNH to break next, followed by 50-day EMA of 7.2365.

Greenback higher, but CNY bucks trend

Table: seven-day rolling currency trends and trading ranges  

Key global risk events

Calendar: 19 – 24 May

All times AEST

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

Published on June 3rd, 2025 by Bob Ciura

We recommend long-term investors focus on high-quality dividend stocks. To that end, we view the Dividend Kings as among the best dividend stocks to buy-and-hold for the long run.

What is a Dividend King? A stock with 50 or more consecutive years of dividend increases.

Over the past 50+ years, the U.S. has gone through a variety of economic downturns, wars, stock market crashes, and many other difficult periods. Just a few of these include the tech bubble, the Great Recession, the coronavirus pandemic, and more.

And yet, the Dividend Kings continued to raise their dividends each year, through it all.

This is why we believe the Dividend Kings are the best-of-the-best in dividend longevity.

The downloadable Dividend Kings Spreadsheet List below contains the following for each stock in the index among other important investing metrics:

• Payout ratio
• Dividend yield
• Price-to-earnings ratio

You can see the full downloadable spreadsheet of all 55 Dividend Kings (along with important financial metrics such as dividend yields, payout ratios, and price-to-earnings ratios) by clicking on the link below:

 

Stocks that have increased their dividends for over 50 years have demonstrated the ability to continue hiking their dividends, even during recessions.

This is a testament to the strength and durability of their business models and competitive advantages.

The following 10 stocks have maintained the longest dividend streaks.

Table of Contents

You can instantly jump to any specific section of the article by clicking on the links below:

Longest Dividend Growth Streak #10: Johnson & Johnson (JNJ)

• Dividend Growth Streak: 63 years

Johnson & Johnson is a diversified health care company and a leader in the area of innovative medicines and medical devices Johnson & Johnson was founded in 1886.

On April 15th, 2025, Johnson & Johnson announced that it was increasing its quarterly dividend 4.8% to $1.30, extending the company’s dividend growth streak to 63 consecutive years.

Source: Investor Presentation

That same day, Johnson & Johnson reported first quarter results for the period ending March 31st, 2025. For the quarter, revenue grew 2.3% to $21.9 billion, which beat estimates by $330 million.

Adjusted earnings-per-share of $2.77 compared to $2.71 in the prior year and was $0.19 more than expected. Results included adjustments related to the costs of acquisitions.

Click here to download our most recent Sure Analysis report on JNJ (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #9: Colgate-Palmolive Co. (CL)

• Dividend Growth Streak: 64 years

Colgate-Palmolive was founded in 1806 and has built an impressive and extensive portfolio of consumer brands. It operates globally, selling in most countries around the world.

About one-sixth of its revenue comes from Hill’s pet food division, which has shown very strong growth in recent years.

The other five-sixths of revenue comes from a mix of cleaning and personal care products, with the company’s most recognizable brands being Colgate (tooth care) and Palmolive (soap).

The company has structured itself into four units: Oral Care, Personal Care, Home Care, and Pet Nutrition.

Source: Investor presentation

Colgate-Palmolive posted first quarter earnings on April 25th, 2025, and results were better than expected both the top and bottom lines. Adjusted earnings-per-share came to 91 cents, which was a nickel ahead of estimates.

Revenue was off more than 3% year-over-year to $4.91 billion, which beat expectations by $50 million. Segment profit was up 12% in Europe, and 30% for the Hill’s Nutrition segment.

Net sales were up 1.4% year-over-year on an organic basis, including a 0.4% negative impact from lower private label pet volume. Forex translation was a 4.4% headwind to net sales. Colgate expects net sales to be up low-single digits, including a low-single digit negative impact from forex translation. Organic sales growth is expected to be +2% to +4% this year.

Click here to download our most recent Sure Analysis report on CL (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #8: Cincinnati Financial Corp. (CINF)

• Dividend Growth Streak: 65 years

Cincinnati Financial is an insurance company founded in 1950. It offers business, home, auto insurance, and financial products, including life insurance, annuities, property, and casualty insurance.

Cincinnati Financial recently reported its financial results for the first quarter for Fiscal year 2025. The company reported a Q1 2025 net loss of $90 million ($0.57 per share), down from a $755 million net income ($4.78 per share) in Q1 2024, due to a $536 million drop in after-tax net investment gains and a $356 million increase in after-tax catastrophe losses from California wildfires and spring storms.

Non-GAAP operating loss was $37 million ($0.24 per share), compared to $272 million operating income ($1.72 per share). Total revenue fell 13% to $2.566 billion, despite earned premiums rising 13% to $2.344 billion and pretax investment income growing 14% to $280 million, driven by a 24% increase in bond interest.

The property casualty combined ratio rose to 113.3% from 93.6%, including 25 points from catastrophe losses, triple the 10-year Q1 average. The current accident year combined ratio before catastrophes improved to 90.5%.

Net written premiums grew 11% to $2.495 billion: commercial lines up 8% to $1.325 billion, personal lines up 13% to $672 million, and excess and surplus lines up 15% to $168 million.

Click here to download our most recent Sure Analysis report on CINF (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #7: Emerson Electric Co. (EMR)

• Dividend Growth Streak: 68 years

Emerson Electric was founded in Missouri in 1890 and since that time, it has evolved through organic growth, as well as strategic acquisitions and divestitures, from a regional manufacturer of electric motors and fans into a diversified global leader in technology and engineering.

Its global customer base and diverse product and service offerings afford it more than $18 billion in annual revenue.

Emerson posted second quarter earnings on May 7th, 2025, and results were better than expected on both the top and bottom lines. Revenue was up 1.1% year-over-year to $4.43 billion, beating estimates by $50 million.

The company consummated its acquisition of AspenTech during the quarter. Underlying sales were up 2% after adjusting for currency impacts.

Free cash flow was up 14% to $738 million, while operating cash flow climbed to $825 million. Adjusted segment earnings pretax rose by 200 basis points to 28% of revenue, a new quarterly record. Adjusted earnings were up 6% year-over-year.

Emerson expects AspenTech to generate about $100 million in cost savings by 2028. In addition, the company is keeping the Safety and Productivity business after the strategic review.

Click here to download our most recent Sure Analysis report on EMR (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #6: Parker-Hannifin Corp. (PH)

• Dividend Growth Streak: 69 years

Parker-Hannifin is a diversified industrial manufacturer specializing in motion and control technologies. The company generates annual revenues of $20 billion.

Parker-Hannifin has increased the dividend for 69 consecutive years.

Source: Investor Presentation

In early May, Parker-Hannifin reported (5/1/25) results for the third quarter of 2025. Organic sales grew 1% over the prior year’s quarter, as 12% growth in aerospace was almost offset by declines in North American Business and International Business.

Adjusted earnings-per-share grew 7%, from $6.49 to $6.94, thanks to strong sales and a wider profit margin in all segments.

Parker-Hannifin exceeded the analysts’ consensus by $0.22. Notably, Parker-Hannifin has exceeded the analysts’ EPS estimates for 39 consecutive quarters.

Click here to download our most recent Sure Analysis report on Parker-Hannifin (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #5: Procter & Gamble Co. (PG)

• Dividend Growth Streak: 69 years

Procter & Gamble is a consumer products giant that sells its products in over 180 countries.

Notable brands include Pampers, Luvs, Tide, Gain, Bounty, Charmin, Puffs, Gillette, Head & Shoulders, Old Spice, Dawn, Febreze, Swiffer, Crest, Oral-B, Scope, Olay and many more.

Procter & Gamble has paid a dividend for 134 years and has grown its dividend for 69 consecutive years – one of the longest active streaks of any company.

On April 8th, 2025, Procter & Gamble raised its dividend by 5%, from $1.0065 per quarter to $1.0568.

In late April, Procter & Gamble reported (4/24/25) financial results for the third quarter of fiscal 2025 (its fiscal year ends June 30th).

Source: Investor Presentation

Sales dipped -2% but its organic sales edged up 1% over last year’s quarter, thanks to higher prices.

Core earnings-per-share grew 1%, from $1.52 to $1.54, beating the analysts’ consensus by $0.01. The firm sales amid sustained price hikes are a testament to the strength of the brands of Procter & Gamble.

Click here to download our most recent Sure Analysis report on PG (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #4: Dover Corp. (DOV)

• Dividend Growth Streak: 69 years

Dover Corporation is a diversified global industrial manufacturer with annual revenues approaching $8 billion.

Dover is composed of five reporting segments: Engineered Systems, Clean Energy & Fueling, Pumps & Process Solutions, Imaging & Identification, and Climate & Sustainability Technologies.

On April 24th, 2025, Dover reported first quarter results the period ending March 31st, 2025. For the quarter, revenue fell 10.8% to $1.87 billion, which was $10 million below estimates.

Adjusted earnings-per-share of $2.05 compared favorably to $1.95 in the prior year and was $0.07 more than expected.

For the quarter, organic revenue and bookings both grew 1% year-over-year. Organic sales declined 8% for the Engineered Products segment as gains in fluid dispensing were more than offset by weaker volumes in vehicle services and the timing of shipments in aerospace and defense.

Dover provided updated guidance for 2025 as well, with the company now expecting adjusted earnings-per-share in a range of $9.20 to $9.40 for the year. At the midpoint, this would represent 12.2% growth from 2024. Organic revenue growth is projected to be in a range of 2% to 4%.

Click here to download our most recent Sure Analysis report on DOV (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #3: Genuine Parts Co. (GPC)

• Dividend Growth Streak: 69 years

Genuine Parts Company was founded in 1928 and since that time, it has grown into a sprawling conglomerate that sells automotive and industrial parts, electrical materials, and general business products.

Its global span reaches throughout North America, Australia, New Zealand, and Europe and is comprised of more than 3,000 locations. It has about $24 billion in annual revenue.

Genuine Parts posted first quarter earnings on April 22nd, 2025, and results were better than expected on both the top and bottom lines.

Adjusted earnings-per-share came to $1.75, which was seven cents ahead of estimates. Revenue was up 1.7% year-over-year to $5.9 billion, beating estimates by $70 million.

Global industrial sales were $2.2 billion, flat year-on-year, with nine of 14 end markets showing sequential improvement. Segment EBITDA was up 10 basis points year-on-year.

Global automotive sales were up 2.5%, with US sales up 4%. Comparable sales fell slightly, impacted by one fewer selling day. Segment EBITDA was down 110 basis points on softer organic sales and cost pressures.

Gross margin was 37.1% of revenue, up 120 basis points year-over-year, which was attributable to acquisitions and pricing initiatives.

Click here to download our most recent Sure Analysis report on GPC (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #2: Northwest Natural Holding (NWN)

• Dividend Growth Streak: 69 years

NW Natural was founded in 1859 and has grown from a small utility to a large publicly traded utility today. The utility’s mission is to deliver natural gas to its customers in the Pacific Northwest.

On May 6, 2025, Northwest Natural Holding Company reported its financial results for the first quarter ended March 31, 2025. The company achieved net income of $87.9 million, or $2.18 per diluted share, compared to $63.8 million, or $1.69 per share, in the same period of the previous year.

Adjusted net income, which excludes $3.9 million in after-tax transaction costs related to the SiEnergy acquisition, was $91.8 million, or $2.28 per share, surpassing analyst expectations of $2.01 per share. Total operating revenues increased by 14% year-over-year to $494.3 million, driven by strong performance across all business segments.

The NWN Gas Utility segment reported net income of $87.2 million, up from $65.7 million, primarily due to new rates in Oregon and increased margins. SiEnergy, acquired in January 2025, contributed $5.5 million in net income and added approximately 73,000 meters, reflecting robust customer growth in Texas.

The NWN Water Utility segment posted net income of $1.7 million, reversing a loss of $0.7 million in the prior year, aided by new rates in Arizona and the Puttman acquisition.

NW Natural Holdings reaffirmed its adjusted 2025 EPS guidance of $2.75 to $2.95.

Click here to download our most recent Sure Analysis report on NWN (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #1: American States Water (AWR)

• Dividend Growth Streak: 70 years

American States Water is a utility company with two business units: Utilities (primarily water, some electricity) and Services (wastewater services on several US military bases).

American States Water is based in California, where it operates its utilities business. The company’s services unit spans several US states.

On May 7, 2025, American States Water Company reported its financial results for the first quarter ended March 31, 2025. The company achieved consolidated diluted earnings per share (EPS) of $0.70, surpassing analyst expectations of $0.67 and marking a 12.9% increase from $0.62 in the same period of the previous year.

Total operating revenues rose by 9.4% year-over-year to $148 million, driven by higher water and electric revenues. Net income increased to $26.8 million, up from $23.1 million in the prior year quarter, reflecting improved operational efficiency and cost management.

The company’s water utility segment, Golden State Water Company, contributed $0.52 per share to EPS, up from $0.48 in the first quarter of 2024.

Click here to download our most recent Sure Analysis report on AWR (preview of page 1 of 3 shown below):

Additional Reading

The Dividend Kings list is not the only way to quickly screen for stocks that regularly pay rising dividends:

Editor’s Note: After the furious rally in the wake of easing trade tensions, the market may be a little overbought right now, folks.

And if history is any guide, now is the time to pay close attention to Jeff Clark.

Over the past two decades, Jeff has consistently thrived in the most chaotic market conditions. From the 2008 financial crisis to the Covid crash of 2020, and even the rocky start to 2025 – he’s seen it coming and helped his readers capitalize.

Now, Jeff says we’re entering another period of extreme volatility – and he’s sounding the alarm.

This isn’t just another prediction. It’s part of a pattern Jeff has spent 40 years tracking and trading – what he calls the “chaos pattern.” And it’s flashing again right now.

In fact, Jeff believes you must get your financial house in order by Wednesday, June 11. That’s why he’s hosting a special event with our corporate partners at TradeSmith to reveal exactly what he sees ahead – and how it could unlock double- and triple-digit trading opportunities for prepared investors. Click here to sign up now!

Look, anytime I get the chance to get a different perspective from a respected market veteran like Jeff, I’m going to take it. In fact, that’s why I sat down for a one-on-one discussion with him – be sure to look out for that video in Thursday’s Market 360.

In the meantime, I want you to hear directly from him today – before the next market shock hits.

Read on to discover what Jeff sees in the market… and stay tuned for later this week to hear why he thinks this could be one of the most profitable trading windows of the decade.

***************************

The second stage of this bear market will be brutal.

Of course, most folks are skeptical we’re even in a bear market. That’s understandable.

After all, the S&P 500 has recovered nearly everything it lost during the February-April decline. The index is within spitting distance of a new all-time high. So we can’t blame anyone for thinking stocks can only go up from here.

Except…

We know this is what bear markets do. The first rally phase in a bear market is designed to punish bearish traders who’ve held on to short positions for too long, and then coax reluctant bulls back into the market.

In other words, it makes folks question if we’re even in a bear market at all.

Then, the bear takes another swipe.

We don’t have to go too far back in time to find evidence of this action. Think about the bear market that occurred in 2022. Here’s the chart of the S&P 500 from back then…

The S&P 500 peaked in early January 2022. It then suffered its first decline phase – falling 16% in two months.

We then got a stunning, “V” shaped rally. The S&P recovered most of its first phase decline.

V-shaped rallies are dangerous. Investors who sold at the bottom regret their decision. They buy back in at higher prices. And, this time, they vow not to get “bluffed” out of positions on the next decline because apparently, stocks only go up.

During the second decline phase, these investors hold onto their stocks and endure larger losses because they’re convinced they made a mistake selling the first time around.

It takes a larger downside move to convince these investors otherwise. That’s why the second stage of a bear market is often the largest decline phase.

It happened in 2022. And, for reasons we’ve written about here in Market Minute over the past two weeks, it’s about to happen in 2025 as well.

Could I be wrong?

Absolutely. Maybe the stock market will keep pressing higher and the S&P will make a new all-time high in the days/weeks ahead.

But, if I am wrong, since the market is already in an extended condition – with the various moving averages expanded far away from each other – we’re not going to miss out on a huge move higher. There’s not much fuel remaining for that sort of a move.

If I’m right, though, then the next move lower could be significant.

This is not the sort of environment where it makes a lot of sense (at least to me) to pay 23 times earnings to buy the S&P 500.

Best regards and good trading,

Jeff Clark
Editor, Market Minute

The full article continues below these offers from our partners.

The Top Factor Influencing CD Rates

The Federal Reserve controls a benchmark interest rate, called the federal funds rate, which can be adjusted to fight inflation and manage the economy’s growth. The fed funds rate is important to everyday savers because it directly influences the interest rates that banks and credit unions are willing to pay on deposits in savings, money market, and certificate of deposit (CD) accounts.

In 2022–2023, the Federal Reserve raised the federal funds rate to its highest level in two decades to fight post-pandemic inflation. That in turn raised savings and CD rates to their highest levels in 20-plus years.

Since then, bank deposit rates have come down some, as the Fed began lowering its benchmark rate in late 2024—with three cuts last fall totaling one percentage point. But the central bankers have put further rate moves on ice so far this year, largely due to the economic uncertainty introduced by President Donald Trump’s on-again, off-again tariff policy.

As a result, the rate pause has left the best savings accounts and the leading CDs still paying very high rates in the mid-4% range.

When Will the Fed Cut Rates?

At any given moment, you can look up the real-time probabilities that interest-rate traders are pricing into the market for various Fed rate moves with the CME Group’s FedWatch Tool. By looking at this online chart, you can see what odds the financial market is currently placing on Fed rate changes at any of the central bank’s upcoming rate-setting meetings.

The Fed’s upcoming meeting will conclude with an announcement on June 18, and at the time of this writing, there’s a 98.8% probability of the central bankers announcing yet another rate hold.

After June, the Fed’s next rate announcement is scheduled for July 30. Here the odds of a rate cut rise a bit, but only to about 26%—with the remaining 74% probability predicting a rate pause again in July.

It isn’t until the Sept. 17 announcement that today’s markets show majority odds for a rate reduction by the Fed, with a 69% probability of rates being at least 0.25 percentage points lower than today. That leaves a 31% chance we could see a September rate hold, and the odds of no cuts in the fall dwindle to just 15% after the Oct. 29 rate announcement.

Note that interest-rate traders see a 0% chance of any rate hikes from the Fed this year, meaning all expectations are for stable or declining interest rates through the end of 2025.

When Will CD Rates Fall?

It’s impossible to know how the Fed will actually act in the coming months and the rest of 2025, as its decisions are always made meeting-by-meeting based on the latest ecomomic indicators. And with many of these being lagging measures, strong signals have yet to arrive on the full impact of President Trump’s tariffs. Also still uncertain is the final scope and magnitude of the various tariffs.

Until it seems clear the Fed is ready to make a move, the best CD rates are likely to remain generally stable. If the current predictions prove accurate, with no Fed rate cut through June and July, CD rates might not fall until August or September.

But market predictions can change at the drop of a hat, so it’s useful to keep an eye on the CME FedWatch Tool. For instance, we expect to see a strong majority prediction building for an upcoming Fed rate cut at some point. Once that happens, some banks and credit unions will begin to feel confident in lowering their CD rates.

That said, any specific CD offer can evaporate overnight. So while we can speak to the general trend of CD rates as a whole, it’s still a great time to lock in any particular CD deal you find with a great rate and a term that suits your financial timeline. Because while it’s true interest rates could hold steady for a while, the expectation is that rates later this year will be worse than they are today.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

Is the iPhone dead?… Luke Lango profiles the next big thing… the U.S. consumer continues to power the economy… why Louis Navellier isn’t concerned about inflation… last call for “Liberation Day 2.0”

Is the iPhone dead?

Our technology expert Luke Lango just dove into what’s coming on the tech front, and it’s not great news for Apple’s biggest source of revenue.

However, it could be fantastic news for investors who see the writing on the wall.

Let’s go straight to Luke:

The iPhone was built for the Age of the Mobile Internet. And we’re no longer in that era.

We’re now fully entering the Age of AI—and AI doesn’t want your thumbs. It doesn’t want your screen.

It wants your eyes, your ears, and your intent. And to serve that, it needs a new form factor.

So, what replaces the iPhone?

Glasses.

Why does Luke believe that?

Alphabet just announced a $150 million partnership with Warby Parker to launch AI-powered smart glasses. OpenAI just acquired Jony Ive’s AI hardware startup for $6.4 billion (we explained why this is so significant in a previous Digest).

Next up is Meta, which is going all-in on its partnership with Ray-Ban. Meanwhile, Amazon continues to ship Echo Frames, and Apple Glasses are in the works.

Back to Luke:

The smartphone won the 2010s because it was perfectly tuned for the Mobile Internet Era: app icons, touchscreens, notifications, browsing, scrolling, clicking.

But AI doesn’t thrive in that world. AI isn’t an app you tap. It’s an agent that observes, listens, and acts. It’s ambient. Contextual. Proactive. Invisible.

The next device isn’t a better phone—it’s a layer between you and the world.

The investment implications here are enormous.

Luke writes that, “just like with the iPhone, fortunes will be made—not just from the device, but from the ecosystem that helps it see, hear, think, and respond.”

So, how do we invest?

There are the mega-cap stocks that Luke just highlighted. But the competition there will be intense. And those mega-cap companies are already so enormous that 100%+ returns will be challenging.

But for smaller components makers that play an integral role in coming AI products – the “ecosystem” as Luke just called it – we have moonshot potential.

Back to Luke:

Whoever wins will likely rely on custom chips from Arm Holdings (ARM) or Qualcomm’s Snapdragon processors (already in Meta Ray-Bans). Nvidia (NVDA) will probably power much of the on-device AI.

Sony Group (SONY) may lead in camera sensor supply—its tech is already best-in-class. Lumentum Holdings (LITE), STMicroelectronics (STM), and Himax Technologies (HIMX) could supply optical sensors, LiDAR, and gesture-tracking modules. Ambarella (AMBA) might deliver the computer vision chips. Corning (GLW), a longtime iPhone supplier, could provide smart lens glass and optics.

SoundHound AI (SOUN) is vying for a spot in voice recognition APIs, though competition is stiff and Big Tech may prefer to build in-house. Twilio (TWLO) wants in, too.

Unity Software (U) is another wild card. AI glasses need a spatial OS—not just a pixel OS. Unity’s real-time 3D rendering engine is tailor-made for spatial rendering, gaze tracking, gesture recognition, and environmental overlays.

Then there’s Okta (OKTA), which could carve out a niche in identity and security management for AI-driven ambient systems.

Of course, the AI glasses ecosystem is still forming. But the field is full of strong contenders.

(Disclosure: I own GLW.)

As a reminder, Luke just created three proprietary AI indices that help investors identify the best AI stocks to buy today as this megatrend transforms the global economy.

First, there’s the “AI Foundational Five.” These are the five big tech leaders building and hosting the core AI models.

Second, the “AI Builders 15.” These are the 15 top hardware and infrastructure companies powering AI’s rise, building the critical backbone.

Third, the “AI Appliers 15.” These companies are the innovators using AI to transform how we live and work, building apps and tools on top of the infrastructure.

If you’re an Innovation Investor or Early Stage Investor subscriber, these baskets are available to you right now.

To review the specific holdings, click here to login as an Innovation Investor subscriber, and here as an Early Stage Investor subscriber.

To learn more about joining Luke in his flagship Innovation Investor service, click here.

It’s exciting stuff. And the investment opportunities – and wealth potential – are enormous.

Here’s Luke’s bottom line:

The smartphone era was about touchscreens and apps.

The AI era is about ambient intelligence and agents.

And that demands a new form factor.

The iPhone is dead. Long live AI glasses.

At the end of the day, it’s all about the consumer

They’re the workhorse of our economy, driving roughly 70% of U.S. GDP.

They decide whether to open their wallets… which drives corporate sales… which controls earnings… which rules stock prices (eventually)… which determines our portfolio values and investment wealth.

One of the biggest economic stories of the last several years has been the resilience of the U.S. consumer. The consumer-led recession that was supposed to materialize never happened.

Today, while threats to the consumer remain – the risk of higher prices from tariffs… the risk of reduced employment opportunities from AI… lingering elevated interest rates that squeeze family budgets – Main Street America continues to spend (despite various sour sentiment surveys).

Louis Navellier’s favorite economist, Ed Yardeni, unpacked this yesterday:

Trump’s Tariff Turmoil (TTT) continues to weigh on so-called “soft” economic data, such as surveys of consumer and business confidence.

So far, however, it has barely affected the “hard” data, which continue to depict a remarkably resilient economy.

To illustrate, Yardeni cites the revision of Q1’s real GDP estimate. After backing out a 42.6% spike in imports driven by efforts to front run Trump’s tariffs, he concludes:

Excluding these tariff-related effects, the underlying strength of the economy remained intact.

Yardeni also points toward hourly wages, which have risen to record highs in both nominal and real terms:

Aggregate hours worked, reflecting payroll employment and the average weekly hours in private industry, rose to another record high during April.

This, combined with record real hourly wages, is pushing real wages and salaries in personal income to record highs.

Then there’s personal consumption. Yardeni writes that it remains “on a solid uptrend in record-high territory, led by spending on services.”

Now, there are some signs of stress. Yardeni points toward rising delinquency rates on credit card payments, car loans, and tuition loans. But he pivots to a source of spending that could more than make up for those stressors…

Retiring Baby Boomers.

Back to Yardeni:

We still believe that one of the major drivers of consumer spending is retiring Baby Boomers. This age cohort has roughly $80 trillion in net worth, accounting for about half of the household sector’s net worth.

As they retire and no longer earn labor incomes, their personal saving rates will turn negative as they spend more on health care, restaurants, cruises, hotels, light trucks, furniture, and renovating their homes.

Altogether, this is very encouraging – and bullish.

Now, you might think: “Wait – what about the threat of tariff-led inflation still ahead? Might that not derail everything?”

Yardeni just illustrated how this isn’t happening today. But our Federal Reserve remains concerned about this possibility tomorrow – and this is where Louis has a problem.

Let’s jump to Friday’s Growth Investor Weekly Update, where he answered a subscriber question about tariffs and higher prices:

The Federal Reserve may still be worried about the “inflation boogeyman,” but the reality is that the CPI and Producer Price Index (PPI) are now at their lowest levels in four years and five years, respectively…

And falling consumer and wholesale prices are actually creating a more deflationary environment.

Now, an inflation hawk could still push back: “Louis, this data is backward looking. What about looking ahead? Won’t tariffs finally bite?”

That’s where the legendary investor would point toward the dollar:

I am still in the camp that the Trump administration’s 10% baseline tariffs will largely be offset by a stronger U.S. dollar.

Yes, the U.S. dollar lost about 5% of its value against other major currencies following Trump’s so-called “Liberation Day.”

But the fact is the U.S. dollar is finally starting to get its “mojo” back – and a stronger currency should help offset the baseline tariffs.

Below, we look at a chart of the U.S. Dollar Index since December.

After its early-May top, it fell until the last week of May, almost retesting its low from late-April. It’s since been consolidating and is now beginning to climb again.

If this bullish momentum snowballs as Louis anticipates, the dollar could be in for a swift move higher.

Here’s Louis’ bottom line on inflation risk:

The Fed needs to consider the actual inflation data – which shows that prices are cooling off – rather than anticipating an inflation boogeyman that isn’t likely to materialize.

The next FOMC meeting begins two weeks from today. According to the CME Group’s FedWatch Tool, there’s a 98.7% probability that the Fed will not cut rates.

We’ll keep an eye on this and will update you as the odds shift.

Before we wrap up…

We’re about to take offline the free replay of Louis’ Liberation Day 2.0 Summit from last week.

“Liberation Day 2.0” is the name that Louis has given to a series of new moves from President Trump with radical implications for taxes, domestic energy, and technology.

In the free replay, Louis dives into how to position your portfolio to profit from these sweeping changes. According to Louis, Trump’s $10 trillion economic blueprint is going to unleash a tidal wave of capital – an enormous opportunity for investors who get ahead of it.

If you’ve been meaning to watch the free replay, this is last call.

Have a good evening,

Jeff Remsburg

Below you’ll find featured rates available from our partners, followed by details from our ranking of the best CDs available nationwide.

4.65% for 6 Months or 4.50% Until Summer 2026

The best CD rate in the country now comes from Technology Credit Union, with a guaranteed 4.65% APY for 6 months. If you lock in today, you could enjoy that rate until early December.

Want other options? The next-best rate of 4.50% is available from a slew of institutions. CD shoppers can choose one of 14 offers, ranging from a 3-month certificate from PonceBankDirect to two 1-year guarantees: a 10-month term from Abound Credit Union and a 13-month offer from Vibrant Credit Union.

If you want a longer rate lock and are willing to take a slightly lower APY, you can go with one of two offers locking in 4.30% for 18 months. Both Brilliant Bank and Sallie Mae Bank are offering that guarantee, which would extend past Thanksgiving of next year.

All Federally Insured Institutions Are Equally Protected

Your deposits at any FDIC bank or NCUA credit union are federally insured, meaning you’re protected by the U.S. government in the unlikely case that the institution fails. Not only that, but the coverage is identical—deposits are insured up to $250,000 per person and per institution—no matter the size of the bank or credit union.

Consider Longer-Term CDs To Guarantee Your APY Further Down the Road

If you can stretch your savings for 21 months, however, you can secure a higher rate guarantee of 4.40% via PenAir Credit Union. Or, secure a longer rate lock by taking a slightly lower APY of 4.32%, available for 30 months from Genisys Credit Union.

Savers who can sock their money away for even longer might like the leading 4-year or 5-year certificates. You can snag a 4.28% rate for 4 years from Lafayette Federal Credit Union. In fact, Lafayette promises the same 4.28% APY on all its certificates from 7 months through 5 years, letting you secure that rate as far as 2030.

Multiyear CDs are likely smart right now, given the possibility of Fed rate cuts later in 2025, and perhaps also in 2026. The central bank lowered the federal funds rate by a full percentage point last fall and could restart rate cuts in the coming months. While any interest-rate reductions from the Fed will push bank APYs lower, a CD rate you secure now will be yours to enjoy until it matures.

Today’s Best CDs Still Pay Historically High Returns

It’s true that CD rates are no longer at their peak. But despite the pullback, the best CDs still offer a stellar return. October 2023 saw the highest CD rates push briefly to 6%, while today’s leading rate is 4.65%. But compare that to early 2022, before the Federal Reserve embarked on its fast-and-furious rate-hike campaign. The most you could earn from the very best CDs in the country ranged from just 0.50% to 1.70% APY, depending on the term.

Jumbo CDs Beat Regular CDs in 4 Terms

Jumbo CDs require much larger deposits and sometimes pay premium rates—but not always. In fact, today’s best jumbo CD rates only out-pay the top standard rate in four of the eight CD terms we track. That means it’s smart to always check both types of offerings when CD shopping, and if your best rate option is a standard CD, simply open it with a jumbo-sized deposit.

Institutions are offering higher jumbo rates in the following terms:

• 18 months: Hughes Federal Credit Union is paying 4.50% on a 17-month jumbo certificate vs. 4.30% for a standard 18-month CD.
• 3 years: Hughes Federal Credit Union offers 4.34% for a 3-year jumbo CD vs. 4.32% for the highest standard rate.
• 4 years: Lafayette Federal Credit Union offers 4.33% for a 4-year jumbo CD vs. 4.28% for the highest standard rate.
• 5 years: Both GTE Financial and Lafayette Federal Credit Union offer 4.33% for jumbo 5-year CDs vs. 4.28% for the highest standard rate.

In the 1-year term, meanwhile, the top standard and jumbo CDs pay the same rate of 4.50% APY.

Where Are CD Rates Headed in 2025?

In December, the Federal Reserve announced a third rate cut to the federal funds rate in as many meetings, reducing it a full percentage point since September. But following its announcement last month, the central bank has opted to hold rates steady at all three of its 2025 meetings to date.

The Fed’s rate cuts last year represented a pivot from the central bank’s historic 2022–2023 rate-hike campaign, in which the committee aggressively increased interest rates to combat decades-high inflation. At its 2023 peak, the federal funds rate climbed to its highest level since 2001—and remained there for nearly 14 months.

Fed rate moves are significant to savers, as any reductions to the fed funds rate will push down the rates that banks and credit unions are willing to pay consumers for their deposits. Both CD rates and savings account rates reflect these changes to the fed funds rate.

Time will tell what exactly will happen to the federal funds rate in 2025 and 2026—as tariff activity from the Trump administration has paused the Fed’s course as policymakers await clear data. But with more Fed rate cuts possibly arriving later this year, today’s CD rates could be the best you’ll see in a while—making now a smart time to lock in the best rate that suits your personal timeline.

Daily Rankings of the Best CDs and Savings Accounts

We update these rankings every business day to give you the best deposit rates available:

Important

Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.

How We Find the Best CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), the CD’s minimum initial deposit must not exceed $25,000, and any specified maximum deposit cannot be under $5,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

The rise of cryptocurrency over the past decade has led to an explosion in the number of online casinos accepting Bitcoin and other digital assets. This new breed of crypto casinos provides players with the ability to gamble using cryptocurrency along with lucrative welcome bonuses and promotions. 

In this article, we’ll be taking an in-depth look at eight of the best crypto casinos that offer new players enticing no-deposit bonus codes in 2025. But first, let’s discuss some important context around the current state of cryptocurrency and online gambling.

List of the best no-deposit crypto casino bonuses in 2025

1. Jackbit – KYC-free crypto slots paradise
2. WSM Casino – Fun crypto meme-themed slots site
3. Flush.com – Top-tier crypto slots site known for security
4. 7Bit Casino – Supreme crypto slots site with generous bonuses
5. CoinCasino – Huge bonus and 2,000+ crypto slots
6. CryptoGames – Minimalist slots site with daily crypto promos
7. BC.Game – Crypto gaming with true community spirit
8. FortuneJack – Esteemed crypto sportsbook and slots site
9. JustBit Casino – Rising star crypto casino from 2021
10. Winz.io – Rising star KYC-free crypto slots site

The boom in cryptocurrency gambling

As the Bitcoin price continues to break records, more gamblers are discovering the benefits of using cryptocurrency for online betting and casino gaming. Unlike regular fiat deposits, crypto transactions are processed nearly instantly without pesky banking fees. Sites like the ones featured here have recognized this growing demand and adapted their platforms to support Bitcoin, Ethereum, Tron, and other leading digital assets.

Another attractive trait of crypto casinos is the generous welcome bonuses they provide. Looking to draw in new players, these virtual gaming floors offer incredibly high deposit match rates and free spins deals. Some platforms even provide no-deposit crypto bonuses that allow risk-free gambles right from sign-up. This guide unveils the finest online slot sites, awarding free bonuses to new members without requiring an initial deposit. All you need is an eligible account and the corresponding promotional code.

Top 10 crypto casino sites welcoming players with generous no-deposit bonuses

Read on to find out how to claim free spins and bonus funds without having to deposit anything at these leading Bitcoin and crypto gambling sites.

1. Jackbit – Great variety of crypto payment options

Jackbit holds licenses from Curacao and Malta to legally serve the European market. The site boasts a premium selection of over 2,000 games from top developers like NetEnt, Microgaming, and Play’n GO. Payments are handled through both fiat and crypto options, including Bitcoin, Ethereum, Litecoin, and Dogecoin.

Upon sign-up, Jackbit gives all new members 50 free spins to sample the action for free. No code is required, thanks to their recurring no-deposit offering. Additional perks include a four-tiered 260% match welcome package stretching to 4 BTC, plus ongoing cashback and reload bonuses. Customer support is offered around the clock via live chat and email too for any account issues. This seasoned crypto casino packs a punch.

Key features of Jackbit:

• Wide game selection from major developers
• Licensed and regulated casino with strong security practices
• Generous VIP program with amazing perks up to $5,000 monthly
• Supports 6 major cryptocurrencies like Bitcoin, Litecoin, Ethereum
• Withdrawals processed within 24 hours

2. WSM Casino – Unique meme-themed casino

WSM Casino distinguishes itself as the home of Wall Street Memes betting, a popular subreddit on Reddit that features a bunch of finance and crypto-related memes and questionable financial advice. In addition to over 2,000 traditional casino games, the site features an innovative stock ticker plugin. This allows players to place real money bets on the direction of financial indices. Cryptocurrencies supported include Bitcoin, Ether, Litecoin, Bitcoin Cash and Doge.

New WSM members can earn 25 no-deposit free spins upon signing up. No code is needed for this recurring offer. Depositors then qualify for a 260% five-tier welcome bonus worth up to 5 BTC in total. The casino also runs lucrative weekly reloads, cashback, and VIP programs for top players. Around-the-clock support and instant crypto payouts make WSM a one-stop shop for investors and gamers alike.

Key features of WSM Casino:

• 25 free spins no-deposit bonus
• Several cryptos accepted like Bitcoin, Ethereum, Litecoin, Dogecoin
• Curacao-licensed with provably fair gaming 

3. Flush.com – Best crypto banking options

Flush.com brings blockchain betting to the next level through its seamless integration of cryptocurrency and traditional gaming. Thanks to this innovative infrastructure, Flush offers near-instant coin deposits, super-fast withdrawals, and competitive game payout speeds.

New members can earn 40 free spins just by registering for an account at Flush. Depositors then qualify for perks like an initial 200% match up to 5 BTC plus further daily and weekly rewards. Flush maintains the industry’s highest standards for player verification and responsible gambling through its partnership with the leading legal firm DLA Piper. This crypto casino elevates the online slot experience.

Key features of Flush.com:

• 200% matched first deposit bonus up to 5 BTC
• Over 1,500 games from top developers like NetEnt and Play’n Go
• A responsive website works great on any mobile device
• Nine supported cryptocurrencies, including Bitcoin, Ethereum, and Litecoin
• Super fast transaction processing and withdrawals

4. 7Bit Casino – Top-rated crypto casino

Established back in 2014, 7Bit Casino is one of the longest-running and most reputable crypto casinos online. In addition to taking major cryptocurrencies, the site has impressed with its huge game library comprising over 5,200 slots, table games, and live dealer options. The platform fully supports both desktop and mobile play through instant browser access too.

For new players, 7Bit Casino offers a very generous no-deposit bonus of 75 free spins simply by using bonus code “75BIT” upon registration. This risk-free promotion allows test drives of their high-RTP slot hits like Gonzo’s Quest and Break Da Bank Again. Depositors are then treated to a four-tiered Welcome Pack with incentives like up to 325 additional free spins and Bitcoin match bonuses of up to 1.5 BTC in total. With quick crypto payouts and 24/7 live chat support, 7Bit tops many of the best Bitcoin casino lists.

Key features of 7Bit Casino:

• 75 free spins no deposit bonus using code “75BIT”
• 250 additional free spins as part of the first deposit match
• Over 1,000 slot games from major providers
• Accepts 8 major cryptocurrencies for deposits and withdrawals
• Fast withdrawals within 24 hours

5. CoinCasino – Huge Bonus and 2,000+ Crypto Slots

CoinCasino stands out with a strong focus on crypto-friendly slot gaming and a generous bonus structure. With over 2,000 casino games, a significant portion dedicated to slots, the platform caters to both casual players and high-stakes rollers. You’ll find popular reels, jackpots, and bonus buy slots from top-tier developers, all delivered through a sleek, responsive interface. Though demo mode is not available, the site offers a fast user experience and supports both crypto and fiat payments.

New players can claim a 200% bonus up to $30,000 and receive up to 50 Super Spins, which are redeemable across select slot titles. While no-deposit offers aren’t available at this time, CoinCasino still competes at the high end of the market thanks to its multi-language support, deep game library, and smooth signup process with WalletConnect compatibility.

Key Features of CoinCasino:

• 2000+ casino games, including high-volatility crypto slots
• 200% up to $30,000 + Super Spins welcome bonus
• Supports BTC, ETH, LTC, ADA, BCH + fiat cards
• Includes integrated sportsbook (optional use)
• WalletConnect login and live support via Discord

6. CryptoGames – Minimalist Slots Site With Daily Crypto Promos

CryptoGames is a niche but respected crypto casino that puts provable fairness and transparency above flashy design. Its selection includes just 10 handpicked games, among them a proprietary slot title with high RTP and simple mechanics. While the site doesn’t offer hundreds of external slot providers, it does attract dedicated crypto gamblers who value clear odds and verifiable game logic. CryptoGames runs on a no-KYC policy and supports both crypto and fiat deposits.

There’s no traditional welcome bonus, but users benefit from a daily promo structure, rakeback, and VIP level-up system. Long-term players can unlock up to 600 free spins, with rakeback rates that scale to 25%. This makes CryptoGames a good option for consistent slot players looking for reward-based incentives rather than quick one-off deals.

Key Features of CryptoGames:

• High-RTP proprietary slot with provably fair verification
• No-KYC signup with low $3 minimum deposit
• Supports 10+ coins including BTC, ETH, DOGE, DASH
• Daily promotions + VIP level-up with free spins
• Trusted reputation and minimalist user interface

7. BC.Game – Best mobile casino app

BC.Game positions itself as the premier crypto sportsbook and casino combo. In addition to classic RNG slots and tables, the site features over 30+ live wagering markets daily. Supported coins include Bitcoin, Bitcoin Cash, Ether, Litecoin, Doge, and Tether. BC.Game is licensed by both the UK Gambling Commission and Curacao authorities.

Upon registration, BC.Game gives all new players 50 free spins to enjoy popular slots free of risk. Depositors then qualify for boosted match rates on football, horse racing, and slot action. The site also runs exclusive tournaments and VIP rewards throughout football’s biggest tournaments. With its all-in-one global focus, BC.Game sets the standard in crypto betting.

Key features of BC.Game:

• 50 free spins for new players
• Top games from providers like IGTech, Pragmatic Play, Betsoft
• Uses decentralized smart contracts
• No registration needed
• Anonymous account options

8. FortuneJack – Highest crypto deposit bonuses

As one of the original crypto casinos, FortuneJack has stood the test of time since 2014. The site boasts a truly global focus by accepting eighteen different currencies, including all major crypto coins. Their gaming library features over 3,000 casino games and a world-class live dealer room from Evolution Gaming.

New players can earn 100 free spins immediately upon registration using no code. This allows spin samples of mega-hits like Starburst, Dead or Alive 2, and Gonzo’s Quest. Depositors then access a very generous match bonus of 200% up to 5 BTC. FortuneJack also runs generous weekly tournaments for slots and tables with cash prizes reaching $10,000 at times. Secure crypto payouts are generally processed in under an hour, too, making this a prime online crypto destination.

Key features of FortuneJack:

• 100 free spins with no deposit for new players
• Up to 450 additional free spins as part of the first deposit match
• Supports 18 cryptocurrencies like Bitcoin, Ethereum, Litecoin
• Reliable payouts within 24 hours
• Multi-tier VIP program with cashback, priority support, and more perks

9. JustBit – Best live dealer experience

JustBit prioritizes fast and seamless crypto betting through its web-based instant play platform. The site takes nine digital coins like Bitcoin Cash, Dogecoin, and Tether and guarantees no hidden fees. Their content library includes over 2,000 classics and new releases from pioneers like Microgaming.

No deposit players at JustBit receive 20 free spins upon registration to sample games risk-free. Depositors then get perks like a four-tier welcome package totaling 500% match up to 5 BTC plus 100 additional free spins. Customer service is on call 24/7 and payouts take a maximum of one business day for quick funds. With its lightning-fast crypto functionality, JustBit sets the bar high.

Key features of JustBit:

• 20 free spins with no deposit for new players
• 5 BTC welcome package across first 4 deposits
• +9 supported cryptos like Bitcoin, Ethereum, Tether
• Fast 24/7 withdrawals
• Modern web/mobile experience from leading providers

10. Winz.io – Best e-sports betting

Winz.io stands apart through its sleek web-based instant play casino. The site boasts lightning-quick coin deposits via Coinpayments and high-quality games from leaders like Belatra, EGT, and Pragmatic Play. Supported currencies are Bitcoin, Ether, Litecoin, Doge, and Tether.

For all new members, Winz awards 30 no deposit free spins upon sign-up, with no code required. Depositors then get a 300% five-tier welcome package worth 4 BTC total. The casino also dishes out generous daily and weekly cash prizes plus hot new slot tournaments. Outstanding customer assistance via live chat supports players worldwide 24/7 too. For sheer speed and smooth gaming, Winz.io takes the cake.

Key features of Winz.io:

• 30 free spins
• Innovative combo of chance games and interactive challenges
• Trustless operation on blockchain for integrity
• Transparent smart contract rules and payouts
• Accepts multiple cryptos, such as Bitcoin, Ethereum, and Dogecoin

The bottom line

As cryptocurrency gains wider appeal and adoption, expect to see more innovative casinos launch that leverage blockchain’s speed, security, and transparency. The casino platforms featured in this article highlight that crypto gambling can offer players an overall experience that’s in many ways superior to traditional online casinos. 

By providing lucrative no-deposit bonuses and top-tier service, they invite all gamers to enjoy the emerging benefits of blockchain betting. Make sure to check each platform and only play within your personal risk tolerance.

The U.S. national debt just cleared a record $36.2 trillion—more than the annual output of China, Japan, Germany, the U.K., and India combined. That’s also roughly $106,000 per American.

The government will pay about $684 billion in interest this fiscal year alone—roughly 16% of every federal dollar spent—then roll maturing debt into a steady stream of new Treasury securities.

While the debt has grown steadily over decades, warning lights are flashing brighter than ever: in May 2025, Moody’s stripped Washington of its last triple-A rating, bluntly warning that successive administrations have failed to rein in spiraling deficits.

It is the first time that all three major agencies—S&P (2011), Fitch (2023), and now Moody’s—rate America’s debt below the top tier. If investor confidence wavers, borrowing costs would climb just as trillions in Treasuries hit a “maturity wall” in 2026, testing demand on a scale never seen before.

How the Debt Is Structured—And Its Size

The government takes on debt to cover the gap between what it spends and what it collects in taxes—so it can keep funding programs, services, and investments even when current revenues fall short.

The U.S. national debt is a mix of government bonds that trade daily and non-marketable securities that sit exclusively on federal ledgers. This “intragovernmental” debt is money owed by one arm of the government to another—mostly for programs like Social Security and Medicare. 

War spending drove early leaps in the debt, from $75 million after the Revolution to upwards of $3 billion after the Civil War. However, modern surges following the Great Recession pushed the debt-to-GDP ratio above 100% in 2013, and the COVID-19 stimulus to more than 120% today.

Unlike households, which must pay off their debts or risk bankruptcy, the federal government can roll debt indefinitely. Washington can raise taxes and, through the Fed, create more dollars. That is one reason U.S. Treasurys remain the closest thing to a “risk-free” asset and why Washington can keep borrowing year after year.

How the Government Pays Its Debt

In effect, the Treasury acts like a giant bond-fund manager: it pays out interest from current tax receipts, then issues fresh bonds to replace those that mature. This process involves regular auctions where Treasury securities are sold to investors, providing the government with the necessary funds to cover expenditures.

Foreign investors still hold about $9 trillion, led by Japan ($1.13 trillion), the U.K. ($779 billion), and China ($765 billion). Domestic pension funds and mutual funds own a growing share.

Debt Ceilings and Future Pressures

Despite mounting debt, Congress has raised the debt ceiling 78 times since 1960, using “extraordinary measures” to avoid default when the cap is reached.

There have, of course, been efforts to reduce the size of the debt, but these have often been undermined by political gridlock, unrealistic assumptions, or voter-friendly policies. Elon Musk’s so-called Department of Government Efficiency (DOGE) initially claimed $160+ billion in savings, but watchdogs say it simply shifted or delayed costs and cost taxpayers billions instead.

Meanwhile, annual net-interest outlays are expected to reach $1.8 trillion by 2035, as President Trump’s recent budget proposal, dubbed the “Big, Beautiful Bill,” is projected to add $3+ trillion to the national debt over the next decade, with further tax cuts increasing the burden by another $3.8 trillion.

The Bottom Line

The U.S. doesn’t so much “pay off” its national debt as manages it, relying on continued investor confidence, a flexible debt ceiling, and economic growth. Credit downgrades and rising costs, however. highlight growing risks—but the depth of Treasury markets and America’s unique fiscal standing still give policymakers room to act for now—if they choose to.

Call it a centennial celebration … of a centennial celebration.

The Restauration – a Norwegian ship carrying 45 immigrants, many of whom settled in Minnesota and became an integral part of the community – arrived in America in 1825. One hundred years later, the U.S. Mint in Philadelphia celebrated the arrival of the Restauration and the launch of the Norse-American community with the striking of a series of medals.

Now, a century after the centennial celebration, a selection of the rarest of those medals, from the collection of David F. Schmidt, will be offered in the ANA US Coins Signature® Auction August 26-31. Heritage Auctions is an ANA Event Auctioneer Partner.

“This is a very important collection of medals and die trials. David Schmidt spent more than 50 years building what might be the finest and most complete collection of these medals ever assembled,” says Greg Rohan, President of Heritage Auctions. “They were made to celebrate an important date in Norwegian and American history, and in the relationship between the two countries. They help cast a spotlight on the strong relationship between the countries, and have even inspired the creation of organizations designed to collect, curate and preserve the history of this important international relationship.

“Some of them are exceptionally rare, and will become important additions to new collections.”

Among the top lots, all of which come from a single consignor, that will be up for grabs is a 1925 Norse-American Centennial Gold Medal, PR65 with the No. 1 Stamped on the Edge, PR65 NGC. The edge stamp suggests that it likely was the first struck Norse-American Centennial gold medal. In June 1982, Anthony Swiatek wrote in The Numismatist that “First strikings of the silver and gold medals were retained by the Centennial Commission.” Gold medal No. 2, he wrote, was presented to Congressman O.J. Kvale, and gold medals No. 3, 4 and 5 were presented to George L Croker, W.J. Clark and J. Carmichael, respectively.

The group includes two other gold medals: one that carries a grade of PR65 PCGS. CAC and is one of about 30 surviving examples, and another that is graded PR65 PCGS.

The Norse-American treasures in the auction feature several silver medals, including a 1925 Medal Norse, Thin Planchet, MS66 PCGS. CAC from a thin planchet and three from thick planchets, as well as a Copper Die Trial, MS63 Brown PCGS and a Brass Uniface Die Trial, MS64 PCGS.

Several rare Large Format pieces also are represented, among them a nickel strike in MS65 NGC and a second nickel strike on a spectacular oversized planchet.

Information for the entire ANA US Coins auction can be found at HA.com/1385.

About Heritage Auctions

Heritage Auctions is the largest fine art and collectibles auction house founded in the United States, and the world’s largest collectibles auctioneer. Heritage maintains offices in New York, Dallas, Beverly Hills, Chicago, Palm Beach, London, Paris, Amsterdam, Brussels, Munich, Hong Kong and Tokyo.

Heritage also enjoys the highest Online traffic and dollar volume of any auction house on earth (source: SimilarWeb and Hiscox Report). The Internet’s most popular auction-house website, HA.com, has more than 1,960,000 registered bidder-members and searchable free archives of more than 7,000,000 past auction records with prices realized, descriptions and enlargeable photos. Reproduction rights routinely granted to media for photo credit.