A year ago, credit derivatives tied to individual companies didn't exist for many high-grade Big Tech issuers, but now they are some of the most actively traded U.S. contracts.

Last year's "One Big Beautiful Bill" and federal immigration policies are mostly to blame for the increased deficit.

At the same time, revisions to last year's data show that job gains averaged just 15,000 a month last year, down from the initially reported pace of 49,000.

It was not fully clear whether he was referring to year-over-year growth, but the U.S. economy has grown at an average annual rate of 2.8% over the past five decades.