Archive for June, 2025

• Morning News: June 30, 2025
  Eddy Elfenbein, June 30th, 2025 at 7:05 am

  China PMI Signals Continued Decline in Manufacturing

  China Home Sales Slump Persists as Calls Grow for More Stimulus

  Japan Factory Output Rose in May, But Tariffs Cloud Outlook

  Electronic Warfare Crashes Global Shipping’s Navigation Systems

  As Trade Deadline Nears, Europe Preps for a Scant Outline of a Deal

  ECB’s New Strategy Emphasizes ‘Forceful’ Responses to Inflation Shifts

  Cryptocurrency Fraud Ring Busted in Spain After Laundering $540 Million, Europol Says

  Canada Drops Digital Tax That Infuriated Trump to Restart Trade Talks

  Trump’s Criticism of Fed’s Rate Decisions Not Necessarily a Threat to Its Independence

  If Fed Cuts Result In Inflation, Then Chair Powell Has Nothing To Fear

  The Independent Federal Reserve Is on Death Row

  US Banks Rise as Fed Stress Test Success Clears Path for Payouts

  Ignoring a $7 Trillion Financial Disaster Won’t Make It Go Away

  Hedge Funds Sell Energy Stocks as Oil Slumps, Says Goldman Sachs

  Boom-and-Bust Oil Puts Houston at Center of Real Estate Crisis

  Trump Wants to Expand Nuclear Power. It Won’t Be Easy.

  Trump Wants America to Make iPhones. Here’s How India Is Doing It.

  Trump’s Tariffs May Push This American Company to Move Jobs to China

  One American’s Two-Year Quest to Move His Business Out of China

  They’re in the Top 10% of Earners. They Still Don’t Feel Rich.

  The Summer Job, a Rite of Passage for Teens, May Be Fading Away

  How Tariffs Are Affecting Wedding Dress Prices

  Musk Lieutenants Depart Tesla and Leave Leadership Void

  Like It or Not, Google Got To Where It Is By Being Better

  Avadel Shareholder Seeks Ousting Drugmaker’s Entire Board

  United Natural Foods Restores Systems After Hack, Expects Financial Hit

  Cracker Barrel Fans Mourn the Loss of That Old-Timey Feeling

  Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate

  Jell-O With Natural Dyes? It’s Not Easy Becoming Green.

  ‘F1: The Movie’ Gives Apple Its First Box Office Hit

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• Morning News: June 27, 2025
  Eddy Elfenbein, June 27th, 2025 at 7:02 am

  China’s Industrial Profit Declined in May

  China Confirms US Trade Framework, Vows to Review Exports

  China’s Grid Looks Ready for Searing Heat After Heavy Investment

  Decline of the Great North American Decarbonization Charade

  Tokyo Consumer Inflation Eases But Stays Well Above BOJ’s Target

  Turkey Plans to Skip Minimum-Wage Raise in Boost for Investors

  Wars, Trump and Climate Malaise: Brazil Braces for a Tough COP30

  Bank of Mexico Makes Fourth Straight Half-Point Interest-Rate Cut

  Dollar Question Hovers Over Top Central Bankers Meeting in Sintra

  Powell Isn’t Trump’s Only Holdout Against Cuts at a Divided Fed

  Ron Insana: Trump Would Imperil More than Just the Fed’s Independence by Naming a ‘Shadow Chair’

  A Recipe for Doubling Your Stock Returns, Again and Again

  A Merger That Could Make Home Buying Less Painful

  ‘Nepo-buyers’ Are America’s New Class of Homeowners, Thanks to Parents

  Trump Plans Executive Orders to Power AI Growth in Race with China

  House Plans Single Vote to Move Genius and Clarity Crypto Bills

  Republicans Prepare to Open ‘Pandora’s Box’ of Budget Gimmicks

  The Many Real Benefits Of a Lower Corporate Tax Rate

  Truck Operators Were Hoping for a Recovery. Instead They Got a Trade War.

  European Allies Wary of Buying American as They Plan Defense Buildup

  Trump Administration Asks McKinsey, BCG to Justify Consulting Contracts

  Nike Is Running Up That Tariff Hill

  Your Cat’s Food Probably Comes From Thailand. Tariffs May Change That.

  Can Steve From ‘Blue’s Clues’ be a ‘Counterweight’ to the Manosphere?

  Bumper Orders for Xiaomi’s New SUV Heighten Threat to Tesla

  Tesla’s $800 Billion Robotaxi Dream Is Finally Facing Reality

  Longtime Musk Aide and Fixer Omead Afshar Leaves Tesla

  Anna Wintour Is Stepping Down as Editor of American Vogue

  NYC’s $4.4 Billion Casino Battle Now Lies With Gambling Skeptics

  Their Labubus Are Fake, and They Don’t Care

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• Morning News: June 26, 2025
  Eddy Elfenbein, June 26th, 2025 at 7:08 am

  Does It Matter Whether America’s Iran Strike Was Lawful?

  Iran’s Khamenei Says US Intervention in War Achieved Nothing

  The Waning Ambitions of China’s $1.3 Trillion Fund Giant

  Japan Hits M&A Record of $232 Billion, Driving Asia Deals Rebound

  Conflict in Middle East Might Damp Eurozone Growth, ECB’s De Guindos Says

  German Consumers Grow More Cautious as Confidence Slips

  Deportations Alone Can’t Fix US Immigration Problems

  Spring Housing Market Is a Bust With US Hit by ‘Double Whammy’

  Trump Pivots to Tax Cuts to Combat Voters’ Economic Anxiety

  Trump Considers Naming Next Fed Chair Early in Bid to Undermine Powell

  Dollar Plunges as Trump Pummels Powell

  Mamdani’s Shock Win Has Wall Street Fretting Over ‘Hot Commie Summer’

  Summer Gas Prices Haven’t Been This Low Since 2021

  Congestion Pricing In New York Creates a Laboratory For the U.S.

  Should the Government Stop Subsidizing a Car Feature That ‘Everyone Hates’?

  The Outpost at the Center of Trump’s $44 Billion Energy Push

  How Japan and Alaska Pioneered the Global Market for L.N.G.

  Tanker Seen Near Russia’s Arctic LNG 2 for First Time in Months

  End of Shell Takeover Talk Puts BP Back in Elliott’s Crosshairs

  China Is Still Choking Exports of Rare Earths Despite Pact With U.S.

  Meta Inks More Clean Energy Deals with Developer Invenergy

  The AI Boom Can Give Rooftop Solar a New Pitch

  Nvidia Stock Notches Fresh Record High in Remarkable 2025 Turnaround

  More Than Tariffs Needed To Reinforce U.S.’s Technological Defenses

  Trump Organization Scraps ‘Made in the USA’ Tag for Its Gold T1 Smartphone

  Tesla’s Robotaxi Launch Shows Google’s Waymo Is Worth More Than $45 Billion

  Bezos and Blue Origin Try to Capitalize on Trump-Musk Split

  With Bezos Wedding, Venice Braces for Love in the Time of Tech Billionaires

  Madison Avenue Lands a Bigger Role in Hollywood

  Can Brad Pitt’s ‘F1’ Movie Finally Deliver Apple a Big-Screen Hit?

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• Morning News: June 25, 2025
  Eddy Elfenbein, June 25th, 2025 at 7:05 am

  The Mullahs Apparently Decided U.S. Presidents Are Pushovers

  Mideast Conflict Imperils a Tiny Waterway Vital to the World Economy

  New Oil Geopolitics Laid Bare By Iran Conflict

  Why a War in the Middle East Hasn’t Sparked an Oil Crisis

  Dubai and Abu Dhabi’s Haven Status Tested by Middle East Crisis

  Deals Veteran Ken Moelis Sees Iran Investment Possibilities

  BOJ Should Consider Rate Hikes Without Delay, Board Member Tamura Says

  Australian Inflation Pressures Ease in May; Green Light for Rate Cut

  Stablecoins Fall Short as Cornerstone of Monetary System, Central Banks Say

  EU Sees Trump’s 10% Tariff as Trigger to Retaliate

  The Evolution of Trump’s Views on Foreign Aid

  Trump Enters Fraught Two-Week Run as Tax, Trade Deadlines Loom

  This Time Is Different for the US Economy

  Federal Reserve Has No Alternative to ‘Wait and See’

  Fed Kicks Off Effort to Ease Bank Leverage Rules

  US Exchanges, SEC in Talks to Ease Public Company Regulations

  SPACs Are Back. What Could Go Wrong This Time?

  JPMorgan Traders Are Getting Shut Out of Private Credit Market

  FICO Scores to Include a Shopper’s ‘Buy Now, Pay Later’ Loan History

  Social Security’s Faux ‘Insolvency’ Is a Limited Government Feature

  Grandma Would Never Have Left Parenting to the FTC

  Promise of Victory Over H.I.V. Fades as U.S. Withdraws Support

  U.S. Textile Makers, Feeling Forgotten by Trump, Hope Boom Days Are Ahead

  Promises to Spend Billions on US Chip Revival Still Depend on a Fickle Market

  Takeaways From Hard Fork’s Interview With OpenAI’s Sam Altman

  Hims ‘Won’t Cave’ to Novo Demands Over Copycat Weight-Loss Shots, CEO Says

  Chinese Automakers Speed Past Tesla in Europe

  Even Warren Buffett Hasn’t Fixed the RV Industry’s Serial Breakdowns

  Jane Street Boss Says He Was Duped Into Funding AK-47s for South Sudan Coup

  Victoria’s Secret Needs a Different Kind of Angel

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• CWS Market Review – June 24, 2025
  Eddy Elfenbein, June 24th, 2025 at 6:20 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  Wall Street seems pleased that the Twelve Day War is, hopefully, behind us. On Tuesday, the stock market gained nearly 1% on Monday and just over 1% on Tuesday. The index closed at its highest level in four months, and now we’re only 0.85% away from a new all-time high.

  Historically, the market has sold off when wars start. In fact, 75 years ago tomorrow, North Korea stormed into South Korea and the Dow plunged 5%. That was the worst day for the market between 1937 and 1962.

  This time, it looks like a lot of investors stayed on the sidelines until the geopolitical news was more certain. All the folks who bet on a spike in oil prices didn’t get what they hoped for. On successive days, the price for oil fell by 7% and then by 6%. Oil is cheaper now than where it was before the conflict.

  

  Today, Fed Chairman Jerome Powell headed down to Capitol Hill for his semi-annual testimony before the House and Senate. (Several years ago, I went to the Senate office building to check out the hearings live. I managed to get the seat directly behind Ben Bernanke.)

  While it’s broadly assumed that the Fed will cut rates in September, there’s been growing pressure on the Fed to make a move earlier than that. The pressure is coming from many different sources. Most principally, President Trump is clearly frustrated that the Fed hasn’t yet lowered rates.

  At his testimony, Powell said that the economy is doing well and that the labor market is strong, but the sore point is inflation which is still above the Fed’s target range of 2.4%. Still, that’s near the lowest point it’s been in the last four years.

  This is what Powell had to say about inflation:

  Inflation has eased significantly from its highs in mid-2022 but remains somewhat elevated relative to our 2 percent longer-run goal. Estimates based on the consumer price index and other data indicate that total personal consumption expenditures (PCE) prices rose 2.3 percent over the 12 months ending in May and that, excluding the volatile food and energy categories, core PCE prices rose 2.6 percent. Near-term measures of inflation expectations have moved up over recent months, as reflected in both market- and survey-based measures. Respondents to surveys of consumers, businesses, and professional forecasters point to tariffs as the driving factor. Beyond the next year or so, however, most measures of longer-term expectations remain consistent with our 2 percent inflation goal.

  Powell’s concern is that President Trump’s tariff policies will heat up inflation but even that is unclear. The problem is that Powell is warning us of something we don’t yet see. As a result, his conservative approach appears overly cautious.

  President Trump said he hopes “Congress really works this very dumb, hardheaded person over.” I agree that the Fed is probably unnecessarily hawkish on interest rates. The Fed can easily afford to cut rates by 0.25% next month.

  Here’s a look at the “real” Fed funds rate, meaning the after-inflation rate. I used the “core rate” of inflation because I think that presents a more accurate view.

  

  Real rates are currently at 1.5%. There’s plenty of room to cut before real rates turn negative.

  Before the Financial Crisis, the Fed’s job was easy: set real rates around 3% or so when the economy is humming along and drop real rates to 0% when a recession is coming. I’m exaggerating, but that pretty much captures what happened. The Financial Crisis rewrote the rules and now we see that real rates can go below 0% for a long time.

  Powell also faces the dual concern that we don’t know what the tariff policy will be, nor do we know what the outcome will be. Historically, tariffs have led to one-time price hikes and not to persistent inflation like we saw in the 1970s.

  Powell’s term as Fed chair is up next year. President Trump seems to favor making Scott Bessent, his Treasury Secretary, the next Fed chair.

  There could be growing dissension within the Fed. Recently, two Fed governors, Michelle Bowman and Christopher Waller, have signaled that the Fed can cut rates soon. While Fed bank presidents have been known to deviate from the Fed chair, it’s rare for Fed governors to dissent.

  For the July meeting, futures traders think there’s only a 19% chance that the Fed will cut. That sounds about right. For September, traders see an 82% chance that the Fed will cut.

  On Thursday, the government will update its report on Q1 GDP. This will be the second revision to the report. The most recent revision said that the US economy contracted by 0.2% during the first three months of this year. That was the first negative quarter for GDP since 2022.

  There’s a growing consensus on Wall Street that the economy did much better during the second quarter. Some forecasters think the economy grew over 3% in real terms during the second three months of this year.

  Now let’s look at our sole Buy List earnings report from yesterday.

  FactSet Misses Earnings but Rallies

  Before yesterday’s opening bell, FactSet (FDS) reported its fiscal Q3 earnings. I’ll go into more details in our premium letter later this week, but I wanted to touch on a few points.

  I also wanted to mention FactSet because there was some misunderstanding about the report. Technically, FactSet fell short of Wall Street’s estimate. For the quarter, FactSet made $4.27 per share which was three cents below consensus.

  

  However, the details of the report were quite good. Don’t take my word for it. Shares of FDS gapped up yesterday. At one point, FDS was up more than 5.5% on the day. The stock is up more than 10% from its April low.

  Business is still going well for FDS. The problem is that costs have been weighing it down. Last quarter, revenues rose by 6%, and organic revenue was up by 4.4%.

  The key stat for FDA is annual subscription value (ASV). Last quarter, ASV grew by 6%, The ASV retention rate is higher than 95%.

  The board approved a new $400 million share buyback program. FactSet has reduced its share count by more than 8% over the last 10 years. Like I said before, I’ll have more to say about FDS in our premium issue, but the company is doing well. FDS recently raised its dividend for the 26th year in a row. I expect more gains later this year.

  That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: June 24, 2025
  Eddy Elfenbein, June 24th, 2025 at 7:07 am

  NATO Has Dodged Collapse Before. It’s Never Been This Close.

  A Putin War With NATO Would Cost the World $1.5 Trillion

  The China Wild Card

  Japanese Megabanks Weigh Middle East Evacuations, JPMorgan Limits Travel

  The Middle East Is in Turmoil. U.S. Frackers See No Reason to Pump More Oil.

  The Bernanke Consensus on Oil Shocks Is Truer Than Ever

  Ceasefire or Not, The World Is Swimming in Oil

  Trump-Hailed Truce Falters With Israel Accusing Iran of a Breach

  ECB Alert to Inflation Threat From Strait of Hormuz, Lagarde Says

  Middle East Conflict Increases Risk of Higher Inflation Expectations, Says BOE’s Greene

  U.S. Attack on Iran Injects Uncertainty Into an Already Uncertain Economy

  Trump’s Relentless Fed Pressure Creates Lose-Lose Scenario for Powell

  Treasuries Climb as Oil Slump Boosts Bets on Fed Rate Cuts

  Stocks Are Within Reach of Records on Shaky Ceasefire

  “Balanced Budgets”: One of the Most Fraudulent Notions In Economics

  Senate GOP to Offer $40,000 SALT Cap With Lower Income Threshold

  No, a TikTok Trick Won’t Erase Student Loan Debt

  Number of US-Bound Container Ships Rises on Pacific Horizon

  As Is the Case With All Taxes, Tariffs Raise Prices

  FTC Approves Omnicom-IPG Merger After Ad Giants Pledge Not to Boycott Over Politics

  Texas, Oklahoma and Nevada make changes to lure business amid Delaware’s ‘Dexit’ concern

  Ford Still Scrambling to Get Rare-Earth Magnets

  Ford Will Keep Battery Factory Even if Republicans Ax Tax Break

  Layoffs From Trump Tariffs Ripple Across the Auto-Parts Industry

  Why Factories Are Having Trouble Filling Nearly 400,000 Open Jobs

  Tesla Robotaxi Launch: Why Getting from Dozens to Millions of Self-Driving Cars Won’t Be Easy

  Swiss Losing Ground Faster to Asian Rivals in Wealth, BCG Says

  Why Do Yemeni Coffeehouses Seem to Be Everywhere Lately?

  The Eternal Quest to Save Gap

  Labubu Mania Breathes New Life Into Chinese Consumers

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• Morning News: June 23, 2025
  Eddy Elfenbein, June 23rd, 2025 at 7:07 am

  To a President With a Midnight Hammer, Everything Is a Nail

  Iran Has Three Options Now. Two Are Terrible.

  Iran Has an Oil Card to Play. So Does the U.S.

  Iran’s Payback Threat for US Strike Keeps World Powers on Alert

  Oil’s Iran Shrug Marks Sunset of Geopolitical Risk Premium

  Global Bonds Fall as Mideast Tensions Keep Inflation Woes Alive

  Global Business Remains Resilient in Face of Tariffs, Middle East War

  ‘The Better Life Is Out of Reach’: The Chinese Dream Is Slipping Away

  Wall Street Is Acting Like America Didn’t Just Strike Iran

  Don’t Be Fooled by Treasury Yields

  Why The Federal Reserve Did Not Cause The Great Depression

  Senate Readies Tax Bill for Vote With Holdouts Threatening Delay

  HSBC’s Return-to-Office Push Risks Denting CEO’s Savings Plan

  Meet the Climate Leaders Working to Cut Emissions

  America’s Biggest Cement Supplier Set to Make Its Market Debut

  America’s Top Logger Bets It Can Make Money Off Small, Crooked Trees

  A New Meatpacking Plant’s Novel Pitch to Attract American Workers

  When Trade Wars Crash the Wedding

  Openness To Brains Will Create Much More Wealth Than Tariff Closure

  Italy Has Frozen Russian Oligarchs’ Assets Worth Over $2.6 Billion

  Palm Beach Has Never Been Richer. The Locals Aren’t Pleased.

  Happy Birthday, Money

  Should the Billionaire Be a Fan Fave? “The Gilded Age” Says Yes

  The A.I. Race Is Splitting the World Into Haves and Have Nots

  Tesla Taps Retail Investors for Stage-Managed Robotaxi Launch

  The Holy Grail of Automation: Now a Robot Can Unload a Truck

  New Stellantis CEO Faces Slew of Challenges, Vows to Avoid ‘Mediocrity’

  Apple Crashes Tech’s Formula One Party as Money Behind ‘F1’

  KKR Nears Buyout of Chinese Beverage Maker Dayao

  With ‘Elio,’ Pixar Has Its Worst Box Office Opening Ever

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• Morning News: June 20, 2025
  Eddy Elfenbein, June 20th, 2025 at 7:01 am

  Japan Looks to Cut Issuance of Superlong Government Bonds

  Japan’s Core Inflation Picks Up in May, Complicating BOJ’s Policy Steering

  China’s Central Bank Seeks Bigger Role for Yuan on Global Stage

  Chinese Companies Set Their Sights on Brazil

  RBI Opted For Outsized Rate Cut to Boost Growth, Minutes Show

  Global Trading Giants Step Up India Presence, Fuelling Talent Rush, Exchange Upgrades

  Greenland Awards Permit for Metal Critical to Defense Industry

  IEA Sees Bargains in $100 Billion LNG Clean-Up Proposal

  Under Shadow of Trump Warning, Africa Pioneers Non-Dollar Payments Systems

  Almost a Third of Eurozone’s U.S. Trade Surplus Is Due to U.S. Firms, Says ECB

  U.K. Retail Sales Slump in New Blow to Limping Economy

  US Banks That Fueled Ireland’s Finance Rebound Face Tariff Angst

  The IRS Badly Needs Reform, But Billy Long Isn’t the One to Reform It

  Employees Terrified of ICE Raids Are Failing to Show Up at Work

  Electricity Is the New Eggs in a Power-Hungry US

  The White House Plans for Texas Could Backfire

  Texas Oil Dynasty Targets Payout With $8 Billion Mitsubishi Deal

  Masa Son Pitches $1 Trillion US AI Hub to TSMC, Trump Team

  Hybrid Cars, Once Derided and Dismissed, Have Become Popular

  Home Depot Bid Kicks Off Battle for $5 Billion Building-Products Company

  Food, Agriculture Leaders Sound Warnings on MAHA Overreach

  After a Bruising Year, Casual-Dining Chains Try to Stage a Comeback

  How Do You Build a $500 Million Coffee Chain? By Selling Matcha to Teens.

  High Pay at Buc-ee’s Rejects the Left and Right’s Economics

  Trying to Dethrone the Birkin? Make Fewer Bags

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• Morning News: June 19, 2025
  Eddy Elfenbein, June 19th, 2025 at 7:04 am

  Oil Prices Jump as Israel-Iran Conflict Enters Seventh Day

  Trump’s Iran Decision Will Define His Presidency

  The MAGA Coalition Won’t Survive a Bunker-Buster in Iran

  A War in the Middle East Is Pushing Asian Gas Buyers to Consider Plan B

  Carney’s Risk Warning Reverberates as Global Regulators Disagree Over Climate

  Under China’s Threat, Taiwan Needs Its Own Power Sources More Than Ever

  Taiwan Central Bank Stays on Hold Again as Uncertainty Persists

  Philippines Central Bank Cuts Rates to Boost Economy, Warns of Geopolitical Risk

  Turkish Central Bank Stands Pat on Rates Despite Easing Inflation

  Syria Made First Direct International Bank Transfer Via SWIFT Since War, Central Bank Governor Says

  Three Rate Cuts in 24 Hours Show Europe’s Tariff Challenges

  Norges Bank Surprises With Rate Cut and Hints at Further Easing This Year

  Swiss Central Bank Cuts Interest Rate to Deter Search for Safe Haven

  Bank of England Mirrors Fed and Stands Pat

  Fed’s Powell Says Rate Path Unclear But Tariff Impact Is Coming

  War and Food Prices Could Heat Up Powell’s Summer

  Foreign Investment Faces Third Year of Decline on Tariff Uncertainty, UN Warns

  This Is Ground Zero in Trump’s Trade War

  Auto Tariffs Seen Hiking Car Prices by Nearly $2,000 Per Vehicle

  Tariffs Spell Trouble for Cans: ‘We Can’t Absorb Those Costs’

  Social Security’s Finances Erode Further, Risking Benefit Cuts

  Why the Housing Market Is So Stuck, in 4 Charts

  The Heavy Weight of Taxes On Small Business

  Texas Is Becoming the Center of Gravity for American Capitalism

  Google Suffers Setback in Fight Over EU’s €4.1 Billion Fine

  Skepticism Over Meta’s AI Push Raises the Cost to Recruit Talent

  WhatsApp’s ‘No Ads’ Promise Meets Meta’s Reality

  China’s EV Powerhouse BYD Accelerates Into Europe’s Heartland

  A Totally Spontaneous Expression of Joy, Contractually Sponsored by Moët & Chandon

  Billionaire Arnault Grapples With Biggest Slump in LVMH History

  Telegram’s Durov to Leave Fortune to 100 Children He’s Fathered

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• Morning News: June 18, 2025
  Eddy Elfenbein, June 18th, 2025 at 7:05 am

  Israel’s War With Iran Isn’t One Conflict. It’s Three.

  Xi, Trump Take Opposite Sides on Iran-Israel

  Mideast Oil Giants Bring Their Billions in Search of LNG Riches

  Why Eliminating Coal Could Take a Long Time

  China Solar Industry’s Self-Discipline Was Doomed From the Start

  U.K. Inflation Eases Slightly Despite Concerns Over Rallying Oil Prices

  The $10 Billion Proposal to Speed Up U.S.-Mexico Trade

  Japan’s Exports Fell for First Time in Eight Months as Tariffs Weighed

  Trump Flexes Security Powers to Keep Global Tariff Goal Alive

  US-China Trade Truce Is a Cautionary Tale

  Trump Is Driving Off Investors and Threatening the Dollar’s Reign

  Aiming at the Dollar, China Makes a Pitch for Its Currency

  The Dark Side of China’s Gold Frenzy

  Bank Indonesia Stands Pat Amid Uncertainties

  Sweden’s Central Bank Cuts Rate Amid Economic Uncertainty

  US Plans to Ease Capital Rule Limiting Banks’ Treasury Trades

  Trump and the Middle East Weigh on the Fed

  The Problem With Wall Street’s Fixation on the Fed Dot Plot

  The Genius Act Will Bring Economic Chaos

  It’s Time to Excise the ‘Double Drawback’ Loophole

  The Path to Record Deficits

  Bitcoin Will Never Circulate As Money, But Amazon and Walmart Will

  Private Equity Sits on $1 Trillion Amid Uncertainties, M&A Stalls, PwC Says

  $100 Million for Your Data? Trump Missteps on Privacy and Palantir

  Trump’s $499 ‘Built in the U.S.’ Smartphone Will Likely Be Made in China, Analysts Say, Making It Subject to His Own Tariff Policy

  The Biggest Companies Across America Are Cutting Their Workforces

  Submerging Servers in Liquid Helps Data Centers Cut Energy Use

  Musk’s xAI Will Be Hard-Pressed to Extinguish Its Cash Fire

  Altman Says Meta Offered OpenAI Staffers $100 Million Bonuses

  Wall Street Wants In on Crumbl’s Oversized Sugary Cookies

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