Morning News: June 10, 2025
Posted by Eddy Elfenbein on June 10th, 2025 at 7:07 am

British Government to Spend $19 Billion on New Nuclear Plant

Iran Seeks ‘Framework’ Deal in US Nuclear Talks, Official Says

China’s Chokehold on This Obscure Mineral Threatens the West’s Militaries

China and US Holding Second Day of Trade Talks in London

Traders Wary of Bold Bets Drag Credit Volatility Near Record Low

‘Collateral damage’: Fund Managers Lobby Congress over Section 899 to Avert Foreign Investors Leaving the U.S.

Never Take Candy from Strangers

Blackstone Plans $500 Billion Europe Investment, CEO Says

Trump Tariffs Threaten to Derail US Midwest’s Factory Revival

Wall Street CEOs are Cycling Through the Five Stages of Tariff Grief

Biotech Start-Ups Feel the Pain of Federal Funding Cuts

‘Most Favored Nation’ Price Controls Are the Path to Drug Shortages

FTC Seeks Information From Top Advertising Agencies as Part of Ad-Boycott Probe

Ad Forecaster Cuts Industry Outlook as Trade Upheaval Risks Five-Year ‘Chilling Effect’

America’s Small Businesses Hopeful of Boost From Trump’s Spending Bill

This Year’s Pride Festivals Are Brought to You by Small Businesses

Contra the Trump FTC, Boycotts Are Protected by the First Amendment

Congress Contemplates What Might Be the World’s Cruelest Tax

The White House Wants This Fight With Los Angeles

A College Degree Is No Longer a Risk-Free Investment

Musk Is the $350 Billion Rocket Man Who Fell to Earth

Zuckerberg Is Personally Recruiting New ‘Superintelligence’ AI Team at Meta

Switch 2 Resellers Drive Thriving Market in Japan Despite Crackdown

Warner Bros. Discovery Bet on All You Can Eat. Viewers Wanted More à la Carte

American Mid: Hampton Inn’s Good-Enough Formula for World Domination

Smucker’s Guidance Miss Shows Struggles of Packaged Food Firms

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Morning News: June 9, 2025
Posted by Eddy Elfenbein on June 9th, 2025 at 7:10 am

China’s Exports to U.S. Suffer Biggest Decline Since 2020

U.S. and China to Meet at Precarious Moment in Trade War

Taiwan Exports Growth Nears 15-Year High Amid Tariff Uncertainty

Japan’s Economy Remains at Risk of Technical Recession, Data Shows

Irish Manufacturing Contracts Sharply as U.S. Import Boost Fades

Oil & Gas Deals Are Tanking. The World’s Top M&A Law Firm Has Been Here Before

America Has Plenty of Rare Earths. But Not for Long

An Empire Built on Paper Looks to Benefit From Trump’s Trade War

Trump Aides Urge Court to Spare Tariffs as They Dismiss Worries in Public

Senate Republicans Plan to Release Major Revisions to Trump’s Tax Bill

Wall Street, Main Street Push for Foreign Tax Rethink in US Budget Bill

How To Solve the Unsolvable

‘Most-Unloved Bonds’ Turn Routine US Auction Into Crucial Test

Third Time Lucky? Citi Changes Its S&P Target Once More After Index Hits 6,000.

Retail Quants May Be the Next Stabilizing Force for Markets

Quant Firm’s $1 Billion Code Is Focus of Rare Criminal Case

Inside the Online Marketplaces That Enable ‘Pig Butchering’ Scams

What’s Harder? Planning Interest Rates, Or Harvard’s Class Of 2029?

The ‘Manosphere’ Just Wants Trump and Musk to Get Along

How Trump Has Leverage Over Musk

Cathie Wood Says Tesla Is the Stock She’d Pick If She Could Only Invest In One Company

Anti-Woke Crusades Only Make Hegseth and Rubio Look Petty

CEOs Don’t Realize Their Haters Make Them Better Leaders

Nvidia CEO Says the UK Is In a ‘Goldilocks’ Moment: ‘I’m Going to Invest Here’

Meta Set to Throw Billions at Startup That Leads AI Data Market

Warner Discovery Splits Cable From Marquee Streaming, Studio Businesses

Why the Goodyear Blimp Hasn’t Been Replaced by Drones

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Morning News: June 6, 2025
Posted by Eddy Elfenbein on June 6th, 2025 at 7:02 am

Xi’s Message to Trump: Rein in the Hawks Trying to Derail the Truce

China Central Bank Pumps Liquidity Into Markets Amid Cash-Crunch Concerns

India Central Bank Delivers Larger-Than-Expected Rate Cut to Support Growth

Russia’s Central Bank Cuts Key Rate Despite High Inflation

ECB Has Won Battle Against Inflation in the Eurozone, Villeroy Says

European Industry Contracts as Tariffs Pull Exports Lower

‘Nobody Likes Chaos’: Businesses and the Fed Wonder What’s Next for the Economy

Financial Repression Won’t Make Interest Rates Lower

The More You Work, the Richer You Are: A Case Against Trump’s Tariffs

How the Maker of the ‘Most Complex Machine Humans Ever Created’ Is Navigating Trade Fights

China Allows Limited Exports of Rare Earths as Shortages Continue

Companies Quietly Water Down Climate Claims in Latest Investor Reports

Europe Is Winning the Competition for Summer Gas, at Least for Now

Blocked by GOP and Trump, California Pivots in Clean-Air Fight

Deficit Politics Returns in Debate Over Trump Tax Cuts

US Household Debt Has Climbed to a Record — Are You Feeling the Pinch?

Can We Trust a Jobs Report From the Trump Administration? Yes, With Caveats.

Job Market Is Getting Tougher for College Graduates

Trump Removed Crypto Warnings From Retirement Plans. Will That Affect 401(k)s?

Private Equity in 401(k)s Isn’t as Smart as It Seems

Age Verification Mandates Create a Foreign Enforcement Fiasco

Musk Blinks First in MAGA Cockfight With Trump

Musk’s Threat to Withdraw Dragon Capsule Would Leave NASA with 1 Option: Russia

Harvard Wins Reprieve From Trump’s Foreign Student Ban

Shari Redstone Confirms Cancer Diagnosis While Facing Trump’s ‘60 Minutes’ Suit

Carmakers Use Stealth Price Hikes to Cope With Trump’s Tariffs

Shop Slow, Spend More: The Retailers Hoping That Customers Linger

Why U.S. Apparel Brands Are Becoming Tough Customers

The Stanley Cup’s Viral Moment May Be Waning. A New Brand Chief Has a Plan.

Chasing Big Money with the Health-Care Hustlers of South Florida

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Morning News: June 5, 2025
Posted by Eddy Elfenbein on June 5th, 2025 at 7:05 am

China’s Global Income Tax Crackdown Expands Beyond Ultra Rich

Whose Side Is the US On? Doubts Strain Alliances

Japanese Bonds Rise as 30-Year Auction Brings Some Relief

Global Bond Auctions Show Weaker Trend as Fiscal Angst Grows

Ireland’s Economy Grew Much Faster Than Expected on Tariff Stockpiling

ECB to Cut Rates as Trade Mess Weighs on the Economy

There Is an Alternative to the Dollar — It’s the Euro

Is There a Tariff End Game?

This Is the True Danger of Trump’s Tariffs

Biden’s I.R.S. Doubled Audits on the Wealthy, Data Shows

Economists Raise Questions About Quality of U.S. Inflation Data

Trump’s Budget Proposal Goes After Statistical Agency Funding

U.S. Is Trimming Back Its Collection of Consumer Price Data

‘Price Discrimination’ Is What Enables Lower Prices In the First Place

Not Now, Not In 10 Years, Social Security Isn’t Going Insolvent

JPMorgan Chase Sees Growth in Asia Pacific Private Credit Market

Wells Fargo CEO Goes from Fixer to Builder as Regulators Lift Punishments

Buy-the-Dip Retail Investors are Getting Bolder, Just When the Risks are Getting Bigger

Bill Ackman Is Tweeting Through It

Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought

Elon Musk Urges Americans Take Action to ‘Kill’ Trump Tax Cut Bill

Tesla Is Being Eaten Alive by Chinese Rivals It Inspired

Cargo Ship Carrying Electric Vehicles Burns Off Alaska

Meta’s ‘Patriotism’ Spurs Shift to Military Technology

The Missing Engineers – There Aren’t Enough to Meet the World’s Growing Hunger for Power

The Green Transition Needs More Workers

Shale Drillers in Permian Basin Face Up to the Prospect of Peak Output

Walmart’s Flipkart Secures Approval for Direct Lending in India

P&G Plans to Cut 15% of Office Jobs Over Next Two Years

Kleenex-Owner Strikes a Deal for Its International Tissue Business

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Morning News: June 4, 2025
Posted by Eddy Elfenbein on June 4th, 2025 at 7:06 am

South Korea Inflation Cools, Easing Path for Rate Cuts

Slowing Australia Economy Vulnerable as World Growth Stalls

Bounced Checks Soar to Five-Year High Under Milei’s Austerity

Hot Core Inflation Expected to Keep Bank of Canada on Sidelines

Higher Tariffs on Steel and Aluminum Imports Go Into Effect

A New Era of Trade Warfare Has Begun for the U.S. and China

US Tariffs Are as Dangerous as They Are Illegal

Trump Bemoans How ‘HARD’ It Is to Strike a China Deal

China Weighs Ordering Hundreds of Airbus Jets in Major Deal

Trump Wants America to Make Things Again. Does It Have What It Takes?

Is Trump Unveiling a Crypto Wallet? His Associates Say Yes. His Sons Say No.

America’s Novel and Gratuitous Fiscal Crisis

‘Rules of Thumb’ About Deficits and Debt Are Bogus from Both Sides

How Trump’s ‘Big, Beautiful’ Bill Could End the FTC As We Know It

House SALT Deal Will Have to Change, Senate Leader Thune Says

We Are No Longer a Serious Country

Both Parties Need to Face Fiscal Reality

This Republican Agenda Is Generational Theft

Trump’s Pick for Fed’s Top Regulator Expected to Be Friendly to Wall Street

Wells Fargo CEO Scharf Enters Growth Era With Eye on Wall Street

Wells Fargo’s Asset Cap Has Been a Good Punishment

US Senators Press Antitrust Enforcers Over Rocket-Redfin Deal

An Illustrated Guide to Who Really Benefits From ‘No Tax on Tips’

Elon Musk Left the White House, but Tesla’s Protesters Aren’t Finished

Apple Downgraded by Needham Over AI Risks, Limited iPhone Upgrade Cycle

California’s Rooftop Solar Dreams Are Dimming From Rising Bills

Chart Industries and Flowserve Strike All-Stock Merger

The Billion-Dollar Sports Business That Got Dragged Into an FBI Investigation

Every N.B.A. Shoe Deal Is a Gamble. Converse Hit the Jackpot

Misery Loves Company? Bleak Week: Cinema of Despair Hits a Nerve

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CWS Market Review – June 3, 2025
Posted by Eddy Elfenbein on June 3rd, 2025 at 4:55 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.”)

The Best May Since 1990

On Friday, the S&P 500 closed out its best May in 35 years. It was also the second-best May since 1948.

The old Wall Street adage that we’re to “sell in May and go away” isn’t working this year. Not only was last month the best May, but it was also the best month since November 2023.

For the month, the S&P 500 gained 6.15%. If we include dividends, then the market was up 6.29%. For the year, the S&P 500 is up 0.51%, and with dividends, it is up 1.06%.

After suffering a major scare earlier this year, it’s amazing that we’re not far from new all-time highs. For the last two weeks, the S&P 500 mostly traded within a narrow range. In thirteen of the last 15 trading sessions, the S&P 500 has closed within 1% of 5,900.

We’ve had some disappointing economic news lately. On Monday, we got the ISM Manufacturing Index. I look forward to this report for a few reasons. For one, it’s usually reported on the first business day of the month. So many econ stats lag far behind what they’re supposed to be reflecting.

Also, the ISM is simple. They go to several companies and ask the purchasing managers if they’ve been buying more, buying less or buying the same. That’s it.

An ISM report above 50 means that the factory sector of the economy is growing, and below 50 means it’s shrinking. The ISM for May came in at 48.5. That’s down 0.2 from April. That’s negative but not by much. The ISM recently snapped a 26-month losing streak. The ISM doesn’t reach the worrying level until it drops down to 43 or 44.

Interestingly, the ISM Manufacturing report also showed that imports dropped to 39.9 last month. That’s the lowest since the financial crisis.

That’s not the only negative report on the economy. Also on Monday, the Census Bureau said that construction spending pulled back in April by 0.4%. So far this year, construction spending is running 1.4% of last year’s total.

On Tuesday, the Census Bureau said that factory orders fell by 3.7% in April. That comes after a 3.4% increase for March. Economists had been expecting a drop of 3.1%. Orders for commercial aircraft dropped by 51.5%. Motor vehicles, parts and trailers fell by 0.7%.

The OECD made waves on Tuesday when it cut its estimate for U.S. economic growth this year to 1.6%, and to 1.5% for next year. As key factors for the downgrade, the OECD cited tariffs and the policy uncertainty. The group also said that it expects inflation in the U.S. to increase.

To me, these are signs that the economy is expanding but at a slow pace. I don’t think we’re close to a recession, but that could change before the end of the year.

Growth Charges Ahead and Healthcare Lags

I’ve been surprised by the outperformance of growth stocks over value stocks over the past two months. Of course, some of this is to be expected as growth stocks love to outperform in bull markets. Still, I didn’t think it would be by this much.

Since the April 8 low, the S&P 500 Value Index has gained 13.3% while the S&P 500 Growth Index is up by 26.8%. That’s a hefty lead for such a short period of time.

If we dig down a little, an interesting fact about the market in May is that every sector gained except for healthcare. In fact, healthcare has been lagging the rest of the market for the last 30 months.

In the chart below, the red line is the S&P 500 Healthcare ETF, and the blue is the S&P 500.

I notice this because healthcare has usually been a very good sector to invest in, and there have been many big winners over the years. So many trends are in its favor. You have technology and demographics working together, plus a very large amount of government support.

Stocks like Johnson & Johnson (JNJ) and AbbVie (ABBV) are going for less than 14 times forward earnings. Merck (MRK) and Pfizer (PFE) are both trading less than eight times forward earnings. Pfizer currently yields over 7.2%.

We’re fortunate to have some solid healthcare names on our Buy List. Abbott Labs (ABT) is up more than 17% this year. Stryker (SYK) has been a great stock for us for many years.

I won’t predict an imminent turnaround for healthcare, but I will note that historically, it lags the market occasionally but not for long. Healthcare crushed the market from 2011 to 2015. It had a very good year in 2022 as well. The relative strength of healthcare is at its lowest point in 25 years.

Healthcare is also a quintessential defensive stock. That means it does well when the economy is flat on its back. Healthcare’s (and Value’s) day will come, but it needs a recession first.

Costco Rallies on Earnings Beat

Last week, I highlighted Costco (COST) and talked about why I like the company so much, if not the stock. More proof came last Thursday when the retailer posted another solid earnings report.

For its fiscal Q3, Costco earned $4.28 per share. That beat Wall Street’s consensus by four cents per share, and it’s up from $3.78 per share one year ago. Quarterly revenue rose 8% to $63.21 billion. That was $20 million more than Wall Street had been expecting. (It says something about your company when a beat of $20 million is basically a rounding error.)

On the earnings call, the company conceded that tariffs have been difficult for them. Specifically, Costco had to adjust their supply chain and, in some cases, raise some prices which I know they hate to do. I can’t say how much the impact has been. Costco is one of the few retailers that does not provide earnings guidance.

Same store sales were up by 8%, and e-commerce sales were up by 16%. Costco could actually benefit from the tariff policies because consumers might be more willing to lock in long-term discounts by buying Costco memberships. Still, tariffs are an issue. About one-third of Costco’s sales in the United States are in goods from outside the country.

Costco isn’t alone in fighting higher prices. Walmart (WMT) also said it will have to pass on higher costs.

On the company’s earnings call, CEO Ron Vachris said Costco has looked for ways to reduce tariff costs while keeping prices low. He said its buyers rushed orders to get them to the U.S. ahead of tariffs. It has rerouted goods from countries with higher tariffs to non-U.S. markets. And it’s sourced more items for its private brand, Kirkland Signature, in the countries or regions where the items are sold.

Even with tariffs, he said, Costco has lowered the price of some items including eggs, butter and olive oil. He said it’s also trying to lean into reasons that customers might sign up for or renew membership, such as extending the hours of its gas stations that sell discounted fuel.

On Friday’s trading, the shares rallied a little over 3%. As I’ve said, Costco is a wonderful company that I’d love to buy, but I still think it’s simply too expensive. Costco is currently trading at more than 50 times next year’s earnings. I don’t think that’s reasonable.

That’s all for now. The May jobs report is due out on Friday. Wall Street is looking for a gain of 125,000 new new jobs. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: June 3, 2025
Posted by Eddy Elfenbein on June 3rd, 2025 at 7:05 am

Global Markets Mostly Lower on Continued Trade Tensions; Eurozone CPI Data In Focus

Trump Tariffs Are Hurting US and Global Economy, OECD Warns

OECD Warns That World Growth to Slow Amid Trade Turmoil

Saudi Arabia’s Hurdles at Home Are Reshaping the Mideast Financial Order

Eurozone Inflation Falls Below Target

Switzerland Records Deflation for First Time in Four Years

Switzerland Poised to Pitch Tough New Capital Rules for UBS

Bank of England to Keep Cutting Rates But How Far, Fast Is Unclear, Bailey Says

BOJ’s Ueda Says Rate Hikes Will Only Come When Economy Is Ready

India Considers Easing Bank Ownership Rules as Foreign Interest Grows

Mismanagement Is Putting Dollar’s Global Standing in Jeopardy

Sahm: Inflation Expectations Are Now Just Tariff Expectations

899 — The Three Numbers Alarming the Bond Market

Investors Say They’re Moving Away From ESG as ‘an Umbrella Concept’

Economists Question G.O.P. Bill: Why Increase the Deficit in Good Times?

Newsom, Pritzker and High Tax Blue States Offer Red States a Huge Gift

Where Do I Fall in the American Economic Class System?

Consumers Are Financing Their Groceries. What Does It Say About the Economy?

Companies Rely on Delaware Courts. Lawyers Reap Huge Fees There.

Elon Musk Returns to His Tech Empire, Facing Questions of Inattention

China’s Manus Shows the Promise of AI Agents

A.I. Killed the Math Brain

Trump’s Big Steel Party Exposes Japan’s Growth Conundrum

Carlos Slim Is Quietly Becoming Pemex’s Partner of Last Resort

Meta to Buy Nuclear Power From Constellation as AI Demand Soars

Viper Energy to Acquire Sitio Royalties in $4.1 Billion Stock Deal

Toyota Industries $33 Billion Buyout Faces Investor Criticism Over Discounted Price

Hims Looks to Expand to Europe With Zava Acquisition

Dollar General Shares Zip Higher After Retailer Raises Outlook

The Economic Costs of Wearing Guardian Caps In the NFL

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Morning News: June 2, 2025
Posted by Eddy Elfenbein on June 2nd, 2025 at 7:08 am

Asian Manufacturing Activity Stumbles Again Under Weight of Trump Tariffs

Oil Leaps More than 3% After OPEC+ Keeps Output Increase Unchanged

Climate Startups Are Pausing Operations, Cutting Staff and Entering Bankruptcy as Trump Policies Bite

U.S. Dependence on China for Rare Earth Magnets Is Causing Shortages

Valterra Platinum Shares Start Trading in London

China Rejects Trump’s Accusation That It Violated Trade Truce

As Courts Call Tariffs Into Question, Trump Again Turns to His Favorite Tool

The Imports the U.S. Relies On Most From 140 Nations, From Albania to Zimbabwe

ECB Set to Cut Rates Again and Keep Options Open

Fed’s Waller Highlights a Path to 2025 Rate Cuts

Stanley Fischer, Groundbreaking Economist and Fed Vice Chair, Dies at 81

Why the S&P 500 Is Cruising Through Policy Upheaval

Buyers’ Strike Rocks US Long Bond as DoubleLine, Pimco Stay Away

A New Ratings Game: 3,000 Deals, 20 Analysts, Lots of Questions

Senate Begins Putting Its Stamp on Giant Trump Tax, Debt Limit Bill

A Peach and Apple Farmer’s Uphill Quest to Feed Poor Families, and His Own

Trump Plans to Offload National Park Sites, But States Don’t Want Them

The Corporate Culture Wars Have a Strange New Coalition

The C.E.O. Other C.E.O.s Turn To for Advice

Wall St. Is All In on A.I. Data Centers. But Are They the Next Bubble?

Arizona’s Water Is Vanishing Before AI Gets a Crack at It

Tesla Sales Plunge 67% to an Almost Three-Year Low in France

Elon Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both

How Europe Is Losing the Global Tech Race, in Five Charts

Amazon Hit by German Warning Over Price Controls on Marketplace

Bristol to Pay BioNTech Up to $11.1 Billion in Cancer Deal

Sanofi to Buy Blueprint Medicines for Up to $9.5 Billion in Boost to Pipeline

EU Fines Delivery Hero, Glovo $373 Million in Cartel Probe

Indian Billionaire Gautam Adani Comes Under New Scrutiny from U.S. Prosecutors

Can Gen Z’s Nostalgia Save Chain Restaurants?

How ‘Lilo & Stitch’ Became One of the Most Profitable Movies in Years

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Morning News: May 30, 2025
Posted by Eddy Elfenbein on May 30th, 2025 at 7:03 am

India’s Economic Growth Accelerates Despite Headwinds

Rising Inflation, Weak Production Put Bank of Japan in Tough Spot

How Russian Fortunes Stranded by US Sanctions Rocked Liechtenstein

Sliding Oil Prices Have Reopened the Door to Russian Crude

US Driving Season Starts Strongly for Oil Refiners

Twisty Path to a Deal: Is Nippon Steel Finally About to Land U.S. Steel?

Declining Inflation in Eurozone Nations Readies ECB for Rate Cut

The Swamp Wins Again, Even Against Elon Musk

Economists Cautiously Cheer Court Ruling Striking Down Trump’s Tariffs

Trump’s Tariff Options Slower, More Complex If Court Fight Fails

Trump’s Team Plots Plan B for Imposing Tariffs

Tariff Ruling Gives Businesses Hope, but They’re Soon Unmoored Again

This TACO Gives Trump Indigestion, So Watch Out

Trump Tells Powell He Is Making a Mistake by Not Cutting Interest Rates

The Bond Market’s Faith in America Is Facing a Severe Test

S.E.C. Drops Lawsuit Against Binance, a Crypto Exchange

Trump’s Tax Bill Has Nasty Surprise in SALT Fine Print for Some Rich Americans

How Trump’s Regulatory Rollbacks Are Increasing Costs on Americans

‘Bellwether of Risks’: What ‘Buy Now, Pay Later’ Defaults Say About the Consumer

Don’t Call It a Side Hustle. These Americans Are ‘Polyworking.’

Trump Taps Palantir to Compile Data on Americans

Chinese Students Ditch US Plans as Trump Vows Crackdown on Visas

Harvard’s Commencement Showcased a United University

The Judge’s Data Dilemma in the Google Search Case

Consultants are Taking Over the World’s Corner Offices

Nvidia Lays Out Worst-Case Scenario in Bid to Open China Market

Shoe Carnival Backs Guidance, Plans Focus on Premium Brands

Soaring Costs Expose a Trans-Atlantic Chocolate Divide

Celsius Looks Beyond Fitness Buffs in New Marketing Campaign

Wall Street or Vegas: Kalshi Ramps Up Battle Over Legal Gambling

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Morning News: May 29, 2025
Posted by Eddy Elfenbein on May 29th, 2025 at 7:03 am

Economic Debate Begins on Impact of ‘Military Keynesianism’

OPEC+ Prepares Third Dose of Oil Shock Therapy

UK Gas Generation Plunges as Wind Surge Turns Prices Negative

Japan’s Debt, Now Twice the Size of Its Economy, Forces Hard Choices

Bank of Korea Cuts Rates, Slashes 2025 Growth Outlook

Bank of Mexico Cuts Economic Growth Forecasts

Export Controls Are Endangering the Fragile U.S.-China Truce

Companies Turn to Private Credit During Tariff Turmoil for Loans

Trump Trade Strategy Roiled by Court Blocking Global Tariffs

Stocks Jump After Court Blocks Trump’s Tariffs

If Anything, Bond Markets Are Returning to Normal

The Fed Forecasts Stagflation

Opposite Peter Orszag and His Opposites, Government Spending Doesn’t Cause Inflation

The Tax Bill Is Big, But Certainly Not Beautiful for Small Business

The Allure (and Complications) of Trump’s ‘Golden Shares’

DOGE Has Failed to Halt Increases in Federal Spending

A Disillusioned Musk, Distanced From Trump, Says He’s Exiting Washington

The Techno-Futuristic Philosophy Behind Elon Musk’s Mania

If America Doesn’t Want Harvard, Somebody Else Will

The AI Job Suck Is the China Shock of Today

Nvidia Eases Concerns About China With Upbeat Sales Forecast

Senators Bash Nvidia’s Plans for Facility in China

United and JetBlue Form Alliance to Sell Seats on Each Other’s Flights

Tariffs Turn Porsche’s Headwinds Into a ‘Violent Storm’

Best Buy Falls After Trimming Outlook on Hit From Tariffs

Kohl’s Beats Expectations in Wake of Dramatic CEO Firing

Foot Locker Swings to Loss Ahead of Acquisition by Dick’s

One Way to Sell Beer in Britain? Buy Into a Soccer Team.

Sports Stadiums Are Monuments to the Poverty of Our Ambitions

The Rise of the Japanese Toilet

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