Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics for explaining innovation-driven growth and 'creative destruction.' Aghion, of the College de France and the London School of Economics, said he was 'shocked' and will invest the prize money in his research laboratory. The committee praised...
The Trump administration moved to bail out Argentina with a $20 billion currency swap and rare direct purchases of pesos, steps Treasury Secretary Scott Bessent said are meant to steady markets amid “acute illiquidity.” The rescue arrives as the U.S. nears a two‑week shutdown and fallout from Trump’s trade war,...
Nearly two years after Javier Milei’s Davos broadside, the U.S. moved to shore up Argentina: Treasury Secretary Scott Bessent offered a $20 billion currency swap to defend a falling peso after shock therapy. The Treasury, not the Fed, will extend it — a politicized shift that alarms Europe and challenges...
South of Denver, FDA microbiologist Stephanie Rogers moved in with her mother months ago, bracing for soaring costs and a new administration focused on shrinking government. Now furloughed, the NTEU chapter president crammed in medical appointments, refilled prescriptions, tapped retirement savings, sought leniency on her car loan, and applied for...
California’s energy transition is accelerating refinery shutdowns, leaving workers and communities on edge. Phillips 66 in Los Angeles begins winding down this month, ending fuel production in 2025, while Valero may idle or close its Benicia plant—together representing about 18% of the state’s refining capacity. Regulators are negotiating to keep...
Inflation has edged up in three of the past four months, reaching 2.9% in August, even as President Donald Trump says “inflation has been defeated” and the Fed cuts rates. Economists warn that tariffs and still-rising everyday costs — from groceries to coffee — risk keeping prices elevated and eroding...
U.S. stocks tumbled Friday after President Donald Trump posted on Truth Social that he is calculating a "massive" tariff increase on Chinese imports. The post, following Beijing’s tighter controls on rare earth exports, erased roughly $2 trillion in market value: the S&P 500 fell 2.7%, the Nasdaq 3.56%, and the...
The U.S. Treasury has purchased Argentine pesos and established a $20 billion currency swap framework with Argentina's central bank, causing a surge in the peso and Argentine dollar bonds. The move follows four days of meetings with Argentine Finance Minister Luis Caputo and IMF officials. The U.S. Treasury's actions aim...
Minutes from the Federal Reserve's last meeting reveal a majority favored further interest rate reductions this year, citing increased unemployment risk and diminishing inflation concerns. The committee cut rates by a quarter-point, its first reduction this year. However, divisions persist regarding the appropriate level of rates, with some officials wary...
The global economy is showing unexpected resilience despite trade tariffs, but IMF Managing Director Kristalina Georgieva warns this strength may be temporary. "Uncertainty is the new normal," she stated, citing a surge in gold prices as a sign of investor concern. While global growth is forecast at 3%, Georgieva cautioned...
