Finance
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Rural America’s farms are already being crushed by an economic crisis. They now face the risk of a ‘mini-Dust Bowl’ as a rare Super El Niño looms
The U.S. farm economy has been fighting one battle after another in recent years, but a new threat is on the horizon that evokes memories of one of the worst agricultural disasters ever. After the post-COVID inflation spike, farmers had to pay higher input costs, then saw prices for their crops tumble. The Federal Reserve’s…
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Ground beef is up 20% since last year. A parasite, a drought and a July 1 trade deadline could push it higher
It’s summer grilling season, but for many Americans, surging prices mean beef is no longer what’s for dinner. The cost of beef, having spiked since early 2025, is coming under even more pressure. The most recent is the screwworm outbreak that hit cattle in Mexico and has now spread to the United States, where the…
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Oil keeps flowing through Hormuz despite Iran saying it’s shut
Millions of barrels of oil continued to flow through the Strait of Hormuz this weekend, even after Iran claimed to have closed the waterway again, as Washington and Tehran offer contrasting narratives over the status of the world’s most important shipping chokepoint. Three laden oil supertankers, with a combined transport capacity of 6 million barrels,…
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Britain marks Brexit’s 10th anniversary with an economy 4%-8% smaller than if it never voted to leave
Ten years ago, the United Kingdom voted to leave the European Union in a referendum that forges political identities to this day and that shattered a half-century project to get closer to the continent. Brexit, short for British exit, became a reality on June 23, 2016, when 52% — or more than 17 million people…
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If you’re surprised by how well the stock market is doing, so is Jamie Dimon—he says there’s a ‘little tsunami’ heading for the economy
Markets across the world have had plenty to worry about in the past decade. A global pandemic, a major war between Ukraine and Russia in Europe, steady inflation across major economies, including the U.S., rising tensions between China and the U.S., and, most recently, a conflict in the Middle East. And yet the S&P 500…
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The national debt’s 20-year deadline and baby boomers’ spending problem: ‘a lot of incentive for every generation to try to pass a big bill’
Top economist Kent Smetters thinks the U.S. is on a 20‑year clock—and the tilt of the federal budget toward baby boomers is at the center of the story. In a new analysis and in an interview with Fortune, the Penn Wharton Budget Model (PWBM) faculty director sketches an outer limit for U.S. federal debt and…
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A new trade war may be brewing. This time, Europe is taking a page from Trump’s playbook — ‘We no longer live in a world of pink ponies and rainbows’
There’s growing alarm among European leaders over the flood of Chinese exports threatening their home-grown industries, and their response could resemble something from President Donald Trump’s trade war. Frustration is boiling over as China’s goods trade surplus with the European Union hit 360.6 billion euros ($414 billion) in 2025, up 15% from 2024. And in…
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Trump threatens to charge U.S. tolls in Strait of Hormuz for ‘services rendered as the Guardian Angel to the countries of the Middle East’
Iran on Saturday said that it closed the Strait of Hormuz because of Israel’s attacks in Lebanon and warned that while negotiators were going to Switzerland for talks with the United States on their interim agreement, not much likely will happen if the fighting doesn’t stop. U.S. President Donald Trump, in response, threatened to impose…
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Shipping companies will decide when the Strait of Hormuz is truly open—not the U.S. or Iran—and the latest deal is already sowing confusion
Just days after the U.S. and Iran signed a memorandum of understanding to reopen the Strait of Hormuz, Tehran announced the critical waterway is closed again, threatening oil flows after they had barely started to rebound. On Saturday, Iran’s military command said it closed the strait, citing continued Israeli attacks on Lebanon and U.S. “bad…
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Who needs rate cuts? Even the Fed’s new chair admits companies are easily raising capital on financial markets amid epic stock and debt binge
Markets are losing hope that the Federal Reserve will lower rates anytime soon and are bracing for potential increases, but the deluge of capital being raised by companies signals financial conditions are already somewhat easy. Before SpaceX’s historic IPO, Goldman Sachs estimated IPOs in 2026 will generate a total of $225 billion in proceeds—up from…