Finance
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Kevin Warsh confirmed as Fed chair in party-line vote amid Elizabeth Warren’s ‘sock puppet’ criticism
The Senate confirmed President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world’s most powerful central bank at a fraught moment for the global economy. Warsh, 56, a former top Fed official, was confirmed Wednesday in a largely party-line 54-45 vote and will replace Jerome Powell as chair
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The crypto industry’s Clarity Act hits a critical juncture: Where things stand going into Senate markup
The Clarity Act, a landmark bill that would create a U.S. regulatory framework for the crypto industry, is set to undergo a Senate committee markup starting Thursday. The prospect of its passage has buoyed investors, but significant obstacles remain before the bill is ready for Congress to send to President Trump’s desk. Clarity, short for
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Malaysia is shocked, shocked to find Iranian-linked tankers slipping through its waters
Malaysia’s maritime agency says Iranian-linked tankers are exploiting “jurisdictional gaps” to conduct ship-to-ship transfers of sanctioned oil near its waters, rejecting allegations that authorities ignored a long-running trade allowing Iran to evade U.S. sanctions. U.S.-based advocacy group United Against Nuclear Iran (UANI) and shipping industry observers say waters near Malaysia’s southern Johor state have become a key
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National debt fears are where Democrats and Republicans are most aligned—more so than on inflation, healthcare, or even the jobs market
When split along political lines, Americans are finding it hard to agree on most things these days. Polarization has been rising for years, recently spilling over into increasingly partisan viewpoints and even outright hostility. So when an issue breaks through to concern Americans from all political stripes, it’s likely worth paying closer attention to. Fears
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Goldman sees an AI bottleneck that can’t be vide-coded away. Ford’s CEO warns it’s already a ‘full-blown’ crisis
The most expensive technology buildout in history is running headfirst into a problem Silicon Valley can’t code its way out of: there aren’t enough electricians, linemen, and tradespeople to build the physical world that AI needs to exist in. Ford CEO Jim Farley has been blunt about it. The data center boom, he told Fortune,
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Current price of oil as of May 13, 2026
At 9 a.m. Eastern Time today, the price of oil sits at $110.87 per barrel, using Brent as the benchmark (we’ll explain what that means shortly). That’s an increase of 44 cents since yesterday morning and roughly $44 more than at this time last year. oil price per barrel % Change Price of oil yesterday
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President Trump’s Golden Dome will cost $1.2 trillion, the CBO says, five times more than initially expected
Good morning. On Fortune’s radar today: A “complete reversal”: Market bears are getting louder. Could China flip Iran? Export policy built into Nvidia compensation packages. The K-shaped economy is only getting worse. President Trump’s Golden Dome plan will cost $1.2 trillion. Today’s edition was written by Eleanor Pringle, Senior Reporter, Economics and Markets. Quick note:
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Michael Burry, Paul Tudor Jones, and a Nobel-winner all see the same thing: A stock market reckoning
In a new substack post, Michael Burry, the hero ofThe Big Short book and movie, declared that the stock market has “jumped the shark,” and posited that “a complete reversal” in the soaring, tech-laden NASDAQ 100 is at hand. Burry noted the resemblance between today’s price action and the waning days of the dot.com craze—adding
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Frankenpipelines: Inside Trump’s bid to resurrect Keystone XL and stretch Dakota Access north
Two of the most controversial pipeline projects this century—the failed Keystone XL project and the successful Dakota Access Pipeline—are gaining new life to move Canadian oil into the U.S., backed by cross-border permits quickly approved by President Donald Trump. The April permits arrive as oil producers push to move growing Canadian volumes to U.S. refineries,
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Japanese snack giant resorts to black-and-white bags of potato chips as Iran War literally sucks color out of the world
The biggest snack maker in Japan is making some of its packaging black and white as the Iran war disrupts the market for a key material used to produce printing inks. Calbee, which controls half of Japan’s snacks market but also does business in the U.S., said in a press release Tuesday that several of