Finance
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Trump says Fed rate increase would be wrong ahead of Warsh debut
President Donald Trump said the Federal Reserve would be wrong to raise interest rates as his nominee Kevin Warsh prepares to chair his first Fed policy meeting. Trump, in an interview with NBC’s Meet the Press, sought to push back against market sentiment after a blowout US jobs report for May spurred bets that the…
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Repair Cafes, the Buy Nothing Project and tool libraries are part of an anticonsumerism trend rejecting mass-produced disposable goods
On a drizzly Saturday morning late last month, the basement of the New Paltz United Methodist Church filled with old lamps, blunt knives, malfunctioning sound mixers and balky zippers. About a dozen volunteers welcomed the broken goods and their owners to a worldwide movement that’s evangelizing new relationships between people and their things. Repair Cafes…
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‘The golden years are not golden’: Boomers are hoarding most of America’s wealth and power because they’re terrified of outliving their money
The Baby Boomers have most of the wealth and power in America, so why are they so angry when this gets pointed out? In recent weeks, a collection of economic data and explanations of structural forces preventing important things like housing affordability, household formation and economic mobility have provoked many responses—some thoughtful, some angry, some…
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This realtor is betting big on the AI IPO boom, but buying a house with stock will have to go through the OpenAI’s and Anthropic’s boards first
Finding housing in San Francisco, the country’s most expensive housing market, can be a nightmare. Finding a buyer willing to part ways with unreleased AI stock might be even harder. In April, Storm Duncan took a direct approach to reaching tech workers and posted his $8 million Marin County property on LinkedIn, offering an exchange…
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The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides ‘naval overwatch’
Talks to extend the ceasefire between the U.S. and Iran are dead in the water, but traffic through the Strait of Hormuz is anything but. The number of ships transiting the contested waterway remains just a fraction of pre-war levels, but fresh reports indicate activity is busier than previously thought. In the last two months—roughly…
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Oil drilling rises in longest U.S. streak since 2022 on price bump
US oil drilling has expanded for six straight weeks, the longest uptrend in almost four years, after the Iran war pushed crude prices higher. The number of rigs drilling across US oil fields rose by two this week to 431, according to data released by Baker Hughes Co. on Friday. The last such streak for…
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SpaceX and other mega IPOs may wait years to join the S&P 500
Mega-IPO candidates including SpaceX are expected to face a long road to entry to the S&P 500 Index, after the company that makes the rules rejected a proposal that included relaxing the requirement that they be profitable. S&P Dow Jones Indices’ index committee declined to remove a rule that companies generate positive net income for…
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This may be the maximum level of U.S. debt that’s sustainable before interest payments trigger a default crisis that even steep tax hikes can’t fix
Soaring U.S. debt and projections that put it at astronomical levels in the coming years have set off increasing panic, though the precise level that sparks a crisis is unknown. But the Penn Wharton Budget Model may have an answer: more than 210% of GDP. Above that “outer bound” threshold, there’s no feasible tax on…
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Why oil’s not at $200 after the biggest supply shock in history
For decades, oil traders, executives and analysts warned that closing the Strait of Hormuz would be a global economic catastrophe. It’s now been more than three months since the waterway was effectively blocked, creating the worst supply shock in modern history. But a slew of workarounds is keeping crude oil below $100 a barrel, defying…
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Marvell Technology, Flex to join S&P 500 later this month
Marvell Technology Inc. and Flex Ltd. will join the S&P 500 in the latest quarterly rebalance, S&P Dow Jones Indices said Friday. The semiconductor company and the electronics manufacturing firm, respectively, will replace Pool Corp. and The Campbell’s Company before the start of trading on June 22, according to the index provider. Marvell in its…