Finance
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Wall Street won’t like it—but Kevin Warsh may mark the end of your chatty, neighborhood Fed chairman
When Jerome Powell leaves the meetings that set the U.S. Federal Reserve’s base rate to go talk to the press, analysts and investors are on the edge of their seats. His nominated replacement, Kevin Warsh, wants their butts firmly and comfortably planted—preferably on a deep, over-stuffed couch. “The central bank should find new comfort in
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The housing affordability crisis isn’t just crushing millennials—it’s squeezing out buyers in their 40s, 50s and beyond too
New data from the Federal Reserve Bank of New York shows a surprising phenomenon: The average age of first-time homebuyers getting a mortgage has barely budged over the past two decades, remaining in the mid-30s. At first glance, that doesn’t seem to make sense. You’d think that given the steep rise in home prices versus
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Feud between AI power startup Fermi and its fired CEO and top shareholder heats up over proposed sale
The new leadership of the AI power startup Fermi is feuding with its fired CEO and top shareholder over a potential sale of the company. The struggling Texas company, which went public last year at a nearly $20 billion market cap, aspires to build the largest data center campus in the world, called Project Matador,
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How the Iran energy crisis is supercharging Southeast Asia’s EV transition
Southeast Asia’s motorists are increasingly feeling the pinch as the Iran energy crisis extends into its eighth week. Fuel prices have soared across the region, and drivers are waiting in long lines outside petrol stations in Thailand, Vietnam, and the Philippines, hoping to fill their tanks. While oil prices have slipped from their highs just
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Halliburton CEO: U.S. oil is in the ‘early innings’ of a rebound—and a drilling ramp up is coming
The U.S. oil sector has entered the “early innings” of a rebound with more growth to come, Halliburton chairman and CEO Jeff Miller said Tuesday, explaining that the Iran war is forcing countries to prioritize energy security by capturing more barrels both domestically and from other regions outside the Middle East. Amid the pain of
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Investors are valuing Polymarket at a discount to archrival Kalshi—and its crypto ties could be one reason why
The prediction market space is one of the fastest-growing in finance. Two years ago, Polymarket reportedly raised funds at a $350 million valuation. Today, the platform is in talks to raise funds at a valuation of $15 billion, The Information reported. But the windfall may be made a little less sweet by the success of
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‘I thought the oil would be much higher’: Trump’s rosy Iran war spin risks sending traders the wrong message
President Donald Trump said Tuesday he was caught off guard—pleasantly—by how well the U.S. economy held up during his war with Iran. Wall Street’s top analysts say he’s got part of the story right, and the rest dangerously wrong. “Even when it was down more a couple of weeks ago, I was surprised,” Trump told
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The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges as a surprise winner
During the pandemic, the housing markets in Florida and Texas enjoyed a surge in popularity. Unencumbered by office attendance, remote workers headed south to cash in on the Sun Belt’s warm temperatures, low tax rates, and new construction. But that story is being rewritten now. Homebuyers are now prioritizing affordability and steady employment, meaning Rust
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Kevin Warsh would be one of the wealthiest Fed chairs ever and says he ‘lived the American Dream.’ Here’s what he wants for the central bank
Two sides of Kevin Warsh were presented to the world at his Senate Banking Committee hearing this morning. From the Republicans, a “battle-tested” economist, ready to step into the role of Federal Reserve chairman in his “finest hour” at a turning point for the economy. From the Democrats, Warsh is a “sock puppet”—both for Donald
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How Trump’s war screwed you out of your Trump tax refund: Wall Street has the receipts
The promise was simple and seductive: pass the One Big Beautiful Bill, flood American wallets with historic tax refunds, and watch the consumer economy roar. For a few weeks this winter, it looked like it might actually work. Then the bombs started falling on Iran. Now Wall Street has delivered its verdict. Two of the