Finance
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Oil bosses warn prices will soar in a matter of weeks as inventories near unprecedented lows — ‘I mean really, really low levels’
The two biggest U.S. oil companies joined the growing chorus of voices sounding the alarm on the imminent doom global markets could soon face. With the Strait of Hormuz still effectively closed, top oil-consuming countries have been rapidly draining their reserves, helping keep crude prices in check. But Exxon Senior Vice President Neil Chapman warned…
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Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran’s fast-attack boats
The U.S. and Iran remain deadlocked on a deal to extend their ceasefire and reopen the Strait of Hormuz, but reports indicate that some ships aren’t waiting any longer and are instead crossing the contested waterway with guidance from the U.S. military. The strait has been effectively shut for three months, keeping one-fifth of the…
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High gas prices are just the start — inflation is seeping into the rest of the economy
Americans don’t need a press release to know that inflation is rising. Gasoline is above $4 per gallon amid the ongoing conflict in the Middle East and closure of the Strait of Hormuz, and the release of key price data on May 28, 2026, underscores why policymakers are worried these pressures could spread into the…
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TIAA CEO Thasunda Brown Duckett is trying to fix America’s broken retirement system
TIAA CEO Thasunda Brown Duckett knows firsthand the struggle many Americans are facing as they try to figure out how they’ll get by in retirement. Her own father, after three decades of work, had never contributed to his 401(k) plan, even though it was available to him. He had a pension, but it was small,…
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Gen Z is rejecting $200 dates and choosing ‘solo-maxxing’—and dating apps are taking a hit
As Americans weather inflation, tariffs, and a rising cost of living, it feels as if there’s little room in their budgets for discretionary spending. And that means modern dating is taking a hit. In fact, dating has gotten so expensive that a growing share of Gen Z and millennials are deciding that the cheapest (and…
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Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
In the days before the Memorial Day weekend, rates on 30 year Treasury bonds hit their highest level in 19 years at 5.2%, and the benchmark 10-year reached 4.7%, the top reading since mid-2007. If those kinds of yields take hold, the scenario for federal interest expense posited in the CBO’s “Budget and Economic Outlook:…
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Tomatoes become the latest symbol of the affordability crisis as prices rose over 40% from last year
Tomatoes, ubiquitous in everything from fast-food burgers to haute cuisine, are taking on a new role beyond the plate: A nagging reminder of rising costs. Prices for those red orbs have soared more than any other food product over the past year to cement a spot as one of the consumer headaches du jour. “The…
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The AI arms race in cybersecurity has started. Most companies aren’t ready
In 2019, sophisticated hackers spent weeks targeting Coinbase employees with emails from compromised Cambridge University accounts. The attackers patiently built trust before deploying a pair of chained zero-day exploits—a term that describes undiscovered software vulnerabilities—that took aim at the Firefox browser. One exploit sought to break into the browser, and the other sought to execute malicious…
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Immigration restrictions don’t boost native workers. They cut economic mobility for generations, study finds
President Donald Trump rode immigration back to the White House in 2024. It was one of his major campaign stump speeches, drawing supporters to his rallies holding bold red signs calling for mass deportations. Trump framed a crackdown on immigration as a panacea for the country’s most pressing issues: fixing everything from the economy and…
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Kalshi adds perpetual futures for U.S. traders following thumbs-up from key regulator
Kalshi became the first U.S.-based firm to receive regulators’ blessing to offer a perpetual futures product, which is a novel kind of derivative that was popularized by crypto traders. While this approval only extends to futures contracts on Bitcoin, perpetual futures—known among traders as “perps”—have lately become popular among non-crypto traders who use the instrument…