A gap is widening between two key measures of underlying U.S. inflation. Unfortunately for newly confirmed Federal Reserve Chair Kevin Warsh, the one rising faster is the central bank’s preferred gauge, further squashing any hope for interest rate cuts.
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After three months of upheaval, the Iran conflict and near-total closure of the Strait of Hormuz have delivered a shock that has rewired global oil, fuel and LNG flows and caused historic disruption to energy product shipping in every region.
One of the Fed chair’s favorite inflation measures came in cool again, offering evidence for his belief inflation is improving and against the view of a growing number of other policymakers that interest rate hikes may be needed to tamp down rising price pressures.
New York State Governor Kathy Hochul on Thursday signed a state budget that includes a progressive surcharge on luxury second homes in New York City, a move backed by Mayor Zohran Mamdani and expected to generate $500 million per year for the largest U.S. city.
The U.S. said on Thursday it has imposed new sanctions on Iran’s military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.
An Israeli strike hit a building in the southern suburbs of the Lebanese capital on Thursday, the first strike to hit near Beirut in weeks amid a ceasefire that has failed to halt fighting between Israeli troops and Hezbollah in south Lebanon.
Oil prices settled mixed on Thursday after a choppy trading session, as traders mulled conflicting reports of progress on a potential deal to extend a ceasefire between the U.S. and Iran.
Anthropic said on Thursday it has raised $65 billion at a post-money valuation of $965 billion, as it seeks to expand computing capacity to meet growing demand for chatbot Claude and scale its products.
Prime Minister Benjamin Netanyahu said on Thursday he had directed Israel’s military to take more of Gaza, initially by seizing 70% of the Palestinian territory, where the population is already penned into a tiny strip of land along the coast.
Pope Leo this week repudiated a major teaching used by the Catholic Church since at least the fifth century to evaluate when countries might be justified in waging wars, in a move experts said could have long-reaching impact for global powers.