Finance
Image
Everyday Economics: Inflation squeezes household spending
The Fed held rates where they were at 3.5% to 3.75%
Image
Treasury Department sanctions Chinese refinery, vessels providing oil to Iran
The department targeted the China-based independent teapot refinery Hengli Petrochemical Refinery Co., Ltd. in Dalian, China, claiming it was one of Iran’s largest customers for crude oil and other petroleum products.
Image
Stock markets end week with new highs after Iran confirms Strait of Hormuz is reopened
The change comes after Iranian Foreign Minister Seyed Abbas Araghchi said the strait will remain "completely" open for the length of the ceasefire.
Image
Treasury Department to end federal tax benefits for illegal migrants: Bessent
Bessent said refunded portions of some income tax benefits will no longer go to illegal migrants, including the Earned Income Tax Credit, the Additional Child Tax Credit, the American Opportunity Tax Credit and the Saver’s Match Credit.
Image
Treasury Sec Bessent says there's a 'good chance' Trump will announce new Fed chair by Christmas
Trump has long criticized current Federal Reserve Chairman Jerome Powell for not slashing interest rates, despite having nominated him for the post in his first term. Powell's term ends in May, and he has so far rejected calls to resign early.
Image
Former Treasury Secretary Larry Summers announces step back from public life over Epstein ties
The House Oversight Committee released a trove of emails and documents last week between Epstein and several prominent politicians and former government employees, including Summers, who served under former President Bill Clinton.
Image
Stock market drops sharply a day after government shutdown ends; Dow sinks nearly 800 points
The tech-heavy Nasdaq Composite netted the most losses with a 2.5% slump, while the S&P 500 sank 1.8% as of publishing. The Dow closed with an 809 point loss, or 1.7%.
Image
US officially stops penny production
The US minted pennies for over 230 years
Image
Trump admin warns that military service members may not be paid if shutdown continues next month
The White House was able to pull enough money from a mix of defense and legislative funds in order to pay troops this week, and was also able to compensate service members on Oct. 15. But the next payday is Nov. 15.
Image
Stock market closes with new highs after US, China reach a framework in trade deal
The S&P 500 climbed 1.23% to 6,875.16, marking the first time it's ever closed above 6,800 points. The Nasdaq Composite rose 1.86% to 23,637.46, and the Dow Jones Industrial Average jumped 337.47 points to 47,544.59.
Image
Treasury Department sanctions Colombian President Gustavo Petro and network
The Treasury Department said the sanctions stem from an executive order that targets people involved in the global drug trade. Colombia is considered the top producer and exporter of cocaine.
Image
Media giant Warner Bros. Discovery puts itself up for sale
Company valued at over $45 billion ahead of announcement
Image
Elon Musk becomes first person in history to be worth over $500 billion
Musk, the richest man in the world, is now worth an estimated $150 billion more than the world's second-richest man, Oracle co-founder and chief technology officer Larry Ellison.