Macro

The US Has Recorded Its 25th Straight Fiscal Year in a Row of Operating at a Deficit

Twenty-five years in the red The US has recorded its 25th straight fiscal year in a row of operating at a deficit, per CNBC. Treasury Department figures released Friday put the fiscal 2026 deficit at $1.99 trillion for the year ended September 30, up about 12% from $1.

AI

Bank of America Is Warning That the AI Boom Is Starting to Look Like a Classic Boom-and-Bust Cycle

The capital cycle playbook Bank of America is warning that the AI boom is starting to look like a classic boom-and-bust cycle. The warning signs: surging spending, intensifying competition and falling prices. In a note to clients Friday, BofA investment strategist Sebastian Raedler argued the AI buildout is

Politics

Trump's New Press Secretary, Katie Zacharia, Was Fired After Less Than a Week on the Job

Five days Trump's new press secretary, Katie Zacharia, was fired after less than a week on the job, per NYT. The Times reported Friday, citing three people familiar with the matter, that Zacharia had been dismissed. A White House official gave Fox News a softer version, saying she

AI

The IMF Is Warning That an AI Bubble Bursting Could Hit the Global Economy

The fund puts a number on the bust The IMF is warning that an AI bubble bursting could hit the global economy. In a downside scenario, an AI investment bust could cut global growth by up to 1.3 percentage points in 2028. The warning anchors the fund's

Politics

Trump's Longtime Outside Allies Are Urging Him to Take Control of the Midterms, With Martial Law Being Considered if They Deem 'Midterms Rigged'

Martial law, discussed out loud Trump's longtime outside allies are urging him to take control of the midterms, with martial law being considered if they deem the "midterms rigged," per Axios. The proposals surfaced on a September 30 video call of MAGA election activists, streamed on

Economy

More Than 14% of U.S. Home Purchase Agreements Were Canceled in September, the Highest Rate for Any September on Record

Deals are falling apart More than 14% of U.S. home purchase agreements were canceled in September, the highest rate for any September on record, per Redfin. Nationwide, 14.5% of homebuying deals that went under contract in September were later canceled. Other than March and April 2020, that is

Macro

U.S. Businesses Have Largely Stopped Absorbing Rising Costs and Are Increasingly Raising Prices for Customers

The breaking point U.S. businesses have largely stopped absorbing rising costs and are increasingly raising prices for customers, per WSJ. The most recent inflation data made clear that prices are still rising far too quickly. The open question for business owners is whether high energy costs are a temporary

AI

Entry-Level Jobs Are Vanishing in the Fields Most Exposed to AI

The bottom rung is disappearing Entry-level jobs are vanishing in the fields most exposed to AI, per PFNYC. The Partnership for New York City published the report on October 2, drawing on Lightcast job advertisements, federal employment data and Stanford's AI exposure index. Since ChatGPT's

Geopolitics

Mark Carney Says the U.S. Is Trying to Break Canada, and Is Urging Oil-Rich Alberta Not to Begin a Vote on Separation

A referendum at the worst possible time Canadian Prime Minister Mark Carney has said that the U.S. is trying to break Canada, and is urging oil-rich Alberta not to begin a vote on separation, per AP. Carney delivered the warning Thursday at a large pro-Canada rally in

Markets

Musk Unveils the Tesla Roadster by Launching It Off a Ramp, Flipping in Midair Before Landing Safely

Nine years later, the Roadster flies Elon Musk has unveiled the Tesla Roadster by launching it off a ramp, where it flipped in midair before landing safely on the ground. The reveal happened Thursday night at SpaceX's test site in McGregor, Texas, nearly nine years after the second

AI

Investors Lower Expectations for Anthropic's IPO, Now Weighing a $1.5 Trillion Valuation, Down From $2 Trillion, per Reuters

A $500 billion haircut Investors are reportedly lowering their expectations for Anthropic's IPO, per Reuters, with some now considering a valuation of around $1.5 trillion, down from the roughly $2 trillion previously expected for the November share sale. Four people familiar with the matter told Reuters that

Geopolitics

Order to Limit SpaceX's Starshield for Ukraine Came From Inside the White House, per Reuters

The order came from the White House The order to limit a satellite system used by Ukraine for battlefield communications and drone operations came from inside the White House, per Reuters. Two US officials and a Western official briefed on the matter told Reuters that leaders at the Defense Department

Politics

Computer Glitch Leaves Nearly 600,000 Texas Voter Registrations in Limbo Days Before Early Voting, per The Guardian

Receipts said registered. The rolls said otherwise. A computer glitch has left nearly 600,000 Texans' voter registrations in limbo days before early voting starts, per The Guardian. Texas is scrambling to process a backlog of nearly 600,000 voter registrations after a state computer failure, with early voting

Politics

Press Secretary Katie Zacharia Shared at Least 15 Posts Calling Her an "Attorney" Despite Failing the California Bar Exam, per CNN

The posts kept using the word anyway New White House press secretary Katie Zacharia shared at least 15 social media posts identifying her as an "attorney" over the past two years, per CNN, despite having failed the California bar exam and acknowledging publicly she had been advised not

Economy

Most California Kids Can't Read Well or Do Basic Math, per New Test Results, per NYP

Most students are still below grade level Most California kids cannot read well or do basic math, per new test results, per the New York Post. The state's 2025-26 scores, released Thursday, show the majority of students below grade level standards in every subject tested. In English

Markets

Musk Says SpaceX Probably Gets to Over $100 Trillion in Under 10 Years, Barring a Major World War

The claim Elon Musk has said that unless there is a major world war, SpaceX probably gets to more than $100 trillion in value in under 10 years. Treat that number as what it is: Musk's own claim, not an analyst forecast. In the same remarks, he said

Politics

Bannon Says RFK Jr. and Pete Hegseth Will Likely Be Impeached If Republicans Lose the House

Bannon's warning Steve Bannon says that if Republicans lose the House in November, Health Secretary Robert F. Kennedy Jr. and Defense Secretary Pete Hegseth will likely be impeached. Bannon, who served as President Trump's chief strategist in 2017, made the prediction in a CBS Sunday Morning

Markets

Barclays Says a Tesla-SpaceX Merger Could Be Announced Before Tesla's Annual Meeting in Early December

An announcement could come within weeks Barclays says a merger of Tesla and SpaceX could be announced before Tesla's annual meeting in early December, which the bank notes must be held by December 6. To be clear, this is analyst speculation, not an announced deal. Neither company has

Markets

The Average Car on US Roads Is Now Nearly 13 Years Old, an All-Time High, per Charlie Bilello

A record that keeps breaking The average car on the road in America is now nearly 13 years old, an all-time high, per Charlie Bilello. Thirty years ago, the average was 8.4 years. That means the typical vehicle on US roads today is more than 50 percent older

Economy

US Boomers Back Tax Hikes on Younger Workers to Keep Social Security Checks Whole, per YF

Protect the checks, tax the young An overwhelming majority of older Americans want Social Security benefits protected at current levels, even if younger workers have to pay more to keep them there, according to a Cato Institute survey reported by Yahoo Finance. Among Americans age 65 and older, 89 percent

Economy

Gen Z Says It Takes $587,797 a Year to Be Successful. Boomers Say $99,874, per Empower

A sixfold gap in what success pays Ask each generation what salary counts as success and the answers barely look like the same economy. In Empower's "Secret to Success" survey, Gen Z said financial success means earning $587,797 a year. Boomers put the number at

Geopolitics

Trump Says the Iran War Will End "Very Soon," and That Energy Prices Will Fall Fast Once It Does

"As soon as I want it to end, it'll end" President Donald Trump says the war with Iran is nearly over. Speaking to reporters on Thursday before departing Arizona for a rally in Montana, Trump said the conflict will end very soon and predicted a rapid

Macro

September PPI Comes in Hot at 6.3%, Well Above the 5.3% Estimate as Energy Costs Surge

Wholesale inflation is running hot again Wholesale inflation came in far hotter than expected in September. The producer price index rose 6.3 percent from a year earlier, above the 5.3 percent estimate, according to the Bureau of Labor Statistics. The monthly move was just as sharp. PPI jumped

Markets

Musk Floats a Competitor to Amazon After Grok Bots Are Blocked From Ordering

Musk pokes Amazon where it lives Elon Musk has mused about taking on Amazon in its home market. "Maybe we should start a competitor to Amazon," Musk wrote on X on Thursday, replying to a user who had suggested an "X Shop" as an alternative marketplace.

Tech

Global Smartphone Market Has Its Worst Quarter Ever, per Bloomberg

The worst quarter on record The global smartphone market has had its worst quarter ever, per Bloomberg. Global smartphone shipments fell 22 percent year over year in the September quarter to 255.3 million units, the worst decline of any quarter on record, per IDC. The researcher says the market