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1969-01 → 2026-08 · 692 monthly reads
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· finance
The biggest finance stories of the last 3 years.
Trump claims firing of Fed's Lisa Cook; she vows legal fight
President Donald Trump announced he fired Federal Reserve Governor Lisa Cook over alleged mortgage application discrepancies, but Cook rejected the move, stating he lacks legal authority. Cook, the first Black woman on the Fed board, plans to sue, challenging the legality of her removal under the Federal Reserve Act. Markets reacted with volatility, and the incident raises concerns about central bank independence and potential shifts in monetary policy.
cnbc.com
Aug 25, 2025
Bessent and Warsh Actions Push 30-Year Treasury Yields Above 5%
The 30-year Treasury yield has held above 5% for 27 consecutive days, the longest stretch since 2007, reigniting a 'Sell America' debate. Two factors are driving the move: Kevin Warsh's confirmation as Fed Chair on May 13, 2026, in a historically divisive 54-45 vote, with his sparse communication style unsettling markets as core inflation sits at a 12-month high and the funds rate remains at 3.75%. Simultaneously, Treasury Secretary Scott Bessent authorized the first US-coordinated yen intervention in nearly 30 years, routed through euros to avoid dumping dollars, signaling Washington's preference for a weaker dollar. Japan holds over $1 trillion in US debt, risking forced liquidation amid the Treasury's $739 billion quarterly borrowing push.
finance.yahoo.com
Aug 06, 2026
South Korea KOSPI Plunges 41%, Wipes ₩2.5 Quadrillion in 40 Days
South Korea's KOSPI has now fallen for three consecutive sessions, losing about $2.18 trillion in market value and putting the index on track for its steepest monthly drop on record. The benchmark plunged as much as 12.6% intraday on Tuesday before closing down 6%, extending Monday's near-11% rout and erasing almost 40% of its value from a peak reached just over a month ago. The cumulative decline from the June 19 all-time high of 9,385.59 now exceeds 3,722 points in six weeks, wiping out approximately ₩2.5 quadrillion and dropping the KOSPI from the world's sixth-largest stock market to 11th place. Under parliamentary pressure, Finance Minister Koo Yun-cheol apologized for the introduction of single-stock leveraged ETFs, saying they had not been considered carefully enough. After an emergency meeting late Wednesday with the Bank of Korea governor and financial regulators, the Ministry of Finance announced immediate further curbs on single-stock leveraged products, including individual investment limits (capped at up to 20% of an investor's total investment amount), higher trading costs, simulated trading requirements, and preparation of a legal basis for emergency market-stabilization steps. The Blue House, with President Lee Jae-myung in Brazil, has refused a bailout, characterizing the crash as a 'reassessment process' and citing external triggers including Chinese memory chip expansion and AI investment doubts, along with structural factors: excessive retail trading, derivative proliferation, and heavy concentration in Samsung Electronics and SK Hynix. Retail investors have erupted in fury, accusing the government of encouraging market entry with 'KOSPI 5000' or '9000' targets and now deflecting blame. Despite the tumble, the KOSPI is up 41.5% in US dollar terms year-to-date, making it the best-performing major market this year. The crash remains less severe than the 57% drop during the 2008 financial crisis, which unfolded over roughly a year.
aljazeera.com
Jul 29, 2026
Scott Bessent Faces $40 Trillion Refinancing at Multi-Decade High Rates
Treasury Secretary Scott Bessent faces a $40 trillion refinancing challenge as the 10-year Treasury yield hit 4.705%, its highest since a brief spike in January 2025 and levels not seen since before the 2007 financial crisis. The 30-year yield reached 5.182%, driven by Brent crude topping $100 a barrel and jobless claims falling to 187,000, well below expectations. About half of Federal Reserve officials now anticipate a rate hike this year. Total federal debt stood at $39.065 trillion as of January 1, 2026, with much of it issued when 10-year yields were under 2%. As that debt matures, refinancing at current rates raises carrying costs, while the Fed's funds rate remains at 3.75% and core PCE inflation hit a 12-month high.
finance.yahoo.com
Jul 23, 2026
Crypto Exchanges Capture De-Dollarization Flows as Reserves Shift
Crypto exchanges are capturing capital flows driven by de-dollarization, as the US dollar's share of global central bank reserves has fallen from over 60% to about 40%, while gold's share tripled to nearly 30%. In April 2026, commodities accounted for $83 billion (81%) of total traditional finance perpetual volume on leading exchanges, with metals volume peaking near $500 billion in March as gold rose 65% in its best year since 1979. Traders use crypto platforms for 24/7 access to react to central bank moves, and emerging market users, lacking access to US equities, drive demand. Binance's Shunyet Jan notes this reflects a structural shift in the global monetary order.
finance.yahoo.com
Jul 20, 2026
Fed Rate Path Uncertain in 2026 Amid Inflation, Iran War
The Federal Reserve's interest rate path for the second half of 2026 is highly uncertain, with no cuts expected and potential hikes on the table. After six rate cuts in 2024-2025 brought the benchmark to 3.50%-3.75%, new Chairman Kevin Warsh has kept rates steady through four FOMC meetings since May, ending forward guidance. The outbreak of the Iran war in late February drove U.S. inflation to 4.2% year-over-year in May, the highest in three years, dashing hopes for further cuts. A fragile 60-day ceasefire with Iran may not reduce inflation near the Fed's 2% target. If peace talks fail, the Strait of Hormuz closure could keep inflation high, forcing rate hikes that would hurt stocks and bonds.
fool.com
Jun 22, 2026
US May CPI seen as key test ahead of Fed rate decision
Wednesday's US May CPI release is the most consequential data point ahead of the Federal Reserve's June 17 rate decision, with money markets pricing a 98% probability of a 25 basis-point hike by December. The May jobs report, which came in well above forecasts, has extinguished rate cut expectations that had been credible before the US-Iran conflict began. Analysts say a hotter-than-expected CPI print would make it very difficult for policymakers to resist further tightening, as inflation already runs persistently above the 2% target. A key watch point is whether energy-driven inflation, amplified by the US-Iran conflict and Hormuz disruption, is bleeding into core categories. Thursday's PPI figures will add a second layer, signaling where headline inflation may head in coming months.
investinglive.com
Aug 05, 2026
South Korean Stocks Plunge, Circuit Breakers Triggered; President's Disapproval Hits 50%
South Korean stocks triggered circuit breakers on two consecutive days in late July, with the KOSPI plunging 16.2% and market value evaporating by $2.18 trillion. The government imposed emergency measures, including restricting leveraged ETFs blamed for amplifying volatility. Amid the economic turmoil, President Lee Jae-myung's disapproval rating broke 50% for the first time, hitting a record high, while his approval fell to 45.9%. Retail investor confidence collapsed, with many accusing the government of turning the market into a 'casino.' Youth unemployment also rose to 7% in June, driving more South Koreans to seek jobs in Japan.
finance.biggo.com
Aug 03, 2026
U.S. debt hits $39.84T; Bessent joins yen intervention
The U.S. national debt has reached a record $39.84 trillion as of July 30, 2026, climbing roughly $12.6 billion daily and on track to exceed $40 trillion before the fiscal year ends September 30, with annual interest costs surpassing $1 trillion—nearly triple 2020 levels and exceeding defense spending. In a coordinated move with Japan on July 31 and August 1—the first such joint currency intervention in over a decade—Treasury Secretary Scott Bessent helped prop up the yen, which had weakened to near 1986 lows. Bessent, a former hedge fund manager who once shorted the yen under George Soros, called the yen 'very undervalued' and signaled willingness for further joint action, while Japan spent an estimated ¥8.45 trillion ($52.8 billion) in its largest single-day intervention. The intervention also aimed to prevent Japan—which holds $1.1 trillion in U.S. Treasury bonds—from selling those bonds to buy yen, which would have pushed U.S. interest rates even higher as the 30-year Treasury yield hit its highest since 2007. Critics, including former Treasury official Mark Sobel, called the move 'ill-advised,' arguing the yen market is not disorderly and that fiscal consolidation would better address rising yields. Bessent bought yen with euros rather than dollars, drawing some backlash, but economists noted his deep understanding of Japan and the populist economic framework now guiding U.S. policy.
fortune.com
Aug 03, 2026
U.S. Debt at 122% of GDP, Projected to Reach 250% by 2056
U.S. federal debt has reached 122% of GDP, surpassing its World War II peak, despite the absence of a wartime emergency or deep recession. The Government Accountability Office projects debt will hit 250% of GDP by 2056 if current fiscal policies remain unchanged. This elevated debt level, accumulated during economic expansion, reduces policymakers' flexibility to respond to future downturns. For investors, it raises concerns about higher borrowing costs as Treasury debt expands, potentially lifting mortgage rates, corporate financing expenses, and interest payments that consume a larger share of the federal budget.
finance.yahoo.com
Jul 23, 2026
Fed Chair Warsh Signals Rate Hikes to Combat Inflation
Federal Reserve Chair Kevin Warsh has signaled a zero-tolerance policy for inflation above the 2% target, reinforcing a hawkish pivot as inflation remains near 4%—more than double the Fed's goal. The June FOMC meeting minutes stated the Committee will 'deliver price stability,' a phrase Warsh has emphasized, and half of members projected rate hikes by year-end. Warsh has ended forward guidance, and markets now price increased odds of a 2026 rate hike, with U.S. Treasury yields rising in response. Two concurrent price shocks—President Trump's tariffs and the Iran war's disruption of the Strait of Hormuz, which blocked a fifth of global petroleum—have driven inflation to a three-year high of 4.2% in May 2026. Higher rates could threaten stock market valuations and the AI infrastructure build-out.
fool.com
Jul 12, 2026
Fed minutes to reveal Warsh's policy shift and inflation stance
The Federal Reserve's June meeting minutes, released July 8, reveal a deeply divided committee that does not anticipate an interest rate cut before early 2027, with the next reduction now projected for the second quarter of that year. The minutes show that while the FOMC unanimously voted to hold rates at 3.50%–3.75% last month, a “few” officials argued for a hike but ultimately supported the hold, and “many” participants saw rates ending the year within or slightly below the current range, while “many other” officials expected higher rates. Nine of 18 members favor at least one hike this year. The probability of a rate hike by September surged to 68.8% (up from 62% the prior day) and to 85.3% by December, according to CME Group’s FedWatch tool, driven by renewed Middle East conflict after President Trump declared an interim peace deal with Iran “over” and said the U.S. would “probably” strike again overnight, briefly pushing Brent crude above $80 a barrel. Equities fell sharply: the Dow dropped about 570 points (1%), while the S&P 500 and Nasdaq fell 0.3% and 0.1%, respectively. The Fed’s June minutes singled out Trump’s tariffs and the Iran war as the two concurrent price shocks driving inflation, which hit a three-year high of 4.2% in May (core CPI) and 3.4% on the Fed’s preferred core PCE measure. The pass-through effects of tariffs are expected to wane after this year, while energy supply shocks from the Iran conflict—ongoing for more than four months—are historically short-lived but have already pushed oil prices up 8% to $77 a barrel, with Brent briefly above $80 after Trump said an interim peace deal was “over” and the U.S. would “probably” strike again. The FOMC’s dual mandate complicates decisions: lower rates risk inflation, higher rates could weaken labor and borrowing. Markets now assign a 68.8% probability of a hike by September (up from 62% the prior day) and 85.3% by December, with no change expected at the July 28-29 meeting. The minutes, described as reflecting a 'good family fight,' offer no clear forward guidance, underscoring a wait-and-see stance amid uncertainty. History suggests the Fed rarely makes a single rate move; since 1990, one-off adjustments have been rare, with the last occurring in 2015. In the last cycle, the Fed cut three times in the back half of 2025, cut three times in 2024, hiked 11 times between 2022-23, and cut five times between 2019-20. Former St. Louis Fed President Jim Bullard warned that waiting too long could force a more aggressive tightening cycle, possibly before the November midterm election, despite political risks. The minutes under new Chairman Kevin Warsh may offer fewer clues, as Standard Chartered strategist Steve Englander expects the 'Participant Views' section to reduce the use of vague quantifiers like 'almost all' or 'many,' making the minutes more anodyne. Inflation outlooks vary: Treasury breakeven rates are near their lowest levels of the year, but the New York Fed's June consumer survey showed the one-year inflation expectation at 3.7% (highest since September 2023) and the three-year at 3.3% (highest since June 2022). Bank of America now expects three quarter-point hikes before year-end, though the hiking cycle would be brief, allowing the Fed to stay on hold in 2027.
finance.yahoo.com
Jul 10, 2026