Energy
The strait that shook the world
Seven months after Iran closed the Strait of Hormuz, the bill for the biggest energy-supply shock on record is still arriving
The week, explained
The stories that moved markets and the economy this week, in five minutes.
The week in brief
- The Federal Reserve raised interest rates for the first time since 2023, to 3.75-4%. Read more
- Ten-year Treasury yields touched 5.36%, a 24-year high, before easing to about 5.14%. Read more
- Brent crude settled near $106 a barrel as the Strait of Hormuz stayed largely closed. Read more
- America’s four biggest cloud firms now plan to spend about $730bn on investment this year. Read more
- US IPO proceeds passed their 2021 record, with SpaceX raising roughly $75bn. Read more
- Central banks bought about 63 tonnes of gold in September, yet bullion is 27% below its January peak. Read more
- The SEC granted five years of relief for trading tokenised shares backed by real stock. Read more
- America’s effective tariff rate was 7.1% in June, down from 10.9% before the Supreme Court’s ruling. Read more
Three to read
The Federal Reserve
Back on the brakes
An oil shock has pushed America’s central bank into its first rate rise since 2023. Kevin Warsh may not be done
Artificial intelligence
The $700bn question
America’s tech giants are spending like railway barons. Investors are starting to ask what they will get back