Author: Money Mechanics

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe US is imposing sanctions on Russia’s two biggest oil companies, Rosneft and Lukoil, aiming to “degrade” Vladimir Putin’s war chest and support Donald Trump’s effort to end the war in Ukraine. The move marks the first time the Trump administration has imposed direct costs on Moscow over its full-scale invasion. “These are tremendous sanctions,” the US president said. “We hope that they won’t be on for long. We hope that the war will be settled.” Treasury secretary Scott Bessent…

Accessible Keys for Video [Space Bar] toggles play/pause; [Right/Left Arrows] seeks the video forwards and back (5 sec ); [Up/Down Arrows] increase/decrease volume; [M] toggles mute on/off; [F] toggles fullscreen on/off (Except IE 11); The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off. Good afternoon and thank you to the Federal Reserve Banks of St. Louis, Boston, Richmond, and Philadelphia for hosting today’s discussions.1 You have organized a dynamic conversation on topics that have a significant bearing on the financial well-being of consumers and communities. Financial inclusion…

Oil prices are bouncing back from oversold levels as more analysts are starting to question the oil surplus narrative, and on expectations that we could be closer to a U.S.–China or U.S.–India trade deal that could ignite demand for U.S. oil and liquefied natural gas. All the negativity about a major oil glut didn’t show up yesterday in the report, which showed that crude oil inventories fell by 2.98 million barrels—keeping U.S. supplies below average for this time of year. At the same time, they reported a drop in gasoline inventories of 236,000 barrels and distillates of 974,000 barrels. The skepticism…

Snapchat is making its new “Imagine Lens,” the company’s first open prompt image-generation AI Lens, available to all users for free. The Lens was initially launched in September but only for paid subscribers. With the Lens, users can edit their own Snaps using custom prompts or generate their own. For instance, you could prompt the app “turn me into an alien” after snapping a selfie, or request an image of a “grumpy cat.” The company suggests you could use the Lens to try on Halloween costume ideas, or reimagine your friend in a new look, among other things. The results…

Key Takeaways Tesla posted revenue growth for the third quarter after two quarters of declines. The company, however, also turned in quarterly earnings per share that came in lower than analysts expected. Tesla returned to revenue growth in the third quarter as buyers rushed to take advantage of expiring tax credits.  The electric vehicle maker’s revenue climbed 12% year-over-year to $28.1 billion, topping analysts’ expectations, in the wake of President Donald Trump’s signature “One Big Beautiful Bill.” Tesla (TSLA) said its vehicle deliveries reached a record high globally, showing “growth across all regions.” That followed two straight quarters of decline as a…

Key Takeaways Taking your 2025 RMD early can make sense even if you don’t need the funds. Moving them now lets you lock in a high CD rate before future Fed cuts push yields lower. The central bank is widely expected to cut rates next week, with a strong chance of another reduction in December. The best CDs let you lock in today’s high yields—rates that will unlikely disappear soon. For cash you need accessible, consider one of today’s best high-yield savings accounts. The full article continues below these offers from our partners. You Have Until Dec. 31 To Take…

Key Takeaways Meta is reportedly laying off about 600 employees in its artificial intelligence division amid an ongoing reorganization, according to a report from Axios.The company is still hiring for other roles in the unit, and encouraging affected employees to apply for other roles internally. Booming profits and demand for AI hasn’t stopped Meta (META) from laying off employees.  The Facebook and Instagram parent is trimming about 600 roles in parts of its Superintelligence Labs led by Alexandr Wang, Axios reported Wednesday, though the company continues to hire for other AI-related positions in the unit. The company’s newly formed “TBD…

KEY TAKEAWAYS The government has been shut down for three weeks, as Republicans and Democrats are gridlocked over the extension of enhanced Affordable Healthcare Act tax credits.Some Americans can already see how their ACA health insurance costs will change for next year. As the fight in Congress over health care cuts continues, enrollees are already beginning to see higher insurance premiums. The federal government has been shut down for three weeks now, as Republicans and Democrats in Congress remain at an impasse over the federal government’s funding. Democrats have said they will not approve a government budget until cuts to…

Key Takeaways U.S. farmers may have permanently lost their share of the global soybean market, as the trade war has led China to seek alternative sources.The U.S. exported $12.6 billion in soybeans to China in 2024, nearly equal to the total amount exported to the rest of the world combined, making it one of America’s most significant agricultural exports. U.S. soybean farmers are among the casualties of President Donald Trump’s trade wars, and one of their biggest sources of income may have been permanently scaled back when the smoke clears.That’s according to a new analysis by Kiran Ahmed, lead economist…

The broader market mirrored as much as ever a mixed-to-mostly-negative performance among the Magnificent 7 stocks that have driven the prodigious rally off April’s Liberation Day lows. The anticipation of more big numbers from another old-school blue-chip name wasn’t enough to lift spirits during a trading session marked by a repeat mini volatility spike.With no end to the government shutdown in sight, The Wall Street Journal reports that the Federal Reserve has lost another source of employment statistics. As Nick Timiraos writes, “ADP stopped providing its data to the Fed shortly after a speech by Fed governor Christopher Waller in…