The 2-year Treasury yield finished Wednesday, October 14 at 4.82 percent, up from 4.79 percent on Tuesday. The 10-year yield finished at 5.19 percent, down from 5.21 percent. A lower yield is a higher price for a note already issued.
1. The Bureau of Labor Statistics said consumer prices rose 0.6 percent in September, after 0.4 percent in August. Gasoline rose 9.1 percent and accounted for over half of the monthly increase. Over 12 months, prices were up 3.7 percent, after 3.4 percent through August. This desk has no document that ties that report to Wednesday’s stock move.
2. The Federal Reserve’s Beige Book, posted Wednesday at 2:00 p.m. Eastern, said higher oil prices were in every district report and that labor market conditions were little changed. This desk has no document that ties that report to Wednesday’s stock move.
3. Estimate. The 2-year Treasury yield finished Wednesday at 4.82 percent, up from 4.79 percent on Tuesday. The 10-year yield finished at 5.19 percent, down from 5.21 percent. Estimate: those opposite moves are one reading of the session. This desk has no document that says why the two yields moved in different directions.
Weekday editions cover the prior U.S. trading session. This edition is a Thursday, so the window is Wednesday, October 14, measured against Tuesday, October 13.
Each performance sleeve is the change from the October 13 close to the October 14 close for the series this page cites under that sleeve. The page names the asset class only. It does not name the series or print its price. Moves are shown to one decimal. The unrounded changes are below.
U.S. stocks fell 1.163 percent before rounding to 1.2 percent.
Stocks outside the United States fell 1.162 percent before rounding to 1.2 percent.
U.S. bonds are the Treasury Department’s daily par yields on the 2-year and 10-year notes. Wednesday, October 14: 4.82 percent on the 2-year, up from 4.79 percent on October 13, and 5.19 percent on the 10-year, down from 5.21 percent.
Commodities fell 0.709 percent before rounding to 0.7 percent.
Managed futures fell 0.482 percent before rounding to 0.5 percent.
The first reading is the September consumer price index. The figures are the bureau’s. The link to Wednesday’s stock move is not claimed. The second reading is the Beige Book. The link to Wednesday’s stock move is not claimed. The third reading uses the Treasury file for the yields and marks the reason for the split as Estimate.
The Commerce Department said Wednesday it agreed with GlobalFoundries to amend an existing award and move up to $955 million under the
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CHIPS and Science Act
The 2022 law that lets the Commerce Department award money for U.S. semiconductor plants. Commerce says this amendment moves up to $955 million inside an existing GlobalFoundries award and does not increase the total. This desk did not open the statute.
. The money shifts toward modernization and expansion in Malta, New York, and Burlington, Vermont. GlobalFoundries agreed to expand capital investment in those plants to $5 billion. Commerce said the total award will not increase. This desk did not open the statute.
The Treasury Department on Wednesday proposed rules for the
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Premium Tax Credit
A refundable credit for health insurance bought through a Health Insurance Exchange. Treasury’s proposed rules would tighten who can receive it, starting in 2027. The rules are not final. The regulation text on public inspection was not readable from this desk.
, which it describes as a refundable credit for insurance bought on a Health Insurance Exchange. The release says the rules would carry out the
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Working Families Tax Cuts
The name the Treasury Department uses for the tax changes these proposed rules would carry out. The rules are proposed, not final. This desk did not open the statute.
. Beginning in 2027, it says, the credit would be limited to U.S. citizens, U.S. nationals, and certain lawfully present noncitizens, with new verification before advance payments. The rules are not final. This desk could not read the regulation text.
The Federal Reserve’s Beige Book, posted Wednesday, Oct. 14, says higher oil prices showed up in every district report and that labor market conditions were little changed. Two districts reported moderate growth, three modest growth, four slight growth, and three no significant change. The report was prepared at the Philadelphia Fed from information collected on or before Oct. 5. It is not a rate decision. The next time the Fed could change rates is still the Oct. 27–28 meeting.
The Bureau of Labor Statistics said the Consumer Price Index for All Urban Consumers rose 0.6 percent in September, seasonally adjusted, after rising 0.4 percent in August. Over the last 12 months the index rose 3.7 percent before seasonal adjustment. That 12-month pace was 3.4 percent through August. Gasoline rose 9.1 percent and accounted for over half of the monthly increase in all items. The next consumer price index is Tuesday, Nov. 10, 2026, at 8:30 a.m. Eastern.
The Treasury Department said Tuesday it had imposed more than $1.21 billion in penalties on Bank of America for failures in anti-money-laundering and sanctions controls. The Financial Crimes Enforcement Network’s piece is $1.2 billion. In that resolution the bank admits it willfully broke the
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Bank Secrecy Act
The main U.S. anti-money-laundering law for banks. It requires a compliance program that monitors transactions and reports suspicious activity so investigators can spot money laundering. The Comptroller of the Currency described it that way in the American Express case. This desk did not open the statute.
. The Comptroller of the Currency added a $750 million penalty. The sanctions office settled 475 apparent violations for $11.6 million and called them non-egregious. Treasury says the bank failed to report more than $5 billion in suspicious transactions on time. This is civil enforcement. It is not a criminal charge.
The Federal Reserve on Tuesday published minutes of three meetings about the discount rate, the rate on routine loans the Fed makes to banks. The meetings were Aug. 17, Sept. 9, and Sept. 16. At the last of those, the Board raised that rate from 3.75 percent to 4 percent, effective Sept. 17, alongside the quarter-point increase in the federal-funds target. At the two earlier meetings it left the rate at 3.75 percent, even though some regional Fed banks had asked for 4 percent. Tuesday’s release is the record. It is not a new decision about rates.
Energy Secretary Chris Wright on Monday ordered PJM Interconnection, the mid-Atlantic grid operator, to be ready to run extra power plants through Friday.
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Energy Department Order No. 202-26-50
Tells PJM Interconnection to run specified power plants as needed from Oct. 13 through Oct. 16, 2026, and lets it call on backup generators as a last resort before or during an Energy Emergency Alert 3.
, tells PJM to dispatch specified units as needed to keep the system reliable, and lets it direct backup generators to run as a last resort before or during an Energy Emergency Alert 3. The order is in effect Oct. 13 through Oct. 16. PJM asked for it on Oct. 11. No new inflation or jobs figure came with it.
The Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2026 to Robert E. Hall of Stanford University and Michael Woodford of Columbia University, “for microeconomic foundations of macroeconomic stabilisation.” The economics prize is 12 million Swedish kronor, shared equally. In plain terms, the Academy says they rebuilt the models governments and central banks use when they cut rates or run a bigger deficit, grounding those models in how households and firms decide about saving and prices. The Academy says the work helps officials respond to shocks such as energy crises.
By law, a member of the Federal Reserve's Board of Governors can be removed only for cause. In a memorandum dated Oct. 7 and posted later, President Trump created a three-member committee to look into allegations that Governor Lisa D. Cook made false statements on one or more mortgage documents. The committee is to say whether there is cause to remove her. The memo names the members by job title only: the president's top economic-policy adviser, the head of the Equal Employment Opportunity Commission, and the director of the Office of Government Ethics. It orders Cook to appear at a closed, transcribed White House hearing on Nov. 5, no longer than four hours. The allegations are unproven.
U.S. sanctions generally bar dealings in Russian oil products. On Friday the Treasury Department's sanctions office issued a license that makes an exception for diesel. It allows the sale, delivery, unloading, and importing of Russian-origin diesel, including into the United States, until April 7, 2027. Payments still cannot be drawn on U.S. accounts of Russia's central bank, its national wealth fund, or its finance ministry. Treasury published the license without a press release. It comes four days after President Trump signed
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Emergency Tax Relief on Diesel Fuel
The order President Trump signed Oct. 5, 2026. It lets drivers use untaxed red-dye diesel on highways from Oct. 5 through Dec. 31 and tells Treasury to put off the federal diesel tax on that fuel, without interest or penalties, if 26 U.S.C. § 7508A allows it. The tax is deferred, not erased. The order is now in the Federal Register as document 2026-20855, published Oct. 9, 2026. Treasury has not posted a § 7508A finding.
Every three years the Federal Reserve asks families what they earn, own, and owe. Results of the 2025 survey came out Friday. After adjusting for inflation, the typical family's income rose 7 percent from 2022, to $82,200. Average income fell 6 percent, to $145,200, because families at the top saw declines. The typical family's net worth, what it owns minus what it owes, rose 2 percent to $215,900. Two-thirds of families own their homes, about the same as in 2022. The share of families spending more than 40 percent of income on debt payments rose from 6.5 percent to 8.6 percent, a level last seen in 2013.
During the pandemic, state unemployment offices buckled under a flood of claims. Congress set aside $2 billion in the
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American Rescue Plan Act of 2021
The 2021 pandemic relief law. Among much else, it set aside $2 billion to help states modernize unemployment systems, per New York's attorney general. The bill page was not opened.
to modernize them, New York's attorney general says, and the Labor Department handed out grants for new computer systems, identity checks, and fraud prevention. On May 22, 2025, the department canceled the grants with letters saying the projects no longer matched its priorities. On Friday, 12 state attorneys general and the governors of Kentucky and Pennsylvania sued in the
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U.S. Court of Federal Claims
A federal court that hears money claims against the U.S. government, including contract disputes.
to get the money back. New York says it is owed $17 million. The states say the grant terms did not allow cancellation just because priorities changed. That is their claim. The complaint was not opened.
Two federal bank regulators said Thursday that American Express did not do enough to catch money laundering. The Office of the Comptroller of the Currency, which regulates national banks, fined the company's bank $350 million. It said the bank failed to spot and report, in time, about $13 billion in suspected trade-based money laundering over the past decade. The bank, it said, focused on the risks of its small deposit business and paid too little attention to its much bigger card business. The Federal Reserve separately ordered the parent company to fix its company-wide program.
Iran ships oil abroad on a shadow fleet of aging tankers hidden behind front companies. On Thursday the Treasury Department sanctioned 17 more of those ships, and the companies behind them. The State Department added ten companies, six people, and five vessels. Treasury said the move effectively neutralizes the vast majority of what is left of the fleet. Sanctions block any of the targets' property under U.S. control and generally bar Americans from dealing with them. It is the latest step in a pressure campaign Treasury calls Operation Economic Outcast.
Fewer people filed first-time claims for unemployment benefits last week. The Labor Department said 197,000 people filed in the week ending Oct. 3, after adjusting for the season, down 2,000 from the week before. The four-week average, which smooths out bumps, fell to 198,000. A year earlier the weekly figure was 233,000. The number of people still collecting benefits rose by 17,000, to 1.716 million, in the week ending Sept. 26.
The Federal Reserve's minutes show a united committee in September. Every official supported raising the benchmark interest rate a quarter point, to a range of 3¾ to 4 percent. Inflation stayed too high, and they had not seen enough progress bringing it down. Higher oil and fuel prices, and the rush of spending on artificial intelligence, were adding to price pressures, they said. Looking ahead, most of them thought another increase would likely be appropriate by the end of the year. They also said each meeting will depend on new data. The next time the Fed could change rates is Oct. 27–28.
Foreign graduates of American schools can often stay and work in their field for a year or more under Optional Practical Training, the program that lets F-1 students work in the subject they studied. The Department of Homeland Security now proposes charging $70,000 per student for the first stretch of that work permission, and $30,000 for each later one. Schools, not students, would pay before they recommend a student. Without the fee, immigration officials would not grant the work permit. It is a proposal. The public can comment, and the department can change it before anything becomes final.
Fed Governor Christopher J. Waller said Thursday that he expects to keep raising interest rates if the economy comes in as he expects. Speaking in Istanbul, he said last month's increase grew from months of evidence, not one hot inflation report. Oil prices stayed high, spending on artificial intelligence was pushing up prices, and new tariffs remained a threat. He said the latest data show the labor market is stable and inflation is too high. Increases do not need to come at back-to-back meetings, he said, but they should be in place in an acceptable period of time.
The United States restricts how Americans invest in Chinese companies working on artificial intelligence, quantum computing, and chips. On Wednesday the Treasury Department disclosed its first penalty under those rules, the
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Outbound Investment Security Program
A Treasury program in effect since Jan. 2, 2025. Americans must notify Treasury of certain investments in China-linked companies working on quantum computing, artificial intelligence, and chips, and some such investments are banned. This description is from Treasury’s Oct. 7 penalty release. The rule text was not opened.
. It fined Amidi, LLC, the parent of the startup network Plug and Play Tech Center, $200,000. Amidi's Chinese fund put about $92,478 into Noematrix, a Shanghai robotics and artificial-intelligence company, in April 2025, and Amidi never told Treasury as required. The penalty itself was issued in July. Treasury said its routine monitoring caught the deal.
Americans bought much more from abroad in August. The trade gap, what the country spends on foreign goods and services minus what it sells, grew to $105.6 billion. That is $12.7 billion wider than July. Imports rose $17.2 billion, to $420.8 billion. Exports rose too, but only $4.5 billion, to $315.2 billion. For the year so far, the gap is still $138.2 billion smaller than at this point in 2025, a drop of 19.9 percent.
The Federal Reserve is starting to reorganize how it checks on banks, its vice chair for supervision said Tuesday. Michelle W. Bowman said examiners will be grouped into five regions. Each region will have one leader answerable for all bank oversight there, and the borders will follow state lines rather than the 12 Federal Reserve districts. Examiners stay in their current offices and keep the same banks. Bowman said an outside review of Silicon Valley Bank’s 2023 failure found authority and accountability split apart, with “dozens of committees” slowing decisions. The speech is hers. A footnote says the views are her own. It is not a Board vote, and it gives no start date.
Intel employees say their retirement-plan managers put too much money into hedge funds and private equity, and that the plan lagged the market. On Tuesday the Supreme Court took up what such workers have to show before a lawsuit can go forward. The lower court said they must point to a “meaningful benchmark,” a truly similar fund that did better. Several justices asked whether the Court should just say yes to that and stop. Justice Barrett said it seemed the workers’ lawyer was agreeing that a meaningful-benchmark standard is appropriate. Justice Kagan asked why the Court would not say what “meaningful” means. The federal government argued on Intel’s side.
Off-road diesel is dyed red and sold without the highway tax, for tractors, bulldozers, and furnaces. Burning it on a public road normally means the tax plus a fine. On Monday night President Trump signed an order,
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Emergency Tax Relief on Diesel Fuel
The order President Trump signed Oct. 5, 2026. It lets drivers use untaxed red-dye diesel on highways from Oct. 5 through Dec. 31 and tells Treasury to put off the federal diesel tax on that fuel, without interest or penalties, if 26 U.S.C. § 7508A allows it. The tax is deferred, not erased. The order is now in the Federal Register as document 2026-20855, published Oct. 9, 2026. Treasury has not posted a § 7508A finding.
, that tells the Treasury Department to stop that for now. If Treasury finds it has the power under
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26 U.S.C. § 7508A
Lets the Treasury secretary push back tax deadlines for up to a year after a federally declared disaster, a significant fire, or a terroristic or military action. The diesel order leans on this section, so Treasury must first decide that such an event occurred.
, drivers who use red diesel on the highway from Oct. 5 through Dec. 31 can put off the federal tax, with no interest and no penalties. The tax is delayed, not wiped away.
Eight justices spent the first argument of the term on whether Boulder, Colorado, can use state law to make Suncor and Exxon Mobil pay for climate damage. Justice Brett Kavanaugh said four past rulings, as he reads them, make it “crystal-clear” that air and water pollution crossing state lines is a matter for federal law. Justice Elena Kagan asked why the companies led with broad theories instead of the
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Clean Air Act
The main federal law on air pollution. It lets the Environmental Protection Agency set national limits on pollutants. In the Boulder climate case, the Colorado court said that once Congress passed this law, state law could still reach emissions from other states.
. Chief Justice John Roberts asked what happens if cities copy the suit. Justice Samuel Alito did not take part. The veterans’ case that followed turned on whether
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Veterans' Judicial Review Act (38 U.S.C. § 511)
A 1988 law that opened a special court path for some veterans’ benefit decisions. It keeps a rule that the VA secretary’s decisions on benefits cannot be reviewed by other courts outside that path. The public-law number was not re-checked, so it is left off.
Treasury took 125 people and companies off its sanctions lists on Monday, the third cleanup since Secretary Scott Bessent started a modernization drive in May. It says many were dead, were companies that had closed, or were entries too thin to screen against. The same day, the Office of Foreign Assets Control warned foreign banks that keep doing business with sanctioned Iranian banks. Under
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Executive Order 13902 — Imposing Sanctions With Respect to Additional Sectors of Iran
Lets Treasury block property of people who operate in named Iranian economy sectors and can hit foreign banks that do significant business with those sectors.
Iranian Financial Sanctions Regulations (31 C.F.R. Part 561)
Treasury rules that let the department restrict or ban U.S. correspondent accounts and payable-through accounts held for foreign banks that knowingly help Iran.
Iranian Financial Sanctions Regulations (31 C.F.R. Part 561)
Treasury rules that let the department restrict or ban U.S. correspondent accounts and payable-through accounts held for foreign banks that knowingly help Iran.
On Tuesday the Supreme Court hears Intel employees who say the managers of their retirement plan picked investments that underperformed. The question is what those workers must claim to get past the first stage of the case. Must they point to a “meaningful benchmark,” a comparable fund that did better?
Employers added 29,000 jobs in September, and the unemployment rate was 4.2 percent. The Bureau of Labor Statistics said both “changed little.” The bureau also marked July and August down by 60,000 jobs combined. Friday’s edition locked before the 8:30 a.m. Eastern release and did not carry a number.
The joint U.S.-Ukrainian investment fund Treasury says was created under an agreement Secretary Scott Bessent and Prime Minister Svyrydenko signed in April 2025. On Oct. 2, 2026, its board approved further minerals and energy investments.
on Friday approved another round of deals in minerals and energy. Treasury Secretary Scott Bessent said the votes keep moving an agreement he and Prime Minister Svyrydenko signed in April 2025. The release names the projects and does not state a dollar size for the new round.
The Federal Reserve on Friday gave the public until Nov. 4 to comment on a proposal to update
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Regulation O
The Federal Reserve rule on loans a bank makes to its own insiders: executives, directors, and major shareholders. On Oct. 2, 2026, the Board extended comments on a proposal to modernize it until Nov. 4. Comments had been due Oct. 5. On Oct. 6, Vice Chair Bowman said the Board proposed revisions in July and that the rule has not been comprehensively updated since 1979.
, the rule on loans a bank makes to its own executives, directors, and major shareholders. Comments had been due Oct. 5. The announcement came out at 4:00 p.m. Eastern, after Friday’s edition locked.
On Oct. 1, 2026, Treasury’s Office of Foreign Assets Control opened Operation Economic Outcast against Iran’s automotive and rail sectors. The release says: “OFAC is issuing two additional sectoral sanctions determinations pursuant to Executive Order (E.O.) 13902 targeting Iran’s automotive and rail sectors.” The
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Oct. 1, 2026 OFAC automotive and rail determination
Adds Iran’s automotive and rail sectors to Executive Order 13902 coverage starting Oct. 1, 2026.
Executive Order 13902 — Imposing Sanctions With Respect to Additional Sectors of Iran
Lets Treasury block property of people who operate in named Iranian economy sectors and can hit foreign banks that do significant business with those sectors.
starting that day. Designated targets include Iran Khodro, SAIPA, rail firms, metals and mining targets, and foreign suppliers. Property of the designated persons is blocked for U.S. persons.
The same day, Treasury designated the A7 Network a significant transnational criminal organization. Treasury describes it as a Russia-tied shadow bank and links the leadership to Ilan Mironovich Shor. The Financial Crimes Enforcement Network proposed a rule on A7 Sub-Agents and issued a bank alert. The Federal Register date for that proposal is not in the Treasury note. Comments run for 30 days after the proposal is published.
On Oct. 1, 2026, Treasury said automatic enrollment is complete. Every eligible child under 18 with a valid Social Security number has an account ready. A parent has to claim the account in an app to receive the $1,000 seed. Secretary Scott Bessent is quoted: “over 60 million more eligible children…”
Vice Chair Philip Jefferson spoke in Charlottesville on Oct. 1. He said inflation is too high. It has been above the 2 percent goal for more than five years. He cited August personal consumption expenditures prices, up 3.4 percent from a year earlier, and unemployment of about 4.1 percent. He backed the September increase of a quarter point, which set the target range at 3.75 percent to 4.00 percent. He said future moves depend on the data. The next meeting at which the Fed could change rates is Oct. 27–28.
On Sept. 30, 2026, at 8:30 a.m. Eastern, the Bureau of Economic Analysis said the economy grew at a 2.2 percent annual rate in April through June. That is up from the prior 1.5 percent estimate. The upward revision mainly reflected higher investment, consumer spending, and government spending. First-quarter growth was revised up to 2.5 percent. The personal consumption expenditures price index rose 5.0 percent in the second quarter at an annual rate. Excluding food and energy, it rose 3.3 percent. The release includes the 2026 annual update of national and state accounts. The next gross domestic product release is Oct. 29, the advance estimate for the third quarter.
The same morning, the Bureau of Economic Analysis said personal income rose $66.6 billion, or 0.2 percent, in August. After-tax income rose 0.3 percent. Consumer spending rose $190.8 billion, or 0.9 percent. The personal consumption expenditures price index rose 0.3 percent from July and 3.4 percent from a year earlier. Excluding food and energy, prices rose 0.2 percent from July and 3.0 percent from a year earlier. The personal saving rate was 4.1 percent. The next release, for September, is Oct. 29.
On Sept. 30, 2026, at 9:00 a.m. Eastern, the Federal Reserve Board finished two rules that make yearly stress tests of big banks more public and less jumpy from year to year. The public will get a say each year on scenarios and major model changes. Starting in 2028, capital buffers will average two years of test results. The Board says the changes should cut year-over-year swings in capital requirements by about half and should not materially change overall capital levels.
On Sept. 29, 2026, the Bureau of Labor Statistics said U.S. employers still had about 7.1 million open jobs at the end of August, little changed from July. Hiring changed little at 5.2 million. Total separations were unchanged at 5.1 million. Quits held at 3.1 million. Layoffs and discharges were about 1.6 million. The job openings rate was 4.3 percent and the hires rate was 3.3 percent. July’s job openings figure was revised up by 64,000 to 7.3 million. The next Job Openings and Labor Turnover Survey, for September, is scheduled for Nov. 3, 2026.
On Sept. 29, 2026, Federal Reserve Governor Michael S. Barr spoke in Detroit on economic conditions and monetary policy. He said the economy grew at roughly a 2 percent pace in the first half of 2026 and that unemployment is 4.1 percent. He said inflation has run above the Federal Open Market Committee’s 2 percent personal consumption expenditures price target for five and a half years, with energy prices and artificial-intelligence-related demand still adding pressure. He said the committee unanimously raised short-term rates earlier this month, and that in his base case further policy adjustments are likely to be needed so inflation comes down in time. The views are his own, not necessarily the Board’s or the committee’s.
On Sept. 29, 2026, Treasury’s Operation Economic Outcast sanctioned 10 individuals and entities that it says helped Iran’s Ministry of Defense and Armed Forces Logistics buy weapons and parts across several countries. The State Department said it is sanctioning eight entities and five individuals tied to Iran’s arms and proliferation efforts under restored United Nations restrictions, including Russian and Iranian firms named on its fact sheet, and advertised a Rewards for Justice offer of up to $15 million for information that disrupts Islamic Revolutionary Guard Corps financial networks. State’s action cites
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Executive Order 13949
A U.S. sanctions authority aimed at certain people involved in Iran’s conventional arms activities.
A U.S. sanctions authority aimed at proliferators of weapons of mass destruction and their supporters. Treasury cites it for the Economic Outcast designations.
On Sept. 29, 2026, the Federal Reserve and the Federal Deposit Insurance Corporation said 15 large banks’ plans for how they would be wound down in a crisis look acceptable. The agencies did not identify any shortcomings or deficiencies in the October 2025 filings. The banks are organizations with more than $250 billion in assets. The agencies said BNP Paribas satisfactorily addressed a shortcoming from its 2021 plan. Letters linked on the release include American Express, Barclays, BNP Paribas, Deutsche Bank, and UBS.
On Sept. 29, 2026, Treasury Secretary Scott Bessent chaired a meeting of the Financial Stability Oversight Council. Staff said the financial system remains resilient and poised to support economic growth, that household conditions remain broadly healthy, and that fraud is a persistent and growing consideration. The council approved fiscal 2027 expenditures of $9,337,069 for its Treasury office and insurance seat. Attendees included Federal Reserve Chair Kevin Warsh, Securities and Exchange Commission Chair Paul Atkins, and Federal Deposit Insurance Corporation Chair Travis Hill.
On Sept. 28, 2026, Federal Reserve Governor Lisa D. Cook spoke in Oakland on “An Update on AI and the Economy.” She said artificial-intelligence investment is among the factors keeping inflation above the Federal Reserve’s 2 percent target, and that she voted with the rest of the Federal Open Market Committee to raise rates 25 basis points at the recent September meeting. She cited total inflation of about 3.8 percent and core inflation of about 3.4 percent in the 12 months into August, and unemployment at 4.1 percent in August. She said companies have spent only a small fraction of about $2 trillion in announced data-center plans.
On Sept. 28, 2026, the Treasury Department’s Office of Foreign Assets Control issued amended Venezuela-related general licenses.
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Venezuela-related General License 46E (Sept. 28, 2026)
Lets certain dealings in Venezuelan-origin oil or petrochemical products that U.S. Venezuela sanctions would otherwise bar. It does not lift the broader sanctions program.
covers the supply of certain items and services to Venezuela.
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Venezuela-related General License 49B (Sept. 28, 2026)
Lets companies negotiate and sign contingent contracts for certain investment in Venezuela that U.S. sanctions would otherwise bar. It does not lift the broader sanctions program.
covers negotiating and entering contingent contracts for certain investment in Venezuela. The licenses authorize narrowly defined activities that Venezuela sanctions would otherwise bar. They do not lift the broader program.
On Sept. 28, 2026, Treasury Secretary Scott Bessent met Lebanese Prime Minister Nawaf Salam and Finance Minister Yassine Jaber in Washington. Treasury said Bessent urged Lebanon to take proactive steps to disrupt Iranian and Hizballah financial networks, and stressed financial-sector reforms to restore confidence in Lebanon’s banking system. The readout does not list a concrete Lebanese commitment or a new sanctions designation.
Late Sunday night, Sept. 27, 2026, the White House posted working procedures for a U.S.–China Board of Trade and terms for a “30-for-30” framework. The two sides will consider reciprocal lower tariffs on mutually agreed import lists valued at about $30 billion each way, measured with 2024 trade figures. U.S. principals named are Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer; China’s principal is Vice Premier He Lifeng. Attached lists name Chinese goods for possible U.S. import relief (77 Harmonized Tariff Schedule lines, including fireworks, plastic tableware, textiles and linens, and household appliances) and a China-side import list of U.S. goods (1,619 Harmonized System rows in the posted PDF, opening with livestock and meat). Cuts are not automatic — they still have to clear each country’s own legal process. This is the first concrete post-visit paperwork on the reciprocal tariff dialogue after Friday’s Trump–Xi state visit; it is not a rehash of that visit alone.
On Friday afternoon, Sept. 25, 2026, the Federal Reserve Board approved Peoples Bancorp Inc. of Marietta, Ohio, merging with Citizens National Corporation and taking over Citizens Bank of Kentucky. Peoples Bank may also merge with that bank and keep its branches. Governor Michael S. Barr said he did not approve: he wrote the deal would make banking in the Pikeville, Kentucky, area much more concentrated — the Herfindahl-Hirschman Index up more than 290 points to above 3,100 — and that the Board did not require the branch sales that are usual in such reviews.
On Friday, Sept. 25, 2026, the Bureau of Labor Statistics said that in March 2026, 72 percent of private-industry workers could get some retirement benefit through work, and 52 percent took part. Among state and local government workers, 92 percent had access and 81 percent took part. This is a benefits survey, release USDL-26-1534. It is not the monthly jobs report or the Consumer Price Index.
On Thursday, Sept. 24, 2026, the Bureau of Economic Analysis said the U.S. current-account deficit — the gap between what America pays the world and what it earns from the world — widened by $33.4 billion, or 15.7 percent, to $246.0 billion in the second quarter of 2026. The revised first-quarter deficit was $212.6 billion. The second-quarter deficit was 3.0 percent of current-dollar gross domestic product, up from 2.7 percent in the first quarter. The country’s net international investment position was –$22.42 trillion at the end of the quarter.
On Thursday, Sept. 24, 2026, the Federal Reserve Board asked for public comment on two proposals for Board-supervised payment stablecoin issuers under the
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GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers.
. One would require those issuers to fully back coins with permitted reserve assets such as short-term Treasury bills and other high-quality liquid assets. The other would set a tailored application process for Board-supervised banks that want to issue payment stablecoins. Comments close 60 days after Federal Register publication.
On Thursday, Sept. 24, 2026, the Treasury sold 28-day bills that stopped at a 3.850% high discount rate (3.915% investment rate, CUSIP 912797VN4); 56-day bills that stopped at a 3.990% high discount rate (4.071% investment rate, CUSIP 912797VY0); and 7-year notes that stopped at a 5.085% high yield with a 5% coupon (CUSIP 91282CRM5, Series Q-2033).
On Sept. 24, 2026, the Office of Foreign Assets Control said it is pulling scattered penalty and enforcement procedures into a new rule, the
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Sanctions Penalties Regulations, 31 CFR Part 505
A final Office of Foreign Assets Control rule that gathers penalty and enforcement procedures from many sanctions programs into one part. This first version covers penalties for sanctions under the International Emergency Economic Powers Act and the United Nations Participation Act, and the text says it does not change those penalty provisions. Scheduled for Federal Register publication on Sept. 25, 2026.
Terrorism List Governments Sanctions Regulations, 31 CFR Part 596
A final rule that removes and reserves a Syria-specific general license because Syria is no longer designated a state sponsor of terrorism. The Office of Foreign Assets Control scheduled it for Federal Register publication on Sept. 25, 2026.
, to drop a Syria-specific general license after Syria’s designation as a state sponsor of terrorism was rescinded. The office also released its quarterly report, under
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Trade Sanctions Reform and Export Enhancement Act
Section 906(b) requires a quarterly report on licenses to sell agricultural goods, medicine, and medical devices to Iran. For April through June 2026, the Office of Foreign Assets Control says it received 11 applications and issued 18 licensing determinations.
Section 906(b) requires a quarterly report on licenses to sell agricultural goods, medicine, and medical devices to Iran. For April through June 2026, the Office of Foreign Assets Control says it received 11 applications and issued 18 licensing determinations.
On Wednesday, Sept. 23, 2026, the Treasury sold 119-day bills (the 17-week slot) that stopped at a 4.135% high discount rate and a 4.251% investment rate (CUSIP 912797WR4); five-year notes that stopped at a 5.033% high yield with a 5% coupon (CUSIP 91282CRN3); and a floating-rate note with about 1 year 10 months left that cleared at a 0.040% high discount margin over a 0.050% spread (CUSIP 91282CRD5). Offering announcements for Thursday, Sept. 24, set 4-week and 8-week bill auctions. The sales run under the
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Uniform Offering Circular, 31 CFR Part 356
The federal rulebook that sets how the Treasury sells bills, notes, and bonds to the public through auctions.
On Sept. 23, 2026, the Office of Foreign Assets Control deleted from its Specially Designated Nationals list several aliases for François Olenga, listed as head of the Military House of the President in Kinshasa, and the related Safari Club leisure center. The notice is an
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OFAC DRCONGO SDN delisting
Removing a name from the Specially Designated Nationals list means U.S. persons are no longer generally barred from dealing with that name under that Congo-related sanctions program. The Sept. 23, 2026 notice, covering François Olenga and the Safari Club, does not say why the listing was lifted.
On Tuesday, Sept. 22, 2026, the Treasury sold a 42-day cash-management bill that stopped out at a 3.870% high discount rate (about $75 billion accepted; bid-to-cover 3.03) and a 2-year note that stopped out at a 4.787% high yield with a 4-3/4% coupon (about $69 billion accepted; bid-to-cover 2.63). The sales run under the
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Uniform Offering Circular, 31 CFR Part 356
The federal rulebook that sets how the Treasury sells bills, notes, and bonds to the public through auctions.
. The same day, Deputy Secretary Francis Brooke told the Treasury Market Conference that Treasury plans to switch to a rebuilt securities auction system “in the coming months,” with testing nearly done. He also said buybacks have totaled nearly $500 billion across more than 150 operations. Offering announcements posted Tuesday set a 17-week bill auction for Wednesday, Sept. 23, and 4-week and 8-week bill auctions for Thursday, Sept. 24.
The Treasury Department’s Office of Foreign Assets Control said Friday that the national emergency declared in
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Executive Order 14046 — Imposing Sanctions on Certain Persons With Respect to the Humanitarian and Human Rights Crisis in Ethiopia (Sept. 17, 2021)
A 2021 order that let Treasury freeze U.S.-touching assets of people and groups tied to the Ethiopia crisis. OFAC says that national emergency has now expired and related list entries were removed.
on Ethiopia has expired. The office removed Ethiopia-related names from the Specially Designated Nationals list and took down related frequently asked questions. Separately, OFAC issued
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Russia-related General License 131J (Sept. 18, 2026)
An OFAC license that authorizes certain talks and contingent contracts for selling Lukoil International GmbH, plus related maintenance activities.
, which authorizes certain transactions to negotiate and enter contingent contracts for the sale of Lukoil International GmbH and related maintenance work, and updated two Russia-related FAQs.
The Treasury Department’s Office of Foreign Assets Control blacklisted BitBank on Wednesday, naming it a digital-asset exchange controlled by previously sanctioned Iranian financier Babak Zanjani. Treasury also designated software developer Pishtaz Simorgh Electronic Trade Company and three Zanjani associates. The release says Zanjani used BitBank in June and July 2026 to move hundreds of millions of dollars’ worth of Bitcoin to Iran’s Islamic Revolutionary Guard Corps, and that a previously designated shipping entity also used BitBank to move payments. U.S. persons’ property of those named is blocked. The action sits under Operation Economic Outcast and
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Executive Order 13902 — Imposing Sanctions With Respect to Additional Sectors of Iran
Lets Treasury block property of people who operate in named Iranian economy sectors and can hit foreign banks that do significant business with those sectors.
The Federal Reserve’s rate-setting committee raised the federal funds target range by a quarter percentage point on Wednesday to 3¾ to 4 percent. The vote was 12–0. The statement said the economy is expanding at a solid pace, job gains have kept pace with the workforce, and the unemployment rate has changed little, while inflation remains elevated. Officials said the move supports a quicker return to the 2 percent inflation goal. The Implementation Note raises the interest rate on reserve balances to 3.90 percent and the primary credit rate to 4.0 percent, both effective Sept. 17, 2026, and directs open-market operations to keep the funds rate in the new range. Separately, the Summary of Economic Projections shows a median year-end 2026 funds-rate midpoint of 4.1 percent (up from 3.8 percent in June), unemployment at 4.1 percent for 2026, and personal consumption expenditures inflation at 3.7 percent for 2026. The next scheduled Federal Open Market Committee meetings are Oct. 27–28 and Dec. 8–9 (December carries a Summary of Economic Projections). Friday’s August Consumer Price Index remains the last major Bureau of Labor Statistics inflation print before this decision: the all-items index rose 0.4 percent in August after seasonal adjustment and was up 3.4 percent over 12 months. The Federal Reserve Bank of St. Louis FRED seasonally adjusted Consumer Price Index series still shows August 2026 as the latest observation, at 334.131, with the next Bureau of Labor Statistics release Oct. 14, 2026.
The Treasury Department released July 2026 Treasury International Capital data on Wednesday. Net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows totaled a net TIC inflow of $83.7 billion. Private foreign inflows were $73.5 billion; official inflows were $10.2 billion. Foreign residents’ net purchases of long-term U.S. securities were $40.6 billion, while after adjustments overall net foreign sales of long-term securities were estimated at $27.9 billion. Foreign holdings of Treasury bills rose by $38.8 billion. The next TIC release, covering August, is scheduled for Oct. 16, 2026.
The Federal Reserve’s rate-setting committee meets for a second day today. The Board’s September calendar lists the two-day Federal Open Market Committee meeting for Sept. 15–16, with materials tied to 2:00 p.m. Eastern and a Chair press conference at 2:30 p.m. The FOMC calendars page marks the meeting with a star for a Summary of Economic Projections. That is when the Fed could next change rates. As of this morning’s lock, the Fed had not yet posted a new policy statement or Implementation Note for this meeting. Friday’s Consumer Price Index for August remains the last major Bureau of Labor Statistics inflation print before the decision: the all-items index rose 0.4 percent in August after seasonal adjustment and was up 3.4 percent over 12 months. FRED’s seasonally adjusted CPI series still shows August 2026 as the latest observation, at 334.131, updated Sept. 11, with the next release Oct. 14, 2026. No new Bureau of Labor Statistics print overnight before lock.
The Federal Reserve’s rate-setting committee starts a two-day meeting today. The Board’s Federal Open Market Committee calendars page lists September 15–16, 2026, with a star marking a Summary of Economic Projections meeting. That is when the Fed could next change rates. A separate closed Board meeting notice for Sept. 15 at 10:30 a.m. lists discussion of monetary policy issues. No new policy statement has printed yet for this meeting; the statement and projections usually come on the second day. Friday’s Consumer Price Index for August remains the last major Bureau of Labor Statistics inflation print before the decision: the all-items index rose 0.4 percent in August after seasonal adjustment and was up 3.4 percent over 12 months. FRED’s seasonally adjusted CPI series still shows August 2026 as the latest observation, updated Sept. 11, with the next release Oct. 14, 2026. No new Bureau of Labor Statistics print overnight.
The Federal Reserve’s rate-setting committee starts a two-day meeting tomorrow. The Board’s Federal Open Market Committee calendars page lists September 15–16, 2026, with a star marking a Summary of Economic Projections meeting. That is when the Fed could next change rates. No new policy statement has printed yet for this meeting. Friday’s Consumer Price Index for August remains the last major Bureau of Labor Statistics inflation print before the decision: the all-items index rose 0.4 percent in August after seasonal adjustment and was up 3.4 percent over 12 months. The next Consumer Price Index release is Oct. 14, 2026. The Bureau of Economic Analysis schedule shows no print today; next major BEA items include Sept. 24 international transactions and Sept. 30 GDP and August personal income.
Prices shoppers pay moved up again. The Bureau of Labor Statistics said the Consumer Price Index for All Urban Consumers rose 0.4 percent in August after rising 0.1 percent in July, on a seasonally adjusted basis. Over the 12 months ended in August, the all-items index was up 3.4 percent before seasonal adjustment. Gasoline jumped 3.9 percent in the month and accounted for over one third of the overall rise. The broader energy index rose 2.1 percent. Shelter rose 0.3 percent. Food rose 0.1 percent. Food away from home rose 0.3 percent. Prices excluding food and energy rose 0.3 percent in August and 2.4 percent over the year. In July those prices had risen 0.2 percent in the month and 2.5 percent over the year. Energy was up 16.3 percent over 12 months. Gasoline was up 27.4 percent over 12 months. Food was up 2.7 percent over the year. Shelter was up 3.0 percent over 12 months. The unadjusted all-items index stood at 334.980 (1982–84=100). The next Consumer Price Index release is Wednesday, Oct. 14, 2026, at 8:30 a.m. Eastern.
Federal bank regulators want banks to size their oversight to the real risk of each outside vendor. On Sept. 11 the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency asked for public comment on
Non-binding draft advice from the bank agencies telling banks and credit unions to match how closely they watch an outside vendor to how risky that relationship is. Comments are due 60 days after the text appears in the Federal Register. When finalized, the agencies plan to replace older third-party guidance with this version.
. The agencies say the draft is principles-based. The Federal Reserve said that, as with all supervisory guidance, it is non-binding. It is meant to help banks and credit unions tailor checks to each relationship instead of treating every vendor the same. When finalized, the bank agencies plan to replace older third-party guidance with the new text. Comments are due 60 days after the proposal appears in the Federal Register. The same day, the bank agencies also issued a
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Joint statement on community banks’ engagement with core service providers
A short Sept. 11, 2026, agency statement. The Federal Reserve said it discusses certain factors supervisors will consider when they make decisions about community banks and the core technology vendors those banks use.
Prices companies get for their goods and services moved up again. The Bureau of Labor Statistics said the Producer Price Index for final demand rose 0.4 percent in August after a 0.1 percent rise in July. Over the 12 months ended in August, final demand was up 5.4 percent. Goods jumped 1.1 percent in the month. Energy led that move, up 4.2 percent. Diesel fuel alone jumped 24.1 percent and accounted for more than a third of the goods increase. Services edged up 0.1 percent. Prices for final demand less foods, energy, and trade services rose 0.3 percent in August and 4.7 percent over the year. The next PPI print is Oct. 15, 2026, at 8:30 a.m. Eastern. The Consumer Price Index for August was not yet on the BLS page at this lock; it is due today at 8:30 a.m. Eastern.
Treasury says U.S. companies get clearer paperwork for a global minimum-tax safe harbor. On Sept. 11 the department welcomed a
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Revised GloBE Information Return
A standardized tax reporting form for global minimum-tax rules. The revision lets U.S.-headquartered companies elect a side-by-side safe harbor so they are not also hit by foreign Pillar Two cross-border taxes, and it limits sharing of local minimum-tax data to the relevant country.
. Secretary Scott Bessent said the form puts President Trump’s “side-by-side” international tax deal into operation. Under that deal, Treasury says U.S.-headquartered companies stay under U.S. global minimum taxes and are exempt from certain foreign Pillar Two cross-border taxes — the Income Inclusion Rule and the Undertaxed Profits Rule — if they elect the safe harbor. The revised return adds an election field, cuts some reporting for electing companies, and limits how local minimum-tax data is shared across countries. Countries still have to write the safe harbor into their own laws.
Treasury’s sanctions shop went after money and arms pipelines tied to Iranian-backed militias. On Sept. 10, under Operation Economic Outcast, the Office of Foreign Assets Control designated people and companies it says support Kata’ib Hizballah and Lebanese Hizballah. Targets include Iraqi militia commanders, procurement firms linked to Iraq’s Popular Mobilization Commission, a Dubai exchange used to move money toward Iran, and Lebanese gold and cash exchangers said to move hundreds of millions of dollars from Iran’s Islamic Revolutionary Guard Corps–Qods Force to Hizballah between May and September 2025. OFAC also said an individual agreed to pay $1,427,230 to settle Iran-sanctions liability and published a new Iran licensing policy with a presumption of denial in most cases. The designations rely on counterterrorism and Iran-sector authorities.
It cost employers $49.46 an hour, on average, to employ a civilian worker in June. The Bureau of Labor Statistics posted Employer Costs for Employee Compensation on Wednesday at 10 a.m. Eastern (USDL-26-1494). Wages were $33.85 of that. Benefits were $15.61. Private industry came in lower: $46.89 an hour, with $32.82 in wages and $14.07 in benefits. State and local government came in higher: $66.45, with $40.67 in wages and $25.78 in benefits. The next ECEC print is Dec. 16, 2026, at 10 a.m. Eastern. The Producer Price Index for August was not yet on the BLS page at this lock. It is due today at 8:30 a.m. Eastern; the live page still showed the July print.
The Treasury’s Financial Crimes Enforcement Network says banks and other firms flagged about $17.5 billion in suspicious money that may be tied to health-care fraud. On Sept. 9 Treasury said FinCEN read 5,702
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Bank Secrecy Act
The main U.S. anti-money-laundering law for banks. It requires a compliance program that monitors transactions and reports suspicious activity so investigators can spot money laundering. The Comptroller of the Currency described it that way in the American Express case. This desk did not open the statute.
reports filed from March 1, 2025, through Feb. 28, 2026. Banks filed most of those reports. Home health businesses were the suspected providers in 20 percent of them.
The Treasury buys its own longer bonds to support market liquidity. An Aug. 19, 2026, release raises the per-operation maximum in the 10-to-20-year and 20-to-30-year nominal sectors from $2 billion to at least $4 billion, starting Sept. 9 through Nov. 4.
in the 10-to-20-year and 20-to-30-year sectors from $2 billion to at least $4 billion per operation, effective Sept. 9 through Nov. 4. Dealers keep showing strong offers there, the department said. The next Quarterly Refunding is Nov. 4. Friday’s August jobs report — 162,000 payrolls, unemployment still 4.1 percent — remains the last hard labor count. Employer Costs for Employee Compensation for June 2026 is due from the Bureau of Labor Statistics at 10 a.m. Eastern today; those numbers were not yet on the release page at this edition lock.
The country added 162,000 jobs in August. The jobless rate stayed 4.1 percent. About 7.0 million people were still out of work. Food services and drinking places hired. So did local government education. The information industry cut jobs. Private hourly pay rose to $37.75. The next count is Friday, Oct. 2.
On Sept. 3, 2026, the Institute for Supply Management said its services index rose to 55.4 in August, up 1.3 points from July’s 54.1. That is a 26th consecutive month of expansion. Business activity rose 2.6 points to 61.7. New orders rose 3.7 points to 60.9. Employment was 47.8, a second straight month of contraction, up 0.4 from 47.4. Prices rose 2.3 points to 72.6, which the group said was the highest since August 2022. Chair Steve Miller cited tariffs and the Middle East conflict as the issues supply managers named most. The next services report, covering September, is due Oct. 5, 2026, at 10:00 a.m. Eastern.
On Sept. 3, 2026, the Census Bureau and the Bureau of Economic Analysis said the United States bought more than it sold by $88.6 billion in July, up $17.4 billion from a revised $71.2 billion in June. Exports were $310.7 billion, down 2.1 percent. Imports were $399.3 billion, up 2.8 percent. The goods deficit rose $17.6 billion to $119.6 billion. The services surplus edged up $0.2 billion to $31.0 billion. Capital-goods imports rose sharply, led by computers and accessories. The next release is Oct. 6, 2026, covering August.
On Sept. 3, 2026, Federal Reserve Governor Christopher J. Waller, speaking at a Reuters NEXT Newsmaker interview in Washington, said inflation remains meaningfully above the committee’s 2 percent goal but recent data show signs of cooler inflation. If that continues in data due over the next two weeks, he would be inclined to support holding the federal funds target at its current setting. If August data show the improvement was fleeting, a rate increase at the Sept. 15–16 meeting may be appropriate. He said the labor market is in satisfactory shape and he expects more of the same in the August employment report (due Sept. 4). The views are his own, not necessarily those of the Board or the Federal Open Market Committee.
On Sept. 2, 2026, the Federal Reserve System published the Beige Book (August 2026 cycle / Sept. 2 release). The national summary, prepared at the Federal Reserve Bank of Minneapolis from information collected on or before Aug. 24, 2026, said economic activity increased modestly since early July. Ten of twelve Districts reported slight-to-moderate growth. Two reported no change. Manufacturing picked up in most Districts, with some citing defense and data-center-related orders. Residential construction declined while nonresidential construction rose on balance (data centers noted). Employment rose very slightly overall. Prices increased moderately in eight Districts. The outlook was positive but mixed amid higher energy prices, policy, and international conflict. The document is not a commentary on Fed officials’ views.
Census Bureau release CB26-135, Sept. 2, 2026. The monthly full report on manufacturers’ shipments, inventories, and orders for July 2026: new orders increased $5.8 billion, or 0.9 percent, to $663.6 billion after a 0.2 percent June decrease. Shipments rose $5.3 billion, or 0.8 percent, to $658.8 billion. Unfilled orders rose $9.9 billion, or 0.6 percent, to $1,600.3 billion. The unfilled orders-to-shipments ratio was 6.81 (from 6.84). Inventories rose $3.5 billion, or 0.4 percent, to $966.9 billion. The inventories-to-shipments ratio was 1.47, unchanged. The PDF schedules the advance report on durable goods for August for Sept. 25, 2026, 8:30 a.m. Eastern, and the next full manufacturers’ report for Oct. 2, 2026, 10:00 a.m. Eastern.
On Sept. 1, 2026, the U.S. Treasury posted a “G20 Chair’s Statement” from the second meeting of G20 finance ministers and central bank governors in Asheville, North Carolina, on Aug. 31 and Sept. 1, 2026. The statement is not a consensus document of every member: footnote 1 says it “was agreed by all G20 members present except China, which objected to paragraphs 4, 10, 11, and 13.” Those paragraphs cover energy-trade disruptions and the Strait of Hormuz (4), global imbalances and non-market policies (10–11), and sovereign-debt architecture / Common Framework (13). The text says members met to advance 2026 Finance Track priorities including private-sector engagement, productivity, global imbalances, financial literacy, sovereign debt, digital assets, and financial-sector issues.
The Institute for Supply Management’s August 2026 manufacturing report, released Sept. 1, 2026, said its manufacturing index registered 54.6 percent, 1.0 percentage point below July’s 55.6. The group said manufacturing expanded for an eighth consecutive month and that a reading above 47.5 over time generally indicates expansion of the overall economy (22nd month). New orders 53.7 (down 3.0 from 56.7). Production 58.3 (down 0.2). Employment 51.2 (down 1.6). Supplier deliveries 59.3 (up 0.4, slowing). Inventories 50.6 (down 0.6). Prices 71.1 (unchanged). Backlog 51.8 (down 3.2). Chair of the Manufacturing Business Survey Committee: Susan Spence.
Census Bureau release CB26-140, Sept. 1, 2026, 10:00 a.m. Eastern. Total value put in place was $2,157.6 billion at a seasonally adjusted annual rate, 0.5 percent (±0.8 percent)* below revised June $2,167.7 billion, and 3.8 percent (±1.5 percent) below July 2025. The month-to-month total change’s 90 percent interval includes zero — Census does not call it statistically significant. Private construction $1,614.2 billion, −0.5% (±0.3%) from June (interval excludes zero). Private residential $859.0 billion, −1.3% (±1.3%)*. Private nonresidential $755.2 billion, +0.4% (±0.3%). Public $543.4 billion, −0.2% (±1.6%)*. Next print Oct. 1 (August data).
On Sept. 1, 2026, at the Second-Chance Lending Forum in Washington, Federal Reserve Governor Michael S. Barr said the labor market is stable and growth has been solid, but inflation remains too high. If inflation is not moderating sufficiently, “we should act decisively to raise rates” at the September Federal Open Market Committee meeting (Sept. 15–16). Footnote 1 says the views are Barr’s own, not necessarily those of the Board or the committee. This is not a Board hike.
The G20 Finance Ministers and Central Bank Governors meetings in Asheville continue through Tuesday, Sept. 1, 2026, per the U.S. Treasury host framing and the European External Action Service statement dated Aug. 31. The EEAS said the EU welcomes additional economic pressure on Iran, including through the U.S.-led Operation Economic Outcast, and remains ready to take further measures where necessary. No G20 joint statement from the Asheville meetings has been documented in sources fetched for this edition.
Treasury Secretary Scott Bessent opened the G20 finance meeting in Asheville, the first ministerial of the U.S. 2026 host year. He said the world is awash in debt and that governments must grow our way out. He told CNBC he would press counterparts to join Operation Economic Outcast. The EU issued a statement welcoming additional economic pressure, including through that campaign. No joint statement yet. The meeting runs through Sept. 1.