Nobel Economists Back California Billionaire Tax; Ripple's Larsen Fights It
Six Nobel laureates endorsed California's Proposition 40, a 5% wealth tax on billionaires, while Ripple's Chris Larsen spent over $10 million to oppose it.
Inflation, employment, growth data and central bank decisions, and how they reprice risk across markets.
Six Nobel laureates endorsed California's Proposition 40, a 5% wealth tax on billionaires, while Ripple's Chris Larsen spent over $10 million to oppose it.
Crypto markets fell over the weekend as Houthi attacks on Saudi Arabia raised tensions, with Bitcoin dropping 0.9% and the total market cap down 4%.
Elon Musk predicts AI will double US GDP growth to 4% next year, a figure far above Fed projections. The forecast comes as California mandates AI audits and a…
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US industrial production was flat in August, missing expectations, while manufacturing output fell 0.3%.
The BOJ hiked rates 25 bps to 1.25%, but dovish dissents disappointed markets. The yen weakened, stocks fell, and oil and bond yields remained elevated.
ECB President Lagarde says interest rates do not automatically follow energy prices, stressing a meeting-by-meeting approach.
ECB President Christine Lagarde said “we'll see” when asked whether she would leave in October 2027, keeping early-exit speculation alive.
BOJ Governor Ueda highlighted spring wage talks for FY2027 as key for inflation trends, and said policy will not be swayed by board changes.
BOJ Governor Ueda stated the bank will continue to raise rates in response to economic and price developments, noting inflation overshooting risks.
UK retail sales rose 0.5% in August, exceeding expectations, as department stores and non-store retailers recovered.
UK August retail sales rose 0.5% month-on-month, beating expectations for a 0.2% decline.
Bank of Japan raised its benchmark rate to 1.25% on Friday, the highest since 1995, as energy costs pressure economies.
The BOJ's rate hike to 1.25% was accompanied by two dissenting votes, putting Governor Ueda's press conference in focus.