The world in a glance.

April’s inflation spike leaves Warsh and the Fed zero excuses not to raise rates

Bond markets won’t wait for the central bank to combat inflation.

Warsh faces rate pressure as April’s inflation spike leaves the Fed with zero excuses

Bond markets won’t wait for the central bank to combat inflation.

US sells 30-year bonds at 5% yield for first time since 2007

The $25bn auction comes hours after data showing sharpest rise in producer prices since Russia’s invasion of Ukraine

Allegiant CEO makes case for low-cost airline model as Sun Country acquisition closes

Allegiant CEO Greg Anderson said leisure travel demand is still strong despite higher fuel prices.

What can we expect from the Fed under Kevin Warsh?

Take part in a live Ask an Expert Q&A with the FT’s US economics editor, US economics correspondent and US markets editor on Monday May 18 at 4pm BST

The real cost of the Iran war isn’t higher prices — it’s market paralysis

Markets can handle rising prices. What crushes confidence is uncertainty that squelches investment.

US Senate confirms Warsh to succeed Powell as Fed chair

Vote brings to an end one of the most fraught processes of selecting a central bank chief in decades

5 tests Kevin Warsh will face as Fed chair

Wall Street and Washington will be watching to see how he reacts to political pressure and whether he can get the central bank on board with the major changes he favors.

Is AI putting graduates out of work already?

If you are studying coding, we might have some bad news

Saudi Arabia launched strikes against Iran

Riyadh wanted to show it was defending itself but told Tehran it was not joining broader US-Israeli assault

Eric Trump joins Beijing trip as family-linked group chases China deal

Company with ties to US president’s son has MOU with chipmaker that Congress warned is connected to Communist Party

Is inflation heading to 6%? Probably not — but it will get worse before it gets better.

In the dark recesses of the economy, price pressures are bubbling up and foretelling another wave of inflation. Is inflation really heading to 5% or 6% again like during the bad…

Why a buzzy fund that advertised stakes in hot startups like Anthropic suddenly plunged

Shares of closed-end fund Destiny Tech100 have been whipsawed this week, reflecting the promise and peril of trying to access stocks before their IPOs.

US wholesale inflation hits 6% as Iran war sends fuel and freight costs soaring

Producer price index rises at fastest rate since Russia’s full-scale invasion of Ukraine

What CEOs from Tesla, Nvidia and over a dozen other companies hope to gain by joining Trump in China

A key part of President Donald Trump’s visit to China this week is his effort to bring along with him at least 17 executives from prominent U.S. companies. Here’s what it means…

Why 3.8% inflation actually feels like an 8% hit to your retirement savings

Official CPI masks double-digit spikes in healthcare, insurance and energy. Meanwhile, your outdated strategy quietly drains your portfolio.

Is AI power really the new oil? Soon it will trade just like a commodity.

CME Group plans to launch futures that would let investors bet on the price of computing power.

Companies start getting tariff refunds after Supreme Court decision

After the Supreme Court ruled some of President Trump's tariffs unconstitutional, the first wave of tariff refunds have begun flowing in.

5 tests Kevin Warsh will face on the first day as Fed chair

Wall Street and Washington will be watching to see how he reacts to political pressure and whether he can get the central bank on board with the major changes he favors.

Trump arrives in Beijing demanding Xi ‘open’ China to US business

Leaders to hold two-day summit clouded by geopolitical tensions and conflict over trade and tech

Trump demands Xi ‘open’ China to US business

US president arrives in Beijing for two-day summit clouded by geopolitical tensions and conflict over trade and tech

Here’s the silver lining for stocks and 5% Treasury yields

Higher rates mean higher costs for borrowers, but 5% isn’t a level that’s prone to sticking around in the Treasury market

‘It’s not like they can just order in DoorDash’: Americans from cruise-ship outbreak could be quarantined until mid-June

The Andes virus has a long incubation period, and the World Health Organization said there may be more infections “in the coming weeks.”

Is AI power really the new oil? Soon it will trade like just like a commodity.

CME Group plans to launch futures that would let investors bet on the price of computing power.

Wariness at Temple of Heaven as China hosts Trump

Sceptics associate American president with turmoil and cast doubt over Sino-US relationship reset

Why scrapping quarterly earnings is a bad idea

US chief executives should be wary of putting their own convenience ahead of transparency

Kool-Aid to launch electrolyte packets with no artificial dyes as part of Kraft Heinz makeover

Parent company Kraft Heinz is trying to reverse slumping sales by modernizing many of its legacy brands.

Morgan Stanley boosts S&P 500 target. Why Mike Wilson says the market has already priced in the biggest risks.

It’s the season for new stock-market price targets, and Morgan Stanley joined the upper echelon of Wall Street targets for the S&P 500 with its new outlook released Wednesday.

Nvidia’s Jensen Huang got the last Air Force One seat to China. Why it’s so crucial for the chipmaker.

Traders are interpreting the late addition of Nvidia’s CEO to the Air Force One passenger list as a signal that good news about export licenses may be in the offing

IEA warns of further price spikes as global oil inventories fall at record pace

Iran war has cut into oil consumption but not enough to halt ‘rapid’ draw on inventories

IEA warns of further ‘price spikes’ as oil inventories plunge

Iran war has cut into oil consumption but not enough to halt ‘rapid’ draw on inventories

Why global imbalances matter

They lie at the intersection of almost everything that matters in geoeconomics and geopolitics

Europe’s few AI plays soar as US tech frenzy goes global

Investors hunt for winners in market that for years has lagged behind Wall Street’s rally

Trump is up against China’s great wall of confidence

The US president will encounter a very different country to the one he visited in 2017

Who do gilt investors want to lead Britain?

Andy Burnham seen as biggest risk to UK government bonds

Putin and Zelenskyy cool on US-led peace talks

Moscow and Kyiv lose faith in Donald Trump’s diplomacy even in the event of Iran war ending

The Iran war and the future of cheap flights

Low-cost air travel may be a thing of the past as rising fuel prices tip carriers into another crisis

JPMorgan is finally rolling out its consumer bank in Europe

Almost five years after launching its digital bank Chase in the UK, CEO Jamie Dimon is preparing to take on Germany

Trump’s plan to discuss Taiwan arms sales with Xi rattles Asian allies

Negotiations with Beijing on weapons exports to Taipei would break long US precedent

Will Chinese companies still move to Singapore after Manus crackdown?

Beijing’s move to block takeover of AI start-up with headquarters in city-state challenges sustainability of ‘Singapore washing’

1MDB financier Jho Low asks Trump for a pardon

Alleged mastermind behind multibillion-dollar scandal appears in US filing that lists pardon requests

What former poker champion turned investing coach Annie Duke says most of us get wrong about risk

The author of ‘Quit’ talks about market bubbles, costly investing mistakes and why investors freeze at the worst time.

My retirement fund is like an AI version of me. It keeps working when I’m not able to.

“Not taking care of your money becomes, in a visceral sense, not taking care of yourself.”

‘I’m not an extravagant spender’: I’m in my 70s with a $90,000 income. Can I afford my dream home with a pool?

“My current house is all paid off, and it’s worth $650,000.”

The real cost of the Iran war isn’t just higher prices — it’s market paralysis

Markets can handle rising prices. What crushes confidence is uncertainty that squelches investment.

Here’s the silver lining for stocks and 5% Treasury yields

Higher rates mean higher costs for borrowers, but 5% isn’t a level that’s prone to sticking around in the Treasury market

Is AI power really the new oil? Soon it will trade like just like a commodity.

CME Group plans to launch futures that would let investors bet on the price of computing power.

Starmer clings to power after four ministers resign

PM due to hold crunch meeting with health secretary Wes Streeting after challenging rivals to launch leadership bids

Copper prices are now at their highest level on record. AI is only part of the story.

Copper refining now has a Strait of Hormuz problem.

Resignation of US food and drug regulator head adds to health agency vacancies

Lawyer Kyle Diamantas appointed FDA’s acting leader as concerns mount over hantavirus outbreak