Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia edged up Monday morning as U.S. Treasury yields bounced higher after plunging last week which sent markets into a panic.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
The hearing will now begin next Monday to allow time for the completion of a previous trial that revolves around former 1MDB unit SRC International, a Kuala Lumpur High Court...Asia Newsread more
"I don't want to do business at all because it is a national security threat," Trump told reporters.Technologyread more
Trump's is due to visit Copenhagen early next month, when the Arctic will be on the agenda in meetings.Europe Politicsread more
The Treasury Department said it could run out of cash in two months, asking Congress to increase the debt ceiling before lawmakers leave for a six-week recess.
"Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes," Treasury Secretary Steven Mnuchin said in a letter to House Speaker Nancy Pelosi on Friday.
"As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess," Mnuchin said.
Lawmakers and the Trump administration are rushing to pass a spending deal and raise the U.S. borrowing limit to avoid another government shutdown. Mnuchin previously said the White House will offer a one-year continuing resolution and debt ceiling increase if the two sides cannot strike a deal.
Funding for the current fiscal year runs out Sept. 30. The government partially shut down for a record 35 days in December and January after funding lapsed.
Here's the full letter from the Treasury Department to Congress:
Dear Madam Speaker:
Since there is a reasonable uncertainty in projecting government cash flows, it is impossible to identify precisely how long extraordinary measures will last. We model various scenarios for our cash projections. Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes.
As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess.
Steven T. Mnuchin