The first attacks in a month jolted energy markets. The average U.S. gasoline price remained 37 percent higher since the war began.

© Michelle Groskopf for The New York Times

Andrew Bailey, in role as financial stability watchdog chief, warns advanced models risk destabilising system

The Bank of England’s governor, Andrew Bailey, has joined the throng of figures warning about the global risks posed by the most advanced artificial intelligence technology.

In a two-page letter sent to international finance ministers and central bank governors as part of his role as chair of the international Financial Stability Board (FSB), Bailey said “frontier” AI models were “showing increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities”.

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© Photograph: Richard Drew/AP

© Photograph: Richard Drew/AP

© Photograph: Richard Drew/AP

There’s little optimism about treasury secretary’s ability to handle Trump’s tariffs, Iran sanctions and colossal US debt

History remembers Gen Dwight Eisenhower, the supreme commander of the allied forces in Europe during the second world war, for his role in the D-day invasion of Normandy. Whether Scott Bessent will achieve similar posterity as the face of the “economic D-day” in Iran remains to be seen.

The US treasury secretary, already trying to manage a $40tn national debt pile, this week took charge of Donald Trump’s effort to reverse-engineer his war of choice. Whereas the US would typically take on an adversary with diplomacy, sanctions and military force, in that order, the US president started with a six-month bombing campaign and now hopes that economic isolation can finish the job.

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© Photograph: Julia Demaree Nikhinson/AP

© Photograph: Julia Demaree Nikhinson/AP

© Photograph: Julia Demaree Nikhinson/AP

Kevin Warsh reiterated the Federal Reserve’s commitment to tackle rising prices, nudging up investor expectations of a rate increase.

© Natalie Behring/Getty Images

However, Kevin Warsh didn’t say if interest rates would change in coming months, as inflation remains stubborn

The US Federal Reserve is not done fighting high inflation, its chair, Kevin Warsh, said in his first major speech in the role on Friday, emphasizing that it was “the Fed’s job to deliver stable prices”.

Warsh did not indicate where the Fed will take interest rates in the coming months, despite US inflation remaining stubbornly above the central bank’s 2% target amid the war in Iran. But his speech was taken by markets as a signal that rates may rise in the coming months, a move that may put him at odds with Donald Trump, who has aggressively called for rates to be cut.

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© Photograph: Natalie Behring/Getty Images

© Photograph: Natalie Behring/Getty Images

© Photograph: Natalie Behring/Getty Images

Fewer audit and disclosure requirements could reduce costs, but experts say they could also help disguise fraud or financial stress.

© Tierney L. Cross for The New York Times

Edward Yardeni, an upbeat strategist with an excellent track record in assessing the stock market, explains why he thinks the good times will continue for years.

© Mengxin Li

In a high-profile speech, Kevin M. Warsh said the Federal Reserve was chiefly responsible for taming inflation. If price increases do not return to the central bank’s target quickly, “we have work to do,” he said.

© Natalie Behring/Getty Images

Investors want Kevin Warsh, the Fed chairman, to address inflation, interest rates and the bond market in a major speech. Some worry he won’t say enough.

© Evelyn Hockstein/Reuters

How markets have moved six months into the war, and where they might be headed in the future.

© Angela Weiss/Agence France-Presse — Getty Images

Robin Wigglesworth of Financial Times explains everything you need to know about the Trump administration’s meddling with the bond market.

© The Ezra Klein Show

We are approaching a credibility crisis with Scott Bessent and Kevin Warsh leading our economy.

© Nathan Howard/Reuters

Kevin M. Warsh is scheduled to deliver his first address at the Federal Reserve’s annual conference in Jackson, Wyo., with U.S. government bond markets on edge and inflation risks resurfacing.

© Anna Rose Layden for The New York Times