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Illinois Gov. JB Pritzker says the nation needs to ramp up its efforts to lead the world in semiconductors and quantum computing, arguing that it's currently "under-investing."
Why it matters: Pritzker, a Democrat, is pursuing the headquarters of the federally created National Semiconductor Technology Center — and he's widely seen as a possible future contender for president.
The state of Illinois — and the Chicago area specifically — is making a concerted push behind the scenes to land a new, flagship federal center of advanced semiconductor research and manufacturing, Axios has learned.
Why it matters: Semiconductors are seen as essential to U.S. economic security, powering a technological future driven by AI, quantum computing, autonomous vehicles and consumer electronics.
Treasury Secretary Janet Yellen is sticking to her guns, and the International Monetary Fund isn't going to create $650 billion in new money any time soon.
Why it matters: An attempt was made on Wednesday to resuscitate the plan, when U.S. civil society groups and 59 members of Congress wrote a letter to Yellen urging her to embrace it.
The opening statement from FTX cofounder Sam Bankman-Fried's legal defense leaned on a familiar charm offensive that married his dueling images as the shy, boy next door and the smartest guy in the room.
Why it matters: Followers of the case have been eagerly awaiting a witness list, but the one read to potential jurors Tuesday — Day 1 of U.S. v. SBF — is only a teaser for who may actually take the stand.
Ad tech giant Taboola and Yahoo's exclusive 30-year native advertising deal, announced last year, is now live, Taboola CEO Adam Singolda told Axios.
Why it matters: The deal increases Taboola's annual top line by roughly $1 billion, Singolda said, and Yahoo expects it to make its native ad placements more competitive.
The International Monetary Fund should, once again, create $650 billion in Special Drawing Rights (SDRs) — just as it did in 2021.
That's the view of a broad range of civil society institutions. It's also the view of 59 Democratic members of Congress, including six senators, who co-signed a letter to President Biden and Treasury Secretary Janet Yellen first obtained by Axios.
It's been an eventful 36 hours for the bond market.
Driving the news: Longer-term U.S. interest rates spiked Tuesday as a report showed a surprisingly high number of job openings and the House of Representatives removed Speaker Kevin McCarthy, adding to the sense that further government dysfunction is inevitable.
The rate on the 30-year mortgage is soaring — hitting 7.53%, the highest rate since December 2000, according to Mortgage Bankers Association data out Wednesday morning.
Why it matters: "The rapid rise in rates pushed an increasing number of potential homebuyers out of the market," MBA's deputy chief economist said in a release.
Those big wage hikes that unions are demanding — and some getting — are unlikely to set inflation soaring again, write Goldman Sachs analysts in a new paper.
Why it matters: The paper offers a straightforward response to concerns that union demands, like the UAW's initial ask for a 40% raise, will be a big hit to the economy — at least in terms of stoking inflation.
Why it matters: Exchange rates shape a whole bunch of economic activity — from trade flows, to where travelers take vacation, to the true value of corporate earnings generated overseas and then sent home. They also help shape global commodity prices and impact the ability of emerging market countries to repay their dollar-based debts.
Uber has launched a new way to return unwanted purchases just as the holiday shopping season is getting started.
Driving the news: With the new service, consumers can use the Uber or Uber Eats app to skip the trip to UPS, FedEx or the post office to drop off returns themselves.
