Axios

Once again, nearly 600 readers answered the call, offering your projections for the economy of 2025. You're a notch more worried about the outlook than you were one year ago.

Why it matters: It suggests lurking risks for the year ahead that aren't reflected in a buoyant stock market and the generally sunny forecasts from mainstream forecasters and government officials.

Three editors at the crypto news site CoinDesk were let go this week, in a move that's being framed as a restructuring, a newsroom source familiar with the messaging to staff tells Axios.

Why it matters: The award-winning news organization, widely credited with the downfall of FTX and Alameda Research, went through a tumultuous period after rocky crypto markets hit the balance sheet of its former parent, the Digital Currency Group.

The Federal Aviation Administration issued 30 temporary drone flight restrictions over parts of critical New York infrastructure from Thursday through mid-January.

Why it matters: Dozens of reported mystery drone sightings have been reported across the northeast, raising suspicions and fueling conspiracies.

The Federal Reserve's preferred inflation gauge slowed in November, the Commerce Department said on Friday — the first indication of cooling price pressures in months.

Why it matters: Inflation remains too high for policymakers' comfort, but the data offers hope that progress bringing it down might just be bumpy, not completely stalling out.

Discount retailer Big Lots is poised to liquidate its remaining stores after the company's bankruptcy restructuring plans collapsed.

Why it matters: The Columbus, Ohio-based company had about 27,700 employees and more than 1,300 stores in 48 states when it filed for Chapter 11 bankruptcy protection in September.

The Internal Revenue Service is increasing the "optional standard mileage rate" used to calculate tax deductions by 3 cents a mile for 2025.

The big picture: The increase goes into effect Jan. 1, 2025, bringing the IRS rate to 70 cents per mile driven for business use, the federal agency announced in a statement Thursday.

The Biden administration is canceling another $4.28 billion in student loan relief for about 54,900 borrowers who work in public service, the White House announced on Friday.

Why it matters: This will likely be one of the final rounds of relief Biden delivers before President-elect Trump takes office next month. The incoming administration is not expected to prioritize debt forgiveness.

The value of the stock market is more heavily concentrated than ever in a handful of companies — making its performance as a whole a function of how just a few megacap tech stocks are faring.

Why it matters: When a few companies dominate the market, that makes passive index investors less diversified, and therefore makes their portfolios riskier.

Casual dining chains aren't gone for good if the Olive Garden owner's earnings report today is any indication.

Why it matters: The sector's been struggling as consumers have been looking for savings on food, leading to the bankruptcies of chains like TGI Fridays and Red Lobster.

Driving the news: Darden Restaurants topped earnings estimates and posted an overall same-restaurant sales increase of 2.4% for the latest quarter, compared with a year earlier.

If Elon Musk can effectively veto a congressional budget deal, imagine how much influence he might wield over more arcane policy issues affecting his pantheon of business interests.

Why it matters: The incoming Trump administration and Congress could soon take action on a litany of regulatory matters and spending affecting the self-proclaimed First Buddy's business empire, including self-driving cars, space and AI.

The past two days on Capitol Hill raise the prospect of a more unpredictable period for U.S. fiscal policy than seemed likely a few days ago.

Why it matters: Economists' hope has been that unified Republican control of the White House would create similar tax and spending outcomes as when they controlled those branches in 2017 — tax cuts paired with steady-as-she-goes spending.

The Federal Aviation Administration issued a temporary ban Wednesday on drone flights over parts of New Jersey.

The big picture: Reports of suspicious drones flying over states, including New Jersey, New York and Virginia, have raised public concern, though authorities have said there's no evidence of a specific threat.

Driving the news: The FAA said it issued 22 temporary flight restrictions at the request of federal security partners, prohibiting drone flights over critical New Jersey infrastructure.

• The restrictions are in place until at least Jan. 17 in the central and northern part of the state.
• Temporary flight restrictions are limits on aircraft operations due to temporary hazardous conditions, a security-related event or "other special situations, like VIP movement."

Between the lines: Violating the restrictions can carry jail time and fines. Given the intense public pressure, that gives law enforcement one more tool to prosecute potential violators.

More from Axios:

• Schumer requests "special drone-detection tech" for N.Y. and N.J.
• Drone debate rolls on following arrests
• What to know about New Jersey drone sightings

The U.S. economy grew at a 3.1% annualized pace in the third quarter — stronger than previously thought, the Commerce Department said on Thursday.

Why it matters: The revision suggests 2024 was yet another shocker year in which the U.S. economy surprised to the upside, as other major nations grappled with sluggish growth.

The International Brotherhood of Teamsters launched a strike against Amazon Thursday morning, saying workers at seven facilities would take to the picket line.

The big picture: The strike, which the union is calling the largest against Amazon in U.S. history, coincides with the final week of holiday shopping — one of the company's busiest times of year.

The Brazilian real is plummeting. Never before has the nation's currency been so weak relative to the U.S. dollar.

Why it matters: Yet another huge economy faces a fiscal mess, with investor backlash adding to pressure to cut budget deficits.

New cars are very expensive — the average transaction price last month was $48,724, per Axios corporate cousin Cox Automotive. But, weirdly, that's not because of inflation in the price of new cars.

Why it matters: Americans are paying more for new cars mainly because they're trading up in size.

Here's what's new on Peacock, Netflix, Hulu, Disney+, Apple TV+ and Max.

What we're watching: A dark comedy about a woman who finds out her former lovers are dying, a biopic about a little-known World War II unit, and the second season of "Dear Santa: The Series."