Axios

Party City is planning to close all of its stores, more than a year after it exited bankruptcy, the retailer confirmed Saturday in an email to consumers.

Why it matters: The New Jersey-based party supplies company has been struggling for years even before the pandemic.

Holiday travelers fretting over how a government shutdown would affect their flights can breathe easy — now that both chambers of Congress have approved a temporary stopgap avoiding the prospect.

The big picture: An estimated 40 million people are expected to fly during one of the busiest travel periods of the year, and TSA agents and air traffic controllers will continue to work.

If you're feeling behind on your Christmas shopping, you're not alone.

The big picture: A majority of holiday shoppers plan to finish buying gifts the week leading up to Christmas, an annual survey found.

Homes listed over $1 million are taking up a larger share of the market, per Redfin.

The big picture: Wealthy people are the ones who can play in this market. Million-dollar homes grew 1 percentage point to 9.3% in 2024 from 2023, Redfin found.

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.