Axios

Low-income consumers are increasingly steering clear of fast-food restaurants amid concerns about the broader economy.

Why it matters: Restaurant dining is often the first thing to go when the economy takes a turn for the worse.

The 50% tariffs President Trump announced this week were officially designed to drive a wedge between India and Russia, but so far the only rupture they've caused is with the United States.

Why it matters: The steep levies over India's purchases of Russian oil are threatening to unravel years of calculated U.S. efforts to position New Delhi as a bulwark against China.

The Trump administration is preparing plans to sell stock in mortgage-finance giants Fannie Mae and Freddie Mac that could kick off before the end of the year, a senior administration official confirmed.

Why it matters: Significant changes to Fannie and Freddie's capitalization structures, or any signal of weaker government backing, could have big implications for the mortgage market.

The Trump administration is planning to issue an executive order soon clarifying the status of gold bars amid tariff confusion, a White House official says.

Why it matters: Reports that gold bars would be tariffed caused the precious metal to spike to an all-time high in U.S. trading.

In naming Stephen Miran to the governor spot vacated Friday as Adriana Kugler steps aside, President Trump is seeking to place someone who wants a root-and-branch overhaul of the Fed inside the central bank.

The big picture: In the near term, Miran will, if confirmed, be a voice for Trump's desired interest rate cuts.

• But Miran's critique of how the Fed operates goes much deeper — and his conception of central bank independence is distinctly non-mainstream.

President Trump signed an executive order instructing the Department of Labor to reevaluate guidance for employers on incorporating assets like private credit, real estate and crypto into retirement plans.

Why it matters: Private credit is golden child of Wall Street, promising diversification and potentially enormous returns compared to the stock market. But the catch is in the name: private.

Spending is being held up by the wealthy, while consumption from middle and lower income groups continues to fade.

Why it matters: The tale of two economies, also called a K-shaped recovery, is taking shape before tariffs have even taken effect, which could further pressure lower-income spenders, and potentially, the labor market.

The White House is conceding that a major project it has undertaken to keep an invasive fish out of the Great Lakes has stalled — and is pointing its finger squarely at an archenemy: Illinois Gov. JB Pritzker.

Why it matters: The flare-up highlights how tensions between President Trump and Pritzker — a potential 2028 Democratic presidential candidate who regularly savages the administration — are boiling over.

President Trump on Thursday said he would nominate Council of Economic Advisers head Stephen Miran to fill a vacant seat on the Federal Reserve Board of Governors.

Why it matters: The pick comes as the White House continues its pressure campaign to get lower interest rates.

President Trump on Thursday signed an executive order to allow private equity and other alternative assets into 401(k) retirement accounts.

Why it matters: This is a major realignment of the capital markets, and could result in private equity becoming even more ubiquitous.

The Veterans Administration has terminated the union rights of hundreds of thousands of its employees — even as the Trump administration had instructed agencies to hold off on such a step.

Why it matters: The White House crackdown on the federal workforce, begun under DOGE, isn't letting up, and, in particular, it's impacting veterans, who make up a disproportionate share of the federal workforce.

American Eagle's ad featuring actress Sydney Sweeney has ignited a new brand-driven culture war about beauty standards, race and representation.

Why it matters: Consumers are quick to slap a red or blue label on a brand or company, and the jeans maker is the latest to find itself in the political crosshairs.

As of Thursday, sweeping new global tariffs are in place. Sort of. Probably. With exceptions?

The big picture: Anyone who thought President Trump's firm deadline to impose tariffs was the final word on the trade war is about to learn a very hard lesson.

President Trump's sweeping tariffs on dozens of countries went into effect Thursday morning after the clock struck midnight, marking a historic escalation in global trade tensions.

The big picture: After a lengthy delay, the levies — as high as 50% — are finally here, and they could start impacting pocketbooks in the months ahead.

AI soon may revolutionize venture capital, but not in the way that many investors think.

• That was the top takeaway from an Axios conversation yesterday with Jon McNeill, the former Tesla president and Lyft COO who now runs a company creation platform called DVx.

The big picture: McNeill says that the investment math is changing for application startups, arguing that DVx now can get them to Series A with 80% less seed funding than it previously could.

Firefly Aerospace, a Texas-based commercial space company known for its lunar landers, raised $868 million in an upsized IPO.

Why it matters: The IPO window is open wide enough to fly a spaceship through it, with almost every significant offering pricing stronger than expected.

The current U.S. tariff policy will cost midsize businesses $82.3 billion, according to a new report from the JPMorganChase Institute.

Why it's important: Midsize businesses, often defined as those with annual revenues between $10 million and $1 billion, generate about one-third of U.S. private sector revenue and employment.

• They're an important — yet often overlooked — segment of the economy.

The challenge: Nearly half (48%) of midsize companies import goods. Unlike larger companies, these firms may lack the scale or market power to absorb additional cost burdens or negotiate with suppliers for better prices.

OpenAI is in early talks to sell employee shares at a $500 billion valuation, Axios' Dan Primack reports.

Why it matters: Amid calls of a market bubble, the lofty valuation provides justification for sky-high AI stock prices.

Workers inside the agency that oversees Social Security warn that they're buckling under the strain of understaffing — accelerated by recent Trump administration initiatives.

Why it matters: Americans applying for benefits or needing help at their local Social Security field offices are facing delays, workers say.

A key measure of CEO confidence bounced back this summer, but business leaders are still slightly negative about the economy and business conditions, according to data released Thursday morning and shared first on Axios.

Why it matters: It's another sign that the business community is coming to terms with tariffs, heartened by the administration's announcement of trade deals. The jitters triggered by President Trump's initial "Liberation Day" announcement appear to have eased.

Here's what's new on Hulu, Netflix, Prime Video, Apple TV+, HBO Max, BET+ and Tubi.

What we're watching: The revival of a beloved adult-animated series, a new season of "Wednesday," and a new Eddie Murphy-led comedy.

Car insurance rates could rise more by the end of the year with tariffs than without them, a new projection finds.

Why it matters: The analysis shows one more way that Americans pay for higher tariffs.

President Trump celebrated his sweeping new tariffs finally taking effect on dozens of trading partners early Thursday.

Why it matters: Trump's tariff policy has begun to impact some businesses, which warn they'll have to pass costs onto consumers. But the president wrote on Truth Social as the levies took effect that "BILLIONS OF DOLLARS" were now "FLOWING" into the U.S.

United Airlines travelers faced delays after the Federal Aviation Administration issued ground stops for United flights at major U.S. airports after the airline reported "a technology issue" on Wednesday evening.

The latest: United flights across the U.S. resumed after the company announced in a statement shared with outlets including Axios that the "underlying technology issue" had been "resolved," but hundreds of travelers still faced delays on Wednesday night.