Tesla's board chair suggested Friday that there are no restraints on Elon Musk's political activities, and that he'll be measured "on results, and what he does as CEO of Tesla."
Commerce Secretary Howard Lutnick slammed former President Biden's student loan forgiveness plans as unfair to the average American during a sit-down interview with Axios co-founder Mike Allen on "The Axios Show."
Why it matters: The Trump administration blames Biden for the millions of Americans who are facing severe economic consequences and potentially steep declines in their credit scores after student loan delinquencies soared to a five-year high earlier this year.
A massive spike in jobless claims on Thursday heightened fears of a swift labor market deterioration — but it turns out many of those claims were fake.
Why it matters: The big jump, which took national claims to a four-year high and jolted financial markets, was a result of attempted fraudulent unemployment filings in Texas.
Giorgio Armani's heirs have been instructed to sell the late designer's namesake company, most likely to a French buyer, according to his will.
Why it matters: This has stunned the fashion world, given that Armani had taken several steps to maintain the brand's family control and Italian heritage.
Why it matters: Tether runs by far the world's largest stablecoin, but to operate in the U.S. it needs a token designed to work with the recently passed GENIUS law.
Elon Musk got DOGE wrong by focusing on firing people instead of on slashing government waste, Commerce Secretary Howard Lutnicktells Mike Allen in the premiere episode of "The Axios Show."
To the extent DOGE keeps functioning, Lutnick said, its cuts will be aimed at costs, not headcount.
Why it matters: With Musk no longer in the White House, and his relationship with President Trump in tatters, officials are more willing to criticize the slash-and-burn approach to government that reduced headcount but didn't save much money.
Consumer prices are up 2.9% year over year, according to the latest Consumer Price Index, which led stocks to rally as investors believe this level of inflation still allows the Federal Reserve to cut interest rates.
Why it matters: As long as consumer spending holds up — a big if — cutting rates amid elevated inflation can be a Goldilocks bull case for stocks.
There is no need to plan for the possibility the Supreme Court could strike down President Trump's tariffs, because it won't happen and other tariff avenues exist anyway, Commerce Secretary Howard Lutnicktells Mike Allen in the premiere episode of "The Axios Show."
Why it matters: Lutnick's brash confidence stands in contrast to Treasury Secretary Scott Bessent's warning the government could face the "terrible" prospect of issuing tens or hundreds of billions of dollars in refunds.
President Trump is turning up pressure on drugmakers to lower prices and demanding they commit within weeks to his "most-favored nation" policy, Commerce Secretary Howard Lutnick tells Mike Allen in the premiere episode of "The Axios Show."
Why it matters: The initiative — which calls for charging the U.S. less for drugs than comparable countries — continues Trump's efforts to reshape drug pricing through threats and public shaming.
Health care inflation hit a three-year high last month, in the latest sign that workers could soon be juggling big premium increases with higher prices for groceries, clothing and other items subject to President Trump's tariffs.
Why it matters: Medical prices have been steadily rising, but corporations projecting increases of 9% or more next year are no longer willing to insulate their employees from the pain.
Benton County, Arkansas, saw the most wage growth among large U.S. counties between the first quarters of 2024 and 2025, per new federal data, with average weekly pay up 14.6%.
By the numbers: Following Benton were San Mateo County, California (+11.4%); Monmouth County, New Jersey (+10.9%) and New York County, New York (+10.6%; that's Manhattan).
JCPenney is betting on humor and Thursday Night Football to help power its turnaround and early holiday shopping, the retailer told Axios.
Why it matters: The returning weekly campaign is part of JCPenney's post-bankruptcy reinvention, launching as holiday shoppers are expected to pull back and seek savings.
