Treasury Secretary Scott Bessent said on Thursday that the U.S. government has bought Argentine pesos as part of a program to help the struggling South American nation.
Why it matters: While an important boost to a political ally in Argentine President Javier Milei, the move could rekindle complaints that a bailout was done at the expense of American farmers.
State of play: Last year, craft beer production declined by 4% — the largest decrease in industry history, outside the pandemic — and 2025 doesn't look any better.
A mid-year report from the Brewers Association, the industry's Colorado-based trade group, indicates that craft volume is down 5% year-over-year, with brewery closings outpacing openings.
The fine print: The definition of craft beer only includes small, independent breweries.
What they're saying: "The results of this midyear survey indicate that for many breweries, the challenges they've faced over the past few years have either continued or accelerated," said Matt Gacioch, the association's staff economist.
The big picture: The half-empty mood comes as the industry gathers in Denver for its annual bacchanal, the Great American Beer Festival, which began Thursday.
Ticket sales are down from the height of the craft beer era, but the festival still expects to draw 30,000 to 40,000 people and 450-plus breweries representing nearly every state.
The intrigue: GABF exemplifies the change.
A year ago, the festival began adding more experiences, such as live music and games, along with expanded beverage options, such as cider, cocktails, hard seltzers and nonalcoholic beverages.
This year, the festival will add liquor from 21 distilleries.
The bottom line: "Consumer preferences are evolving and changing," says Ann Obenchain at the Brewers Association, which organizes the festival. "Some are … not always reaching for a beer, and some are drinking less."
Twenty-two states are either in a recession or on the precipice of a downturn, according to an intriguing analysis from Mark Zandi, chief economist at Moody's Analytics.
Why it matters: The states in contraction are spread around the country — from Washington to Virginia to Maine — and make up about a third of overall GDP.
Former VMware CEO Raghu Raghuram has joined Andreessen Horowitz as a general partner, the venture capital firm announced on Thursday.
Why it matters: He adds deep infrastructure expertise to one of Silicon Valley's most powerful investment firms, plus management bona fides to help offset the recent loss of longtime managing partner Scott Kupor.
Trick-or-treaters may get fewer sweets this year as high cocoa prices haunt the candy aisle.
Why it matters: Cocoa prices have more than doubled since early 2024, pushing the Consumer Price Index for candy and gum up 8% and changing how people fill their candy bowls, per new reports from Wells Fargo, Empower and the National Confectioners Association.
Google announced Thursday that it's combining its business AI tools into Gemini Enterprise, a subscription for building and using AI agents.
Why it matters: Google sees the breadth of its options — from core models to premade agents to industry-specific templates — as a key way it can stand out from its rivals.
Walmart is reimagining car care with its first "Auto Care Center of the Future," debuting in Arkansas — a pilot offering smart-locker key drop and real-time app updates, the company told Axios exclusively.
Why it matters: The world's largest retailer is bringing its digital playbook to the garage to make car maintenance as easy as stocking the fridge.
The risk of a sharp market correction amid AI bubble risks and political pressure on the Federal Reserve has increased, according to the latest meeting summary from the Bank of England.
Why it matters: The Bank of England is sounding alarms the Fed isn't, warning investors they are underpricing large risks to this bull market.
The AI-fueled bull market has not reached bubble territory yet, according to Goldman Sachs, but investors should nonetheless focus on diversification as warning flags mount.
Why it matters: The call is yet another sign that the stock market can continue its climb before any bubble bursts.
