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Trump cut science funding. Small businesses are paying the price. PoliticoCongress defended American science. Its work is not over The EconomistTrump tried to gut science research funding. Courts and Congress have rebuffed him. NBC NewsHow Higher Ed Staved Off a Research-Funding Bloodbath — For Now The Chronicle of Higher EducationCongress n
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Stocks climbed on Monday as investors cheered a result seen as a mandate for the prime minister's high-spending economic agenda.
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The crypto crash is coming — and the landing won't be pretty
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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THE PRESIDENT of one of America's best-known Catholic places of learning came this week to his alma mater, Oxford University, and with some fanfare delivered a lecture on the future of higher education. His hosts included Chris Patten, the eminent Conservative politician who is now Chancellor of Oxford University and happens to be a fellow Catholic.
So did the visitor, whose academic interests include medieval theology, deliver a lament over the weakening Christian connections of places like Oxford, which emerged in a 12th-century world where learning and public activity of any kind were almost inseparable from religion? Did he deplore the fact that Oxford had incubated the "new atheist" movement? No, Father John Jenkins, the president of Notre Dame University (pictured), did nothing of the kind. Instead, he emphasised the spirit of inquiry, dispute and interrogation that characterised Oxford from its earliest days and argued that the same spirit could and should guarantee the future of universities as physical places, as opposed...Continue reading
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