Money, Wealth & Power—A Daily Look at the Financial World
The U.S. Department of Labor announced on February 18, 2026, that it is sending a specialized “strike team” to examine California’s unemployment insurance program, targeting roughly $21 billion in outstanding federal loan debt and persistent fraud concerns. Labor Secretary Lori Chavez-DeRemer framed the intervention as a direct response to years of insolvency in the state’s…
Blue Owl Capital has halted redemptions in its retail-focused private credit fund OBDC II, a decision that crystallizes the tension between illiquid software-backed loans and the steady cash access promised to everyday investors. The move follows a $1.4 billion asset sale earlier in 2025 to cover withdrawal requests, and it arrives just as the firm…
Walmart reported fourth-quarter fiscal year 2026 earnings on Thursday, February 19, revealing that its global e-commerce business grew 24% and now accounts for 23% of overall sales, a record share. The results confirm a pattern that has been building for several quarters: wealthier American households are driving a significant portion of the retailer’s market-share gains,…
President Donald Trump announced on Saturday that he would raise his proposed worldwide tariff from 10% to 15%, escalating a trade standoff less than 24 hours after the Supreme Court struck down his previous tariff program in a 6-3 ruling. The move, disclosed on Truth Social, pushes the tariff rate to the legal ceiling allowed…
The Bureau of Economic Analysis cut its estimate of fourth-quarter 2018 GDP growth to 2.2 percent on an annualized basis, well below the 3 percent benchmark the Trump White House had celebrated as proof that its economic agenda was working. The downward revision, driven by more complete source data and methodological adjustments applied during the…
The Supreme Court ruled on Friday, February 20, 2026, that President Trump’s global tariffs imposed under the International Emergency Economic Powers Act are illegal, striking down one of the administration’s signature trade policies. But the justices did not decide what happens to the money already collected, leaving $133 billion in tariff payments in an uncertain…
President Donald Trump responded to a stinging Supreme Court defeat over his global tariffs by immediately signing a proclamation to impose new import duties under a different legal authority, vowing to push rates as high as 15 percent. The rapid pivot, which came within hours of a 6-3 ruling that struck down his broader trade…
Factories and other businesses that buy new equipment or build production facilities can now write off the entire purchase price in the year they acquire it, thanks to a restored 100 percent first-year depreciation deduction signed into law as part of the One Big Beautiful Bill Act. The provision, which applies to eligible property acquired…
The Supreme Court ruled on February 20, 2026, that President Trump exceeded his authority by using the International Emergency Economic Powers Act to impose sweeping reciprocal tariffs on imports from dozens of countries. The decision in Learning Resources, Inc. v. Trump invalidated the emergency-based trade framework that had reshaped U.S. import costs over the past…
The Los Angeles Homeless Services Authority owes more than $69 million in overdue payments to service providers across the region, a crisis that spilled into public view after a county supervisor called the agency’s financial management a failure. The payment backlog persists even though Los Angeles County has already advanced the necessary funds to LAHSA,…