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The Government Paid $6.7bn Last Year for Work Nobody Did
A Factory in Liuzhou Now Builds a Humanoid Robot Every Ten Minutes
OpenAI Is Sounding Out a $1.5tn Valuation and Putting Off the Listing
The Doors Closed at Half Past Four, and Two Thousand Performances a Year Closed With Them
The EU Cannot Admit Canada, So It Has Invented a Category Instead
Kosovo's Former President Was Convicted by a Court Kosovo Agreed to Create
The House Voted a Third Time to End the Iran War, and Is Still About Seventy Votes Short
The Board Voted to Close the Kennedy Center Hours After a Judge Refused to Let It Carry Trump's Name
A Comedy Nobody Had Heard of Last Year Won Six Emmys, Including the One That Counts
Pennsylvania Has 693 Measles Cases, 133 Hospitalisations and a Third Death Under Review
Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
The decision was Tuesday's. Wednesday was the verdict, and the verdict was that a committee willing to raise into an oil shock is a committee that intends to finish the job.
The ten-year yield settled at 5 percent on Tuesday, its highest since 2007, and eased the day after the Fed raised rates.
The ten-year Treasury note settled at 5 percent on Tuesday, the highest it has been since 2007, after eight straight sessions of rising yields.
On Wednesday it fell. Equity futures rose, Brent crude gave up about 5 percent from the previous session to around $105.75, and gold dropped $35.20 to $4,352.30.
The Federal Reserve had raised rates the day before, for the first time since 2023. On the textbook account, that should have made every risk asset cheaper and every yield higher. The market did the opposite.
The Long View
The Labs Asked for Rules. The President Says the Guardrail Is Him.
An industry asking to be constrained is unusual.
The Long View
The Drones Hit a Warsaw-Bound Train Minutes After the Diplomats Passed Through
A strike on a rail line to a NATO capital, timed close to a visiting delegation, is not the same kind of event as a strike on a Ukrainian city, and every government involved knows the difference.
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Infrastructure Everybody Depends On Should Not Be Owned by a Competitor
Coverage Should Follow the Approval, Not the Advice
You Cannot Delegate the Thing You Have Never Done
The Long View
Why Did the Senate Vote Twice on the Same Bill in Three Days?
Both are majorities and only one is a consensus.
What Happens When the Advertiser's Own Agent Joins the Conversation?
A banner asks for a click.
Will the World Agree AI Red Lines Before the Year Runs Out?
The letter was the easy part.
Twelve to Nothing. The Fed Raised Rates Into an Oil Shock It Says It Cannot Fix.
A unanimous committee is unusual at a turning point, and it is the most informative number in the decision.
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The Market Read the Essay as a Forecast for Chip Demand
Explainer
A Month Ago a Fed Hike Was a Coin Toss. The Market Now Treats It as Settled.
The Long View
Kansas's In-State Tuition Law Was Struck Down in a Case Neither Side Wanted to Win
The Argument
Staying to Keep the Oil and Ending the War Soon Are Two Different Plans
The Long View
Saudi Arabia's Way Around Hormuz Is Shut, and Its Way Out of the Red Sea Is Held by the Houthis
Editor's Choice
The Patch Waited Six Weeks on Half the Servers. The Attackers Waited Four Days.
A repository manager is where a company's builds fetch the software they are made of.
Latest News
Everything we have published, newest firstSweden Voted on Whether the Far Right Should Govern, and the Far Right Went Backwards
Sweden's centre-left opposition leads the preliminary count by 176 seats to 173, with postal and overseas votes still to come. The Social Democrats are the largest party on 28.1 percent. The Sweden Democrats, whom the prime minister had proposed bringing into government, fell to 17.6 percent, the first decline in their history.
Three First Ministers Signed a Declaration of Self-Determination. None of Them Can Call a Vote.
The leaders of the SNP, Plaid Cymru and Sinn Féin, who are now the first ministers of Scotland, Wales and Northern Ireland, signed a joint declaration in Cardiff on Monday asserting their nations' right to self-determination. The UK prime minister has already ruled out referendums in Scotland and Northern Ireland. The power to hold one sits with Westminster in every case.
National News
The Pay Freeze Exempts the Jobs Government Cannot Afford to Lose
Most federal civilian pay is frozen at 2026 levels next year. Law enforcement gets 3.8 percent and the military gets five to seven. The exceptions are an admission that pay decides who shows up.
The Hormuz Closure
The Satellite Pictures Were Bought Before the Strike and Again After It
US officials have linked satellite imagery supplied to Iran by Chinese entities to the July strike on a base in Jordan that killed three American soldiers, The Wall Street Journal reported. Iran obtained high-resolution pictures of the base before the attack and after it. The officials did not accuse the Chinese government. The disclosure lands ten days before Xi Jinping is due at the White House.
Iran Says a Faction Ended the Truce. That Account Suits Everyone Telling It.
The New York Times, citing Iranian officials, reports that a hardline group attacked ships in the Strait of Hormuz in early July without the knowledge of the president, the Revolutionary Guards commander or the national security council, wrecking the memorandum meant to end the war. Iranian officials told Washington the same thing in July. Analysts argued then that the chain of command had decided.
Gaza's Hospitals Run Entirely on Generators. Their Diesel Is Funded Until Saturday.
Most accounts of Gaza's health system describe a supply problem at the crossings. This one is a budget problem, and it arrives at a system with no redundancy left to absorb it.
The Long View
Three Rivals Agreed to Slow Down. Only the First Step Needs No One's Permission.
Dario Amodei published an essay on Saturday arguing that frontier AI companies must deliberately slow the rate at which their models improve. Within hours Elon Musk wrote "Dario is right" and Sam Altman said OpenAI would not go public this year. Of the essay's three steps, only one can be taken without a government, a waiver or a treaty.
Seventy-Six Dead, and the Count Finally Closes at 132
The Philippine Coast Guard recovered 41 more bodies from the MV June Aster on Saturday, raising the toll to 76 with 43 survivors and 13 missing. Those figures add up to 132, which is exactly the number who boarded. The ship was certified for 330. Overloading is no longer the question; the two explosions and the missing captain are.
The Plan to Halve FEMA Lost in Court Because Nobody Wrote Down Why
A federal judge in San Francisco has ruled that the Department of Homeland Security acted unlawfully in directing FEMA to cut its workforce roughly in half. The record contained no reasoning for the cut, the officials who discussed it used Signal and deleted the messages, and the judge will now presume those messages would have shown unlawful conduct.
Ellison's $7.5 Billion Sale Plan Was Private for Eleven Weeks and Public for One Day
Larry Ellison adopted a plan in June to sell up to 50 million Oracle shares. It surfaced in Oracle's quarterly filing on Friday, worth about $7.5 billion after a 16 percent fall in the stock. On Saturday Oracle said he had cancelled it and had no other plans to sell. The rules are designed to make an insider's sale uninformative. The cancellation was not.
A Hundred and Fifty Thousand Marched to Ban a Party That Just Won 44 Percent
The legal case for a ban gets stronger as the party gets bigger. The political cost of one rises at the same rate, and neither can be settled before Magdeburg needs a government.
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The Story So Far
State Capacity19 stories
- 16 Sept The Government Paid $6.7bn Last Year for Work Nobody Did
- 15 Sept Pennsylvania Has 693 Measles Cases, 133 Hospitalisations and a Third Death Under Review
- 14 Sept Kansas's In-State Tuition Law Was Struck Down in a Case Neither Side Wanted to Win
- 13 Sept The Plan to Halve FEMA Lost in Court Because Nobody Wrote Down Why
- 5 Sept A State Cannot Budget for a Rule Announced After the Snow
- 5 Sept Kentucky Lowered the Bar for Cutting Its Income Tax, and Missed the Lower One
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