A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi/Getty Images)
(NEW YORK) — Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war.
Brent crude futures, the benchmark index for worldwide trading, dropped to $73.50 a barrel. That figure, which amounted to a nearly 5% decline on Wednesday, marked the lowest price since Feb. 27, the day before the Middle East conflict began.
Stock prices, meanwhile, ticked higher Wednesday after a down day Tuesday. The Dow Jones Industrial Average jumped 105 points, or 0.2%, while the S&P 500 increased 0.2%. The tech-heavy Nasdaq rose 0.2%.Gas prices fell below $4 per gallon last week, crossing the milestone as oil costs eased in response to negotiations between the U.S. and Iran to end the war.
The national average price of a gallon of gas stands at $3.92, marking a decline of 58 cents, or 13%, over the past month, AAA data showed. Gas prices, however, remain 94 cents higher than where they stood before the Iran war.
The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.
Delegations from the United States and Iran arrived over the weekend at the Bürgenstock resort in Switzerland, where they began negotiations aimed at a war-ending deal based on a memorandum of understanding signed last week by both countries.
The memorandum in part called on Iran to allow commercial shipping to resume through the strait, and to do so toll-free for the next 60 days.
In a social media post on Wednesday, President Donald Trump said Iran told him that there would be “no tolls, no insurance costs” and “no other charges of any kind” for ships traveling through the strait.
Claims to the contrary are “troublemaking” false reports, Trump said in the post.
In this June 27, 2016 file photo Alan Greenspan, former chairman of the Federal Reserve and president and founder of Greenspan Associates, speaks during a Bloomberg Television interview in Washington, D.C. (Andrew Harrer/Bloomberg via Getty Images, FILE)
(NEW YORK) — Alan Greenspan, the longtime chairman of the Federal Reserve, has died, his wife confirmed. He was 100 years old.
“Alan passed away at our home this morning at the age of 100 from complications of Parkinson’s Disease,” Andrea Mitchell, his wife and a chief correspondent at NBC News, said in a statement published by the network on Monday.
The economist is remembered for leading the American central bank amid periods of historic U.S. economic expansion, while critics have also said his policies contributed to and exacerbated the mortgage crisis and financial crash of 2008.
Greenspan, a libertarian Republican, became the 13th chairman of the Board of Governors of the Federal Reserve System two months before the stock market crash on Oct. 19,1987, known as Black Monday. He was credited with moving quickly to alleviate investors’ fears after the crash and was instrumental in ensuring the Federal Reserve made plenty of money available to alleviate the impact on financial markets. Stocks quickly rebounded.
He was appointed Fed chair by four different presidents during his career, first by Ronald Reagan in 1987. Greenspan continued to serve as Fed chairman under presidents George H. W. Bush, Bill Clinton and George W. Bush. He steered the U.S. economy through the economic boom in the 1990s, the dotcom bubble, and the Sept. 11, 2001, terrorist attacks. His final term as chair ended on Jan. 31, 2006.
Under his leadership, the Fed fostered a distaste for regulation and promoted very low interest rates in the early 2000s — two phenomena critics say encouraged a bubble in housing prices that eventually burst with disastrous effects on the global economy.
During his tenure, and before the financial crisis began, the nation experienced one of the longest periods of economic growth in its history.
A decorated economist, first inspired by music
Greenspan was born on March 6, 1926, in New York City, the only child of Herbert Greenspan, a stockbroker, and Rose Goldsmith Greenspan, a retail worker. His parents divorced when he was 4 years old, and he was raised mainly by his mother and his grandparents.
An aspiring musician, Greenspan attended Juilliard for a year and played saxophone and clarinet before dropping out and enrolling at New York University. He went on to gain his bachelor’s, master’s and doctoral degrees in economics from New York University. He also engaged in some advanced graduate work at Columbia University in New York, where he studied under the influential economist Arthur Burns.
Though short-lived, his music career was an influential portion of Greenspan’s life, and he considered the move into economics a logical progression. He saw the organization of economic data into sound fiscal modeling as analogous to the organization of musical notes into tunes, according to Greenspan biographer Justin Martin in his book, “Greenspan: The Man Behind Money.”
“I get the same kind of joy from solving a hard mathematical problem as I do from hearing a Haydn quartet,” Greenspan once told The New York Times Magazine.
Greenspan taught economics at NYU between 1953 and 1955 and then founded the economic consulting firm Townsend & Greenspan, where he served as chairman and president from 1954 to 1974. He returned to the firm in 1977 and stayed until 1987.
President Richard Nixon nominated Greenspan to chair the President’s Council of Economic Advisers in 1974, the first of many government economic positions he would hold. Nixon resigned as president hours after Greenspan was nominated, but he continued to serve under President Gerald Ford. Greenspan also served as a member of President Ronald Reagan’s Economic Policy Advisory Board and was a consultant to the Congressional Budget Office.
In the private sector, Greenspan served as corporate director for many companies, including Alcoa, General Foods and J.P. Morgan & Co. He also served as a member of Time magazine’s Board of Economists and a senior adviser to the Brookings Panel on Economic Activity.
In 2002, Greenspan received an honorary knighthood from Queen Elizabeth II in recognition of his contribution to global economic stability. In 2005, President George W. Bush presented Greenspan with the Presidential Medal of Freedom.
He held the position of Fed chairman from the time Reagan appointed him in 1987 until 2006, serving an unprecedented five terms under four presidents before being succeeded by Ben Bernanke.
Greenspan is credited by many with facilitating the longest economic expansion in U.S. history. One day after the Black Monday stock crash, Greenspan affirmed the Fed’s “readiness to serve as a source of liquidity to support the economic and financial system” and the central bank moved to encourage banks to lend on their normal terms. Unlike prior financial crises, the events of Black Monday notably were not followed by an economic recession or a banking crisis and less than two years later, the U.S. stock market surpassed its pre-crash highs.
During his tenure, Greenspan developed a reputation for being a consensus-builder and for his strong anti-inflation stance, focusing more on controlling prices than on promoting full employment. He led the Federal Reserve through several events with major economic consequences, including two U.S. recessions, the 1997 Asian financial crisis and the Sept. 11, 2001, terrorist attacks.
‘How could we have possibly got it so wrong?’
Starting in June 2003, the Federal Reserve set the federal funds rate, the rate at which banks typically borrow from each other, to one percent for a year. Though its intention was to lower the cost of borrowing and stimulate the economy, critics said the rate was too low and encouraged investments in risky subprime mortgage-backed securities, which they say contributed to the financial crisis in 2008.
The National Bureau of Economic Research, a research organization seen as an authority on measuring economic performance, later said that the recession officially began in December 2007.
In September 2007, Greenspan published a book that was both a memoir and economic commentary, “The Age of Turbulence: Adventures in a New World,” in which he criticized the George W. Bush administration for overspending and admitted that he supported the administration’s tax cuts without stressing the need for spending cuts.
In an interview with Bloomberg Businessweek in August 2012, Greenspan said, “one day before Lehman Brothers crashes, conventional wisdom was not even certain that we would fall into a recession.”
“In fact, we learned many months later that the downward trend had actually started,” Greenspan said. “How could we have possibly got it so wrong? I mean, I actually was saying, ‘Yes, recession is coming, not that we’re here yet.’ We didn’t know that it had already hit.”
In October 2008, Greenspan acknowledged to a congressional committee discussing financial regulation that, “I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms.”
After Greenspan finished his term as chairman of the Federal Reserve in 2006, he established Greenspan Associates, an economic consulting firm in Washington, D.C.
With Greenspan as president, the firm had four employees as of October 2012. His client list has included giant finance clients like German firm Deutsche Bank and hedge fund Paulson & Co.
Personal life
Greenspan married artist Joan Mitchell in 1952. The couple divorced in 1953 after less than a year of marriage, and the marriage was later annulled. The two remained friends.
His first wife is remembered for introducing him to novelist and philosopher Ayn Rand, with whom Greenspan shared a friendship, a belief in free-market economic ideals and a philosophy of objectivism. In his 30s and early 40s, Greenspan spent many hours sitting with Rand’s band of followers, known as the “Collective,” discussing topics including politics philosophy, current events and economics.
In addition to Burns at Columbia, Rand and her group were instrumental in helping hone Greenspan’s capitalist, free-market economic philosophy, according to Martin, Greenspan’s biographer.
The group’s open style of debate and discussion served Greenspan well in his various governmental roles. During his career in public service, he became known for a well-developed ability to communicate with Congress without offending those with opposing viewpoints or politicizing his messages.
Though he was said to back revamping the Social Security system and raising the retirement age, Greenspan was wary of how his public statements as Fed chairman might move markets. He rarely granted interviews. He was known for making openly ambiguous public statements about the state of the U.S. economy, once telling Congress, “If I’ve made myself too clear, you must have misunderstood me.”
Greenspan married NBC News correspondent Mitchell in 1997. Their marriage was officiated by the late Supreme Court Justice Ruth Bader Ginsburg.
“We’ve had the most wonderful marriage,” he told Bloomberg Businessweek in August 2012. “It gets better every year. We’re still very much together in love.”
Kevin Warsh, Chair of the Federal Reserve, on April 21, 2026 in Washington, DC. (Photo by Andrew Harnik/Getty Images)v
(WASHINGTON) — The Federal Reserve is set to announce its latest decision on interest rates on Wednesday as the central bank weathers the highest inflation in three years.
The announcement will mark the first possible adjustment of the benchmark interest rate since Trump nominee Kevin Warsh began his four-year term as Fed chair last month.
The policy move is also set to arrive at a moment of flux for the nation’s economy, just days after an agreement between the United States and Iran offered hope for some price relief.
The U.S.-Iran accord, set to be formally signed on Friday, came as gasoline prices fell below $4 a gallon for the first time since March. Still, fuel costs stand well above pre-war levels, and an array of grocery prices remain elevated.
Futures markets overwhelmingly expect the Fed to hold interest rates steady when policymakers meet on Wednesday, according to the CME FedWatch Tool, a measure of investor sentiment.
In recent weeks, however, odds have risen for a potential interest rate hike by the end of 2026, the tool showed, granting a roughly four in 10 chance of a quarter-point increase in December.
The shift in expectations came after a stronger-than-expected jobs report earlier this month showed robust hiring in May. In theory, a resilient labor market could afford central bankers leeway to raise interest rates in an effort to dial back inflation, since elevated borrowing costs risk a hiring slowdown.
Inflation jumped for a third consecutive month as the Iran war continued to drive up prices in May, surpassing 4% for the first time in three years
The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices surging.
On Monday, President Donald Trump announced a U.S.-Iran deal that included plans to reopen the strait. Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the deal had been finalized and said it would be signed in Switzerland on Friday. Oil prices fell to their lowest level since March.
The benchmark rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.
The rate decision will be the first major policy move overseen by Warsh, who will address reporters during a customary press conference minutes after the central bank issues its announcement.
During his term as a Fed governor in the late 2000s and early 2010s, Warsh gained a reputation as an interest-rate “hawk,” meaning he generally preferred higher interest rates as a means of ensuring low and stable inflation.
Last year, Warsh voiced support for lower interest rates. At his Senate confirmation hearing in April, Warsh emphasized the threat posed by elevated inflation.
“When inflation surges — as it has done in recent years — grievous harm is done to our citizens, especially to the least well-off,” Warsh said.
Bucking typical norms, former Fed Chair Jerome Powell Powell will cast a vote on interest rates as a member of the Fed’s 12-person policymaking board.
Powell said he would stay on at the central bank’s board of governors after his term as chair expired as an investigation into the Fed’s office renovation continues.
The Department of Justice moved to drop a criminal probe into Powell in April, calling on the Fed’s inspector general to carry out the investigation into cost overruns tied to the renovation. Powell will remain on the Fed’s board for an indeterminate length of time, he said last month.
The criminal investigation into Powell focused on alleged false testimony to Congress about an office renovation. Powell, who was appointed by Trump in 2017, has rebuked the probe as a politically motivated effort to influence interest-rate policy. Trump denied any involvement in the criminal investigation.
A pumpjack stands idle in the Huntington Beach oil field on April 23, 2026 in Huntington Beach, California. (Mario Tama/Getty Images)
(NEW YORK) — Oil prices on Monday fell to their lowest level since March after U.S. officials announced an agreement between the United States and Iran.
West Texas Intermediate futures price, the benchmark index for U.S. trading, registered at about $80.40. That figure, which amounted to a 5% drop on Monday, marked the lowest price since March 5, just a week after the outbreak of the Iran war.
Stock prices, meanwhile, climbed on hopes of a resolution to the Iran war. The Dow Jones Industrial Average jumped 530 points, or 1%, while the S&P 500 increased 1.4%. The tech-heavy Nasdaq rose 2.3%.
Gas prices have fallen toward $4 per gallon in recent weeks, nearing the milestone as oil costs have eased in response to negotiations between the U.S. and Iran.
The national average price of a gallon of gas stands at $4.06, marking a decline of 46 cents, or 10.2%, over the past month, AAA data showed. Gas prices, however, remain $1.08 higher than where they stood before the Iran war.
The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.
President Donald Trump said in a Sunday social media post that the U.S. and Iran had reached a deal that will open up the strait.
“I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,” Trump wrote.
“Ships of the World, start your engines. Let the oil flow!” he added.
Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the deal had been finalized and said it would be signed in Switzerland on Friday.
Trump said the strait would open after the formal signing of the deal on Friday. The oil flow is linked to mine removal, Trump noted.
Crude oil is the main ingredient in auto fuel, accounting for more than half of the price paid at the pump, according to the federal U.S. Energy Information Administration.
The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.
ABC News’ David Brennan and Isabella Murray contributed to this report.
Fuel prices are displayed at a gas station on June 09, 2026 in Chicago, Illinois. (Scott Olson/Getty Images)
(NEW YORK) — Consumer sentiment improved in June for the first time since the outbreak of the Iran war as gasoline prices eased in recent weeks, but shopper attitudes remained near their worst level on record, University of Michigan survey data on Friday showed. The reading exceeded economists’ expectations.
The survey snapped three consecutive months of dampening consumer sentiment, recovering from an all-time low in May, data showed. The University of Michigan has conducted the survey for the past 80 years.
This improvement in sentiment was widespread, seen across age, education and political party, Surveys of Consumers Director Joanne Hsu said in a statement. Overall assessments and expectations of personal finances and business conditions all rose in June, she noted.
The fresh figure comes days after a government report on inflation showed the pace of price increases exceeded 4% for the first time in three years.
Prices rose 4.2% in May compared to a year earlier, increasing 0.5% from the prior month, according to U.S. Bureau of Labor Statistics data.
Consumers expect inflation to move higher over the next year, hitting a pace of 4.8% in June 2027, the University of Michigan survey showed.
The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.
Drivers stung by high gas prices have enjoyed some welcome relief over recent weeks, however, even as the impact of the Iran war continues to choke off oil supply.
The national average price of a gallon of gas stands at $4.10, marking a decline of 40 cents, or 8.8%, over the past month, AAA data showed. Gas prices, however, remain $1.12 higher than where they stood before the Iran war.
Consumer spending, which accounts for about two-thirds of U.S. economic activity, could weaken if shopper remains lackluster.
Spending slowed over the first three months of 2026 compared to the previous three-month period, according to government data issued earlier this year. The economy remained solid at the outset of this year, however, as gross domestic product rose 2% on an annualized basis, the report showed.
Elon Musk is photographed at Space X in Brownsville, Texas, May 27, 2025. (Marvin Joseph/The Washington Post via Getty Images)
(NEW YORK) — Elon Musk, the wealthiest person alive, could become the first-ever trillionaire when SpaceX goes public on Friday.
The company’s founder and CEO is set to own roughly four out of every 10 SpaceX shares after the initial public offering (IPO). If SpaceX were to achieve its target valuation of $1.75 trillion, Musk would accrue hundreds of millions of dollars in new wealth, at least on paper.
SpaceX builds and operates spacecraft, including thousands of satellites deployed in support of its Starlink satellite internet service. Earlier this year, the Texas-based firm merged with xAI, a Musk-led artificial intelligence company that offers the chatbot Grok.
The potential financial windfall would vault Musk even further ahead of other financial titans. Musk currently boasts a net worth of about $780 billion, according to Forbes. The second-wealthiest person in the world, Google founder Larry Page, counts a net worth of $291 billion.
If Musk were to become a trillionaire, his net worth would exceed the wealth of the poorest 46% of the global population, or about 3.8 billion people, according to a report issued by non-profit Oxfam on Thursday.
The benchmark would indicate Musk’s wealth had grown about $550 billion over the past year, which breaks down to more than $1 million per day, Oxfam said.
After the IPO, Musk could own a major stake in two of the 10-largest companies in the world as measured by market capitalization: Tesla and SpaceX.
Musk’s wealth stems primarily from the sizable stakes he holds in those two companies, Jason Schloetzer, a professor of accounting at Georgetown University who focuses on executive compensation, told ABC News.
His wealth, in other words, will depend in large part on the price of shares in those firms.
The SpaceX IPO has divided stock analysts, some of whom tout its earnings potential in the lucrative aerospace and AI industries, even as others bemoan what they view as pie-in-the-sky initiatives like space-bound data centers.
The company’s revenue jumped to $18.7 billion in 2025, soaring 33% compared to the previous year, a financial filing showed. Nearly a quarter of that revenue came from Starlink, which counted millions of subscribers. Still, SpaceX failed to turn a profit, registering a loss of $4.9 billion last year.
The company is targeting a launch price of $135 per share, which would amount to a $1.75 trillion valuation and a massive boon for Musk. Under that scenario, Musk’s net worth would sail well beyond $1 trillion. It would mark the largest IPO of all time.
Some analysts, however, have questioned that target valuation. Nicolas Owens, an analyst at Morningstar, issued a memo this week criticizing the hoped-for share price. Citing technological challenges faced by the company’s AI initiatives, Owens pegged the value of the stock at about $63 a share, less than half of the target price.
After the IPO, SpaceX will be subject to new attention from public investors and regulators, which could test the company’s long-term ambitions, Schloetzer said.
“It remains to be seen whether the valuation of SpaceX can maintain or whether we’ll see it come down once it’s under the scrutiny of public markets,” Schloetzer added.
Observers seeking evidence of potential shareholder gains can look no further than Musk-led Tesla. Over the past five years, Tesla shares have soared 90%, outpacing a 71% rise in the S&P 500 over that time. But shares of Tesla have also been buoyed by moonshot ventures like self-driving taxis and humanoid robotics.
“Clearly, fundamentals matter in the long run,” Schloetzer said. “But it seems like Musk has been able to defy fundamentals in the past and he may be able to do that again.”
Regardless of its size, the potential influx of wealth from the SpaceX IPO comes with a catch. Musk cannot sell any of his SpaceX shares until a year after the IPO, according to a financial filing. After that, a move to sell shares would erode Musk’s stake in the company and reduce his control over decision-making.
“Selling shares would dilute his ownership control and voting power, but he wants to retain that,” Schloetzer said. “On paper, you may be wealthy, but that’s an asset you’re not willing to sell.”
Meanwhile, Tesla shareholders last year granted Musk a compensation package that could earn him more than $1 trillion over the coming years, meaning he may eventually push toward a net worth of $2 trillion.
“The numbers are so large it’s hard to wrap your brain around,” Schloetzer said.
A customer shops for produce at an H-E-B grocery store on May 11, 2026 in Austin, Texas. (Brandon Bell/Getty Images)
(NEW YORK) — Inflation jumped for a third consecutive month as the Iran war continued to drive up prices in May, surpassing 4% for the first time in three years. The reading matched economists’ expectations.
Prices rose 4.2% in May compared to a year earlier, marking an increase from a year-over-year inflation rate of 3.8% in the prior month, U.S. Bureau of Labor Statistics data showed.
As recently as February, inflation clocked in just a few ticks above the Federal Reserve’s target level of 2%.
The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded.
Energy prices — a broad index that includes gasoline — soared 23% in May compared to a year earlier, data showed.
As a result, gasoline prices surged. The price of an average gallon of gas stood at $4.15 as of Wednesday, AAA data showed — an increase of $1.17 per gallon since the war began on Feb. 28. That amounts to a nearly 40% price jump in about three-and-a-half months.
The oil shortage also drove up diesel prices, putting upward pressure on grocery prices. Diesel is the lifeblood of the food supply chain, fueling trucks and ships. Higher fuel costs for suppliers mean price hikes in grocery aisles as the increased costs are passed down the supply chain.
Prices for tomatoes soared 32% in May compared to a year earlier, government data showed. Seafood prices jumped 6% over that period, while beef prices climbed nearly 13%.
A persistent increase in consumer prices may put pressure on the Fed to raise interest rates as a means of dialing back inflation.
For now, futures markets overwhelmingly expect the Fed to hold interest rates steady when policy makers meet next week, according to the CME FedWatch Tool, a measure of investor sentiment.
The meeting will be the first since Kevin Warsh began a four-year term atop the central bank.
During his term as a Fed governor in the late 2000s and early 2010s, Warsh gained a reputation as an interest-rate “hawk,” meaning he generally preferred higher interest rates as a means of ensuring low and stable inflation.
Last year, however, Warsh voiced support for lower interest rates, rebuking the Fed’s concern about inflation risk posed by a flurry of new tariffs.
At his Senate confirmation hearing in April, Warsh emphasized the threat posed by elevated inflation.
“When inflation surges — as it has done in recent years — grievous harm is done to our citizens, especially to the least well-off,” Warsh said.
An Air Canada plane is seen at Pearson International Airport on August 14, 2025 in Toronto, Canada. (Cole Burston/Getty Images)
(TORONTO) — An Air Canada pilot was arrested Monday after a probe discovered he had been allegedly flying hundreds of flights for at least 17 years without a proper license.
Canadian police officials outlined Geoffrey Wall’s alleged fraud, which they said, “read like a movie script.”
Since 2009, when Wall was promoted to captain, he has been flying with a fraudulent airline transport pilot license, the credential that would allow him to fly commercial airplanes as a captain, Peel Regional Police said.
Authorities compared Wall to a doctor who is licensed to practice family medicine marching into a hospital to perform brain surgery.
“Licensing requirements exist for a reason. They exist to keep people safe,” Deputy Chief Nick Milinovich of the Peel Regional Police said.
Wall’s arrest was part of a fraud investigation dubbed “Project Icarus,” which started after a random certification check done last year at Pearson International Airport in Toronto turned up “anomalies,” investigators said.
Wall, 59, of Barrie, Ontario, is no longer working with Air Canada, the airline said Monday night.
In a news release, Air Canada said it “takes this matter with utmost seriousness.”
“Safety was not compromised by this incident because all pilots at Air Canada undergo mandatory recurrent training every six months to validate their flying competency, including a flight check with a certified Transport Canada check-pilot every 12 months,” the airline said in a statement.
“However, appropriate licensing is an essential layer of the airline industry’s multi-layered approach to safety, so Air Canada takes this matter with utmost seriousness,” it added.
Wall is charged with fraud, public mischief and other offenses. He was released on his own recognizance and is due back in court later this month.
In this Nov. 16, 2023, file photo, OpenAI CEO Sam Altman looks on during the APEC CEO Summit at Moscone West in San Francisco. (Justin Sullivan/Getty Images, FILE)
(NEW YORK) — OpenAI, the artificial-intelligence company behind ChatGPT, announced Monday night it had filed confidentially for an initial public offering (IPO), setting up the firm to raise fresh funds as it competes with deep-pocketed tech giants in the fast-growing AI industry.
In a post on X, OpenAI said it had not determined when the company would begin listing on public markets.
“We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best,” the company said.
The move would subject the privately held company to new scrutiny from public investors and regulators, as well as ongoing financial reporting requirements. OpenAI valued itself at $852 billion after a round of funding in March.
e HR recruitment manager holding resume in hands while having an interview in a modern office. (Xavier Lorenzo/Getty Images)
(NEW YORK) — Hiring blew past expectations in May, registering at a blockbuster clip despite a continued rise in inflation set off by the Iran War.
The U.S. added 172,000 jobs in May, according to the report, which marked an acceleration from 115,000 jobs added in April. The reading for April exceeded economists’ expectations. The reading amounted to a slight downshift from March, when the U.S. economy gained 185,000 jobs.
Still, the job gains in May indicated a robust expansion of the labor market, defying concern about a potential economic downturn. Hiring has proven unexpectedly resilient in recent months, despite a rise in costs borne by businesses and shoppers.
The unemployment rate held steady at 4.3% in May, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.
The leisure and hospitality sector added 70,000 jobs in May, far exceeding an average of 14,000 jobs added each month over the past year. Job gains also came in local government and healthcare.
The Middle East conflict, which began on Feb. 28, prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded.
The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.
The price of an average gallon of gas stood at $4.24 as of Thursday, AAA data showed – an increase of $1.26 per gallon since the war began on Feb. 28. That amounts to a roughly 42% price jump in about three months.
Grocery prices have also climbed as a result of higher diesel costs borne by suppliers.
A persistent increase in consumer prices may put pressure on the Fed to raise interest rates as a means of dialing back inflation. The choice to raise interest rates could slow price increases, but it risks a cooldown in economic performance.
For now, the U.S. economy appears robust. The economy grew at a solid pace over the first three months of 2026, rebounding from sluggish performance at the end of last year.
Futures markets overwhelmingly expect the Fed to hold interest rates steady when policymakers meet next month, according to the CME FedWatch Tool, a measure of investor sentiment.
