latest news in economy
Treasury Secretary Signals Fed Will Delay Major Balance Sheet Adjustments
Washington, Sunday, 8 February 2026.
Despite Fed nominee Kevin Warsh’s hawkish stance on bond purchases, Secretary Bessent predicts the central bank will wait at least a year before altering its strategy, prioritizing market stability over rapid quantitative tightening.
Dow Jones Breaks 50,000 Milestone as Industrial Sector Fuels Historic Rally
New York, Sunday, 8 February 2026.
The Dow breached 50,000 Friday, closing at 50,115.67. This historic surge was driven by “old economy” strength, with Caterpillar jumping 7% as investors pivoted from volatile software stocks.
South Africa Eyes European Central Bank Liquidity Lines to Underpin Trade
Pretoria, Sunday, 8 February 2026.
Governor Lesetja Kganyago confirmed South Africa’s eagerness to utilize European Central Bank liquidity facilities to support trade, while simultaneously signaling that the domestic interest-rate-cutting cycle has further to run.
Mark Cuban Forecasts AI Will Generate the World’s First Trillionaire
Dallas, Sunday, 8 February 2026.
Billionaire investor Mark Cuban asserts the artificial intelligence revolution is merely in its “preseason,” predicting the sector’s explosive growth will eventually produce the world’s first trillionaire. However, in a compelling analytical paradox, Cuban suggests the saturation of AI-generated content will simultaneously devalue digital interaction. He argues that as synthetic media becomes indistinguishable from reality, the economy will place a significant premium on verified face-to-face engagement. Reflecting this thesis, Cuban is now balancing his high-tech outlook with strategic “anti-AI” investments designed to foster authentic, offline human connection.
Beijing Challenges Dollar Dominance with Strategic Push for Global Renminbi
Beijing, Sunday, 8 February 2026.
Beijing is explicitly maneuvering to dismantle the US dollar’s hegemony, confirmed by the January 2026 publication of President Xi Jinping’s strategic address. Framing the renminbi as a stable, moral alternative to a “lawless” Wall Street—highlighted by recent Western banking controversies—China is aggressively positioning its currency as the bedrock of a new global financial architecture. The strategy is already yielding tangible results: renminbi-settled trade surged 11% in 2025 to nearly $2 trillion, with nations in the Global South increasingly bypassing the dollar for debt and trade settlements. By leveraging the “polycrisis” affecting Western markets and strengthening financial ties with partners like the UK, Beijing is not just seeking participation but leadership in global finance. This pivot represents a calculated effort to insulate developing economies from Western volatility while securing China’s status as a central financial powerhouse.
AI Investment Boom Diverts Critical Resources, Triggering Economy-Wide Shortages
San Francisco, Saturday, 7 February 2026.
A $700 billion AI spending spree is monopolizing essential resources, forcing data centers to deploy mobile gas turbines and triggering shortages in everything from electricians to memory chips.
Middle-Income Households Turn to Food Banks as Economic Divide Widens
Hyattsville, Saturday, 7 February 2026.
While the top 20% of earners drive nearly 60% of spending, rising costs have pushed middle-income families—including federal contractors—into food bank lines, signaling a deepening economic split.
Trump Quadruples Argentine Beef Imports in Controversial $800 Million Trade Deal
Washington D.C., Saturday, 7 February 2026.
Prioritizing consumer costs, Trump signed an order quadrupling Argentine beef imports to combat record prices, a strategic move defying fierce opposition from the U.S. cattle industry.