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US gross national debt surpassed $40 trillion for the first time, according to Treasury data, months earlier than projected. The milestone has renewed warnings from economists and lawmakers about unsustainable deficits, rising interest costs, and the need for fiscal reforms.
Gold and silver surged to their highest levels in two months after the U.S. Treasury announced it would double the size of its long-term debt buybacks, sending bond yields lower. Bitcoin also rallied above $77,000 as Washington pushed pro-crypto policies and a dollar sell-off drove investors toward alternative assets.
Treasury yields have climbed to multi-decade highs, with analysts suggesting the bond market is testing Federal Reserve Chairman Kevin Warsh ahead of his first Jackson Hole speech. Warsh has declined to provide forward guidance, leaving investors guessing about the Fed's next moves, while Treasury Secretary Scott Bessent has pledged to increase bond purchases to ease market concerns.
Seven of 16 Senate-confirmed Treasury appointees have resigned or been forced out, with key disputes over taxpayer data sharing and a proposed $1.8 billion fund. The turnover far exceeds historical norms, raising concerns about tax policy implementation and crisis response.
Transportation Secretary Sean Duffy and his wife, Fox News host Rachel Campos-Duffy, premiere a six-episode YouTube series, 'The Great American Road Trip,' celebrating America's 250th anniversary. The show mixes family visits to national landmarks with reality-TV nods, but draws criticism over sponsorships from companies Duffy regulates and questions about its official purpose.
U.S. stocks opened higher on Wednesday, snapping a three-day slide, after the Treasury Department announced plans to at least double its purchases of longer-term bonds, easing pressure on yields. Strong earnings from retailers and biotech firms, including Moderna and Merck, also supported the market.
Vice President JD Vance made his first trip back to Middletown, Ohio, since taking office, speaking at a steel plant where his grandfather once worked and touting a major investment. The visit, framed around the Trump administration's economic agenda, comes as polls show shifting voter confidence on the economy ahead of November's midterm elections.
Treasury Secretary Scott Bessent announced a plan to more than double buybacks of long-term U.S. debt, a 'Treasury twist' aimed at lowering borrowing costs. While yields initially fell, they quickly rebounded, with the 10-year closing the week near 4.73% and the 30-year at 5.24%. Analysts question the plan's effectiveness amid record $40 trillion debt, inflation concerns, and uncertainty over Fed policy.
Israeli airstrikes killed at least 10 people in Gaza on Wednesday, two days after U.S. negotiators reportedly asked Israel to draw down attacks. The strikes, along with an Israeli raid across the ceasefire line, have cast doubt on efforts to advance the tenuous ceasefire.
Washington, D.C., hosts its first IndyCar race this weekend as the Freedom 250 Grand Prix takes over the National Mall and Pennsylvania Avenue. President Trump and first lady Melania Trump are scheduled to attend, with Trump set to lead the prerace kickoff in the presidential limousine. The event marks the finale of a summer of celebrations for the nation's 250th anniversary.
Roughly 4,500 National Guard troops in Washington outnumber the city's 3,200 police officers, yet a review of court records shows they appear in only 1.3% of criminal cases. Troops mostly handle minor incidents in affluent neighborhoods, with no court record of activity in areas where most murders occurred. The deployment, costing an estimated $1.65 million per day, has drawn praise from the White House and skepticism from local officials and residents.
With Gov. Ron DeSantis term-limited and set to leave office Jan. 5, 2027, speculation grows over his next move—from a possible cabinet appointment to a private-sector break. Meanwhile, Byron Donalds and David Jolly won their primaries for Florida governor.
Ukrainian President Volodymyr Zelenskyy has firmly rejected former defense minister Mykhailo Fedorov's call for elections during wartime, warning they would be a 'tsunami' that could destroy the country. The dispute highlights growing internal political tensions as Russia continues its offensive and Ukraine faces missile shortages and funding gaps.
The International Criminal Court denounced U.S. sanctions against its president and a trial lawyer as a 'flagrant attack' on its independence, drawing widespread international support from the EU, Japan, and others. The U.S. defended the measures as part of a campaign against a 'sham of a court,' while the ICC vowed to continue its mandate.
Syria and Israel held high-level, US-mediated talks in Jordan on Sunday aimed at easing tensions after recent Israeli strikes, with discussions focused on halting attacks and reviving security negotiations. Foreign Minister Asaad al-Shaibani said Syria expects talks to resume soon despite a lack of trust, while reports of a separate meeting between al-Shaibani and Mossad chief Roman Gofman surfaced.
Republican primary voters dealt President Donald Trump a series of setbacks on Tuesday, with his endorsed candidates losing in Wyoming and two Florida congressional races. The defeats bring the number of Trump-endorsed candidates rejected this cycle to 10, matching the total from 2018, 2020 and 2024 combined, according to a CNN analysis.
US Ambassador to India Sergio Gor's description of Kashmir as 'an important part of India' during his first visit sparked a diplomatic row, with Pakistan summoning a US envoy and rejecting the remarks. Gor also hinted at easing travel advisories, citing security improvements.
Pakistan summoned the US charge d'affaires in Islamabad and lodged a 'strong demarche' after US Ambassador to India Sergio Gor described Jammu and Kashmir as an 'important part of India.' Officials in Pakistan-administered Kashmir also criticized the remarks, urging Washington to revisit its diplomatic record on the disputed territory.
President Trump's aide Natalie Harp faces intense scrutiny after Senator Jon Ossoff's suggestive remarks, triggering White House backlash, reports on her security clearance lapse, and claims she jumped into an SUV trunk to accompany Trump. Her estranged brother calls it an 'unhealthy obsession.'
Merck and Moderna announced that their personalized mRNA vaccine, intismeran, combined with Keytruda, reduced recurrence and spread of melanoma in a late-stage trial, the first positive Phase 3 result for an mRNA-based cancer therapy. Shares of Moderna more than doubled, while Merck also gained, as the companies prepare to discuss regulatory filings.