The value of U.S. exports rose 3% from August to September, reaching the second-highest level on record, while imports increased a more modest 0.6%.

Consumers remain troubled by a stubbornly high cost of living, which has been a major drag on sentiment this year, but recent holiday shopping data points to resilient consumer demand.

The sums are so large that issuers will have to tap just about all major debt markets, and it could take years for these tech investments to pay off—if they pay off at all. The rush has left some lenders overexposed.

Congratulations to Creative Artists Agency on winning the 2025 Gold Alexander Hamilton Award in Treasury Transformation!