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Federal Reserve Governor Stephen Miran says another rate cut is needed in December to lower US recession risk. “If you keep policy this tight for a long period of time, then you run the risk that monetary policy itself is inducing a recession,” he told The New York Times on Friday. “I don’t see a reason to run that risk if I’m not concerned about inflation on the upside.” The Fed funds futures market is pricing in a 63% probability for another 1/4-point rate cut at the next FOMC meeting on Dec. 10.

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The Supreme Court this week will hear a case that will decide the fate of President Trump’s tariffs. “The stakes of this case reach far beyond trade policy. The Court’s decision could shape whether the use of emergency powers to bypass Congress becomes a tool of routine governance, with profound implications for the constitutional separation of powers and limits on presidential authority,” writes Elizabeth Goitein, a senior director at the Brennan Center, a nonpartisan policy institute.

US Treasury Secretary Bessent says high interest rates may have caused a housing recession. “I think that we are in good shape, but I think that there are sectors of the economy that are in recession,” he said on CNN’s “State of the Union” program.

Goldman Sachs warned that the ongoing U.S. government shutdown is set to inflict the largest economic hit of any shutdown on record, both in scale and duration. The bank said the current halt in federal operations appears broader than the 35-day partial shutdown of 2018–19, impacting far more agencies and government functions. While a short disruption of two to three weeks would mostly reflect lost output from furloughed workers, Goldman said a longer shutdown could significantly weigh on federal spending, investment, and even private sector activity.

The leading Big Tech companies reported better-than-expected results across the board, and forecast their massive investments in artificial intelligence will grow in 2026. Several cloud providers forecast their capital expenditures would continue to grow—possibly at an even faster rate—next year as they build the data centers required to train and run AI models.

The oil glut will persist into 2026, industry experts predict. “In one sense, the fundamentals are healthy,” said Jim Burkhard, vice president of oil markets, energy, and mobility at S&P Global. “But there is a wave of oil that is hitting the market now … that’s going to need to find a home.”

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