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U.S. President Donald Trump speaks during a Cabinet meeting in the Cabinet Room of the White House on May 27, 2026 in Washington, DC. (Win McNamee/Getty Images) (NEW YORK) -- A court filing shows how businesses are getting money back from the U.S. government after the Supreme Court ruled many of President Donald Trump's tariffs were illegal.The Trump administration has sent out $20.6 billion in tariff refunds so far, according […]

(WASHINGTON) -- President Donald Trump’s selection to chair the Federal Reserve, Kevin Warsh, testified in a Senate confirmation hearing on Tuesday as his nomination faces bipartisan opposition centered on a federal criminal investigation into the central bank’s current leader.The probe into Fed Chair Jerome Powell, which focuses on alleged false testimony to Congress about an office renovation, threatens to derail or delay Warsh’s nomination.Powell, who was appointed by Trump in 2017, has rebuked the probe […]

(NEW YORK) -- The top financial officer in New York City on Thursday warned that artificial intelligence could put thousands of workers in the nation’s largest metropolis out of a job as soon as this year, while acknowledging that the ultimate impact of AI remains uncertain.The only sure thing, New York City Comptroller Mark Levin said in a new report: AI promises a “radical transformation” in the globe’s financial capital, influencing everything from wages to […]

(NEW YORK) -- U.S. Treasury yields soared in recent days as the Iran war stoked inflation fears, threatening to drive up borrowing costs for everything from mortgages to credit cards to auto loans.The yields on 30-year bonds – the amount paid to a bondholder annually – touched their highest point since 2007. Ten-year Treasury yields peaked at about 4.69% on Tuesday, marking a roughly three-quarter percentage point jump from the […]

(NEW YORK) -- A court on Monday ruled in favor of OpenAI and its chief executive, Sam Altman, in a lawsuit brought by Elon Musk over alleged misconduct in the company's evolution from a non-profit upstart to a for-profit corporation.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) -- A court ruled in favor of OpenAI and its chief executive, Sam Altman, in a lawsuit brought by Elon Musk over alleged misconduct in the company's evolution from a non-profit upstart to a for-profit corporation.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) -- A global pandemic that put millions of Americans out of work within days. The highest inflation in four decades. An unprecedented federal criminal investigation.Fed Chair Jerome Powell faced a succession of crises over his 8-year tenure atop the central bank, which ends on Friday. Powell’s decisions along the way held stakes as concrete as the budgets of everyday Americans and as heady as the political independence of […]

(NEW YORK) -- The Dow Jones Industrial Average on Thursday crossed above 50,000, shrugging off a renewed bout of inflation and an apparent impasse in negotiations over the Iran war.The rise in shares came as President Donald Trump visited Chinese President Xi Jinping in a high-stakes summit between the leaders of the world's two largest economies.The Dow climbed 370 points, or 0.7%, while the S&P 500 jumped 0.3% and the […]

(WASHINGTON) -- The Senate voted Wednesday to confirm Federal Reserve chair nominee Kevin Warsh, clearing the way for Warsh to replace central bank head Jerome Powell when his term ends later this week.The Senate confirmed Warsh by a vote of 54 to 45. Sen. John Fetterman, D-Pa., was the lone Democrat to vote in favor of Warsh.The vote comes weeks after the Department of Justice moved to drop its criminal probe into Powell. […]