Finance & economics

When maturity misleads

How higher interest rates will squeeze government budgets

Rising borrowing costs will hit taxpayers sooner than you think

Case closed

What a tycoon’s trial says about the rot in China’s financial system

Even the charges against Xiao Jianhua have not been made public

Free exchange

Are central banks in emerging markets now less of a slave to the Fed?

The third in our series on the central-bank pivot

Helter skelter

Do cheaper commodities herald a recession?

Oil, metals and wheat prices are sinking

Tougher than tariffs

America rethinks its strategy for taking on China’s economy

The focus is on whether Joe Biden will cut tariffs, but the real action is elsewhere


Crypto’s last man standing

Is Sam Bankman-Fried the John Pierpont Morgan of crypto?

Bills, bills, bills

As interest rates climb and the economy cools, can companies pay their debts?

The risks might lie in shadowy private markets

Sweet deals

The allure of betting on mergers

A niche trading strategy is proving popular—and not just because of Elon Musk

Free exchange

The case for strong and silent central banks

The second in our series on the central-bank pivot


What past market crashes have looked like

“Capitulation”, the last phase of a rout, can seem like a sort of mania

Creeping controls

The latest desperate attempt to prop up the Turkish lira

Recep Tayyip Erdogan will support anything but raising interest rates


Inflation in America soars to 8%. Or is it more like 6%?

The Fed’s preferred price gauge is more benign but also more obscure