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What set off Wall Street’s “fear gauge”? And how did Delta’s earnings affect airline stocks? Plus, how did markets react to AMD’s new partnership with OpenAI? Host Francesca Fontana discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The U.S. government spends a ton of money, on everything from Medicare to roads to defense. In fact, it spends way more than it takes in. So…it borrows money, in the bond market. By selling U.S. Treasurys, basically IOUs with periodic interest payments. And for decades, people have loved to invest in Treasurys, for their safety and security. 

But lately, Treasurys have started to look riskier. 

In part because, in recent years, there’s a new buyer at the table: hedge funds, those loosely-regulated financial companies that invest on behalf of institutions and wealthy clients. They have started doing a special trade called the “Treasury basis trade.” And, depending on who you talk to, this trade could destabilize our entire financial system. Or help the U.S. government borrow more money. Or both. 

On the latest episode: how and why are hedge funds getting into Treasurys? We follow how a Treasury travels from the nest into the hands of hedge funds. And we speak to someone from one of those hedge funds, about what they’re doing and why.

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This episode was hosted by Mary Childs and Kenny Malone. It was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Jimmy Keeley and Cena Loffredo. Alex Goldmark is our Executive Producer. 

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P.M. Edition for Oct. 8. Minutes from the September meeting of the Federal Reserve offered more details about divisions among the governors and how they are thinking about rate cuts for the rest of this year. But as WSJ chief economics correspondent Nick Timiraos tells us, the government shutdown could complicate the Fed’s balancing act. Plus, as the country’s top drugmakers are set to meet in early December, WSJ White House reporter Annie Linskey discusses how family members of President Trump and Commerce Secretary Howard Lutnick are poised to benefit from efforts to remake the industry. And advertisers, who spend tens of millions of dollars per year on digital ads, are pushing tech companies for more transparency around how those digital ads work. We hear from WSJ reporter Patrick Coffee about the proposal and why advertisers are asking for these standards. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

P.M. Edition for Sept. 22. Nvidia announced that it was investing up to $100 billion in OpenAI, sending U.S. indexes to new highs. WSJ tech reporter Robbie Whelan explains the significance of the deal. Plus, more companies are pushing for their employees to get back to the office… but workers are resisting. We hear from Theo Francis, who covers corporate news for the Journal, about why—and how—they’re able to stall in a moment when bosses have more power. And starting tomorrow, Jimmy Kimmel’s late-night show will be back on the air. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump’s decision to try to fire a member of the Federal Reserve’s governing board is his most audacious attack yet on the independence of the central bank. Ben Casselman, chief economics correspondent for The New York Times, discusses why Mr. Trump’s route to controlling the Fed passes through the governor, an economics professor named Lisa Cook.

President Trump calls on the Fed board to assume control if Powell won’t slash rates, Police nab a double murder suspect in Arkansas, and Australia’s first attempt at orbit goes up in flames. Get the facts first with Evening Wire. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Federal Reserve held interest rates steady this week despite demands for lower rates from President Trump, Republicans in Texas released a proposal for a new state congressional map, and the US special envoy to the Middle East is traveling to Israel at a moment when the UN warns Gaza is on the verge of all out famine.

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Today's episode of Up First was edited by Rafael Nam, Ben Swasey, Hannah Bloch, Janaya Williams and Alice Woelfle. It was produced by Ziad Buchh, Nia Dumas, and Christopher Thomas. We get engineering support from Stacey Abbott. And our technical director is Carleigh Strange.

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A surge in business investment is reshaping the American economy. Senior Editor Cabot Phillips speaks with Joe Lavorgna, Counselor to the Treasury Secretary, to break down the Federal Reserve’s latest data, what’s driving the boom, and what it means for jobs, growth, and the future of U.S. manufacturing. Get the facts first on Morning Wire.    - - -    Privacy Policy: https://www.dailywire.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

During an Oval Office meeting with congressional Republicans a few days ago, President Trump showed off the draft of a letter to fire Jerome H. Powell, the chair of the Federal Reserve. It’s the latest chapter in a dysfunctional relationship that has major implications for the global economy.

Minting one penny costs the United States nearly four cents. After 233 years, the Treasury Department has decided to phase out the coin. This will mean that businesses will have to round cash transactions up or down, and some fear it could lead to inflation. We reminisce about the cultural significance of the one-cent coin with WSJ’s Oyin Adedoyin and discuss the pro-penny stance with an advocate. WSJ’s Jessica Mendoza hosts.   Further Listening: - The Fight Over Your Credit Card Swipe  - The Coronavirus Cash Crisis  Sign up for WSJ’s free What’s News newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Economists have long analyzed data to predict the next recession. They’ve also turned to more offbeat economic gauges like underwear sales and skirt lengths. But now, the TikTok generation is seeing recession indicators everywhere. WSJ’s Hannah Erin Lang explains what Gen Z’s fascination with harbingers of economic doom might actually mean for the economy. Jessica Mendoza hosts.  Further Listening: - Is the Economy… OK?  - Trump 2.0: Where Is The Economy Headed?  Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. job growth fuels a market rebound with all major stock indexes on the rise, President Trump announces an end to taxpayer funding for NPR and PBS, and political unrest brews in Canada despite a fresh Liberal Party election win. Get the facts first with Morning Wire. Balance of Nature: Go to https://balanceofnature.com and use promo code WIRE for 35% off your first order as a preferred customer PLUS get a free bottle of Fiber and Spice. ZocDoc: Find and instantly book a top-rated doctor today. Visit https://Zocdoc.com/WIRE Learn more about your ad choices. Visit podcastchoices.com/adchoices

President Trump proposes major cuts to several federal agencies in next year's budget, but he wants defense and border security spending to increase. The budget plan comes after the economy shrank during the first three months of this year. We'll have the latest on the state of the economy. Plus, Secretary of State Marco Rubio has added the title of national security adviser to his growing roster of roles. But will he have the bandwidth to do both jobs?

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The U.S. dollar is the lingua franca of the global financial system. The fact that so much of the world relies on our currency has long been understood as our exorbitant privilege — the reason we have so much leverage in the global economy and are able to borrow at lower interest rates. But the Trump administration has a much more complicated relationship with the dollar. It has come to see dollar dominance as a burden we bear on behalf of the rest of the world. But in its attempts to move away from dollar dominance, is the Trump administration on the verge of creating a financial crisis? Kenneth Rogoff is a former chief economist at the International Monetary Fund and a professor of economics at Harvard University. He has a book coming out called “Our Dollar, Your Problem.” In this conversation he walks through the history of dollar dominance, why it’s been waning in recent years and what ripple effects the Trump administration’s policies might have. This episode contains strong language. Book Recommendations: Muppets in Moscow by Natasha Lance Rogoff The Queen’s Gambit by Walter Tevis Benjamin Franklin by Walter Isaacson Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com. You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

Inflation and gross domestic product are both down while investment in the U.S. surges, we go on location with Interior Secretary Doug Burgum, and the China trade war hits U.S. farmers. Get the facts first with Morning Wire. Good Ranchers: https://goodranchers.com and subscribe to any box using code WIRE to claim $40 off + free meat for life! ZocDoc: Find and instantly book a top-rated doctor today. Visit https://Zocdoc.com/WIRE Learn more about your ad choices. Visit podcastchoices.com/adchoices

A US Senator from Maryland met with Kilmar Abrego Garcia — the man illegally deported by the Trump administration — in El Salvador. Two people were killed and six wounded in a shooting on the campus of Florida State University, and economists say it could backfire if President Trump pressures the Federal Reserve to lower interest rates.

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Today's episode of Up First was edited by Willem Marx, Susanna Capelouto, Rafael Nam, Janaya Williams and Mohamad ElBardicy.
It was produced by Ziad Buchh, Nia Dumas and Christopher Thomas. We get engineering support from Damian Herring. Our technical director is Zac Coleman. And our Executive Producer is Jay Shaylor.

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The Federal Reserve has been focused on cooling inflation and achieving a so-called soft landing. President Trump’s trade policies have sent markets reeling and fears of a recession are on the rise. WSJ’s Nick Timiraos joins Ryan Knutson and Molly Ball to discuss Trump’s economic vision. Plus, the Trump administration is moving to deport a permanent legal resident of the United States and the possibility of a government shutdown has Democrats in a pickle. Further Listening:  - What’s Going On With the Economy  - Tesla Has a Problem: Elon Musk  - The Fight to Kick Soda Out of Food Stamps  Further Reading: - How Trump 2.0 Is Shifting Its Tone on Markets  - A Presidency of Upheaval Emboldens Trump  Learn more about your ad choices. Visit megaphone.fm/adchoices

Over the weekend, President Donald Trump said he wasn’t going to rule out a recession in the U.S.'s future. WSJ's Ashby Jones explains the cracks starting to appear in the economy and Brian Schwartz reports on how the White House is managing those cracks. See The Journal live! Take our survey ! Further Reading: -Trump’s Economic Messaging Is Spooking Some of His Own Advisers  -Inflation Cooled to 2.8% in February, Lower Than Expected  -CEOs Don’t Plan to Openly Question Trump. Ask Again If the Market Crashes 20%.  Further Listening: -The Trade War With China Is On  -Trump’s Tariffs Cause Chaos in Auto Industry  Learn more about your ad choices. Visit megaphone.fm/adchoices

Justin Baldoni sues Blake Lively, people encourage others to sell their homes lost to the California fires, and Tucker Carlson is going viral for what appears to be a murder mystery involving the Open AI founder. Gold Co Diversify your savings. Get up to 10% in FREE Silver http://www.candacelikesgold.com Beam Get 40% off Beam with promo code: CANDACE at http://www.ShopBeam.com/Candace American Financing Act today! Call 800-795-1210 or visit http://www.AmericanFinancing.net/Owens NMLS 182334, http://www.nmlsconsumeraccess.org. APR for rates in the 5s start at 6.458% for well qualified borrowers. Call 800-795-1210 for details about credit costs and terms. Seven Weeks Coffee Get a free engraved spoon and save up to 25% with promo code 'CANDACE' at http://www.sevenweekscoffee.com/Candace Candace on Apple Podcasts: https://t.co/Pp5VZiLXbq Candace on Spotify: https://t.co/16pMuADXuT Candace on Rumble: https://rumble.com/c/RealCandaceO Subscribe to Club Candace: https://www.clubcandace.com Join The Candace Community on Locals: https://candace.locals.com #CandaceShow #Candace #CandaceOwens #News #Politics #Culture #PopCulture Learn more about your ad choices. Visit megaphone.fm/adchoices

After harrowing probes in the 1990s, Swiss banks thought they’d come to terms with their WWII-era ties to Nazis. But WSJ’s Margot Patrick explains how documents newly unearthed from bank archives include shocking revelations.  Further Reading: -Nazi Ties to Credit Suisse Ran Deeper Than Was Known, Hidden Files Reveal  Further Listening: -What Just Happened at Credit Suisse?  -The Financial Legacy of the Nuclear Tests on Bikini Atoll  Learn more about your ad choices. Visit megaphone.fm/adchoices