In collaboration with NASA, we've open-sourced Surya on Hugging Face — a new foundation model designed to help researchers protect infrastructure through accessible, accurate modeling of space weather. It's going to totally change how we forecast solar storms. See how.🧵

Will this be the start of converting some $200bn Chinese debts in the Global South (PPG) from mostly USD to RMB? Maybe, but largely depending on the debtors. The rate can be attractive now but many don't hold ¥ reserves and feel uncertain abt fx risk bloomberg.com/news/articles/…

"#China currently accounts for 28% of portfolios across 300 actively-managed emerging-market funds overseeing a combined $617 billion, the survey shows. That’s up from 22.5% a year earlier, though the group as a whole remains 340 bps underweight" bloomberg.com/news/articles/…

As NASA grapples with major proposed budget cuts and losing some of its most brilliant minds, America’s willingness to look outward is also at risk. wired.com/story/the-dest…

The world is running out of safe havens. The US used to be one, but its ability to issue debt more cheaply than its peers ended long ago (top left). Germany's safe haven status is eroding (bottom left). Only Switzerland is gaining ground (bottom right)... robinjbrooks.substack.com/p/are-there-an…

We have literally the perfect guest on today’s Odd Lots. It’s the President of the Kansas City Fed. Tracy Alloway and I talked to Jeffrey Schmid about what everyone is going to be talking about at this year’s monetary policy symposium in Jackson Hole. podcasts.apple.com/us/podcast/odd…

Today, we're launching the Runway Game Worlds Beta. Over the last few months, we have been working on research and products that are moving us closer toward a future where you will be able to explore any character, story or world in real time. While generating the pixels of

The world should prepare for the looming quantum era on.ft.com/479WWuA | opinion

As someone who hasn't spent as much time thinking about stablecoins as I should, I found this Izabella Kaminska interview extremely interesting. financialsense.com/blog/21379/red…

#China to Implement Total Quantity Controls on #RareEarth Mining and Smelting yuantalks.com/china-introduc…

In April, DOGE exposed a sensitive program in Afghanistan as part of its campaign to discredit the U.S. Institute of Peace. Their actions lead to a Taliban crackdown in Kabul. For the last few months, Chris Bing & I have been chasing this wild story: propublica.org/article/doge-m…

Michael Faulkender leaving Treasury. Story with Richard Rubin wsj.com/politics/treas…

📢New CEPR #PolicyInsight - #Crypto, tokenisation, and the future of payments Stephen Cecchetti Brandeis School of Business and Economics European Systemic Risk Board, Kermit L. Schoenholtz NYU Stern CecchettiSchoenholtz ow.ly/lGTa50WK6Yr

Miraculously I had 15 minutes of working WiFi in Wyoming to chat with Jordi Hays and John Coogan on TBPN. Here I talked about how the growth drivers for the US right now are caring for old people, caring for old people, and datacenters.

Good speech by Ueda on how Japan's aging demographics are driving up wages. Increasing participation rates and retiring at a later age have reached their limits. It's look like the theory that aging demographics is inflationary will be validated. boj.or.jp/en/about/press…

Age of efficiency

Animated musical “KPop Demon Hunters” was the top film at the box office this weekend, marking the first time ever that Netflix has had a hit in movie theaters on.wsj.com/464rqgh

Interesting. Nikkei reported that in order to receive U.S. subsidies, TSMC decided not to use Chinese equipment at its Taiwan fabs, rather than removing Chinese equipment from its U.S. fabs. This will be a major blow to AMEC.

Stablecoins are so popular right now, even China wants one. My Atlantic Council colleague Ananya Kumar explains the 180 degree shift in Beijing, and why it might not work out as planned. atlanticcouncil.org/blogs/econogra…

Based on Treasury data through today, we think the US raised ~$31B in *total* tariff revenue in Aug. That's $146B calendar year-to-date total. The *new* 2025 tariffs raised about $23B in Aug alone & $88B YTD. The average effective tariff rate was 12.0% in Aug v 18.2% statutory.