Scott Bessent made announcement on Wednesday as bond yields rose to highest point since 2008 financial crisis

The US treasury moved to cut the cost of borrowing on Wednesday only to be swiftly rebuffed by the bond market.

Scott Bessent, the treasury secretary, announced the US would buy back $6bn worth of government debt – treasuries – in an effort to alleviate a selloff in the US bond market that has put pressure on interest rates.

AFL-CIO calls for ban on such labels to protect consumers and workers from surveillance pricing and job cuts

The universal adoption of electronic shelf labels in grocery stores across the US could cost tens of thousands of jobs and billions of dollars in lost wages while further driving up grocery costs, according to a report released on Tuesday.

An analysis by the AFL-CIO Tech Institute of the label manufacturers’ own marketing materials found the universal adoption of electronic shelf labels, which are marketed to retailers as a cost-cutting measure, could cost workers between $1.6bn and $6.9bn in lost wages annually and affect between 44,223 and 191,633 jobs.

National Air Traffic Services apologise for technical issue disrupting departures today, which Flightradar24 say has caused hundreds of cancellations

• Air traffic control issue causes flight delays and disruption across UK

Gas prices are rising this morning, putting pressure on European countries who need to stock up their storage levels before the winter.

The month-ahead UK gas price is up around 1% at 184p a therm, close to yesterday’s highs when gas hit its highest since January 2023.

It turns out most of us no longer believe in progress. And when that happens, it quickly becomes a crisis for societies like ours

• Get our breaking news email, free app or daily news podcast

Depending on your politics, the monsters are everywhere. Perhaps you see them in the form of tech billionaires and the artificial intelligence they’re developing. Perhaps you see them in the bin fire of social media they bequeathed us before that, or the legacy media that refuse to tell you “the truth”. You might see them in the manosphere, or the institutions teaching our kids gender fluidity. Maybe you see them in the migrant youth wielding machetes in the suburbs, or the refugee attempting to behead someone on a Belfast street. Or perhaps you see them in the violent anti-immigrant mobs that torched houses in response. If so, you’ll likely see them in the March for Australia or the Unite the Kingdom rallies, organised by far-right groups but attended by many more besides. You’ll almost certainly see them in at least one of Hamas, Israel or those local advocates at each other’s throats over the Middle East. I suspect you’ll see them in Russia but that can no longer be assumed. And I’d guess that you’d see them in at least one political party with a significant share of the vote.

Something in that paragraph probably outraged you. In which case, you’re probably seeing monsters in whoever sees different monsters from you. It would be easy here to make a point about polarisation. But I want to look at the deep disquiet that lies underneath.

Number of new jobs being added has been fluctuating, with private companies adding 38,000 jobs in August

The US economy added 162,000 jobs in August, an uptick after a sluggish summer for the labor market.

The unemployment rate held steady at 4.1%, still down from its most recent peak of 4.5% last November, according to new data from the Bureau of Labor Statistics (BLS). Despite the relative stability of the unemployment rate, the number of new jobs added to the economy has been fluctuating, going from 214,000 in March down to a 21,000 gain in July and then back up in August.

Canadian PM is set to retaliate against tariffs levied by Donald Trump and criticized US officials over insults

• US politics live – latest updates

Mark Carney has rebuked Donald Trump’s administration and urged officials in Washington to “start being serious” amid escalating trade tensions between the US and Canada.

Days before Canada is due to retaliate against Trump’s sweeping tariffs with its own duties on US goods, the Canadian prime minister criticized US officials for insulting his country. “It is beneath their office,” he said.

US trade representative Jamieson Greer has a level-headed reputation but commerce secretary Howard Lutnick and White House adviser Peter Navarro also have key roles

Having reportedly read Victor Hugo’s Les Misérables, in French, during a military tour of duty in Iraq, Jamieson Greer considered himself an unlikely target for accusations of francophobia.

But Donald Trump’s US trade representative, hitherto one of the president’s less high-profile cabinet members, found himself in that uncomfortable position amid the acrimonious collapse of bilateral trade talks with Canada that now threatens to degenerate into an all-out trade war between the two close trading partners whose economies are tightly intertwined.

With traditional goals such as stability and home ownership feeling out of reach, young people are focused on the present

By now, we all know the shape of financial nihilism: the throw-your-money-at-anything reaction to the dissolution of the slow, linear path to wealth; the prediction markets, meme stocks, cryptocurrencies and microluxuries growing in its place. We’re left in an economic no man’s land. But financial nihilism only describes where we put our money. What about how we earn it in the first place?

The modern economy has long relied on our need for stable employment – to pay the mortgage, to keep our kids fed, or, for some, to chase prestige and power – to generate the work ethic that keeps the wheel of production turning. None of this is going well for young people. Our jobs are insecure, we can’t afford houses, we’re deferring having kids (if we have them at all), and only 6% of us say a leadership position is our primary career goal. Hope is one of the economy’s most productive inputs, powering our willingness to endure long hours. When the production function of income – the mechanism that turns hard work into a stable salary, then a mortgage, then a pension – breaks down, so does our relationship with the input. I call this production nihilism: my generation’s growing indifference to the kinds of work we’re willing to participate in, and where we’re willing to earn.

There’s little optimism about treasury secretary’s ability to handle Trump’s tariffs, Iran sanctions and colossal US debt

History remembers Gen Dwight Eisenhower, the supreme commander of the allied forces in Europe during the second world war, for his role in the D-day invasion of Normandy. Whether Scott Bessent will achieve similar posterity as the face of the “economic D-day” in Iran remains to be seen.

The US treasury secretary, already trying to manage a $40tn national debt pile, this week took charge of Donald Trump’s effort to reverse-engineer his war of choice. Whereas the US would typically take on an adversary with diplomacy, sanctions and military force, in that order, the US president started with a six-month bombing campaign and now hopes that economic isolation can finish the job.

Avoiding US goods and services – from tech to whisky to air travel – has forced many to find a new way of living

For William McDonald, 38, a diesel mechanic from Thunder Bay, Ontario, “Canadian is always the first choice,” even if it means his weekly bills are higher.

“As soon as Trump started putting those tariffs on in February [last year], I started boycotting US goods,” he said. “Avoiding American products has driven my costs up, and I’m still happy to do it.

However, Kevin Warsh didn’t say if interest rates would change in coming months, as inflation remains stubborn

The US Federal Reserve is not done fighting high inflation, its chair, Kevin Warsh, said in his first major speech in the role on Friday, emphasizing that it was “the Fed’s job to deliver stable prices”.

Warsh did not indicate where the Fed will take interest rates in the coming months, despite US inflation remaining stubbornly above the central bank’s 2% target amid the war in Iran. But his speech was taken by markets as a signal that rates may rise in the coming months, a move that may put him at odds with Donald Trump, who has aggressively called for rates to be cut.