This week, Glenn Hubbard warns that tariffs, shaky data and a mature credit cycle create risks as the Fed looks toward 2026. And, will open AI ecosystems win out over closed models, as AMD CEO Lisa Su and former IBM CEO Sam Palmisano suggest? Plus, from AI to manufacturing, soaring electricity demand is forcing a rethink of where our power comes from and how fast we can build to generate it. Later, can Macy’s reinvent the department store for today’s shopper?

Trump Taps Warsh For Fed Chair, Furman Reacts to Rate Hold
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Chrystia Freeland, Wine Tariffs, Ecuador’s Cocoa Boom, Israel Defense Technology
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Dudley on Powell, Saudi Arabia Tourism, Megapass Skiing
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