Iran has formally rejected the latest US ceasefire proposal while both sides have hardened their positions in relation to the conflict. Tehran has tightened its grip on the Strait of Hormuz, while thousands more American troops are headed toward the region amid ongoing strikes. Israeli forces carried out a precision airstrike in Syria that killed Iran’s IRGC Navy chief along with several other senior generals, dramatically escalating the multi-front conflict. In response to the ongoing conflict the IMF is running models to provide detailed predictions on which economies will require emergency financing if the war drags on. Again we can see that we are nowhere near the end of this war and I continue to think that the economic implications are going to ensure that this is the flashpoint of WWIII.

The European Central Bank is still expected to hold interest rates steady through 2026 according to a Reuters poll of economists, even as over a third now forecast at least one hike this year due to the war-driven energy shock that has pushed inflation forecasts higher across the continent. The Bank of Japan simultaneously released its new core CPI gauge showing a 2.2 percent rise in February, an effort to demonstrate that underlying inflation remains on track and supports further policy tightening. These are major central banks and their behavior indicates a lot about how the conflict in the Middle East is going to guide economic policy in the coming months and perhaps years.

The United Nations General Assembly adopted a resolution calling for stronger global measures on modern slavery and reparations explicitly tied to the transatlantic slave trade, which it described as one of history’s gravest crimes against humanity. Backed by a broad coalition of member states, the measure urges increased funding, legal frameworks, and international cooperation to tackle forced labor that still affects tens of millions worldwide. The fact that there is still a massive global trade running through Africa is a fact that often gets left out of political discourse but is crucial to wrestle with if we are serious about promoting global justice.

Republicans and Democrats in the Senate formally rejected each other’s latest proposals to end the Department of Homeland Security shutdown that has now stretched into its sixth week, with Democrats offering “common-sense guardrails” on immigration agents that Senator John Thune immediately dismissed as a nonstarter. Transportation Security Administration leaders warned that unpaid staff, lengthening security lines, and deteriorating morale could force major airports to begin closing operations within days if the impasse continues. There are real consequences to having dysfunctional government and one of them is that infrastructure will start to fail. We can see that now with the airports, and it only gets worse from there.

The Federal Reserve kept interest rates unchanged for the second consecutive meeting while Chair Jerome Powell explicitly highlighted surging energy prices and heightened uncertainty stemming from the ongoing Iran war. Powell also reiterated that he would remain in his post until a successor is confirmed and the separate criminal investigation into the Fed concludes, underscoring the central bank’s commitment to stability amid fiscal and geopolitical shocks. At least they didn't increase the rates but everyone is so nervous right now it appears that many think the best move is to not move.

A federal jury found Meta and Google liable for knowingly designing addictive algorithms that harmed young users in a groundbreaking product-liability trial that lasted months and drew nationwide attention. The verdict opens the door to billions of dollars in potential damages while forcing both companies to overhaul platform safety features and submit to court-ordered monitoring of their recommendation systems. This lawsuit has the potential to radically reshape our relationship to the internet as platforms must account for the fact that they are selling a harmful product and that engaging in such a business opens them up to lawsuits.

BP blocked roughly 800 union workers from entering its 440,000-barrel-per-day Whiting, Indiana refinery after contract talks collapsed, halting operations at the Midwest’s largest single refining complex. The lockout comes as gasoline and diesel prices are already elevated by the Iran war and threatens further supply disruptions across the region’s fuel distribution network. As a general rule, I tend to suggest we should support labor as the workers are typically the ones with the legitimate grievance. Such is the case here and hopefully BP meets their demands soon.

Chicago Mayor Brandon Johnson vetoed legislation that would have frozen the tipped minimum wage for service workers across the city, setting up a direct and immediate confrontation with the City Council over wage policy in the nation’s third-largest city. The veto reignites a long-running debate about tipped wages, labor costs for restaurants and hotels, and the broader economic pressures facing low-wage workers in a major urban center. Chicago, like most major urban cities in this country, is quickly becoming unaffordable for workers. If we are not careful we'll end up with a favela like situation in urban centers all throughout the country.

Milwaukee police banned officers from wearing face masks while on duty as part of a new “ICE Out” transparency policy enacted within the past week to prevent concealment of identity during immigration enforcement operations. The rule applies citywide and aims to increase accountability as federal and local authorities coordinate heightened enforcement actions in the Midwest’s largest city. I'm torn on the face covering and policing issue. I'm obviously a fan of transparency in all government activities, however, if we can't guarantee the safety of law enforcement how can we reasonably ask people to serve in these roles. Perhaps no face coverings is the right rule, but penalties for undue harassment or violence towards law enforcement must be severe.