Trump Admin Ramps Up Pressure on Oil Industry, Former Fed Hawk Warns of Higher Rates and More: This Week In Economy

It’s been a week full of surprises and warnings. Here’s a quick roundup of the top economic stories from the week that you might have missed.

Trump Administration Ramps Up Pressure On Oil Industry

The Trump administration has turned up the heat on the oil industry. The Department of Justice and the Federal Trade Commission have urged state attorneys general to investigate whether oil companies are maintaining high gasoline prices despite falling crude oil costs. The federal authorities are closely monitoring petroleum markets for potential antitrust violations.

Read the full article here.

Former Fed Official Drops Bombshell

Former Federal Reserve Bank of Kansas City President Esther George has issued a warning. She advised Americans to prepare for higher interest rates, given the ongoing inflation. George, known for her hawkish stance on interest rates, suggested that long-term financial planning should account for the possibility of increased rates.

Read the full article here.

Cathie Wood Calls June Jobs Report ‘Weird’ and ‘Very Distorted’

Ark Investment Management‘s Cathie Wood has criticized the June jobs report. She described the report as “weird” and “very distorted,” suggesting that the statistics are not accurately reflecting the employment situation. Wood proposed that the Federal Reserve should incorporate more private sector data to validate the official numbers.

Read the full article here.

Data Center Leases Top $850 Billion

U.S. tech giants have significantly increased their investments in data center leases, surpassing $850 billion in the first quarter of 2026. This surge, representing a 204% rise from the same period last year, is primarily driven by the race to build artificial intelligence infrastructure.

Read the full article here.

Chamath Palihapitiya Jokes There Are ‘No Jobs Left’

Chamath Palihapitiya, a prominent venture capitalist, has made a sarcastic remark about AI replacing human jobs. This comes as Corning and Nvidia announce plans to create over 3,000 jobs through the construction of new advanced optical fiber manufacturing facilities.

Read the full article here.

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