The US is currently the center point of global diplomatic relations, with world leaders gathering in New York for the UN General Assembly as President Trump hosts Chinese President Xi Jinping in Washington for high-stakes talks.

The events could shape everything from the war in Iran and oil prices to tariffs, alliances, and the cost of everyday goods at home.

Nearly 130 world leaders have gathered for the UN General Assembly, where trade, AI, and other global flashpoints are dominating the conversation (see more). The war in Iran, of course, was also a hot topic.

Iranian President Masoud Pezeshkian addressed the assembly on Wednesday, becoming the first leader of a country at war with the US to do so. During his speech:

Is Pezeshkian being truthful? The US strike was deemed to be one of two possible war crimes by Washington (see previous briefing) during the war, according to UN-commissioned experts. As for Iran’s nuclear program, a UN nuclear watchdog referred Iran to the Security Council this month over its failure to cooperate with inspectors, the first such referral in 20 years.

A peace deal is still in the works: The speech came after the US and Iran held their first talks since June, just hours after President Trump threatened to “annihilate” Iran if a deal isn’t reached. Tehran is now reviewing the US response to its peace proposal.

Just a few hours south of the assembly, Xi met Trump at the White House for high-stakes talks, marking the Chinese President’s first visit to Washington since 2015. As of writing, the discussions seem to be going well:

What else did they likely discuss? As Iran’s largest trading partner, China has economic leverage that Trump could ask Xi to use to help reopen the Strait of Hormuz. Taiwan is also a major topic. Beijing considers the island part of China, while the US maintains unofficial ties with the nation and sold it $11 billion in arms in December and has another $14 billion that’s been on hold for months, per Reuters.

/ Why is this important? The renewed talks offer one of the clearest openings in months to end the war and reopen the Strait of Hormuz, which could ease pressure on oil prices and reduce the risk of another military escalation.

Xi and Trump’s summit could help stabilize the world’s most important economic relationship, as any progress on major topics could potentially affect tariffs, supply chains, and global markets.

See what's changed, recent data, what we're watching next, and every other major story that affects you on our Watchlist.

US Treasury yields surged on Wednesday, with the benchmark 10-year yield jumping above 5.1% to its highest level since the iPhone debuted.

Essentially, a strong economy is making investors think interest rates could stay higher for longer (see previous briefing). Economic growth is still strong and inflation isn’t going anywhere, giving the Federal Reserve less reason to cut rates and more reason to raise them.

That has led investors to sell Treasury bonds (which pushes bond prices down and their yields up). According to CNBC:

High oil prices are making the problem worse: Oil sitting above $100 a barrel is adding another inflation headache by raising the cost of fuel, trucking, farming, manufacturing, and air travel. While the Fed can’t fix an oil shortage, it may try to keep those higher energy costs from spreading through the rest of the economy by cooling demand elsewhere (by keeping rates high).

/ Why does this matter? High Treasury yields can keep mortgages, auto loans, and other borrowing costs elevated even without another Fed rate hike. To see how inflation has impacted your buying power since 2007 (or any other year), check out our handy Inflation page.

It shows that it would take about $16,500 today to buy what $10,000 would have bought in 2007, the last time rates were this high.

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🛒 Inflation is changing how Americans shop for groceries. Costco reported stronger-than-expected sales yesterday, with Reuters noting that shoppers are increasingly buying in bulk and taking fewer shopping trips. Discounted gas was also a major draw for customers looking for cheaper options, with Costco reporting a record year for fuel sales.

🤖 AI may already be making health care more expensive. Yesterday, a Blue Cross Blue Shield Association study found that AI-assisted medical coding cost insurers an extra $942 million over the past two years. Even as AI identifies legitimate conditions and makes unprecedented advances in healthcare, higher insurer spending can eventually trickle down to higher prices for consumers. Track this topic ->

📉 Unemployment claims are near half-century lows… but companies still aren't rushing to hire. Initial jobless claims fell to 197,000 last week, around a 57-year low. However, employers are staying cautious about expanding their workforce because of energy costs, tariffs, and other uncertainty. The result is a strange job market where keeping your current job may be relatively easy while finding a new one can be the complete opposite. Track this topic ->

Home furniture brand Blu Dot blew up on CTV with help from Roku Ads Manager. Here’s how:

After a test campaign reached 211,000 households and achieved 1,010% ROAS, the brand went all in to promote its annual sales event. It removed age and income constraints to expand reach and shifted budget to custom audiences and retargeting, where intent was strongest.

The results speak for themselves. As Blu Dot increased their investment by 10x, ROAS jumped to 2,308% and more page-view conversions surpassed 50,000.

“For CTV campaigns, Roku has been a top performer,” said Claire Folkestad, Paid Media Strategist, Blu Dot. “Comping to our other platforms, we have seen really strong ROAS… and highly efficient CPMs, lower than any other CTV partner we've worked with.”

Using Roku Ads Manager, the campaign moved from a pilot to a permanent performance engine for the brand.

Learn more

The Federal Aviation Administration began rolling out a new AI-powered system that’s (allegedly) going to save travellers time by helping air traffic controllers reduce delays and traffic disruptions.

The AI system, called Strategic Management of Airspace, Routes, and Trajectories (or SMART for short), cost roughly $875 million to develop. Anything is worth the cost to avoid the wrath of frequent fliers.

According to the Department of Transportation:

Aviation experts say the tech is impressive, but also noted that relatively little information has been released about how the SMART actually works or how accurately it predicts congestion and delays.

Will it replace air traffic controllers? No. The AI simply identifies issues and recommends solutions for real humans, who ultimately decide whether to use them or not. Transportation officials have repeatedly said they do not intend to replace air traffic controllers with AI.

SMART could go nationwide pretty soon: While the tool is currently only being piloted (pun intended) at the three major airports serving Washington, DC, the FAA hopes to expand its usage across the US by 2028.

/ How does this affect you? The new traffic system could lead to fewer flight delays, cancellations, missed connections, and hours spent waiting on the tarmac. If it works at scale, travelers could see lower airline costs.

To quickly keep on top of just the latest developments in technology, go to…well, Latest Developments. Then click the Technology tag and you’ll see the signals we feel were important over the past week.

Paramount’s gargantuan $110 billion acquisition of Warner Bros. Discovery is moving forward again after California and 11 other states agreed to settle their antitrust lawsuit, clearing one of the deal’s biggest remaining hurdles.

The states’ lawsuit was the merger’s biggest remaining hurdle after regulators across Europe and the UK approved the deal this summer, clearing the way to create one of the largest entertainment companies ever.

Because of the size of the deal, Paramount agreed to a slew of concessions in exchange for allowing the merger to move forward:

If approved, jobs could be cut: The combined company is looking to cut as much as $6 billion in costs, which has fueled concerns that overlapping jobs across the two studios could disappear.

It will certainly change how you watch: The combined media giant would bring HBO Max and Paramount+, CNN and CBS News, and a massive entertainment library ranging from Harry Potter and Game of Thrones to Friends and Top Gun under the same corporate roof.

/ Why should you care? Paramount’s settlement could increase the number of movies in theaters and add billions in US production spending. However, combining so many IP under one company could still reduce competition over time, raising the risk of higher streaming prices and fewer choices for viewers.

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> NASA’s Perseverance rover found more evidence that Mars had a watery past, including ancient lakes, groundwater, and hot hydrothermal fluids that altered the rocks at different points in the Red Planet’s history.

> MIT researchers have built swallowable batteries that can power medical devices inside the body for days, monitor vital signs, deliver drugs, or detect medical emergencies.

> Scientists have discovered a “fire amoeba” that can grow and reproduce at 145°F, setting a new heat record for any known complex form of life.

> Alzheimer’s is no longer considered an untreatable disease, with a major new report pointing to the first drugs capable of slowing the disease itself rather than simply managing symptoms.

> Female newborns spend more time looking at human faces than male newborns just hours after birth, suggesting some differences in attention between the sexes may emerge before culture has much opportunity to shape them.