Economics in the News – May 18-24, 2026
Economics impacts our lives every day. Below are some of the top storylines from this past week related to economics.
o Elon Musk’s rocket and satellite company SpaceX prepares to become public and revealed its financials for the first time, as it’s expected to become one of the largest initial public offerings (IPO) ever. SpaceX values itself as a $1.25 trillion company and could seek to raise $50 billion to $75 billion from the offering. The company will trade on the Nasdaq under the ticker symbol SPCX. The success of SpaceX on Wall Street could make Musk the world’s first trillionaire.
SpaceX was founded in 2002 and has developed for its partly reusable rockets with the aim of taking humans to Mars. In recent years, Musk has expanded the company’s mission for the goal of building artificial intelligence (AI) data centers that orbit the earth. Starlink is SpaceX’s most profitable venture currently, providing satellite internet service to 10.3 million subscribers at the end of March. [The New York Times]
o Aid cuts by President Donald Trump’s administration may have severely impacted efforts to contain the Ebola outbreak in Democratic Republic of Congo and East Africa. The US is historically the leader in any major outbreak, but experts suggest that after the shutdown of the US Agency for International Development (USAID) the outbreak has been slow to come to international attention. Congo has historically relied heavily on the United States for logistics and crucial supplies. Doctors and nurses have likely been treating patients wearing only gloves and surgical masks, rather than respirators and face shields.
The outbreak gained US and global attention slowly because of staff shortages and samples were taken to a lab in Kinshasa, Congo at the wrong temperature, something that the USAID would’ve previously assisted with. As such, the virus has had time to spread throughout the region, with infections being confirmed in Congolese cities Goma and Bunia, as well as Uganda capital Kampala. The outbreak is centered in DR Congo’s Ituri Province which is in the northeastern part of the country, bordering Uganda. The US Department of State has since sent $23 million to Congo and Uganda with the money going toward protective equipment. [The New York Times]
o The cost to grill out this past Memorial Day has spiked, making it more expensive to feed a large gathering. The cost for ground beef is up 14.5 percent in April compared to last year, while the cost of tomatoes is up 39.7 percent.
The rising costs are having consumers re-think their gatherings over holiday weekends. Not only is the cost of cooking for crowds skyrocketing, but with average gas prices up more than 40 percent many are re-thinking how far they should drive. It was expected that 39 million Americans would travel at least 50 miles over Memorial Day weekend, according to AAA. [The Wall Street Journal]
o The cost to borrow is increasing for Americans. Perhaps most impactful for everyday Americans is the 10-year Treasury note, serving as a benchmark to influence rates for mortgages, auto loans and credit cards. It peaked at 4.68 percent before falling slightly. Meanwhile, Treasury yields on 30-year bonds are at 5.18 percent after surging to their highest level since 2007.
The US government sells bonds to investors to cover its debt burden, but investors have begun demanding higher returns in part due to concern over inflation. Banks use Treasury yields as a baseline for setting the rates they charge to consumers. According to Cox Automotive, the average interest rate on a new car loan was 9.45 percent in April, lifting the average monthly car payment for a new vehicle to $757. The average interest rate for a 30-year fixed rate mortgage climbed to 6.75 percent, its highest level in nearly a year. [The Washington Post]
o Americans are consuming more honey than ever. Sales of honey were up 10 percent year-over-year for the 12 months that ended in March. Consumers are moving away from processed sweeteners and see honey as clean-eating. Even if it still spikes blood sugar like any other sugar, honey has perceived nutritional value due to providing antioxidants and coming naturally from bees.
Even as such, according to the US Department of Agriculture, honey production in the United States is at an all-time low. It’s also more lucrative for beekeepers to have bees pollinate crops rather than honeymaking, as bees that pollinate produce much less honey. Beekeepers make an average of less than $2 per pound for unprocessed honey, accounting for 20 percent of bee producers’ income last year. America is importing honey from countries such as India, Argentina, Brazil and Vietnam. [Bloomberg]
