White House economic advisor Kevin Hassett on Wednesday called for the New York Federal Reserve to punish economists who published a research paper that found that the bulk of the burden of the Trump administration’s tariffs are falling on U.S. businesses and consumers.

“The paper is an embarrassment. It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve system,” Hassett said in an interview on CNBC’s “Squawk Box.”

“The people associated with this paper should presumably be disciplined, because what they’ve done is they’ve put out a conclusion which has created a lot of news that’s highly partisan based on analysis that wouldn’t be accepted in a first-semester econ class,” Hassett continued.

The New York Fed’s research found that U.S. businesses and consumers bore 86% of the tariff burden, while foreign exports bore 14% of the burden as of November 2025. The researchers found that the share borne by U.S. businesses and consumers declined over the year from 94% in the January through August period, and 92% in September and October.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

They also found that the average tariff rate jumped last year as the Trump administration raised the import levies, rising from 2.6% at the beginning of 2025 to 13% at the end of the year. The report found that the average tariff rate peaked at around 16% in April and May, following the president’s announcement of his “Liberation Day” tariffs.

“Our results show that the bulk of the tariff incidence continues to fall on U.S. firms and consumers,” the New York Fed wrote, noting that its findings were consistent with a pair of recent studies on U.S. tariff pass-through showing American importers absorbing nearly all the cost.

TARIFFS MAY HAVE COST US ECONOMY THOUSANDS OF JOBS MONTHLY, FED ANALYSIS REVEALS

Those findings are also similar to those contained in another analysis by the nonpartisan Congressional Budget Office (CBO), which noted in its recently released 10-year budget and economic outlook that foreign exporters are absorbing about 5% of the tariff costs with the remaining 95% falling on U.S. firms and consumers. 

The CBO found that U.S. businesses would pass on about 70% of their tariff costs to consumers, with the remaining 30% coming out of their profit margins. After accounting for domestic producers raising prices because of reduced foreign competition, the “net effect of tariffs is to raise U.S. consumer prices by the full portion of the cost of the tariffs borne domestically (95 percent),” the CBO found.

CBO’s analysis also projected that the new tariffs imposed over the last year will have increased the personal consumption expenditures (PCE) index by about 0.8 percentage points on aggregate by the end of 2026. PCE inflation is the Fed’s preferred inflation gauge and was most recently at 2.8% in November, well above the Fed’s 2% target.

TRUMP CREDITS TARIFFS FOR HUNDREDS OF BILLIONS GAINED WITH ‘VIRTUALLY NO INFLATION,’ TOUTS SECURITY

Hassett went on to defend the Trump administration’s tariffs during the CNBC interview, saying that American consumers are better off for them, while saying the New York Fed’s analysis was an “embarrassment.”

“Prices have gone down. Inflation is down over time. Import prices dropped a lot in the first half of the year, that leveled off, and real wages were up $1,400 on average last year, which means that consumers were made better off by the tariffs,” Hassett said on CNBC. 

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“So consumers couldn’t have been made better off by the tariffs, if this New York Fed analysis was correct. It’s really just an embarrassment,” Hassett said.

By Samuel Rines & Christopher Gannatti, CFA

During the latest monthly rebalance, the WisdomTree GeoAlpha Opportunities Index implemented a set of changes that, taken together, sharpen the portfolio’s exposure to the three realities defining the geopolitical backdrop

Oil prices eased in early Asia trade on Thursday, following the previous day’s 4% jump, as investors assessed efforts by the U.S. and Iran to resolve tensions while both sides have stepped up military activity in the key oil-producing region.

Brent futures fell 12 cents, or 0.2% to $70.23 a barrel by 0110 GMT, while U.S. West Texas Intermediate (WTI) crude slipped 8 cents, or 0.1%, to trade ‌at $65.11 a ⁠barrel.

Both benchmarks ⁠settled more than 4% higher on Wednesday, posting their highest settlements since January 30, as traders priced in potential supply disruptions amid concerns of U.S.-Iran conflict.

“Tensions between Washington and Tehran remain high, but the prevailing view is that full-scale armed conflict is unlikely, prompting a wait-and-see approach,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.

“U.S. President Donald Trump does not want a sharp rise in crude prices, and even if military ⁠action occurs, ‌it would likely be limited to short-term air strikes,” Kikukawa added.

A little bit of progress was made during Iran talks in Geneva this week but distance ⁠remained on some issues, the White House said on Wednesday, adding that Tehran was expected to come back with more details in a couple of weeks.
Iran issued a notice to airmen (NOTAM) that it plans rocket launches in areas across its south on Thursday from 0330 GMT to 1330 GMT, according to the U.S. Federal Aviation Administration website. At the same time, the U.S. has deployed warships near Iran, with U.S. Vice President JD Vance saying Washington was weighing whether to continue diplomatic engagement with ‌Tehran or pursue “another option”.

Satellite images show that Iran has recently built a concrete shield over a new facility at a sensitive military site and covered it in soil, experts say, advancing work ⁠at a location reportedly bombed by Israel in 2024.

Meanwhile, two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of stalling U.S.-mediated efforts to end the four-year-old war.

U.S. crude and gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13.

Official U.S. oil inventory reports from the Energy Information Administration are due on Thursday.

The Olympic Games are undoubtedly the only event that manages to attain the interest of the vast majority of the world’s population. Every four years, billions of viewers around the world watch and get glued to their favorite celebrities and national pride. While the excitement of the World Olympics does wonders for ratings, it also has a significant effect on the online world.

Major sporting events have been known to influence online behavior substantially. This is because, during such events, users look for different information online, look for ways to watch the events, and participate in online discussions about sports. It is, however, essential to note that many users look for ways to make their user experience a lot more interactive. This is where online gambling is involved. Due to the increase in popularity of events at the Olympics, the popularity of gambling taking place concurrently is promoted, thereby influencing the online gambling growth globally.

The Global Impact of the Olympic Games on Digital Entertainment

The viewer count for the Olympic Games is massive, reaching over three billion people around the world. This increases the usage of the internet during this period significantly, as people use sports apps and online viewing to watch the games rather than traditional means of viewing, such as TV. Social media also plays an important part in increasing online usage during the Olympic games, as conversations about the games and highlight reels keep people engaged on the internet for longer periods of time. As shown in Chart 1, global online traffic increases noticeably during Olympic years compared to non-Olympic periods. This also means increasing usage in various segments of the online entertainment business, including gaming and betting sites.

Chart #1: Global Online Traffic Growth During Olympic Seasons (2016–2024)

Chart 1: Illustrating noticeable traffic spikes during Olympic years compared to non-Olympic years.

Why Sports Fans Are Turning to Online Gambling

The Olympics have had some dramatic finishes and some underdog stories that enhance that connection. Many sports fans feel a desire to be more engaged with the outcome of sports events and the Olympics. Thus the bet enhances and complements the current betting on the Olympics. As shown in Chart 2, in the sharp rise in new registrations on sports betting platforms during major sporting events, with the Olympics leading.

This can serve to increase the excitement level of even lesser-known games, as people may show greater interest in games they would normally not care much about. This helps to increase the viewership of many different Olympic sports as wagering on these sports is introduced.

Mobile usage also has an important role to play. Today’s sports betting sites allow you to place your bets within seconds using your mobile phones. Even live betting, in which the odds are constantly changing during games, offers an added fast and interactive experience in line with the unpredictable nature of Olympic sports.

Chart #2: Increase in Sports Betting Registrations During Major Sporting Events

Chart 2: Shows higher user sign-ups during global tournaments, with Olympic periods leading.

The Psychology Behind Olympic Betting Trends

Psychologically, many factors explain this rise in betting activity. One major psychological factor is herd mentality, which is thought to occur because with millions being spectators to the same events, people consider joining in some common activities, including wagering.

Another factor is the excitement that comes along with competition. Although the Olympic Games intensify excitement and competition by emphasizing countries and personal success, resulting in an emotional response, the excitement is natural while watching the Olympics and placing bets, thus contributing to the existing Olympic betting trends.

Fear of Missing Out (FOMO) is another driver. When media coverage and social feeds are full of dramatic finishes and betting stories, some users feel they are missing a unique opportunity if they do not participate. Constant media exposure reinforces the idea that betting is a common and accepted part of the sports-viewing experience during the Olympics.

Technology and Accessibility: Making Gambling Easier Than Ever

Online gambling has become more accessible than ever due to technology. For instance, users can use mobile applications to register, make deposits, and start betting at any given moment. This is particularly significant during the live Olympic events, for they determine the chances of winning.

Additionally, fast and safe payment systems make the experience more seamless. Digital wallets, for instance, make it easier for people to make transactions, although such activities may not be as frequent as they are in traditional systems. However, with live stats, performance data, and live odds, sports betting sites provide easier decision-making for users.

Platforms like Fair Go casino, have improved its services for users, optimizing its systems for increased usage during significant sporting events, mimicking the speed of the Olympics with user-friendly interfaces and mobile capabilities in the growing digital betting arena.

Comparison of User Activity Before and During the Olympics

User behavior on gambling platforms changes noticeably during the Olympic period. Compared to regular months, platforms report higher registration rates, longer session times, and increased betting volumes, clearly reflecting broader Olympic sports wagering patterns.

The diversity of Olympic sports also brings in new user segments. Some people who rarely bet on traditional leagues become active during the Games because of the wide range of events available. This leads to a broader user base and higher overall engagement across the digital betting industry.

Deposit volumes typically rise with varied bets. Although activity often declines after the Games end, it usually remains above pre-Olympic levels for some time, showing a lasting impact on user behavior. Below Table compares user activity before, during, and after the Olympics, highlighting longer session times and higher betting volumes during the Games.

Table: User Activity Trends Around the Olympic Period

Risks, Regulations, and Responsible Gambling

Despite its growth, online gambling carries risks that should not be ignored. Increased exposure during major events like the Olympics can lead some users to spend more time and money than they planned. This makes responsible gambling practices essential.

Many countries have introduced regulations to protect users. These include age verification, deposit limits, and self-exclusion options. Reputable platforms also provide tools that help users track their spending and set personal limits.

Education plays an important role as well. Understanding the odds, recognizing warning signs of problem gambling, and knowing when to take a break can reduce potential harm. Responsible use helps ensure that betting remains a form of entertainment rather than a source of financial or emotional stress.

Conclusion

The Olympic Games bring a potent combination of international attention, emotional appeal, and online interaction. Such a setting increases the popularity of online gambling sites, as people attempt to interact with the events to which they attach themselves. The development of mobile technology has made it easier for people to get involved, thus ensuring the continued growth of online gambling.

At the same time, the rise of betting on Olympic sports wagering emphasizes the necessity for a balance. Indeed, while the platforms develop and expand the audience, good practices in gambling and regulation remain necessary to ensure the development of a digital betting market responsibly.

For more than 50 years, Happy Joe’s Pizza has been serving up more than just their famed pizza and ice cream, it’s found something more important: a “safe haven” for children and families, according to the company’s Chief “Happiness” Officer, Tom Sacco.

The brand, which is headquartered in Davenport, Iowa, began in 1972 and was founded by Joe Whitty. A “baker by trade,” he ended up working for Shakey’s Pizza. 

“From what I understand, he went to Shakey’s and said, ‘Hey, I’ve got an opportunity with my background, I think I can really improve our pizza dough,’” Tom Sacco, current Happy Joe’s Pizza Chief Executive Officer, President and Chief “Happiness” Officer, recalled. 

MCDONALD’S FINDS WINNING RECIPE IN VALUE MEAL DEALS AS DINERS RETURN

“They said, ‘Well, if you don’t think our pizza dough is so good, why don’t you just leave and do your own pizza restaurant,’” Sacco continued.

To this day, the brand continues to use that same dough recipe, according to Sacco.

“I try to be as true, not knowing him, but understanding some of his characteristics and attributes,” Sacco told FOX Business. 

Sacco has spent his entire career in the restaurant business and grew up working in his grandfather’s kitchen at eight years old. After getting a bachelor’s and master’s degree and completing law school, he still chose to pursue a career in the industry.

After a career working with other restaurants, he joined Happy Joe’s Pizza in 2020.

“I’m very comfortable in the industry, but what really excited me was in the DNA of Happy Joe’s. It’s always about family and it revolves around children,” Sacco said.

Sacco said during a visit to Iowa before he was set to head up the company, he walked around stores asking people if they were familiar with the brand. He explained that those who he spoke with “would go on and tell [him] all these magical memories that they had.”

“I said to myself, ‘You know what? I’m gonna help them because it’s a good brand, but I’m also gonna be selfish,” Sacco shared. “I’m going to help them because I want my family, my grandchildren, to grow up with the same memories that I was told by all these people.”

HOW DOMINO’S ‘REGAINED ITS CROWN’ IN THE PIZZA INDUSTRY

In 2025, the company reported a “milestone year” of growth and impact in the community, according to a release shared with Fox Business.

The brand re-opened a franchise in New Ulm, Minn., with “renewed development efforts” supporting planned growth across Texas and Iowa, among other states. It’s also expanding its West Coast presence, with an opening in Oro Valley, Ariz., in the spring.

“This year showed what is possible when franchisees, team members and guests believe in that mission,” Sacco said in the release. “We expanded into new markets, earned recognition from our industry and created meaningful moments for the communities we love. As we look toward 2026, we are committed to keeping that spirit at the center of everything we do.”

While the company has reported massive success over the past few years, that doesn’t go without experiencing routine inflationary pressures. Sacco shared that despite these pressures, he “resurrected” the original products that Whitty was using just prior to the start of the COVID-19 pandemic.

“So when everybody was taking a hit, we saw an uptick in sales,” Sacco said. “That uptick continued, really, up until the end of [2025].”

PIZZA HUT TO CLOSE AROUND 250 LOCATIONS

Sacco said that this effort felt like he was “going to go against the grain.”

“It was almost like I was going to go against the grain, not because I needed to do something different, because I believed that when the long-term franchisees were saying, ‘Tom, if there’s anything we can tell you, [it’s to] follow the recipe [Whitty] had,’” said Sacco. 

The brand is also deeply involved in philanthropic work and community involvement. According to their website, the company has won numerous awards and created a variety of programs in order to “give back to the communities who have helped make [them] so successful.”

In an emotional moment, Sacco said that while the company is a business, “the calling [of Happy Joe’s Pizza] is so much more.”

The company hosts an annual event called Happy Joe’s Holiday Parties for Children with Special Needs. This year, the company reported that roughly 2,000 children were in attendance. Sacco said that these moments are what “juice him up” for the future.

“It’s so touching to me to see these kids care that much about a pizza,” Sacco said with tears in his eyes. “It’s not the pizza, it’s the magic that the pizza creates for them.”

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As the company continues growth efforts in 2026, Sacco said he plans to continue to be a “servant leader.”

“I try to be the best servant leader I can be. I try to lead by example… If you care, that’s what you do,” Sacco said. “I think bringing back caring to Happy Joe’s was one of the missing elements.”

Asian stocks advanced after a rebound in tech and robust economic data boosted US equities. Oil held gains after its biggest jump since October.

The MSCI Asia Pacific Index gained for a second day, as shares rallied in Australia and Japan, and South Korea’s benchmark rose to a record. That was after the S&P 500 gained 0.6% Wednesday and the tech-heavy Nasdaq 100 climbed 0.8%. Financial markets remained shut in mainland China, Hong Kong and Taiwan for the Lunar New Year holiday.

The rebound in tech shares offered a sign that concern over the disruption of artificial intelligence were easing, just as several stock pickers surveyed the wreckage for buying opportunities.

The software stock selloff is likely “overdone” as that was a largely knee-jerk reaction, with investors trying to figure out the winners and losers from AI, said Paul Stanley, managing partner at Granite Bay Wealth Management. “While AI is very promising, investors should not assume that all companies will win on the AI front.”

Oil steadied in Asia after jumping Wednesday following a report that American military intervention in Iran may come sooner than expected.

West Texas Intermediate traded above $65 a barrel after gaining 4.6% on Wednesday, while Brent crude closed above $70 for the first time in more than two weeks. Axios reported that any US military operation would likely be a weeks-long campaign and that Israel’s government is pushing for a scenario targeting regime change in the Islamic Republic.
The dollar edged lower versus most of its Group-of-10 peers after Bloomberg’s gauge of the greenback gained 0.5% on Wednesday. Treasuries were little changed after dropping in the New York session, when a $16 billion sale of 20-year bonds drew lackluster demand. US economic data published Wednesday showing the biggest increase in US industrial production in January bolstered investor sentiment, while orders for business equipment rose in December by more than projected and housing starts hit a five-month high.