TIME magazine is reporting that President Donald Trump announced a "historic" oil deal with Venezuela, which he said gives the U.S. majority control over more than 65 billion barrels of proven Venezuelan reserves. Trump stated the agreement would help lower gas prices, which have surged amid an ongoing war with Iran. However, the magazine noted it remains unclear when Americans might see savings, with experts suggesting it could take years for the deal to have a meaningful economic effect. Federal Reserve Chair Kevin Warsh also emphasized persistent inflation concerns in his remarks at the Jackson Hole Economic Policy Symposium.
Separately, TIME film critic Stephanie Zacharek reviewed "Coyote vs. ACME," a Looney Tunes movie blending live action and animation. The film features Wile E. Coyote suing ACME for faulty products, and its journey to theaters was almost as adventurous as its protagonist.
The magazine also reported that President Trump signed an executive order last week to rename Lake Ontario as "Lake America." This change comes amid an escalating trade war between the U.S. and Canada, with the lake bordering both nations. Politicians on both sides, including New York Gov. Kathy Hochul and Canadian Prime Minister Mark Carney, have rejected the new moniker, citing the lake's more than 400-year-old name. The renaming only applies to federal references within the U.S.
In economic news, Ray Dalio, author of "How Countries Go Broke: The Big Cycle," highlighted three recent events in the U.S. Treasury bond markets. These include Japan selling U.S. Treasury holdings to support the yen, rising U.S. bond yields due to increased dollar debt supply and weakening demand, and Treasury Secretary Scott Bessent's announcement that the Treasury will purchase U.S. bonds. Dalio views these as symptoms of a serious debt problem that could signal an "economic heart attack."
Finally, TIME reported that the U.S. Food and Drug Administration approved Mounjaro, Eli Lilly's diabetes drug, to lower the risk of heart events, including heart attack and stroke, in people with Type 2 diabetes. The FDA granted the approval Aug. 28. A study submitted to the FDA showed that people taking Mounjaro had an 8% lower rate of heart attack, stroke or heart-related death compared to those taking Trulicity, another Eli Lilly diabetes drug. Dr. Rachel Batterham, senior vice president of medical innovation and external engagement for cardiometabolic health at Eli Lilly, emphasized the critical importance of reducing cardiovascular disease risk in Type 2 diabetes patients.