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Treasury Dept.: Operation Economic Outcast Neutralizes Iranian Regime's Remaining Shadow Fleet Network
WASHINGTON, Oct. 9 -- The U.S. Department of the Treasury issued the following news release:
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Operation Economic Outcast Neutralizes Iranian Regime's Remaining Shadow Fleet Network
October 8, 2026
Sanctions Target Iran's Remaining Illicit Fleet and its Global Support Network
-
WASHINGTON--Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury is targeting the remnants of Iran's shadow fleet: the aging network of tankers the regime relies on to move billions of dollars' worth of petroleum and petroleum products to foreign markets. Today's action effectively ... Show Full Article WASHINGTON, Oct. 9 -- The U.S. Department of the Treasury issued the following news release: * * * Operation Economic Outcast Neutralizes Iranian Regime's Remaining Shadow Fleet Network October 8, 2026 Sanctions Target Iran's Remaining Illicit Fleet and its Global Support Network - WASHINGTON--Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury is targeting the remnants of Iran's shadow fleet: the aging network of tankers the regime relies on to move billions of dollars' worth of petroleum and petroleum products to foreign markets. Today's action effectivelyneutralizes the vast majority of Iran's remaining shadow fleet network.
"Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime's oil sales," said Secretary of the Treasury Scott Bessent. "No enabler of Iranian sanctions evasion is safe from the full force of Treasury's authorities."
With the success of the U.S. military's blockade, dwindling Iranian oil shipments outside the blockade line, and intensifying economic pressure across sectors from Operation Economic Outcast, the regime is running out of options to stabilize Iran's failing economy.
OFAC is taking action against remaining shadow fleet vessels that are continuing to evade U.S. sanctions by transporting Iranian petroleum and petrochemicals. The vessels involved, registered across more than a dozen jurisdictions and operated by an intricate web of international front companies, underscore the global scale of Iran's illicit shipping architecture and the sophistication with which the regime attempts to mask its sanctions evasion. By dismantling these maritime nodes and the companies behind them, Treasury is severing core channels the Iranian regime has long relied on to circumvent U.S. sanctions, sustain its petrochemical sector, and funnel resources to destabilizing actors. Because this illicit maritime ecosystem is fluid, with vessels routinely entering and exiting the network, Treasury will continue to monitor, identify, and disrupt any attempts at sanctions evasion.
The designations imposed today are being taken pursuant to Executive Order (E.O.) 13902, which targets the Iranian petroleum sector, among other key sectors of the Iranian economy.
OPERATION ECONOMIC OUTCAST IS ISOLATING THE IRANIAN REGIME
Announced by Secretary Bessent on August 24, 2026 and dubbed Economic D-Day, Operation Economic Outcast is severing the remaining economic lifelines that sustain the Iranian regime. Treasury has mapped the networks, facilitators, and financial channels that Iran uses to smuggle oil, evade sanctions, and fund terror. Working with partners across the U.S. government, the European Union, United Kingdom, Gulf partners, and others, Treasury is targeting any source of the regime's illicit revenue, as well as its sanctions evasion schemes to move funds.
Operation Economic Outcast significantly expanded sanctions risk for those who continue to choose to do business with Iran. Treasury warned that any entity facilitating money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system. Operation Economic Outcast also expanded sanctions exposure for non-U.S. persons who continue doing business with the Iranian regime and will accelerate the pace of U.S. enforcement. More information on Operation Economic Outcast is available here.
SHADOW FLEET VESSELS
Treasury today took action against 17 shadow fleet vessels responsible for transporting millions of barrels of Iranian crude oil and petroleum and petrochemical products to a variety of markets in South and East Asia.
* The Comoros-flagged asphalt/bitumen tanker PARITOSH (IMO 9383352), owned by Marshall Islands-registered Paritosh Shipping Inc, has transported over 100,000 barrels of Iranian bitumen/asphalt in 2026.
* The Panama-flagged asphalt/bitumen tanker BITU (IMO 9531765), owned by Marshall Islands-registered Ornella Shipping Inc, has transported over 170,000 barrels of Iranian bitumen/asphalt in 2026.
* The Panama-flagged STARWAY (IMO 9273246), owned by China-based Hechuang International Group, has transported over three million barrels of Iranian naphtha since 2025.
* The Bahamas-flagged liquefied petroleum gas (LPG) tanker GAS LUCKY (IMO 9177557), owned by China-based Shunhang Ship Management Ltd, has transported over 500,000 barrels of Iranian ethylene since 2025.
* The Mongolia-flagged LPG tanker G SPRING (IMO 9040118), owned by Hong Kong-registered JLS Dragon Co Ltd, has transported the equivalent of over one million barrels of Iranian LPG to China since 2021.
* The Palau-flagged products tanker KANHA (IMO 9308766), owned by Marshall Islands-registered Kanha Shipping Inc, has transported over three million barrels of Iranian high sulfur fuel oil to various ports in the Middle East and India since 2021.
* The Cameroon-flagged oil products tanker KING CHAIN (IMO 9277761), owned by the United Kingdom-registered and China-based Saint Abundant International Co Limited, has transported several millions of barrels of Iranian methanol to China since 2023.
* The Zanzibar-flagged LPG tanker POLAR (IMO 9050187), owned by Marshall Islands-based Terra Nav Shipping Ltd, has transported over 100,000 barrels of Iranian propane/butane to Pakistan since 2025.
* The Panama-flagged chemical/oil products tanker MACKEREL (IMO 9234628), owned by Marshall Islands-based Betta Shipping Inc., has transported over 500,000 barrels of Iranian high sulfur fuel oil since December 2025.
* The Sierra Leone-flagged LPG tanker GAS MARAKUA (IMO 9240421), owned by British Virgin Islands-based Makarua Shipping Limited, has transported over one million barrels of Iranian propane/butane since late 2025.
* The Vanuatu-flagged LPG tanker ZIXUAN (IMO 9317298), owned by Marshall Islands-based Goddess Shipping Corp., has transported over one million barrels of Iranian propane/butane since October 2025.
* The Hong Kong-flagged chemical/oil products tanker AVA 6 (IMO 9226140), owned by Hong Kong-based Standwill Shipping Limited, has transported over one million barrels of Iranian naphtha since September 2025.
* The Vanuatu-flagged crude oil tanker TINA 5 (IMO 9237761), owned by Marshall Islands-based Nostalgia Company Limited, transported over 1.5 million barrels of Iranian crude oil in August 2026.
* The Comoros-flagged LPG tanker SOGL (IMO 9208227), owned by Marshall Islands-based Gravion Maritime Company, has transported more than two million barrels of Iranian propane/butane since September 2025.
* The San Marino-flagged LPG tanker NOBLE SEA (IMO 9343118), owned by Hong Kong-based Brich Shipping Co. Limited, has shipped over two million barrels of Iranian ammonia and propane/butane since mid-2025, most recently completing a shipment of 200,000 barrels of Iranian methanol in June 2026.
* The Cameroon-flagged crude oil tanker SHENZHEN (IMO 9276561), owned by Marshall Islands-based Northport Navigation Inc., has transported more than 3.5 million barrels of Iranian crude oil since November 2025.
* The Gambia-flagged oil products tanker EXFLAME (IMO 9294678), owned by Marshall Islands-registered Science Ru Trading Co. Limited, has transported more than 400,000 barrels of Iranian methanol since mid-2026.
The following companies are being designated pursuant to E.O. 13902 for operating in the petroleum or petrochemical sector of the Iranian economy:
* Paritosh Shipping Inc.;
* Ornella Shipping Inc.;
* Hechuang International Group Limited;
* Kanha Shipping Inc;
* Terra Nav Shipping Ltd;
* Betta Shipping Inc.;
* Makarua Shipping Limited;
* Goddess Shipping Corp.;
* Standwill Shipping Limited;
* Gravion Maritime Company;
* Nostalgia Company Limited;
* Brich Shipping Company Limited; and
* Northport Navigation Inc.
The following companies are being designated pursuant to E.O. 13902 for operating in the petrochemical sector of the Iranian economy:
* Shunhang Ship Management Limited;
* JLS Dragon Co Ltd;
* Brich Shipping Company Limited;
* Saint Abundant International Co Limited; and
* Science Ru Trading Co. Limited.
As a part of today's action, OFAC is also removing two vessels from the sanctions list. The HAKUNA MATATA (IMO 9354167) and PINOCCHIO (IMO 9400112) were previously identified in June 2025 as part of Iran's shadow fleet. Following a demonstrated change in circumstances, namely the removal of these vessels from the shadow fleet and their sale to non-sanctioned/U.S.-aligned operators, OFAC has effectuated their removal from the SDN List, and these vessels will be able to reintegrate into the ranks of licit maritime operators.
SANCTIONS IMPLICATIONS
As a result of today's action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC's regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons.
Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC's Economic Sanctions Enforcement Guidelines provide more information regarding OFAC's enforcement of U.S. economic sanctions. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Individuals located in the U.S. or abroad who provide information about sanctions violations to FinCEN's whistleblower incentive program may be eligible for awards if the information they provide leads to a successful enforcement action that results in monetary penalties exceeding $1,000,000. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities with designated or otherwise blocked persons.
Furthermore, engaging in certain transactions involving the persons designated today may risk the imposition of secondary sanctions on participating foreign financial institutions. OFAC can prohibit or impose strict conditions on opening or maintaining, in the United States, a correspondent account or a payable-through account of a foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of a person who is designated pursuant to the relevant authority.
The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add persons to the Specially Designated Nationals and Blocked Persons List (SDN List), but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC's guidance on Filing a Petition for Removal from an OFAC List (https://ofac.treasury.gov/specially-designated-nationals-list-sdn-list/filing-a-petition-for-removal-from-an-ofac-list).
Click here for more information on the persons designated today (https://ofac.treasury.gov/recent-actions/20261008).
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Original text here: https://home.treasury.gov/news/press-releases/sb0653/
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Operation Economic Outcast Neutralizes Iranian Regime's Remaining Shadow Fleet Network
October 8, 2026
Sanctions Target Iran's Remaining Illicit Fleet and its Global Support Network
-
WASHINGTON--Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury is targeting the remnants of Iran's shadow fleet: the aging network of tankers the regime relies on to move billions of dollars' worth of petroleum and petroleum products to foreign markets. Today's action effectively ... Show Full Article WASHINGTON, Oct. 9 -- The U.S. Department of the Treasury issued the following news release: * * * Operation Economic Outcast Neutralizes Iranian Regime's Remaining Shadow Fleet Network October 8, 2026 Sanctions Target Iran's Remaining Illicit Fleet and its Global Support Network - WASHINGTON--Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury is targeting the remnants of Iran's shadow fleet: the aging network of tankers the regime relies on to move billions of dollars' worth of petroleum and petroleum products to foreign markets. Today's action effectivelyneutralizes the vast majority of Iran's remaining shadow fleet network.
"Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime's oil sales," said Secretary of the Treasury Scott Bessent. "No enabler of Iranian sanctions evasion is safe from the full force of Treasury's authorities."
With the success of the U.S. military's blockade, dwindling Iranian oil shipments outside the blockade line, and intensifying economic pressure across sectors from Operation Economic Outcast, the regime is running out of options to stabilize Iran's failing economy.
OFAC is taking action against remaining shadow fleet vessels that are continuing to evade U.S. sanctions by transporting Iranian petroleum and petrochemicals. The vessels involved, registered across more than a dozen jurisdictions and operated by an intricate web of international front companies, underscore the global scale of Iran's illicit shipping architecture and the sophistication with which the regime attempts to mask its sanctions evasion. By dismantling these maritime nodes and the companies behind them, Treasury is severing core channels the Iranian regime has long relied on to circumvent U.S. sanctions, sustain its petrochemical sector, and funnel resources to destabilizing actors. Because this illicit maritime ecosystem is fluid, with vessels routinely entering and exiting the network, Treasury will continue to monitor, identify, and disrupt any attempts at sanctions evasion.
The designations imposed today are being taken pursuant to Executive Order (E.O.) 13902, which targets the Iranian petroleum sector, among other key sectors of the Iranian economy.
OPERATION ECONOMIC OUTCAST IS ISOLATING THE IRANIAN REGIME
Announced by Secretary Bessent on August 24, 2026 and dubbed Economic D-Day, Operation Economic Outcast is severing the remaining economic lifelines that sustain the Iranian regime. Treasury has mapped the networks, facilitators, and financial channels that Iran uses to smuggle oil, evade sanctions, and fund terror. Working with partners across the U.S. government, the European Union, United Kingdom, Gulf partners, and others, Treasury is targeting any source of the regime's illicit revenue, as well as its sanctions evasion schemes to move funds.
Operation Economic Outcast significantly expanded sanctions risk for those who continue to choose to do business with Iran. Treasury warned that any entity facilitating money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system. Operation Economic Outcast also expanded sanctions exposure for non-U.S. persons who continue doing business with the Iranian regime and will accelerate the pace of U.S. enforcement. More information on Operation Economic Outcast is available here.
SHADOW FLEET VESSELS
Treasury today took action against 17 shadow fleet vessels responsible for transporting millions of barrels of Iranian crude oil and petroleum and petrochemical products to a variety of markets in South and East Asia.
* The Comoros-flagged asphalt/bitumen tanker PARITOSH (IMO 9383352), owned by Marshall Islands-registered Paritosh Shipping Inc, has transported over 100,000 barrels of Iranian bitumen/asphalt in 2026.
* The Panama-flagged asphalt/bitumen tanker BITU (IMO 9531765), owned by Marshall Islands-registered Ornella Shipping Inc, has transported over 170,000 barrels of Iranian bitumen/asphalt in 2026.
* The Panama-flagged STARWAY (IMO 9273246), owned by China-based Hechuang International Group, has transported over three million barrels of Iranian naphtha since 2025.
* The Bahamas-flagged liquefied petroleum gas (LPG) tanker GAS LUCKY (IMO 9177557), owned by China-based Shunhang Ship Management Ltd, has transported over 500,000 barrels of Iranian ethylene since 2025.
* The Mongolia-flagged LPG tanker G SPRING (IMO 9040118), owned by Hong Kong-registered JLS Dragon Co Ltd, has transported the equivalent of over one million barrels of Iranian LPG to China since 2021.
* The Palau-flagged products tanker KANHA (IMO 9308766), owned by Marshall Islands-registered Kanha Shipping Inc, has transported over three million barrels of Iranian high sulfur fuel oil to various ports in the Middle East and India since 2021.
* The Cameroon-flagged oil products tanker KING CHAIN (IMO 9277761), owned by the United Kingdom-registered and China-based Saint Abundant International Co Limited, has transported several millions of barrels of Iranian methanol to China since 2023.
* The Zanzibar-flagged LPG tanker POLAR (IMO 9050187), owned by Marshall Islands-based Terra Nav Shipping Ltd, has transported over 100,000 barrels of Iranian propane/butane to Pakistan since 2025.
* The Panama-flagged chemical/oil products tanker MACKEREL (IMO 9234628), owned by Marshall Islands-based Betta Shipping Inc., has transported over 500,000 barrels of Iranian high sulfur fuel oil since December 2025.
* The Sierra Leone-flagged LPG tanker GAS MARAKUA (IMO 9240421), owned by British Virgin Islands-based Makarua Shipping Limited, has transported over one million barrels of Iranian propane/butane since late 2025.
* The Vanuatu-flagged LPG tanker ZIXUAN (IMO 9317298), owned by Marshall Islands-based Goddess Shipping Corp., has transported over one million barrels of Iranian propane/butane since October 2025.
* The Hong Kong-flagged chemical/oil products tanker AVA 6 (IMO 9226140), owned by Hong Kong-based Standwill Shipping Limited, has transported over one million barrels of Iranian naphtha since September 2025.
* The Vanuatu-flagged crude oil tanker TINA 5 (IMO 9237761), owned by Marshall Islands-based Nostalgia Company Limited, transported over 1.5 million barrels of Iranian crude oil in August 2026.
* The Comoros-flagged LPG tanker SOGL (IMO 9208227), owned by Marshall Islands-based Gravion Maritime Company, has transported more than two million barrels of Iranian propane/butane since September 2025.
* The San Marino-flagged LPG tanker NOBLE SEA (IMO 9343118), owned by Hong Kong-based Brich Shipping Co. Limited, has shipped over two million barrels of Iranian ammonia and propane/butane since mid-2025, most recently completing a shipment of 200,000 barrels of Iranian methanol in June 2026.
* The Cameroon-flagged crude oil tanker SHENZHEN (IMO 9276561), owned by Marshall Islands-based Northport Navigation Inc., has transported more than 3.5 million barrels of Iranian crude oil since November 2025.
* The Gambia-flagged oil products tanker EXFLAME (IMO 9294678), owned by Marshall Islands-registered Science Ru Trading Co. Limited, has transported more than 400,000 barrels of Iranian methanol since mid-2026.
The following companies are being designated pursuant to E.O. 13902 for operating in the petroleum or petrochemical sector of the Iranian economy:
* Paritosh Shipping Inc.;
* Ornella Shipping Inc.;
* Hechuang International Group Limited;
* Kanha Shipping Inc;
* Terra Nav Shipping Ltd;
* Betta Shipping Inc.;
* Makarua Shipping Limited;
* Goddess Shipping Corp.;
* Standwill Shipping Limited;
* Gravion Maritime Company;
* Nostalgia Company Limited;
* Brich Shipping Company Limited; and
* Northport Navigation Inc.
The following companies are being designated pursuant to E.O. 13902 for operating in the petrochemical sector of the Iranian economy:
* Shunhang Ship Management Limited;
* JLS Dragon Co Ltd;
* Brich Shipping Company Limited;
* Saint Abundant International Co Limited; and
* Science Ru Trading Co. Limited.
As a part of today's action, OFAC is also removing two vessels from the sanctions list. The HAKUNA MATATA (IMO 9354167) and PINOCCHIO (IMO 9400112) were previously identified in June 2025 as part of Iran's shadow fleet. Following a demonstrated change in circumstances, namely the removal of these vessels from the shadow fleet and their sale to non-sanctioned/U.S.-aligned operators, OFAC has effectuated their removal from the SDN List, and these vessels will be able to reintegrate into the ranks of licit maritime operators.
SANCTIONS IMPLICATIONS
As a result of today's action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC's regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons.
Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC's Economic Sanctions Enforcement Guidelines provide more information regarding OFAC's enforcement of U.S. economic sanctions. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Individuals located in the U.S. or abroad who provide information about sanctions violations to FinCEN's whistleblower incentive program may be eligible for awards if the information they provide leads to a successful enforcement action that results in monetary penalties exceeding $1,000,000. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities with designated or otherwise blocked persons.
Furthermore, engaging in certain transactions involving the persons designated today may risk the imposition of secondary sanctions on participating foreign financial institutions. OFAC can prohibit or impose strict conditions on opening or maintaining, in the United States, a correspondent account or a payable-through account of a foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of a person who is designated pursuant to the relevant authority.
The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add persons to the Specially Designated Nationals and Blocked Persons List (SDN List), but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC's guidance on Filing a Petition for Removal from an OFAC List (https://ofac.treasury.gov/specially-designated-nationals-list-sdn-list/filing-a-petition-for-removal-from-an-ofac-list).
Click here for more information on the persons designated today (https://ofac.treasury.gov/recent-actions/20261008).
* * *
Original text here: https://home.treasury.gov/news/press-releases/sb0653/
Palmer Named to Minneapolis Fed Leadership
MINNEAPOLIS, Minnesota, Oct. 9 -- The Federal Reserve Bank of Minneapolis issued the following news:
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Palmer named to Minneapolis Fed leadership
Minneapolis, October 9, 2026
Vanessa Palmer has been promoted to division data principal in Community Development and Engagement (CDE) at the Federal Reserve Bank of Minneapolis.
In this senior professional role, Palmer will lead the division's data practices, oversee its suite of data products, and support its specialized technical needs, including support for the Center for Indian Country Development's research in Indian Country and CDE's ... Show Full Article MINNEAPOLIS, Minnesota, Oct. 9 -- The Federal Reserve Bank of Minneapolis issued the following news: * * * Palmer named to Minneapolis Fed leadership Minneapolis, October 9, 2026 Vanessa Palmer has been promoted to division data principal in Community Development and Engagement (CDE) at the Federal Reserve Bank of Minneapolis. In this senior professional role, Palmer will lead the division's data practices, oversee its suite of data products, and support its specialized technical needs, including support for the Center for Indian Country Development's research in Indian Country and CDE'sfocus on low to moderate income communities.
Palmer joined the Bank in 2020 as a data scientist. Most recently she served as CDE's data director and acting community development research director, where she played a central role in shaping the division's data strategy.
Her prior professional roles focused on supporting a range of private and nonprofit organizations in designing systems and building data products to enable evidence-based decisions.
Palmer holds a bachelor's degree from the University of Washington and a master's degree from the Harvard T.H. Chan School of Public Health.
* * *
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation's central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.
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Original text here: https://www.minneapolisfed.org/news-releases/2026/palmer-named-to-minneapolis-fed-leadership
* * *
Palmer named to Minneapolis Fed leadership
Minneapolis, October 9, 2026
Vanessa Palmer has been promoted to division data principal in Community Development and Engagement (CDE) at the Federal Reserve Bank of Minneapolis.
In this senior professional role, Palmer will lead the division's data practices, oversee its suite of data products, and support its specialized technical needs, including support for the Center for Indian Country Development's research in Indian Country and CDE's ... Show Full Article MINNEAPOLIS, Minnesota, Oct. 9 -- The Federal Reserve Bank of Minneapolis issued the following news: * * * Palmer named to Minneapolis Fed leadership Minneapolis, October 9, 2026 Vanessa Palmer has been promoted to division data principal in Community Development and Engagement (CDE) at the Federal Reserve Bank of Minneapolis. In this senior professional role, Palmer will lead the division's data practices, oversee its suite of data products, and support its specialized technical needs, including support for the Center for Indian Country Development's research in Indian Country and CDE'sfocus on low to moderate income communities.
Palmer joined the Bank in 2020 as a data scientist. Most recently she served as CDE's data director and acting community development research director, where she played a central role in shaping the division's data strategy.
Her prior professional roles focused on supporting a range of private and nonprofit organizations in designing systems and building data products to enable evidence-based decisions.
Palmer holds a bachelor's degree from the University of Washington and a master's degree from the Harvard T.H. Chan School of Public Health.
* * *
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation's central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.
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Original text here: https://www.minneapolisfed.org/news-releases/2026/palmer-named-to-minneapolis-fed-leadership
NIH Announces Record Number of Grants to Support Early Career Investigators, Launches New Recruitment Initiative for Intramural Research
WASHINGTON, Oct. 9 (TNSrpt) -- The U.S. Department of Health and Human Services National Institutes of Health issued the following news release:
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October 8, 2026
NIH announces record number of grants to support early career investigators, launches new recruitment initiative for intramural research
NIH highlights actions to strengthen American biomedical science at White House Science: A New Golden Age Summit.
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The National Institutes of Health (NIH) today announced significant accomplishments that underscore the agency's progress in strengthening the U.S. biomedical research enterprise. ... Show Full Article WASHINGTON, Oct. 9 (TNSrpt) -- The U.S. Department of Health and Human Services National Institutes of Health issued the following news release: * * * October 8, 2026 NIH announces record number of grants to support early career investigators, launches new recruitment initiative for intramural research NIH highlights actions to strengthen American biomedical science at White House Science: A New Golden Age Summit. - The National Institutes of Health (NIH) today announced significant accomplishments that underscore the agency's progress in strengthening the U.S. biomedical research enterprise.The agency announced that 1,648 early-stage investigators are receiving NIH support through R01-equivalent extramural research grant awards in fiscal year 2026, the most ever recorded. The agency also launched Generation Discovery, a new initiative to recruit 100 early-career Principal Investigators into NIH's Intramural Research Program.
The NIH shared these and other recent accomplishments as part of the Science: A New Golden Age Summit, an event hosted by the White House Office of Science and Technology Policy (OSTP) to highlight the comprehensive rethinking of the U.S. science and technology enterprise in the Science: A New Golden Age report (https://www.whitehouse.gov/wp-content/uploads/2026/07/Science-A-New-Golden-Age.pdf) and to showcase significant areas of progress.
"NIH is building the future of American biomedical science," said NIH Director Jay Bhattacharya. "That means demanding the highest standards of rigor, giving exceptional scientists the freedom to pursue bold ideas, attracting new talent, and putting powerful, innovative technologies to work. These actions will help turn scientific possibility into discoveries that improve and save lives."
The Trump Administration places a high priority on increasing opportunities for early-stage investigators to receive funding support to test new ideas. NIH has found that the average age of an extramural researcher serving for the first time as a principal investigator on a R01-equivalent grant has climbed in recent decades, from 38 years old in FY1995 to 42 in FY2025. The 1,648 R01-equivalent grants awarded to support early-stage investigators in FY2026 represented a 25% increase over the ten-year average of 1,323.
With NIH's Intramural Research Program (IRP), Generation Discovery is a concerted effort to connect talented early-career researchers with the unparalleled resources and research opportunities found within the IRP.
Beyond these two announcements, NIH highlighted several other initiatives and accomplishments designed to reinvigorate American biomedical science.
Strengthening Scientific Rigor and Reproducibility
A cornerstone of NIH's efforts is strengthening replication and reproducibility -- the ability to test scientific findings and determine whether they hold up when examined again. Because new discoveries build on earlier research, ensuring that findings are reliable is critical to advancing science and directing time and resources toward the most promising paths.
As part of this agency-wide initiative, NIH plans to establish its first metascience office. The office will serve as a central hub for studying and improving how biomedical science is conducted and coordinating NIH efforts to make rigorous, reproducible research a more integral part of the scientific enterprise.
Those efforts include the launch of a new NIH-wide program, known as Rigor, Replicability, & Reproducibility to Promote Excellence, Accuracy, & Translation in Science, or R3PEATS, that will support research, partnerships, infrastructure and training to improve the reliability of biomedical science. They also include NIH's Linked Discoveries, an experimental PubMed tool recently launched to help researchers see how individual findings fit within the broader body of biomedical evidence.
New Models for Tackling Complex Challenges
NIH is creating new ways to tackle complex scientific and technical challenges. In partnership with the National Science Foundation (NSF), NIH will advance X-Labs, a research model that brings together full-time, interdisciplinary teams with the resources, flexibility and operational independence to pursue ambitious technical goals that are difficult to address through traditional research approaches. NIH and NSF will seek input from the research community to identify potential X-Labs topics focused on priority biomedical research challenges.
Accelerating AI-Enabled Discovery
NIH is leading the Bio-Genesis Mission, part of the national Genesis Mission, to harness Super Intelligence (SI), data, and advanced computational approaches to accelerate biomedical discovery. Efforts include challenges focused on using SI and data to advance pediatric cancer research and repurpose generic drugs, work with the Department of Energy to build the cross-agency Genesis Mission Platform, and a new partnership with Biohub on virtual cell models for the Predicting Living Systems Challenge. NIH will also explore opportunities to develop scientists with expertise in SI and other scientific disciplines and connect trainees with Genesis Mission research opportunities at NIH and partner laboratories.
Developing Scientific Talent
NIH is expanding opportunities for scientists to pursue ambitious ideas and build independent research careers. In fiscal year 2026, NIH supported 1,648 early-stage investigators, the highest number in a single year in NIH history, as part of its commitment to helping early-career researchers establish independent scientific programs. NIH will also broaden its use of Investigator-Focused Awards (R35), which provide greater stability and flexibility to pursue promising scientific directions, and continue using prizes and challenges to spur new approaches to priority scientific and health problems.
NIH is extending that commitment to its own laboratories through Generation Discovery, a new initiative to recruit 100 outstanding investigators to the NIH Intramural Research Program over the next three years to pursue ambitious biomedical research.
Looking Ahead
Together, these efforts reflect NIH's commitment to strengthening the foundations of American biomedical research while creating new opportunities for discovery. By advancing rigorous and reproducible science, investing in the future of the research workforce, and developing new ways to tackle complex scientific challenges, NIH is working to accelerate discoveries that improve health and strengthen U.S. leadership in biomedical research.
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About the National Institutes of Health (NIH): NIH, the nation's medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
NIH...Turning Discovery Into Health(R)
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Original text here: https://www.nih.gov/news-events/news-releases/nih-announces-record-number-grants-support-early-career-investigators-launches-new-recruitment-initiative-intramural-research
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October 8, 2026
NIH announces record number of grants to support early career investigators, launches new recruitment initiative for intramural research
NIH highlights actions to strengthen American biomedical science at White House Science: A New Golden Age Summit.
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The National Institutes of Health (NIH) today announced significant accomplishments that underscore the agency's progress in strengthening the U.S. biomedical research enterprise. ... Show Full Article WASHINGTON, Oct. 9 (TNSrpt) -- The U.S. Department of Health and Human Services National Institutes of Health issued the following news release: * * * October 8, 2026 NIH announces record number of grants to support early career investigators, launches new recruitment initiative for intramural research NIH highlights actions to strengthen American biomedical science at White House Science: A New Golden Age Summit. - The National Institutes of Health (NIH) today announced significant accomplishments that underscore the agency's progress in strengthening the U.S. biomedical research enterprise.The agency announced that 1,648 early-stage investigators are receiving NIH support through R01-equivalent extramural research grant awards in fiscal year 2026, the most ever recorded. The agency also launched Generation Discovery, a new initiative to recruit 100 early-career Principal Investigators into NIH's Intramural Research Program.
The NIH shared these and other recent accomplishments as part of the Science: A New Golden Age Summit, an event hosted by the White House Office of Science and Technology Policy (OSTP) to highlight the comprehensive rethinking of the U.S. science and technology enterprise in the Science: A New Golden Age report (https://www.whitehouse.gov/wp-content/uploads/2026/07/Science-A-New-Golden-Age.pdf) and to showcase significant areas of progress.
"NIH is building the future of American biomedical science," said NIH Director Jay Bhattacharya. "That means demanding the highest standards of rigor, giving exceptional scientists the freedom to pursue bold ideas, attracting new talent, and putting powerful, innovative technologies to work. These actions will help turn scientific possibility into discoveries that improve and save lives."
The Trump Administration places a high priority on increasing opportunities for early-stage investigators to receive funding support to test new ideas. NIH has found that the average age of an extramural researcher serving for the first time as a principal investigator on a R01-equivalent grant has climbed in recent decades, from 38 years old in FY1995 to 42 in FY2025. The 1,648 R01-equivalent grants awarded to support early-stage investigators in FY2026 represented a 25% increase over the ten-year average of 1,323.
With NIH's Intramural Research Program (IRP), Generation Discovery is a concerted effort to connect talented early-career researchers with the unparalleled resources and research opportunities found within the IRP.
Beyond these two announcements, NIH highlighted several other initiatives and accomplishments designed to reinvigorate American biomedical science.
Strengthening Scientific Rigor and Reproducibility
A cornerstone of NIH's efforts is strengthening replication and reproducibility -- the ability to test scientific findings and determine whether they hold up when examined again. Because new discoveries build on earlier research, ensuring that findings are reliable is critical to advancing science and directing time and resources toward the most promising paths.
As part of this agency-wide initiative, NIH plans to establish its first metascience office. The office will serve as a central hub for studying and improving how biomedical science is conducted and coordinating NIH efforts to make rigorous, reproducible research a more integral part of the scientific enterprise.
Those efforts include the launch of a new NIH-wide program, known as Rigor, Replicability, & Reproducibility to Promote Excellence, Accuracy, & Translation in Science, or R3PEATS, that will support research, partnerships, infrastructure and training to improve the reliability of biomedical science. They also include NIH's Linked Discoveries, an experimental PubMed tool recently launched to help researchers see how individual findings fit within the broader body of biomedical evidence.
New Models for Tackling Complex Challenges
NIH is creating new ways to tackle complex scientific and technical challenges. In partnership with the National Science Foundation (NSF), NIH will advance X-Labs, a research model that brings together full-time, interdisciplinary teams with the resources, flexibility and operational independence to pursue ambitious technical goals that are difficult to address through traditional research approaches. NIH and NSF will seek input from the research community to identify potential X-Labs topics focused on priority biomedical research challenges.
Accelerating AI-Enabled Discovery
NIH is leading the Bio-Genesis Mission, part of the national Genesis Mission, to harness Super Intelligence (SI), data, and advanced computational approaches to accelerate biomedical discovery. Efforts include challenges focused on using SI and data to advance pediatric cancer research and repurpose generic drugs, work with the Department of Energy to build the cross-agency Genesis Mission Platform, and a new partnership with Biohub on virtual cell models for the Predicting Living Systems Challenge. NIH will also explore opportunities to develop scientists with expertise in SI and other scientific disciplines and connect trainees with Genesis Mission research opportunities at NIH and partner laboratories.
Developing Scientific Talent
NIH is expanding opportunities for scientists to pursue ambitious ideas and build independent research careers. In fiscal year 2026, NIH supported 1,648 early-stage investigators, the highest number in a single year in NIH history, as part of its commitment to helping early-career researchers establish independent scientific programs. NIH will also broaden its use of Investigator-Focused Awards (R35), which provide greater stability and flexibility to pursue promising scientific directions, and continue using prizes and challenges to spur new approaches to priority scientific and health problems.
NIH is extending that commitment to its own laboratories through Generation Discovery, a new initiative to recruit 100 outstanding investigators to the NIH Intramural Research Program over the next three years to pursue ambitious biomedical research.
Looking Ahead
Together, these efforts reflect NIH's commitment to strengthening the foundations of American biomedical research while creating new opportunities for discovery. By advancing rigorous and reproducible science, investing in the future of the research workforce, and developing new ways to tackle complex scientific challenges, NIH is working to accelerate discoveries that improve health and strengthen U.S. leadership in biomedical research.
* * *
About the National Institutes of Health (NIH): NIH, the nation's medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
NIH...Turning Discovery Into Health(R)
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Original text here: https://www.nih.gov/news-events/news-releases/nih-announces-record-number-grants-support-early-career-investigators-launches-new-recruitment-initiative-intramural-research
Fed Governor Waller Issues Remarks At Istanbul Economic Forum
ISTANBUL, Turkiye, Oct. 9 -- The Federal Reserve issued the following remarks by Governor Christopher J. Waller:
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October 08, 2026
The Signaling Value of the Summary of Economic Projections
At the Istanbul Economic Forum, Central Bank of the Republic of Turkiye, Istanbul, Turkiye
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Thank you to the Central Bank of Turkiye for the opportunity to speak to you./1 I look forward today to hearing perspectives on the global economy and Turkiye's role in it, but I thought the most constructive use I can make of the valuable time you have granted me is to offer a brief update on the U.S. economy ... Show Full Article ISTANBUL, Turkiye, Oct. 9 -- The Federal Reserve issued the following remarks by Governor Christopher J. Waller: * * * October 08, 2026 The Signaling Value of the Summary of Economic Projections At the Istanbul Economic Forum, Central Bank of the Republic of Turkiye, Istanbul, Turkiye - Thank you to the Central Bank of Turkiye for the opportunity to speak to you./1 I look forward today to hearing perspectives on the global economy and Turkiye's role in it, but I thought the most constructive use I can make of the valuable time you have granted me is to offer a brief update on the U.S. economyand then offer some thoughts on central bank communication.
As you know, in September the Federal Open Market Committee (FOMC) voted to raise our policy rate 25 basis points to 3.75 percent to 4 percent after nine months during which we held it steady. When monetary policy changes in this fashion, one question that most people ask is, what comes next? And I promise that I will do my best to answer that today, but first I will address another question raised by this shift in policy, which is, what changed? Was there new evidence, or did my thinking about the economy change? It turns out that the answer to this second question has a lot to do with the first one--about where policy goes from here.
I have mentioned that last month's increase in the federal funds rate came after nine months of holding it steady. When I ask "What changed?" I am obviously asking what changed in the seven weeks between July 29, when the FOMC voted to hold rates steady, and September 16, when we raised them. But I am also asking about what changed from the second half of 2025, when the FOMC reduced rates 75 basis points over three successive meetings. While it might seem to some that monetary policy has turned on a dime, or on one or two data points, in my case my decision last month was the culmination of factors that developed over the past year, and I would like to describe them.
When the FOMC cut rates from September through December 2025, we did so with inflation fairly close to our 2 percent target, after accounting for tariff effects that research found were passing through measures of inflation. At the same time, there was significant evidence of a weakening labor market, with an increase in unemployment over the first eight months of the year and very low job creation. Though the picture was less sharp after official data was interrupted because of the government shutdown that began on October 1, other data supported the view that the balance of risks to the FOMC's employment and inflation goals seemed clearly skewed toward employment. I considered our cuts to the policy rate last year as insurance against an economic slowdown.
But then, over the course of the first half of this year, the labor market appeared to stabilize, while progress on inflation stalled due in part to the conflict in the Middle East that drove energy prices very high. I supported no change in the policy rate in the spring and summer with the hope that the conflict would end soon and that the oil price surge would not have a lasting effect on inflation. And there were some signs of an easing of inflation. While headline inflation seesawed based on oil prices and the state of the Middle East conflict, core personal consumption expenditures (PCE) inflation--which excludes volatile food and energy prices--moderated to 0.1 percent in June and an initial estimate of 0.2 percent in July, later revised to 0.1 percent.
But other forces were undermining my faith in this progress. First, hopes for a quick ending to the Middle East conflict faded, and experts warned that low inventories and damaged infrastructure could keep oil prices high through 2027. Second, evidence mounted that the artificial intelligence buildout was significantly driving up high-tech consumer prices, and projections for the size of that buildout ballooned. Third, continuing trade conflicts threatened new tariffs that could put upward pressure on inflation yet again. In most cases, these were forces that became clearer as the year passed, swamping the fleeting signs of progress toward 2 percent inflation. When the first inflation reading for August came in hot just before the FOMC's September meeting, it was impossible to deny that inflation was still too high and not making sufficient progress toward our target.
While some suggested that monetary policy shifted in September based largely on the single data point of consumer price index inflation for August, I hope it is now apparent that this wasn't the case for me. Instead, it was a preponderance of evidence over several months that the risks for monetary policy had shifted, reflecting a strengthened labor market and a range of persistent inflationary forces. For me, this led to the judgment that the policy setting that the FOMC maintained from December 2025 through September of this year would not be sufficient to return inflation to 2 percent in a timely manner. My decision to change the stance of policy emerged over time because it is not one that I take lightly. With evidence that economic activity is strengthening in the second half of this year, I am not greatly concerned that tighter monetary policy threatens a damaging slowdown in the economy. But I am concerned that the recent acceleration in inflation--after what soon will be five and a half years of it above the FOMC's target--will lead consumers, investors, and price-setting businesses to revise up their expectations for future inflation.
Based on some key data released last week, I see the economy in roughly the same place as it was at the time of the FOMC's September meeting. While the number of jobs created was down overall, the employment report indicated that the labor market continued to be solid and stable in September. The unemployment rate remains relatively low and near the median of policymakers' projections of its longer-run level, while payroll gains are in the range of estimates of breakeven to keep the unemployment rate steady. August inflation data, which included revisions to the government's methodology, showed monthly core PCE inflation of 0.25 percent and the 12-month change at 3 percent. Looking at the history of 12-month core inflation, it has been between roughly 2.5 percent and 3.0 percent since the spring of 2024. This is obviously higher than we want, above our target, and not showing sufficient progress. Overall, the new data reinforce my view that the labor market is stable and inflation is too high. For at least the near term, policy will be focused on the inflation side of our mandate.
For the remainder of my remarks, I want to discuss a particular way of communicating the expected future stance of monetary policy that has the flavor of forward guidance but isn't forward guidance. Let me illustrate what I have in mind with an example.
Suppose that a majority of FOMC voters decide that policy needs to be more restrictive and that it is fairly clear to the public that some tightening is likely. What needs to be determined by both policymakers and markets is the number of rate hikes and the pace of rate hikes. Each policymaker thinks about his or her anticipated appropriate policy path to assist them in moving the economy toward the Fed's dual mandate. Markets estimate what the FOMC voters believe is the appropriate path of policy to assist them in pricing various assets.
So how could policymakers communicate the expected policy path to markets? There are several options. To explain, let's assume the number of hikes that policymakers have in mind is three 25 basis point hikes so that they anticipate policy will ultimately be 75 basis points higher than it currently is.
First, policymakers could choose to say nothing about the expected path of the policy rate. But that approach could surprise markets and create volatility. Without additional information, in an extreme case, they could price in zero or even potentially five hikes in future meetings. The point is that if too few or too many hikes are priced in, the change in financial conditions would mean too little or too much of an effect on economic activity.
Second, policymakers could use a strong form of forward guidance and communicate their support for raising the policy rate, let's say, every other meeting by 25 basis points until a total of 75 basis points worth of hikes has been enacted. The market would respond by pricing in 75 basis points of hikes over five meetings. While this eliminates any uncertainty about the future path of policy, it ignores the possibility that incoming data would suggest going faster or slower or hiking more or less than 75 basis points. Indeed, locking in a policy path over such a long period is unlikely to lead to good outcomes given the uncertainty around how the economy will evolve over time.
Finally, there is something in between these two approaches that I will call the signaling option. What I have in mind is that policymakers could signal that the policy rate will likely be hiked 75 basis points over some time interval--say, the next six months. However, policymakers do not say what the pace of hikes will be or how large of an increment the rate hike will be. And we could emphasize that the course of monetary policy is not predetermined and will depend on incoming data and its implications for our dual-mandate goals. This approach provides some information regarding what the terminal rate will be after hiking but allows the pace and the size of rate hikes to be data dependent. Simply put, policymakers could signal where they are likely headed while acknowledging that there is no fixed final destination--except for the achievement of price stability and maximum employment.
I see Federal Reserve policymakers' communications fitting in this last approach, both in their public remarks and their quarterly submissions of economic projections. The Summary of Economic Projections (SEP) is serving that signaling role for policymakers. The projections submitted at the September meeting showed that a large majority of FOMC participants believe it will be appropriate to raise rates at least once more this year. Sixteen of the 18 participants who submitted dots anticipated at least one more hike during the two remaining meetings this year. Four of those 16 expected two additional hikes. It gets a little complicated reading the dots for the full year of 2027, since they may reflect hikes early in the year and then cuts later in the year, but eight participants expect that rates will be 50 basis points higher at the end of 2027 than they are today.
Between the SEP and policymakers' outlook speeches that encompass their interpretation of additional economic data, markets have interpreted that the Committee is likely to raise the policy rate 50 basis points in the coming months. According to futures market prices for the federal funds rate as of yesterday, traders see an 85 percent chance of at least one hike by the end of the FOMC's December meeting and nearly 20 percent chance of two hikes. And, by the March 2027 meeting, markets see nearly an 80 percent chance of at least two hikes and a 33 percent chance of three or more hikes. This signaling helps to anchor the path of short-term interest rates but provides flexibility in adjusting rate hikes based on incoming data.
If the economic data continue to come in as expected, I anticipate additional hikes to support a timelier return of inflation to our 2 percent goal. But there is some flexibility about when those hikes will occur. The hikes do not need to come at consecutive meetings, but they should be in place in an acceptable period of time.
I think I will stop here to make sure there is enough time for our discussion.
* * *
1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
* * *
Original text here: https://www.federalreserve.gov/newsevents/speech/waller20261008a.htm
* * *
October 08, 2026
The Signaling Value of the Summary of Economic Projections
At the Istanbul Economic Forum, Central Bank of the Republic of Turkiye, Istanbul, Turkiye
-
Thank you to the Central Bank of Turkiye for the opportunity to speak to you./1 I look forward today to hearing perspectives on the global economy and Turkiye's role in it, but I thought the most constructive use I can make of the valuable time you have granted me is to offer a brief update on the U.S. economy ... Show Full Article ISTANBUL, Turkiye, Oct. 9 -- The Federal Reserve issued the following remarks by Governor Christopher J. Waller: * * * October 08, 2026 The Signaling Value of the Summary of Economic Projections At the Istanbul Economic Forum, Central Bank of the Republic of Turkiye, Istanbul, Turkiye - Thank you to the Central Bank of Turkiye for the opportunity to speak to you./1 I look forward today to hearing perspectives on the global economy and Turkiye's role in it, but I thought the most constructive use I can make of the valuable time you have granted me is to offer a brief update on the U.S. economyand then offer some thoughts on central bank communication.
As you know, in September the Federal Open Market Committee (FOMC) voted to raise our policy rate 25 basis points to 3.75 percent to 4 percent after nine months during which we held it steady. When monetary policy changes in this fashion, one question that most people ask is, what comes next? And I promise that I will do my best to answer that today, but first I will address another question raised by this shift in policy, which is, what changed? Was there new evidence, or did my thinking about the economy change? It turns out that the answer to this second question has a lot to do with the first one--about where policy goes from here.
I have mentioned that last month's increase in the federal funds rate came after nine months of holding it steady. When I ask "What changed?" I am obviously asking what changed in the seven weeks between July 29, when the FOMC voted to hold rates steady, and September 16, when we raised them. But I am also asking about what changed from the second half of 2025, when the FOMC reduced rates 75 basis points over three successive meetings. While it might seem to some that monetary policy has turned on a dime, or on one or two data points, in my case my decision last month was the culmination of factors that developed over the past year, and I would like to describe them.
When the FOMC cut rates from September through December 2025, we did so with inflation fairly close to our 2 percent target, after accounting for tariff effects that research found were passing through measures of inflation. At the same time, there was significant evidence of a weakening labor market, with an increase in unemployment over the first eight months of the year and very low job creation. Though the picture was less sharp after official data was interrupted because of the government shutdown that began on October 1, other data supported the view that the balance of risks to the FOMC's employment and inflation goals seemed clearly skewed toward employment. I considered our cuts to the policy rate last year as insurance against an economic slowdown.
But then, over the course of the first half of this year, the labor market appeared to stabilize, while progress on inflation stalled due in part to the conflict in the Middle East that drove energy prices very high. I supported no change in the policy rate in the spring and summer with the hope that the conflict would end soon and that the oil price surge would not have a lasting effect on inflation. And there were some signs of an easing of inflation. While headline inflation seesawed based on oil prices and the state of the Middle East conflict, core personal consumption expenditures (PCE) inflation--which excludes volatile food and energy prices--moderated to 0.1 percent in June and an initial estimate of 0.2 percent in July, later revised to 0.1 percent.
But other forces were undermining my faith in this progress. First, hopes for a quick ending to the Middle East conflict faded, and experts warned that low inventories and damaged infrastructure could keep oil prices high through 2027. Second, evidence mounted that the artificial intelligence buildout was significantly driving up high-tech consumer prices, and projections for the size of that buildout ballooned. Third, continuing trade conflicts threatened new tariffs that could put upward pressure on inflation yet again. In most cases, these were forces that became clearer as the year passed, swamping the fleeting signs of progress toward 2 percent inflation. When the first inflation reading for August came in hot just before the FOMC's September meeting, it was impossible to deny that inflation was still too high and not making sufficient progress toward our target.
While some suggested that monetary policy shifted in September based largely on the single data point of consumer price index inflation for August, I hope it is now apparent that this wasn't the case for me. Instead, it was a preponderance of evidence over several months that the risks for monetary policy had shifted, reflecting a strengthened labor market and a range of persistent inflationary forces. For me, this led to the judgment that the policy setting that the FOMC maintained from December 2025 through September of this year would not be sufficient to return inflation to 2 percent in a timely manner. My decision to change the stance of policy emerged over time because it is not one that I take lightly. With evidence that economic activity is strengthening in the second half of this year, I am not greatly concerned that tighter monetary policy threatens a damaging slowdown in the economy. But I am concerned that the recent acceleration in inflation--after what soon will be five and a half years of it above the FOMC's target--will lead consumers, investors, and price-setting businesses to revise up their expectations for future inflation.
Based on some key data released last week, I see the economy in roughly the same place as it was at the time of the FOMC's September meeting. While the number of jobs created was down overall, the employment report indicated that the labor market continued to be solid and stable in September. The unemployment rate remains relatively low and near the median of policymakers' projections of its longer-run level, while payroll gains are in the range of estimates of breakeven to keep the unemployment rate steady. August inflation data, which included revisions to the government's methodology, showed monthly core PCE inflation of 0.25 percent and the 12-month change at 3 percent. Looking at the history of 12-month core inflation, it has been between roughly 2.5 percent and 3.0 percent since the spring of 2024. This is obviously higher than we want, above our target, and not showing sufficient progress. Overall, the new data reinforce my view that the labor market is stable and inflation is too high. For at least the near term, policy will be focused on the inflation side of our mandate.
For the remainder of my remarks, I want to discuss a particular way of communicating the expected future stance of monetary policy that has the flavor of forward guidance but isn't forward guidance. Let me illustrate what I have in mind with an example.
Suppose that a majority of FOMC voters decide that policy needs to be more restrictive and that it is fairly clear to the public that some tightening is likely. What needs to be determined by both policymakers and markets is the number of rate hikes and the pace of rate hikes. Each policymaker thinks about his or her anticipated appropriate policy path to assist them in moving the economy toward the Fed's dual mandate. Markets estimate what the FOMC voters believe is the appropriate path of policy to assist them in pricing various assets.
So how could policymakers communicate the expected policy path to markets? There are several options. To explain, let's assume the number of hikes that policymakers have in mind is three 25 basis point hikes so that they anticipate policy will ultimately be 75 basis points higher than it currently is.
First, policymakers could choose to say nothing about the expected path of the policy rate. But that approach could surprise markets and create volatility. Without additional information, in an extreme case, they could price in zero or even potentially five hikes in future meetings. The point is that if too few or too many hikes are priced in, the change in financial conditions would mean too little or too much of an effect on economic activity.
Second, policymakers could use a strong form of forward guidance and communicate their support for raising the policy rate, let's say, every other meeting by 25 basis points until a total of 75 basis points worth of hikes has been enacted. The market would respond by pricing in 75 basis points of hikes over five meetings. While this eliminates any uncertainty about the future path of policy, it ignores the possibility that incoming data would suggest going faster or slower or hiking more or less than 75 basis points. Indeed, locking in a policy path over such a long period is unlikely to lead to good outcomes given the uncertainty around how the economy will evolve over time.
Finally, there is something in between these two approaches that I will call the signaling option. What I have in mind is that policymakers could signal that the policy rate will likely be hiked 75 basis points over some time interval--say, the next six months. However, policymakers do not say what the pace of hikes will be or how large of an increment the rate hike will be. And we could emphasize that the course of monetary policy is not predetermined and will depend on incoming data and its implications for our dual-mandate goals. This approach provides some information regarding what the terminal rate will be after hiking but allows the pace and the size of rate hikes to be data dependent. Simply put, policymakers could signal where they are likely headed while acknowledging that there is no fixed final destination--except for the achievement of price stability and maximum employment.
I see Federal Reserve policymakers' communications fitting in this last approach, both in their public remarks and their quarterly submissions of economic projections. The Summary of Economic Projections (SEP) is serving that signaling role for policymakers. The projections submitted at the September meeting showed that a large majority of FOMC participants believe it will be appropriate to raise rates at least once more this year. Sixteen of the 18 participants who submitted dots anticipated at least one more hike during the two remaining meetings this year. Four of those 16 expected two additional hikes. It gets a little complicated reading the dots for the full year of 2027, since they may reflect hikes early in the year and then cuts later in the year, but eight participants expect that rates will be 50 basis points higher at the end of 2027 than they are today.
Between the SEP and policymakers' outlook speeches that encompass their interpretation of additional economic data, markets have interpreted that the Committee is likely to raise the policy rate 50 basis points in the coming months. According to futures market prices for the federal funds rate as of yesterday, traders see an 85 percent chance of at least one hike by the end of the FOMC's December meeting and nearly 20 percent chance of two hikes. And, by the March 2027 meeting, markets see nearly an 80 percent chance of at least two hikes and a 33 percent chance of three or more hikes. This signaling helps to anchor the path of short-term interest rates but provides flexibility in adjusting rate hikes based on incoming data.
If the economic data continue to come in as expected, I anticipate additional hikes to support a timelier return of inflation to our 2 percent goal. But there is some flexibility about when those hikes will occur. The hikes do not need to come at consecutive meetings, but they should be in place in an acceptable period of time.
I think I will stop here to make sure there is enough time for our discussion.
* * *
1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
* * *
Original text here: https://www.federalreserve.gov/newsevents/speech/waller20261008a.htm
FCC Announces Tentative Agenda for October Open Meeting
WASHINGTON, Oct. 9 -- The Federal Communications Commission issued the following news release:
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FCC Announces Tentative Agenda for October Open Meeting
WASHINGTON, October 8, 2026--Federal Communications Commission Chairman Brendan Carr announced that the items below are tentatively on the agenda for the October Open Commission Meeting scheduled for Thursday, October 29, 2026:
Auctioning Off 25 Megahertz of Prime, Mid-Band Spectrum - The Commission will consider a Further Notice of Proposed Rulemaking (FNPRM) that would unlock 25 megahertz of prime mid-band spectrum for advanced commercial ... Show Full Article WASHINGTON, Oct. 9 -- The Federal Communications Commission issued the following news release: * * * FCC Announces Tentative Agenda for October Open Meeting WASHINGTON, October 8, 2026--Federal Communications Commission Chairman Brendan Carr announced that the items below are tentatively on the agenda for the October Open Commission Meeting scheduled for Thursday, October 29, 2026: Auctioning Off 25 Megahertz of Prime, Mid-Band Spectrum - The Commission will consider a Further Notice of Proposed Rulemaking (FNPRM) that would unlock 25 megahertz of prime mid-band spectrum for advanced commercialcommunications services, including terrestrial, direct-to-device (D2D), or a hybrid of both. The rules proposed in this item, if adopted, would enable the auctioning, licensing, and rapid development of the 1675-1695 MHz and 2020-2025 MHz bands. In particular, the FNPRM would propose and seek comment on policies, service and technical rules, and coordination requirements for the 1675-1695 MHz and 2020-2025 MHz bands. (WT Docket No. 26-284, GN Docket No. 26-281, WT Docket No. 19-116)
Modernizing the Supplemental Coverage from Space Rules - The Commission will consider a Notice of Proposed Rulemaking that would modernize the Commission's rules for Direct-to-Device (D2D) services in licensed spectrum. The rules proposed in this item, if adopted, would make an additional 482 megahertz of spectrum available for Supplemental Coverage from Space (SCS), eliminate burdensome SCS requirements, and consider measures to modernize and harmonize the SCS and the Mobile Satellite Service (MSS) rules. (GN Dockets 26-281, 23-65)
Unlocking the 800 MHz Cellular Band for Drone Use - The Commission will consider a Report and Order (R&O) that would eliminate an outdated restriction that prevents drone operations in the 800 MHz Cellular band. The R&O would unlock 50 megahertz of licensed, nationwide, low-band spectrum for drone use and promote parity with other similar flexible-use bands. (GN Docket No. 26-74, WT Docket Nos. 22-323, 24-629)
Prohibiting Test Labs and Certification Bodies in Non-Reciprocal Countries - The Commission will consider a Third Report and Order and Third Further Notice of Proposed Rulemaking (FNPRM) aimed to strengthen the integrity, security, and resiliency of the FCC's equipment authorization program by prohibiting the recognition of Test Labs, Telecommunications Certification Bodies, and laboratory accreditation bodies located in non Reciprocal Economies, which are territories lacking a Mutual Recognition Agreement or other comparable reciprocal trade agreement with the United States. It would also require all substantive FCC testing, certification, and accreditation activities on which equipment authorization depends, to occur in the U.S. or Reciprocal Economies. The item would adopt a uniform transition period ending December 1, 2028, that would enable Test Labs to expand capacity and manufacturers in the U.S. and Reciprocal Economies two years to find alternative Test Labs and expand capacity. The accompanying FNRPM would seek comment on a range of additional equipment authorization integrity measures. (ET Docket No. 24-136)
Strengthening the Security of U.S. Telecommunications Services and Infrastructure - The Commission will consider a Report and Order and Further Notice of Proposed Rulemaking that would modernize the Commission's international section 214 framework to strengthen protections for U.S. telecommunications services and infrastructure, while reducing unnecessary regulatory burdens. (IB Docket No. 23-119, MD Docket No. 23-134)
Implementing the Rural Broadband Protection Act - The Commission will consider a Notice of Proposed Rulemaking that, if adopted, would seek comment on proposals for implementing the Rural Broadband Protection Act (RBPA). The RBPA, enacted on May 11, 2026, directs the Commission to initiate a rulemaking proceeding within 180 days to establish a vetting process for applicants for, and other recipients of, a new covered funding award, which the Notice interprets as an award of high-cost support based on an application for funding to support the deployment of a broadband-capable network and the provision of supported services over the network. (WC Docket Nos. 10-90, 26-96, 26-288)
Eliminating Accessibility Barriers - The Commission will consider a Notice of Proposed Rulemaking to modernize its accessibility rules to keep pace with the rapidly changing communications landscape, promote innovation, better match consumer expectations, and remove barriers to accessibility. (CG Docket No. 10-213, 03-123; GN Docket No. 21-140)
Public Drafts of Meeting Items - The FCC publicly releases the draft text of each item expected to be considered at the next Open Commission Meeting. One-page cover sheets are included in the public drafts to help summarize each item. All these materials will be available on the FCC's Open Meeting page: www.fcc.gov/openmeeting.
Public Attendance - The Open Meeting is scheduled to commence at 10:30 a.m. ET in the Commission Meeting Room of the Federal Communications Commission, 45 L Street, N.E., Washington, D.C. While the Open Meeting is open to the public, the FCC headquarters building is not open access, and all guests must check in with and be screened by FCC security at the main entrance on L Street. Attendees at the Open Meeting will not be required to have an appointment but must otherwise comply with protocols outlined at: https://www.fcc.gov/visit. Open Meetings are streamed live at www.fcc.gov/live.
Press Access - Members of the news media are welcome to attend the meeting and will be provided reserved seating on a first-come, first-served basis. Following the meeting, the Chairman may hold a news conference in which he will take questions from credentialed members of the press in attendance. Afterwards, senior policy and legal staff will be made available to the press in attendance for questions related to the items on the meeting agenda. Commissioners may also choose to hold press conferences. Press may also direct questions to the Office of Media Relations (OMR): MediaRelations@fcc.gov. Questions about credentialing should be directed to OMR.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-425708A1.pdf
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FCC Announces Tentative Agenda for October Open Meeting
WASHINGTON, October 8, 2026--Federal Communications Commission Chairman Brendan Carr announced that the items below are tentatively on the agenda for the October Open Commission Meeting scheduled for Thursday, October 29, 2026:
Auctioning Off 25 Megahertz of Prime, Mid-Band Spectrum - The Commission will consider a Further Notice of Proposed Rulemaking (FNPRM) that would unlock 25 megahertz of prime mid-band spectrum for advanced commercial ... Show Full Article WASHINGTON, Oct. 9 -- The Federal Communications Commission issued the following news release: * * * FCC Announces Tentative Agenda for October Open Meeting WASHINGTON, October 8, 2026--Federal Communications Commission Chairman Brendan Carr announced that the items below are tentatively on the agenda for the October Open Commission Meeting scheduled for Thursday, October 29, 2026: Auctioning Off 25 Megahertz of Prime, Mid-Band Spectrum - The Commission will consider a Further Notice of Proposed Rulemaking (FNPRM) that would unlock 25 megahertz of prime mid-band spectrum for advanced commercialcommunications services, including terrestrial, direct-to-device (D2D), or a hybrid of both. The rules proposed in this item, if adopted, would enable the auctioning, licensing, and rapid development of the 1675-1695 MHz and 2020-2025 MHz bands. In particular, the FNPRM would propose and seek comment on policies, service and technical rules, and coordination requirements for the 1675-1695 MHz and 2020-2025 MHz bands. (WT Docket No. 26-284, GN Docket No. 26-281, WT Docket No. 19-116)
Modernizing the Supplemental Coverage from Space Rules - The Commission will consider a Notice of Proposed Rulemaking that would modernize the Commission's rules for Direct-to-Device (D2D) services in licensed spectrum. The rules proposed in this item, if adopted, would make an additional 482 megahertz of spectrum available for Supplemental Coverage from Space (SCS), eliminate burdensome SCS requirements, and consider measures to modernize and harmonize the SCS and the Mobile Satellite Service (MSS) rules. (GN Dockets 26-281, 23-65)
Unlocking the 800 MHz Cellular Band for Drone Use - The Commission will consider a Report and Order (R&O) that would eliminate an outdated restriction that prevents drone operations in the 800 MHz Cellular band. The R&O would unlock 50 megahertz of licensed, nationwide, low-band spectrum for drone use and promote parity with other similar flexible-use bands. (GN Docket No. 26-74, WT Docket Nos. 22-323, 24-629)
Prohibiting Test Labs and Certification Bodies in Non-Reciprocal Countries - The Commission will consider a Third Report and Order and Third Further Notice of Proposed Rulemaking (FNPRM) aimed to strengthen the integrity, security, and resiliency of the FCC's equipment authorization program by prohibiting the recognition of Test Labs, Telecommunications Certification Bodies, and laboratory accreditation bodies located in non Reciprocal Economies, which are territories lacking a Mutual Recognition Agreement or other comparable reciprocal trade agreement with the United States. It would also require all substantive FCC testing, certification, and accreditation activities on which equipment authorization depends, to occur in the U.S. or Reciprocal Economies. The item would adopt a uniform transition period ending December 1, 2028, that would enable Test Labs to expand capacity and manufacturers in the U.S. and Reciprocal Economies two years to find alternative Test Labs and expand capacity. The accompanying FNRPM would seek comment on a range of additional equipment authorization integrity measures. (ET Docket No. 24-136)
Strengthening the Security of U.S. Telecommunications Services and Infrastructure - The Commission will consider a Report and Order and Further Notice of Proposed Rulemaking that would modernize the Commission's international section 214 framework to strengthen protections for U.S. telecommunications services and infrastructure, while reducing unnecessary regulatory burdens. (IB Docket No. 23-119, MD Docket No. 23-134)
Implementing the Rural Broadband Protection Act - The Commission will consider a Notice of Proposed Rulemaking that, if adopted, would seek comment on proposals for implementing the Rural Broadband Protection Act (RBPA). The RBPA, enacted on May 11, 2026, directs the Commission to initiate a rulemaking proceeding within 180 days to establish a vetting process for applicants for, and other recipients of, a new covered funding award, which the Notice interprets as an award of high-cost support based on an application for funding to support the deployment of a broadband-capable network and the provision of supported services over the network. (WC Docket Nos. 10-90, 26-96, 26-288)
Eliminating Accessibility Barriers - The Commission will consider a Notice of Proposed Rulemaking to modernize its accessibility rules to keep pace with the rapidly changing communications landscape, promote innovation, better match consumer expectations, and remove barriers to accessibility. (CG Docket No. 10-213, 03-123; GN Docket No. 21-140)
Public Drafts of Meeting Items - The FCC publicly releases the draft text of each item expected to be considered at the next Open Commission Meeting. One-page cover sheets are included in the public drafts to help summarize each item. All these materials will be available on the FCC's Open Meeting page: www.fcc.gov/openmeeting.
Public Attendance - The Open Meeting is scheduled to commence at 10:30 a.m. ET in the Commission Meeting Room of the Federal Communications Commission, 45 L Street, N.E., Washington, D.C. While the Open Meeting is open to the public, the FCC headquarters building is not open access, and all guests must check in with and be screened by FCC security at the main entrance on L Street. Attendees at the Open Meeting will not be required to have an appointment but must otherwise comply with protocols outlined at: https://www.fcc.gov/visit. Open Meetings are streamed live at www.fcc.gov/live.
Press Access - Members of the news media are welcome to attend the meeting and will be provided reserved seating on a first-come, first-served basis. Following the meeting, the Chairman may hold a news conference in which he will take questions from credentialed members of the press in attendance. Afterwards, senior policy and legal staff will be made available to the press in attendance for questions related to the items on the meeting agenda. Commissioners may also choose to hold press conferences. Press may also direct questions to the Office of Media Relations (OMR): MediaRelations@fcc.gov. Questions about credentialing should be directed to OMR.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-425708A1.pdf
Bureau of Reclamation Releases October Water Supply Forecast for Yakima Basin
WASHINGTON, Oct. 9 -- The U.S. Department of the Interior Bureau of Reclamation issued the following news release:
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Reclamation releases October water supply forecast for Yakima basin
Oct 8, 2026
YAKIMA, Wash. - The Bureau of Reclamation's October 2026 water supply available forecast for the Yakima basin indicates that irrigation demands will be fully met this October. This release provides the final water supply forecast for the 2026 irrigation season.
Storage in the Yakima basin reservoirs on Oct. 1 was 20% full with 210,396 acre-feet, which is 66% of average. Precipitation for September ... Show Full Article WASHINGTON, Oct. 9 -- The U.S. Department of the Interior Bureau of Reclamation issued the following news release: * * * Reclamation releases October water supply forecast for Yakima basin Oct 8, 2026 YAKIMA, Wash. - The Bureau of Reclamation's October 2026 water supply available forecast for the Yakima basin indicates that irrigation demands will be fully met this October. This release provides the final water supply forecast for the 2026 irrigation season. Storage in the Yakima basin reservoirs on Oct. 1 was 20% full with 210,396 acre-feet, which is 66% of average. Precipitation for Septemberwas 145% of average and for water year 2026 precipitation was 113% of average.
Water year 2027 began on Oct. 1 for the Yakima Basin Project, and current projections for the Oct. 1-20, 2026 period show that senior and junior water rights holders will receive 100% of their entitlements.
"With October underway, we're reviewing this year's hydrologic conditions to guide winter planning and reservoir management. We appreciate the continued collaboration from our irrigation districts, communities, and partners as we work to balance water needs across the basin and prepare for months ahead," said Candace Carmack, Reclamation acting Columbia Cascade Area Office manager.
Reclamation manages the water in the five Yakima Project storage reservoirs, along with the basin's unregulated inflows, to fulfill water rights, water contracts and instream flow obligations. Water shortages in the basin are shared equally by the junior water rights, which represent over half of the water rights in the basin.
The October forecast is based on flows, precipitation, snowpack, and reservoir storage as of Oct.1, along with estimates of future precipitation and river flows. Other future weather conditions that determine the timing of the runoff and the demand for water also are critical in determining stream flows, the extent to which the reservoirs fill, and the water supply for irrigation.
For more information, visit Reclamation's website at https://www.usbr.gov/pn/hydromet/yakima/.
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Original text here: https://www.usbr.gov/newsroom/news-release/5426
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Reclamation releases October water supply forecast for Yakima basin
Oct 8, 2026
YAKIMA, Wash. - The Bureau of Reclamation's October 2026 water supply available forecast for the Yakima basin indicates that irrigation demands will be fully met this October. This release provides the final water supply forecast for the 2026 irrigation season.
Storage in the Yakima basin reservoirs on Oct. 1 was 20% full with 210,396 acre-feet, which is 66% of average. Precipitation for September ... Show Full Article WASHINGTON, Oct. 9 -- The U.S. Department of the Interior Bureau of Reclamation issued the following news release: * * * Reclamation releases October water supply forecast for Yakima basin Oct 8, 2026 YAKIMA, Wash. - The Bureau of Reclamation's October 2026 water supply available forecast for the Yakima basin indicates that irrigation demands will be fully met this October. This release provides the final water supply forecast for the 2026 irrigation season. Storage in the Yakima basin reservoirs on Oct. 1 was 20% full with 210,396 acre-feet, which is 66% of average. Precipitation for Septemberwas 145% of average and for water year 2026 precipitation was 113% of average.
Water year 2027 began on Oct. 1 for the Yakima Basin Project, and current projections for the Oct. 1-20, 2026 period show that senior and junior water rights holders will receive 100% of their entitlements.
"With October underway, we're reviewing this year's hydrologic conditions to guide winter planning and reservoir management. We appreciate the continued collaboration from our irrigation districts, communities, and partners as we work to balance water needs across the basin and prepare for months ahead," said Candace Carmack, Reclamation acting Columbia Cascade Area Office manager.
Reclamation manages the water in the five Yakima Project storage reservoirs, along with the basin's unregulated inflows, to fulfill water rights, water contracts and instream flow obligations. Water shortages in the basin are shared equally by the junior water rights, which represent over half of the water rights in the basin.
The October forecast is based on flows, precipitation, snowpack, and reservoir storage as of Oct.1, along with estimates of future precipitation and river flows. Other future weather conditions that determine the timing of the runoff and the demand for water also are critical in determining stream flows, the extent to which the reservoirs fill, and the water supply for irrigation.
For more information, visit Reclamation's website at https://www.usbr.gov/pn/hydromet/yakima/.
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Original text here: https://www.usbr.gov/newsroom/news-release/5426
Argonne to Advance Scientific Discovery With New Genesis Mission Awards
ARGONNE, Illinois, Oct. 9 -- The U.S. Department of Energy Argonne National Laboratory issued the following news release:
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Argonne to advance scientific discovery with new Genesis Mission awards
Multiyear awards drive progress on science's toughest challenges
October 8, 2026
Argonne and collaborators will use SI to speed discovery in software, materials, physics and more
Why it Matters: These projects will help scientists move faster, make better use of data and computing and tackle difficult questions with speed and precision.
-
The U.S. Department of Energy's (DOE) Argonne National ... Show Full Article ARGONNE, Illinois, Oct. 9 -- The U.S. Department of Energy Argonne National Laboratory issued the following news release: * * * Argonne to advance scientific discovery with new Genesis Mission awards Multiyear awards drive progress on science's toughest challenges October 8, 2026 Argonne and collaborators will use SI to speed discovery in software, materials, physics and more Why it Matters: These projects will help scientists move faster, make better use of data and computing and tackle difficult questions with speed and precision. - The U.S. Department of Energy's (DOE) Argonne NationalLaboratory has won a new round of Genesis Mission funding to take on major scientific challenges with super intelligence (SI).
With these new Phase II awards, Argonne and its partners will transform scientific software development, design new materials and enzymes, reveal more about the building blocks of the universe, and improve the way particle accelerators operate. The awards build on Argonne's earlier Phase I Genesis Mission projects and expand that work through larger, multiyear investments.
The Genesis Mission is a national initiative to mobilize government, industry, academia, nonprofits and international partners to advance SI for science and technology. Using the DOE-built American Science and Security Platform, collaborators work together on shared infrastructure that connects researchers with data, compute and SI tools to accelerate scientific discovery. Partners are focusing on the most critical challenges facing our nation in energy, national security, scientific discovery, health, space and more.
Argonne will lead a major project, AI4HPC: An Iterative Framework for SI-Assisted Scientific Software Development and Optimization. This effort will make it easier and faster for scientists to update and improve the complex software that powers discovery on high performance computing systems, including Aurora. By using SI to help translate, modernize and optimize these codes, the project will help researchers adapt to new technologies, test new ideas and ensure their results are accurate -- saving time and resources across DOE's scientific community.
Argonne is also a partner on four additional Phase II Genesis Mission projects:
* Overcoming Barriers in Computational Enzyme Design (led by University of Washington): Using SI and advanced X-ray tools to design new enzymes that could help create cleaner chemicals and materials.
* AI-Empowered Design of Functional Quantum Magnets (led by DOE's Oak Ridge National Laboratory): Applying SI to discover and design new magnetic materials for future electronics and quantum devices.
* Lattice QCD at the Intelligence Frontier (led by Massachusetts Institute of Technology): Combining SI and supercomputing to help scientists better understand the building blocks of matter and the universe.
* The Multi-Office Accelerator Team Core Project (led by DOE's Lawrence Berkeley National Laboratory): Building smarter SI tools to improve the performance and reliability of particle accelerators used for scientific research and industry.
Together, these projects will help scientists test ideas sooner, solve harder problems and open new paths to discovery across chemistry, materials science, accelerator science and fundamental physics.
"SI-enabled science is expanding and accelerating what we are able to explore and achieve," said Argonne Director Paul Kearns. "These Genesis Mission investments give researchers an opportunity to match scientific ambition with the scale needed to drive progress."
The goal of the Phase II awards is to scale up and expand the impact of projects that have already shown potential for SI advantage and demonstrated a trajectory toward a transformative scientific capability. The selected projects are multiyear and use interdisciplinary teams to address national science challenges.
Additional details about Argonne's Genesis Mission projects are available here.
The projects are funded by DOE's Office of Science Advanced Scientific Computing Research, Basic Energy Science, Biological and Environmental Research, and Nuclear Physics programs.
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Argonne National Laboratory seeks solutions to pressing national problems in science and technology by conducting leading-edge basic and applied research in virtually every scientific discipline. Argonne is managed by UChicago Argonne, LLC for the U.S. Department of Energy's Office of Science.
* * *
The U.S. Department of Energy's Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time. For more information, visit https://energy.gov/science.
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Original text here: https://www.anl.gov/article/argonne-to-advance-scientific-discovery-with-new-genesis-mission-awards
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Argonne to advance scientific discovery with new Genesis Mission awards
Multiyear awards drive progress on science's toughest challenges
October 8, 2026
Argonne and collaborators will use SI to speed discovery in software, materials, physics and more
Why it Matters: These projects will help scientists move faster, make better use of data and computing and tackle difficult questions with speed and precision.
-
The U.S. Department of Energy's (DOE) Argonne National ... Show Full Article ARGONNE, Illinois, Oct. 9 -- The U.S. Department of Energy Argonne National Laboratory issued the following news release: * * * Argonne to advance scientific discovery with new Genesis Mission awards Multiyear awards drive progress on science's toughest challenges October 8, 2026 Argonne and collaborators will use SI to speed discovery in software, materials, physics and more Why it Matters: These projects will help scientists move faster, make better use of data and computing and tackle difficult questions with speed and precision. - The U.S. Department of Energy's (DOE) Argonne NationalLaboratory has won a new round of Genesis Mission funding to take on major scientific challenges with super intelligence (SI).
With these new Phase II awards, Argonne and its partners will transform scientific software development, design new materials and enzymes, reveal more about the building blocks of the universe, and improve the way particle accelerators operate. The awards build on Argonne's earlier Phase I Genesis Mission projects and expand that work through larger, multiyear investments.
The Genesis Mission is a national initiative to mobilize government, industry, academia, nonprofits and international partners to advance SI for science and technology. Using the DOE-built American Science and Security Platform, collaborators work together on shared infrastructure that connects researchers with data, compute and SI tools to accelerate scientific discovery. Partners are focusing on the most critical challenges facing our nation in energy, national security, scientific discovery, health, space and more.
Argonne will lead a major project, AI4HPC: An Iterative Framework for SI-Assisted Scientific Software Development and Optimization. This effort will make it easier and faster for scientists to update and improve the complex software that powers discovery on high performance computing systems, including Aurora. By using SI to help translate, modernize and optimize these codes, the project will help researchers adapt to new technologies, test new ideas and ensure their results are accurate -- saving time and resources across DOE's scientific community.
Argonne is also a partner on four additional Phase II Genesis Mission projects:
* Overcoming Barriers in Computational Enzyme Design (led by University of Washington): Using SI and advanced X-ray tools to design new enzymes that could help create cleaner chemicals and materials.
* AI-Empowered Design of Functional Quantum Magnets (led by DOE's Oak Ridge National Laboratory): Applying SI to discover and design new magnetic materials for future electronics and quantum devices.
* Lattice QCD at the Intelligence Frontier (led by Massachusetts Institute of Technology): Combining SI and supercomputing to help scientists better understand the building blocks of matter and the universe.
* The Multi-Office Accelerator Team Core Project (led by DOE's Lawrence Berkeley National Laboratory): Building smarter SI tools to improve the performance and reliability of particle accelerators used for scientific research and industry.
Together, these projects will help scientists test ideas sooner, solve harder problems and open new paths to discovery across chemistry, materials science, accelerator science and fundamental physics.
"SI-enabled science is expanding and accelerating what we are able to explore and achieve," said Argonne Director Paul Kearns. "These Genesis Mission investments give researchers an opportunity to match scientific ambition with the scale needed to drive progress."
The goal of the Phase II awards is to scale up and expand the impact of projects that have already shown potential for SI advantage and demonstrated a trajectory toward a transformative scientific capability. The selected projects are multiyear and use interdisciplinary teams to address national science challenges.
Additional details about Argonne's Genesis Mission projects are available here.
The projects are funded by DOE's Office of Science Advanced Scientific Computing Research, Basic Energy Science, Biological and Environmental Research, and Nuclear Physics programs.
* * *
Argonne National Laboratory seeks solutions to pressing national problems in science and technology by conducting leading-edge basic and applied research in virtually every scientific discipline. Argonne is managed by UChicago Argonne, LLC for the U.S. Department of Energy's Office of Science.
* * *
The U.S. Department of Energy's Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time. For more information, visit https://energy.gov/science.
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Original text here: https://www.anl.gov/article/argonne-to-advance-scientific-discovery-with-new-genesis-mission-awards