As usual, Donald Trump was overstating things when he bragged on Twitter that he has made the US nuclear arsenal “far stronger and more powerful than ever before.” The US does have the world’s largest collection of its most dangerous weapons, but the work of modernizing it predates and will outlast his presidency. The Pentagon is in the early stages ...

Mario Draghi’s appearance alongside Janet Yellen and Haruhiko Kuroda this week at Jackson Hole, Wyoming, would make a great photo for the history books. It may well be the trio’s last Fed retreat together. The guessing game on Fed leadership has received plenty of attention, and this month I wrote that Kuroda deserves a second term atop of the Bank ...

France’s new leader won stunning support this spring and squandered it with stunning speed soon after. But he has what Napoleon said a general needs most: luck. President Emmanuel Macron has not yet begun serious reform of France’s sclerotic economy, such as a rewrite of France’s overweight labor regulations, which is sure to prompt protests. But in the meantime he ...