It is said that America’s armed forces have been stressed by 16 years of constant warfare, the longest such in the nation’s history. For the Air Force, however, the high tempo of combat operations began 26 years ago, with enforcement of the no-fly zone in Iraq after Desert Storm. With an acute pilot shortage, particularly in the fighter pilot community, …

The Asian dollar bond market has been a cornucopia for issuers this year. Amid plentiful liquidity, it’s easy to lose sight of just how little reward there is now for all the risks investors are being asked to accept. Less than seven months into 2017, asset managers and private-bank clients have written checks for $175 billion to companies and governments …

Congressional Republicans have just produced their latest version of Trumpcare. On the plus side, this one gives up on earlier proposals to repeal three taxes that the Affordable Care Act imposes on the wealthy, making it a bit less fiscally reckless. On the minus side, it’s still a terrible plan. It’s designed to drastically weaken America’s health security — and …