Russian President Vladimir Putin confirmed Russia's readiness to supply oil and petroleum products to the United States and global markets. He stated that the entry of Russian oil into the U.S. market would have a positive impact on the global economy as a whole.

The confirmation follows a phone call between Putin and President Trump, which focused on prospects for resolving the Ukraine crisis and also touched on Iran. Reuters cited TASS reporting from the Kremlin for this development.

Proposed Diesel Supply Volumes

Prior to this confirmation, President Trump announced a claimed agreement with Putin for Russia to supply over 300,000 tons of diesel fuel to the American and global marketplace immediately. The proposed arrangement includes an additional 500,000 tons of diesel during the month of November, followed by 1,000,000 tons immediately thereafter. Trump described the discussion as highly successful in his post on Truth Social.

The breakdown of the claimed diesel supply commitments is as follows:

The source text regarding the initial diesel deal ends abruptly after mentioning conditions related to the state of the market or other factors, without providing further details on pricing, logistics, or regulatory approvals. The Kremlin's latest statement broadens the scope from specific diesel volumes to a general readiness to supply oil and petroleum products.

America’s wealthiest households gained nearly $800,000 in median net worth over three years, while median wealth among the poorest quarter fell by more than half, new Federal Reserve data showed Friday. Between 2022 and 2025, inflation-adjusted median wealth among the richest 10% rose 19%, from $4.15 million to $4.94 million. Among the poorest 25%, it plunged 56%, from $3,800 to just $1,700.

Wealth concentration reaches record levels

Total U.S. household net worth has risen to $185 trillion, up from $101 trillion during the pandemic. The top 10% of households control 70% of this total. The data indicates that the wealthiest 1% have gained +$30 trillion in net worth since 2020, while the bottom half of the population holds a fraction of that amount.

Inflation and asset ownership drive divergence

Inflation has eroded purchasing power disproportionately for non-asset owners. The Consumer Price Index (CPI) has remained above the Federal Reserve's 2% target for 60 straight months, a streak last seen in the 1980s. Since 2020, the dollar has lost approximately 23% of its purchasing power.

Asset allocation plays a critical role in this divide. The Fed’s survey found that 97% of the highest-income households owned stocks directly or indirectly, compared with just 31% of families in the bottom half of the income distribution. Although stock-market participation declined from 58% to 56%, median stock holdings among families that owned stocks jumped 36% to $77,400.

The divide also extended across generations. Median wealth among households headed by Americans aged 75 and older rose 37% to $504,900, while those under 35 suffered a 23% decline to $33,000. The Fed attributed much of the younger group’s decline to the reversal of earlier gains in privately held businesses.

Recent economic data shows continued price pressure. The personal consumption expenditures (PCE) price index came in at 3.4% in August, with core PCE at 3.0%. Energy prices were the largest contributor, rising 2.3% on the month.

Federal Reserve rate hike impacts borrowing costs

The Federal Reserve raised interest rates by 25 bps in September to a target range of 3.75%-4.00%, marking its first hike since July 2023. This move is expected to increase borrowing costs for consumers. A WalletHub analysis estimates the hike could cost credit card users approximately $2 billion in additional interest over the next 12 months. LendingTree analyst Matt Schulz noted that cardholders should expect their annual percentage rates (APRs) to rise by a quarter point over the coming months.

Among indebted families, 19.6% reported being late on a loan payment during the preceding year, up from 12.2% in 2022, the highest rate since the 2010 survey. More than 8% reported being at least two months late, even as inflation-adjusted median family income increased 7%. Average credit-card interest rates climbed from 14.6% to 21.4%.

Corporate signals reflect mixed consumer health

American Express (NYSE: AXP) is seeing a different side of the American economy. Its relatively affluent customers continue spending, with cardholder purchases rising 9% in the second quarter. Its net write-off rate held steady at 2%, while executives said they saw no general slowdown in spending.

Walmart (NASDAQ: WMT) presented a more mixed picture. Global revenue rose 5.9%, but U.S. comparable sales increased just 2.6%, even as higher-income households led its market-share gains. CFO John David Rainey warned that consumers were making spending trade-offs as gasoline prices climbed above $4 a gallon. Walmart offered more than 11,000 price rollbacks during the quarter.

Despite the financial strain, traders on Polymarket assigned just a 7% probability to a U.S. recession by year-end.

What the numbers show

The combined data reveals a stark K-shaped recovery driven by asset ownership rather than income alone. While the top 10% saw median wealth rise 19% due to high stock participation (97%), the bottom 25% saw a 56% collapse, exacerbated by low equity exposure and rising debt costs. The divergence is further highlighted by generational wealth shifts, where older households (75+) gained 37% while younger households (under 35) lost 23%, indicating that asset appreciation benefits are concentrated among those with existing capital bases.