Great Lake, border-spanning water body
The El Niño weather pattern has intensified, with multiple reports showing record sea-surface temperatures and forecasts of extreme heat. Scientists warn that global impacts will intensify through 2027, affecting temperatures, rainfall, and wildfire risk across regions from the Pacific to Africa and the Americas.
The Royal Swedish Academy of Sciences has recognised Robert Hall and Michael Woodford for developing microeconomic foundations of macroeconomic stabilisation, enabling policymakers to smooth business cycles. The prize highlights New Keynesian models that connect household and firm decisions to policy tools, with forward guidance becoming a central instrument.