Technologies

Apple AirPods Pro 2 Review: The Best Lightweight Earbuds You Can Buy

With better sound, active noise canceling and battery life than their predecessor, the AirPods Pro 2 deliver exceptionally good performance for their size.

Dec 2022

It shouldn’t surprise anyone that Apple’s AirPods Pro 2 ($249, 249, AU$399) are better than the original AirPods Pro. After all, this second-gen version took nearly three years to develop, so you figure Apple could probably pull something together that might give you a reason to upgrade from the first-gen AirPods Pro or buy them over other great premium earbuds from Sony, Bose and other big headphone brands.

The good news is Apple has done just that. And while putting an exact percentage on how much AirPods Pro 2 have improved over their predecessors isn’t so easy (that’s something I’ll try to do in this review), suffice to say they’ve improved enough to earn a CNET Editors’ Choice award, particularly now that they’re being discounted at several online retailers with prices dipping to as low as $200 during flash sales.

Read more: Best Wireless Earbuds for 2022

9.0

Apple AirPods Pro 2

$249 at Apple

$229 at Amazon

$230 at Best Buy

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Like

Significantly improved sound and noise canceling
Powered by Apple’s new H2 chip
Better battery life (6 hours)
Upgraded microphones
Charging case has U1 chip and built-in speaker for Find My
New swipe volume controls
Adaptive transparency mode
Spatial Audio
Extra-small ear tips are now included

Don’t Like

Basically the same design as previous model
No high-resolution audio
No XL ear tips

Product details

Battery Life Rated up to 6 hours
Noise Canceling Yes (ANC)
Multipoint No
Headphone Type Wireless earbuds
Water-Resistant Yes (IPX4 — splash-proof)

Apple AirPods Pro 2 design: Small changes

Let’s start with the external design. This is one of those situations where Apple hasn’t really done anything to change the size and shape of the buds or significantly alter their physical appearance. The original AirPods Pro were compact and lightweight and fit a lot of people’s ears really well, so I can’t fault that decision.

Some people were hoping for shorter stems and perhaps some new color options or even better water resistance — yes, they’re still IPX4 splash-proof. But I figured Apple would stick with its tried-and-true design and focus on making improvements to the areas that had the most room for improvement, such as sound quality, noise-canceling performance and battery life, which is now up to six hours from about four-and-a-half hours with noise canceling on and an extra four charges in the charging case (30 hours total). Those numbers go up to seven hours and 35 hours total with the noise canceling off. A quick five-minute charge gives you about an hour’s worth of battery life.

There are some small but noteworthy changes to the design, particularly to the microphones placement. On the original AirPods Pro, the skin-detection sensor and noise-canceling microphone were combined on the inside of the bud. Now, they’re separated with the skin-detection sensor in the same spot, but the noise-canceling microphone has been moved to the top of the bud where it’s exposed to the outside world and better at picking up and processing ambient sound. The microphone configuration is similar to what you see on the AirPods 3, but the skin-detection sensor is smaller, and Apple says it’s improved that sensor so it more accurately turns on and off playback and is more energy efficient.

I should also mention that Apple now includes a fourth set of extra small ear tips, which should help those of you with really small ear canals who had trouble getting a secure fit with the originals.

But this isn’t like the AirPods 3, where Apple made big changes to the earbuds’ external design. As far as I can tell, these fit my ears the same as the originals. I personally would like Apple to include a new extra-large ear tip, but I do get a relatively good seal with the largest size that’s included. (I am able to pass the seal test in the Ear Tip Fit test that’s part of the AirPods Pro’s Ear Tip companion app, but I do have to sometimes adjust how the buds sit in my ears to pass the test.) I could probably do just a little better with an XL tip, and I sometimes use third-party foam tips to get a more secure fit. They have a little more grip, and that helps keep the buds very securely in my ears, particularly when I’m running with them.

Upgraded Apple AirPods Pro 2 wireless charging case

The new MagSafe-enabled wireless charging case is the same size but now has a built-in speaker and Apple’s U1 chip, which allows it to play sounds for use with Apple’s precision Find My feature (the case essentially has an Apple AirTag built into it). Previously, the buds could play a sound through their drivers, but often they were in the case, so you couldn’t hear that sound. Now, you can use Find My to locate the case or the left or right earbuds separately should one or all of them go missing (the buds use Bluetooth Low Energy or BLE for tracking). The case also now has a spot for attaching a lanyard, but sadly, Apple doesn’t include a lanyard with the buds.

It’s worth noting that you can’t charge the original AirPods Pro in the AirPods Pro 2’s cases and vice versa. If you try that, you’ll get a “mismatched AirPods” notification on your phone.

While Apple has retained the pinch controls on the stems, which I preferred to the touch controls on the original AirPods, it’s now added swipe controls on the stem for adjusting the volume. You can still ask Siri to raise and lower volume — these do have hands-free Siri — but a lot of people will appreciate the new swipe controls.

That’s really it as far as external design changes go and most of them are tied into some feature or performance enhancement.

New Apple AirPods Pro 2 drivers and internal components

As I said in my initial first look video, the real changes are on the inside, where everything is basically new. The AirPods Pro 2 are powered by Apple’s new H2 chip, which delivers more processing power while being more energy efficient. To get better sound, Apple has combined that chip with a new amplifier and new low-distortion drivers along with new digital processing algorithms. The H2, new microphones and algorithms are also what drive the improved adaptive active noise canceling that Apple says is twice as powerful as its predecessor’s noise canceling. And finally, there’s a new Adaptive Transparency Mode that allows you to hear the world around you in a natural, lifelike manner while reducing loud noises that might normally shock your ears. It’s a great transparency mode and you can turn the adaptive part off if you want.

Apple AirPods Pro 2 sound evaluation

You can definitely hear the improvements to both the noise canceling and sound. As for sound, you get better clarity, more bass punch with better definition, and just more all-around depth and dynamic sound. The sound just has a little more girth and dimensionality. I compared a few tracks I always use during testing, like Spoon’s Knock Knock Knock, and you can really notice a difference in the bass performance. The earbuds use Adaptive EQ, which uses an inward-facing microphone to monitor the sound going into your ears, and the H2 chip, which optimizes the audio that you’re listening to on the fly (there are no manual EQ settings). The chip’s increased computational power helps it process and optimize a wider range of frequencies, particularly the highs.

One of the more impressive things about the buds is how loud they play. For me, I found they played plenty loud at about 65% to 70% volume. I compared them to the new Bose QuietComfort Earbuds 2. The AirPods Pro 2 sound excellent, but there’s something about the tonal balance of the Bose that I liked a little better at times — there’s a bit more warmth and naturalness to it — and the bass has a bit more oomph. But I had to push the volume up to about 85% to hear some of the finer details and to get the extra bass kick on the Bose. With the AirPods Pro 2 you hear more detail and get good bass even at more moderate volumes.

Some people were hoping that the new AirPods Pro would be able to stream Apple Lossless tracks over wireless. They currently can’t do that, which will certainly disappoint some people. Whether they’ll be able to do that in the future and possibly get other new feature upgrades is anybody’s guess. But for now, they use Bluetooth 5.3 and support the AAC LC3 audio codec, which offers 16-bit 48 kilohertz bit rates compared with the 16-bit 24 kilohertz bit rates of AAC. Not high-resolution audio, but a little bump up.

Samsung’s Galaxy Buds 2 Pro support 24-bit high-resolution audio. The catch is to get that 24-bit audio you need a Galaxy device equipped with Samsung’s One UI 4.0 and a music streaming service like Qobuz, Tidal or Amazon Music that streams high-res audio tracks. On all other devices, including Android phones and iPhones, those buds default to the AAC audio codec.

Apple AirPods Pro 2 noise canceling testing

The active noise canceling is impacted by how tight a seal you get from the ear tips. If you lose that tight seal, some ambient sound may leak in and you may hit the rare ANC hiccup as the AI shifts gears for a fraction of second to make adjustments (this is a phenomenon with all adaptive noise-canceling earbuds). But it was easy to sense that the noise canceling was reducing more cabin noise during a cross-country flight I took and also muffled more sound when I rode the subway in New York. The buds also have just enough venting to avoid that oppressive occluded feeling you sometimes get with ANC buds.

The noise canceling didn’t feel twice as strong to me as I switched between the AirPods Pro 2 and the original AirPods Pro, but by double the noise canceling power what Apple means is that noise canceling is improved across all frequencies and probably more so with high- and mid-range frequencies that are harder to muffle than lower frequencies. So you’re likely to hear more improvement with the muffling of people’s voices, for example.

Ultimately, the noise canceling is one of the best out there right now and just a slight step behind what I experienced with Bose’s new QuietComfort Earbuds 2, which arguably have the best noise canceling at this moment. But I’ll say it again, the noise-canceling experience can and will vary with the fit of the earbuds, so hopefully, you get a good fit.

If you happen to own an Apple Watch, you can fire up the Noise app — or complication, as Apple calls it — to get a readout of the exact decibel levels the AirPods Pro 2 are reducing with their noise canceling (you just need to have a Watch running WatchOS 9). It’d be nice if you could just see that same dB level check on your iPhone.

Apple AirPods Pro 2 Spatial Audio

I’m not going to talk too much about Apple’s Spatial Audio virtual surround mode, but it’s here and fun to play around with — it’s a nice bonus feature, and Apple seems to do it best compared with other buds that have their own virtual surround or spatial mode with head-tracking (for example, Samsung’s Galaxy Buds 2 Pro use 360 Audio). I prefer using Spatial Audio with movies, but I also tried it with various music tracks, particularly those that Apple designates as Made For Spatial Audio. It doesn’t necessarily make music sound better, but it does make it sound different, and it’s interesting to try it out with tracks you know well and want to hear in a different way.

iOS 16 brings Personalized Spatial audio to any AirPods that support Spatial Audio. Similar to what you do when setting up Face ID, the personalized experience comes from taking pictures of your ears, and the biggest benefit is the more accurate placement of dialogue directly in front of you when you’re watching a movie. That placement doesn’t move even if you turn your head if you have head-tracking turned on (you can also use Spatial Audio in “fixed” setting).

Apple AirPods Pro 2 voice-calling performance

The original AirPods Pro were mostly excellent for making voice calls and these are even slightly better. As I said, the microphones have been upgraded, and there are two beamforming microphones for calls — one on the outside of the bud and one at the bottom of the stem, both of which have some mesh covering them to help reduce wind noise. When you’re using the buds to make a FaceTime call over Wi-Fi instead of a call over a cellular voice network where the audio gets compressed, people may be able to notice a bigger difference in the clarity of your voice compared with what they would hear with the original AirPods Pro. (You can listen to a test call on the Verizon cellular network in my companion video review, at the top of this page.)

The one thing I noticed when comparing the AirPods Pro 2’s voice calling with that of the Bose QuietComfort Earbuds 2 is that when you’re having a conversation, the AirPods Pro 2 let more background noise in, but your voice sounds clearer to callers. When you’re not talking, the Bose earbuds completely silence the background noise — it only bleeds in a bit when you start talking. The AirPods Pro 2 don’t try to silence the background noise; they just reduce it to lower levels. There’s something quite impressive about the Bose almost completely silencing the background noise, but the overall experience for callers (the people you’re talking to) seems to be better with the AirPods Pro 2, because your voice does sound clearer and they can hear you well over the reduced background noise.

I made calls with noise canceling on as well calls with the adaptive transparency on. People you’re talking with can’t hear a difference, but there will be a big difference on your end, particularly if you’re in a noisy environment, where you’ll want to turn the noise canceling on (there’s just enough sidetone to hear your voice in the buds with noise canceling on). In less noisy environments, it’s better to turn transparency on because you can hear your voice as it sounds and you won’t talk too loud. And the transparency does make you feel as if you’re not wearing headphones, though you may still feel them in your ears.

You can use one bud independently — with noise canceling on if you want — and leave the other in the case to charge. It doesn’t matter which one you use when making calls; with the Bose QuietComfort Earbuds it appears that you can only use the right bud for calls if you want to use only a single bud.

Apple AirPods Pro 2 buried features

I’ve spent most of this review focusing on the AirPods Pro 2’s top-level features and the things that people care about most, such as sound quality, noise-canceling and voice-calling performance. But the AirPods Pro do have a number of extra features and settings buried within iOS 16 under the Accessibility setting that allow you to tweak the buds, play masking sounds and even create a custom audiogram. And for those who have slight to moderate hearing loss, there’s a Conversation Boost that turn the buds into hearing amplifiers.

These features aren’t unique to the AirPods Pro 2 — they’re available for all the latest AirPods. But they’re worth exploring, and I suspect we’ll see more features added in the future. For instance, there was some chatter about new health features coming to the AirPods Pro 2. Those haven’t materialized, but you never know what could get added. For example, Spatial Audio didn’t come to the AirPods Pro until well after their initial release, and Apple never even hinted at when it originally launched the headphones.

Another nice little bonus: In addition to charging via Lightning, MagSafe or standard Qi wireless pads, the AirPods Pro 2 can even be juiced up with an Apple Watch magnetic charger.

Apple AirPods Pro 2 compared to other top earbuds

As I said at the beginning, it’s hard to put an exact number on just how much better the new AirPods Pro 2 are than their predecessor. But I’m going to go with somewhere around 40%.

The fact is that when the AirPods Pro came out almost three years ago, it was really their compact size, comfortable fit and Apple-only features like auto switching between all the devices on your iCloud account that were their big selling points. That’s all here still, but now the sound and noise canceling, which were good but not great before, are what you’d expect from a $249 set of buds.

Audio quality is subjective, and some people may slightly prefer the sonic traits of buds like the Bose I mentioned earlier or the Sony WF-1000XM4 or Sennheiser Momentum True Wireless 3, all of which have equalizer options in their companion apps. But others may actually prefer the AirPods Pro 2’s sound; it really does stack up well against what you get with other premium earbuds in this price range.

Final take on Apple AirPods Pro 2

While the AirPods Pro 2 will pair with Android devices, you do lose a lot of their special features, including Spatial Audio, so Android users are better off with buds like Google’s very good Pixel Buds Pro, Samsung’s excellent Galaxy Buds 2 Pro or the Bose QuietComfort Earbuds 2 that I mentioned earlier. And you may find that other buds like the Bose or even Apple’s own Beats Fit Pro, which don’t sound quite as good or offer as good noise canceling or voice calling performance, may fit your ears more securely, which is an important factor when buying wireless earbuds.

I’m among those who wish Apple had made the AirPods Pro 2 look a little different than the originals. (I really do want them to come in more color options.) But if you’re an Apple user, they’re hard to beat so long as they fit your ears. While they may not quite be perfect, they feel like a much more fully evolved, refined product that packs not only an impressive set of features but top-notch performance in a very small design.

Editors’ note: This review was originally published on Sept. 22, 2022 and updated in December to reaffirm our continued positive experience with the headphones and add an Editors’ Choice designation.

Technologies

China’s super-rich fled Singapore. Now they want to come back

Wealthy Chinese are reconsidering Singapore as Beijing’s offshore wealth scrutiny and geopolitical risks make alternatives less attractive.

A year ago, wealthy Chinese families were souring on Singapore. Its rules felt onerous, its nightlife subdued. Other cities seemed easier or more exciting.

Now they want to come back.

Family-office advisers and wealth managers say they are seeing renewed interest in Singapore from affluent Chinese clients who had shifted their lives to other financial centers, as tightening scrutiny from Beijing and geopolitical turmoil make its stability look attractive again.

The reversal underscores how quickly the calculations of Asia’s wealthy can change.

Singapore emerged as a favored destination for wealthy mainland Chinese seeking to diversify their assets and gain distance from Beijing, particularly after Hong Kong’s 2019 protests and subsequent national security crackdown.

However, its appeal faded after a $3 billion money-laundering scandal in 2023 triggered tighter scrutiny of wealthy clients and family offices. Stricter compliance checks, lengthy bank onboarding and residency requirements pushed some Chinese families toward jurisdictions they viewed as easier or more appealing – such as Hong Kong, Dubai and Tokyo.

They’re now telling me I really want to come to Singapore to become a citizen.Ryan LinBayfront Law

But what once seemed restrictive is increasingly being viewed by some as a source of security.

“The very reason why they came to Singapore in the first place back then was because China’s policies impact Hong Kong much closer to them than in Singapore,” said Bayfront Law director Ryan Lin.

Lin, who advises wealthy Chinese clients on setting up family offices and securing residency in Singapore, said last year that he was increasingly helping clients move away from the city-state as tighter compliance and disclosure requirements eroded its appeal.

The shift comes as Beijing steps up scrutiny of wealth held outside mainland China. New rules affecting offshore trusts have rattled wealthy families because of requirements to disclose structures and potential tax liabilities, while tighter oversight has also extended to areas including insurance and offshore brokerage accounts. These rules can apply regardless of where a trust is located or where an individual physically lives.

“When it comes to the safety of their wealth, they probably now are considering Singapore very, very seriously for the long term,” he said, adding that they are more determined this time, with several asking about pathways to permanent residency and citizenship as they consider making Singapore a longer-term base.

Moving to Singapore does not automatically sever an individual’s obligations to China, said Carman Chan, founder of Hong Kong and Singapore-based family office Click Ventures, particularly without a change in citizenship or tax status.

Advisers say the renewed interest in Singapore is generally about creating physical, financial and political distance from the mainland while maintaining additional options.

Lin said recent restrictions affecting mainland investors’ access to offshore brokerages in Hong Kong had particularly unsettled some clients. “They find perhaps Hong Kong is really too close to China,” he said.

Manish Tibrewal, co-founder of family office Farro Capital, said his firm has seen a sharp pickup in inquiries from Chinese families considering to relocate to Singapore.

A spokesperson for Hong Kong’s Financial Services and the Treasury Bureau said that under the “one country, two systems” framework, “Hong Kong upholds the common law system, the free flow of capital, the free convertibility of its currency, a simple and low tax regime, and a regulatory framework aligned with international standards.”

Dubai reversal

Singapore is also benefiting from a different source of anxiety: the Middle East.

Several advisers, including Tibrewal and Lin, said Chinese families who shifted toward Dubai in recent years have reconsidered their plans amid conflict in the region.

Lin said some of his clients initially treated the conflict as a temporary shock. But as tensions persisted, families began taking more concrete steps to leave.

“My clients are afraid that Dubai may potentially be easy collateral damage.” Lin said. “Their sense of security will not be there. They will be frantic. At least mentally, they won’t feel very safe. Their mindset of managing money in Dubai has changed.”

Some have already returned while others are unwinding investments and financial arrangements before doing so, he said.

Japan’s barriers

Tokyo had become attractive to wealthy Chinese in recent years as a weak yen made everything from property to luxury goods cheaper. Its proximity to China and safety had also made it an obvious alternative to Singapore.

Yet language barriers, difficulties integrating into Japanese society and differences in business and social culture caused issues, advisers said.

Iris Xu, CEO of Jenga Business Consulting Group, a consultancy that works with wealthy families, cited one client who relocated to Japan but returned to Singapore after just eight months.

“After going to Japan, going to Dubai, going to Hong Kong, there remains the Singapore option,” Xu said.

Back to Singapore

The renewed interest also arrives as Singapore itself fine-tunes the rules governing its family-office industry.

The Monetary Authority of Singapore in July eased some conditions for single-family offices seeking tax incentives, with the changes taking effect Aug. 1. The revisions give offices greater flexibility on hiring and investment requirements even as authorities continue to strengthen checks on the sources of wealth entering the country.

“Wealth owners from a diverse range of countries choose Singapore for many reasons, including our high standards of regulation, strong rule of law, and a comprehensive ecosystem of wealth managers and professional service providers,” an MAS spokesperson told CNBC.

Advisers for the wealthy say Singapore’s advantage is increasingly the predictability that comes with its rules.

“Their priorities have changed,” Xu said. “Before, maybe they were looking for an opportunity. Now they are looking at safety.”

Technologies

U.S.-Iran escalation shows Washington’s frustration with slow-moving sanctions

Renewed hostilities reopen the question of whether the conflict is grinding toward a settlement or further escalation.

The escalation in hostilities between the U.S. and Iran over the weekend shows the U.S. is running out of patience with the slower-moving sanctions approach, according to analysts.

U.S. forces destroyed two Iranian rocket launchers on Larak Island on Sunday, as the Islamic Republic prepared to fire mine-carrying rockets into the Strait of Hormuz, ending a month-long lull in direct fighting.

The strike was the first publicly acknowledged U.S. attack since late July. Iran responded within hours, firing eight missiles at the King Hussein and Al Azraq air bases in Jordan. Jordanian air defenses intercepted all eight, with no casualties, the government said.

Later Sunday, President Donald Trump threatened on social media to blow up Kharg Island, Iran’s main oil-export hub, to “smithereens.”

“Most of the war has been tactically focused rather than strategic from the outset,” said Ian Ralby, a maritime security expert and president of Auxilium Worldwide. “The question, therefore, is: why this, why now?”

The sanctions campaign may not be hurting Iran’s leadership fast enough for the U.S.’s liking, Ralby said. Treasury Secretary Scott Bessent told Reuters on Sunday that he expects new sanctions on Iran weekly, particularly targeting banks, and that Washington intends to cut Tehran-linked institutions out of the dollar system entirely.

“It may be that the financial pressure was not curtailing Iranian behavior to the level the U.S. anticipated,” Ralby said. Renewed Iranian military activity may also have threatened U.S. forces or interests in the region “at a sufficiently high level of gravity that the U.S. felt it necessary to strike Iranian territory once more.”

The U.S. strike is likely an attempt to break a deadlock rather than a shift in policy, Ralby added. “The status quo has become somewhat stagnant, and I’m sure the U.S. would like to see that change,” he said. But it is unlikely to alter “the continuation of the blockade, or the economic ‘warfare’ being used to try to pressure Iran.”

Potential escalation

Trump’s threat against Kharg Island is likely to remain rhetorical. The terminal has absorbed dozens of strikes since the war began, with its oil infrastructure deliberately spared.

“It is unlikely that the President of the United States will actually carry through on the threat to attack Kharg Island,” Ralby said, noting the island also holds a historic early church that Iran has worked to preserve.

An attack “would be a destruction of cultural heritage as well as destruction of critical oil infrastructure, which would likely cause catastrophic environmental harm,” he said. “Threatening it may seem appealing, but actually blowing it up should hold little appeal.”

Rather than confronting U.S. forces head-on, Iran is more likely to retaliate through proxies and pressure on shipping and energy flows.

“The key to this conflict from the outset has been asymmetry,” Ralby said. “The Iranians have demonstrated an ability to use limited actual force to inflict substantial, actual harm.”

For instance, the Houthis, who control a large part of Yemen and have held sway over the approaches to the Bab el-Mandeb for the better part of a decade, entered the war weeks ago in support of Iran.

With the Houthis restricting navigation through the Bab el-Mandeb, the U.S. and its allies in the region could face a situation where the two major maritime chokepoints used to export the majority of the Gulf’s petroleum products are “subject to manipulation by Iran and its partners,” said Michael Ratney, senior adviser at the Center for Strategic & International Studies.

“We always assume that the Houthis and Iran are part of the same kind of group, but they’re not,” said Claudio Galimberti, chief economist at Rystad Energy. “They have worked in the past quite independently.”

Somali piracy, dormant since 2013, has also returned as coalition navies concentrate on the Red Sea and Hormuz. At least five vessels are currently held, including a tanker seized off Al Mukalla on Aug. 20.

“Enhanced pressure on oil production, the energy market, and global shipping are likely to be the focal points for Iranian retaliation,” Ralby said.

The military campaign remains the dominant force in oil prices. Flows through the strait reached roughly 7 million barrels a day last week via the Omani corridor under U.S. Navy escort, according to Galimberti’s estimates, calling it “a very costly mechanism … but it’s working.”

The strike on Larak threatens to reverse that recovery, injecting fresh uncertainty into commercial shipping through the waterway. “The expectation is that the flows in the next couple of days probably will be lower, and therefore you should expect the price increase for sure,” Galimberti said.

Technologies

CNBC Daily Open: Trump wants to floor it on economic growth as Warsh eyes the brakes

The Trump administration saw two embattled officials fending off criticism yesterday as the war in the Middle East flared up again.

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Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

The Trump administration saw two embattled officials fending off criticism yesterday as the war in the Middle East flared up again, with U.S. President Donald Trump trying to lower pump prices and talk up growth.

Treasury Secretary Scott Bessent also defended the decision to increase bond purchases earlier last month, after investor Stanley Druckenmiller criticized the move.

If you were working late in Asia last night, you may not have caught any of this, simply because Microsoft Outlook and ChatGPT Work experienced outages. I know of more than a few office workers that were secretly grateful for that.

What you need to know today

U.S. President Donald Trump has unveiled a cunning plan to combat high pump prices for Americans, involving his claimed control over 65 billion barrels of oil reserves in Venezuela.

He will meet with U.S. refiners and fuel distributors, looking for ways to expand domestic refining capacity and bring down gasoline prices, according to a White House official.

Prices at U.S. pumps were at $4.08 per gallon on average nationwide Monday, according to AAA data, which is nearly 30% higher compared to the same time last year.

However, there is just one snag. Experts told CNBC that his deal with Venezuela will not lower gas prices anytime soon.

Venezuela’s oil infrastructure is in a state of disrepair, and it will require about $180 billion of investment till 2040 to return the country to peak production, according to Rystad Energy.

The South American nation is currently producing around 1.2 million barrels a day, down from a peak of 3.5 million bpd in the late 1990s.

Trump also has one eye on the Middle East, vowing to hit Iran “hard” after the Islamic Republic said it launched an attack on two U.S. bases in Jordan.

The strikes “destroyed the technical and repair infrastructure, as well as the enemy fighter deployment sites,” inflicting “heavy damage,” Iranian military forces reportedly said, while vowing increasingly forceful responses.

Growth and the Fed

Trump also continued his push for the Fed to lower interest rates, arguing that the U.S. could grow at rates of up to 20% (yes, that is not a typo), and adding such rapid growth should not prompt the central bank to raise interest rates.

“Success in growth does not cause inflation,” the U.S. president said. However, growth has never reached anywhere close to the levels Trump is saying, except for one Covid pandemic-related surge of 34.9% in 2020, which notably followed a 28% contraction in the previous quarter.

The most recent GDP numbers, however, are a far cry from the 20% annualized growth touted. Real GDP increased at a 1.5% annualized rate in the second quarter of 2026, down from 2.1% in the first quarter, according to the BEA’s latest estimate.

The president’s stance would then put him at odds with Fed Chairman Kevin Warsh, who is expected by markets to hike rates at the Fed’s meeting in September.

Odds for a move at the Sept. 15-16 meeting jumped to 66.1% on Monday, nearly double where they were before Warsh’s speech at Jackson Hole over the weekend, according to the CME Group’s FedWatch tool.

Treasury Secretary Scott Bessent, meanwhile, defended the department’s decision to double the planned size of buybacks of longer-dated U.S. bonds.

Investor Stanley Druckenmiller, Bessent’s former mentor, argued that the policy amounted to “price management” rather than an attempt to improve market liquidity, and risked undermining the Treasury’s credibility.

Outlook and ChatGPT outages

But the most important news for office workers Monday stateside would be that they had a rare reprieve from some of their work, as Microsoft Outlook and OpenAI’s ChatGPT Work experienced outages.

Users reported problems with Outlook, while OpenAI said users may experience problems starting or continuing tasks in ChatGPT Work, temporarily disabling two of the modern office’s favorite methods of assigning more work.

Anyone who failed to send an email, and then failed to ask AI to write an excuse for not sending that email, finally could legitimately say “I couldn’t do it, honest!”

— Lim Hui Jie

And finally…

FTC sues Amazon, accusing the e-commerce giant of misleading advertisers

The Federal Trade Commission on Monday sued Amazon, alleging the e-commerce giant “secretly and systematically overcharged” advertisers on its platform by manipulating its pricing and auction systems.

The lawsuit, which was joined by 22 state attorneys general, argues that Amazon may have reaped more than $20 billion from advertisers by using “hidden surcharges” dating back to a change to its auction rules that took effect in 2019.

However, the company argues that its auction systems have saved advertisers $8 billion between 2021 and 2025, not cost them extra.

— Annie Palmer

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