The Strait of Hormuz has been Iran's most powerful card since the start of the war in late February. But over the past two months, U.S. officials say the American military has steadily eroded Iran's leverage over the crucial waterway.Why it matters: What began six months ago with the goal of degrading Iran's missile capabilities and destroying what remained of its nuclear program has evolved into an open-ended fight over the world's most important energy chokepoint.U.S....

New financial technologies are making it faster and cheaper to move money across borders, seemingly reducing the world's reliance on the dollar.But new research presented at the Jackson Hole symposium suggests financial innovation may instead tighten the dollar's grip on global finance.Financial innovation is the theme for the annual gathering of central bankers, where they're grappling with how these technologies reshape the financial system.Why it matters: Dollar...

CIA Director John Ratcliffe proposed a trilateral meeting between President Trump, Russian President Putin and Ukrainian President Zelensky during his covert trip to Moscow earlier this week in an effort to end the war, two sources briefed on the matter told Axios.Why it matters: This was the first time Ratcliffe got personally involved in the diplomatic push to broker a breakthrough between Russia and Ukraine. Ratcliffe's visit was partly aimed at determining whether...

Rep. Alexandria Ocasio-Cortez (D-N.Y.) is shaking up her team with several departures and new aides, sources tell Axios.Why it matters: The personnel changes come months before the progressive leader will decide whether to launch a presidential campaign. She's also weighing a run for Senate Minority Leader Chuck Schumer's seat, which is also up in 2028.Driving the news: Ocasio Cortez's years-long campaign manager and senior adviser Oliver Hidalgo-Wohlleben is departing in...