Fed Governor Waller said communicating the Fed's policy reaction function aids public planning.

The Information reports Nscale told potential investors its contract backlog is about $103.0 bln after securing a $45.0 bln compute agreement with Anthropic. Documents show Nscale had disclosed roughly $51.0 bln of contracted revenue before the Anthropic deal; the backlog rose further with the Anthropic order and other AI customer contracts. Average contract length is about 5.7 years, implying an annualized run-rate of roughly $18.0 bln, but the filings do not specify expected revenue recognition. Nscale plans an IPO as early as this month.

The Wall Street Journal reports new details of a Trump administration civil-nuclear agreement with Saudi Arabia, submitted to U.S. Congress last week, outline a roadmap under which Saudi Arabia could, after further consultations, pursue domestic uranium enrichment up to about 20%. That enrichment level could fuel small modular reactors but would raise the risk of diversion to military use. Scott Rock, a former DOE official and vice chair of the Nuclear Threat Initiative, said the level is defensible for civilian use but that reaching it would mean most of the work toward producing weapons-grade material is already done.