Italy's new government could pursue a path that could have a devastating effect on Europe’s financial position

Improbably, the Federal Reserve is surviving the Trump era with its integrity intact. Jerome H. Powell, the Fed chairman since February, is quietly emerging as a skilled Washington operator.

If an expert committee makes the wrong call on Thursday, there is a disquieting possibility that the cliff may be in sight.

With new sources of uncertainty proliferating by the day, the world should brace for a broad economic slowdown or, at minimum, a lengthy period of slower growth.