Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Joe Biden can’t catch a break. It seemed like things couldn’t get much worse for the president after he was diagnosed Wednesday with Covid-19, dashing his hopes of counter-programming the Republican National Convention by forcing him to cancel an appearance before a key Latino advocacy group.

(2) Then, the dam broke. A flood of leaks detailed senior leaders in the Democratic Party warning Biden personally that he was unlikely to defeat Donald Trump and was putting his congressional allies at great risk.

(3) Senator JD Vance’s debut speech as the Republican vice presidential nominee was a fiery demonstration of the most powerful assets he offers Donald Trump’s campaign: a stridently populist economic message tailored for key swing states and a symbol of generational change.

(4) Keir Starmer spent the UK election campaign promising to reset Britain’s relationship with Europe after years of soured relations since Brexit. Just two weeks into his tenure, he’ll be able to immerse himself in that endeavor as he hosts over 40 of the continent’s leaders at Winston Churchill’s ancestral home on Thursday.

(5) Federal Reserve Governor Christopher Waller said the economy is getting closer to a point where the central bank can reduce borrowing costs but indicated he’d like to see a “bit more evidence” inflation is on a sustained downward path.