Republican Mitch McConnell will step down as his party’s leader in the Senate after the November election. Here is instant reaction and analysis from the Bloomberg Balance of Power podcast, hosted by Joe Mathieu and Kailey Leinz.

Republican Mitch McConnell will step down as his party’s leader in the Senate after the November election. Here is instant reaction and analysis from the Bloomberg Balance of Power podcast, hosted by Joe Mathieu and Kailey Leinz.

Listen for today's top stories, with context, in just 15 minutes. 

Each morning, hosts Nathan Hager and Karen Moskow bring you the latest on US politics, foreign relations, business, financial markets and global economics. The show is recorded at 5 AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Listen for today's top stories, with context, in just 15 minutes. Each morning, hosts Nathan Hager and Karen Moskow bring you the latest on US politics, foreign relations, business, financial markets and global economics. The show is recorded at 5 AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Bloomberg Daybreak: US Edition

Listen for today's top stories, with context, in just 15 minutes. 

Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Listen for today's top stories, with context, in just 15 minutes. Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

BREAKING NEWS: Mitch McConnell Stepping Down

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/cca1ec91-c3ac-438b-ac87-b124012c9562/transcript

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump announced plans to subject Iran to an “economic D-Day,” underscoring his rising frustration with Tehran’s refusal to capitulate despite military strikes and an American blockade targeting its oil exports. Trump didn’t specify what measures he would take, but his threat to target Iran’s trading partners, none of which he cited by name, put an immediate focus on China, which buys the bulk of Iran’s oil. Trump demanded that all countries cease providing Iran access to exchange houses, cash transfers, swap lines, ship registries, front companies and avenues to smuggle out its oil. He also sought to rally other nations that have so far declined to support his war on the Islamic Republic, saying the US needs all its allies to help “isolate, and defeat, the Iran threat.” 
2) A tentative trade deal between the US and Canada would lower tariffs on certain Canadian exports of steel and aluminum to 25% and cut duties on Canadian auto exports to 15%, according to people familiar with the matter. The details have yet to be finalized and are not expected to apply across the board. For steel and aluminum, different rates could apply to some derivative products that include those metals, said some of the people, who requested anonymity to discuss terms of the agreement before it is announced. Tariffs on the non-US content in autos exported from Canada would be reduced to 15% from 25%, according to people familiar with the negotiations. Talks between US and Canadian trade advisers continued Wednesday, less than 24 hours after President Trump paused planned 50% levies on billions of dollars of Canadian goods to allow more time to negotiate. 
3) Treasury Secretary Scott Bessent made a fresh attempt to rein-in long-term borrowing costs from multi-year highs, sending Treasury yields and the dollar down. Just two weeks after releasing its planned schedule for buybacks this quarter, the Treasury Department on Wednesday said it’s “increasing, by at least double, the size of liquidity support buyback operations” for securities dated from the 10-year to the 30-year sector. The bold intervention to stem a potentially damaging rise in US borrowing costs has some investors saying the dollar will ultimately pay the price. Some market participants see the move as a turning point, with Washington taking a more active role in keeping its borrowing costs down. Coming after other recent efforts to rein in long-term yields, it’s reviving a concern that US policy could weaken faith in the dollar and push investors toward alternatives.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump announced plans to subject Iran to an &ldquo;economic D-Day,&rdquo; underscoring his rising frustration with Tehran&rsquo;s refusal to capitulate despite military strikes and an American blockade targeting its oil exports. Trump didn&rsquo;t specify what measures he would take, but his threat to target Iran&rsquo;s trading partners, none of which he cited by name, put an immediate focus on China, which buys the bulk of Iran&rsquo;s oil. Trump demanded that all countries cease providing Iran access to exchange houses, cash transfers, swap lines, ship registries, front companies and avenues to smuggle out its oil. He also sought to rally other nations that have so far declined to support his war on the Islamic Republic, saying the US needs all its allies to help &ldquo;isolate, and defeat, the Iran threat.&rdquo; 2) A tentative trade deal between the US and Canada would lower tariffs on certain Canadian exports of steel and aluminum to 25% and cut duties on Canadian auto exports to 15%, according to people familiar with the matter. The details have yet to be finalized and are not expected to apply across the board. For steel and aluminum, different rates could apply to some derivative products that include those metals, said some of the people, who requested anonymity to discuss terms of the agreement before it is announced. Tariffs on the non-US content in autos exported from Canada would be reduced to 15% from 25%, according to people familiar with the negotiations. Talks between US and Canadian trade advisers continued Wednesday, less than 24 hours after President Trump paused planned 50% levies on billions of dollars of Canadian goods to allow more time to negotiate. 3) Treasury Secretary Scott Bessent made a fresh attempt to rein-in long-term borrowing costs from multi-year highs, sending Treasury yields and the dollar down. Just two weeks after releasing its planned schedule for buybacks this quarter, the Treasury Department on Wednesday said it&rsquo;s &ldquo;increasing, by at least double, the size of liquidity support buyback operations&rdquo; for securities dated from the 10-year to the 30-year sector. The bold intervention to stem a potentially damaging rise in US borrowing costs has some investors saying the dollar will ultimately pay the price. Some market participants see the move as a turning point, with Washington taking a more active role in keeping its borrowing costs down. Coming after other recent efforts to rein in long-term yields, it&rsquo;s reviving a concern that US policy could weaken faith in the dollar and push investors toward alternatives.

Trump Threatens Iran ‘Economic D-Day’; Treasury Bond Fix JPMorgan Warning

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/0f4a7a50-166d-42a0-a04f-b4ac00a16245/transcript

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Democratic Socialist Angie Nixon stormed to a surprise win in Florida’s US Senate primary, while Republican Representative Byron Donalds, backed by a $100 million war chest and President Donald Trump’s endorsement, cruised to victory in his gubernatorial primary. Nixon, a Black labor and political organizer from Jacksonville who has been a state lawmaker since 2020, defeated Alex Vindman by more than 10 percentage points, upending pre-election polling. Vindman, who rose to notoriety in Trump’s first administration by being a key witness in his first impeachment trial, had outraised Nixon by 16-to-1. Meantime, the race to replace two-term Governor Ron DeSantis will be fought between Donalds and David Jolly, a former Republican-turned-moderate Democrat. With registered Republicans outnumbering Democrats by more than 1.5 million people in Florida, Jolly will have to appeal to independent voters and hope that some Republicans stay home to deliver an upset.
2) The Trump administration delayed 50% tariffs on billions of dollars of Canadian products for three days, saying the two sides had reached a tentative agreement to resolve a broader trade dispute that had plunged relations to a fresh low. President Trump announced the decision less than two hours before the tariffs were set to take effect. A White House proclamation later said the duties were halted after Canada “expressed a commitment to remove the discriminations” on US autos, dairy and alcohol. And the US Trade Representative’s office said the deal includes “comprehensive market access for all American goods, economic security commitments, digital trade alignment” and other factors, without giving specifics.
3) President Trump insisted Tuesday that there were no talks ongoing with Iran, leaving the simmering conflict in the Middle East and control of the Strait of Hormuz stuck in limbo. The memorandum of understanding that the US and Iran signed in June in an effort to buy time to negotiate a lasting peace deal — as repeatedly violated as it had been during that 60-day window — has expired. There are no plans to extend it, leaving the status of Hormuz unresolved, with little traffic and Washington and Tehran still at odds over how the waterway should be managed.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Democratic Socialist Angie Nixon stormed to a surprise win in Florida&rsquo;s US Senate primary, while Republican Representative Byron Donalds, backed by a $100 million war chest and President Donald Trump&rsquo;s endorsement, cruised to victory in his gubernatorial primary. Nixon, a Black labor and political organizer from Jacksonville who has been a state lawmaker since 2020, defeated Alex Vindman by more than 10 percentage points, upending pre-election polling. Vindman, who rose to notoriety in Trump&rsquo;s first administration by being a key witness in his first impeachment trial, had outraised Nixon by 16-to-1. Meantime, the race to replace two-term Governor Ron DeSantis will be fought between Donalds and David Jolly, a former Republican-turned-moderate Democrat. With registered Republicans outnumbering Democrats by more than 1.5 million people in Florida, Jolly will have to appeal to independent voters and hope that some Republicans stay home to deliver an upset. 2) The Trump administration delayed 50% tariffs on billions of dollars of Canadian products for three days, saying the two sides had reached a tentative agreement to resolve a broader trade dispute that had plunged relations to a fresh low. President Trump announced the decision less than two hours before the tariffs were set to take effect. A White House proclamation later said the duties were halted after Canada &ldquo;expressed a commitment to remove the discriminations&rdquo; on US autos, dairy and alcohol. And the US Trade Representative&rsquo;s office said the deal includes &ldquo;comprehensive market access for all American goods, economic security commitments, digital trade alignment&rdquo; and other factors, without giving specifics. 3) President Trump insisted Tuesday that there were no talks ongoing with Iran, leaving the simmering conflict in the Middle East and control of the Strait of Hormuz stuck in limbo. The memorandum of understanding that the US and Iran signed in June in an effort to buy time to negotiate a lasting peace deal &mdash; as repeatedly violated as it had been during that 60-day window &mdash; has expired. There are no plans to extend it, leaving the status of Hormuz unresolved, with little traffic and Washington and Tehran still at odds over how the waterway should be managed.

Nixon & Daniels Advance in Florida Primary, Trump Delays Canada Tariffs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b4cfb2a6-3681-4d85-b5c1-b4ab009f97a6/transcript

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said he won’t try to revive a stalled truce with Iran, leaving the simmering conflict in the Middle East and a tussle for control of the Strait of Hormuz stuck in limbo. A memorandum of understanding the US and Iran signed in June that gave them a 60-day window to negotiate a lasting peace deal technically expired Monday, and when Trump was asked if he would seek an extension, he replied: “No.” The ceasefire had been repeatedly violated in any event, with intermittent clashes continuing, and both sides had declared it defunct. Brent crude climbed Tuesday - by its highest level in more than three weeks - as prospects dimmed for a swift reopening of Hormuz, through which a fifth of the world’s oil and gas transited before the war. Trump is demanding that free passage through the waterway be restored, while Iran said it will govern traffic in conjunction with Oman. 
2) Jared Kushner assured Prime Minister Benjamin Netanyahu that the Israeli army won’t be compelled to withdraw from Gaza until Hamas disarms, an official with knowledge of the talks said, a stance that will dim hopes for a Gaza peace deal anytime soon. Kushner met with Netanyahu in Jerusalem on Monday, a day after holding talks with a Hamas leader in Egypt. The US and Israel agreed there would be no Israel Defense Forces redeployment from Gaza until Hamas is fully disarmed and all of Gaza is demilitarized, according to the Board of Peace official, who asked not to be identified discussing private deliberations. Those conditions are likely to be rejected by Hamas, which has insisted that Israel withdraw from Gaza before it gives up its weapons.
3) Chinese leader Xi Jinping will forgo a stop in New York to address the UN General Assembly during a trip to the US next month to meet President Donald Trump, Politico reported. Politico cited four people familiar with the matter whom it didn’t identify. Xi plans to visit the US for three days, meeting Trump on Sept. 24, one of the people said. There’d been speculation that Xi would join other world leaders at the UN meeting as part of his US visit. Trump invited Xi to visit during his trip to Beijing in May. The two sides used their spring summit to steady ties that had deteriorated over trade, tech, Taiwan and other issues.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump said he won&rsquo;t try to revive a stalled truce with Iran, leaving the simmering conflict in the Middle East and a tussle for control of the Strait of Hormuz stuck in limbo. A memorandum of understanding the US and Iran signed in June that gave them a 60-day window to negotiate a lasting peace deal technically expired Monday, and when Trump was asked if he would seek an extension, he replied: &ldquo;No.&rdquo; The ceasefire had been repeatedly violated in any event, with intermittent clashes continuing, and both sides had declared it defunct. Brent crude climbed Tuesday - by its highest level in more than three weeks - as prospects dimmed for a swift reopening of Hormuz, through which a fifth of the world&rsquo;s oil and gas transited before the war. Trump is demanding that free passage through the waterway be restored, while Iran said it will govern traffic in conjunction with Oman. 2) Jared Kushner assured Prime Minister Benjamin Netanyahu that the Israeli army won&rsquo;t be compelled to withdraw from Gaza until Hamas disarms, an official with knowledge of the talks said, a stance that will dim hopes for a Gaza peace deal anytime soon. Kushner met with Netanyahu in Jerusalem on Monday, a day after holding talks with a Hamas leader in Egypt. The US and Israel agreed there would be no Israel Defense Forces redeployment from Gaza until Hamas is fully disarmed and all of Gaza is demilitarized, according to the Board of Peace official, who asked not to be identified discussing private deliberations. Those conditions are likely to be rejected by Hamas, which has insisted that Israel withdraw from Gaza before it gives up its weapons. 3) Chinese leader Xi Jinping will forgo a stop in New York to address the UN General Assembly during a trip to the US next month to meet President Donald Trump, Politico reported. Politico cited four people familiar with the matter whom it didn&rsquo;t identify. Xi plans to visit the US for three days, meeting Trump on Sept. 24, one of the people said. There&rsquo;d been speculation that Xi would join other world leaders at the UN meeting as part of his US visit. Trump invited Xi to visit during his trip to Beijing in May. The two sides used their spring summit to steady ties that had deteriorated over trade, tech, Taiwan and other issues.

Trump Takes Hard Line on Iran, China’s Xi to Skip UN Meeting

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a8c61079-32bf-4291-ac29-b4aa009fe43a/transcript

BREAKING NEWS: Mitch McConnell Stepping Down

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