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This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Every Monday, Bloomberg Intelligence senior analyst Nathan Dean gives his insights into what’s been happening and what’s coming up in the nooks and crannies of government and markets. Sign up here and follow us at @bpolitics. Email our editors here. | |
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It’s the unofficial end of summer for my family. My fourth grader and sixth grader started school today and for the first time I was told that it wasn’t necessary for me to walk them to school. As the schools open up in the next few weeks, I bid good luck to fellow parents. People aren’t kidding when they say time flies. As someone who primarily spends his time on US domestic policies, on days like today, when geopolitics is dominating the news, I usually advise clients on how to use the Bloomberg Terminal to get the most up-to-date information and data. For those without such access, you can go to Bloomberg.com for all the latest developments. Here’s some Bloomberg News stories I’d recommend reading: And finally, if you do have a Terminal, I highly recommend reading the analysis from the geoeconomics team at Bloomberg Economics. They wrote that a swift peace deal remains unlikely despite President Donald Trump’s push for a resolution, given the gulf between Kyiv and Moscow and European leaders’ desire to avoid a settlement deeply unfavorable to Ukraine and to Europe’s security. Back on US policy, in case you missed it, solar stocks like First Solar and SunRun soared at the end of last week after new guidance from the IRS showed the Trump administration’s take on tax credits weren’t as bad as it could have been. Here’s Ari Natter and Mark Chediak with “Solar Shares Rise as Trump Hit to Credits Softer Than Feared.” That also reminds us that the One Big Beautiful Bill process isn’t over. Congress may be done, but it will take the IRS and Treasury Department months, if not longer, to figure out how these tax credits are going to ultimately impact companies. Tidbits | |
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Trump said he would sign an executive order ahead of next year’s midterm elections targeting mail-in ballots and voting machines, a move that could dramatically change how Americans cast their ballots. Newsmax agreed to pay $67 million to settle a defamation lawsuit brought by Dominion Voting Systems alleging that the conservative media outlet spread lies about its machines during the 2020 presidential election. Jerome Powell has the ideal platform Friday to deliver a clear signal the Federal Reserve is about to resume cutting interest rates. But the economy isn’t giving him an equally clear signal that now is the time. US homebuilder confidence fell this month to match the lowest level since 2022, forcing firms to lean more heavily on incentives to counter high mortgage rates and persuade unmotivated buyers. Texas Democratic lawmakers are returning to the state after two-week absence to block a vote on a new congressional map, saying they will pivot to court challenges if the legislature passes a redistricting plan. The Defense Department is sending more than 4,000 sailors and Marines to the seas around Latin America, a US official said, a show of strength after Trump signaled he’s willing to use military force against drug cartels. Ismael “El Mayo” Zambada, the co-founder of Mexico’s Sinaloa Cartel, will plead guilty to drug-trafficking charges in a criminal case brought by US authorities. | |
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Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., hosts Tyler Kendall and Mike Shepard interviewed retired General Ben Hodges, former commander of the US Army in Europe, about what it will take to achieve a ceasefire and an eventual settlement in Russia’s war on Ukraine. On the program at 5 p.m., they talk with Maria Snegovaya, senior fellow at the Center for Strategic and International Studies, about the outcome of today’s meetings at the White House. On the Odd Lots podcast, Bloomberg’s Tracy Alloway and Joe Weisenthal talk with Deven Mitchell, CEO of the Alaska Permanent Fund, and Marcus Frampton, the CIO, about how the fund operates, its relationship with the government of Alaska and what lessons from the APF could apply to any similar project at a national level. Listen on iHeart, Apple Podcasts and Spotify. | |
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Here’s more evidence of a softening real estate market. In July, sellers cut prices on 27.4% of listings, the highest share since Zillow began tracking this metric in 2018. Overall prices rose 0.2% in July, but it very much depends on location, with half the country experiencing falling prices. Sellers are cutting prices most often in the south and the western mountain region. The typical home now takes around two months to sell, and in some markets it takes much longer, such as 109 days in the Miami area. And in the Washington, DC, market, even though inventories are below pre-pandemic levels, sellers are apt to cut the prices to entice buyers more steeply than the national average.. — Alex Tanzi | |
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Housing starts and building permits for July will be reported tomorrow. Minutes from the Fed’s last meeting will be released Wednesday. Existing home sales in July are set to be reported Thursday. Initial and continuing unemployment claims for the week ending Aug. 16 will be released on Thursday. The Conference Board’s Leading Economic Index is released Thursday. The Kansas City Fed’s annual economic symposium in Jackson Hole begins Thursday. Preliminary data on durable goods orders will be reported Aug. 26. The Conference Board’s reading of consumer confidence will be released Aug 26. The House and Senate are on break until Sept. 2. | |
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- Trump's dismantling of protections for Haitian immigrants is leaving a hole in Springfield, Ohio, which became a flash point in the immigration debate in the 2024 election, the New York Times reports.
- New treatments are extending the lives of patients with even the deadliest forms of cancer, but that often also leaves them in a state of perpetual uncertainty, according to the Wall Street Journal.
- Some states and cities are rethinking how they determine speed limits on roads, changing from a formula that was based on studies on rural roads in the 1930s, the Associated Press reports.
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