Good morning. Donald Trump gets tough on ICE raids. Japan, yet again, faces political uncertainty. And we check in on how Americans view capitalism. Listen to the day’s top stories.

—Marc Perrier

Federal immigration agents conducted raids across Boston over the weekend and arrested dozens of people, as the Justice Department filed a lawsuit against the city and its mayor. Donald Trump warned Chicago could be next. Meanwhile, South Korea’s biggest conglomerates are rushing to contain the fallout after images of a sweeping ICE raid at a Hyundai plant in Georgia showed workers shackled at the wrists, waist and ankles.

Federal Reserve chair candidate Kevin Hassett backed criticism of the central bank’s alleged mission creep, telling CBS that the Fed put its independence and credibility in jeopardy by expanding beyond its mandate. As this plays out, another markdown in US jobs growth would set the stage for an interest-rate cut, and yet more criticism of the Bureau of Labor Statistics.

Checking in with markets, oil clawed back some of last week’s loss after OPEC+ agreed to raise production at a modest rate—and despite a backdrop of doubts about how many of the producer group’s members can keep lifting output. Stocks rose globally at the start of a packed week of events that will be crucial in shaping investor mood.

The US is proposing annual approvals for exports of chipmaking supplies to Samsung Electronics and SK Hynix’s factories in China, people familiar said. This is a compromise aimed at preventing disruptions to the global electronics industry after US officials revoked Biden-era waivers that let the companies more easily get such shipments.

Ishiba at a news conference in Tokyo yesterday Photographer: Toru Hanai/Bloomberg

In world politics, Japan’s Prime Minister Shigeru Ishiba said he’ll step down after weeks of calls for his departure following humiliating election results. Donald Trump said Hamas needs to accept his terms to end its war with Israel, calling it his “last warning.” And in France, the political mess poses a long-lasting risk to stocks and bonds.

Deep Dive: Capitalism Check

Americans’ positive image of capitalism has eroded over the past decade, with a new Gallup poll finds widening polarization over the US economic system.

• Just 54% of US adults view capitalism positively, down from 60% in 2021. That’s the lowest since Gallup began asking the question in 2010.
• And while overall support for socialism remains mostly stable at 39%, two-thirds of Democrats now view socialism favorably—up from half in 2010.
• Those who came of age after the Cold War never absorbed the same negative messaging about socialism as older Americans, Gallup analyst Jeff Jones said.
• Trump campaigned against socialism in 2024, having often declared that “America will never be a socialist country.” Having said that, Bloomberg Opinion’s David M. Drucker writes that the US president himself seems pretty socialist these days.

The Big Take

HSBC's new CEO, Georges Elhedery, has embarked on a major overhaul of the bank that has sent its stock soaring. But surging costs and the trade war will complicate the job.

Opinion

Fewer vacancies, but no widespread layoffs. Photographer: Angus Mordant/Bloomberg

Barring a very, very big surprise from the inflation numbers this week, the Fed will cut interest rates, John Authers writes. But the consumer price index data will probably decide whether it will really unleash the jumbo.

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Before You Go

Carlos Alcaraz of Spain. Photographer: Matthew Stockman/Getty Images

In the US Open final, Carlos Alcaraz beat Jannik Sinner in four sets to win his sixth Grand Slam title. Trump attended the match as a guest of Rolex, where he was loudly booed after extra security led to lines so long that many people missed the start of play.