Senate Passes Russia Sanctions, Stocks Climb on Weak Jobs Data, More
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What new Russia sanctions did the Senate just pass and who backed the bill?
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News when you want it. With Bloomberg News Now, I'm Erica Herskowitz. The U.S. Senate passed a new Russia sanctions bill today authorizing punishing tariffs on China, India, and other top buyers of the country's oil and gas, as well as extended Iran sanctions.
How is the Senate bill expected to affect Chinese, Indian and other buyers of Russian oil?
The legislation received bipartisan support passing on an 86 to 11 vote and must still pass the House. Speaking during a news conference following the vote initiated by the late Senator Lindsey Graham.
President Zelensky is watching in Ukraine. Vladimir Putin is watching in Moscow. I'd like to thank Lindsey Graham is watching as well and proud of what we've done because today we send a message to Vladimir Putin, you will not win this war.
Republican Senator Darlene Graham. This legislation was deeply important to my brother Lindsay, and I'm grateful that this bill has achieved such a wide coalition of support. He believed that this was the most consequential piece of legislation that he had ever led.
The bill will allow president Trump to levy tariffs on the top five buyers of Russian crude and natural gas and extend the Iran Sanctions Act of найті найти six through twenty thirty one. President Trump said he will appeal to the Supreme Court after a federal appeals court ruled he lacks the legal authority to build his sprawling White House ballroom without congressional approval. A split three-judge panel for the U.S. Court of Appeals for the District of Columbia Circuit earlier today ordered construction to stop on the 90,000 square foot ballroom, but stayed its decision for two weeks to allow the administration time to appeal.
Why is President Trump taking his White House ballroom construction case to the Supreme Court?
So he's gonna take this to the Supreme Court, essentially keeps the fight going. He's talking about it on the stump. I was with him when he gave a speech in Vegas a couple of days ago. Uh and the the question is whether that is you know ultimately what will get what voters will respond to, right? Polls are showing voters are very frustrated with the state of the economy, that Trump is underwater on his handling of the economy, which is normally a strong suit for him in polls.
Bloomberg's Josh Wingrove. The decision marks a blow for Trump, who has focused intensely on his construction projects in Washington, of which his planned ballroom is the centerpiece. President Trump has also revived his threat to fire Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud. That's according to a letter seen by Bloomberg.
Record high for the SP today. Despite a dismal July jobs report, the Dow gained 152 points up a quarter of a percent. The Nasdaq added three forty-two ahead one and a third percent.
What did the latest market numbers show after the weak July jobs report?
The SP rose 48 up two-thirds of a percent. The 10-year Treasury yield at 4.64%, the two-year Treasury yield at 4.19%. The latest snapshot from the labor department shows a sharp slowdown in the U.S. jobs market.
The labor force participation rate is now the lowest level since early 2021. New Century Advisors Chief Economist Claudia Som says this will take pressure off the Fed to hike interest rates next month.
The thing that would get the Fed moving towards rate hikes the c the fastest were if there was any sign of overheating in the labor market. This is exactly the opposite of overheating.
Claudia Somm of New Century Advisors was a guest on Bloomberg Surveillance. Markets are pushing back bets on the next rate hike until December.
White House economic advisor Kevin Hassett says that shouldn't come as a surprise.
Kevin Warsh and the president have a very close long term relationship from New York City, from Florida, and and the they talk about the economy all the time.
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Chapters
6 chapters
1
What new Russia sanctions did the Senate just pass and who backed the bill?
0:00–0:46
2
How is the Senate bill expected to affect Chinese, Indian and other buyers of Russian oil?
0:46–2:10
3
Why is President Trump taking his White House ballroom construction case to the Supreme Court?
2:10–3:17
4
What did the latest market numbers show after the weak July jobs report?
3:17–4:47
5
How is the slowdown in the labor market influencing the Fed’s next rate‑hike decision?
4:47–6:37
6
What new initiative is the U.S. Army launching to give companies faster access to its testing ranges?
6:37–7:36
Speakers
9 identifiedMore from Bloomberg News Now
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