Senate Passes Russia Sanctions, Trump To Appeal Ballroom Defeat, More
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What is the main topic discussed in this episode?
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News when you want it.
What new Russia sanctions did the Senate just approve?
With Bloomberg News Now, I'm Erika Herskowitz. It was legislation championed by the late Senator Lindsey Graham. Today, the Senate passed a sweeping new Russia sanctions bill authorizing punishing tariffs on China, India, and other top buyers of the country's oil and gas, as well as extended Iran sanctions. Democratic Senator Richard Blumenthal speaking at a news conference following the vote.
These sanctions are the most consequential that have been imposed on Russia's financial institutions, its industrial base, its shadow fleet. And all who continue to enable Russia's reign of terror since the beginning of this war.
Republican Senator Darlene Graham. I'm proud to have carried the torch to the finish line. Lindsay was committed to achieving a peaceful resolution to this war, and I'm confident that these sanctions will pave the way.
The measure must still pass the House. Meanwhile, he's calling the order horrendous, politically motivated, and unlawful. Court ruled today that he lacks the legal authority to build his sprawling White House ballroom without congressional approval.
How will the sanctions impact China, India and Iran’s oil purchases?
We get more from Bloomberg's Josh Wingrove.
What we're gonna continue to see as this legal fight drags on is just a profile from it, whether it's those or the reflecting pool, I should add. And the president just continues to be very interested in them. So I don't think I'm but I'm not surprised that he's going all the way to the Supreme Court. We'll see what they say. They've given him a lot of leeway in to date.
Bloomberg's Josh Wingrove, a split three judge panel, ordered construction to stop on the ninety thousand square foot ballroom, but stayed its decision for two weeks to allow the administration time to appeal. The decision marks a major blow for Trump, who's focused intensely on his construction projects in D.C., 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.
The labor market looks like it's losing momentum. The July jobs report out this morning shows twenty three thousand jobs were lost last month after substantial downward revisions to the prior two months.
Remind you of anything? I mean, a y a year ago, exactly this employment report was when we had the very large downward revision the the downside surprise, the downward revisions and the BLS uh commissioner lost her job.
Claudia Som with New Century Advisors, President Trump's top economic advisor, National Economic Council Director Kevin Hassett predicts the numbers are the new normal.
I think the labor story is still gonna be positive. I just think that it's not gonna be as positive as it typically has. If you go back over forty years the labor story adds about like one or one and a half percent every year to GDP.
Why is President Trump appealing the court’s order to stop his White House ballroom?
I think now it's likely to be about a half of that or a third of that.
White House economic advisor Kevin Hassett on Bloomberg Radio and Television.
look somewhat softer in the next couple months, especially on when it comes to the inflation side, they're not gonna they're they're probably not gonna want to hike in September. They're probably gonna wanna just see how the data progresses. Now that's gonna probably have to mean core PCE tracking below 0.25% roughly over the next two prints.
Stephanie Roth, a guest on Bloomberg Surveillance. The downside surprise has Treasury yields falling and markets are pushing bets on the next rate hike to December.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:01–0:32
2
What new Russia sanctions did the Senate just approve?
0:32–1:57
3
How will the sanctions impact China, India and Iran’s oil purchases?
1:57–3:52
4
Why is President Trump appealing the court’s order to stop his White House ballroom?
3:52–5:21
5
What does the latest July jobs report reveal about the labor market?
5:21–6:34
6
How are Treasury yields and inflation expectations shaping the Fed’s next rate move?
6:34–7:53
Speakers
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