Todd Blanche Confirmed as Attorney General, Senate Recess, More
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What is the Big Tig Podcast and how does it set the stage for today’s news?
The Big Tig Podcast from Bloomberg News keeps you on top of the biggest stories of the day.
My fellow Americans, this is Liberation Day.
Stories that move markets.
Chair Powell opened the door to this first interest rate cut.
Impact politics, change businesses. This is a really stunning development for the AI world and how you think about your bottom line. Listen to the big take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Monica Ricks.
How was Todd Blanche confirmed as Attorney General and why was the vote so close?
On this vote, the yeas are fifty, the nays are forty-nine. The nomination is confirmed.
A very narrow vote in the Senate this morning to confirm Todd Blanch as attorney general, with two GOP senators, Susan Collins of Maine and Lisa Murkowski of Alaska, voting against him.
It is between Mr Blanche and another acting attorney general, who may not run the department effectively under President Trump. And who In indeed may not be as good as Mr Blanche.
The confirmation follows a weeks-long saga over a controversial anti-weaponization fund and IRS settlement Blanche authorized for President Trump over his old tax leaks. He replaces Pam Bondy now, who was fired by Trump back in April, but has since overseen attempts to prosecute some of the president's perceived enemies, diverted resources to Trump's hardline immigration crackdown, and launched a campaign against higher education institutions. Over admissions and DEI policies. Meantime, President Trump is said to be growing increasingly frustrated with Homeland Security Secretary Mark Wayne Mullen after Mullen made a series of off-message remarks on immigration that angered many of the President's outside allies.
The Senate now heads into August recess without taking action on a landmark crypto bill. Bloomberg's Nathan Hager has more from Washington.
Majority Leader John Thune confirmed last week that the Senate would not take up the Clarity Act. Negotiators failed to reach an agreement on the bill's most contentious issues, like tackling illicit finance and preventing public officials, including President Trump, from profiting off crypto. Tabling the deal until next month will make it tougher to reach a deal before the November midterms, but crypto backers were looking for clarity before an election where their spending could play a key role. Washington, I'm Nathan Hager, Bloomberg Radio.
US employers unexpectedly cut jobs in July and previous months were revised lower, suggesting the labor market is facing challenges. National Economic Council director Kevin Hassett explained the slide.
Private sector job creation was, you know, right about at the break-even positive number. It was government employment that went down a lot, about fifty something thousand. And the other thing is that we see in the hospitality sector, you know, the end of the World Cup is really clearly in the data too.
Why is the Senate heading into recess without passing the landmark crypto bill?
If you exclude those two things, you had about a hundred thousand uh number, and that's consistent with all the other indicators like the purchasing managers being really high, unemployment insurance claims being about the lowest they've been. Since World War Two.
The unemployment rate fell to four point one percent, and that could shape the Fed's interest rate decision next month. Joanne Biancos, a senior investment strategist with bond blocks.
there does seem to be less pressure on the Fed to raise rates in at a September meeting versus where we were a week ago after the Fed meeting when it it seemed almost like a foregone conclusion that maybe they were actually late in in r in raising rates by not raising in at the July meeting. Um so that's kind of where we are.
According to projections released in June, officials see inflation easing back to their two percent target by twenty twenty-eight, despite ongoing concerns about trade policy and soaring energy prices. The US is putting miners back to work as part of a three billion dollar plan to wean the US off Chinese mineral supply chains.
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Chapters
6 chapters
1
What is the Big Tig Podcast and how does it set the stage for today’s news?
0:00–0:36
2
How was Todd Blanche confirmed as Attorney General and why was the vote so close?
0:36–3:03
3
Why is the Senate heading into recess without passing the landmark crypto bill?
3:03–5:22
4
What do the latest U.S. job cuts and unemployment data mean for the Fed’s rate outlook?
5:22–6:54
5
What are investors watching in Berkshire Hathaway’s upcoming Q2 earnings and new deals?
6:54–7:17
6
What new devices will Google unveil at the Made by Google event and why do they matter?
7:17–7:33
Speakers
7 identifiedMore from Bloomberg News Now
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