Crypto News: US, Iran halt attacks

Good morning The US and Iran agree to another truce. The Supreme Court prepares to rule on Trump’s biggest legal fights. And we show you where to find solitude in America’s national parks. Listen to the day’s top stories.

— Hellmuth Tromm

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Another week, another ceasefire. The US and Iran agreed to halt hostilities before resuming peace talks over the Strait of Hormuz and other issues, after days of tit-for-tat attacks. But rolling back decades of sanctions on Iran may prove easier to announce than to implement. Traffic through the key Gulf chokepoint, meanwhile, continued, albeit at a slower pace.

Markets are taking the latest Middle East developments in stride, with bargain hunters lifting stocks while oil wavers following the weekend’s events. Some investors worry the borrowing that fueled the rally may amplify the next selloff. The AI race, however, is only accelerating, with South Korea orchestrating an $880 billion investment spree in chips and data centers.

America’s affordable cities aren’t so affordable anymore. Southern states have long attracted newcomers seeking a lower cost of living. But the pandemic turned a trickle into a flood, with companies from Starbucks to Oracle bringing thousands of employees to places like Nashville in what’s now known as “the Southern squeeze.”

In Venezuela, the death toll from the earthquake has risen to at least 1,450 as victims overwhelm medical centers, pushing the country’s fragile health system beyond its limits. Aid groups are flocking to the country to support search-and-rescue efforts. Opposition leader María Corina Machado also plans to return home as soon as possible, posing another challenge to acting President Delcy Rodríguez.

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Deep Dive: Supreme Court Showdown

The Supreme Court is set to rule on two of Donald Trump’s most audacious legal gambits: his bid to remove Fed Governor Lisa Cook and his effort to roll back automatic birthright citizenship. The justices begin releasing the final seven rulings of their term from today.

First up, the Fed: Governor Cook is widely expected to survive in her role after the justices indicated they were reluctant to let Trump oust her before she has a chance to contest the allegations.
The court has already dealt Trump one major defeat this term by striking down his sweeping global tariffs in February.
Trump stands a better chance in a related case that could give the president greater control over about two dozen federal agencies that have traditionally operated independently.
A second setback may come in Trump’s effort to deny automatic US citizenship to children unless at least one parent is a citizen or green-card holder.
And in a high-profile culture-war clash, the court will decide whether state laws can ban transgender girls and women from female athletic teams.

The Big Take

A Klarna advertisement in Washington, DC.

Private credit is making a big bet on Buy Now, Pay Later just as more borrowers are falling behind. Skeptics worry what happens in a downturn and see uncomfortable parallels with the run-up to the subprime crisis.

Big Take Podcast

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Opinion

A Social Security card alongside checks from the US Treasury.

Fixing Social Security is urgent and difficult, Bloomberg’s editors write. Given the scale of the shortfall, a lasting remedy will have to include both targeted cuts in benefits and higher taxes on those who can best afford it.

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Before You Go

America’s national parks are more popular than ever, making solitude harder to find. Here’s how to skip the crowds and still enjoy the country’s most spectacular landscapes.

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