Warsh’s big day

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. Fed Chair Kevin Warsh leads his first policy meeting. Republicans are pressing Donald Trump for more details on the Iran deal. And Ferrari is using its new electric car as a loyalty test. Listen to the day’s top stories. — Rose Henderson Market Snapshot S&P 500 Futures 7,588.00 +0.0% Nasdaq 100 Futures 30,441.25 +0.4% WTI Crude Oil Futures $76.38 +0.4% Market data as of 06:23 AM ET. Data is subject to provider delays. Your watchlist Federal Reserve chairman Kevin Warsh faces an early test as he leads his first monetary policy meeting. The Fed is expected to hold rates steady today, even as inflation hurts consumers and President Trump continues to press for lower borrowing costs. But the Fed’s near-term rate path is stirring debate and prompting conflicting bets as investors size up the new chair. Senate Republicans are pressing the Trump administration for details on the US-Iran interim peace deal and signaled Congress will ultimately vote on the final agreement. Although the two sides plan to formally sign a memorandum of understanding on Friday in Switzerland, the document has yet to be officially released. Bloomberg has seen a 14-point draft. Read it here. SpaceX overtook Amazon to become the fifth-largest stock in the world after shares jumped for a third straight day on Tuesday. Elon Musk has made $620 billion over the last four trading days, the largest ever haul recorded by Bloomberg’s wealth index, taking him nearly a third of the way to his second trillion. The billions aren’t just limited to Musk: SpaceX’s Cursor deal announced yesterday minted four multibillionaires in their mid-twenties. Trump Pick Collins, Billionaire Jackson Win Georgia Runoff Races Read more Preserving the Massachusetts Institute of Technology’s links with the military is among school leaders’ top priorities in Washington. Defense Secretary Pete Hegseth has barred military officers from graduate programs at a group of top schools — including MIT — and the administration sought to reduce federal funding for one of MIT’s labs. Peptides — experimental drugs touted for everything from weight loss to injury recovery — have become a wellness obsession, fueling a black market as regulators consider bringing some compounds into the mainstream. Entrepreneurs, investors and healthcare players are racing to cash in. Deep Dive: Anthropic’s AI Curbs The Anthropic logo on a smartphone. Photographer: Gabby Jones/Bloomberg US Commerce Secretary Howard Lutnick told Anthropic it would need government permission to give foreign nationals anywhere in the world access to its most advanced AI models. Read the letter Lutnick wrote to Anthropic here. Lutnick threatened Anthropic with civil and criminal penalties if the firm failed to comply and gave foreign nationals access to its Fable 5 and Mythos 5 models. Since the directive, Anthropic representatives have had meetings with US officials about the national security concerns that prompted the order. Global leaders said the ban shows the risk of relying on big AI models and underscores the need to find alternatives. The Big Take Demonstrators clash with police during a protest in Jakarta. Photographer: Dimas Ardian/Bloomberg Erratic policy making and unpredictable state intervention in Indonesia is turning the emerging-market darling into a global laggard. Business elites are concerned by President Prabowo Subianto’s lack of urgency in tacking a falling currency, the world’s worst-performing stock market and billions of dollars of withdrawals by foreign investors. Big Take Podcast The Iran War’s Lasting Scars in Asia Opinion Fed Chair Kevin Warsh. Source: Bloomberg If financial markets are any guide, global central bankers seem to have the path of policy rates all mixed up, Jonathan Levin writes. Call it transatlantic stagflation, except one continent gets the brunt of the stag and the other the lasting inflation. More Opinions John Authers The Bad Gnus on SpaceX Bloomberg’s Editors Don’t Pretend Iran Deal Is a Win. Don’t Waste It, Either Liam Denning SpaceX-Tesla Inc. Is Inching Closer. Watch Out, Nvidia? Play Alphadots! Our daily word puzzle with a plot twist. Today’s clue is: Keep me in the loop! Play now! Before You Go The new electric Ferrari Luce. Source: Ferrari Ferrari is using orders for its Luce electric car as a loyalty test for wealthy clients, signaling that support for the poorly received model may help preserve access to more desirable cars. It’s a strategy shared with luxury-goods companies like Hermes, which has long waiting lists for certain handbags and favors loyal clients who’ve previously purchased less coveted items. A Couple More Knicks’ Win in Game 5 of NBA Finals Scores 24.5 Million Viewers When a Tradwife Mecca Went Viral, Things Got Uncomfortable Bloomberg Power Players - New York: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping this global industry. From athletes and team owners to commissioners and investors, this event will gather the most influential voices for market-moving conversations on the multitrillion-dollar sports economy. Learn more here. More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. 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