Crypto News: Nowhere to hide

Good morning. Americans are just about out of ways to hide from the fuel crisis. Soaring student debt lures graduates into the military. And Fox fires long-time anchor Maria Bartiromo. Listen to the day’s top stories.

— Angela Cullen and Harry Black

Market Snapshot
S&P 500 Futures	7,762.25	+0.1%
Nasdaq 100 Futures	29,682.75	+0.5%
Bloomberg Dollar Spot Index	1,190.34	+0.0%
Market data as of 07:00 AM ET. Data is subject to provider delays.	Your watchlist

Americans are running out of places to hide from the fuel crisis, and the knock-on effects on food costs and logistics are making conditions for Republicans even shakier two months before the midterms. JD Vance poured fuel on the fire, saying he wouldn’t describe the Iran conflict as “a war,” comments that risk angering an already frustrated public. Donald Trump is betting that his intervention in Venezuela will ease the pain for US drivers; the country is also becoming a testing ground for Trump’s hemispheric ambitions.

Bets off. Concerns about rising government debt prompted Norway’s sovereign wealth fund, the world’s largest, to propose trimming its exposure, implying a $75 billion drop in Treasury holdings. And a top Pimco fund manager is pivoting away from the Magnificent Seven, betting the next AI winners will be from Asia. US stocks held steady and Treasuries rose modestly as traders wait to see whether today’s jobs report will give the Federal Reserve enough justification to hold off on a rate hike this month.

Former Google China Chief Kai-Fu Lee: China Will Win the AI Race for Reach

Canadians have decried Trump’s tariffs. Businesses in Vermont, Bernie Sanders’ home state, aren’t happy either. Some are reeling from the latest escalation, which has further frayed ties between longtime allies that exchanged almost $900 billion of goods and services last year. That trade is vital to Canada and to northern US states. But the tariff dispute, and the verbal and social media assaults against Canada by Trump and many of his officials, have become an obstacle.

Magic touch? Brazilian President Luiz Inácio Lula da Silva once described his planning minister, Bruno Moretti, as a budget “magician.” Now, Moretti says the leftist leader can shore up public finances without deep spending cuts if he wins reelection. With the ballot only weeks away, Lula is fighting to regain momentum as recent surveys show he’s fallen into a virtual tie with right-wing opponent Flávio Bolsonaro. The incumbent was dealt a setback on Thursday, when his flagship proposal to reduce Brazilians’ workweek without a change in pay was delayed in the Senate.

Claim over 50% off before summer ends

As Q4 approaches, the rest of your year comes into focus. Prepare for whatever comes next with a Bloomberg.com subscription. Get your first year for just ~~$399~~ $170.

Offer expires September 11, 2026 11:59 PM EST.

Unlock more than 50% off

Deep Dive: Reporting for (Student Debt) Duty

US Army second lieutenant Abigail Sears.

It didn’t take much convincing for Abigail Sears — a University of Georgia and London School of Economics graduate — to join the army. As an active-duty officer, the US military will pay off up to $50,000 of her student loans. Soaring debt is luring more Americans like her to report for duty.

As cost of living pressures bite, college graduates delinquent on their student loans are more likely to load up on other forms of debt, like credit cards — and miss repayments on them, too.
Collections on defaulted student loans resumed last year, making 5.3 million borrowers eligible to have their wages and taxes docked.
The Trump administration has cracked down on repayment policies instituted under Joe Biden, transferring management of the federal student loan portfolio to the Treasury, which one government official says is better equipped to aggressively pursue overdue payments.

The Big Take

Donald Trump promotes his “Golden Dome” missile-defense shield project. — Trump has said a missile-defense shield should be “fully operational” by the end of his term.

Pie in the sky? Donald Trump’s dream of a space-based missile shield hinges on companies making big-time investments ($185 billion no less) in a project with an uncertain future.

Big Take Podcast

DIY Energy Traders Are Gaming the Grid

Opinion

The resignation of Army Secretary Dan Driscoll is another sign of the military’s leadership drain under Pete Hegseth, James Stavridis writes. He’s turned the Army into a rudderless ship.

More Opinions

Mary Ellen Klas

The Fight Over Food Prices Won’t End Soon

Lisa Jarvis

Erica Schwartz Is Failing Her First Test as CDC Head

Erika D. Smith

ICE Is Banking On a Shift in Voters’ Attention

Play Alphadots!

Our daily word puzzle with a plot twist.

Today’s clue is: Apple device

Play now!

Before You Go

Bartiromo out. Fox says it fired long-time anchor Maria Bartiromo with immediate effect for “business” reasons. Reports say she shared internal editorial directives with the White House about coverage of Trump’s July speech on election interference. Neither party responded to requests for comment.

A Few More