Trump's Tariff Threats, Supreme Court Ruling, and Inflation Views on Bloomberg News Now

Market and Economic Updates

• 📈 The S&P 500, NASDAQ, and Dow all closed with gains, while the ten year Treasury yield stood at 4.43% and the two year yield at 3.89%.
• 💡 Cleveland Fed President Beth Hammack indicated a desire to see inflation lowered further before supporting an interest rate cut, noting it has stabilized below 3%.

Supreme Court and Education Department

• 🏛️ The Supreme Court has allowed the Trump administration to continue its purge of the Education Department, lifting a lower court order that would have reinstated up to 1400 workers.
• 💰 Over 20 Democratic-led states are suing the administration over billions in frozen funding for after-school and summer programs, citing the administration's desire to align programs with the President's priorities.

International Relations and Tariffs

• 🚨 President Trump threatened 100% tariffs on Russia if a deal is not reached within 50 days, causing oil prices to slump.
• 🌍 These tariffs could impact trading partners like China and India, who are major purchasers of Russian oil, according to Brookings Institution senior fellow Angela Stent.
• 🇺🇦 Trump stated the U.S. will send weapons to NATO, which will be paid for by NATO, a development that may prompt Russian President Putin to reconsider negotiations about Ukraine.

Tragic Fire and Industry Changes

• 🔥 A fire at an assisted living facility in Fall River, Massachusetts, resulted in nine deaths and dozens of injuries, with the firefighters' union citing inadequate staffing as a hindrance to their response.
• 🍦 U.S. ice cream makers plan to voluntarily eliminate artificial colors, including red number three and red 40, from their products by the end of 2027.
• 🍎 The FDA is approving Gardenia Blue as a natural food dye and plans to adjust dietary guidelines to include saturated fat.

Political Developments

• 🗳️ Former New York Governor Andrew Cuomo announced his bid for New York City mayor, pledging to drop out if he is not the highest polling opponent by early September.