Crypto Financial

The tentative trade deal between the US and Canada would lower tariffs on certain Canadian exports of steel and aluminum to 25% and cut duties on Canadian auto exports to 15%, according to people familiar with the matter. Tariffs on the non-US content in autos exported from Canada would be reduced to 15% from 25%, and the move on steel and aluminum under discussion would generally halve US tariffs on imports of the two metals. Bloomberg's Derek Decloet joins to discuss.

Several Federal Reserve officials favored an interest-rate hike last month and many indicated that policy tightening would be necessary if inflation didn't decline, a record of the central bank's most recent policy debate showed. Uncertainty, however, continued to weigh heavily on Fed officials at their July 28-29 meeting. Jack Manley, Global Market Strategist at JPMorgan Asset Management, discusses what he expects to see at Jackson Hole, as well as his thoughts on the depth of the AI trade.

Brown Harris Stevens CEO Bess Freedman says America's housing market is splitting in two: luxury buyers remain active while affordability deteriorates for everyone else. She joins Open Interest to warn that New York's taxes and rent policies could backfire, and argues the clearest solution includes loosen zoning rules and incentivizing developers to build more homes.

Walmart shares slide after slower US sales growth, but Greg Melich, Evercore ISI Senior Managing Director, says the retailer still has powerful advantages. He joins Bloomberg Open Interest to explain why aggressive price cuts, fast-growing advertising revenue and Walmart's scale could help it win market share even as consumers slow and competition with Amazon intensifies.

Robinhood co-founder and CEO Vlad Tenev says clearer, more permanent crypto rules would give investors confidence that regulations won't shift with changing administrations. Speaking with Bloomberg's Tyler Kendall at the Commodity Futures Trading Commission in Washington, DC, Tenev says that prediction markets will survive regardless of whether the Supreme Court sides with states seeking to regulate them, though he notes that the industry may have to adapt to the legal outcome.

Market participants are warning that a lack of predictability when it comes to the US Treasury's debt management strategy could ultimately portend higher borrowing costs. Guneet Dhingra, Head of US Rates Strategy at BNP Paribas, discusses this, and examines current parallels with the 2023 bond selloff.

On this episode of Stock Movers: - Shares of Walmart (WMT) tumbled ahead of the market open after the retail giant's quarterly sales fell short of expectations, a rare miss that's likely to stoke concern about the leading big-box retailer decelerating alongside a slow-growing US economy. - Shares of Advanced Auto Parts (AAP) sunk in premarket trading after the parts provider reported second-quarter sales that fell short of analyst estimates. Though the company boosted its adjusted earnings per share forecast for the full year, it maintained its sales guidance, which is also below estimates at the midpoint. - Shares of Coty (COTY) fell after the beauty conglomerate reported fourth-quarter results. While the company's net revenue for the quarter beat the average analyst estimate, Coty didn't provide a full-year forecast and said it expects to provide a broader outlook following a strategic review.

US bonds unwound all of the gains that followed Treasury Secretary Scott Bessent's plan to increase buybacks of longer-dated debt. The moves pushed the 30-year yield on Thursday back to levels seen just before the Treasury's announcement a day prior. Ira Jersey of Bloomberg Intelligence has more.

US bonds unwound all of the gains that followed Treasury Secretary Scott Bessent's plan to increase buybacks of longer-dated debt, a sign that investors see it as only a short-lived remedy to curb borrowing costs. Jonathan Levin, Bloomberg Opinion Columnist, reacts to the treasury market moves.

Intercontinental Exchange Inc. Chief Executive Officer Jeff Sprecher says the Clarity Act would help define rules about crypto. He also talks about ICE's $1.6 billion investment in Polymarket, a leading prediction market platform, and the possibility of expanding trading hours. He speaks to Bloomberg's Tyler Kendall in Washington.

Commodity Futures Trading Commission Chairman Michael Selig says the crypto industry will get market structure rules even if Congress does not pass the so-called Clarity Act. Selig says he's optimistic the bill will pass, but regulators are ready to act if it doesn't. He speaks to Bloomberg's Tyler Kendall.

Federal Reserve Bank of San Francisco President Mary Daly suggested the US Treasury market signals that monetary policy is in a good place. She also sees no evidence that making preemptive cuts or hikes is an urgent problem to solve. She speaks on "Bloomberg Surveillance."