“Balance of Power: Late Edition” focuses on the intersection of politics and global business. On today’s show, Ben Harris, Vice President and Director of Economic Studies at the Brookings Institution, says Washington should “temper the optimism” that AI can solve the federal deficit, warning any productivity gains may be offset by higher spending on Medicare, Social Security, and benefits programs. Elisa Ewers, Senior Fellow for Middle East Studies at the Council on Foreign Relations and a former Pentagon and State Department official in the Obama and George W. Bush administrations, says negotiations with Iran are likely to drag beyond the current 60-day window. Frank Luntz, CEO of FIL Inc., says America’s 250th anniversary should be a moment for patriotism rather than political division.

Chapters:

00:01:49 Bloomberg’s Jeff Mason on US Hiring Slows Sharply, Curbing Recent Job-Market Momentum
00:05:47 Bloomberg’s Michael Shepard on OpenAI Proposes Handing Trump Admin 5% Stake: FT
00:08:24 Ben Harris, Vice President and Director of Brookings Institution Economic Studies, on OpenAI Proposes Handing Trump Admin 5% Stake: FT
00:13:29 Ben Harris on Lack of Wage Growth on Labor Market
00:15:38 Power Moves: Top Financial Moves
00:18:57 Elisa Ewers, Senior Fellow on the Council of Foreign Relations, on US Says Witkoff, Kushner Had Positive Talks in Doha on Iran
00:21:59 Elisa Ewers on US Sees 10 Million Barrels Via Hormuz Sapping Iran Oil Leverage
00:24:47 Bloomberg’s Lauren Rosenthal on Heatwave Threatens America 250 Celebrations
00:28:10 Frank Luntz, CEO of Fil Inc., on Trump to Deliver July Fourth Address Saturday
00:31:32 Frank Luntz on Patriotic West Point Focus Group of Cadets
00:39:05 Political Panel Reacts: 1 Year Since ‘Big Beautiful Bill’ Signing, House GOP Considers Reconciliation 3.0, America 250 Celebrations

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Rick Rieder, global fixed income CIO at BlackRock, says “hiring is stable, but I would say, broadly unimpressive,” as he examines the June US jobs report. He also discuses a timeframe for an interest rate hike from the Federal Reserve, the lack of forward guidance from the Fed, and where he sees yield opportunities.
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For the first time in about fifty years, the New World screwworm is back in US livestock. Bloomberg’s Ilena Peng explains how the parasitic fly will affect beef prices and how the USDA is responding.
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Ellen Wald, president of Transversal Consulting and Author of ‘Saudi, Inc.,’ said that Saudi state oil producer Saudi Aramco is lowering the price of oil to make it worthwhile for Asian buyers to charter a tanker to go into the Strait of Hormuz and to buy up stores of oil that have laid stagnant during the war. Wald said that while Saudi Aramco made money off of the conflict in Iran, they want the keep oil prices stable.
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Even as governments around the world criticize Israel’s conduct in Gaza, many are still purchasing Israeli defense technology at record levels. Defense exports reached historic highs as demand surged from Europe, the United States, and India for missile defense, drones, and battlefield-tested systems. Bloomberg speaks with author Dan Senor, Israel Aerospace Industries CEO Boaz Levy, Elbit Systems CFO Kobi Kagan, Defense Ministry official Colonel Yishai Cohen, and startup founders Udi Oster and Moshiel Biton to explain the global demand for defense technology that Israel is feeding.
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