Trump Delayed Reciprocal Tariffs After Bessent Wanted More Time on Deals [WSJ]
In his phone calls, Trump told aides and allies he was frustrated with the lack of progress being made with countries, blaming those nations for not coming to the table with offers that, in his view, were good enough for the U.S., said some of the people familiar with Trump’s outreach. Trump argued privately he was riding a wave of momentum from his signing of the “One Big Beautiful Bill” and his bombing of Iran, and wanted to ride those perceived wins to victories on trade policy, these people noted.
Two Kevins Battle to Be Next Fed Chair in Trump’s Apprentice-Style Contest [WSJ]
Kevin Hassett, one of Trump’s closest economic advisers, is emerging as a serious contender to be the next Fed chair, according to people familiar with the matter. Hassett’s rise threatens the other Kevin—former Fed governor Kevin Warsh—an early favorite for the job who has angled for the position ever since Trump passed him over for it eight years ago. Some people close to the president worry that Warsh, who isn’t in Trump’s inner circle, won’t be a champion of lower rates.
Merck shells out $10 billion for Verona in bid to diversify beyond Keytruda [Reuters via CNBC]
The deal gives control of Ohtuvayre, a newly approved treatment for chronic obstructive pulmonary disease, a condition commonly called “smoker’s lung”…. “Merck deal looks good at first glance. Given their home run with Prometheus and Winrevair, this (Ohtuvayre) looks like a potential complementary therapy,” said Kevin Gade, chief operating officer at Bahl & Gaynor.
Goldman Demands an Oath From Junior Bankers to Fend Off Private Equity Poaching [Bloomberg]
The investment bank will ask new analysts to certify every three months that they haven’t accepted jobs elsewhere…. The move is meant to thwart poaching by private equity firms that have been signing up junior bankers near the start of their on-the-job training, a practice known as on-cycle recruitment. Some buyout shops are even approaching newbies before they show up for their analyst programs, stoking tensions across the industry.
Former UK Prime Minister Rishi Sunak returns to Goldman Sachs [CNBC]
Sunak is still a member of parliament in the U.K. despite stepping down as Conservative Party leader after its 2024 election loss…. Sunak’s scope in his new role is therefore restricted for another year, with Acoba limiting it to “providing advice on strategy, macroeconomic and geopolitical matters that do not conflict with your time as Prime Minister.”
Elon Musk lashes out at Tesla bull Dan Ives over board proposals: ‘Shut up’ [CNBC]
Ives has been one of the most bullish Tesla observers on Wall Street. With a $500 price target on the stock, he has the highest projection of any analyst tracked by FactSet.
But on Tuesday, Ives took to X with critical remarks about Musk’s political activity after the world’s richest person said over the weekend that he was creating a new political party called the America Party to challenge Republican candidates who voted for the spending bill that was backed by President Donald Trump.
