Bessent Warns of Economic Asphyxiation | Bloomberg Businessweek Daily 8/24/2026

Watch on YouTube ↗  |  August 24, 2026 at 22:46  |  48:58  |  Bloomberg Markets
Speakers
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Ira Jersey — Bloomberg Intelligence Chief US Interest Rate Strategist
Chris Levesque — CEO and President, TerraPower
Avalon Purnell — Equities Reporter, Bloomberg News
Nancy Cook — Senior National Political Correspondent, Bloomberg
Melissa Shin — Reporter, Bloomberg
Charlie Pellett — Anchor/Reporter, Bloomberg

Summary

Treasury Secretary Scott Bessent announced an "economic asphyxiation" campaign to sever Iran from the global economy, threatening US sanctions on any country doing business with Iran. Bloomberg panelists debated the oil, bond-market, and political implications, with Ira Jersey arguing long-end Treasury yields remain biased toward 5% and buybacks won't materially lower rates. TerraPower CEO Chris Levesque outlined AI-driven nuclear buildout plans and Korean supply-chain scaling. The program also covered Trump's Canada auto-tariff threat and stock movers including Expedia, Canada Goose, and Hims & Hers.

  • Bessent unveils an Iran isolation campaign, and the panel assesses oil, bond, and geopolitical risks.
  • Oil declines while stocks are mixed and semiconductor shares fall ahead of Nvidia earnings.
  • Ira Jersey sees 30-year Treasury yields near 5%, with buybacks only helping liquidity and volatility.
  • TerraPower expects to announce its second US nuclear project, with AI data centers potentially paying a premium for nuclear power.
  • Chris Levesque highlights Korean nuclear supply-chain partners including Hyundai Engineering & Construction and HD Hyundai.
  • Trump pledges 50% tariffs on Canadian autos starting January 1, while Canada signals defiance.
  • Stock movers include Expedia's gain on an Evercore target, Canada Goose's downgrade, and Hims & Hers' Visa notice drop.
Ideas
Ira Jersey Bloomberg Intelligence Chief US Interest Rate Strategist 8:39
Thirty-year Treasury yields should reach five percent.
Today's bond market rally is mostly bottom fishing; Treasury buybacks will help liquidity and reduce volatility but will not materially lower long-term rates, maybe 5-10 basis points. Fundamentals suggest the 30-year Treasury yield should be near 5% given the economy and inflation.
30-year Treasury bonds HIGH
Michael McKee International Economics & Policy Correspondent, Bloomberg 13:24
Iran oil sanctions may boost crude.
If the new Iran sanctions are seriously enforced and shut off Iranian oil flows, including illicit dark oil moving to China and India, oil prices will go up rather than down, so the sanctions are unlikely to make US gasoline cheaper.
WTI BNO MED
Chris Levesque CEO and President, TerraPower 22:16
Korean nuclear suppliers benefit from TerraPower scale.
TerraPower's framework agreement for up to eight reactors with Hyundai Engineering & Construction and its supplier relationships with HD Hyundai give Korean nuclear and shipbuilding suppliers a differentiated edge; South Korea has continued building nuclear plants while the US hasn't, and Hyundai's shipyard scale can help lower cost and accelerate delivery.
Hyundai Engineering & Construction HD Hyundai MED
Chris Levesque CEO and President, TerraPower 23:05
AI data centers drive nuclear power demand.
AI data centers and hyperscalers need huge amounts of reliable clean power and are willing to pay a premium under long-term power purchase agreements; TerraPower's advanced reactor can be built in 36 months and scaled to ten reactors per year by the mid-2030s, making nuclear a key AI buildout beneficiary.
URA HIGH
Avalon Purnell Equities Reporter, Bloomberg News 43:51
Expedia valuation attractive versus online travel peers.
Evercore raised its Expedia price target to a Street-high $430, arguing Expedia trades at an attractive valuation on price-earnings and free cash flow relative to Airbnb and Booking, with management still highlighting strong travel demand despite the Middle East war.
EXPE MED
Avalon Purnell Equities Reporter, Bloomberg News 45:14
Tariff and weather risk hit Canada Goose.
Wells Fargo downgraded Canada Goose to underweight, citing rising challenges from the 50% US tariffs on Canadian goods and potential El Nino warm weather that could pressure outerwear sales; all Canada Goose production is in Canada, increasing tariff exposure.
GOOS MED
Avalon Purnell Equities Reporter, Bloomberg News 46:10
Visa complaint notice pressures Hims shares.
Hims & Hers was put on notice by Visa for excessive customer complaints in its weight-loss subscription business; the membership price jumps from $39 to $149 before drug costs, creating customer surprise and dispute risk, and shares dropped nearly 10%.
HIMS MED
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This Bloomberg Markets video, published August 24, 2026, features Ira Jersey, Michael McKee, Chris Levesque, Avalon Purnell discussing 30-year Treasury bonds, WTI, BNO, Hyundai Engineering & Construction, HD Hyundai, URA, EXPE, GOOS, HIMS. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ira Jersey, Michael McKee, Chris Levesque, Avalon Purnell  · Tickers: 30-year Treasury bonds, WTI, BNO, Hyundai Engineering & Construction, HD Hyundai, URA, EXPE, GOOS, HIMS