House Faces Tricky Midterm Agenda | Radio Balance of Power: Early Edition 8/31/2026

Watch on YouTube ↗  |  August 31, 2026 at 19:38  |  47:56  |  Bloomberg Markets
Speakers
Ben Hodges — Former Commanding General, U.S. Army Europe
Tyler Kendall — Multimedia Editor, Bloomberg
Ira Jersey — Bloomberg Intelligence Chief US Interest Rate Strategist
Rich McCormick — Representative
Jensen Huang — CEO, NVIDIA
Charlie Pellett — Anchor/Reporter, Bloomberg
Rick Davis — Republican Strategist, Partner at Stonecourt Capital

Summary

The episode covers renewed US-Iran military exchanges around the Strait of Hormuz and the resulting pressure on oil, stocks, and bonds, alongside Washington's return to government funding and midterm politics. Guests discuss why Venezuela's oil deal is unlikely to quickly lower pump prices and how the Fed might respond to oil-driven inflation. The program also touches on Nvidia-MediaTek news, California utility weakness, and the political fight over data centers.

  • US and Iran exchange strikes again, with Iran attempting to re-mine the Strait of Hormuz and crude prices rising.
  • Brent crude trades back above $90 and WTI holds above $85 while stocks and bonds fall.
  • Tyler Kendall says Venezuela production is around 1.1 million barrels per day and a return to peak could take about a decade.
  • Ben Hodges says Iran still has hidden disruption capability, keeping shipping and insurance risk alive.
  • Congress returns to pass a continuing resolution before midterms, with the Russia sanctions bill facing tariff-power concerns.
  • Ira Jersey expects Treasury yields may rally after a near-term high if the Fed shows credible commitment to 2%.
  • California utility shares drop sharply after a wildfire liability shift fails.
  • Rich McCormick argues data centers are local net positives and opposition is driven by misinformation.
Ideas
Ben Hodges Former Commanding General, U.S. Army Europe 11:01
Strait disruption risk keeps oil elevated
Venezuela is producing only about 1.1 million barrels per day, far below peak, and analysts estimate returning to peak production could take about a decade, so the U.S.-Venezuela oil deal is unlikely to quickly bring down crude or gasoline prices.
WTI BNO HIGH
Jensen Huang CEO, NVIDIA 20:05
NVIDIA-MediaTek partnership deepening and positive
NVIDIA is investing $3.5 billion in MediaTek and deepening a multi-year collaboration; MediaTek is already profitable and successful and is the world's best SoC maker, making the partnership positive for both companies.
2454.TW NVDA MED
Charlie Pellett Anchor/Reporter, Bloomberg 33:47
California utilities face unshifted wildfire liabilities
An effort by Governor Newsom to shift wildfire liabilities away from California utilities failed, leaving utilities exposed; PG&E, Edison International, and Sempra Energy are plunging and analysts are cutting recommendations on utility stocks.
PCG EIX SRE MED
Ira Jersey Bloomberg Intelligence Chief US Interest Rate Strategist 37:53
Treasury yields likely peak, then rally
If the Fed delivers a serious commitment to 2% with additional hikes, the market will price slower economic activity and yields should eventually move lower; 5% on the 10-year is not the end of the world, and after a near-term high, Treasury prices are expected to rally with yields falling over the next two to three months.
IEF TLT HIGH
Rich McCormick Representative 43:25
Data centers offer net local benefits
Data centers benefit communities by paying substantial property taxes, not raising energy costs by law in Georgia, using closed-loop water systems, and being quiet and efficient; opposition is driven by misinformation and the benefits far exceed detriments.
SMH MED
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This Bloomberg Markets video, published August 31, 2026, features Ben Hodges, Jensen Huang, Charlie Pellett, Ira Jersey, Rich McCormick discussing WTI, BNO, 2454.TW, NVDA, PCG, EIX, SRE, IEF, TLT, SMH. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ben Hodges, Jensen Huang, Charlie Pellett, Ira Jersey, Rich McCormick  · Tickers: WTI, BNO, 2454.TW, NVDA, PCG, EIX, SRE, IEF, TLT, SMH