Trump: Will Be Hitting Iran Hard, It’s Our Turn | Balance of Power 07/29/2026

Summary

Bloomberg's Balance of Power covers the Fed's decision to hold rates steady amid a long-end bond selloff and Nasdaq correction. Senator John Kennedy argues for maintaining Iran sanctions despite higher energy prices, while US Energy Secretary Wright details military escorts through the Strait of Hormuz. Tech earnings show Meta plunging on capex concerns and Microsoft rising on cloud growth. Later, political consultants warn that persistent high oil prices from the Iran conflict will force the Fed to hike rates, creating headwinds for Republicans ahead of the midterms.

• Fed holds rates unchanged, 30-year Treasury yields spike to 20-year high, Nasdaq 100 enters correction.
• Senator Kennedy says US economy is world's best but sanctions on Iran will keep energy prices painfully high.
• Energy Secretary Wright reports restoring about two-thirds of pre-conflict oil flows from the Arabian Gulf via military escorts and Suez Canal reroutes.
• Meta shares sink after-hours on weak revenue forecast and heavy AI capex; Microsoft rises on Azure cloud's fastest growth since 2022.
• Trump threatens harsh strikes on Iran after a surprise attack on US forces; Saudi Arabia enters the war.
• Former Senator Flake sees Senate pushback against Trump's AG nominee Blanche, highlighting limits on presidential influence.
• Consultant Hodge argues the Iran conflict will lock in higher oil prices and force the Fed to hike rates soon, hurting election prospects for Republicans.