Senators Reach Bipartisan Deal on Russia, Iran Sanctions | Balance of Power 07/28/2026

Summary

The episode covers the memorial service for Senator Lindsey Graham, emphasizing his hawkish foreign policy legacy and the bipartisan sanctions deal on Russia and Iran named in his honor. Interviews discuss the sanctions’ potential economic impact on Russia and Iran, President Trump’s meetings with Zelenskyy and Netanyahu, and the Fed’s upcoming rate decision amid sticky inflation and AI-driven demand. A market recap notes a tech-led selloff and rotation into cyclical sectors.

• Bipartisan Senate deal reached on new sanctions targeting Russia and Iran, inspired by the late Senator Lindsey Graham.
• Evelyn Farkas argues sanctions will cut Russian oil revenue, pressuring its war economy and giving Trump diplomatic leverage.
• Farkas also calls for sustained economic pressure on Iran to bring it to the negotiating table.
• President Trump holds separate closed-door meetings with Ukraine’s Zelenskyy and Israel’s Netanyahu.
• Former Vice President Mike Pence urges passage of the sanctions bill as the greatest tribute to Graham.
• Former Biden CEA chair Jared Bernstein expects the Fed to hold rates with a hawkish tone, citing supply-side inflation pressures.
• Market rotation drags the Nasdaq 100 near correction; semiconductor index falls 4.5% on AI spending concerns.