Fed & Tech Upend Markets, Mideast Turmoil, Immigration Reform | Bloomberg This Weekend: Aug 1, 2026

Summary

This episode of Bloomberg This Weekend covers a chaotic week in markets driven by Fed Chair Kevin Worsh's communication, a historically strong earnings season, Middle East tensions, and domestic policy developments. Guests highlight surging bank and oil company earnings, while warning about rising credit spreads and yield curve steepening. Geopolitical discussions center on potential US-Israel strikes on Iran, a Hamas disarmament deal, and Ukraine's evolving battlefield initiative.

• Fed Chair Kevin Worsh held rates steady and floated cutting the number of annual FOMC meetings, sparking market uncertainty.
• Equity strategist Jonathan Golub highlights blockbuster earnings season with banks expected to grow 22% and oil companies over 100%.
• Credit spreads widened and the long end of the yield curve steepened, signaling increased risk for equities.
• Six FOMC members are open to raising rates, with dissenters advocating incremental tightening.
• Geopolitical tensions rise as Trump reportedly orders new strikes on Iran and Hamas agrees to disarm as part of a Gaza deal.
• Governors launch a bipartisan task force on immigration reform, aiming to address workforce shortages.
• Wildfires across Greece and France strain emergency resources, with climate change extending the fire season.