Russia, Ukraine Ceasefire, Three Mile Island Returns | Bloomberg Businessweek Daily 5/08/2026

Summary

The episode covers White House developments including a surprise Russia-Ukraine ceasefire announcement, plans to fire the FDA commissioner, and the ongoing Iran conflict. It also features a deep dive on the Three Mile Island nuclear plant restart to power AI data centers, analysis of the May jobs report, and Fed policy outlook with Chicago Fed President Goolsbee turning less optimistic on inflation. Asset allocation views from Vontobel's co-CEO and a recap of stock movers like Dell, Airbnb, and DraftKings round out the show.

• President Trump announces a three-day ceasefire between Russia and Ukraine for Victory Day, along with a prisoner swap.
• The White House is reportedly planning to fire FDA Commissioner Marty Makary following clashes.
• Iran is expected to respond to Trump's latest proposal to end the US-Iran war, with the Strait of Hormuz reopening conditional.
• Three Mile Island nuclear plant is being revived to power AI data centers, highlighting the surge in electricity demand from big tech.
• The May jobs report showed stronger-than-expected payroll gains, with the unemployment rate steady, reinforcing a stable labor market.
• Chicago Fed President Austan Goolsbee expresses less optimism on rate cuts as inflation deteriorates, and he is sympathetic to incoming Chair Warsh's communications reforms.
• Deutsche Bank's Matt Luzzetti sees the Fed on hold indefinitely, with inflation sticky and fiscal policy supportive.
• Stock movers include Dell (up on Trump endorsement and AI server demand), Airbnb (up on strong bookings outlook), and DraftKings (up on revenue beat).