Bessent's Gains Wiped Out, Gilts Lead Global Selloff, Putting AI in Your Mouth

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The yield on 30-year US government bonds climbed back to levels seen just before Treasury Secretary Scott Bessent expanded a buyback program in an effort to contain long-term borrowing costs.

(2) UK Prime Minister Andy Burnham was confronted by the harsh reality of Britain’s weak public finances on his return to parliament on Tuesday as the global selloff in government bonds left him facing a £12 billion problem

(3) The conflict between the US and Iran escalated sharply, with American forces carrying out a fresh wave of strikes and Iran saying it had retaliated.

(4) Treasury Secretary Scott Bessent said China prevented the Group of 20 from issuing a joint communique after a gathering of finance and central bank chiefs this week due to a dispute over its giant trade surplus.

(5) Nvidia is in advanced talks to acquire artificial intelligence startup Hugging Face in a transaction that may total about $14 billion, according to people familiar with the matter.

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