Central Banks Diverge, Tech Sells Off, and Evan Gershkovich Freed

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) A rally in Treasuries extended into a seventh straight day, as traders fixated on upcoming jobs data to cement their view that the US will pivot to cut interest rates in September. (2) The Bank of England voted 5-4 to cut interest rates for the first time since early 2020 and signaled further reductions ahead, offering some relief to households after a year of the UK’s highest borrowing costs for a generation. (3) Apple predicted that its new artificial intelligence features will spur iPhone upgrades in coming months, helping the company reemerge from a sales slowdown that has hit its China business especially hard. (4) Intel plunged more than 19% after delivering a barrage of startling news, including a grim growth forecast and plans to slash 15,000 jobs, in the latest sign that the chipmaker is ill-equipped to compete in the artificial intelligence era. (5) US President Joe Biden and Vice President Kamala Harris welcomed home Wall Street Journal reporter Evan Gershkovich, former US Marine Paul Whelan and other Americans freed in the largest prisoner swap with Russia since the Cold War. See omnystudio.com/listener for privacy information.