Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell despite his frustration with the central bank not moving more quickly to slash interest rates.

(2) US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.

(3) Federal Reserve Governor Adriana Kugler said tariffs will likely put upward pressure on prices and have a bigger economic effect than previously expected.

(4) The head of International Monetary Fund warned that the chances of global recession will rise if uncertainty over a US-led trade war continues to drag.

(5) UK Chancellor of the Exchequer Rachel Reeves will make a personal appeal for a trade deal to US Treasury Secretary Scott Bessent in Washington this week, aiming to “defend British interests” and secure preferential treatment on tariffs.

(6) Elon Musk vowed to pull back “significantly” from his work with the US government to concentrate on Tesla, easing concerns of investors who lamented his time in Washington as a distraction.

(7) Podcast conversation: Unwind Like a Boss

Illustration: Bloomberg/Getty

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