Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg White House Correspondent Skylar Woodhouse.
• Republican Congressman Jodey Arrington of Texas, Chairman of the House Budget Committee.
• US Commerce Secretary Howard Lutnick.
• Bloomberg Economics Economic Statecraft Lead Chris Kennedy.

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US Commerce Secretary Howard Lutnick lauds the benefits of artificial intelligence. Speaking with Bloomberg Balance of Power co-host Joe Mathieu at the G20 Innovation Ministerial in Chapel Hill, North Carolina, Lutnick also says Anthropic has settled differences with the Trump administration and discusses the state of US-Canada trade negotiations. Listen to the full conversation, as heard live on Bloomberg TV and Radio.

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US Energy Secretary Chris Wright discusses details of Venezuelan oil production and exports, deals signed with Chevron, ENI, and GE Vernova, and offers an update on the Strait of Hormuz. He speaks with Tyler Kendall in Caracas, Venezuela.

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US launched a fresh wave of strikes against targets in Iran and the Islamic Republic said it retaliated, as the back-and-forth of fighting between the two escalated.

President Donald Trump said the US strikes were in retaliation for Iran trying to put mines in the Strait of Hormuz and for an earlier attack on a military base in Jordan. He warned of more attacks to come if Tehran responded.

Within hours, Iran said its forces had launched a “decisive operation” against US bases in the region, the semi-official Tasnim news agency reported. The Islamic Revolutionary Guard Corps said the new fighting “only tightened the lock on the Strait of Hormuz,” IRIB reported.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Republican Congressman Marlin Stutzman of Indiana.
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
• Democratic Congresswoman Madeleine Dean of Pennsylvania.
• Beacon Global Strategies Energy Practice Lead Clayton Seigle.
• Bloomberg News Managing Editor for International Security & Economy Nick Wadhams.

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With the House of Representatives returning to Washington after August recess, the likelihood of a government shutdown -- only 20% in our view -- led Bloomberg Intelligence's Aug. 31 Washington Policy Pulse. The House will most likely embrace a Senate deal that extends the government funding until Dec. 11 before leaving town to further campaign ahead of the midterm elections. A potential vote on a separate measure on a Russian sanctions package will likely be pushed back until after the election.

We also discussed President Donald Trump's announcement of a deal in Venezuela to have the US take a stake in Venezuela's oil fields. Analysis from BI's energy team suggest that while Chevron may embrace the deal, ConocoPhillips and ExxonMobil may be more hesitant. We also previewed a forthcoming meeting with energy executives at the White House on Sept. 2.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

House members return to Capitol Hill after a monthlong break with a crowded docket and just 16 days in session to complete it before the November midterm elections.

A planned vote to avoid a fall government shutdown is atop their to-do list, and continued GOP hopes of a third party-line budget package loom over other legislative priorities lawmakers want to pass and campaign on in their districts.

House leaders have to contend with delays in progress due to the Senate being in recess until Sept. 14 and several high-profile legislative packages involving cryptocurrency and college sports stalled in that chamber.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Former US Army Europe Commanding General Ben Hodges.
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
• Bloomberg Intelligence Chief US Rates Strategist Ira Jersey.
• Republican Congressman Rich McCormick of Georgia.

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Federal Reserve Chairman Kevin Warsh warned inflation isn’t meaningfully slowing and said policymakers must be confident that it is, otherwise the central bank has “work to do.”

In a sweeping speech, his first since becoming chairman of the central bank in May, Warsh reiterated that policymakers will return inflation to their 2% goal, which he said is a firm and fixed target.

“Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job,” Warsh said at the Fed’s annual conference in Jackson Hole, Wyoming, on Friday.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall is in for Kailey. Joe and Tyler speak with:

• Bloomberg International Economics and Policy Correspondent Michael McKee.
• Retired Army Brigadier General Leela Gray, Democratic Candidate for Florida's 13th Congressional District.
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
• White Oak Pastures Owner Will Harris.

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump announced he was moving to rename Lake Ontario as Lake America, escalating his clash with Canada after trade negotiations between the two nations collapsed.

Trump on Thursday signed a directive changing the name of the lake and said the move would take place “effective immediately.” The president previewed the move in a social media post earlier this week. The order signed by Trump said the Interior Department had 30 days to change the name in federal databases and materials.

“Canada has been ripping us off for a long time on trade,” Trump told reporters when asked what message he was sending to the US’s northern neighbor. “They want to be treated like they’re a state, and so we just can’t do that anymore.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall is in for Kailey. Joe and Tyler speak with:

• Bloomberg White House Correspondent Kate Sullivan.
• Former US Ambassador to Ukraine John Herbst.
• Jersey 1st President Rosemary Becchi and Maywood Strategies Principal Douglas Farrar.
• Bloomberg International Economics and Policy Correspondent Michael McKee.
• Bloomberg Opinion Columnist Kathryn Edwards.

See omnystudio.com/listener for privacy information.