The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Extreme weather is slamming the US. Wildfire smoke is degrading air quality in New York as intense heat across much of the country had led a grid in the country’s midsection to declare an emergency. In California, utility PG&E Corp. warned that power shutoffs will be required across several counties as dry conditions and gusty winds increase fire risks.

Wildfire smoke from hundreds of fires burning across Canada blanketed parts of the Great Lakes, Midwest and Northeast on Wednesday, turning the sun over New York City and Toronto into a hazy, yellowish orb. Air quality dropped to unhealthy levels in Manhattan, Brooklyn and Queens, as well as Toronto, according to the US Environmental Protection Agency’s AirNow.gov. Chicago will likely see its air quality fall to unhealthy levels Thursday.

“This will be a prolonged event, and we may see worse air quality tomorrow,” said Amanda Lefton, commissioner of the New York State Department of Environmental Conservation, adding that the smoke will come “in waves” throughout the day.

On this episode, Carol Massar and Tim Stenovec speak with:

• Emily Forgash, Bloomberg News Weather Reporter on heat wave, Canada wildfire smoke and NYC air warning
• John Engel, Vice President of Digital Strategy & Strategic Innovation, OATI on the burden of summer heat on utilities and what consumers can do to keep energy bills low and products running efficiently
• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech on Apple Gets Approval for iPhone AI in China With Alibaba, Baidu AND OpenAI’s First Device Will Be Speaker Built as AI Companion
• Natalie Lung, Bloomberg News Tech and Consumer Apps Reporter AND Kara Carlson, Bloomberg News EV Reporter on Robotaxi Riders Are Falling Asleep, Sparking Frantic 911 Calls

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US weather-forecasting system is gathering less information due to budget and staffing cuts by the Trump administration, which could lead to a decline in forecast quality. Meteorologists warn that the reduced data collection, including fewer weather balloon launches, increases the risk of missing extreme weather turns, which could result in unnecessary deaths, property losses, and economic disruption. The lack of real-time data and reduced forecasting accuracy may lead to higher insurance costs, as insurers price in the uncertainty, and could also cause "alarm fatigue" when people become desensitized to warnings due to overreaction by emergency managers.

For more, Carol Massar and Tim Stenovec speak with Mark Gongloff, Bloomberg Opinion Columnist

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Federal Reserve Chairman Kevin Warsh said policymakers at the central bank have no tolerance for high inflation, reiterating a vow to tame price growth that has been elevated for five years.
“The members of our committee have no tolerance for persistently elevated inflation,” Warsh said Tuesday in testimony before lawmakers. “And we share a resolute commitment to restoring price stability.”

The new Fed chairman has emphasized policymakers’ commitment to tackling inflation since he took office in May, and said the number one objective is to get monetary policy right.

Warsh’s appearance before the panel comes amid warnings from several other Fed policymakers that higher interest rates may be needed to curb inflation. The testimony was prepared prior to the Bureau of Labor Statistics’ release of fresh inflation data that showed consumer prices declined in June for the first time in six years and a key gauge of underlying inflation was little changed.

On this episode, Carol Massar and Tim Stenovec speak with:

• Yelena Shuylatyeva, Senior US Economist, The Conference Board on Warsh testimony, CPI reaction and PPI
• Geoff Karren, Energy Group Capital Chief Investment Officer & Portfolio Manager
• Udesh Jha, Chief Risk Officer, Kalshi AND Katherine “Kat” Doherty, Bloomberg News Finance Reporter on Kalshi Ramps Up Effort to Build Markets for AI Computing Power
• Chris Rovzar, Bloomberg Pursuits Editor-at-Large on Wearing Shorts to Work? That Should Be OK in 2026

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