Tuesday · The daily brief

Aug 42026

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Executive summary9 stories

News news6

  1. Blanche scraps a $1.8 billion political-targeting claims fund and wins two GOP confirmation votesThe still-unopened fund came from Trump's IRS settlement and would have let a DOJ commission pay people alleging political targeting.
  2. Israel raises ‘serious security concerns’ over Hamas disarmament dealThe roadmap would move a stalled October ceasefire into its disarmament-and-withdrawal phase.
  3. Iran denies Trump’s claim that new U.S. talks would start MondayTrump said negotiations would begin Monday afternoon after he held off on threatened strikes; Iran’s Foreign Ministry said no talks or delegation were scheduled.
  4. Zelensky says Russia launched nearly 1,900 drones at Ukraine in one weekPresident Volodymyr Zelensky said 16 regions were attacked and more than 1,500 sites were damaged during the week.
  5. Spain updates Ceuta death toll as it installs sea barrierSpanish authorities raised the count from 67 deaths Saturday to 72 deaths Sunday as searches continued.
  6. California Democrats endorse a one-time tax equal to 5% of billionaire wealthProposition 40 could raise tens of billions for health care, but the hardest questions are how California would value private fortunes and what happens after the one-time money is gone.

Not news news3

  1. Tariffs raised prices for imported and U.S.-made goods—with the biggest policy exposure in metals and autosAn NBER working paper estimates 26% pass-through to consumer-goods prices and says indirect increases took nine to 12 months to arrive.
  2. China is now viewed more favorably than the U.S. in 25 of 36 countriesPew found a recent reversal driven by improving views of China and worsening views of the United States across much of the world.
  3. U.S. and Japan intervene to strengthen the yen after a 40-year lowThe coordinated move pulled the dollar below ¥156 after it traded above ¥163.

News news6 stories

AP

Blanche scraps a $1.8 billion political-targeting claims fund and wins two GOP confirmation votes

The still-unopened fund came from Trump's IRS settlement and would have let a DOJ commission pay people alleging political targeting.

Two bars: the $1.776 billion Anti-Weaponization Fund the Justice Department rescinded, and the $760 million Keepseagle farm-discrimination settlement it had cited as precedent.

Chart

The fund DOJ scrapped was more than twice its own cited precedent

The money was to come from the Treasury's Judgment Fund, a permanent appropriation, rather than a new line item voted by Congress.

The fund DOJ scrapped was more than twice its own cited precedentTwo bars: the $1.776 billion Anti-Weaponization Fund the Justice Department rescinded, and the $760 million Keepseagle farm-discrimination settlement it had cited as precedent. At Anti-Weaponization Fund, a note reads "Never opened: no commissioners or applicants".
The numbers
The fund DOJ scrapped was more than twice its own cited precedent
Millions of dollarsSettlement sizeNote
Anti-Weaponization Fund$1,776proposed, then rescinded before it opened
Keepseagle settlement$760farm discrimination; cited by DOJ as precedent

Related reading

The rescission killed the commission and its potential payouts, but did not unwind every part of the settlement. Blanche preserved a separate order protecting Trump, his adult sons and the Trump Organization from liability tied to past tax conduct; it does not cover returns filed after the settlement.

Ongoing1 earlier update5 days

This story has run 2 times over 5 days, starting Jul 30.

  1. Trump says Hamas agreed to phased disarmament in Gaza; Israel remains skeptical
  2. Israel raises ‘serious security concerns’ over Hamas disarmament deal — this issue
NBC NEWSGaza

Israel raises ‘serious security concerns’ over Hamas disarmament deal

The roadmap would move a stalled October ceasefire into its disarmament-and-withdrawal phase.
Ongoing2 earlier updates12 days

This story has run 3 times over 12 days, starting Jul 23.

  1. Trump Threatens to Bomb Iranian Bridges and Power Plants for Every Ship Hit in Strait of Hormuz
  2. Iran fires multiple ballistic missiles at U.S. base in Jordan; all are intercepted
  3. Iran denies Trump’s claim that new U.S. talks would start Monday — this issue
APIran war

Iran denies Trump’s claim that new U.S. talks would start Monday

Trump said negotiations would begin Monday afternoon after he held off on threatened strikes; Iran's Foreign Ministry said no talks or delegation were scheduled.

Related reading

Trump's decision to pause the threatened strikes reduced the market's near-term estimate of supply disruption, even though the war and the Strait of Hormuz remain major risks for energy prices.

Ongoing1 earlier update8 days

This story has run 2 times over 8 days, starting Jul 27.

  1. Zelensky will meet senators Tuesday as Russia sanctions vote nears
  2. Zelensky says Russia launched nearly 1,900 drones at Ukraine in one week — this issue
VOLODYMYR ZELENSKY

Zelensky says Russia launched nearly 1,900 drones at Ukraine in one week

The Ukrainian president said 16 regions were attacked and more than 1,500 sites were damaged during the week.

Grouped bars comparing two consecutive weeks of reported Russian attacks on Ukraine: 1,900 attack drones against 1,700 a week earlier, 1,600 guided aerial bombs against 1,630, and 144 missiles against 95.

Chart

The week's increase was in missiles, the smallest of the three counts

Drones are up about 12% and missiles about 52%; the bomb count is roughly flat. Both weeks are Zelensky's own tallies, and POLI did not find an independent weekly count in the cited sources.

The week's increase was in missiles, the smallest of the three countsGrouped bars comparing two consecutive weeks of reported Russian attacks on Ukraine: 1,900 attack drones against 1,700 a week earlier, 1,600 guided aerial bombs against 1,630, and 144 missiles against 95.
Latest weekWeek earlier
The numbers
The week's increase was in missiles, the smallest of the three counts
Weapons launched, as reportedLatest weekWeek earlierNote
Attack drones1,9001,700reported as roughly 1,900; reported as nearly 1,700
Guided aerial bombs1,6001,630reported as nearly 1,600; reported as more than 1,630
Missiles14495

Related reading

Zelensky reported nearly 1,700 Russian drones, more than 1,630 guided bombs and 95 missiles during the preceding week.

Ongoing1 earlier update3 days

This story has run 2 times over 3 days, starting Aug 1.

  1. 60,000 migrants reach Ceuta over two days; Spain begins mass returns
  2. Spain updates Ceuta death toll as it installs sea barrier — this issue
AP

Spain updates Ceuta death toll as it installs sea barrier

Spanish authorities raised the count from 67 deaths Saturday to 72 deaths Sunday as searches continued.

The barrierMap

500 metres of a 7.6 km border

Spain's answer to the rush is a floating barrier along Ceuta's sea border. Drawn to scale against the boundary it reinforces.

A close map of Ceuta and its land border with Morocco, with a scale bar showing the 500 m floating barrier against the 7.6 km boundary. Places marked: Ceuta; Border, south end; Border, north end. Figures: deaths confirmed by Sunday, 72; arrivals from Morocco on 30–31 July, ≈60,000; of floating barrier, 500 m; of land border with Morocco, 7.6 km. A scale bar shows the floating barrier Spain installed along Ceuta's sea border.

72deaths confirmed by SundayRaised from 67 on Saturday as searches continued; drownings and a stampede.
≈60,000arrivals from Morocco on 30–31 July
500 mof floating barrierRises 30–70 cm above the water and extends up to a metre below it.
7.6 kmof land border with MoroccoMeasured along the OpenStreetMap boundary geometry drawn on this map. Not a reported figure.
Boundary and coastline: OpenStreetMap. The barrier is shown as a scale bar — its alignment was not published.
What this map shows, as data
Places marked on the map
PlaceRolePositionWhat the reporting saysSource
CeutaPlace35.89°N, 5.31°WSpanish autonomous city on the North African coast, bordered by Morocco on three sides and the Mediterranean on the fourth.OpenStreetMap contributors (ODbL)
Border, south endChokepoint35.87°N, 5.34°WWhere the land border meets the Mediterranean. Entrants were reported reaching Ceuta by swimming around the barriers here and by scaling the fences.OpenStreetMap contributors (ODbL)
Border, north endChokepoint35.91°N, 5.38°WThe border's other terminus, on the Strait of Gibraltar shore.OpenStreetMap contributors (ODbL)
Figures shown beside the map
FigureValueDetailSource
deaths confirmed by Sunday72Raised from 67 on Saturday as searches continued; drownings and a stampede.AP: Spain installs 500-metre barrier at Ceuta
arrivals from Morocco on 30–31 July≈60,000—AP: Spain installs 500-metre barrier at Ceuta
of floating barrier500 mRises 30–70 cm above the water and extends up to a metre below it.France 24/Reuters: Spain installs floating barrier in Ceuta
of land border with Morocco7.6 kmMeasured along the OpenStreetMap boundary geometry drawn on this map. Not a reported figure.OpenStreetMap contributors (ODbL)

Where every coordinate came from

  • Coordinates: Natural Earth 1:10m populated places, Admin-1 capital “Ceuta”. Boundary: OpenStreetMap relation 1154756.
  • Southern terminus of the Ceuta–Morocco boundary in OpenStreetMap relation 1154756.
  • Northern terminus of the Ceuta–Morocco boundary in OpenStreetMap relation 1154756.
  • Length as reported by AP (500 m, “about one-third of a mile”). Drawn as a scale bar rather than sited on the map: the alignment was not published.

Sources: AP: Spain installs 500-metre barrier at Ceuta · France 24/Reuters: Spain installs floating barrier in Ceuta · OpenStreetMap contributors (ODbL) · Natural Earth (public domain)

Figure 1Figures

Seventy-two dead among roughly sixty thousand who crossed

Drownings and stampede deaths are counted together; the reporting does not break them out. Spain has since installed a 500-metre floating barrier along Ceuta's sea border.

Confirmed dead
72
confirmed by Sunday, revised up from 67 on Saturday as searches continued
Arrivals
60,000
roughly this many crossed from Morocco on July 30 and 31
The numbers
Seventy-two dead among roughly sixty thousand who crossed
MeasurePeopleNote
Confirmed dead72confirmed by Sunday, revised up from 67 on Saturday as searches continued
Arrivals60,000roughly this many crossed from Morocco on July 30 and 31
NEW YORK TIMES

California Democrats endorse a one-time tax equal to 5% of billionaire wealth

Proposition 40 could raise tens of billions for health care, but the hardest questions are how California would value private fortunes and what happens after the one-time money is gone.

For the tax

California's Legislative Analyst's Office says the levy would probably raise tens of billions of dollars over several years from a few hundred people. Ninety percent must go to public health care, with the rest for education, food assistance and administration. Supporters argue that asking people with extraordinary ability to pay is preferable to cutting Medi-Cal or shifting the bill to ordinary taxpayers.

Because it is a one-time levy on wealth already accumulated, it does not permanently raise the tax on future investment returns. The OECD says a surprise capital levy can therefore be less economically distortive in theory, although successful examples are rare. The Jan. 1 residency rule also means moving later in 2026 would not erase the bill.

Against the tax

California does not already receive a clean net-worth figure on income-tax returns. Public stock is easy to price; private companies, trusts and intellectual property are not. The measure would invite long disputes over ownership, debt, control and fair value, while giving the Franchise Tax Board broad rulemaking and enforcement authority.

A billionaire on paper may not have $50 million in cash for every $1 billion of wealth, making sales or long deferrals more likely. The money is also temporary while health-care costs recur. The LAO expects departures and other responses could reduce ongoing income-tax revenue by less than $1 billion a year, so California would trade a large, uncertain windfall now for some risk to a highly concentrated future tax base.

Quick bites11

  1. Head Start standards targeted

    AP

    The administration is considering cutting 122 pages of federal standards to about a dozen and leaving most staffing and safety rules to states. The proposal is not public and would require comment before adoption.

    Two bars: 122 pages of current federal Head Start standards, against about a dozen pages under the proposal the administration is considering.

    Chart

    A 122-page rulebook would become about a dozen pages

    Most staffing and safety rules would pass to the states. The proposal is not public and would require a comment period before adoption; “about a dozen” is drawn here as twelve.

    A 122-page rulebook would become about a dozen pagesTwo bars: 122 pages of current federal Head Start standards, against about a dozen pages under the proposal the administration is considering. At Current standards, a note reads "Include medical, dental and vision screenings".
    The numbers
    A 122-page rulebook would become about a dozen pages
    Pages of federal standardsFederal standardsNote
    Current standards122
    Under the proposal12reported as “about a dozen”
  2. DOJ task-force safeguards

    GAO

    DOJ can let state and local officers serve warrants before federal training and has no department-wide criteria for when misconduct should remove them. GAO recommends uniform training and removal guidance.

  3. Michigan reports first Cyclospora deaths

    CDC

    Michigan reported the first two deaths associated with a multistate Cyclospora outbreak that has caused 11,234 illnesses and been linked by federal officials to iceberg lettuce. Both people who died had significant underlying health conditions.

  4. Ethics panel seeks Edwards censure

    AXIOS

    The bipartisan House Ethics Committee recommended censuring Chuck Edwards (Rep-R North Carolina) over his treatment of two female staffers in their 20s. Its 25-page report described gifts, comments about the staffers’ appearance and invitations the panel characterized as intimate, finding that the conduct violated House rules and the spirit of prohibitions on sexual harassment and unwanted advances. Edwards’ attorneys said he was cleared of sexual misconduct and quid-pro-quo harassment.

  5. Clayton takes intelligence post

    NEW YORK TIMESClayton at the DNI

    Jay Clayton was sworn in as director of national intelligence after a days-long handoff delay. Acting director Bill Pulte began transferring control after a weekend of questions about why he remained in the job. During his brief tenure, Pulte said the Office of the Director of National Intelligence had cut staffing by about 30% from its level several weeks earlier, though he did not release details that would allow the figure to be independently verified.

    Ongoing2

    This story has run 3 times over 8 days, starting Jul 27.

    1. Senate advances Jay Clayton for intelligence chief, 51–43
    2. Senate confirms Jay Clayton as intelligence chief in 51-47 party-line vote
    3. Clayton takes intelligence post — this issue
  6. White House keeps its new AI pre-release rules private

    AXIOS

    The voluntary framework could give the government up to 30 days of access to advanced AI models before other trusted partners see them. The White House says the rules are finished, but has not disclosed which models qualify, which labs helped write them or when any company will use them.

  7. Kaptur hurt in hit-and-run

    NBC NEWS

    Marcy Kaptur (Rep-D Ohio) was hospitalized with non-life-threatening injuries after a hit-and-run driver struck the vehicle carrying her to a Sunday church service in Toledo. Her spokesperson said she was alert and receiving treatment.

  8. Reflecting pool charges dropped

    WSJ

    U.S. Attorney Jeanine Pirro dropped charges against Olympian David Hearn and at least three others after evidence attributed damage at the Lincoln Memorial Reflecting Pool to a faulty installation rather than vandalism. President Donald Trump criticized the decision, saying Pirro “choked” and “folded like an umbrella.”

  9. Cognitive decline can be missed by long-term-care screens

    NBER

    A Dutch study found that 42% of cognitively impaired older adults living in the community used no formal or informal long-term care. That is not evidence they were denied care: the authors say many may manage on their own, and reported unmet need is low in the Netherlands. The useful warning is that cognition predicted care use beyond physical and functional limitations, so a program that asks mainly whether someone can bathe, dress or move around may miss a different kind of need.

  10. Senate advances shutdown patch

    POLITICOGovernment funding

    Senate appropriators unveiled a bipartisan bill that would keep federal agencies funded at roughly current levels through Dec. 11, averting an Oct. 1 shutdown if enacted and postponing broader negotiations until after the midterms. The measure would also temporarily block the Trump administration’s plan to shift greater control over scientific grants to political appointees.

  11. UEFA threatens FIFA with legal action

    AP

    UEFA warned FIFA it could sue over Gianni Infantino’s failed attempt to transfer World Cup commercial rights into a new venture—an unusually public fight over who controls the tournament’s media and sponsorship business.

Elections10 races

The midterms · 91 days out · November 3, 2026

D or R take the House / Senate?

Aug 4, 10:40 AM CT

U.S. House: chance Democrats take it, Polymarket 87%, Kalshi 84%. U.S. Senate: chance Democrats take it, Polymarket 46%, Kalshi 47%. Full day-by-day figures are in the table below.

U.S. House — Democrats take it, 83.5–86.5%
87%84%chance Democrats take it · 3.0pp apart · no clear move — the venues went opposite ways
U.S. House: chance Democrats take it. Today, Polymarket 87% and Kalshi 84%.
U.S. Senate — Republicans retain it, 53.5–54.5%
46%47%chance Democrats take it · 1.0pp apart · both venues up this week
U.S. Senate: chance Democrats take it. Today, Polymarket 46% and Kalshi 47%.

3 closest races

  • sWisconsin governor generalWisconsin governorparties dead evenHong51.0%Tiffany51.5%books split

    POLYMARKET: Wisconsin governor

    Open seat; Francesca Hong leads the Aug. 11 Democratic primary, while Tom Tiffany is the likely GOP nominee.

    The books name different leaders

    Wisconsin governor general

    Each line is one book’s lead — the gap between the two candidates, signed. Zero is a tie, and the two venues are on opposite sides of it.

    Aug 4, 10:40 AM CT
    widest venue gap 2.5pp

    Wisconsin governor general. Lead in percentage points, positive to Tom Tiffany. Kalshi: Tiffany ahead by 3 points. Polymarket: Hong ahead by 1.5 points. Every day is in the table below.

    Tiffany aheadHong ahead10%tied10%20%7d agotodayTiffany +3%KalshiHong +1.5%Polymarket

    today

    • Tiffany+3%Kalshi
    • Hong+1.5%Polymarket
    • Tiffany49.5%Polymarket
    • Tiffany51.5%Kalshi
    • Hong51.0%Polymarket
    • Hong48.5%Kalshi

    Market-implied chance of winning, out of 100 — prices, not polls. The lead is the gap between the two, in points. Source: Polymarket · Kalshi.

  • rOhio Senate generalOhio SenateSherrod Brown 52.0%▲2.1Jon Husted 48.3%

    POLYMARKET: Ohio Senate

    Sherrod Brown faces Jon Husted in a Nov. 3 special election.

    Two markets, one question

    Ohio Senate general

    Aug 4, 10:40 AM CT
    widest venue gap 3.0pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Ohio Senate general. Sherrod Brown (D): Polymarket 50.5%, Kalshi 53.5%; Jon Husted (R): Polymarket 49.5%, Kalshi 47.0%. Widest disagreement between the two venues: 3.0pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

  • nTexas Senate generalTexas SenateKen Paxton 52.5%▲1.3James Talarico 47.3%

    POLYMARKET: Texas Senate

    Republican Ken Paxton faces Democrat James Talarico.

    Two markets, one question

    Texas Senate general

    Aug 4, 10:40 AM CT
    widest venue gap 2.0pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Texas Senate general. Ken Paxton (R): Polymarket 51.5%, Kalshi 53.5%; James Talarico (D): Polymarket 48.0%, Kalshi 46.5%. Widest disagreement between the two venues: 2.0pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

The other 7 races10 races · 10 still in doubt · Aug 4, 10:40 AM CT · markets, not polling

Senate4 of 6

  • oAlaska Senate generalAlaska SenateMary Peltola 55.5%▲3.0Dan Sullivan 45.0%

    POLYMARKET: Alaska Senate

    Democrat Mary Peltola is challenging Republican Sen. Dan Sullivan.

    Two markets, one question

    Alaska Senate general

    Aug 4, 10:40 AM CT
    widest venue gap 1.0pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Alaska Senate general. Mary Peltola (D): Polymarket 55.5%; Dan Sullivan (R): Polymarket 44.5%, Kalshi 45.5%. Widest disagreement between the two venues: 1.0pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

  • pIowa Senate generalIowa SenateAshley Hinson 56.5%▲2.0Josh Turek 44.0%

    POLYMARKET: Iowa Senate

    Ashley Hinson and Josh Turek are running for Joni Ernst’s open seat.

    Two markets, one question

    Iowa Senate general

    Aug 4, 10:40 AM CT
    widest venue gap 3.0pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Iowa Senate general. Ashley Hinson (R): Polymarket 55.5%, Kalshi 57.5%; Josh Turek (D): Polymarket 45.5%, Kalshi 42.5%. Widest disagreement between the two venues: 3.0pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

  • mMaine Senate generalMaine SenateTroy Jackson 65.5%▲0.2Susan Collins 35.0%

    POLYMARKET: Maine Senate

    Susan Collins faces Troy Jackson, selected after the Democratic primary winner withdrew.

    Two markets, one question

    Maine Senate general

    Aug 4, 10:40 AM CT
    widest venue gap 4.0pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Maine Senate general. Troy Jackson (D): Polymarket 67.5%, Kalshi 63.5%; Susan Collins (R): Polymarket 33.5%, Kalshi 36.5%. Widest disagreement between the two venues: 4.0pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

    These contracts price the party, not the named person — the venues list the seat before the nominee is settled.

  • qMichigan Senate generalMichigan SenateAbdul El-Sayed 65.3%▲4.3Mike Rogers 35.3%

    POLYMARKET: Michigan Senate

    Gary Peters is retiring; Mike Rogers is the GOP nominee while Democrats vote Aug. 4.

    Two markets, one question

    Michigan Senate general

    Aug 4, 10:40 AM CT
    widest venue gap 1.5pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Michigan Senate general. Abdul El-Sayed (D): Polymarket 66.0%, Kalshi 64.5%; Mike Rogers (R): Polymarket 35.0%, Kalshi 35.5%. Widest disagreement between the two venues: 1.5pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

    These contracts price the party, not the named person — the venues list the seat before the nominee is settled.

Governors3 of 4

  • tGeorgia governor generalGeorgia governorKeisha Lance Bottoms 58.5%▲0.5Rick Jackson 41.3%

    POLYMARKET: Georgia governor

    Democrat Keisha Lance Bottoms faces Republican Rick Jackson for Georgia's open governor seat.

    Two markets, one question

    Georgia governor general

    Aug 4, 10:40 AM CT
    widest venue gap 0.5pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Georgia governor general. Keisha Lance Bottoms (D): Polymarket 58.5%, Kalshi 58.5%; Rick Jackson (R): Polymarket 41.0%, Kalshi 41.5%. Widest disagreement between the two venues: 0.5pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

    These contracts price the party, not the named person — the venues list the seat before the nominee is settled.

  • uNevada governor generalNevada governorAaron Ford 55.5%▲0.2Joe Lombardo 44.8%

    POLYMARKET: Nevada governor

    Democrat Aaron Ford is challenging Republican Gov. Joe Lombardo.

    Two markets, one question

    Nevada governor general

    Aug 4, 10:40 AM CT
    widest venue gap 2.5pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Nevada governor general. Aaron Ford (D): Polymarket 55%, Kalshi 56%; Joe Lombardo (R): Polymarket 46.0%, Kalshi 43.5%. Widest disagreement between the two venues: 2.5pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

    These contracts price the party, not the named person — the venues list the seat before the nominee is settled.

  • lOhio governor generalOhio governorVivek Ramaswamy 53.8%▲0.5Amy Acton 46.5%

    POLYMARKET: Ohio governor

    Republican Vivek Ramaswamy faces Democrat Amy Acton for an open seat; markets give the GOP only a modest edge.

    Two markets, one question

    Ohio governor general

    Aug 4, 10:40 AM CT
    widest venue gap 5.0pp
    • Polymarket, solid
    • Kalshi, dashed
    • shaded = the gap between them

    Ohio governor general. Vivek Ramaswamy (R): Polymarket 56.0%, Kalshi 51.5%; Amy Acton (D): Polymarket 44%, Kalshi 49%. Widest disagreement between the two venues: 5.0pp. Full history is in the table below.

    7 days ago

    Market-implied chance of winning, out of 100 — prices, not polls. Source: Polymarket · Kalshi.

    These contracts price the party, not the named person — the venues list the seat before the nominee is settled.

“Still in doubt” means no leader above 80% on either book. Prices captured Aug 4, 10:40 AM CT. These are trader-implied estimates, not polls. Separate contracts trade independently, so opposing prices may not add to exactly 100%.

Not news news3 stories

NBER

Tariffs raised prices for imported and U.S.-made goods—with the biggest policy exposure in metals and autos

An NBER working paper estimates 26% pass-through to consumer-goods prices and says indirect increases took nine to 12 months to arrive.

Three bars of the estimated effect of a uniform 10 percent tariff on consumer-goods prices: 1.7 percentage points from imported finished goods, 0.77 points from imported inputs used by U.S. producers and 0.17 points from domestic firms raising markups.

Chart

Most of a tariff's price effect arrives on imported finished goods

The paper's illustrative case is a uniform 10% tariff, which it estimates would raise consumer-goods prices about 2.6%. These are the three components of that figure; they sum to 2.64 points. It is a July 2026 working paper and has not been peer reviewed.

Most of a tariff's price effect arrives on imported finished goodsThree bars of the estimated effect of a uniform 10 percent tariff on consumer-goods prices: 1.7 percentage points from imported finished goods, 0.77 points from imported inputs used by U.S. producers and 0.17 points from domestic firms raising markups. At Imported finished goods, a note reads "Arrived at the border almost immediately".
The numbers
Most of a tariff's price effect arrives on imported finished goods
Percentage points added to consumer-goods pricesPrice effectNote
Imported finished goods1.70 ppthe border-price effect appeared almost immediately
Imported inputs0.77 ppused by U.S. producers; took nine to 12 months to arrive
Domestic markups0.17 ppU.S. firms raising markups; took nine to 12 months to arrive
PEW RESEARCH CENTER

China is now viewed more favorably than the U.S. in 25 of 36 countries

Dot plot comparing favorable views of the United States and China across 36 countriesDot plot comparing favorable views of the United States and China across 36 countries

Notable results: Canada moved from U.S. 57% / China 14% in 2023 to U.S. 33% / China 44% in 2026. Mexico registered China 59% / U.S. 40%. The United States still led in India, Japan, the Philippines and South Korea.

Source: Pew Research Center, Spring 2026 Global Attitudes Survey.

Grouped bars of Pew favorability ratings: in Canada, 57 percent viewed the United States favorably and 14 percent viewed China favorably in 2023, against 33 percent and 44 percent in 2026; in Mexico in 2026, 40 percent viewed the United States favorably and 59 percent China.

Chart

Canada's view of the two countries changed places in three years

Pew surveyed 42,151 adults across 36 countries between Feb. 8 and May 13, 2026. China led the U.S. on favorability in 25 of them; the U.S. led in six.

Canada's view of the two countries changed places in three yearsGrouped bars of Pew favorability ratings: in Canada, 57 percent viewed the United States favorably and 14 percent viewed China favorably in 2023, against 33 percent and 44 percent in 2026; in Mexico in 2026, 40 percent viewed the United States favorably and 59 percent China. At Mexico, 2026, a note reads "2026 only — the reporting gives no earlier Mexico reading".
United StatesChina
The numbers
Canada's view of the two countries changed places in three years
Share with a favorable viewUnited StatesChina
Canada, 202357%14%
Canada, 202633%44%
Mexico, 202640%59%

Related reading

An NBER working paper finds presidential rhetoric about China became markedly more negative after the early 2000s, converging with already-negative congressional, media, social-media and think-tank language. The authors find evidence of bottom-up diffusion across institutions, not that presidents alone set the national tone.

AP

U.S. and Japan intervene to strengthen the yen after a 40-year low

The coordinated move pulled the dollar below ¥156 after it traded above ¥163.

Two bars comparing the Federal Reserve's target range, drawn at its 3.75 percent top with a reference line at its 3.5 percent bottom, with the Bank of Japan's 1 percent benchmark rate.

Chart

The rate gap behind the yen's slide did not move

Tokyo and Washington bought yen after the dollar traded above ¥163, its strongest in 40 years; it fell to about ¥155.20. The differential that draws money into dollar assets is unchanged.

The rate gap behind the yen's slide did not moveTwo bars comparing the Federal Reserve's target range, drawn at its 3.75 percent top with a reference line at its 3.5 percent bottom, with the Bank of Japan's 1 percent benchmark rate. A reference line at 3.5 is labelled "The Fed's range: 3.5% here, 3.75% at the bar".
The numbers
The rate gap behind the yen's slide did not move
Benchmark policy rateBenchmark rateNote
Federal Reserve3.75%top of a 3.5%–3.75% target range
Bank of Japan1.00%

Trump’s comments1

What Trump said today, from policy conditions to off-the-cuff remarks.

  1. Trump praises yen intervention, then invokes Pearl Harbor

    Trump called U.S. support for Japan’s currency intervention a “signal of friendship,” then said Japan had been good to the United States “with the exception, of course, of Pearl Harbor.”