‌

Bulletin: Nike Co-Founder Phil Knight Gives $2 Billion to Oregon Cancer Center in Record Gift (Wall Street Journal) 

‌

The Knights’ latest gift surpasses Michael Bloomberg’s $1.8 billion to Johns Hopkins in 2018 as the largest known donation to a university by a single donor. That gift was earmarked for scholarships and grants for undergraduate students from low and middle-income families.

Alaska Summit Today.

‌

At this hour, Air Force One is on its way to Alaska. Donald Trump is expected in Anchorage midafternoon Eastern time ahead of his 3:30pm meeting with Russian President Vladimir Putin to discuss ending the war in Ukraine.

‌

The summit will take place at Joint Base Elmendorf-Richardson, Alaska’s largest military installation. A Cold War listening post less than a thousand miles from Russia, the base offers controlled airspace, fortified gates and instant access to military units — and, as an active base, is closed to the public.

‌

State Department protocol is shaping much of the plan, as Bloomberg has reported. In a bilateral meeting, officials said, reciprocity rules mean every courtesy extended to one leader must be matched for the other. Russian security will control Putin’s immediate movements while the Secret Service maintains an outer ring.

‌

Neither side will open the other’s doors or ride in the other’s vehicles. If 10 US agents are posted outside a meeting room, 10 Russian agents will stand on the other side. Everything is matched body for body, gun for gun, one person said.

‌

What to Expect: Putin Woos Trump While US Leader Tempers Summit Expectations (Bloomberg)

‌

President Vladimir Putin sought to strengthen his rapport with Donald Trump ahead of their summit, praising the US leader’s efforts to broker an end to the war in Ukraine and dangling the promise of economic cooperation as well as a new arms control treaty.

‌

The charm offensive from Putin, before he arrives on US soil for a face-to-face sit-down on Friday with the American president, sought to minimize the war — Europe’s deadliest conflict in decades — as a mere detail on the way to revitalizing ties between Washington and Moscow.

The downtown skyline of Anchorage, Alaska. Photographer: Justin Sullivan/Getty Images

Inflation Nation.

‌

Consumer Price Warning: US Producer Prices Rise by Most in Three Years on Services (Bloomberg) 

‌

US wholesale inflation accelerated in July by the most in three years, suggesting companies are passing along higher import costs related to tariffs.

‌

‌The extent to which companies pass the burden from tariffs on to consumers will be key in defining the path of interest rates. While Federal Reserve officials generally expect import levies to push inflation higher in the second half of the year, they’re divided over whether it will be a one-time adjustment or more enduring.

‌

Price Alert: Veggie-flation Strikes, With A Warning for Grocery Prices (Axios)

‌

A 38.9% increase in prices for fresh and dry vegetables in the US from June to July was the major driver of a higher index for "final demand goods" (things that are done and ready to be sold to a consumer, as opposed to things that go into a later production process). That was the biggest month-on-month increase for fresh vegetables since March 2022.

‌

Debtor Nation: US National Debt Reaches A Record $37 Trillion, The Treasury Department Reports (Associated Press) 

‌

And now, more government spending has been approved after Donald Trump signed into law Republicans’ tax cut and spending legislation earlier this year. The law set to add $4.1 trillion to the national debt over the next decade, according to Congressional Budget Office estimates.

‌

The Government Accountability Office outlines some of the impacts of rising government debt on Americans — including higher borrowing costs for things like mortgages and cars, lower wages from businesses having less money available to invest, and more expensive goods and services.

‌

A Nation of Renters: Americans Are Getting Priced Out of Homeownership at Record Rates (Bloomberg) 

‌

‌What does it mean that the American dream is increasingly unavailable? For one thing, there are fewer chances for families to step onto the wealth ladder. The median net worth of a homeowner in the US is 43 times that of a renter, according to a 2025 estimate from the Federal Reserve’s Survey of Consumer Finances. And though rents may be cheaper than owning in large swaths of the country, they’re still high — so high they’re preventing would-be buyers from saving for a house that would then let them build equity.

What I'm Reading.

‌

Boy Crisis of 2025: The 'Boy Problem' of the 1900s Returns as Percent of US Men with College Degrees Drops (New York Times - Opinion)

‌

The share of college degrees going to men has fallen to 41 percent, lower than the women’s share in 1970. One in 10 men aged 20 to 24 is effectively doing nothing — neither enrolled in school nor working. That’s twice the rate in 1990.

‌

Blurring Lines of State and Industry: Trump Administration Said to Discuss Taking Stake in Intel (Bloomberg) 

‌

The Trump administration is in talks with Intel Corp. to have the US government potentially take a stake in the beleaguered chipmaker, helping support the company’s effort to expand domestic manufacturing, according to people familiar with the plan. The deal, according to reporting by Bloomberg, would help shore up Intel’s planned factory hub in Ohio.

‌

Has Pre-Tariff Stockpiling Run Its Course? Eurozone Industrial Production Slumps More Than Expected as Tariff Effects Sting (Wall Street Journal) 

‌

European industry felt the effects of the pullback of tariff frontrunning in June, as industrial production declined more than expected.

‌

Industrial production fell 1.3% on month in June, more than reversing the 1.1% increase in May, Eurostat data showed Thursday. That was a stronger fall than the 0.9% expected by a consensus of economists polled by The Wall Street Journal.

‌

Travel Alert: Air Canada Starts Canceling Flights Ahead of Work Stoppage That Could Impact Hundreds of Thousands (Bloomberg) 

‌

Any shutdown would come in the midst of a revival of domestic vacation travel, as many Canadians boycott the United States after Donald Trump’s unilateral tariffs on Canadian goods and repeated calls for annexing the country, according to the New York Times.

‌

Putting the 'AI' in Fitness: Peloton Readies Updated Bike, AI Push and Accessories to Boost Sales (Bloomberg) 

‌

The fitness company is planning a product launch as early as October to introduce an updated bike, treadmill, new branded peripherals, an integrated AI platform and major software features, according to people with knowledge of the matter.

‌

Cutback Consequences: Every VA Medical Center Has Severe Staffing Shortages, Audit Finds (Washington Post) 

‌

All of the Veterans Health Administration’s 139 medical center campuses reported lacking workers, and reports of severe shortages for specific jobs increased 50 percent from the previous fiscal year.

‌

Don't Miss Today's Daily Read Podcast: Click here to listen to the latest episode of the AI-generated companion of today's newsletter on Spotify. It's also available on Apple Podcasts  .  Take a listen today.

‌

Thrilling Exhibition, Cinema in NYC: MISSION: IMPOSSIBLE—Story and Spectacle, SEE IT BIG Film Series (Museum of the Moving Image) 

‌

The Museum of the Moving Image in Queens, which is a city favorite among film buffs — and not just because Mike Bloomberg's administration spearheaded its renovation and expansion, which doubled the museum's size — is currently hosting two great events.

‌

The first is a thrilling exhibition called, 'MISSION: IMPOSSIBLE — Story and Spectacle.' It spotlights star and producer Tom Cruise’s exceptional commitment to practical stunt work, and explores how the film series combines technical ingenuity, personal discipline, and artistic commitment, all in service of storytelling, character development, and performance. It's topflight, just like Cruise.

‌

The second is the museum's annual summer film tradition, 'SEE IT BIG: 70MM'. The centerpiece remains Stanley Kubrick's masterpiece, '2001: A Space Odyssey', which will be screened Sunday, August 17; and Sunday, August 24. Present your Bloomberg badge for free entry for up to two adults and up to two children for both gallery admission and screenings.

NYC Weekend Tip of the Week: Hop on a Short Ferry Ride to Governors Island for Stunning Manhattan Views, Biking, Picnicking and More (Time Out New York)

‌

One of the best things to do in Summer in New York City is to ride the Governors Island ferry and visit this car-free park just south of Manhattan featuring incredible views of Manhattan, downtown Brooklyn, Jersey City and the Statue of Liberty.  It’s close: It takes just 50 minutes to get from Bloomberg’s offices in midtown to reach the Island.  

‌

The sprawling green space is a legacy of Mike’s three terms as mayor of New York City and part of his efforts to transform the city’s waterfront from abandoned and unused land to parks and more.  In 2003, New York City acquired Governors Island from the federal government through a deal the Bloomberg administration negotiated with President George W. Bush. Mike prioritized transforming the island into a public space, initiating major investments in infrastructure, parkland, and cultural programming. His administration laid the groundwork for its redevelopment as a recreational and cultural destination accessible to all New Yorkers.  (Read this 2023 essay by Patti Harris that tells the fuller story.)

Time Out just published a handy guide to plan your trip, and you should go as soon as you can.  It’s a great place for walking, running, biking, picnicking and more. There's history to learn on Colonels Row and free walking tours are offered on the weekends.  

Weekend Streaming Guide.

‌

Alien: Earth (FX, Disney+ and Hulu)

When a mysterious deep space research vessel crash-lands on Earth, “Wendy” and a ragtag group of “hybrids” (robots with human consciousness) make a fateful discovery that puts them face-to-face with the planet’s greatest threat.

‌

Hurricane Katrina: Race Against Time (Disney+ and Hulu)

Oscar-nominated filmmaker Ryan Coogler produced this a five-part National Geographic docuseries that brings viewers inside the storm — and the systemic failure that followed.

‌

Chief of War (Apple+)

Jason Momoa's 'Chief of War' is being hailed as a breakthrough for Hawaiian storytelling and representation on a major streaming platform. The series is produced, written, directed and performed by Native Hawaiians. 

Best of Late Night.

‌

On Donald Trump's meeting with Russian President Vladimir Putin, scheduled for today:

‌

“Trump’s meeting with Vladimir Putin is almost here, and Trump warned that Russia will face severe consequences if Putin doesn’t agree to end the war. Yup, severe consequences. Putin responded, ‘Like what, a second meeting?’”

— Jimmy Fallon

‌

“Trump is hosting Putin at a U.S. military base because it’s peak tourist season in Alaska, and the options were limited. This meeting could end a war, and Alaska’s like, ‘Ooh, sorry, but the Marriott conference room is all tied up with a Rotary Club salmon retreat.’” 

— Jimmy Fallon

‌

On Donald Trump's Kennedy Center Honors announcement, including that he will host this year's ceremony:

‌

“President Trump announced this year’s honorees, including Sylvester Stallone and the band Kiss. Sylvester Stallone makes sense. I mean, he really deserves it, and when you think about Trump’s first seven months in office, the word ‘Rocky’ definitely comes to mind.” 

— Jimmy Fallon

‌

“Trump said he picked Kiss, because ‘they’re one of the greatest rock 'n' roll bands of all time.’ And also ’cause they wear as much makeup as he does.” 

— Jimmy Fallon

‌

And from Jimmy Kimmel Live: Guest host Nicole Byer celebrates the news that Trump will host the Kennedy Center Honors. “He could be the host at an Applebee’s. Anything that distracts him from running this country into the ground.” Click the photo below to watch.