The Treasury Department on Monday night will release a video of top CEOs praising the Trump administration’s vision for business growth.

FOX Business obtained the roughly one-minute video featuring a series of interview clips made at the G20 ministerial meeting in Asheville, North Carolina, on Aug. 31 and Sept. 1. It will be posted on the Treasury Department’s X account.

During his meetings at the G20, Treasury Secretary Scott Bessent highlighted U.S. economic growth resulting from policies implemented by President Donald Trump, such as deregulation, corporate tax changes and trade deals.

A FRESH MIDTERM HEADACHE FOR THE GOP JUST HIT A NATIONAL RECORD

In the video, JPMorgan Chase CEO Jamie Dimon says, “We have been regulating nonstop for years like barnacles on a boat. You can deregulate, free up capital, free up liquidity and make the system safer.”

Goldman Sachs CEO David Solomon, Eli Lilly CEO David Ricks, 3M CEO Bill Brown and John Deere CTO Jahmy Hindman are also featured in the video. They praise the business environment that has been created in the U.S. over the past year and eight months.

TOP JPMORGAN CHASE EXEC WARNS REGULATORY PROPOSAL COULD SQUEEZE CREDIT FOR MILLIONS OF SMALL BUSINESSES

These executives – and Dimon – run companies that collectively employ roughly 550,000 people, with combined revenue totaling about $376 billion.

“The president’s agenda of reducing taxes and deregulating and allowing us to build manufacturing sites in America for the first time in over 40 years for our company,” Ricks said in the video. “It’s really profound.”

JPMORGAN NAMES NELLE MILLER AND WILLIAM SINCLAIR CO-CEOS OF ITS US PRIVATE BANK

Tariffs have been the Trump administration’s primary tool in the second term to reshore manufacturing jobs, and according to the White House, it’s working, with $11.2 trillion in investments pledged by countries or companies in the U.S.

The Trump administration has pushed back against polls and the public’s perception of the economy, which it says run counter to the actual economic data over the second term, from an unemployment rate of 4.1% to the robust economic growth shown by a rising stock market – up 20% over the course of Trump’s second term thus far.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The latest inflation data for August shows an increase in overall prices of 3.4% over the past 12 months, the 66th month inflation stayed above the Federal Reserve’s 2% target, and elevated fuel prices have the public’s attention.

But the price pressure hasn’t stopped the economy from growing, with the Federal Reserve Bank of Atlanta’s GDPNow model showing a third-quarter GDP estimate of 4.4% as of Sept. 10, due in part to the growing businesses the CEOs are leading.

Mumbai: BofA Securities has turned constructive on the Nifty after nearly two years of caution, projecting the index to reach 26,200 by December 2026. This implies an upside of about 12% from current levels. The brokerage, which has maintained a cautious stance since August 2024, said five of the eight risks it had previously flagged have either materialised or are now reflected in valuations.

BofA said the two key near-term risks facing the market are potential US Federal Reserve rate hikes and heavy primary-market issuances. It expects both risks to peak by October, creating room for a Nifty rally from November. The impact of artificial intelligence on Indian employment remains a longer-term structural risk.

Read more: FIIs sell Indian shares worth Rs 14,475 crore in Sept; analyst warns soaring bond yields may deepen selloff

The brokerage expects about $30 billion in primary-market issuances between September and December, with activity peaking in October. It also expects the Federal Reserve to raise rates by 75 basis points during the period, compared with roughly 35 basis points currently priced in by markets.

BofA believes the earnings downgrade cycle may have peaked after consensus FY27 earnings estimates for the Nifty were cut by 230 basis points year-to-date. It forecasts Nifty earnings growth of 10% in FY27 and 15% in FY28, compared with Street estimates of 12% and 15%, respectively.

Read more: India beats a hasty retreat from a crucial market reform
The brokerage has shifted its preference from small- and mid-cap stocks to large caps after broader market indices outperformed the Nifty by 13-20% year-to-date. The valuation premium for small- and mid-cap stocks currently stands at 43%, down from a peak of 53%.

Within the Nifty universe, BofA is positive on private banks, NBFCs, automobiles, upstream energy, cement, regulated power utilities, jewellery, quick commerce and EPC contractors. It remains cautious on PSU banks, insurance, steel, downstream energy, consumer staples, telecom, healthcare, industrials and information technology.

The cost will be funded by an increase in business rates for larger firms

The Welsh Government has announced plans for a 30% reduction in business rates for smaller firms trading in the hard-pressed hospitality and leisure sectors.

Subject to Senedd approval the reduction, from the start of the 2027-28 financial year, will apply to around 20,000 commercial properties with rateable values below £51,000. The Welsh Government said it will result in a collective fall in business rates for supported smaller firms of around £30m annually.

It will be cost neutral for the Plaid Cymru administration as it will be funded by an increase in business rates for all large businesses, defined as having properties with a rateable value of more than £100,000.

However, the Welsh Government said the difference between the higher multiplier and the standard multiplier for 2027-28 will increase by less than 1p to 2p in the pound.

The 30% reduction will apply to: hospitality venues ;pubs, restaurants, cafés and bars; food courts; licensed clubs and live music venues; visitor accommodation, hotels, guest houses and hostels leisure venues; cinemas, theatres, libraries, museums and gyms.

This permanent support will exceed the 15% temporary relief for food and drink hospitality currently in place.

First Minister Rhun ap Iorwerth said:“Our high streets are the heartbeat of communities right across Wales, and the businesses that fill them deserve our backing.

“This 30% cut to rates for pubs, cafés, gyms, hotels and so many other local favourites is about giving those businesses the confidence to invest, grow and keep serving the communities that rely on them. We’re making the system work better for the sectors that bring our town centres to life.”

The Welsh Government said the change sits alongside the work of its new town centres taskforce, chaired by Simon Gibson, which will consider what more tailored support individual town centres need, recognising that different parts of Wales face different challenges.

Cabinet Minister for Finance Elin Jones said:“This significant and permanent change will make a real difference to eligible hospitality and leisure businesses right across Wales.

“We’ve taken a balanced approach, ensuring this support is affordable while protecting the vital contribution business rates make to our public services – targeting help where it will have the greatest impact on our high streets.”

The precise values of all multipliers for 2027-28 will be confirmed as part of budget preparations, following the UK Government’s autumn Budget.

Laura Doel, TUC Cymru general secretary said: “We support any measures which the government can take to reduce the cost of doing business, and the cost of living.

“However, any government must cautiously weigh these benefits with any proposed tax cut and the potentially negative impact that would have on the government’s ability to invest in our vital public services, and the workers that make them tick.”

Nvidia CEO Jensen Huang received a surprise phone call from President Donald Trump on Monday, in which the president dismissed fears that AI poses an existential threat to humanity and argued against calls to slow frontier AI development.

While speaking on stage at the All-In Summit in Los Angeles, Huang answered the call and placed Trump on speakerphone for the audience of thousands, as shown in a video of the event shared by the All-In Podcast. 

“I’m telling you, it’s all a hoax,” Trump said. “The data centers are great, and they make people wealthy, and they make states wealthy, and it’s the oil of the next 20–25 years.”

Trump said critics are “playing right into the hands of a lot of people that don’t want to see it happen.”

TRUMP RESPONDS TO RISING AI SAFETY CONCERNS, INSISTS TECH WILL BE ‘MORE GOOD THAN BAD’

“That could be political people. It could also be China. And we’re not going to let that happen,” Trump said.

The president also rejected the idea that AI could pose an existential threat to humanity.

“The robots are not going to be taking over the world,” the president added.

Separately on Monday, Trump shared a series of Truth Social posts defending AI development and criticizing calls for increased regulation.

“AI taking over the World, destroying Humanity, and all other things bad, is a HOAX,” Trump wrote.

TECH CEO WARNS CENTRALIZED AI POWER COULD LEAD TO ‘COUNTERFEIT’ HUMANS, TECHNOCRATS SEEKING CONTROL

Trump’s remarks come as the debate over AI safety intensifies across Silicon Valley and Washington.

Anthropic CEO Dario Amodei published an essay over the weekend urging the industry to “slow the pace” of frontier AI development.

Amodei argued that while AI could deliver enormous benefits, companies should strengthen safeguards as the technology becomes increasingly capable.

“AI brings risks, and because it is such a powerful technology, these risks are serious. I’ve written a lot about them too. They include the risk of losing control of AI systems, misuse of AI for cyberattacks and bioterrorism, and serious economic disruption,” Amodei wrote.

SAM ALTMAN IDENTIFIES TWO BIGGEST RISKS FACING AI’S FUTURE

The essay also drew support from OpenAI CEO Sam Altman and SpaceX CEO Elon Musk.

“Dario is right,” Musk wrote on X.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Altman echoed the sentiment, writing: “I agree with Dario that we need to pace the frontier. This has been a primary topic of discussions we’ve had at OpenAI in recent weeks.”

Nvidia could not immediately be reached by FOX Business for comment.

This article was written by

Analyst’s Disclosure: I/we have a beneficial long position in the shares of DFP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Mumbai: Hours before the ₹22,600-crore initial public offering (IPO) of the National Stock Exchange opens for public subscription this Thursday, the Federal Reserve would have decided on policy rates at its latest review.

Many analysts have pencilled in a probability north of 50% that Fed Chair Kevin Warsh would raise rates a quarter percentage point, marking the first potential hardening in more than three years.

That will have implications beyond the immediate asset class – and geography.

Read more: US stocks today: US stocks end lower as AI slowdown fears hit chipmakers

First, a rise in Fed policy rates could tip the US 10-year sovereign yield – up nearly 7% in a month and now perilously close to the 5% mark – beyond a threshold considered rather rare this millennium. Investors don’t often have to negotiate such levels in US bond yields, which have been used to price assets globally for nearly three quarters of a century.

The 10-year stayed above 5% for a very brief period in October 2023. Prior to that, it had crossed the threshold in 2007, about a year before Lehman Brothers became history.
So, US yields above 5% would make an emerging market like India even more unattractive for foreign institutional investors (FII), which dumped more than ₹14,400 crore of stock over the past two weeks. FIIs sold even after India harnessed record subscriptions to special forex-inflow programmes, which came with a regulatory hedging latitude, to boost its reserves and bolster a wobbling currency.More importantly, risk-free rates at 5% in the world’s biggest market for both debt and equity have ripple effects the world over.

“The reason this matters beyond fixed income is that the government bond yield is the denominator in every asset valuation in the portfolio. For most of the past 15 years, that denominator was small, stable and falling, and the discipline it imposed on equity valuations was correspondingly slight,” British independent investment company Arbion wrote in a recent note. “That is no longer the case.”

Steep Hurdle

US 10-year yields, until September 11 this year, have averaged 4.41% – the highest since 2007. Only on four occasions in the past two decades the gauge breached the 4% threshold.

Relative to 10-year yields, the earnings yield gap – or, the premium equity investors would pay above risk-free returns – has been negative, indicating relative overvaluation for stocks. It could widen if the US 10-year bond crosses 5%, meaning stock owners will be making even bolder earnings growth calls by owning equities.

Read more: Bond market shock: 10-year US Treasury yield tops 5% as oil spike puts Federal Reserve on rate-hike path

Based on the June quarter results, the S&P 500 earnings yield (calculated as the inverse of price-to-earnings ratios) is 3.82%. The 10-year US yield on September 11 was 4.97%, translating into a negative earnings yield gap of 115 basis points – rather unusual for a mature, developed market like the US.

To be sure, the gap is wider in India, which is insulated by robust growth and cheaper current valuations. The PE ratio of Nifty 50, based on the closing level of September 11, is 19.8. So, the Nifty 50 earnings yield works out to 5.05%, translating into a negative earnings yield gap of 197 basis points.

Hence, risks of an equity devaluation, particularly in the developed markets, are rather real – unless earnings pick up sufficiently to justify the equity risk premium. High bond yields could quietly chip away at equity allocations by conservative institutions, such as large pension funds, which run on low but steady return mandates. If unusually high risk-free rates meet their RoI needs, they don’t need much exposure to riskier equities, further denting stocks.

Such a scenario could test the resilience of domestic retail investors, who now own about a fifth of Indian equities directly or indirectly, and have provided the bulwark against recent bouts of FII selling.

LOS ANGELES — “The Pitt” and “Hacks” swept the top drama and comedy honors at the 78th Primetime Emmy Awards on Monday night, while “Hacks” star Jean Smart made television history, tying the all-time record for the most acting Emmys ever won by a single performer.

The ceremony, held at the Peacock Theater in downtown Los Angeles and hosted by “Law & Order: Special Victims Unit” star Mariska Hargitay, saw HBO Max’s medical drama “The Pitt” repeat as Outstanding Drama Series for the second consecutive year, beating out “The Diplomat,” “The Gilded Age,” “A Knight of the Seven Kingdoms,” “Paradise,” “Pluribus,” “Slow Horses” and “Your Friends & Neighbors.” The win cements “The Pitt” as the show to beat heading into future award seasons, following a first season that already yielded three Emmys, including drama series, lead actor for Noah Wyle and supporting actress for Katherine LaNasa.

Wyle’s win this year for Outstanding Lead Actor in a Drama Series marked his first Emmy after roughly three decades in the industry, following earlier acclaim for his role on “ER.” LaNasa completed the show’s sweep of the major drama acting categories she was nominated in, winning Outstanding Supporting Actress in a Drama Series for her role as Nurse Dana Evans, her second consecutive win in the category. “The Pitt” entered the night with 25 total nominations, the most of any series this year.

On the comedy side, “Hacks” claimed Outstanding Comedy Series, edging out “Abbott Elementary,” “The Bear,” “Margo’s Got Money Troubles,” “Nobody Wants This,” “Only Murders in the Building,” “Shrinking” and “Widow’s Bay.” The HBO Max comedy entered the night with a record 24 nominations for a single comedy season, surpassing the previous mark of 23 set by “The Bear” in 2024 and matched by “The Studio” in 2025.

The night’s most historic moment belonged to Smart, who won Outstanding Lead Actress in a Comedy Series for her role as Deborah Vance, marking her fifth consecutive win in the category across all five seasons of “Hacks.” The victory made Smart the first performer in television history to win an acting Emmy for every eligible season of a series, and brought her career total to eight acting Emmys, tying the all-time record held by Julia Louis-Dreyfus and Cloris Leachman. Smart opened her acceptance speech with a joke before turning reflective. “Just the men stay standing, the girls get to sit down,” she said, before closing with a simple summary of her five-year run: “What a ride this has been!”

Allison Janney also reached the same milestone Monday night, winning Supporting Actress in a Drama Series for her role as President Grace Penn on Netflix’s “The Diplomat,” her eighth career Emmy win, tying her as well with Louis-Dreyfus and Leachman for the most acting Emmys by a performer.

Elsewhere in the drama categories, Rhea Seehorn won Outstanding Lead Actress in a Drama Series for Apple TV’s freshman series “Pluribus,” following two prior nominations for her work on “Better Call Saul.” Vince Gilligan took the directing prize for “Pluribus” as well, for the episode “We Is Us.”

In the limited series and movie categories, Matthew Rhys had a night to remember, winning both Outstanding Lead Actor in a Limited or Anthology Series or Movie for Netflix’s “The Beast in Me” and, later in the ceremony, Outstanding Lead Actor in a Comedy Series for his role in “Widow’s Bay,” making him the first male performer to win two lead-actor Emmys in the same year. Accepting his comedy award, Rhys credited “Widow’s Bay” creator Katie Dippold’s imagination for his success, joking about the “depraved and twisted mind” behind the show, as his partner, actress Keri Russell, cheered him on from the audience. Sally Field won Outstanding Lead Actress in a Limited or Anthology Series or Movie for “Remarkably Bright Creatures.”

“Widow’s Bay,” the macabre Apple TV comedy about a cursed New England island, entered the night with 19 total nominations and had already collected eight wins during the Creative Arts Emmys held the weekend prior, making it the most-awarded show heading into Monday’s main ceremony alongside “The Pitt.” The show added to that total Monday, with Kate O’Flynn winning Outstanding Supporting Actress in a Comedy Series and Stephen Root winning Outstanding Supporting Actor in a Comedy Series, both first-time Emmy wins.

The Creative Arts Emmys, held the weekend before the main telecast, had already recognized “DTF St. Louis” with six wins, including supporting acting honors for David Harbour and Linda Cardellini, along with directing and writing prizes that the Television Academy moved off this year’s live broadcast.

Hargitay, making history of her own as the first woman to host the Primetime Emmys in 15 years, entered the ceremony fresh off her own Emmy wins the previous weekend for producing and directing “My Mom Jayne,” a documentary about her mother, actress Jayne Mansfield. Hargitay first won a competitive Emmy 20 years earlier, taking home Outstanding Lead Actress in a Drama Series for “Law & Order: SVU” in 2006.

Tonight’s broadcast also carried an air of finality for several long-running and recently concluded series receiving recognition for the last time, including “Hacks,” which wrapped its five-season run this spring, along with “Euphoria” and “Stranger Things,” both nearing the end of their runs on the network and streaming landscape.

With “The Pitt” and “Hacks” now firmly established as the drama and comedy standard-bearers of the past two Emmy cycles, and with both shows continuing into further seasons, attention will likely turn next year to whether either program can extend its dominance, or whether freshman contenders like “Pluribus” and “Widow’s Bay,” each already amassing double-digit nominations and wins in their debut seasons, can mount a serious challenge in 2027.