Good morning. Donald Trump pledges to move fast in making two key economic hires. Canadian wildfire smoke hits the US. And Texas Democrats take action over redistricting. Listen to the day’s top stories.

Donald Trump promised to say “you’re hired” to a new Federal Reserve governor and a fresh jobs data statistician within days. He said he has a “couple of people in mind” for Adriana Kugler’s role on the Fed’s board of governors. She unexpectedly said she’d step down this month, giving Trump an opportunity to appoint a governor who shares his preference for lower interest rates. But he’s faced criticism for firing Bureau of Labor Statistics chief Erika McEntarfer after shock weak jobs data.

Stocks started the week on a positive note, as traders pinned their hopes on the Fed to ride to the rescue with rate cuts after a slew of painful economic signals rocked markets on Friday. But the grim employment figures have bond investors feeling more hopeful about one of their favorite strategies.

Friday’s tariff deadline may have passed but trade talks rumble on. The US is “about halfway there” on restoring flows of rare earth magnets—used in products from home appliances to missiles—from China, trade representative Jamieson Greer said. A deal between the US and Canada is also still possible, Canada’s trade envoy told CBS. And Brazil is open to talks too, but only if it’s treated as an equal.

Workers at Boeing’s St. Louis-area defense factories are striking for the first time in almost three decades. About 3,200 machinists walked off the job after union members voted down a deal that would have raised wages by 20% and boosted retirement contributions. It’s yet another blow to the embattled airplane maker, just as things were starting to look up in its results. 

Smoke and grit from hundreds of forest fires spread, prompting air quality alerts across Canada, as well as in 10 US states from Minnesota to Maine, and even hitting the Lollapalooza music festival in Chicago. Here’s what you need to know about the impact of smoke on the air you breathe—and how to protect your home.

Bloomberg Power Players New York: Set against the backdrop of the US Open Tennis Championships, we'll bring together influential voices from the business of sports to identify the next wave of disruption that could hit this multitrillion-dollar global industry. Join us on Sept. 4. Learn more.

Deep Dive: Dividing Lines

Texas Democrat Gene Wu boards a bus in Carol Stream, Illinois. Photographer: Talia Sprague/Bloomberg

Texas Democrat lawmakers said they’ve left the state in an effort to temporarily block Republicans from redrawing its congressional maps: a redistricting initiative pushed by President Trump.

• By fleeing, they’ll leave the Texas state legislature short of the minimum number of lawmakers required to hold votes. But they’ll also be fined $500 a day and, according to Governor Greg Abbott, may risk being “swiftly” replaced.
• The proposed revamp of Texas districts is unusually timed, as adjustments generally only come after each once-a-decade census, and was spurred by Trump’s calls on state lawmakers to deliver as many as five new GOP seats before the 2026 midterm elections.
• Some argue that’s just rigging the system, but others claim the new districts will better reflect the state’s values.
• It’s what’s known as gerrymandering. Here’s an explainer.

The Big Take

Trump faces bigger issues than Jerome Powell in his mission to lower interest rates. There are structural forces that drive the cost of borrowing, and right now they’re pointing up.

Opinion

Erika McEntarfer. Source: US Bureau of Labor Statistics

Trump’s decision to fire the head of the Bureau of Labor Statistics further threatens the US role at the center of the world economy, John Authers writes. Changing course wouldn’t be chickening out, just wise policy.