Bloomberg - Evening Briefing - Breaking up Wells Fargo

U.S. Senator Elizabeth Warren urged the Federal Reserve to break up Wells Fargo, forcing the bank to separate its traditional banking and Wall Street businesses. The demand comes as the embattled lender faces fresh regulatory action and a $250 million fine. “Every single day that Wells Fargo continues to maintain these depository accounts is a day that millions of customers remain at risk of additional negligence and willful fraud,” the Massachusetts Democrat said. “The only way these consumers and their bank accounts can be kept safe is through another institution—one whose business model is not dependent on swindling customers for every last penny they can get.” —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

There was bad news for inflationary doomsayers on Tuesday as the U.S. consumer price index (CPI) increased by only 0.3%, less than projected by economists. Treasuries rallied and stocks declined. Blake Gwinn, a strategist at RBC Capital Markets, said “the continued rally in Treasuries is due to speculation that some people have that the CPI data pushes off the Fed” plan to curtail emergency economic support for the U.S. economy. Here’s your markets wrap.

The latest version of the Biden economic plan released by House Democrats may come as a relief to the rich and corporations, since it scales back many of the president’s proposals to raise taxes on companies and rich investors. But lawmakers did include an element the White House left out—one that may cause significant pain for the heirs of those rich folks.

Redwood Materials, the battery recycling company created by Tesla co-founder J.B. Straubel, has been keeping a big secret: It isn’t really a recycling company. Straubel’s broader goal is to move a huge chunk of the battery-component industry out of Asia and into the U.S.

J.B. Straubel  Photographer: F. Carter Smith

Covid-19 killed 640 fully vaccinated people in England in the first half of the year, or 1.2% of all confirmed coronavirus deaths during that period. The World Health Organization said talks are underway with India for a resumption of vaccine exports to African countries. Roche said it sees a high likelihood that Covid-19 will become seasonal and endemic, with 200 million to 500 million new infections each year. Approximately 9,000 people were confirmed to have died from the pathogen yesterday alone, though the actual number is likely higher. Of that number, about 1,900 were Americans. Here’s the latest on the pandemic.

The network that underpins one of the fastest-rising cryptocurrencies is having problems validating transactions.

The pass rate for the first level of the chartered financial analyst exam dropped again to the lowest since testing began in 1963.

Apple unveiled a new line of iPhones Tuesday, looking to entice consumers with improvements to the camera and processor. Now the price wars begin: AT&T is offering the new iPhone 13 Pro free to new and existing customers who have qualifying trade-ins and unlimited data plans, a deal worth up to $1,000. Verizon and T-Mobile are throwing in some tempting offers, too.

Apple’s iPhone 13 Source: Apple Inc.

• Californians mull Gavin Newsom’s fate in historic recall election.
• The exchange-traded fund industry may soon lose a key  tax advantage.
• Corrupt oil trader turns on colleagues in massive Africa bribe case.
• Caterpillar CEO says worker shortage is adding to supply chain woes.
• U.S. gender wage gap narrowed just a tiny bit last year.
• Tropical Storm Nicholas’ lumbering pace is bad news for Houston.
• CityLab: What’s behind all these  immersive Van Gogh shows?

After sitting dark for more than a year, Broadway and other performing arts communities across America’s largest city are ready to welcome audiences and their tourist dollars. See in pictures how the cultural mecca is coming back to life.

Photographer: Dina Litovsky Photographer: Dina Litovsky

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