Renewed Iran Tensions, Colorado’s Data Center Fight, and the Summer Software Surge 8/31/26

**SPEAKER_1** (0:00)
Whoever says saving money is hard doesn't know that new customers who bundle and save with Progressive save hundreds. Because switching your home and auto insurance is better than cutting down on the things you love, like those iced lattes that help you get ready to face the day. So switch your home and auto to Progressive and see if you could save and keep sipping away. Get your quote today at progressive.com. Progressive Casualty Insurance Company affiliates and other insurers, not available in all states.

**SPEAKER_2** (0:26)
This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

**Kelly Evans** (0:54)
You're listening to The Exchange. Here's today's show.
Thank you very much, Scott. Rising oil prices and the jump in odds for a rate hike are pushing the 10 year to almost its highest level of the year. I'm Kelli Evans and welcome to The Exchange. Stocks are still set to close out of positive month here on the last trading day of August. Despite today's sell off, the Dow is up five months straight. The Nasdaq is up 3% and the S&P about 2% this month. We'll see if Dan Suzuki of iCapital is worried about the September curse for the markets. Plus, the latest out of the G20 summit today, Treasury Secretary Bessent saying, don't believe the narrative that the US can't pressure Iran without China's help. President Xi and Russian President Putin are holding their own two day summit this week. By the way, we'll have more on all of that ahead. And Phil Weiser, one of the attorneys general that led the charge against Metta with last week's blockbuster settlement, is he satisfied with the results? And, as a Democratic candidate for governor in his state, is he pushing for a data center moratorium? All of that coming up. But we begin with the latest out of the G20 meeting today, where Treasury Secretary Bessent is actively pushing allies to support Operation Economic Outcast, aimed at squeezing Iran through sanctions. Megan Casella is in Asheville, North Carolina with the very latest. Megan, what are the developments so far?

**Megan Cassella** (2:18)
A busy morning so far here, Kelly. Hello from the Blue Ridge Mountains, Treasury Secretary Bessent is convening finance ministers and central bankers from 20 of the largest countries around the world, I should say. Now, the US says the focus for these meetings is on global growth, but so many other issues at play here. You mentioned Iran, and that is, of course, top of mind for the US and for all of these other countries as well. We've heard a number of things from Bessent on Iran so far this morning, saying that he's been pressing this in every meeting when he sits down with finance ministers, saying to join the US to cut off ties to Iran economically. He's also saying that he believes it could be weeks or months before Iran's economy collapses, but he also says that the US doesn't need the economy to completely collapse in Iran. They just need the current regime to come to the table. He also said that the US can be successful in this push, even if China does not get on board, but he also pushed back saying, we don't know that China hasn't been helpful, even though they at least publicly have not gotten on board with this push. And Kelly, another big issue that's at play here is trade and tariffs. Bessent did tell CNBC that he is sitting down bilaterally with his Canadian counterpart, that coming amid this escalating tariff tit for tat between the two countries. Here's what the secretary had to say about Canada.

**Treasury Secretary Bessent** (3:26)
I think this is very unfortunate that Prime Minister Carney has turned this into a political shouting match. I mean, we're not at war with Canada. How are we going to be at war with Canada? What, are they going to take their two submarines from the Edmonton Mall and sic them on us?

**Megan Cassella** (3:44)
Now, Kelly, as for the rest of the day, all of the open programming that the press gets a glimpse of, that's wrapped up for the day so far. But what we are tracking is, I'm told, G7 finance ministers will be meeting on the sidelines here, just the group of seven countries. We could expect Iran and tariffs to come up there as well. And we're expecting the secretary to continue to hold bilateral meetings. I'm told he's having at least 11 bilateral meetings here this week. Besides China and Canada, we also expect South Korea, Japan and Russia to be on that list. We'll be tracking who else sits down with the secretary as well.