Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Bond traders are taking on a record amount of risk as they bet big on a Treasury market rally fueled by expectations the Federal Reserve will embark on its first interest-rate cut in more than four years.

(2) Barack and Michelle Obama delivered blistering critiques of Republican nominee Donald Trump while painting Vice President Kamala Harris as the heir of their historic political legacy in addresses that capped the second night of the Democratic National Convention.

(3) After two days of search-and-rescue efforts, British tech entrepreneur Mike Lynch, Morgan Stanley International chairman Jonathan Bloomer and four others were feared dead aboard the sunken wreckage of a luxury yacht off the coast of Sicily.

(4) Keir Starmer’s government pledged to increase deportations of people with no legal right to stay in the UK to the highest rate in five years, an effort to show it is responding to Britons’ concerns about rising immigration.

(5) Secretary of State Antony Blinken left the Middle East late Tuesday having failed to secure a deal to halt fighting between Hamas and Israel, highlighting how the two sides remain sharply divided despite US officials’ insistence that an agreement is close.

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