Axios

Kevin Warsh hasn't even been sworn in as leader of the Federal Reserve yet, and his first great test has already arrived.

The big picture: Global bond markets are sending borrowing costs markedly higher in this era of energy supply disruptions, AI-fueled demand for capital and massive fiscal deficits.

Sen. Thom Tillis (R-N.C.) has told his colleagues in unequivocal terms that he will not vote for the budget reconciliation bill if the Senate considers it this week, according to two people familiar with the matter.

Why it matters: Tillis' firm opposition to the bill in its current form, which he blasted to his GOP colleagues in an email this morning, threatens its passage in the Senate this week.

Iran has given an updated proposal for a deal to end the war, but the White House believes it isn't a meaningful improvement and is insufficient, a senior U.S. official and a source briefed on the issue told Axios.

Why it matters: U.S. officials say President Trump wants a deal to end the war but is considering resuming it due to Iran's rejection of many of his demands and refusal to make meaningful concessions on its nuclear program.