Axios

The European Commission fined Google the equivalent of about $1 billion Thursday for manipulating its search results to hurt competitors and blocking app developers from directing customers to cheaper deals outside its Play store.

Why it matters: The penalty lands a day before the White House is expected to impose a new round of tariffs and follows a warning to the EU from U.S. Trade Representative Jamieson Greer to stop imposing fees on U.S. tech companies.

The relentless run-up in Treasury yields reflects the globe's new economic reality: It takes a much richer reward to persuade investors to lend their money, especially for the longer run.

Why it matters: Unlike previous bond sell-offs driven by inflation fears, this one reflects a world in which governments and companies are scrambling for enormous amounts of capital to finance wide fiscal deficits, the AI infrastructure buildout and more.

• The competition is forcing borrowers to pay more.

The House on Thursday passed a resolution to rein in President Trump's military campaign in Iran.

Why it matters: It's Congress' second successful rebuke of Trump's Iran war effort, reflecting growing GOP unease with the conflict.