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Bank of America CEO Brian Moynihan channeled President Franklin D. Roosevelt when it came to assessing predictions that the recovery is ending and a downturn beginning. Moynihan cautioned that stirring up fear of what Democrats are already calling the Trump recession may make it actually come to pass. Moynihan’s words of warning came two days after he and other bank chiefs discussed the economy, and the market’s sharp drop, in a teleconference with President Donald Trump. 

Here are today’s top stories

Republicans and independents are losing faith in the economy at the steepest rates of Trump’s presidency, a consumer sentiment index shows.

U.S. stocks rose for a second day as investors speculated that Europe would roll out a stimulus package if the region’s growth continued to falter.

For the first time, the owner of the New York Stock Exchange will allow investors to buy derivatives that pay out in Bitcoin.

China’s biggest energy firm is backing away from direct purchases of Venezuelan crude as Trump tightens sanctions against that country.

Buried under six-figure student debt? Think you’ll eventually pay it off? Well, Bloomberg Businessweek reports that it’s just as likely you’ll die before that happens.

Farmers are increasingly planting crops you may not like but are really good at fighting global warming. One of the biggest fuels of global warming, meanwhile, is industrial meat production, and plant-based substitutes are popping up everywhere. Don’t believe us? Check the Bloomberg Impossible Burger Stalker, and you’ll see.

What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter is thinking about how low Treasury yields have to go in order to protect investors once the next bear market arrives.

What you’ll need to know tomorrow

• China is blaming India for all the tension in Kashmir.
• Even in San Francisco, housing prices are starting to fall.
• Wall Street decided to believe GE over Bernie Madoff’s nemesis.
• How the world’s wealthiest family invests its fortune.
• Senator Bernie Sanders has an electrifying climate battle plan.
• Why an instant pot is better than sweating over the grill this summer.
• The gold vault in Netflix’s Case de Papel is real. See for yourself.

What you’ll want to read tonight in Hyperdrive

Champagne, caviar and seared tuna will be on the menu for Virgin Galactic astronauts-in-training when they arrive at the company’s new home in the desert scrublands of southern New Mexico. A master of the espresso arts will dose out shots from a barista island, accompanied by multiple forms of dairy and dairy alternatives, including oat milk. As for when the actual flights will begin, no one’s saying yet.

To contact the author of this story: David Rovella in New York at drovella@bloomberg.net

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