Axios

President Trump's approval rating fell to a new second-term low in polling released Monday.

Why it matters: Economic discontent drove Trump's re-election, but his failure to temper inflation and the fallout of the Iran war have turned voters against him.

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.

U.S. power giants NextEra Energy and Dominion Energy announced plans Monday to merge in the largest electricity deal — by far — since the mainstreaming of AI.

Why it matters: The deal, if approved by regulators, would enable massive scale as the industry looks to expand generation and related infrastructure to meet rising demand.