President Donald Trump’s pick for the Fed, Stephen Moore, pulled out of consideration less than two weeks after another controversial candidate, Herman Cain, did the same. A few hours before the withdrawal, which was announced on social media by Trump, Moore publicly broke with the president over interest rate cuts. —David E. Rovella

Here are today’s top stories

U.S. Attorney General William Barr, who refused to testify before the House after a grilling by Senate Democrats, “lied” to Congress, Nancy Pelosi said. The House Speaker also claimed that Trump is obstructing justice by refusing to honor subpoenas. Meanwhile, litigation seeking Special Counsel Robert Mueller’s unredacted Russia report is warming up.

A mobile app used by China’s police to track citizens in its far west shows how the country’s biggest technology companies are linked to a mass surveillance system that’s more sophisticated than previously known.

Insys Therapeutics founder John Kapoor became the first CEO convicted in a racketeering conspiracy that drove sales of a highly addictive opioid while contributing to the nationwide epidemic.

Beyond Meat, the beef-substitute maker, brought home the bacon with a record-setting initial public offering.

Tyler Cowen writes in Bloomberg Opinion about how the U.S. military has observed an increase in UFOs, and why we should take it seriously.

Under Satya Nadella, Microsoft has more subscribers than Netflix, more cloud computing revenue than Google, and a near-trillion-dollar market cap, Bloomberg Businessweek reports.

What’s Joe Weisenthal thinking about? The Bloomberg news director is reflecting on how stocks fell yesterday when Fed Chairman Jerome Powell said the unexpected decline in core inflation was the result of some “transitory” factors. That statement knocked the legs out of bets that the Fed might cut rates later this year.

What you’ll need to know tomorrow

• Bloomberg Editorial: Barr’s deflections point to a larger failure.
• Deutsche Bank knows what Trump’s taxes look like.
• Venezuela President Nicolas Maduro may be sending a message.
• Facebook banned a white nationalist and other far-right wing users. 
• See the first plane ever to fly without wing flaps.
• Thailand’s king married his palace security chief.
• Warren Buffett got “outrageous” rescuing this college’s endowment.

What you’ll want to read tonight in Pursuits

Your Hamptons Pool Is Missing a Critical Item

When you think of rocking chairs, you may conjure images of front porches or staid sitting rooms. But designer Sebastian Herkner feels the seat should be planted luxuriously next to a pool. Like this $2,960 chair with a textured, cocoon-like shape, and a rocking range that’s just right.

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