Everyone agrees AI could kill us all. Congress is thinking about maybe doing something about it.

Good morning. On Fortune’s radar today:

Everyone agrees that AI could kill us all. But will Congress do anything about it?

The leaders made by September 11—and the ones it took.

Scott Bessent picked a fight with the bond vigilantes—it’s unlikely he will win.

Low-paid workers are getting better pay raises.

The AI boom has already far eclipsed the dot-com boom.

The price of Princess Diana’s off-the-shoulder “revenge” dress.

RIP, Pumpkin Spice Latte. It’s not your season anymore.

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The bond vigilantes ride again

A hot war, a trade war, a bad harvest, a snarl in shipping. Supply shocks have come so often over the past six years, KPMG chief economist Diane Swonk told Fortune, that they’ve started to sound like a drumbeat.

“With a drumbeat you get a rhythm,” she told Fortune’s Eva Roytburg, “and with the rhythm you learn.”

Households and businesses have learned to brace for the next price shock, but the bond market started pricing it in this week. The 10-year Treasury yield touched 4.92% on Thursday, its highest level since 2023 and just shy of the 5% red line feared by Wall Street. Treasury Secretary Scott Bessent’s attempts to strong-arm the bond market have been drowned out by the Iran war’s steady drumbeat, with oil back above $100 a barrel. Now Fed funds futures put the odds of a rate hike next week at roughly 67%, but the bond market, taking Fed Chair Kevin Warsh’s advice, isn’t waiting to play referee; it’s playing the ball.

Swonk’s fear is that letting the bond market do that tightening only makes the problem worse.

The bond market will overshoot, she said, because investors will demand more of a premium if they begin to doubt the central bank’s willingness to contain inflation. “The Fed controls the short end,” she added. “The bond vigilantes control the long end.”

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How often you check your phone matters more than how long you spend on it—and if you watch brain rot, you’re burning yourself out - Catherina Gioino

Meta built an AI that can shop for you. The problem is that most people don’t want AI spending their money - Tatiana Sataua

AI solves overtourism’s ‘concentration problem’ by helping people find hidden gems, says Klook cofounder Ethan Lin - Angelica Ang

Exec gave his Gen Z kids a list of  ‘daddy tips’ when they became old enough to work—it included showing up on time and ‘bringing value to a meeting’ - Orianna Rosa Royle

Everyone agrees AI could kill us all. Maybe Congress should do something about it.

Anthropic reported yesterday that its platform was used by malign actors who appeared to be trying to build biological weapons on five occasions. The company admitted that this was “one of the most serious risks of frontier AI models.”

The report comes after a series of disclosures from Anthropic and OpenAI that their models produced agents that acted maliciously, in secret, to do things that would be........

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