Wednesday Afternoon Links

[CNBC] S&P 500 rises as Wall Street awaits Nvidia earnings: Live updates

[AP] U.S. trade deficit drops 24% in August as Trump’s tariffs reduce imports

[Yahoo/Reuters] Easing regulations could lead to smaller Fed balance sheet, Miran says

[Reuters] Fed's Miran calls for exempting Treasuries from bank leverage rule

[Bloomberg] Bitcoin Daredevils Leave Market on Edge as Levered Bets Misfire

[Bloomberg] Market Stress to Divide Private Credit Firms, Fortress Says

[Bloomberg] What Is Hybrid Warfare? How Is Russia Employing It?

[WSJ] In One of San Francisco’s Priciest ZIPs, Buyers Are Moving Fast and Paying Cash

[FT] Blue Owl calls off merger of private credit funds