Your Evening Briefing

(Bloomberg) --

Michael Cohen, President Donald Trump's former lawyer, pleaded guilty to lying to Congress about Trump's business plans in Moscow and agreed to cooperate with Special Counsel Robert Mueller. The new plea suggests Mueller is closing in on the answers to key questions, like if there was coordination or a quid pro quo between the Trump campaign and the Russian government in its effort to taint the 2016 election.

Here are today's top stories

Trump said he's close to "doing something" with China ahead of a G-20 meeting with President Xi Jinping. What that is, he didn't say. Trump also canceled a chat with Russian President Vladimir Putin at the summit, citing the seizure of Ukrainian ships and sailors in a Russian attack this week. 

German authorities raided the headquarters of Deutsche Bank as part of a money-laundering investigation stemming from the 2016 disclosures known as the Panama Papers. 

Clerks in upstate New York have become crucial enablers of a nationwide predatory lending operation. Their sign-offs—with electronic signatures or old-fashioned rubber stamps—give loan companies the legal authority to raid borrowers’ bank accounts and seize other assets, bypassing all the fuss and expense of due process. 

Federal Reserve officials, meeting earlier this month, saw another interest-rate increase as likely warranted “fairly soon” even while they allowed for more flexibility in their planned series of gradual hikes.

The Fed studied millennials and came to a shocking conclusion: They're just like their parents, but poorer. How poor? They're using installment plans to pay for t-shirts and jeans. 

Patagonia is taking the $10 million it saved in federal tax cuts and donating it to nonprofit groups who work on conservation and climate issues.

What's Joe Weisenthal thinking about? The Bloomberg news director is wondering if Fed Chair Jerome Powell is a hawk or a dove in the wake of his comments yesterday. In a sense, Joe argues, he's both.

What you'll need to know tomorrow

What you'll want to read tonight

As a professional Instagram star, Meghan Young gets paid to climb beautiful mountains and post pictures of those adventures for her fans. It sounds like a glamorous job, but a surprising amount of work goes into making it a full-time career. Bloomberg Technology's Aki Ito tagged along on a recent trip to learn more.

Your Evening Briefing

©2018 Bloomberg L.P.