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Speaker 1: News when you want it with Bloomberg News. Now I'm

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Speaker 1: in kleggy. President Trump says Jerome Powell should follow in

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Speaker 1: the footsteps of Federal Reserve Governor Adriana Kugler and resign

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Speaker 1: from the Central Bank, ratcheting up his feud with a

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Speaker 1: central Bank chair. Trump said on social media too late.

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Speaker 1: Powell should resign, just like Adriana Kugler, a Biden appointee,

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Speaker 1: resigned she knew he was doing the wrong thing on

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Speaker 1: interest rates. He should resign. Also, the Fed announced Friday

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Speaker 1: that Cougler will step down from her position on its board,

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Speaker 1: handing Trump an opportunity to install a policymaker who aligns

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Speaker 1: with his demands for lower interest rates. Cougler's governor term

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Speaker 1: was not set to expire until January twenty twenty six.

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Speaker 1: Trump expressed his feelings about Cougler leaving when he spoke

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Speaker 1: with reporters.

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Speaker 2: I have an open spot on the Federal Reserve Board.

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Speaker 2: I'm very happy about that.

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Speaker 1: Bloomberg's Michael McKee says this brings up a huge issue

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Speaker 1: for the FED and for the Trump administration.

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Speaker 3: The President's issue is does he put somebody in who

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Speaker 3: he anticipates being the next chair when Jay Paul steps

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Speaker 3: down his chair in may or. Does he hope that

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Speaker 3: Paul steps down in may as a governor he can

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Speaker 3: stay on till twenty twenty eight and appoints somebody else

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Speaker 3: to the seat. Right now, the President's going to have

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Speaker 3: to make a decision. It appears fairly quickly.

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Speaker 1: President Trump told officials to fire Rika mcintar for the

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Speaker 1: commissioner of the Bureau of Labor Statistics, hours after a

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Speaker 1: report showed US job growth cooled sharply over the last

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Speaker 1: three months. I have directed my team to fire this

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Speaker 1: Biden political appointee immediately. Trump said this on social media Friday,

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Speaker 1: accusing her without evidence of politicizing the job support. Friday's

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Speaker 1: jobs report from the BLS showed payrolls increased seventy three

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Speaker 1: thousand in July after the prior two months were revised

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Speaker 1: down by nearly two hundred and sixty thousand. In the

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Speaker 1: past three months, employment growth has averaged a paltry thirty

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Speaker 1: five thousand, which is the worst since the pandemic. Bloomberg

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Speaker 1: Schuyler Woodhouse on the President's decision to fire the head

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Speaker 1: of Labor Statistics, he tends to do things, you know

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Speaker 1: out of m pulse, and this is clearly one of

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Speaker 1: those things where he got upset and is taking action.

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Speaker 1: White House Economic advisor Peter Navarro told Bloomberg's Balance of

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Speaker 1: Power that better numbers are needed so that the Fed

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Speaker 1: can make better decisions, and that he himself has entrusted

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Speaker 1: numbers from the BLS for quite a long time. Navarro

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Speaker 1: also said, that's the biggest miss in fifty years.

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Speaker 2: Okay, so that's incompetence. How do you miss that badly?

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Speaker 2: And if they missed that badly, the implications of this

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Speaker 2: or this Suppose those numbers were right and we had

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Speaker 2: known them accurately three months ago, interest rates would probably

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Speaker 2: be one hundred basis points lower, not just fifty.

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Speaker 1: A down Friday and a losing week for the S

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Speaker 1: and P five hundred index, we get more from Bloomberg's

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Speaker 1: Charlie Pellett.

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Speaker 4: For the week, the S and P five hundred index

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Speaker 4: was down two point four percent. Wall Street saw a

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Speaker 4: broad flight from risk assets, with stock sinking amid mounting

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Speaker 4: signs of job market weakness. President Trump's latest volley of

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Speaker 4: tariffs and geopolitical worries also weighing on markets. An uninspiring

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Speaker 4: outlook from Amazon that spurred a route in megacaps. Friday,

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Speaker 4: Amazon was down eight point three percent for the week,

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Speaker 4: The Dow dropped two point nine percent, while Nazdak was

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Speaker 4: down two point two percent. In New York. Charlie Pellett Bloomberg.

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Speaker 1: Radio, President Trump says the US is moving two nuclear

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Speaker 1: submarines to respond to what he called highly provocative statements

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Speaker 1: from former Russian president Dmitri Medvedev. Bloomberg Intelligence Senior Defense

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Speaker 1: analyst Wayne Sanders says the President is using this as

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Speaker 1: a tactic because.

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Speaker 5: It's very, very difficult to find out where these things

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Speaker 5: are anyway, and because of this stuff technology, because of

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Speaker 5: what we use and how quiet they are, they could

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Speaker 5: be anywhere anyway. So it is it's an opportunity for

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Speaker 5: the President to say, hey, this thing is over there.

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Speaker 5: That is an overt way versus some of the clandestin

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Speaker 5: way that these things move anyway.

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Speaker 1: You can hear more from Wayne Sanders on the Bloomberg

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Speaker 1: Balance of Power podcast. Mexico and the US are closing

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Speaker 1: in on a to combat drug trafficking and violence, a

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Speaker 1: pac that could quell some of President Trump's chief concerns

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Speaker 1: with his southern neighbor and lead to a wider agreement

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Speaker 1: covering trade. Terms of the deal are still being hammered out,

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Speaker 1: but Mexican President Claudia Scheinbaum said they include sharing more

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Speaker 1: intelligence information, reducing the flow of fentaal precursor chemicals into

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Speaker 1: her country, and cracking down on the flow of guns

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Speaker 1: from the US. The White House is eyeing a settlement

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Speaker 1: of as much as one hundred million dollars in negotiations

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Speaker 1: with Cornell University about an agreement that would reinstate hundreds

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Speaker 1: of billions of dollars in frozen federal research funding. A

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Speaker 1: deal could be announced as soon as next week. One

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Speaker 1: of the issues still under discussion is whether the pact

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Speaker 1: would call for a resolution monitor to supervise how Cornell

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Speaker 1: was carrying out changes required by the US, an arrangement

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Speaker 1: accepted by Columbia University at a landmark two hundred and

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Speaker 1: twenty one million dollar deal last month. The Friday numbers

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Speaker 1: on Wall Street. The Dow dropped five forty two, Nasdaq

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Speaker 1: fell for seventy two, nearly two and a quarter percent.

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Speaker 1: The S and P dropped one oh one, its biggest

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Speaker 1: one day drops since May. The ten year treasurer yield

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Speaker 1: at four point two one percent, the two year at

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Speaker 1: three point six eight percent. That's news when you want

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Speaker 1: it with Bloomberg News Now I made Koleggi. This is

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Speaker 1: Bloomberg