1
00:00:02,520 --> 00:00:07,040
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:10,000 --> 00:00:13,160
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

3
00:00:13,200 --> 00:00:16,040
Speaker 2: are the stories we're following today. Karen, we begin with

4
00:00:16,160 --> 00:00:16,840
Speaker 2: the T word.

5
00:00:17,040 --> 00:00:21,160
Speaker 3: In fact, we begin with two T words, tariffs and transitory. Yes,

6
00:00:21,360 --> 00:00:25,160
Speaker 3: FED Chair J Powell brought back the infamous transitory word

7
00:00:25,680 --> 00:00:30,360
Speaker 3: after leaving interest rates unchanged. Powell downplayed mounting growth concerns

8
00:00:30,400 --> 00:00:32,520
Speaker 3: and the price hits that could be on the way

9
00:00:32,520 --> 00:00:34,960
Speaker 3: from President Donald Trump's aggressive trade war.

10
00:00:35,840 --> 00:00:38,120
Speaker 4: It can be the case that it's appropriate sometimes to

11
00:00:38,200 --> 00:00:41,360
Speaker 4: look through inflation if it's going to go away quickly

12
00:00:41,400 --> 00:00:45,040
Speaker 4: without action by US, if it's transitory, and that can

13
00:00:45,120 --> 00:00:49,360
Speaker 4: be the case in the case of tariff inflation. I

14
00:00:49,400 --> 00:00:54,400
Speaker 4: think that would depend on the tariff inflation moving through

15
00:00:54,400 --> 00:00:57,320
Speaker 4: fairly quickly, and would depend critically as well on inflation

16
00:00:57,400 --> 00:00:59,400
Speaker 4: expectations being well anchored.

17
00:01:00,040 --> 00:01:03,120
Speaker 3: Palace comments came along with media and forecasts showing two

18
00:01:03,200 --> 00:01:04,679
Speaker 3: interest straight cuts this year.

19
00:01:05,240 --> 00:01:08,320
Speaker 2: Well Nathan Powell's stance come to financial markets. The S

20
00:01:08,400 --> 00:01:10,959
Speaker 2: and P five hundred client more than one percent for

21
00:01:11,000 --> 00:01:13,920
Speaker 2: the biggest rally for any FED day since July. On

22
00:01:13,959 --> 00:01:16,680
Speaker 2: a special edition on Bloomberg Surveillance we got this FED

23
00:01:16,760 --> 00:01:19,920
Speaker 2: reaction from Bloomberg Intelligence rate analyst Irah Jersey.

24
00:01:20,319 --> 00:01:23,000
Speaker 5: The market certainly took him as dubvish. He wasn't hawkish

25
00:01:23,080 --> 00:01:25,679
Speaker 5: by any stretch of the imagination. The one thing that

26
00:01:25,800 --> 00:01:28,520
Speaker 5: I think is interesting is the dop plot. And you know,

27
00:01:28,560 --> 00:01:31,160
Speaker 5: we thought that maybe the median dot would move down

28
00:01:31,200 --> 00:01:33,400
Speaker 5: a little bit. It didn't. It stayed the same. So

29
00:01:33,480 --> 00:01:35,720
Speaker 5: this is pretty unusual for the rate market to rally

30
00:01:35,760 --> 00:01:38,039
Speaker 5: like it did when the FED didn't move the dots.

31
00:01:38,600 --> 00:01:41,959
Speaker 2: That's Ira Jersey, a Bloomberg Intelligence On that Surveillance special,

32
00:01:42,000 --> 00:01:45,160
Speaker 2: we also heard from Bloomberg opinion columnist and former New

33
00:01:45,200 --> 00:01:46,759
Speaker 2: York Fan president Bill Dudley.

34
00:01:47,160 --> 00:01:49,000
Speaker 6: Paul then came in, and I think Gay gave a

35
00:01:49,040 --> 00:01:51,600
Speaker 6: pretty dubbish performance in the sense that, you know, we

36
00:01:51,680 --> 00:01:54,120
Speaker 6: got this, We're in a good place, we can afford

37
00:01:54,160 --> 00:01:56,960
Speaker 6: to wait, we'll see how it goes, We're going to

38
00:01:56,960 --> 00:01:57,880
Speaker 6: get the job done.

39
00:01:58,520 --> 00:02:00,000
Speaker 7: So he I think was.

40
00:02:00,080 --> 00:02:04,200
Speaker 6: Pretty reassuring to people that this was all quite manageable.

41
00:02:04,520 --> 00:02:06,800
Speaker 2: And that was former New York Fed President Bill Dudley

42
00:02:06,840 --> 00:02:10,120
Speaker 2: on a special edition of Bloomberg Surveillance following the FED decision.

43
00:02:10,360 --> 00:02:13,600
Speaker 2: Here the entire special on the Bloomberg Surveillance podcast feed

44
00:02:13,639 --> 00:02:16,440
Speaker 2: or watch it on the Bloomberg podcast page on YouTube.

45
00:02:16,560 --> 00:02:19,160
Speaker 3: And Karen is Fed officials and investors way the Fed's

46
00:02:19,280 --> 00:02:22,919
Speaker 3: next move. President Donald Trump says the Central Bank should

47
00:02:23,000 --> 00:02:26,080
Speaker 3: cut In a post on Truth Social the President said quote,

48
00:02:26,080 --> 00:02:28,720
Speaker 3: the FED would be much better off cutting rates as

49
00:02:28,840 --> 00:02:31,920
Speaker 3: US tariffs start to transition their way into the economy.

50
00:02:31,960 --> 00:02:34,240
Speaker 7: The Fed's next meeting May seventh.

51
00:02:34,720 --> 00:02:36,680
Speaker 2: Well, Nathan, now, let's get to the latest on the

52
00:02:36,680 --> 00:02:40,920
Speaker 2: war in Ukraine. Ukrainian President Vladimir Zlenski says he's agreed

53
00:02:40,919 --> 00:02:43,959
Speaker 2: to stop hitting energy assets as a first step toward

54
00:02:44,000 --> 00:02:47,080
Speaker 2: a cease fire with Russia. Zelenski spoke with President Trump

55
00:02:47,160 --> 00:02:50,320
Speaker 2: on the phone yesterday. Christopher Smart is a former special

56
00:02:50,360 --> 00:02:53,079
Speaker 2: assistant to the President under the Obama administration.

57
00:02:53,480 --> 00:02:57,280
Speaker 1: Both Russia and Ukraine appear to be ratcheting down their

58
00:02:57,400 --> 00:03:00,640
Speaker 1: level of hostilities one notch in terms of a ceasefire

59
00:03:00,680 --> 00:03:04,440
Speaker 1: that avoids energy targets, but there's a long way to

60
00:03:04,480 --> 00:03:07,679
Speaker 1: go to get the two parties to agree to any

61
00:03:07,760 --> 00:03:08,919
Speaker 1: kind of a longer term solution.

62
00:03:09,400 --> 00:03:11,720
Speaker 2: Christopher Smart, now with the r Growth Group, was a

63
00:03:11,720 --> 00:03:14,720
Speaker 2: guest on Bloomberg's Balance of Power, a White House statement

64
00:03:14,720 --> 00:03:17,360
Speaker 2: says President Trump agreed to work with Zelenski on finding

65
00:03:17,360 --> 00:03:20,799
Speaker 2: additional air defenses for Ukraine. Trump also offered to help

66
00:03:20,880 --> 00:03:24,919
Speaker 2: run Ukraine's electricity and nuclear facilities, saying American ownership would

67
00:03:24,960 --> 00:03:28,079
Speaker 2: be the best protection for that infrastructure and Karen.

68
00:03:28,120 --> 00:03:30,720
Speaker 3: President Trump's also talking about meeting face to face with

69
00:03:30,880 --> 00:03:31,880
Speaker 3: China's president.

70
00:03:31,919 --> 00:03:34,240
Speaker 7: He says he wouldn't mind a summit in June with

71
00:03:34,360 --> 00:03:35,080
Speaker 7: She Jinping.

72
00:03:35,520 --> 00:03:38,200
Speaker 3: The President discussed trade talks with China in an interview

73
00:03:38,200 --> 00:03:39,240
Speaker 3: with Fox News this week.

74
00:03:39,600 --> 00:03:42,760
Speaker 8: We have our own discussions with President Gi of China,

75
00:03:42,760 --> 00:03:45,120
Speaker 8: and he wants to get along also, and he's looking

76
00:03:45,120 --> 00:03:46,520
Speaker 8: to get along, and we're looking to get.

77
00:03:46,440 --> 00:03:48,240
Speaker 7: Along with him, and we will.

78
00:03:48,280 --> 00:03:50,120
Speaker 8: We have a problem with trade where we have a

79
00:03:50,200 --> 00:03:51,720
Speaker 8: very big imbalance with China.

80
00:03:51,880 --> 00:03:54,240
Speaker 3: President Trump spoke with Fox News host Laura Ingram. The

81
00:03:54,280 --> 00:03:56,360
Speaker 3: Wall Street Journal reported this week that the US and

82
00:03:56,440 --> 00:03:59,680
Speaker 3: China are discussing a birthday summit between Presidents Trump and

83
00:03:59,720 --> 00:04:02,880
Speaker 3: she Both leaders were born in June Well Nathan.

84
00:04:02,880 --> 00:04:06,520
Speaker 2: This afternoon, President Trump is scheduled to sign an executive

85
00:04:06,640 --> 00:04:07,920
Speaker 2: order at the White House.

86
00:04:07,960 --> 00:04:09,120
Speaker 7: Sources Tol Bloomberg.

87
00:04:09,200 --> 00:04:13,760
Speaker 2: The President will formally direct Education Secretary Linda McMahon to

88
00:04:13,840 --> 00:04:18,000
Speaker 2: dismantle her department and quote return education authority to the States.

89
00:04:18,360 --> 00:04:21,000
Speaker 2: Josh Cowan with the Education Law Center says the Trump

90
00:04:21,040 --> 00:04:24,279
Speaker 2: administration has already been hollowing out the agency.

91
00:04:24,880 --> 00:04:29,400
Speaker 9: Trump Secretary Linda McMahon, the musk Doge operation have.

92
00:04:29,680 --> 00:04:31,960
Speaker 7: Sort of hollowed out the department on their own.

93
00:04:32,400 --> 00:04:35,159
Speaker 9: There's some litiation behind that, sort of questioning whether that

94
00:04:35,240 --> 00:04:38,120
Speaker 9: itself is even legal. But what's certainly true is that

95
00:04:38,360 --> 00:04:40,920
Speaker 9: thousands of department staff have been laid off at this point,

96
00:04:40,960 --> 00:04:43,080
Speaker 9: even preceding the order, and that's going to have the

97
00:04:43,120 --> 00:04:45,839
Speaker 9: real material effect on kids and families across the country.

98
00:04:46,160 --> 00:04:49,240
Speaker 2: Josh Cowen with the Education Law Center the Education Department

99
00:04:49,360 --> 00:04:52,920
Speaker 2: was created by Congress and would technically need lawmaker's approval

100
00:04:53,000 --> 00:04:54,039
Speaker 2: to shut down ky.

101
00:04:54,080 --> 00:04:57,240
Speaker 3: The White House is also doubling down on verbal attacks

102
00:04:57,279 --> 00:05:00,599
Speaker 3: on federal judges, even after the Chief Justice of the

103
00:05:00,640 --> 00:05:03,280
Speaker 3: Supreme Court issued a rebuke Bloomberg.

104
00:05:03,360 --> 00:05:05,600
Speaker 7: Zamy Morris has the latest done that from Washington.

105
00:05:05,800 --> 00:05:08,800
Speaker 10: White House Press Secretary Caroline Levitt says President Trump is

106
00:05:08,800 --> 00:05:10,960
Speaker 10: now calling on the Supreme Court to take action.

107
00:05:11,240 --> 00:05:13,359
Speaker 11: The President has made it clear that he believes this

108
00:05:13,520 --> 00:05:15,920
Speaker 11: judge in this case should be impeached. And he has

109
00:05:15,960 --> 00:05:18,120
Speaker 11: also made it clear that he has great respect for

110
00:05:18,200 --> 00:05:21,599
Speaker 11: the Chief Justice John Roberts, and it's incumbent upon the

111
00:05:21,640 --> 00:05:24,200
Speaker 11: Supreme Court to reign in these activist judges.

112
00:05:24,320 --> 00:05:27,560
Speaker 10: Levitt says the judge in question was appointed by President Obama.

113
00:05:27,640 --> 00:05:30,520
Speaker 10: He was actually appointed by President George W. Bush and

114
00:05:30,560 --> 00:05:33,600
Speaker 10: then promoted by Obama. Levitt says the White House does

115
00:05:33,640 --> 00:05:37,039
Speaker 10: not have any flights planned specifically, but the administration will

116
00:05:37,040 --> 00:05:41,640
Speaker 10: continue with mass deportations in Washington. Amy Morris, Bloomberg Radio.

117
00:05:41,520 --> 00:05:43,320
Speaker 2: All right, Amy, thank you. We want to turn back

118
00:05:43,360 --> 00:05:46,840
Speaker 2: to the markets now, and futures are higher following yesterday's

119
00:05:46,880 --> 00:05:49,800
Speaker 2: post fed rally. It's also getting a lift out of

120
00:05:49,839 --> 00:05:51,880
Speaker 2: news from Nvidia and for the latest who we bring

121
00:05:51,880 --> 00:05:54,200
Speaker 2: in Bloomberg's John Tucker, John, Good Morning, ed.

122
00:05:54,279 --> 00:05:54,800
Speaker 7: Morning, Karen.

123
00:05:54,880 --> 00:05:59,080
Speaker 12: Invidia reportedly plans to invest hundreds of billions of dollars

124
00:05:59,120 --> 00:06:02,760
Speaker 12: in US made chips and electronics over the next four years.

125
00:06:03,080 --> 00:06:05,800
Speaker 12: This according to the Financial Times, the chip giant will

126
00:06:05,800 --> 00:06:09,320
Speaker 12: spend around half a trillion dollars. The paper, quoting CEO

127
00:06:09,400 --> 00:06:12,400
Speaker 12: Jensen Wong, is saying in Nvidia can now manufacture its

128
00:06:12,480 --> 00:06:16,800
Speaker 12: latest systems in the United States through suppliers like TSMC

129
00:06:16,920 --> 00:06:20,279
Speaker 12: and fox Con where those companies operate US based factories,

130
00:06:20,520 --> 00:06:23,120
Speaker 12: and this would mark a major step forward in supply

131
00:06:23,320 --> 00:06:26,960
Speaker 12: chain resilience for Invidia. In Video this week hosted its

132
00:06:27,080 --> 00:06:30,680
Speaker 12: GtC Developer Conference, where they said they ultimately planned a

133
00:06:30,680 --> 00:06:36,159
Speaker 12: ship manufacturing on shore. It's already using tmsc's Arizona factory,

134
00:06:36,400 --> 00:06:38,760
Speaker 12: and in Vidia shares right now among the most active

135
00:06:38,800 --> 00:06:41,560
Speaker 12: pre market up one point four percent in New York.

136
00:06:41,600 --> 00:06:43,040
Speaker 12: I'm John Tucker, Bloomberg Radio.

137
00:06:43,200 --> 00:06:43,960
Speaker 7: Okay, John, Thanks.

138
00:06:44,000 --> 00:06:45,120
Speaker 3: I also want to keep you up to data on

139
00:06:45,160 --> 00:06:48,240
Speaker 3: the latest market reaction to the political turmoil in Turkey.

140
00:06:48,360 --> 00:06:50,960
Speaker 3: This morning, the cost of borrowing the Turkish lira and

141
00:06:51,000 --> 00:06:53,880
Speaker 3: the offshore market rose to its highest in two years.

142
00:06:54,200 --> 00:06:57,520
Speaker 3: It's after Turkish authorities detained President wretch of type Erdwan's

143
00:06:57,520 --> 00:07:01,360
Speaker 3: main political rival on corruption charges. After dropping almost nine

144
00:07:01,400 --> 00:07:05,240
Speaker 3: percent yesterday, Turkey's main stock index is up more than

145
00:07:05,279 --> 00:07:06,719
Speaker 3: two percent this morning.

146
00:07:07,440 --> 00:07:11,120
Speaker 2: And Nathan, the latest World Happiness rankings are out and

147
00:07:11,160 --> 00:07:14,760
Speaker 2: for the eighth straight here, Finland is the happiest nation

148
00:07:14,880 --> 00:07:18,200
Speaker 2: on Earth. That's according to Oxford's Well Being Research Center.

149
00:07:18,480 --> 00:07:21,880
Speaker 2: Other Nordic countries right at the top five Denmark, Eichland, Sweden,

150
00:07:21,920 --> 00:07:24,840
Speaker 2: and the Netherlands. The US has dropped to its lowest

151
00:07:24,880 --> 00:07:28,240
Speaker 2: place ever on the list, twenty fourth. This year's report

152
00:07:28,320 --> 00:07:31,200
Speaker 2: says belief in the kindness of others is more closely

153
00:07:31,240 --> 00:07:37,840
Speaker 2: tied to happiness than previously thought. Time now bur look

154
00:07:37,840 --> 00:07:39,560
Speaker 2: at some of the other stories making news in New

155
00:07:39,640 --> 00:07:41,760
Speaker 2: York and around the world, and for that we're joined

156
00:07:41,760 --> 00:07:44,560
Speaker 2: by Bloomberg's Michael Barr Michael, good Morning.

157
00:07:44,320 --> 00:07:47,360
Speaker 13: Good morning, Karen. Israel send It began a limited ground

158
00:07:47,360 --> 00:07:51,440
Speaker 13: operation in Gaza, with troops retaking part of Gaza. Israeli

159
00:07:51,520 --> 00:07:55,120
Speaker 13: officials are vowing further pressure unless a mass releases its

160
00:07:55,120 --> 00:07:58,800
Speaker 13: fifty nine remaining hostages. The move comes after Israel end

161
00:07:58,840 --> 00:08:01,520
Speaker 13: at the pause and fighting early this week with air

162
00:08:01,560 --> 00:08:05,160
Speaker 13: strikes across Gaza that killed hundreds of people. Doctor Faraz

163
00:08:05,280 --> 00:08:10,080
Speaker 13: Sidwa is a trauma surgeon volunteering at Gaza's Conunis Hospital.

164
00:08:10,480 --> 00:08:14,120
Speaker 13: He says that malnutrition is a big concern. After Israel

165
00:08:14,120 --> 00:08:17,520
Speaker 13: block humanitarian aid from coming into Gaza.

166
00:08:17,040 --> 00:08:19,800
Speaker 14: People are coming in hungary, thirsty. There's no clean water

167
00:08:19,840 --> 00:08:22,200
Speaker 14: anymore because Israel cut the water and electric supplies, so

168
00:08:22,280 --> 00:08:26,080
Speaker 14: the desalination plants can't even work, and that leads to

169
00:08:26,120 --> 00:08:28,400
Speaker 14: the problems with human health that you can imagine. Kids

170
00:08:28,400 --> 00:08:30,880
Speaker 14: have gas r enteritis all the time. We actually had

171
00:08:30,880 --> 00:08:33,079
Speaker 14: a woman's heart stop in the ICU because her gastro

172
00:08:33,120 --> 00:08:35,080
Speaker 14: introritis was so bad that we couldn't keep up with

173
00:08:35,160 --> 00:08:36,439
Speaker 14: the her fluid requirements.

174
00:08:36,600 --> 00:08:40,320
Speaker 13: Meanwhile, protests were held in Israel yesterday over concerns that

175
00:08:40,440 --> 00:08:44,080
Speaker 13: the air strikes will leave the remaining future of hostages uncertain.

176
00:08:44,600 --> 00:08:47,880
Speaker 13: Taal Chaham was one of the freed hostages and spent

177
00:08:48,000 --> 00:08:51,360
Speaker 13: roughly five hundred days in captivity. Chaham says at one

178
00:08:51,400 --> 00:08:54,040
Speaker 13: point he was taken to a small tunnel and he

179
00:08:54,160 --> 00:08:55,840
Speaker 13: shared that space with three others.

180
00:08:56,200 --> 00:08:59,800
Speaker 15: We had four mattresses on the ground which we slept

181
00:08:59,800 --> 00:09:04,840
Speaker 15: on and lived on, then one meter like empty space

182
00:09:05,640 --> 00:09:08,080
Speaker 15: on the sand, and a hole in the ground which

183
00:09:08,240 --> 00:09:09,240
Speaker 15: was our toilet.

184
00:09:09,600 --> 00:09:12,959
Speaker 13: Shoham's wife and children were also kidnapped and were released

185
00:09:12,960 --> 00:09:16,560
Speaker 13: from captivity. In November of twenty twenty three, severe weather

186
00:09:16,600 --> 00:09:20,480
Speaker 13: hit the Chicago area. Roofs were ripped off buildings in Gary, Indiana,

187
00:09:20,640 --> 00:09:23,280
Speaker 13: where several people had to be rescued, and a tornado

188
00:09:23,400 --> 00:09:26,320
Speaker 13: was suspected to have formed. At least seven homes have

189
00:09:26,360 --> 00:09:29,280
Speaker 13: been destroyed. Gary Mayor Eddie Melton, a lot.

190
00:09:29,160 --> 00:09:31,520
Speaker 16: Of folks have been this place for the homes, so

191
00:09:31,559 --> 00:09:33,600
Speaker 16: we're working with the Red Cross make sure that they

192
00:09:33,600 --> 00:09:36,760
Speaker 16: receive the shelter, working with the Gary School Corporation because

193
00:09:36,800 --> 00:09:39,400
Speaker 16: one of their schools that was significantly damaged as well.

194
00:09:39,520 --> 00:09:42,920
Speaker 13: Mayor Milton also says some residents are without power. Finally,

195
00:09:42,960 --> 00:09:45,880
Speaker 13: the University of California says it we'll stop requiring the

196
00:09:45,960 --> 00:09:50,120
Speaker 13: use of diversity statements in hiring. Diversity statements ask people

197
00:09:50,160 --> 00:09:53,559
Speaker 13: applying for jobs how they would contribute to campus diversity.

198
00:09:53,720 --> 00:09:57,400
Speaker 13: The announcement comes as universities across the nation have face

199
00:09:57,480 --> 00:10:00,839
Speaker 13: directives from the new Trump administration. Bubble news twenty four

200
00:10:00,880 --> 00:10:03,000
Speaker 13: hours a day and whenever you want it with Bloomberg

201
00:10:03,040 --> 00:10:05,240
Speaker 13: News Now, I'm Michael Barr. This is Bloomberg Karen.

202
00:10:05,480 --> 00:10:11,920
Speaker 2: All right, Michael Barr, thank you time now for the

203
00:10:11,960 --> 00:10:14,880
Speaker 2: Bloomberg Sports Update, brought to you by Tri State Audi.

204
00:10:14,960 --> 00:10:16,280
Speaker 7: Here's John Stanshauer.

205
00:10:16,360 --> 00:10:17,440
Speaker 2: John, good morning, Good.

206
00:10:17,320 --> 00:10:17,880
Speaker 16: Morning, Karon.

207
00:10:17,920 --> 00:10:20,520
Speaker 17: The next this season has struggled against good teams, have

208
00:10:20,640 --> 00:10:23,280
Speaker 17: generally feasted on bad ones. The Spurs aren't very good

209
00:10:23,360 --> 00:10:26,280
Speaker 17: under five hundred. They've lost their two best players, Victor

210
00:10:26,280 --> 00:10:29,400
Speaker 17: Wembinyamo and Diaron Fox, the season ending injuries, and yet

211
00:10:29,440 --> 00:10:32,280
Speaker 17: san Antonio dominated a twenty three to two run in

212
00:10:32,320 --> 00:10:34,679
Speaker 17: the second quarter put them up by twenty seven at

213
00:10:34,679 --> 00:10:35,040
Speaker 17: half time.

214
00:10:35,120 --> 00:10:36,079
Speaker 7: Nick's got it down to eight.

215
00:10:36,160 --> 00:10:38,760
Speaker 17: No closer, the Spurs one one twenty to one.

216
00:10:38,800 --> 00:10:39,200
Speaker 13: Oh five.

217
00:10:39,360 --> 00:10:43,400
Speaker 17: Sandro mamukelos Villi, the former Seaton Hall firate who comes

218
00:10:43,440 --> 00:10:46,160
Speaker 17: off the bench averages nine points a game. He shot

219
00:10:46,240 --> 00:10:49,440
Speaker 17: thirteen of fourteen, made all seven of his three pointers.

220
00:10:49,440 --> 00:10:52,960
Speaker 17: He scored thirty four points in only nineteen minutes. That's

221
00:10:52,960 --> 00:10:56,160
Speaker 17: never been done before in NBA history and CAA tournament

222
00:10:56,200 --> 00:10:58,520
Speaker 17: first four was looking like a Texas victory.

223
00:10:58,600 --> 00:10:59,959
Speaker 7: Back came Xavier.

224
00:11:00,240 --> 00:11:02,480
Speaker 14: Pick that on the one off coast to Toddwell five

225
00:11:02,559 --> 00:11:04,839
Speaker 14: seconds one of the freinantal.

226
00:11:04,360 --> 00:11:08,040
Speaker 17: detO countess the party is out.

227
00:11:08,120 --> 00:11:11,199
Speaker 7: It taken to thirteen points.

228
00:11:10,840 --> 00:11:12,679
Speaker 2: Down in the second half.

229
00:11:12,600 --> 00:11:14,880
Speaker 7: The Zacor Musketeers.

230
00:11:14,520 --> 00:11:17,840
Speaker 17: Storm back West been One's avery one eighty six to eighty,

231
00:11:17,960 --> 00:11:19,880
Speaker 17: finishing the game on a sixteen to six run.

232
00:11:19,920 --> 00:11:21,199
Speaker 7: Will now play Illinois.

233
00:11:21,320 --> 00:11:23,720
Speaker 17: Duke is next for Mount Saint Mary's, who'd be at

234
00:11:23,720 --> 00:11:27,480
Speaker 17: American in eighty three seventy two sixteen games today and tonight,

235
00:11:27,480 --> 00:11:30,280
Speaker 17: including Saint John's a nine to forty five tip off

236
00:11:30,320 --> 00:11:34,000
Speaker 17: in Providence against Omaha. The Minnesota Vikings say they don't

237
00:11:34,000 --> 00:11:36,760
Speaker 17: want Aaron Rodgers. They'll use the youngster JJ McCarthy as

238
00:11:36,760 --> 00:11:40,120
Speaker 17: their quarterback to look for a veteran backup. Presumably means Rogers,

239
00:11:40,120 --> 00:11:42,480
Speaker 17: if he doesn't retire, will play for either Pittsburgh of

240
00:11:42,520 --> 00:11:45,560
Speaker 17: the Giants. The Competition Committee for the NFL will consider

241
00:11:45,559 --> 00:11:48,280
Speaker 17: a proposal that home field in the playoffs will be

242
00:11:48,280 --> 00:11:49,680
Speaker 17: determined by each team's record.

243
00:11:49,960 --> 00:11:51,959
Speaker 7: Division champs will no longer be sure of getting a

244
00:11:52,000 --> 00:11:55,320
Speaker 7: home game. John stash Aller, Bloomberg Sports Taranga.

245
00:11:57,160 --> 00:12:01,640
Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Serious Exam and.

246
00:12:01,679 --> 00:12:04,880
Speaker 7: Around the world on Bloomberg dot Com and the Bloomberg

247
00:12:04,960 --> 00:12:07,400
Speaker 7: Business app. This is Bloomberg Daybreak.

248
00:12:07,600 --> 00:12:10,360
Speaker 3: Good morning. I'm Nathan Hager. President Donald Trump is putting

249
00:12:10,400 --> 00:12:12,520
Speaker 3: pressure on the Fed now that it's waiting to cut

250
00:12:12,600 --> 00:12:15,600
Speaker 3: rates before Tariff's kick in. In a truth social posts,

251
00:12:15,640 --> 00:12:17,640
Speaker 3: the President called on the Central Bank to quote do

252
00:12:17,760 --> 00:12:20,600
Speaker 3: the right thing and cut Of course, Trump's made no

253
00:12:20,760 --> 00:12:23,520
Speaker 3: secret about wanting to sway J Powell, I think.

254
00:12:23,400 --> 00:12:24,520
Speaker 7: I'm better than he would be.

255
00:12:24,920 --> 00:12:27,040
Speaker 8: I think I'm better than most people would be in

256
00:12:27,040 --> 00:12:29,079
Speaker 8: that position. I think I have the right to say

257
00:12:29,120 --> 00:12:30,800
Speaker 8: I think you should go up or down a little bit.

258
00:12:31,120 --> 00:12:33,640
Speaker 3: That was the President speaking of Bloomberg's John mckelthwaye during

259
00:12:33,679 --> 00:12:36,160
Speaker 3: the campaign back in October. And this morning we're joined

260
00:12:36,160 --> 00:12:39,400
Speaker 3: by Bloomberg News senior editor Derek Wallbank. So, Derek, I

261
00:12:39,400 --> 00:12:41,680
Speaker 3: guess we shouldn't be too surprised that the president would

262
00:12:41,720 --> 00:12:42,959
Speaker 3: be calling for interest rate cuts.

263
00:12:43,000 --> 00:12:46,160
Speaker 18: Now, No, I don't think you should be too surprised, Nathan.

264
00:12:46,200 --> 00:12:51,160
Speaker 18: It's good to talk with you. Donald Trump has said

265
00:12:51,160 --> 00:12:55,800
Speaker 18: throughout his first term he wanted lower rates. He's doing

266
00:12:55,840 --> 00:12:58,840
Speaker 18: so again here. He has made no secret that he

267
00:12:59,120 --> 00:13:03,240
Speaker 18: has wanted to have a big voice on rate policy.

268
00:13:03,280 --> 00:13:06,640
Speaker 18: And look, there's no question right now the White House

269
00:13:06,679 --> 00:13:10,600
Speaker 18: is very cognizant of what is happening in markets as

270
00:13:10,840 --> 00:13:14,960
Speaker 18: Trump is ramping up his tariff push. Now we're all

271
00:13:15,000 --> 00:13:18,160
Speaker 18: sort of focused towards this key date of April second,

272
00:13:18,160 --> 00:13:20,200
Speaker 18: but with an awful lot of uncertainty. And you can

273
00:13:20,240 --> 00:13:23,680
Speaker 18: see this uncertainty playing out in markets, this kind of

274
00:13:23,840 --> 00:13:28,440
Speaker 18: arbitrage between what Trump has promised at the maximalist levels

275
00:13:28,679 --> 00:13:32,200
Speaker 18: and what people think might actually happen. Certainly there's been

276
00:13:32,200 --> 00:13:35,160
Speaker 18: a big gap between those maximalist proposals and what has

277
00:13:35,360 --> 00:13:39,520
Speaker 18: been implemented so far. So that's really, I think a

278
00:13:39,600 --> 00:13:42,760
Speaker 18: key key point that they're working. So you're not necessarily

279
00:13:43,520 --> 00:13:45,680
Speaker 18: too big of a surprise that Trump is calling for

280
00:13:45,760 --> 00:13:47,920
Speaker 18: a little bit of easing to sort of help out

281
00:13:47,960 --> 00:13:52,040
Speaker 18: on the margins there. At the same time, it's fairly

282
00:13:52,080 --> 00:13:55,439
Speaker 18: clear that the FED is so far interested in doing

283
00:13:55,520 --> 00:13:59,560
Speaker 18: what it's going to do, and we haven't really seen

284
00:13:59,640 --> 00:14:03,240
Speaker 18: any movement necessarily towards Trump positions so far.

285
00:14:03,480 --> 00:14:06,120
Speaker 3: Now, of course, we heard from j Powell just yesterday

286
00:14:06,120 --> 00:14:08,640
Speaker 3: bringing back the tea words, saying that the impact of

287
00:14:08,720 --> 00:14:12,960
Speaker 3: tariffs could be transitory. Could that put the FED at

288
00:14:13,040 --> 00:14:15,960
Speaker 3: loggerheads with the President when he and this truth Social

289
00:14:16,000 --> 00:14:19,520
Speaker 3: Post is talking about April second being Liberation Day and

290
00:14:19,640 --> 00:14:21,600
Speaker 3: tying potential rate cuts to tariffs.

291
00:14:22,200 --> 00:14:24,720
Speaker 18: Well, there certainly is a divide between the way that

292
00:14:24,760 --> 00:14:27,840
Speaker 18: the FED wants to go, as Powell put it out,

293
00:14:27,880 --> 00:14:29,520
Speaker 18: in the way that Trump wants to go. There's no

294
00:14:29,680 --> 00:14:32,880
Speaker 18: question that there's something there. One thing I would point

295
00:14:32,920 --> 00:14:35,920
Speaker 18: to is that during the first Trump administration, the Fed

296
00:14:36,000 --> 00:14:39,560
Speaker 18: did actually take some steps to sort of minimize the

297
00:14:39,600 --> 00:14:42,760
Speaker 18: pain of the tariffs, and that was something that was

298
00:14:42,800 --> 00:14:45,080
Speaker 18: a little bit controversial at the time, This question of

299
00:14:45,360 --> 00:14:47,720
Speaker 18: whether or not they said, when it's considering it's an

300
00:14:48,200 --> 00:14:52,040
Speaker 18: economic mandate, should think about like the very short term

301
00:14:52,120 --> 00:14:54,280
Speaker 18: or should think about like the medium or long term.

302
00:14:54,320 --> 00:14:56,840
Speaker 18: The FED at the time said, you know, essentially that

303
00:14:57,440 --> 00:14:59,920
Speaker 18: it had a responsibility to the economy as it was,

304
00:15:00,160 --> 00:15:03,560
Speaker 18: and so you know, whether or not that was good

305
00:15:03,600 --> 00:15:05,240
Speaker 18: bet or and different, that was kind of the way

306
00:15:05,240 --> 00:15:08,440
Speaker 18: that we went this time. I think it's going to

307
00:15:08,440 --> 00:15:11,840
Speaker 18: be a real interesting question of what happens. But look,

308
00:15:12,240 --> 00:15:14,520
Speaker 18: you know, there's been a there's been a thought that

309
00:15:14,560 --> 00:15:16,360
Speaker 18: central banks, not just the FED but all over the

310
00:15:16,360 --> 00:15:21,560
Speaker 18: world are waiting to see exactly what Trump's tariff posture

311
00:15:21,640 --> 00:15:24,720
Speaker 18: is going to be before they're going to be fully

312
00:15:24,760 --> 00:15:29,680
Speaker 18: able to effectively respond to whatever economic realities shake out

313
00:15:29,720 --> 00:15:30,640
Speaker 18: as a result of that.

314
00:15:31,200 --> 00:15:34,120
Speaker 2: This is Bloomberg day Break, your morning podcast and the

315
00:15:34,200 --> 00:15:37,720
Speaker 2: stories making news from Wall Street to Washington and beyond.

316
00:15:37,960 --> 00:15:40,360
Speaker 3: Look for us on your podcast feed by six am

317
00:15:40,400 --> 00:15:43,800
Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen.

318
00:15:44,040 --> 00:15:46,880
Speaker 2: You can also listen live each morning starting at five

319
00:15:46,920 --> 00:15:49,520
Speaker 2: am Wall Street Time on Bloomberg eleven three to zero

320
00:15:49,640 --> 00:15:52,520
Speaker 2: in New York, Bloomberg ninety nine to one in Washington,

321
00:15:52,600 --> 00:15:56,520
Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious

322
00:15:56,720 --> 00:15:58,440
Speaker 2: XM Channel one twenty one.

323
00:15:58,680 --> 00:15:59,000
Speaker 7: Plus.

324
00:15:59,040 --> 00:16:01,640
Speaker 3: Listen coast to coast on the Bloomberg Business app now

325
00:16:01,640 --> 00:16:04,239
Speaker 3: with Apple CarPlay and Android Atto interfaces.

326
00:16:04,480 --> 00:16:07,520
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's

327
00:16:07,520 --> 00:16:10,280
Speaker 2: the latest news whenever you want it in five minutes

328
00:16:10,360 --> 00:16:13,480
Speaker 2: or less. Search Bloomberg News Now on your favorite podcast

329
00:16:13,520 --> 00:16:17,680
Speaker 2: platform to stay informed all day long. I'm Karen Moscow.

330
00:16:17,480 --> 00:16:18,440
Speaker 7: And I'm Nathan Hager.

331
00:16:18,600 --> 00:16:20,680
Speaker 3: Join us again tomorrow morning for all the news you

332
00:16:20,680 --> 00:16:23,240
Speaker 3: need to start your day right here on Bloomberg Day

333
00:16:23,320 --> 00:16:23,480
Speaker 3: Ray