Speaker 1: Karen, we begin with the most highly anticipated FED meeting
Speaker 1: in years. Policymakers begin their two day session today with
Speaker 1: a decision coming tomorrow. Central bankers have all been guaranteed
Speaker 1: a first rate cut in more than four years, but
Speaker 1: with just one day to go, markets are showing a
Speaker 1: toss up between a quarter point or half point reduction.
Speaker 1: Bill Dudley, former president of the New York Fed and
Speaker 1: current Bloomberg opinion columnist, is calling for fifty.
Speaker 2: Doing twenty five would have been awkward because it would
Speaker 2: have disappointed market expectations. They probably would have shown only
Speaker 2: another fifty basis points in their summary wreck and out projections,
Speaker 2: so that they would be essentially saying we're goingly going
Speaker 2: to do seventy five basis points this year when the
Speaker 2: market was priced for about one hundred and twenty. So
Speaker 2: I think doing fifty brings the Fed more in alignment
Speaker 2: with the market, and it also fits the logic of
Speaker 2: the moment.
Speaker 1: Former New York Fed President Bill Dudley thinks inflation will
Speaker 1: get back to near two percent.
Speaker 3: Well, Nathan. Whatever the fedish sides, a rate cut could
Speaker 3: be good news for investors. According to a Bloomberg News
Speaker 3: No analysis of the past six FED using cycles going
Speaker 3: back to nineteen eighty nine, the S and P five
Speaker 3: hundred index treasuries and gold have typically risen as the
Speaker 3: FED starts lowering rates. In the equity market, the SNP
Speaker 3: is rallied by an average thirteen percent in the six
Speaker 3: months after the Central Bank started cutting, except during the
Speaker 3: recessionary years of two thousand and one and two thousand
Speaker 3: and seven.
Speaker 4: Karen.
Speaker 1: Several tech stocks are in the news this morning. Shares
Speaker 1: of Intel are jumping close to seven percent. Bloomberg's John
Speaker 1: Tucker's following this, John, looks like Intel's landed a new customer.
Speaker 5: Not just any customer, Nathan, It's Amazon. Amazon's AWS is
Speaker 5: going to be a customer for Intel's manufacturing business. Intel
Speaker 5: and AWS will coinvest in a fabric chip that's a
Speaker 5: custom semiconductor for artificial intelligence computing. And now this potentially
Speaker 5: brings work to new Intel plants under construction of the
Speaker 5: US and both CEO Pat Gelsinger's efforts to turn around
Speaker 5: the imbattled chip maker. Intel has been facing some pretty
Speaker 5: tough times recently. They announced plans last month year recall
Speaker 5: to slash fifteen thousand workers find ten billion dollars in
Speaker 5: cost savings and also suspend their dividend. Well, Amazon Web
Speaker 5: Services is the largest provider of cloud computing, and it
Speaker 5: could help build confidence that Intel can compete. In another win,
Speaker 5: Intel said that it's eligible to receive as much as
Speaker 5: three billion dollars in US government funding to manufacture chips
Speaker 5: for the military. Intel still has a pretty long way
Speaker 5: to go to win back Wall Street's full confidence after
Speaker 5: years of losing ground to rivals and seeing its technological
Speaker 5: edge slip away. These Silicon Valley pioneers valued at less
Speaker 5: than ninety billion dollars in New York. I'm John Tucker,
Speaker 5: Bloomberg Radio.
Speaker 3: All right, John, thank you well. Amazon CEO Andy Jassey
Speaker 3: is ordering the e commerce companies employees to return to
Speaker 3: working in the office five days a week beginning in January.
Speaker 3: We get that story from Bloomberg Sturley Pellett.
Speaker 4: Previously, Amazon could require employees to badge in at least
Speaker 4: three days, depending on the requirements of their team. In
Speaker 4: an ode to employees, Chassis said N's return to office
Speaker 4: plans will make exceptions for extenuating circumstances or cases where
Speaker 4: managers had already approved a fully remote position. Chassis also
Speaker 4: taking aim at bureaucracy and layers of management. After Amazon
Speaker 4: ballooned in size during the last decade. In New York,
Speaker 4: Charlie Pellett Bloomberg Radio.
Speaker 1: Thanks Charlie and sticking with big tech. Shares of Microsoft
Speaker 1: up about one and a half percent. The software giant
Speaker 1: unveiled the new sixty billion dollar stock buyback program. We
Speaker 1: get the details from Bloomberg's Doug Prisner.
Speaker 6: The plan has no expiration date and it replaces a
Speaker 6: sixty billion dollar buyback program announced in twenty twenty one.
Speaker 6: Microsoft also raised its quarterly dividend by ten percent. Now,
Speaker 6: in recent years, Microsoft has benefited from market exuberants for
Speaker 6: artificial intelligence. The software maker has infused its product line
Speaker 6: with AI technology from partner OpenAI, and Microsoft has touted
Speaker 6: the tool's ability to all augmented its business applications such
Speaker 6: as Teams, Word and Outlook. Early on Monday, Microsoft released
Speaker 6: a new range of AI tools in New York. I'm
Speaker 6: Doug Prisoner, Bloomberg Radio.
Speaker 3: All right, Doug, thank you. Now to the latest on
Speaker 3: the presidential race and the apparent attempt on Donald Trump's life.
Speaker 3: The former president talked about hearing shots ring out on
Speaker 3: his golf course. During an X spaces event last night
Speaker 3: promoting a crypto venture, I.
Speaker 7: Was with an agent and the agent did a fantastic job.
Speaker 2: There was no question that we were off that course.
Speaker 8: I would have loved to have sank that last put,
Speaker 8: but we decided.
Speaker 9: We get out of here.
Speaker 3: And in an earlier interview with Fox News, Trump blamed
Speaker 3: Vice President Kamala Harris's rhetoric for inflaming the would be gunman,
Speaker 3: though he didn't provide evidence. Bloomberg's Bill Ferries has more
Speaker 3: on what we do know about the suspect.
Speaker 8: The fifty eight year old suspect, Ryan Ralth, may have been,
Speaker 8: according to his cellular phone data, spending about twelve hours
Speaker 8: in the area where he was with his rifle and
Speaker 8: back pack, waiting for the president a former president, to
Speaker 8: show up. This is all according to the FBI and
Speaker 8: police investigation.
Speaker 3: Bloomberg's Bill Ferries reports. Ryan Routh is charged with two
Speaker 3: firearm counts, including possession by a convicted felon. Meanwhile, the
Speaker 3: latest USA Today Suffolk University poll shows Kamala Harris ahead
Speaker 3: of Trump in Pennsylvania by three percentage points. That's within
Speaker 3: the poll's four point four percent margin of error. The
Speaker 3: survey was taken after last week's debate in Philadelphia.
Speaker 1: I want to turn out to the Middle East, Karen
Speaker 1: for our exclusive interview with Iraq's Prime Minister Mohammad Shia
Speaker 1: al Sudani. He sat down with Bloomberg's Jumani Persecci in Baghdad.
Speaker 1: It's older he plans to announce a timetable for the
Speaker 1: withdrawal of US troops from his country. Speaking through an interpreter,
Speaker 1: the Prime minister also commented on the upcoming US presidential election.
Speaker 10: Of course, we respect the choice of the American people
Speaker 10: according to the democratic process. We will deal with any
Speaker 10: administration that gains confidence love. It's of interest to us
Speaker 10: to activate the strategic fore work that was signed in
Speaker 10: two thousand and eight and building a relationship based on
Speaker 10: these principles of mutual interests and respecting Iraqi savaranty.
Speaker 1: Iraq's Prime Minister Mohammad Shia Alsudani speaking with Bloomberg's Jumana Borsecci.
Speaker 11: Stick with us.
Speaker 1: We're going to bring you more of that exclusive conversation
Speaker 1: in a few minutes.
Speaker 3: And Nathan, another news this morning. For the six year
Speaker 3: in a row, Stanford has topped a Bloomberg BusinessWeek's rankings
Speaker 3: of best business schools in the country. The university maintains
Speaker 3: strong scores, and four of the five areas we index compensation, learning, networking,
Speaker 3: and entrepreneurship running out the top five Chicago's Booth School,
Speaker 3: northwesterns Kellogg, Dartmouth's Talk, and Virginia's Dardin time now for
Speaker 3: a look at some of the other stories making news
Speaker 3: in New York and around the world. And for that
Speaker 3: we're joined by Bloomberg's Michael Barr Michael good Morning, Good.
Speaker 11: Morning, Karen, hip Hop mogul Sean Diddy Combs was arrested
Speaker 11: late last night in New York, where he faces a
Speaker 11: sealed criminal indictment. Combs has faced stream of allegations by
Speaker 11: women in recent months who accused him of sexual assault.
Speaker 11: The charges come from an investigation of Combs that was
Speaker 11: revealed when Homeland Security agents raided his homes in Los
Speaker 11: Angeles and Miami in March. Combs's lawyer called the prosecution unfair. Springfield, Ohio,
Speaker 11: is in the spotlight and the race for the White House.
Speaker 11: It started after former President Donald Trump repeated rumors during
Speaker 11: the presidential debate last week about the Haitian immigrants legally
Speaker 11: living in the city are eating people's pets. Since then, businesses, schools,
Speaker 11: and college campuses have closed down after threats were made.
Speaker 11: Ohio Governor Mike de Wine.
Speaker 6: We've taken action in regard to cameras.
Speaker 2: We have taken action into putting a large number of
Speaker 2: numbers of highway patrol here.
Speaker 11: Governor DeWine also says schools in Springfield we'll have more
Speaker 11: police officers beginning today. Meanwhile, in a new twist, the
Speaker 11: Trump campaign says the former press and has offered a
Speaker 11: campaign there. A Coast Guard hearing is underway and South
Speaker 11: Carolina focused on last year's deadly voyage by the ocean
Speaker 11: Gate submersible to visit the Titanic. All five on board
Speaker 11: were killed when it imploded. In testimony, ocean Gate's former
Speaker 11: engineering director Tony Nissen told the Coastguard panel he was
Speaker 11: fired because he did not approve of Titan traveling to
Speaker 11: the Titanic, and said there were warning signs in early tests.
Speaker 2: We hadn't early gone deep enough long enough, and we
Speaker 2: were reflecting a thirty seven percent more so, it was
Speaker 2: the first warning.
Speaker 11: Officials revealing one of the last messages from Titan to
Speaker 11: its support ship was all good here, officials say. A
Speaker 11: massive pipeline fire that has burned for hours near Houston
Speaker 11: began after a vehicle struck in above ground valve after
Speaker 11: driving through a fence. Officials in deer Park said that
Speaker 11: police and local FBI agents I found no evidence of
Speaker 11: terroristic activity. The investigation includes an effort to identify the
Speaker 11: driver operator. Central Point Energy shut off the flow of
Speaker 11: natural gas liquids in the pipeline, but Deer Park Mayor
Speaker 11: Jerry Mouton says the line is still burning.
Speaker 7: The fire is it's very hot, so a lot of
Speaker 7: the house structures that are adjacent to that are still
Speaker 7: catching on fire, even though we're putting a lot of
Speaker 7: water on them to try to control that.
Speaker 11: Mayor Muton says the fire could burn off. Today Global
Speaker 11: News twenty four hours a day and whenever you want
Speaker 11: it with Bloomberg News Now. I'm Michael Barn. This is Bloomberg.
Speaker 12: Karen.
Speaker 3: All right, Michael Barr, thank you time now for the
Speaker 3: Bloomberg Sports Update with John stash Hour.
Speaker 13: John, good morning, Good morning, Karen, Good day and night
Speaker 13: for the Mets. First, they got encouraging news on franciscild
Speaker 13: Indoor's back injury. Then they hosted Washington looking to end
Speaker 13: their first two game losing streactions mid August. Mets one
Speaker 13: two to one shut out until the eighth inning they
Speaker 13: wanted on a Starling Marte hit in the tenth. Sean
Speaker 13: and I and three relievers together allowed only five hits,
Speaker 13: one walk, ten strikeouts. As for the Lindor, who had
Speaker 13: not missed the game all season, he was not able
Speaker 13: to play a full game in any of the three
Speaker 13: this past weekend, but the MRI was cleaned.
Speaker 9: I'm great. I still have a little bit of pain,
Speaker 9: but we had good use. Everything seems like it's good.
Speaker 9: You know, he could be.
Speaker 4: Three to five days or it could be two to three.
Speaker 9: Depends on how my back reacts the training. They have
Speaker 9: an amazing game plan and then he's gonna be up
Speaker 9: to Mendy and if I feel okay to play.
Speaker 13: The Mets also got good news in other games. Atlanta
Speaker 13: lost the Dodgers nine and other in La scored nine
Speaker 13: runs on four hits. In Arizona lost in the bottom
Speaker 13: of the ninth Tenny of Colorado three to two. The
Speaker 13: Mets leave the praise for the third NL Wildcard by
Speaker 13: one game. They're one behind the d Backs for the
Speaker 13: second wildcard good Monday Night at Falcons and Eagles in Philly.
Speaker 13: Six lead changes, The last one came of the fun
Speaker 13: Donald a minute a Kirk Cousin's touchdown pass to Drake
Speaker 13: London Atlanta one twenty two to twenty one. Both teams
Speaker 13: are one and one. The Giants are zero to two
Speaker 13: for the ninth time in the last twelve years, and
Speaker 13: they'll be without their kicker for a few weeks. Draham
Speaker 13: Jenew heard his hamstring in Sunday's opening kickoff. The Jets
Speaker 13: have lost Jermaine Johnson for the season torn achilles, so
Speaker 13: down a defensive lineman. Will that lead to signing ha
Speaker 13: Son Redick, who remains in a contract hold out. The
Speaker 13: Jets have a second straight short work week. They host
Speaker 13: the Patriots Thursday, quarterback change at Carolina. The veteran Andy
Speaker 13: Dalton will start Sunday against Las Vegas. The struggling Panthers
Speaker 13: have bench Bryce Young, who they took with the first
Speaker 13: overall pick of the twenty twenty three draft. John stanshantw're
Speaker 13: Bloomberg Sports, Candon.
Speaker 12: Athor Coast to Coast on Bloomberg Radio Nationwide on Sirius
Speaker 12: XM and around the world on Bloomberg dot Com and
Speaker 12: the Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 1: Good morning, I'm Nathan Hager, turning now to a Bloomberg
Speaker 1: News exclusive our interview with Iraq's Prime Minister Mohammad Shia
Speaker 1: al Sudani. The Iraqi leader sat down with Bloomberg's Jumana
Speaker 1: Bursechi in Baghdad. They discussed why he thinks US troops
Speaker 1: are no longer needed in his country and how, in
Speaker 1: his view, the US has largely succeeded in defeating Isis.
Speaker 1: Alsudani also talked about the upcoming US election, as well
Speaker 1: as a timeline for restarting a key oil pipeline to
Speaker 1: help iraqet closer to its opek output quota. Iraqi Prime
Speaker 1: Minister Mohammad Shia al Sudani spoke with Jumana through a translator.
Speaker 1: Let's go to that discussion.
Speaker 10: Bidet Hokuma ti vivaramamaj Hokumi. My government started a government
Speaker 10: run program that was proposed to Parliament and put to
Speaker 10: a vote after the Ministerial Cabinet presented it. This was
Speaker 10: according to the constitutional measures part of the ministerial program
Speaker 10: was ending the coalition's mission after the justifications for its
Speaker 10: presence had ended. Today, Iraq in twenty twenty four is
Speaker 10: not the same as Iraq of twenty fourteen. We have
Speaker 10: defeated DYSH with our sacrifices in the Iraqi people's position,
Speaker 10: from all of its components and factions, and with the
Speaker 10: support of the international community and friends, and we do
Speaker 10: appreciate that we found that the justifications ended and there
Speaker 10: is no longer a need for a coalition of eighty
Speaker 10: six countries. We moved from a period of wars to
Speaker 10: a period of stability. DYSH doesn't pose a threat to
Speaker 10: the state. They may be part of the security challenges
Speaker 10: like drug trade and criminal offenses. It's at that level.
Speaker 10: It's not equal to DYISH now a group of terrified
Speaker 10: people hiding in caves in the desert in the mountains,
Speaker 10: and the real threat to security and stability. Based on
Speaker 10: this vision and evaluation, we initiated a conversation with our
Speaker 10: friends in the International Coalition and it was honest and
Speaker 10: included more discussions on various levels, and was culminated with
Speaker 10: my visit to Washington, d C. And talking to President Biden.
Speaker 10: We formed a joint committee in August of twenty twenty
Speaker 10: three between military commanders to start the conversation, and in
Speaker 10: fact the committee reached an understanding to arrange for that withdrawal.
Speaker 10: It was hoped that the conclusion would be announced, but
Speaker 10: out of our keenness not to mix things or create
Speaker 10: a misunderstanding about the end of the coalition's mission, the
Speaker 10: desire was to postpone the announcement and we hope to
Speaker 10: announce it soon and we will take part in an
Speaker 10: international conference for the Coalition against dish or terrorism and
Speaker 10: Iraq is a genuine member that lead the ranks.
Speaker 4: To face terrorism.
Speaker 10: Ending the coalition's mission and this is an important point,
Speaker 10: does not mean a breakdown between Iraq and the coalition countries,
Speaker 10: including the United States. On the contrary, at the same time,
Speaker 10: we are in bilateral talks to build a sustainable security
Speaker 10: relationship other than the economic, cultural, and scientific and social ties.
Speaker 14: You say that ISIS is less of a threat, and
Speaker 14: yet on Fridays, since common ounts that a raid was
Speaker 14: conducted in western Iraq, US military alongside Iraqi security officials
Speaker 14: killed some senior ISIS commanders. That tells me that the
Speaker 14: ISIS threat is still there no.
Speaker 2: No.
Speaker 10: Of course, this was one of the quality operations that
Speaker 10: was executed between security agencies and the international coalition. This
Speaker 10: is proof La daesh Or. This is proof that the
Speaker 10: security agencies have reached the phase of capability where they
Speaker 10: started finding these people in caves, in mountains, in deserted
Speaker 10: areas and killed them. This is proof of the level
Speaker 10: of ability and capability that our security forces have reached.
Speaker 10: Dyash today doesn't own a land or an area to
Speaker 10: be in and has lost its incubator, and this is
Speaker 10: the fundamental win achieved. Following up on the cells of
Speaker 10: these individuals doesn't mean that there is a real threat.
Speaker 10: When we used to talk about DYSHDYSH used to hold areas, villages,
Speaker 10: and cities, and today Dash doesn't have this existence except
Speaker 10: for these isolated groupings in deserted areas.
Speaker 14: There's a US presidential election coming up very soon. What
Speaker 14: would you like to see out of the next US president,
Speaker 14: be it President Harris or President Trump.
Speaker 11: Riki.
Speaker 10: Of course, we respect the choice of the American people
Speaker 10: according to the democratic process. We will deal with any
Speaker 10: administration that gains confidence. It's of interest to us to
Speaker 10: activate the strategic framework that was in two thousand and
Speaker 10: eight and building of relationship based on these principles of
Speaker 10: mutual interests and respecting Iraqi sovereignty.
Speaker 14: President Trump has been historically very hawkish on Iran. Do
Speaker 14: you worry that a return of President Trump could be
Speaker 14: even more destabilizing for the region.
Speaker 10: For our understanding of the situation of the relationship between
Speaker 10: Iraq and Iran is based on mutual interests and mutual respect.
Speaker 10: Iran is a neighboring country and we share one four
Speaker 10: hundred kilometers and it's in our interest to have a
Speaker 10: close relationship, especially that Iran has been supportive of the
Speaker 10: political process and our efforts in combating terrorism. Of course,
Speaker 10: Iraq is the only country in the region that has
Speaker 10: a special relationship between Iran and the United States, and
Speaker 10: we try through this positive characteristic to help in bringing
Speaker 10: opinions closer. And we are interested to have stability in
Speaker 10: the region away from the access policy. We don't want
Speaker 10: the tense relationships and the stances of other countries of
Speaker 10: the world to impact the Iraqi situation. This is our
Speaker 10: diplomatic effort and movements in terms of our bilateral and regional.
Speaker 1: Ties, and that was the Prime Minister of Iraq Mohammad
Speaker 1: Shia al Sudani speaking through an interpreter there with Bloomberg's
Speaker 1: Jumana Bursechi. You can catch their full conversation on the
Speaker 1: Bloomberg Talks podcast. Subscribe to download all of our high
Speaker 1: profile discussions anywhere you get your podcasts. And Jumana is
Speaker 1: here with us now for more on this very important interview. Jumana,
Speaker 1: of course, the anchor of Bloomberg Horizons on Bloomberg Television,
Speaker 1: joining us out of Dubai this morning. Jumana, congratulations on
Speaker 1: this discussion. Really interesting to hear the Prime minister talk
Speaker 1: about his country moving from a period of wars to
Speaker 1: a period of stability. Walk us through your impressions of
Speaker 1: this conversation that you had with the Prime Yeah.
Speaker 14: So we had a half hour sit down with him
Speaker 14: and we spoke about a broad array of different topics
Speaker 14: as you can imagine, the ongoing war and Gaza regional geopolitics,
Speaker 14: the threat of ISIS and also opek. So lots of
Speaker 14: different topics were brought up. But I would say if
Speaker 14: there was one headline or one major takeaway from that interview,
Speaker 14: it was this one and he said, the Iraq of
Speaker 14: twenty twenty four is not the same as the Iraq
Speaker 14: of twenty fourteen. And specifically we talk about twenty fourteen
Speaker 14: because that was when the US, alongside other coalition forces
Speaker 14: returned back to Iraq to combat the threat of ISIS.
Speaker 14: Now back in twenty fourteen, you may also remember that
Speaker 14: at one point Isis took over about a third of
Speaker 14: the land in Syria and Iraq. It was a real
Speaker 14: and present, very present danger. What he's saying is you
Speaker 14: fast forward a decade later, Isis, in their eyes, is
Speaker 14: no longer a threat anymore. They say that DASH has
Speaker 14: mostly been defeated. They're not the force that they once was,
Speaker 14: and therefore there's less of a justification for the US
Speaker 14: forces and coalition forces to still be present on the ground.
Speaker 14: They're around twenty five hundred US troops and advisors still
Speaker 14: stationed in Iraq, and he's saying that they want to
Speaker 14: work towards a more bilateral relationship based on security and
Speaker 14: diplomacy as opposed to having the US having an active
Speaker 14: presence on the grounds. And he also hinted that an
Speaker 14: announcement could be coming soon.
Speaker 1: Yeah, of course, we heard you press the Prime Minister
Speaker 1: on the attacks that ISIS has managed to carry out
Speaker 1: despite the US troop presence there. What's your impression, Jumana,
Speaker 1: of the stability of the al Sudani government given all
Speaker 1: the instability we've seen since the overthrow of Saddam Hussein.
Speaker 14: Yeah, it's a really important question because when you think
Speaker 14: about Iraq today, I guess one of the first things
Speaker 14: people think of is the threat of ISIS, and he
Speaker 14: is right, and that the ongoing threat is less and
Speaker 14: less that it used to be. Nowadays you just have
Speaker 14: the odds ISIS commander hiding in a cave. They don't
Speaker 14: have incubators, they don't have control roll over cities or towns,
Speaker 14: so very different from what it once was. But what
Speaker 14: has happened in the last couple of years is what
Speaker 14: we are saying is increasing penetration from Iranian affiliated political
Speaker 14: groups into mainstream political parties, and so the Sudani government
Speaker 14: is actually held up by a majority of these Shia
Speaker 14: political parties. And of course Iran and Iraq historically have
Speaker 14: very close religious relations as well. You have to remember
Speaker 14: that some of the key Shia Muslim shrines are also
Speaker 14: in Iraq, so they have these close historical religious ties.
Speaker 14: But increasingly that Iran has had more of a political
Speaker 14: presence within Iraq, and that is one of the concerns here,
Speaker 14: and that if we are talking about broader regional tension,
Speaker 14: the axis of resistance, so to speak. At some point
Speaker 14: in the interview you may have noticed he said, we
Speaker 14: don't want to be a part of any particular axis.
Speaker 14: We see ourselves as a mediator and somebody who has
Speaker 14: relations with both Iran and the US.
Speaker 1: Just thirty seconds left Jumana. But could Iraq's relationship with
Speaker 1: Iran pose risk for the US in the years to come.
Speaker 14: I think it is a concern, and I think what
Speaker 14: El Sudania is trying to do is to distinguish himself
Speaker 14: from those paramilitary troops that are operating within Iraq. But
Speaker 14: the big challenge for his government is to be able
Speaker 14: to reaffirm state control over some of these paramilitary organizations,
Speaker 14: and that will be the challenge in years to come.