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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisner.

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Speaker 1: The White House is once again looking to quell rumors

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Speaker 1: that President Trump is planning to oust Fedshair J. Powell.

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Speaker 1: Speaking earlier today to reporters, Press Secretary Caroline Levitt reiterated

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Speaker 1: that Powell's job is safe. Meantime, Florida Republican Congresswoman Anna

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Speaker 1: Paulina Luna is asking the Justice Department to consider investigating

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Speaker 1: Powell for allegedly lying under oath during congressional testimony. She

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Speaker 1: has asserted Powell made false claims about the fed's ongoing

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Speaker 1: restoration of its Washington, d C. Headquarters. Jared Bernstein is

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Speaker 1: the former chairman of the Council of Economic Advisors.

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Speaker 2: The question here is will the President go outside the

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Speaker 2: bounds of Norm's history and any sort of consideration for

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Speaker 2: I think what would be highly negative market impacts by

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Speaker 2: compromising the independence of the Federal Reserve. That is the

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Speaker 2: issue in play.

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Speaker 1: Jared Bernstein there former chairman of the Council of Economic Advisors,

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Speaker 1: speaking on Bloomberg's balance of power. Meantime, US Treasury Secretary

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Speaker 1: Scott Besson says there should be a review of the

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Speaker 1: decision to renovate parts of the fed's headquarters in Washington.

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Speaker 1: In a post on x Besson said, while he has

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Speaker 1: no knowledge or opinion on the legal basis for the

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Speaker 1: massive building renovations being undertaken on constitution avenue, a review

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Speaker 1: of the decision to undertake such a project by an

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Speaker 1: institution reporting operating losses of more than one hundred billion

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Speaker 1: dollars a year should be conducted. We go to Kentucky next,

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Speaker 1: where a federal judge has sentenced a former police officer

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Speaker 1: to nearly three years in prison for using excessive force

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Speaker 1: during the twenty twenty raid that resulted in the death

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Speaker 1: of Brionna Taylor. Now this rejects a recommendation from the

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Speaker 1: US Department of Justice for no prison time. US District

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Speaker 1: Judge Rebecca Grady Jennings sentenced Brett Hankinson at a hearing

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Speaker 1: on Monday. She said no prison time is not appropriate.

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Speaker 1: The number two official at the International Monetary Fund, Geta Gopanov,

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Speaker 1: is stepping down at the end of August. Gopanov is

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Speaker 1: returning to Harvard University. She leaves more than a year

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Speaker 1: shy of what is traditionally a five year tender for

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Speaker 1: this post, and this will give President Trump an opportunity

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Speaker 1: to name her replacement and put his stamp on the IMF.

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Speaker 1: President Trump's recently enacted tax and spending law will add

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Speaker 1: three point four trillion dollars to US deficits over a decade.

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Speaker 1: That's according to a new estimate from the nonpartisan Congressional

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Speaker 1: Budget Office. The Big Beautiful Bill extends tax cuts, eliminates

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Speaker 1: taxes on tips and overtime, and includes major spending cuts,

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Speaker 1: particularly to medicate. Lisa McClain is a Republican congresswoman from Michigan.

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Speaker 3: It's the bottom line that counts, provided you know how

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Speaker 3: to count. And here's just one area that they're wrong in.

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Speaker 3: The CBO used the growth rate at one point eight percent. Okay,

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Speaker 3: Historically growth rate has been anywhere from two to two

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Speaker 3: to two two point three percent. For every point zero

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Speaker 3: one percent of growth that we get, you know, from

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Speaker 3: one eight to one nine, that's about one and a

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Speaker 3: half trillion dollars of revenue that they're off by.

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Speaker 1: That is GOP. Congresswoman Lisa McClain from Michigan. Now, the

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Speaker 1: CBO estimates ten million Americans will lose their health coverage

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Speaker 1: as a result of these changes. Meantime, the Trump administration

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Speaker 1: says tariff revenues will help offset the bills price tag. However,

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Speaker 1: some experts are warning the plan could raise inflation and

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Speaker 1: borrowing cost. Tomorrow morning, before the opening bell, will get

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Speaker 1: second quarter results from America's biggest automaker. Bloomberg's Tom Busby

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Speaker 1: has more on what to expect from General Motors.

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Speaker 4: GM is likely to report vehicle sales and market share

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Speaker 4: in the US grew during the second quarter with a

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Speaker 4: lot of help from evs and lower price models like

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Speaker 4: the Chevy Equinox SUV. The automaker also likely to stress

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Speaker 4: the biggest hit this year to its bottom line from

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Speaker 4: President Trump's twenty five percent tariffs on imported cars and autoparts.

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Speaker 4: GM stated previously it expects upwards of five billion dollars

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Speaker 4: in tariff impact this year, a third of which it

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Speaker 4: plans to offset through cost cutting moves. Bloomberg consensus calls

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Speaker 4: for revenue of forty six point two seven billion dollars

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Speaker 4: on austin Ernix per share of two dollars thirty three cents.

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Speaker 4: Tom Buzzby, Bloomberg Radio.

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Speaker 1: Serepta Therapeutics is planning to temporarily pause all shipments of

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Speaker 1: its gene therapy Alevitus, intended to treat to Shane muscular dystrophe.

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Speaker 1: Now this is a reversal of Sereptu's prior stance. The

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Speaker 1: FDA asks Syrepti to pause shipments of the drug following

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Speaker 1: news reports of a patient death in clinical trials for

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Speaker 1: another Syrepti therapy. Syrepta CEO Doug Ingram said the company's

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Speaker 1: decision to change course was aimed at maintaining a productive

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Speaker 1: and positive working relationship with the FDA. He was a

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Speaker 1: cast member on one of the most popular television shows

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Speaker 1: in the nineteen eighties and early nineties.

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Speaker 2: If you want a doctor, I wouldn't love you less

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Speaker 2: because you're my dad.

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Speaker 3: And so.

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Speaker 2: Instead of acting disappointment.

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Speaker 1: Because I'm not like you, maybe you can just accept

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Speaker 1: who I am and love me anyway because I'm your son.

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Speaker 1: Malcolm Jamal Warner in his role as Theodore Huxtable in

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Speaker 1: the hit sitcom The Cosby Show. Authority say Warner died

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Speaker 1: after drowning in Costa Rica. He was fifty four. And

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Speaker 1: that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Chrisner, and this is Bloomberg