WEBVTT - Senate Reverses Course on Iran; Micron Soars on Forecast

0:00:02.560 --> 0:00:07.080
<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

0:00:10.000 --> 0:00:13.200
<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

0:00:13.200 --> 0:00:14.960
<v Speaker 2>are the stories we're following today.

0:00:15.440 --> 0:00:18.640
<v Speaker 3>Can we begin with tensions flaring on Capitol Hill between

0:00:18.680 --> 0:00:22.759
<v Speaker 3>President Trump and Senate Republicans. President went into lunch with

0:00:22.880 --> 0:00:25.439
<v Speaker 3>members of his own party, upset over a vote in

0:00:25.480 --> 0:00:28.800
<v Speaker 3>the Senate rebuking his war with Iran. The President refused

0:00:28.800 --> 0:00:31.720
<v Speaker 3>to sign a bipartisan housing bill that Congress had just

0:00:31.920 --> 0:00:34.920
<v Speaker 3>passed ahead of the meeting. Afterward, the President put a

0:00:34.960 --> 0:00:35.960
<v Speaker 3>positive spin on it.

0:00:36.040 --> 0:00:39.040
<v Speaker 4>I think we had a really great meeting, and we're

0:00:39.120 --> 0:00:42.280
<v Speaker 4>very proud of the party. We like our leader, we

0:00:42.479 --> 0:00:45.159
<v Speaker 4>like everybody really in the room. I don't like a

0:00:45.159 --> 0:00:47.040
<v Speaker 4>few people, but that's okay. I think you know who

0:00:47.080 --> 0:00:47.400
<v Speaker 4>they are.

0:00:47.680 --> 0:00:50.240
<v Speaker 3>President Trump spoke to reporters on Capitol Hill after the

0:00:50.320 --> 0:00:54.280
<v Speaker 3>launch Bloomberg. Stephen Dennis reports Republican Senator Bill Cassidy drew

0:00:54.320 --> 0:00:57.680
<v Speaker 3>the President's anger for voting for the War Powers Resolution.

0:00:57.400 --> 0:01:01.360
<v Speaker 5>The way Cassidy described it as Trump asked who could

0:01:01.400 --> 0:01:04.480
<v Speaker 5>possibly have voted for this thing? And cassi said, do

0:01:04.520 --> 0:01:07.360
<v Speaker 5>you want the real answer? And Trump said yes, And

0:01:07.360 --> 0:01:09.840
<v Speaker 5>he said, well, you know, we haven't been briefed. You

0:01:09.880 --> 0:01:12.240
<v Speaker 5>said this war was going to last four weeks. It's

0:01:12.280 --> 0:01:15.840
<v Speaker 5>lasted four months. None of your original aims have been met, Bloomberg.

0:01:15.840 --> 0:01:18.880
<v Speaker 3>Stephen Dennis reports Senator Cassidy got a White House briefing

0:01:18.880 --> 0:01:21.880
<v Speaker 3>on Iran after the launch from Vice President Jade Vance.

0:01:22.200 --> 0:01:24.360
<v Speaker 3>By the end of the day, Cassidy said he shouldn't

0:01:24.360 --> 0:01:25.320
<v Speaker 3>have lost his cool.

0:01:25.800 --> 0:01:31.120
<v Speaker 6>I lost my temperament. That's not appropriate. It's the Irish eat.

0:01:31.560 --> 0:01:35.119
<v Speaker 3>Last night, Senator Cassidy and fellow Republican Ran Paul reversed

0:01:35.160 --> 0:01:38.880
<v Speaker 3>their votes and rejected a separate war powers resolution. Paul

0:01:38.959 --> 0:01:41.319
<v Speaker 3>posted on x that he voted president to give the

0:01:41.319 --> 0:01:44.560
<v Speaker 3>president more space and leverage to negotiate a lasting piece

0:01:44.720 --> 0:01:45.160
<v Speaker 3>Nathan All.

0:01:45.200 --> 0:01:47.960
<v Speaker 2>This provided the backdrop as President Trump took to the

0:01:48.040 --> 0:01:51.360
<v Speaker 2>National Mall for a rally marking America's two hundred and

0:01:51.360 --> 0:01:53.400
<v Speaker 2>fiftieth anniversary tonight.

0:01:53.480 --> 0:01:55.639
<v Speaker 7>As we stand on the edge of our two hundred

0:01:55.680 --> 0:01:59.960
<v Speaker 7>and fiftieth year of independence, I am thrilled to declare

0:02:00.320 --> 0:02:02.880
<v Speaker 7>that America is back.

0:02:03.680 --> 0:02:06.560
<v Speaker 2>And the President used his speech to defend the Around War.

0:02:07.200 --> 0:02:11.360
<v Speaker 7>For the first time in three thousand years, we are

0:02:11.520 --> 0:02:14.839
<v Speaker 7>finally going to have peace in the Middle East.

0:02:14.919 --> 0:02:16.400
<v Speaker 8>We're gonna have peace in the Middle East.

0:02:19.080 --> 0:02:22.120
<v Speaker 7>Since your agreement, the stock market and your four oh

0:02:22.120 --> 0:02:26.080
<v Speaker 7>one case are skyrocket upward, an oil price that are

0:02:26.120 --> 0:02:27.160
<v Speaker 7>plummeting downward.

0:02:27.240 --> 0:02:28.720
<v Speaker 9>Today it hit a new low.

0:02:29.240 --> 0:02:31.919
<v Speaker 7>And the world is a much safer place.

0:02:32.160 --> 0:02:35.640
<v Speaker 2>President Trump's speech kicked off a sixteen day Great American

0:02:35.760 --> 0:02:38.640
<v Speaker 2>State Fair on the Mall. Several artists pulled out of

0:02:38.639 --> 0:02:41.400
<v Speaker 2>the event, saying it was more political than they'd been

0:02:41.480 --> 0:02:44.200
<v Speaker 2>led to believe, so the President said he'd headline the

0:02:44.240 --> 0:02:45.760
<v Speaker 2>festivities himself well.

0:02:45.840 --> 0:02:49.760
<v Speaker 3>Turning overseas, Karen, the European Union is signing off on

0:02:49.840 --> 0:02:52.840
<v Speaker 3>its trade deal with the US. Let's go to London

0:02:52.919 --> 0:02:55.760
<v Speaker 3>get the latest with Bloomberg's ewen pods. Good Morning, Ewan, Nathan,

0:02:55.760 --> 0:02:56.200
<v Speaker 3>and Karen.

0:02:56.240 --> 0:02:59.200
<v Speaker 10>It has taken almost a year of talks, but EU

0:02:59.240 --> 0:03:02.440
<v Speaker 10>member states have finally approved the European Union's trade deal

0:03:02.560 --> 0:03:05.520
<v Speaker 10>with the United States, under the terms that e will

0:03:05.600 --> 0:03:09.840
<v Speaker 10>scrap levies on US industrial goods and some agricultural products

0:03:09.840 --> 0:03:13.119
<v Speaker 10>in exchange for a fifteen percent tariff ceiling on its

0:03:13.120 --> 0:03:16.680
<v Speaker 10>exports to the US. The agreements of the twenty seven

0:03:16.720 --> 0:03:20.399
<v Speaker 10>member countries comes just nine days before President Trump's deadline

0:03:20.680 --> 0:03:25.040
<v Speaker 10>good news for strained transatlantic relations, but plenty of disagreements remain,

0:03:25.400 --> 0:03:29.040
<v Speaker 10>not least on issues including metals, tariffs, and tech regulation.

0:03:29.560 --> 0:03:30.880
<v Speaker 10>In London, I'm youwing Pots.

0:03:30.720 --> 0:03:33.160
<v Speaker 2>Bloomberg Radio Right New and thank you. The deal comes

0:03:33.160 --> 0:03:35.840
<v Speaker 2>a day after NATO's Secretary General Mark Ruda met with

0:03:35.920 --> 0:03:38.560
<v Speaker 2>President Trump in the Oval Office. He was trying to

0:03:38.600 --> 0:03:41.840
<v Speaker 2>ease the President's anger over the reluctance of alliance and

0:03:41.960 --> 0:03:44.880
<v Speaker 2>nations to help with the campaign against Iran. Rut had

0:03:44.920 --> 0:03:48.760
<v Speaker 2>displayed posters highlighting how much more money NATO nations have

0:03:48.840 --> 0:03:51.960
<v Speaker 2>spent on defense since Trump took office. After the meeting,

0:03:52.040 --> 0:03:54.240
<v Speaker 2>Ruda spoke with Bloomberg's Balance of Power.

0:03:54.480 --> 0:03:56.880
<v Speaker 8>But I think it's important is to be fair, and

0:03:57.560 --> 0:04:02.120
<v Speaker 8>fairness dictates that this president's really doing a huge amount

0:04:02.160 --> 0:04:04.960
<v Speaker 8>of work to get NATO Embeta shape. You had a

0:04:04.960 --> 0:04:07.920
<v Speaker 8>big success last year, Indy hag with the five percent

0:04:07.960 --> 0:04:09.320
<v Speaker 8>spending commitment.

0:04:09.120 --> 0:04:12.120
<v Speaker 2>And NATO Secretary General Mark Rude told the Bloomberg's Balance

0:04:12.120 --> 0:04:15.080
<v Speaker 2>of Power. President Trump is committed to the alliance and

0:04:15.120 --> 0:04:17.800
<v Speaker 2>will play a critical role at a meeting of NATO

0:04:17.920 --> 0:04:20.520
<v Speaker 2>leaders set for next month in Turkey. Catch the full

0:04:20.560 --> 0:04:24.160
<v Speaker 2>conversation on our new video hub on Bloomberg dot Com

0:04:24.200 --> 0:04:25.679
<v Speaker 2>and the Bloomberg Business app.

0:04:25.920 --> 0:04:28.800
<v Speaker 3>Let's turn to markets now, Karen. The AI trade is

0:04:29.040 --> 0:04:32.800
<v Speaker 3>back in play. Nasdaq futures are up more than two

0:04:32.960 --> 0:04:37.360
<v Speaker 3>percent following earnings from Micron Technology. That stock is up

0:04:37.400 --> 0:04:40.960
<v Speaker 3>sixteen and a half percent pre market. The largest US

0:04:41.000 --> 0:04:43.400
<v Speaker 3>maker of computer memory chip says its revenue will be

0:04:43.400 --> 0:04:46.960
<v Speaker 3>approximately fifty billion dollars in the fiscal fourth quarter. That's

0:04:47.000 --> 0:04:51.080
<v Speaker 3>five zero and it's almost seven billion more than analyst estimated.

0:04:51.160 --> 0:04:54.279
<v Speaker 3>Gene Munster is managing partner at Deepwater Asset Management.

0:04:54.440 --> 0:04:57.039
<v Speaker 11>The street is start going to get more comfortable at

0:04:57.120 --> 0:05:00.839
<v Speaker 11>growth rates for the hyperscalers and the broad capax of

0:05:00.920 --> 0:05:04.599
<v Speaker 11>forty percent plus. And what that means is that these

0:05:04.640 --> 0:05:08.159
<v Speaker 11>companies are going to continue to grow faster for longer

0:05:08.200 --> 0:05:12.479
<v Speaker 11>than most investors expect. And despite all this skittishness within

0:05:12.520 --> 0:05:15.839
<v Speaker 11>the market, this is just an over just a resounding

0:05:15.960 --> 0:05:18.640
<v Speaker 11>endorsement that we are, in fact earlier than the most

0:05:18.640 --> 0:05:19.599
<v Speaker 11>believe in the build up.

0:05:19.720 --> 0:05:22.960
<v Speaker 3>It's Gene Unster of Deepwater Asset Management. Micron has also

0:05:23.080 --> 0:05:27.880
<v Speaker 3>secured sixteen strategic customer agreements averaging three years in length.

0:05:28.040 --> 0:05:31.360
<v Speaker 2>Napan Qualcom also giving a lift to chip stocks. Those

0:05:31.360 --> 0:05:33.839
<v Speaker 2>shares up twelve and a half percent in early trading

0:05:33.920 --> 0:05:36.800
<v Speaker 2>and its investor Day. The company forecast sales and more

0:05:36.839 --> 0:05:40.440
<v Speaker 2>than fifteen billion dollars a year by fiscal twenty twenty

0:05:40.520 --> 0:05:44.400
<v Speaker 2>nine in the booming market for AI components and data centers.

0:05:44.080 --> 0:05:47.200
<v Speaker 3>Shifting focus down from big tech to big banks. Karen,

0:05:47.279 --> 0:05:50.360
<v Speaker 3>those stocks will be in focus today after they passed

0:05:50.400 --> 0:05:54.880
<v Speaker 3>the Federal Reserve stress test. Bloomberg's Alexis Christoffers joins us

0:05:54.920 --> 0:05:57.159
<v Speaker 3>in New York with the details of access.

0:05:56.880 --> 0:05:59.720
<v Speaker 12>Good Morning, Nathan. The FEDS exam, which was an outgrowth

0:05:59.800 --> 0:06:02.320
<v Speaker 12>of the two thousand and eight financial crisis, showed that

0:06:02.440 --> 0:06:05.320
<v Speaker 12>all of the banks examined would maintain enough capital to

0:06:05.320 --> 0:06:11.240
<v Speaker 12>withstand a hypothetical economic downturn. As a result, JP Morgan, Chase, Goldman, Sachs,

0:06:11.240 --> 0:06:14.839
<v Speaker 12>City Group, Morgan Stanley, and Wells Fargo all increased their

0:06:14.839 --> 0:06:18.000
<v Speaker 12>dividend payouts. Bank of America says it will make its

0:06:18.040 --> 0:06:21.839
<v Speaker 12>next quarterly dividend announcement after its July board meeting. JP

0:06:21.920 --> 0:06:26.560
<v Speaker 12>Morgan also authorized a new fifty billion dollars share repurchase program.

0:06:26.640 --> 0:06:29.360
<v Speaker 12>The nation's six biggest banks paid out more than one

0:06:29.480 --> 0:06:32.960
<v Speaker 12>hundred and forty billion dollars in dividends and buybacks. Last year,

0:06:33.279 --> 0:06:36.920
<v Speaker 12>the firms collectively posted their largest annual profits since twenty

0:06:36.960 --> 0:06:39.960
<v Speaker 12>twenty one, on the back of record trading revenue. In

0:06:40.000 --> 0:06:42.760
<v Speaker 12>New York, Alexis Christophers Bloomberg Radio.

0:06:42.760 --> 0:06:44.919
<v Speaker 2>Right, Alexis, thank you. It's also a big morning for

0:06:45.000 --> 0:06:48.200
<v Speaker 2>economic news. We get the FEDS preferred reading on inflation

0:06:48.440 --> 0:06:52.320
<v Speaker 2>the Personal Consumption Expenditures price Index for the month of May.

0:06:52.640 --> 0:06:56.279
<v Speaker 2>Forecasters expected data to show acceleration on both a monthly

0:06:56.400 --> 0:06:57.839
<v Speaker 2>and year over year basis.

0:06:58.040 --> 0:06:58.160
<v Speaker 1>Well.

0:06:58.240 --> 0:07:03.039
<v Speaker 3>Karen Brent, oil is erasing all its wartime gains after

0:07:03.200 --> 0:07:05.480
<v Speaker 3>flows through the Strait of Hormo was ramped up following

0:07:05.520 --> 0:07:08.920
<v Speaker 3>progress on a US ron p steel the global benchmark

0:07:09.160 --> 0:07:12.040
<v Speaker 3>dropped below seventy two forty eight a barrel that was

0:07:12.120 --> 0:07:15.680
<v Speaker 3>its pre war closing price on a closing basis West

0:07:15.680 --> 0:07:18.560
<v Speaker 3>Texas Intermediate. It's also near its pre war price of

0:07:18.600 --> 0:07:21.080
<v Speaker 3>sixty seven oh two a barrel after it rallied to

0:07:21.120 --> 0:07:25.000
<v Speaker 3>a conflict peak of just above one nineteen in March.

0:07:25.120 --> 0:07:27.760
<v Speaker 3>As for what we're paying at the pump, the average

0:07:27.760 --> 0:07:30.680
<v Speaker 3>price of gasoline has dipped to just under three ninety

0:07:30.680 --> 0:07:31.080
<v Speaker 3>two a.

0:07:31.040 --> 0:07:36.080
<v Speaker 2>Gallon time now for a look at some of the

0:07:36.120 --> 0:07:38.160
<v Speaker 2>o their stories making news in New York and around

0:07:38.240 --> 0:07:41.040
<v Speaker 2>the world. And for that we're joined by Bloomberg's Michael Barr. Michael,

0:07:41.040 --> 0:07:42.480
<v Speaker 2>Good Morning, Good morning Karen.

0:07:42.520 --> 0:07:46.400
<v Speaker 13>Two massive back to back earthquakes in Venezuela have killed

0:07:46.440 --> 0:07:49.720
<v Speaker 13>at least thirty two people and injured more than seven hundred.

0:07:50.080 --> 0:07:53.600
<v Speaker 13>The quakes toppled dozens of buildings and devastated the country's

0:07:53.600 --> 0:08:02.640
<v Speaker 13>main international airport. The magnitude seven point two earthquake on

0:08:02.720 --> 0:08:05.680
<v Speaker 13>Wednesday evening was followed a minute later by an even

0:08:05.760 --> 0:08:09.840
<v Speaker 13>stronger earthquake measuring seven point five, with its epicenter west

0:08:09.880 --> 0:08:14.440
<v Speaker 13>of Caracas. Associated Press reporter Juanarez, who lives in Caracas,

0:08:14.440 --> 0:08:16.400
<v Speaker 13>says it's the strongest he's felt.

0:08:16.640 --> 0:08:21.000
<v Speaker 4>Classes fell to the floor, neighbors are coming down to

0:08:21.040 --> 0:08:21.720
<v Speaker 4>the streets.

0:08:21.880 --> 0:08:26.440
<v Speaker 13>Acting Venezuelan President Delsi Rodriguez said more casualties were expected,

0:08:26.680 --> 0:08:30.000
<v Speaker 13>with the country declaring a state of emergency. The US

0:08:30.040 --> 0:08:34.080
<v Speaker 13>says it is sending resources in support. France's average daily

0:08:34.120 --> 0:08:36.800
<v Speaker 13>temperature reached an all time high of one hundred and

0:08:36.800 --> 0:08:40.760
<v Speaker 13>five as Europe's heat wave continues. It is so hot

0:08:40.840 --> 0:08:45.040
<v Speaker 13>tourist sites have shut down. This Paris visitor says it

0:08:45.080 --> 0:08:48.240
<v Speaker 13>would be better if museums open in the morning and

0:08:48.280 --> 0:08:50.200
<v Speaker 13>then close during the hottest part of the day.

0:08:50.640 --> 0:08:53.880
<v Speaker 14>You would rather close it like before the like twelve,

0:08:53.960 --> 0:08:56.560
<v Speaker 14>for example, and closed until the five and then open

0:08:56.600 --> 0:08:59.080
<v Speaker 14>it again so people can visit it in the innion

0:08:59.120 --> 0:09:00.960
<v Speaker 14>when it's not that hot outside.

0:09:01.120 --> 0:09:04.720
<v Speaker 13>Daytime high has reached one hundred eleven degrees in Pyo

0:09:04.800 --> 0:09:08.480
<v Speaker 13>in the West. The head of New York City's transit

0:09:08.559 --> 0:09:11.040
<v Speaker 13>system is standing by his decision not to sign an

0:09:11.040 --> 0:09:16.000
<v Speaker 13>agreement on Penn Station's renovation. MTA Chief operating Officer jen O.

0:09:16.080 --> 0:09:19.360
<v Speaker 13>Lieber says he does not want to enter a deal

0:09:19.400 --> 0:09:22.920
<v Speaker 13>with President Donald Trump without protections. The dispute comes as

0:09:22.960 --> 0:09:27.319
<v Speaker 13>President Trump Wednesday asked Congress to direct one billion dollars

0:09:27.320 --> 0:09:30.720
<v Speaker 13>toward renovating Penn Station. Global News twenty four hours a

0:09:30.800 --> 0:09:33.160
<v Speaker 13>day and whenever you want it with the Bloomberg News. Now.

0:09:33.320 --> 0:09:35.439
<v Speaker 13>I'm Michael Barr, and this is Bloomberg Karen.

0:09:36.360 --> 0:09:39.560
<v Speaker 2>Thanks Michael, all time now for our Bloomberg Sports update,

0:09:39.600 --> 0:09:41.640
<v Speaker 2>and for that we bring in John stash Hour.

0:09:41.920 --> 0:09:44.560
<v Speaker 15>Thanks Karen's doctor. Teams in the Al Central have been

0:09:44.600 --> 0:09:46.920
<v Speaker 15>playing all weight. The White Sox won the first two,

0:09:46.960 --> 0:09:49.720
<v Speaker 15>but the Guardians beat Chicago for three intendings to go

0:09:49.800 --> 0:09:52.880
<v Speaker 15>back in the first place. At the World Cup in Vancouver,

0:09:53.000 --> 0:09:56.160
<v Speaker 15>Switzerland beat Canada two to one. Switzerland wins the group.

0:09:56.520 --> 0:09:59.719
<v Speaker 15>Canada advances as well, and so does Bosney and Herszegovina.

0:10:00.120 --> 0:10:00.280
<v Speaker 13>Well.

0:10:00.320 --> 0:10:02.360
<v Speaker 15>The three to one went over Qatar and they could

0:10:02.360 --> 0:10:05.280
<v Speaker 15>be the US's opponent in the knockout round. The United

0:10:05.280 --> 0:10:08.360
<v Speaker 15>States team plays Turkey eight tonight. It's a meaningless game

0:10:08.400 --> 0:10:10.720
<v Speaker 15>for both teams. That's a Bloomberg Sports update.

0:10:12.240 --> 0:10:15.160
<v Speaker 2>Stay with us. More from Bloomberg day Break coming up

0:10:15.360 --> 0:10:15.880
<v Speaker 2>after this.

0:10:20.280 --> 0:10:24.520
<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:10:24.559 --> 0:10:27.400
<v Speaker 1>and around the world on Bloomberg dot Com and the

0:10:27.440 --> 0:10:30.480
<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

0:10:30.600 --> 0:10:33.480
<v Speaker 3>Good morning, I'm Nathan hager Will. Tensions may have reached

0:10:33.480 --> 0:10:37.280
<v Speaker 3>a boiling point between President Trump and Senate Republicans over

0:10:37.320 --> 0:10:40.239
<v Speaker 3>the war where they Iran. Now, the Senate has reversed

0:10:40.320 --> 0:10:44.200
<v Speaker 3>course on a war powers resolution, but Republican Senator Bill

0:10:44.240 --> 0:10:47.640
<v Speaker 3>Cassidy says he doesn't regret speaking his mind.

0:10:48.080 --> 0:10:51.520
<v Speaker 6>The American people need to know more than we are

0:10:51.520 --> 0:10:55.280
<v Speaker 6>being told. The Senate needs to know, and it does

0:10:55.320 --> 0:10:57.800
<v Speaker 6>not appear, although I don't know for sure that the

0:10:57.840 --> 0:10:59.800
<v Speaker 6>course of this is going the way that we were told.

0:11:00.120 --> 0:11:02.640
<v Speaker 3>That was Senator Cassidy after a closed door lunch on

0:11:02.679 --> 0:11:05.360
<v Speaker 3>Capitol Hill with the President and a briefing later at

0:11:05.360 --> 0:11:08.000
<v Speaker 3>the White House. Joining us for more is Bloomberg DC

0:11:08.160 --> 0:11:11.640
<v Speaker 3>Breaking News editor Alexander Pearson and alex By all accounts,

0:11:11.640 --> 0:11:14.880
<v Speaker 3>it sounded like things got pretty heated behind closed doors

0:11:15.040 --> 0:11:18.040
<v Speaker 3>on Capitol Hill. Just how tense was it?

0:11:18.160 --> 0:11:22.800
<v Speaker 9>Good morning, Good morning, Nathan. Yeah, you're right, it was

0:11:22.840 --> 0:11:25.520
<v Speaker 9>a very tense closed door meeting yesterday at the Capitol.

0:11:26.559 --> 0:11:29.800
<v Speaker 9>What's interesting is it was originally thought to be a

0:11:29.840 --> 0:11:34.240
<v Speaker 9>discussion about housing bill that Trump had not given the

0:11:34.280 --> 0:11:37.000
<v Speaker 9>signature to, but actually then became sort of a shouting

0:11:37.000 --> 0:11:40.840
<v Speaker 9>match between Trump and for senators, in particular Bill Cassidy

0:11:41.520 --> 0:11:46.559
<v Speaker 9>about them voting for a War Powers Act on Tuesday.

0:11:46.800 --> 0:11:49.160
<v Speaker 9>So they crossed the aisle. They voted with Democrats for

0:11:49.200 --> 0:11:51.440
<v Speaker 9>this measure that essentially called for the war with Iran

0:11:51.520 --> 0:11:54.479
<v Speaker 9>to end or for the White House to seek congressional

0:11:54.480 --> 0:11:59.280
<v Speaker 9>authorization to continue it. Trump was opposed to the measure naturally,

0:11:59.320 --> 0:12:01.640
<v Speaker 9>and was very very angry with the Senators and that

0:12:01.720 --> 0:12:03.560
<v Speaker 9>very much came to the four yesterday in this meeting.

0:12:04.240 --> 0:12:07.760
<v Speaker 9>We have from from Senator Cassidy there, who really spoke

0:12:07.800 --> 0:12:10.440
<v Speaker 9>up to the president. What is interesting is that later

0:12:10.520 --> 0:12:13.280
<v Speaker 9>on in the day another vote was was had on

0:12:13.280 --> 0:12:17.120
<v Speaker 9>this and it was reversed. So Senate Republican leadership were

0:12:17.120 --> 0:12:19.959
<v Speaker 9>able to essentially signal to the White House that they've

0:12:20.040 --> 0:12:21.960
<v Speaker 9>been able to fall back in line with the White

0:12:21.960 --> 0:12:24.920
<v Speaker 9>House's wishes. But it certainly was a very tense state

0:12:25.000 --> 0:12:27.840
<v Speaker 9>between Hill Republicans and the White House.

0:12:28.280 --> 0:12:30.480
<v Speaker 3>So falling back in line, but does that sort of

0:12:30.520 --> 0:12:35.600
<v Speaker 3>paper over the concerns that Cassidy and presumably others may

0:12:35.600 --> 0:12:39.679
<v Speaker 3>have raised at this meeting about the progress that's being

0:12:39.760 --> 0:12:43.040
<v Speaker 3>made toward a more permanent piece deal with Iran.

0:12:45.480 --> 0:12:48.040
<v Speaker 9>Doesn't it p to be, you know, completely papered over there?

0:12:48.080 --> 0:12:51.920
<v Speaker 9>There's still lingering concerns about it. Cassidy did say after

0:12:51.960 --> 0:12:54.840
<v Speaker 9>his meeting at the White House that you know, some

0:12:54.880 --> 0:12:59.520
<v Speaker 9>of his concerns were allayed and for now they seem

0:12:59.559 --> 0:13:01.840
<v Speaker 9>to be falling in line. But yeah, under the surface,

0:13:01.840 --> 0:13:05.480
<v Speaker 9>there certainly are concerns about where the negotiations are heading.

0:13:05.559 --> 0:13:09.760
<v Speaker 9>Just given the uncertainty about the future arrangement for Homus,

0:13:10.880 --> 0:13:14.000
<v Speaker 9>what Iran will be willing to agree to, how Iranian

0:13:14.040 --> 0:13:18.960
<v Speaker 9>funds might potentially be unfrozen, and so this topic is

0:13:19.080 --> 0:13:22.160
<v Speaker 9>unlikely to now be a closed one. We're likely to

0:13:22.160 --> 0:13:24.720
<v Speaker 9>see more tensions in the future if the White House,

0:13:24.880 --> 0:13:28.200
<v Speaker 9>at least from the perspective of certain senators, is not

0:13:28.320 --> 0:13:30.680
<v Speaker 9>more forthcoming about where the negotiations are heading.

0:13:31.000 --> 0:13:33.960
<v Speaker 3>Now, you mentioned that the President canceled plans to sign

0:13:34.000 --> 0:13:37.880
<v Speaker 3>this bipartisan housing bill that I think Republicans were hoping

0:13:37.920 --> 0:13:42.280
<v Speaker 3>to be able to tout as a way to alleviate

0:13:42.400 --> 0:13:46.880
<v Speaker 3>many of American voter's economic concerns heading into the November midterms.

0:13:46.920 --> 0:13:48.880
<v Speaker 3>What's the status of that housing bill?

0:13:48.960 --> 0:13:49.200
<v Speaker 14>Now?

0:13:50.800 --> 0:13:56.200
<v Speaker 9>Yeah, that's right. So President Trump blindsided congressional leadership yesterday

0:13:56.840 --> 0:13:58.880
<v Speaker 9>by announcing on the hours before he was set to

0:13:58.920 --> 0:14:01.440
<v Speaker 9>sign this bill that he would not sign it. His

0:14:01.520 --> 0:14:03.839
<v Speaker 9>reasoning was he wanted a separate build of a voter

0:14:03.880 --> 0:14:06.360
<v Speaker 9>ide build known as the Save America actively passed first.

0:14:07.960 --> 0:14:10.959
<v Speaker 9>And the issue now is that he's withheld a signature

0:14:10.960 --> 0:14:14.199
<v Speaker 9>from the housing bill, but it will actually pass into

0:14:14.280 --> 0:14:16.720
<v Speaker 9>law after ten days even if he does not sign it,

0:14:18.600 --> 0:14:21.000
<v Speaker 9>and he well, he could vote Vito it as well,

0:14:21.040 --> 0:14:23.480
<v Speaker 9>and that would send it back and that could make

0:14:23.520 --> 0:14:25.560
<v Speaker 9>things a little bit awkward for the Republicans on the

0:14:25.600 --> 0:14:27.480
<v Speaker 9>Hill because they then have to vote again for it,

0:14:27.760 --> 0:14:31.360
<v Speaker 9>you know, positions of the White House. But House Speaker

0:14:31.400 --> 0:14:33.840
<v Speaker 9>Mike Johnson said yesterday that he believes President Trump will

0:14:33.880 --> 0:14:36.200
<v Speaker 9>sign it, and it does seem likely that in some

0:14:36.240 --> 0:14:37.760
<v Speaker 9>form it will pass eventually.

0:14:39.760 --> 0:14:43.040
<v Speaker 3>Interesting to have all these cross currents alex ahead of

0:14:43.800 --> 0:14:48.720
<v Speaker 3>the rally that President Trump publicized, you know, days before

0:14:49.440 --> 0:14:53.520
<v Speaker 3>all these tensions and was just held last night on

0:14:53.560 --> 0:14:56.840
<v Speaker 3>the National Mall in prime time. What's the message that

0:14:57.000 --> 0:14:57.480
<v Speaker 3>came out.

0:14:57.400 --> 0:15:02.280
<v Speaker 9>Of that, Yeah, very much a sort of classic Trump rally.

0:15:02.960 --> 0:15:06.360
<v Speaker 9>He you know, touted the return of America, you know,

0:15:07.160 --> 0:15:11.240
<v Speaker 9>under his leadership, and he he did address the war

0:15:11.360 --> 0:15:15.760
<v Speaker 9>with Iran, defending you know, his policy on that, saying

0:15:15.760 --> 0:15:18.600
<v Speaker 9>it was obviously an important war to ensure they wouldn't

0:15:18.600 --> 0:15:22.800
<v Speaker 9>get nuclear weapons. But he also then defended the White

0:15:22.840 --> 0:15:27.000
<v Speaker 9>House in terms of certain affordability concerns. So gas prices

0:15:27.080 --> 0:15:29.240
<v Speaker 9>have risen quite considerably in the US as a result

0:15:29.280 --> 0:15:31.760
<v Speaker 9>of the war, you know, he acknowledged that, but then

0:15:31.800 --> 0:15:34.320
<v Speaker 9>said now that it's over, those will be coming down

0:15:34.400 --> 0:15:38.360
<v Speaker 9>very quickly and should hit you know, pre war levels

0:15:38.720 --> 0:15:42.800
<v Speaker 9>very soon. And so for him, you know, the message

0:15:42.840 --> 0:15:45.080
<v Speaker 9>was very much there's nothing to really worry about. The

0:15:45.120 --> 0:15:48.040
<v Speaker 9>wars over and as we head towards the midterms, you know,

0:15:48.200 --> 0:15:51.440
<v Speaker 9>affordability will will not be you know, a major issue

0:15:51.640 --> 0:15:52.600
<v Speaker 9>for voters.

0:15:54.640 --> 0:15:58.120
<v Speaker 2>This is Bloomberry Daybreak, your morning podcast and the stories

0:15:58.160 --> 0:16:01.200
<v Speaker 2>making news from Wall Street to Washington and beyond.

0:16:01.440 --> 0:16:03.840
<v Speaker 3>Look for us on your podcast feed by six am

0:16:03.880 --> 0:16:07.320
<v Speaker 3>Eastern each morning, on Apple, Spotify, or anywhere else you listen.

0:16:07.520 --> 0:16:10.360
<v Speaker 2>You can also listen live each morning starting at five

0:16:10.400 --> 0:16:13.000
<v Speaker 2>am Wall Street time on Bloomberg eleven three to zero

0:16:13.120 --> 0:16:16.000
<v Speaker 2>in New York, Bloomberg in ninety nine to one in Washington,

0:16:16.080 --> 0:16:20.000
<v Speaker 2>Bloomberg ninety two nine in Boston, and nationwide on serious

0:16:20.240 --> 0:16:21.800
<v Speaker 2>XM Channel one twenty one.

0:16:22.160 --> 0:16:24.920
<v Speaker 3>Plus listen coast to coast on the Bloomberg Business app

0:16:24.960 --> 0:16:27.760
<v Speaker 3>now with Apple CarPlay and Android Atto interfaces.

0:16:28.000 --> 0:16:31.000
<v Speaker 2>And don't forget to subscribe to Bloomberg News Now. It's

0:16:31.040 --> 0:16:33.760
<v Speaker 2>the latest news whenever you want it in five minutes

0:16:33.840 --> 0:16:36.960
<v Speaker 2>or less. Search Bloomberg News Now on your favorite podcast

0:16:37.000 --> 0:16:41.160
<v Speaker 2>platform to stay informed all day long. I'm Karen Moscow.

0:16:40.960 --> 0:16:43.480
<v Speaker 3>And I'm Nathan Hager. Join us again tomorrow morning for

0:16:43.520 --> 0:16:45.440
<v Speaker 3>all the news you need to start your day right

0:16:45.480 --> 0:16:46.720
<v Speaker 3>here on Bloomberg Day.

0:16:46.800 --> 0:16:46.960
<v Speaker 7>Ray