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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Alexis Christophers.

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Speaker 3: Here are the stories we're following today.

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Speaker 2: Alexis the first full month of the war, where Iran

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Speaker 2: is coming to a close and President Trump is ramping

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Speaker 2: up threats even as he considers his options. The Wall

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Speaker 2: Street Journal is reporting the President has told aids he

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Speaker 2: is willing to end the US campaign against Tehran even

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Speaker 2: if the Strait of Hormuz remains largely closed. The report

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Speaker 2: says the concern is that a mission to pry open

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Speaker 2: the choke point could extend the conflict beyond the president's

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Speaker 2: for to six week timeline. White House Press Secretary Caroline

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Speaker 2: Levitt says President Trump still wants a deal with Iran.

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Speaker 4: President is focused on achieving the objectives of Operation Epic

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Speaker 4: Fury with respect to forces that are on the ground

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Speaker 4: in the Middle East. It's the job of the Pentagon

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Speaker 4: to create maximum optionality for the commander in chief. It

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Speaker 4: does not mean the President has made any additional decision.

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Speaker 2: Press Secretary Caroline Levitt at the White House, and we

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Speaker 2: get more from Bloomberg's Jumana Barsetchi in Dubai.

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Speaker 5: To be clear, this has not come from President Trump himself.

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Speaker 5: This is reporting in the wool Street Journal. And actually

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Speaker 5: the latest from President Trump is a true social post

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Speaker 5: that he put up yesterday suggesting that they are in

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Speaker 5: discussions with a more quote unquote reasonable regime in Iran

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Speaker 5: that ad will be probably reached shortly after which and

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Speaker 5: then he says, if this strait is not immediately open

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Speaker 5: for business, we will conclude our stay in Iran by

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Speaker 5: blowing up and obliterating power plants, oil wells, and carg island.

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Speaker 2: Bloomberg's Jumana Barsecci reports in the meantime, and Iranian drone

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Speaker 2: struck a fully loaded Kuwaiti oil tanker docked in Dubai

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Speaker 2: early this morning. Kuwait's state run oil producer says they

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Speaker 2: al sell Me was in an area packed with ships

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Speaker 2: waiting to leave the Persian Gulf. Says the strike damage

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Speaker 2: the hull and started a fire, but no oil was

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Speaker 2: leaked and all twenty four crew members are safe.

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Speaker 3: And Nathan analysts say if Iran ends up taking control

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Speaker 3: of the Strait of Horror moves, it will be a

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Speaker 3: major military miscalculation by the US. Paul Wallace is Managing

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Speaker 3: editor for the Middle East.

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Speaker 6: For Bloomberg, it would.

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Speaker 7: Be very difficult to argue that it's not a strategic

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Speaker 7: disaster for the US. This is a waterway choke point

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Speaker 7: that was obviously very much open before this war started.

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Speaker 7: And if the US ends this war having lost control

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Speaker 7: and over that straight to Iran, that's that will go

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Speaker 7: down badly and look like a major strategic era.

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Speaker 3: Bloomberg News Managing editor Paul Wallace says Iran would take

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Speaker 3: in billions of dollars if it were able to take

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Speaker 3: control of the Straight and Alexis.

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Speaker 2: Gas prices in this country have officially topped four dollars

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Speaker 2: a gallon. Triple A says the nationwide average retail price

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Speaker 2: for regular unleaded roast almost four oh two, the highest

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Speaker 2: since August of twenty twenty two. One energy consultant warns

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Speaker 2: that oil will skyrocket even further if the war goes on.

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Speaker 6: The prices are to go through the roof.

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Speaker 8: It doesn't matter what present.

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Speaker 9: What is going through the roof.

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Speaker 3: I'm were looking at two hundred.

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Speaker 6: Dollars oil if you're looking at one hundred and fifty

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Speaker 6: first on two hundred and maybe even more than two hundred.

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Speaker 8: Beyond eight weeks, it could go anywhere.

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Speaker 2: Chairman Emeritis Faradune Fesheraki of fg E nex and Eca

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Speaker 2: made those comments to Bloomberg's Hustlin DA Mean.

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Speaker 3: A new United Nations study finds the US and Israeli

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Speaker 3: war against Iran could wipe out nearly two hundred billion

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Speaker 3: dollars worth of economic growth across the Middle East. The

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Speaker 3: report says the overall loss could wind up costing some

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Speaker 3: three point six million jobs and push as many as

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Speaker 3: four million people into poverty.

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Speaker 2: Alex has fed Sarah J. Powell says it's too soon

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Speaker 2: to know what kind of economic impact will come from

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Speaker 2: the war. Speaking at Harvard University in remarks heard live

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Speaker 2: here on Bloomberg, Powell said the Central Bank can afford

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Speaker 2: to wait out the crisis.

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Speaker 10: You know, it's it's one of those times where you

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Speaker 10: get a series of supply shocks, first the pandemic, then

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Speaker 10: the much smaller one from tariffs, and then we're getting

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Speaker 10: now an energy shock. No one knows how bigot will be.

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Speaker 10: It's way too early to know. As I mentioned, we

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Speaker 10: do think our policy is in a good place for

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Speaker 10: us to wait and see.

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Speaker 8: Fedcho J.

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Speaker 2: Pal says the labor market remains challenged, but the economy

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Speaker 2: remains dynamic and productive.

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Speaker 3: We now turn to the markets, Nathan, where futures are

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Speaker 3: higher on that Wall Street Journal report that President Trump

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Speaker 3: had signaled he was willing to end the military campaign

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Speaker 3: against Iran. Checking futures right now, SMP futures up nearly

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Speaker 3: one percent down futures now up four hundred and forty

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Speaker 3: four points, with Nasdaq futures climbing two hundred five points.

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Speaker 3: But it has not been a good one for the

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Speaker 3: bulls as we close out the first quarter. Rob Hayworth

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Speaker 3: is Senior investment Strategy director at US Bank Asset Management.

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Speaker 9: It's been challenging because there hasn't really been any place

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Speaker 9: to hide. The one place we liked to start the

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Speaker 9: month that has actually worked out for us a little

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Speaker 9: bit is global infrastructure, with Master Limited partnerships in that

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Speaker 9: component doing fairly well. But otherwise, unless you owned energy

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Speaker 9: this quarter, there's not been a lot of places to hide.

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Speaker 3: US Bank Asset Management's Rob Hayworth so farthest ye, the

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Speaker 3: Dow is down almost six percent, the S and P

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Speaker 3: five hundred off by seven point three percent, and the

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Speaker 3: Nasdaq down ten and a half percent.

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Speaker 2: Welllexis, we may be closing in on a deal. In

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Speaker 2: the food industry, The UK's Unilever says talks to sell

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Speaker 2: most of its food business to McCormick are advanced and

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Speaker 2: could be announced later today. Maker of Hellman's Mayonnaise, would

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Speaker 2: offload most of its food unit, excluding some parts like

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Speaker 2: its operations in India, for fifteen point seven billion dollars

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Speaker 2: in cash upfront and the rest in McCormick stock. Unilevers

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Speaker 2: prioritizing its personal care and beauty divisions, which include brands

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Speaker 2: like Dove Soap. Last year it spun off its ice

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Speaker 2: cream division, which included the Ben and Jerry's brand.

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Speaker 3: I Remember That. And a programming note Nathan Markets may

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Speaker 3: close on Fridays, but the world does not. That's why

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Speaker 3: we're bringing you a new live radio and TV show,

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Speaker 3: Bloomberg This Weekend is looking beyond the daily headlines to

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Speaker 3: the bigger themes driving politics, business and culture. Joined David Gura,

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Speaker 3: Christina Raffini and Lisa Matteo for smart conversations and in

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Speaker 3: depth interview and help make sense of the week that's

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Speaker 3: been and what comes next. Get Bloomberg This Weekend Live

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Speaker 3: Saturdays and Sundays from seven am Eastern Bloomberg Radio TV,

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Speaker 3: and the Bloomberg Business App. Time now for a look

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Speaker 3: at some of the other stories making news in New

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Speaker 3: York and around the world. For that, we're joined by

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Speaker 3: Bloomberg's John Tucker.

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Speaker 8: Good Morning John, and Good Morning at likexis the head

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Speaker 8: of the FCC under fire from both Democrats and Republicans.

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Speaker 8: Let's get more from Bloomberg's Matt Piper.

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Speaker 6: The ranking members of the Senate Commerce Committee questioned the

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Speaker 6: head of the Federal Communications Commission, criticizing his approval of

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Speaker 6: Nexstar's merger with Tegna without a vote of the full commission.

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Speaker 6: Republican Ted Cruz and Democrat Maria Cantwell jointly told FCC

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Speaker 6: chair Brendan Carr that he improperly allowed agency staff to

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Speaker 6: greenlight the merger. According to a copy of the letter

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Speaker 6: reviewed by Bloomberg, the merger involved waving major anti consolidation rules.

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Speaker 6: Senators say significant questions of policy must be addressed by

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Speaker 6: the full FCC in a vote. Matt Piper, Bloomberg Radio.

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Speaker 8: DSA workers speaking out after receiving their first paychecks in

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Speaker 8: more than a month. Agent and union leader Cameron Coachim says,

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Speaker 8: they're still struggling to keep up.

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Speaker 10: It's been nice that we got these paychecks, but at

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Speaker 10: the end of the day, you know we are still

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Speaker 10: going to be behind with our late fees and all

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Speaker 10: these different things.

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Speaker 8: Well, the continuing dh shutdown has lent to mass resignations

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Speaker 8: and a record number of sick calls at airport lines

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Speaker 8: still persist. Soren Buondani was elected mayor of New York

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Speaker 8: City in part on a promise of free childcare, and

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Speaker 8: now the city has announced its first free childcare pilot

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Speaker 8: program for municipal workers. A ten million dollar renovation project

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Speaker 8: currently other way to build a four thousand square foot

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Speaker 8: childcare facility in the city's municipal building. It's extended to

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Speaker 8: be completed this fall and serve about forty children. Global

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Speaker 8: News twenty four hours a day, whenever you want it

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Speaker 8: with Bloomberg News Now. I'm John Tucker. This is Bloomberg Alexis.

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Speaker 3: Thanks John, time now for our Bloomberg Sports update and

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Speaker 3: for that we bring in on Stash Hour.

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Speaker 11: It happens fairly off for the NCAA women's tournament that

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Speaker 11: best teams prevail. So when they get together Friday and

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Speaker 11: Phoenix to start the women's Final Four. It'll be the

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Speaker 11: four to one seeds undefeated Yukon, joined by UCLA, Texas

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Speaker 11: and South Carolina. The Longhorns obliterated Michigan seventy seven to

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Speaker 11: forty one. The game cotch be TCU seventy eight to

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Speaker 11: fifty two. This will be their sixth straight Final four.

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Speaker 11: NFL owners have awarded the Super Bowl in twenty twenty

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Speaker 11: nine to Las Vegas. That's their Bloomberg Sports Update.

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Speaker 8: Stay with us.

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Speaker 2: More from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. Coming to the end of

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Speaker 2: the first full months of the war, where Iran President

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Speaker 2: Trump may be weighing his options for an exit. The

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Speaker 2: Wall Street Journal is reporting this morning that the President

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Speaker 2: is considering winding down the fight even if the strait

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Speaker 2: of Horror moves remains effectively closed. Here's White House Press

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Speaker 2: Secretary Caroline Lovett.

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Speaker 4: The President Commander in chief the Pentagon has always stated

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Speaker 4: four to six weeks estimated timeline for Operation Epic Fury.

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Speaker 4: We're on day thirty today, so again you do the math.

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Speaker 2: It was White House spokesman Caroline Levitt in comments heard

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Speaker 2: live on Bloomberg Radio. Joining us this morning from Jerusalem

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Speaker 2: is Bloomberg News reporter Dan Williams. So, Dan, we have

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Speaker 2: this Wall Street Journal report coming after the President renewed

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Speaker 2: his threats to destroy Iran's energy infrastructure if it doesn't

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Speaker 2: reopen the strait.

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Speaker 8: What do we know this morning, Good morning.

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Speaker 12: Good morning. Very little.

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Speaker 8: We do know.

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Speaker 12: The president is voluble. We know he's unusually unvailable, available

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Speaker 12: to members of the press who managed to reach him

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Speaker 12: on the phone. We know that much of what he

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Speaker 12: says is contradictory, sometimes within the same day. There is

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Speaker 12: some evidence that this has been in the past, an

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Speaker 12: effort to create successfully tactical smoke screens, perhaps to calm markets,

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Speaker 12: perhaps to muster support, as you noted his comments about

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Speaker 12: potentially making do with US achievements US and IS raally

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Speaker 12: achievements in this war, despite Iran's de facto control of Hormuz,

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Speaker 12: that has very much energized or should we say, worried

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Speaker 12: many in the Middle East. It could be an effort

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Speaker 12: to bring Arab partners militarily into this fight. However, it

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Speaker 12: is worth remembering, and one can easily find his opening

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Speaker 12: speech his statement on February twenty eighth when this war began.

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Speaker 12: There is no mention of Hormos there among the US

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Speaker 12: objectives in this war. The objectives, as stated is to

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Speaker 12: destroy counteract imminent threats by iron to the United States

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Speaker 12: by demolishing its nuclear program and its missile program and

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Speaker 12: its navy. The Americans are sticking to what they say

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Speaker 12: is success in this matter. The President has said previously

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Speaker 12: that just three percent of US petroleum products come through Hormuz.

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Speaker 12: That's as opposed to the fact that the Hormoz straight

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Speaker 12: accounts for around twenty percent of energy for the rest

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Speaker 12: of the world. So it would appear that the United

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Speaker 12: States did not set out looking at a change in Hormus.

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Speaker 12: It did not set out looking to improve its energy status.

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Speaker 12: Given this war, and I imagine by his own account,

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Speaker 12: Trump can walk away saying that he satisfied his own objectives.

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Speaker 12: That is not something that his partners in the Middle

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Speaker 12: East would agree with. Certainly, Iran would hold up a profitable,

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Speaker 12: lucrative de factor control of Hormuz as a result of

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Speaker 12: this war as a major strategic success. So I think

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Speaker 12: time will tell in the coming days. We already know

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Speaker 12: that the US and mustering ground forces for potential threatened

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Speaker 12: actions on the ground in Iran, including potentially a takeover

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Speaker 12: of Hargate Island, which is of great importance to the

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Speaker 12: Iranians in terms of energy output. So we will find

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Speaker 12: out very soon whether that was yet more smokescreen our

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Speaker 12: whether the rubber will now hit the road in terms

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Speaker 12: of a ground operation by the Americans to try to

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Speaker 12: take the fight to the enemy and win this at

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Speaker 12: least when it comes to freeing up the whole moves straight.

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Speaker 2: Well, where would this potentially leave Israel? Those objectives, those

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Speaker 2: early objectives you mentioned, do they line up with Israel's objectives?

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Speaker 12: I think they do. We have these ready Prime ministers

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Speaker 12: saying in a NEWSMACS interview yesterday that these Raelis have

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Speaker 12: achieved or pass beyond their halfway points of this war.

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Speaker 12: The Israeli military this morning saying it can continue sustaining

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Speaker 12: those operations in Iran for weeks. It has the targets

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Speaker 12: remaining for that. Keep in mind that we are now

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Speaker 12: in week five of a war that the partners, the

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Speaker 12: allies said from the outset could last four to six weeks.

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Speaker 12: We're still within the framework, the time envelope they gave

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Speaker 12: from the outset, and it could well be that the Israelis,

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Speaker 12: who apparently this week, in fact, in these very hours,

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Speaker 12: shifting targets away from what they describe as vital defense

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Speaker 12: industry targets in Iran toward economic targets, are now looking

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Speaker 12: at second tier targets, basically destroying whatever they can against

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Speaker 12: an enemy of almost five decades standing before Trump calls

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Speaker 12: an end to this war. If he does call an

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Speaker 12: end to this war, keep in mind there may be

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Speaker 12: parity on the ground or in the air in terms

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Speaker 12: of the military mission sharing, but it's clear that it's

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Speaker 12: the United States which calls the shots in this war,

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Speaker 12: quite literally and also figuratively in terms of when it

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Speaker 12: will end. Should it end in Iran, the Israelis will

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Speaker 12: still have their hands full with a second front in

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Speaker 12: Lebanon against Iran's allies in Hesbala that is likely to continue,

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Speaker 12: and that's likely to be a preoccupation of Israel no

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Speaker 12: matter what happens in Iran.

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