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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Lisa Matteo. Here are the

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Speaker 3: top stories we're following today.

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Speaker 2: Lisa, we begin in Washington, d C.

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Speaker 4: Where President Trump's massive tax and spending cut bill has

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Speaker 4: taken its first big stamp on Capitol Hill.

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Speaker 2: It is moving on to the Senate.

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Speaker 4: After the mix of tax breaks and cuts to social

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Speaker 4: programs past the House by the thinnest of margins. House

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Speaker 4: Speaker Mike Johnson says he's confident it's going to get done.

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Speaker 5: We stand ready to continue our work together to deliver

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Speaker 5: on the one big, beautiful Bill, as President Trump named

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Speaker 5: it himself.

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Speaker 2: We're going to send that to his desk.

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Speaker 5: We're going to get there by Independence Day on July fourth,

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Speaker 5: and we are going to celebrate a new golden age

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Speaker 5: in America.

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Speaker 4: But before that happens, for House Speaker Mike Johnson, lawmakers

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Speaker 4: may have to satisfy bond investors. The yield on thirty

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Speaker 4: year treasuries is back above five percent on concerns the

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Speaker 4: bill will add to the nations already ballooning deficit. Sima

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Speaker 4: Shaw is Chief Global Strategistic Principal asset management.

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Speaker 6: Increasingly, it feels like this administration is going to have

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Speaker 6: to confront the problems because the bond market has lost patients,

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Speaker 6: and it's really going to force the issue through to

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Speaker 6: make sure that there is some realization that continuing to

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Speaker 6: expand its deficit its debt numbers indefinitely is simply not

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Speaker 6: something which can continue.

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Speaker 2: Seemashaw with principal asset Now.

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Speaker 4: The Trump administration argues the bill will boost business sentiment

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Speaker 4: and unleash economic growth, but higher treasury yields could make

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Speaker 4: it more expensive to.

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Speaker 2: Borrow and pile on even more to the government's stat.

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Speaker 3: Nathan Now the latest on another major story in the

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Speaker 3: nation's capital, the killing of two Israeli em Bessy staffers

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Speaker 3: at a Jewish museum. The suspect, thirty one year old

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Speaker 3: Elias Rodriguez, made his first court appearance on two counts

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Speaker 3: of murder, murder of foreign officials, and firearms charges. He

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Speaker 3: didn't enter a plea, but interim US attorney for DC,

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Speaker 3: Janine Piro, says the case is being investigated as a

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Speaker 3: hate crime and an act of terrorism.

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Speaker 7: This is the kind of case that picts at old

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Speaker 7: sores and old scars because these kinds of cases remind

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Speaker 7: us of what has happened in the past that we

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Speaker 7: can never and must never forget.

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Speaker 3: Interim US attorney Janine Piro says the case is eligible

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Speaker 3: for the death penalty, but prosecutors haven't said whether they'll

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Speaker 3: pursue it it. Surreal's ambassador says victims Iran Lishinsky and

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Speaker 3: Sarah Milgrim were about to be engaged in Jerusalem next week.

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Speaker 3: Charging documents say the suspect told police he did it

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Speaker 3: for Palestine. He's been ordered to remain in custody until

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Speaker 3: next hearing on June eighteenth.

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Speaker 2: And Lisa.

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Speaker 4: The Trump administration is making another big move against Harvard,

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Speaker 4: revoking the university's ability to enroll international students. It says

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Speaker 4: thousands of current students now to transfer to other schools

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Speaker 4: or leave the country. The Department of Homeland Security says

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Speaker 4: Harvard has created an unsafe campus environment by allowing anti

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Speaker 4: American pro terrorist agitators to assault Jewish students on campus.

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Speaker 4: Former Treasury Secretary Larry Summers is Harvard's president.

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Speaker 2: Emeridith this is.

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Speaker 8: Vicious, it is illegal, it is unwise, and it is

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Speaker 8: very damaging. Why does it make any sense at all?

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Speaker 8: To stop six thousand enormously talented young people who want

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Speaker 8: to come to the United States to study from having

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Speaker 8: that opportunity.

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Speaker 4: Former Harvard president Larry Summers told Bloomberg, quote, this is

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Speaker 4: the stuff of tyranny. The Homeland Security Department also accuses

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Speaker 4: the university of coordinating with the Chinese Communist Party, saying

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Speaker 4: it hosted and trained members of a Chinese paramilitary group

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Speaker 4: as recently his last year.

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Speaker 6: Well.

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Speaker 3: Meanwhile, Columbia University also under continued scrutiny by the Trump administration.

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Speaker 3: A government inquiry, it's found the Ivy League school violated

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Speaker 3: federal civil rights law by acting with quote deliberate indifference

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Speaker 3: toward the harassment of its Jewish students. Columbia has stated

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Speaker 3: that it is quote deeply committed to combating anti Semitism

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Speaker 3: and all forms of harassment and discrimination on our campus.

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Speaker 2: All right, let's turn to markets now.

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Speaker 4: Lisa stocks are on track for their worst week and

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Speaker 4: more than a month, and bond markets, as we said,

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Speaker 4: are reflecting investor concerns about ballooning US debt and deficits.

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Speaker 4: Kathy Jones is chief fixed income strategist at Schwab Center

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Speaker 4: for Financial Research.

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Speaker 9: The initial catalyst, or the immediate catalyst, was the budget bill,

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Speaker 9: which was kind of a final straw for the market

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Speaker 9: saying Okay, there's really no meaningful progress going to be

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Speaker 9: made anytime soon on reducing the deficit.

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Speaker 4: Kathy Jones of Schwab notes thirty year bond yields this

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Speaker 4: week reached a peak of five point one five percent,

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Speaker 4: that approach levels last scene in two thousand and seven.

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Speaker 4: This morning, the long bond is yielding five point zero

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Speaker 4: two percent.

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Speaker 10: Well.

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Speaker 3: Worldwide survey of businesses shows those most worried about tariffs

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Speaker 3: are in the US. Bloomberg's John Tucker following that story

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Speaker 3: Good morning, ed.

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Speaker 11: Good morning to Lisa.

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Speaker 12: Fifty one hundred international firms in thirteen countries were surveyed

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Speaker 12: by HSBC. About a quarter of US companies say they're

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Speaker 12: forecasting their revenues will be cut by more than half

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Speaker 12: over the next couple of years because of the impact

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Speaker 12: of the Trump tariffs on their supply chains. By contrast,

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Speaker 12: Chinese businesses they appear to be more optimistic, with only

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Speaker 12: a quarter projecting an impact of twenty five percent or

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Speaker 12: more on revenues. Overall, HSBC found widespread concern about the

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Speaker 12: tariffs Vivic Ramachandra and has head of Global Trade Solutions

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Speaker 12: at HSBC.

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Speaker 6: Everyone we've spoken to is planning to reshape the supply chains,

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Speaker 6: look at new markets, or change the business model.

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Speaker 12: Well, two thirds of the respondents say they had already

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Speaker 12: experienced cost increases due to the tariffs and the trade

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Speaker 12: uncertainty in New York. I'm John Tucker, Bloomberg Radio.

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Speaker 4: All right, John, thank you, speaking of tariff stick with

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Speaker 4: Bloomberg and have a conversation with Treasury Secretary Scott Bessett.

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Speaker 4: He'll be sitting down with Bloomberg's David Weston at our

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Speaker 4: global headquarters in New York City. You can catch that

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Speaker 4: conversation at eleven thirty am Wall Street Time on Bloomberg Radio,

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Speaker 4: Bloomberg Television, and the Bloomberg podcast page on YouTube.

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Speaker 3: Well, Nathan, President Trump has initiated a phone call with

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Speaker 3: the Prime Minister of Japan. This is just as Tokyo's

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Speaker 3: top negotiator left for the US for another round of

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Speaker 3: trade talks. Prime Minister Shigiro Ishabaz, speaking through a translator,

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Speaker 3: says the two had a forty five minute conversation.

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Speaker 11: Dai Malutek. We didn't discuss any details about tariffs. Japan's

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Speaker 11: stance of seeking the removal of additional tariffs remains unchanged.

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Speaker 11: On the other side, also made no specific mention of

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Speaker 11: this matter.

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Speaker 3: The phone call between the two leaders was the first

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Speaker 3: since early April, when the US ramped up its tariff

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Speaker 3: against nations around the world, including Japan.

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Speaker 4: Well Lisa Top holders of President Trump's meme coin, and

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Speaker 4: other guests were greeted by protesters as they arrived for

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Speaker 4: a dinner with the President at his golf club outside

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Speaker 4: Washington last night. Gathering has faced criticism from Democrats, who

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Speaker 4: cited conflicts of interests and the potential of selling access

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Speaker 4: to the president, particularly to people from foreign countries.

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Speaker 2: Here's White House Press Secretary Caroline Lovett.

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Speaker 6: The President is attending it in his personal time.

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Speaker 2: It is not a White House dinner.

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Speaker 11: It's not taking place here at the White House.

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Speaker 4: This White House spokes coming Caroline Levin. And at the dinner,

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Speaker 4: President Trump gave a speech reiterating his pledge to make

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Speaker 4: the US the world scrypto capital.

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Speaker 3: Hard It's time now for a look at some of

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Speaker 3: the other stories making news in New York and around

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Speaker 3: the world. For that, we're joined by Bloomberg's Michael bar

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Speaker 3: Good morning, Michael.

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Speaker 13: Good morning Lisa. Millions of people are planning to travel

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Speaker 13: by either planes, trains, or automobiles as we start the

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Speaker 13: Memorial Day travel rush. How is the weather looking for

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Speaker 13: holiday travel? Bloomberg Media religious Craig Allen has the latest.

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Speaker 14: There will be gradual improvement with each passing day as

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Speaker 14: we go into the holiday weekend, especially in and around

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Speaker 14: New York City and points south. It'll take longer for

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Speaker 14: some of the northern areas, like upstate New York or

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Speaker 14: into New England from Boston on north for it to

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Speaker 14: gradually clear out and get a little bit better. But

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Speaker 14: the trend is a better one overall, and we can

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Speaker 14: expect temperatures to moderate two. By the time we get

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Speaker 14: to Memorial Day itself, it should be back into the

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Speaker 14: upper sixties to mid seventies.

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Speaker 13: Bloomberg Media relogist Craig Allen. The Sean Didtycomb sex trafficking

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Speaker 13: and racketeering trial were resumed next Tuesday. Yesterday, fellow rapper

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Speaker 13: and actor Kid Cutty, whose real name is Scott Muscudy,

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Speaker 13: took the witness stand. He testified about his relationship with

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Speaker 13: Diddy's ex Cassie Ventura and violence that he says he

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Speaker 13: was the victim of about fourteen years ago. Cutty testified

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Speaker 13: shortly after comb Has found out he had been dating Ventur.

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Speaker 13: Someone set his car on fire. Combs is pleaded not

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Speaker 13: guilty to all charges. The music agency Sound Talent Group

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Speaker 13: says three of its employees died on the private plane

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Speaker 13: that crashed into a San Diego neighborhood on Thursday, and

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Speaker 13: that includes Dave Shapiro, the agency's co founder. Shapiro is

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Speaker 13: listed as the owner of the plane and has a

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Speaker 13: pilot's license. Six people were on that SESSMA. It originated

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Speaker 13: out of New Jersey's Teeterborough Airport. The jet crashed into

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Speaker 13: a neighborhood of US Navy owned housing in San Diego

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Speaker 13: during foggy weather, igniting several homes and numerous vehicles parked

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Speaker 13: on the street. This woman who lives there says the

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Speaker 13: crash spilled jet fuel down the street.

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Speaker 2: And I wrought fire all in front of my house.

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Speaker 2: I didn't know.

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Speaker 6: I just incurious explosions here and the fire was up

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Speaker 6: to like right in front of my front door.

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Speaker 11: So I'm trying to figure out how to escape with

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Speaker 11: my cakes.

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Speaker 13: Despite the destruction officials say no one on the ground

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Speaker 13: was killed. Global News twenty four hours a day and

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Speaker 13: whenever you want it with Bloomberg News.

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Speaker 2: Now, I'm Michael Barr and this is Bloomberg Lisa.

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Speaker 3: Thank you, Michael. All Right, it's time now for our

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Speaker 3: Bloomberg Sports update. For that we bring in John Stash.

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Speaker 13: Said.

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Speaker 15: When we last saw the next they were suffering through

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Speaker 15: the worst blown lead in an NBA playoff game in

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Speaker 15: at least twenty seven years. There was a point in

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Speaker 15: Game one with Indiana, the Knicks win probability was said

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Speaker 15: to be ninety nine point seven percent, but it's the

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Speaker 15: Pacers who won, bringing one nothing lead to Game two

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Speaker 15: tonight at the Garden.

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Speaker 2: Here's the next, Michel Bridges.

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Speaker 16: So it was just like the last five minutes, you know,

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Speaker 16: and learning from it and just own up to it

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Speaker 16: and know what we gotta do better. So don't really

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Speaker 16: crazy nothing to you know, obviously want that game back,

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Speaker 16: but you know it's a set of game series. So

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Speaker 16: it's just come, I'll be better, you know, play hope

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Speaker 16: forty eight minutes next game.

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Speaker 2: Game two.

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Speaker 15: In the West, they gave Oklahoma City stars Shay Gilles

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Speaker 15: Alexander his MVP Award. Then he scored thirty eight points

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Speaker 15: led the Thunder to a one eighteen to one oh

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Speaker 15: three win over Minnesota for a two to nothing series lead.

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Speaker 15: Florida Panthers appear on their way to a third straight

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Speaker 15: Stanley Cup Final with a chance to repeat as Cup champions.

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Speaker 15: The Panthers won five nothing at Carolina. Now go home

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Speaker 15: up to zem Yankee. He's in Rangers Stadium, Mattine with

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Speaker 15: the Yankee rookie infielder your bit Vivas at the plate

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Speaker 15: fifteen eight.

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Speaker 14: Big Boss has run deep to white Field, though all

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Speaker 14: is gone.

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Speaker 15: See yah his first big league Who gives the Yankees

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Speaker 15: on you nothing league?

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Speaker 2: Guess that work only run of the game.

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Speaker 15: The Yanks thirtieth win, eleventh in the last fourteen, and

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Speaker 15: now they get to play the Colorado Rockies, who are

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Speaker 15: eight and forty two, worst fifty games starts from a

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Speaker 15: season since eighteen ninety five the Louisville Colonels.

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Speaker 2: The Rockies are on pace to lose one hundred and.

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Speaker 15: Thirty six games, which would shatter the modern records that

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Speaker 15: by the White Sox last year they only lost one

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Speaker 15: hundred and twenty one. Metts and Dodgers started a serious

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Speaker 15: tonight in city Field, Red Sox and Orioles a day

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Speaker 15: night doubleheader at Fenway after last night's raining at the

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Speaker 15: Nationals won their fifth in a row eight seven ten

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Speaker 15: in means over Atlanta.

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Speaker 2: John Stashan of Bloomberg Sports, Lisa and Nathan.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Serious 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 Appum. This is Bloomberg Daybreak.

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Speaker 2: Good morning.

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Speaker 4: I am Nathan Hager, and President Donald Trump's one big,

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Speaker 4: beautiful tax and Spending Cut bill maybe making progress on

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Speaker 4: Capitol Hill, but it may have to run through the

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Speaker 4: gauntlet of a bond market that's raising a lot more

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Speaker 4: alarm bells about what the legislation could mean for the

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Speaker 4: country's already big deficit. Elojosa has had a fixed income

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Speaker 4: at Newton Investment Management.

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Speaker 10: The danger for now is that this fiscal phenomenon feeds

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Speaker 10: on itself. If it's a global phenomenon and you're seeing

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Speaker 10: yielded along end go up, that should be some multiple concern,

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Speaker 10: certainly for risky assets and certainly for policy makers as well.

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Speaker 10: As I have to finance at much higher interest rates.

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Speaker 4: That's Ellejoja of Newton Investment Management. For more, We're joined

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Speaker 4: by Bloomberg News Global Business editor Joshua Galoo and josh

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Speaker 4: we do still have a thirty year yield above five percent.

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Speaker 4: Had been at high as five point one point five

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Speaker 4: before backing off. It gets your attention, but you got

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Speaker 4: to wonder whether it gets Washington's attention.

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Speaker 2: Good morning, Good morning.

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Speaker 17: Yes, I think that the bond markets have been really

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Speaker 17: clear about how they feel about this tax bill. You know,

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Speaker 17: you saw the Moody's downgrade last week, and the markets

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Speaker 17: have responded as one would expect. Frankly, this bill adds

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Speaker 17: anywhere from you know, estimates range from about two and

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Speaker 17: a half trillion to more than five trillion dollars to

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Speaker 17: the deficit over the over the ten year, over the

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Speaker 17: ten year horizon that it's that it legislates for. So

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Speaker 17: the markets aren't happy and this, you know, honestly, it

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Speaker 17: creates big problems for the economy when the when the

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Speaker 17: country has to borrow at these high costs, it's a

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Speaker 17: compounding problem. So we'll have to see what happens is

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Speaker 17: the bill now moves to the Senate. The Senate wants

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Speaker 17: even more tax breaks, and they're going to push for

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Speaker 17: some some of the business tax breaks that are set

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Speaker 17: to phase out over the course of the bill's life

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Speaker 17: to make those instead permanent, which would actually put more

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Speaker 17: pressure on the borrowing. So we'll have to see what

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Speaker 17: happens there. They're rushing it through as well, and this

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Speaker 17: could result in more cuts to programs like Medicaid Snap,

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Speaker 17: the nutritional program for kids of low income households, and

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Speaker 17: some of the other provisions that could come up, like

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Speaker 17: the state and local tax deduction that was so hardly

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Speaker 17: fought in the House. So we'll have to see what

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Speaker 17: comes out of there. But they're really trying to push

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Speaker 17: it through to get it to Trump's desk by July fourth,

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Speaker 17: which is an ambitious timeline.

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Speaker 2: Yeah, less than two months from now.

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Speaker 4: And while the bond market may be trying to put

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Speaker 4: pressure on senators, President Trump and the administration are putting

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Speaker 4: even more pressure on Harvard University now to pretty unprecedented

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Speaker 4: levels in terms of their enrollment.

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Speaker 2: Josh.

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Speaker 17: Indeed, this is a massive escalation of their policy towards

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Speaker 17: higher education that they've been They've been running towards deleted

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Speaker 17: schools for the past couple months so yesterday Homeland Security

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Speaker 17: revoked Harvard's ability to enroll international students, and it also

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Speaker 17: said that current students who are internationals would have to

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Speaker 17: either transfer to a new school or lose their status.

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Speaker 17: And it of course that's about a quarter of Harvard's population.

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Speaker 17: This all stems from, you know, the administration's desire to

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Speaker 17: crack down on what it's calling sort of lack of

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Speaker 17: control to police anti Semitism and also other, you know, diversity, equity,

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Speaker 17: inclusion policies. That it's point that it's pointed to over

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Speaker 17: the course of the last few months.

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Speaker 11: It's a very.

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Speaker 17: Aggressive policy, something that is unprecedented, as you said, and

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Speaker 17: Harvard of course is challenging them in court and we'll

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Speaker 17: have to see how that goes.

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Speaker 4: This is Bloomberg Day, your morning podcast on the story's

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Speaker 4: making news from Wall Street to Washington and beyond.

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Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen.

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Speaker 4: You can also listen live each morning starting at five

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Speaker 4: am Wall Street time on Bloomberg eleven three to zero

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Speaker 4: Bloomberg ninety two to nine in Boston and nationwide on

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Speaker 4: Sirius XM Channel one twenty one.

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Speaker 3: Plus listen coast to coast on the Bloomberg Business App

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Speaker 3: now with Apple CarPlay and Android Auto Winterfaces.

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Speaker 4: And don't forget to subscribe to Bloomberg News Now. It's

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Speaker 4: the latest news whenever you want it in five minutes

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Speaker 4: or less. Search Bloomberg News Now on your favorite podcast platform.

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Speaker 2: To stay informed all day long. I'm Nathan Hager and.

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Speaker 3: I'm Lisa Matteo. Join us again tomorrow morning for all

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Speaker 3: the news you need to start your day right here

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Speaker 3: on Bloomberg Daybreak