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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 Karen Moscow.

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

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Speaker 2: Karen, we begin with the White House pressure campaign on

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Speaker 2: the Federal Reserve, coming right to its home turf. President

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Speaker 2: Trump put on a hard hat to inspect the FED

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Speaker 2: headquarters that he says has gotten too expensive to renovate.

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Speaker 2: The President toured the site with FED chair Jay Powell,

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Speaker 2: and there was a tense moment when the President claimed

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Speaker 2: the price tag had jumped from two and a half

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Speaker 2: to three point one billion dollars.

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Speaker 4: Are you including the Martin renovation?

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Speaker 5: You just added our retire capital?

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Speaker 2: You just you just added in a third buildings?

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Speaker 3: What that is?

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Speaker 5: That's a third building.

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Speaker 6: It's a building that's being built.

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Speaker 4: It's been it was built five years ago.

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Speaker 3: We finished Martin five.

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Speaker 6: Years lad over as part of the overall what.

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Speaker 5: New.

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Speaker 2: Despite that brief clash, President Trump says the project probably

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Speaker 2: is not enough of a reason to fire the chairman.

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Speaker 2: He was asked Pale could say to make him back

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Speaker 2: off his criticism, Well, I'd.

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Speaker 6: Love him to lower interest, Rachel. Other than that, what

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Speaker 6: can I tell.

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Speaker 2: You President Trump's visit was the first time in nearly

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Speaker 2: two decades that a president has gone to the Fed

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Speaker 2: in person. The Central Bank's next policy decision is this Wednesday, Nathan.

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Speaker 3: The Trump administrations trying to tamp down the Republican uproar

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Speaker 3: over the Jeffrey Epstein case. Deputy Attorney General Todd Blanche

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Speaker 3: met yesterday with Delane Maxwell, who's serving a twenty year

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Speaker 3: sentence in Florida for helping Epstein abuse underage girls. Maxwell's attorney,

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Speaker 3: David Marcus says the interview lasted all day.

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Speaker 7: Miss Maxwell answered every single question.

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Speaker 4: She never stopped, she never.

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Speaker 6: Invoked the privilege, she never declined to answer.

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Speaker 2: She answered all the questions truthfully, honestly, and to the

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Speaker 2: best of her ability.

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Speaker 3: Attorney David Marcus did not get into specifics on what

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Speaker 3: Maxwell had to say. It's still unclear if she has

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Speaker 3: any information beyond what's in the public record. Deputy Attorney

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Speaker 3: General Blanche posted on social media that he'll speak with

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Speaker 3: Maxwell again today.

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Speaker 2: Are their new developments in the Middle East, care and

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Speaker 2: the US is criticizing Emmanuel Mancrun after the French president

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Speaker 2: said he'll recognize the state of Palestine in September Secretary

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Speaker 2: of State Marco Rubio describes Macron's decision as reckless, saying

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Speaker 2: it only serves hamas propaganda and sets back peace. Ceasefire

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Speaker 2: talks in Gaza have suffered a major setback. Both the

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Speaker 2: US and Israel have pulled their negotiators from the discussions.

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Speaker 3: In caught Her and Nathan, Bloomberg News has learned that

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Speaker 3: City Group pushed a trading desk head to delete a

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Speaker 3: social media post that criticized Israel over the situation in Gaza.

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Speaker 3: On Bloomberg's uwn pots reports from London.

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Speaker 7: City's global head of short term interest rate trading Actually

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Speaker 7: Single posted on LinkedIn that he believed Israel's actions in

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Speaker 7: Gaza were quote horrific and unacceptable and calling them, in

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Speaker 7: his words, genocide. Before the end of the day, though

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Speaker 7: we told the bank had asked the London based staff

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Speaker 7: member to remove the comments, City says the post was

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Speaker 7: inconsistent with its code of conduct and it's reviewing them.

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Speaker 7: The trader did not respond to requests for comments. The

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Speaker 7: move is the latest reflection of corporation's reluctance to take

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Speaker 7: stances on polarizing topics in London. I'm you in Pots

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Speaker 7: Spoonberg Radio.

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Speaker 2: All right, you and thank you. Turning to markets now,

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Speaker 2: we're watching shares of Intel. They are down more than

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Speaker 2: five percent in early trading. The drop coms after a CEO,

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Speaker 2: Lip Bhutan sparked concerns he was more focused on cost

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Speaker 2: cutting than restoring Intel's technological edge. The chip maker will

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Speaker 2: cancel some factory projects and take a more conservative approach

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Speaker 2: to future spending. Jay Goldberg is an analystic Seaport Research Partners.

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Speaker 8: Are they going to try and compete with Nvidia long term?

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Speaker 8: Are they going to just try and make the best

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Speaker 8: of it? They still have a good CPU core franchise,

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Speaker 8: So I want to know how that is playing out

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Speaker 8: in the marketplace where you're seeing so much share, so

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Speaker 8: much wallet share is going to in Nvidia. What's Intel

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Speaker 8: going to do in that world where now in Vidia

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Speaker 8: is the dominant player in the data center and Intel

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Speaker 8: is sort of playing second fiddle.

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Speaker 2: Seaport Research Partners, Jay Goldberg. Intel aims to end the

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Speaker 2: year with seventy five thousand employees. That stown more than

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Speaker 2: twenty percent from the end of the June quarter.

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Speaker 3: Nathan shares a paramount rough at more than two and

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Speaker 3: a half percent. The SEC has approved Paramount Global's merger

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Speaker 3: with Skydance Media. We get the details with Bloomberg's Monica Rix.

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Speaker 1: FCC members voted two to one to approve the deal

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Speaker 1: after the Trump administration extracted concessions on the company's political

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Speaker 1: coverage and diversity practices. The loan vote against came from

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Speaker 1: FCC Commissioner Anagomez, who accused Paramount of quote cowardly capitulation

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Speaker 1: to the Trump administration. Earlier this summer, Paramount settled a

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Speaker 1: lawsuit filed against CBS by President Trump, who claimed the

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Speaker 1: network deceptively edited an interview with Kamala Harris during last

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Speaker 1: year's election. Last week, Paramount said it was canceling Stephen

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Speaker 1: Colbert's talk show next May because of financial decisions. Skydance

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Speaker 1: Media is led by David Ellison. He agreed last July

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Speaker 1: to take control of Paramount, the parent company of CBS

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Speaker 1: and MTV, after months of tumultuous negotiations with Sherry Redstone,

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Speaker 1: whose family had run the business for decades. Monica Ricks,

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Speaker 1: Bloomberg Radio.

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Speaker 2: All Right, Monica, thank You. In Europe, shares of Puma

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Speaker 2: are down eighteen percent, the German company slashing its profit

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Speaker 2: forecast In the way a face of weak demand for

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Speaker 2: its sports and exercise gear and growing concerns about the

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Speaker 2: impact of US tariffs. This is the third major route

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Speaker 2: this year alone for Puma, which has issued repeated profit warnings.

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Speaker 2: The stock has fallen about fifty five percent this year.

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Speaker 3: Nathan, Volkswagen is lowering its financial outlook for the year

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Speaker 3: the escalating cost of President Trump's tariff surweying on earnings

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Speaker 3: at the Audi and Porsche brands. We caught up with

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Speaker 3: Volkswagen cfo ar no atlets at the company factory in Wolfsburg, Germany.

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Speaker 4: We made six to eight percent marchin and currently were

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Speaker 4: face we've twenty five percent teriffs.

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Speaker 7: Yeah, so this is clear.

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Speaker 4: We need a good solution and a solution that fits

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Speaker 4: both the needs of the American administration but also the

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Speaker 4: European automakers.

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Speaker 3: In Volkswagen cfo are no Adlets now sees flat revenue

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Speaker 3: for the year from five percent growth previously, and also

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Speaker 3: reduced its outlook for a free cash flow.

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Speaker 2: Well Karen, The memestock frenzy continues on Wall Street. Shares

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Speaker 2: of tiny healthcare Triangle stood out as the most actively

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Speaker 2: traded on US exchanges yesterday, with no apparent News, The

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Speaker 2: little known healthcare information technology company saw its stock more

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Speaker 2: than double to just above five cents, with more than

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Speaker 2: three billion shares changing hands. That was equivalent to about

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Speaker 2: fifteen percent of the total shares traded on Wall Street

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Speaker 2: for the day. The surge for Healthcare Triangle was among

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Speaker 2: the latest in the memestock mania that has sparked rallies

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Speaker 2: and other speculative names, including Cole's, GoPro and Krispy Kreme.

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Speaker 3: Time now for look at some of the other stories

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Speaker 3: making news in New York and around the world, and

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Speaker 3: for that were joined by Bloomberg's Michael bar Muggle.

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Speaker 5: Good morning, Good morning, Karen. It is going to be

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Speaker 5: hot today. Bloomberg meteorologist Craig Allen has the.

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Speaker 9: Latest searing heat once again for today. It includes ten

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Speaker 9: states in the Mississippi Valley as well as the ten

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Speaker 9: c and Ohio Valley. It also includes the Eastern Seaboard

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Speaker 9: up and down the I ninety five corridor, where it

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Speaker 9: also includes major cities like Washington on up through Philadelphia,

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Speaker 9: New York City, Boston, even into the lower sections of Maine.

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Speaker 9: So we're talking about over one hundred and thirty million

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Speaker 9: people being affected by some kind of heat alert. The

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Speaker 9: heat index could reach one hundred to one hundred ten

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Speaker 9: degrees today, especially along the East coast, and that will

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Speaker 9: be followed by some strong thunderstorms during the mid and

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Speaker 9: latter part of the afternoon.

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Speaker 5: Thank you, Craig. Now, if you don't have an air conditioner,

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Speaker 5: officials say, take advantage of a cooling center to avoid

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Speaker 5: the dangerous heat. President Trump selected Alina Habba to continue

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Speaker 5: running the US Attorney's office in New Jersey on a

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Speaker 5: temporary basis. President Trump chose Habba, his former personal attorney

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Speaker 5: a mid and eventful week in which your interim post

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Speaker 5: was set to expire and federal judges had picked her

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Speaker 5: top assistant to take her place. The Trump administration sued

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Speaker 5: New York City over its sanctuary city policies. They are

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Speaker 5: arguing they are obstructing the government from enforcing immigration law

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Speaker 5: and contributed to the recent shooting of an off duty

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Speaker 5: US Customs and Border Protection officer. Tributes have been poring

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Speaker 5: in for Hulk Hogan, the icon in the world of

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Speaker 5: pro wrestling, died at the age of seventy one. Sylvester

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Speaker 5: Sloan writing online, my heart breaks President Trump, calling Hulk

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Speaker 5: Hogan strong tough, smart, but with the biggest heart. And

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Speaker 5: we've lost a jazz legend. Chuck Mangeon has died. The

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Speaker 5: man with a Golden trumpet was behind songs like feel

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Speaker 5: So Good. He was born and raised in Rochester, New York.

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Speaker 5: Chuck Mangeon. It was eighty four Global news, twenty four

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Speaker 5: hours a day and whenever you want it with the

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Speaker 5: Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg Karen.

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Speaker 3: All right, Michael Barr, thank you time now for the

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Speaker 3: bloombergs Board.

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Speaker 1: Some update.

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Speaker 3: Here's John stash Hour, John, Good.

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Speaker 10: Morning, Mornie.

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Speaker 5: Care.

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Speaker 10: Will be a bit of a strange weekend for Mets fans.

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Speaker 10: Presumably they'll be rooting for the Yankees Mets, of course,

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Speaker 10: in the battle at the Phillies. Mets currently half game ahead.

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Speaker 10: The Phills are at the stadium to take on the Yanks,

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Speaker 10: who in that big game Wednesday in Toronto looked especially sloppy.

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Speaker 10: Four errors, throwing a completely misjudged fly ball and another

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Speaker 10: loss to the Blue Jays or the Yanks now trail

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Speaker 10: by four and a half games. It left Aaron Boone

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Speaker 10: having to defend his team's defensive skills.

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Speaker 11: We have good defenders. It's not like we're searching for

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Speaker 11: you look around our field. We've got really good defenders.

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Speaker 11: So but it's also something that you know, defense is

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Speaker 11: a game of under control and calm. So it's like

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Speaker 11: you want to you know, last thing I want us

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Speaker 11: to do is get tight and stuff like that and

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Speaker 11: play to not make a mistake. Can't do that.

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Speaker 10: In games this season where the Yankees have committed an error,

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Speaker 10: their record is fifteen and twenty four. When they haven't

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Speaker 10: had one, they're forty one and twenty two. Mets Tonight

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Speaker 10: begin at West Coast Trip in San Francis, Go Red

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Speaker 10: Sox home for the Dodgers show. Hey O, Tommy comes in,

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Speaker 10: heaving homer in each of his last five games. Jess

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Speaker 10: training camp opened up sure enough another an injury to

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Speaker 10: their new quarterback justin Field dislocated toe. Not serious fields

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Speaker 10: as day to day. The Giants starter now Russell Wilson,

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Speaker 10: but the QB of the future, Jackson Dart. Giants took

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Speaker 10: him at the first round of the draft, and the

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Speaker 10: gentlem manager Joe Sheen was asked about Dart's leadership skills.

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Speaker 12: I mean tough at first. You know, we've been around

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Speaker 12: some quarterbacks when you come in as a twenty one,

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Speaker 12: twenty two year old and you know, now you're just

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Speaker 12: tough to go lead grown men that have been in

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Speaker 12: the league for a long time. So it'll happen organically,

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Speaker 12: but you know, we like the personality traits, the character traits,

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Speaker 12: the leadership traits that he possessed Ole Miss and you know,

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Speaker 12: from what we've seen so.

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Speaker 10: Far, Giants in the offseason also added veteran QB Jamis Winston,

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Speaker 10: Kansas's Hall.

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Speaker 5: Of Fame basketball coach.

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Speaker 10: Sixty two year old Bill self hospitalized with a hard procedure.

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Speaker 10: He had two stints inserted, expected to make a full recovery.

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Speaker 10: Johns Stashie. We're Bloomberg Sports Karen Nathan.

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Speaker 1: Coast on Bloomberg Radio, nationwide on Sirius XM, and around

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Speaker 1: the world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 1: This is Bloomberg Daybreak.

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Speaker 10: Good morning.

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Speaker 2: I'm Nathan Hager. President Donald Trump is taking his ongoing

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Speaker 2: pressure campaign against Federal Reserve Chairman Jerome Powell to New

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Speaker 2: Heights with his visit to the Fed's building renovation after

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Speaker 2: seeing the two and a half billion dollar project for himself.

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Speaker 2: Though the President said he's backing off the idea of

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Speaker 2: firing Powell over.

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Speaker 6: It term comes up soon. I think he's going to

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Speaker 6: do the right thing. Everybody knows what the right thing is.

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Speaker 6: Even people that believed in the higher rates, they're all

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Speaker 6: on board. They all want to see the interest rates

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Speaker 6: come down.

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Speaker 2: That was President Trump speaking outside the Fed's headquarters yesterday.

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Speaker 2: Joining us this morning for more on this is Bloomberg's

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Speaker 2: Valerie Titel and Valerie, I know you've been watching this

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Speaker 2: pressure campaign going on for quite some time. It's almost

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Speaker 2: like he's dipping back into that old flood the zone

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Speaker 2: playbook that we've seen throughout his presidency. Good morning, Good morning, Nathan.

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Speaker 13: Yes, it was quite a rare spectacle to see a

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Speaker 13: sitting president not only enter the Federal Reserve building, which

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Speaker 13: is something that hasn't happened in around twenty years, but

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Speaker 13: then pressure the FED chair in front of media, in

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Speaker 13: front of cameras to cut interest rates and then slap

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Speaker 13: him on the back and watch walk away.

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Speaker 2: So it was quite a media.

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Speaker 13: Spectacle last night, this meeting and this visit to the

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Speaker 13: FED construction zone that President Trump has thrown so much

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Speaker 13: criticism at for going over budget now costing around two

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Speaker 13: point seven billion dollars. There also was a tense moment

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Speaker 13: which did show a lot of amnosity between the two,

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Speaker 13: when President Trump took out a letter from his pocket

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Speaker 13: that stated that the total costs of the renovations have

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Speaker 13: now reached three point one billion dollars, leaving Powell to

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Speaker 13: look almost shocked, taking out his own reading glasses to

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Speaker 13: read the piece of paper, and only to mention to

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Speaker 13: President Trump that that included a renovation that was completed

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Speaker 13: five years ago and is not part of the current renovation.

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Speaker 13: So it was a spectral. I highly recommend you google

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Speaker 13: and watch the video.

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Speaker 2: Yeah, you can see it on the Bloomberg terminal as well.

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Speaker 2: I guess it remains to be seen, though, whether this

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Speaker 2: spectacle is actually going to result in what the President

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Speaker 2: has made abundantly clear that he wants to see for

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Speaker 2: the Federal Reserve to lower interest rates. Next week.

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Speaker 13: Yeah, the Federal Reserve does meet next week, and it's

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Speaker 13: notable that nothing is priced in for this decision, even

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Speaker 13: though we are hearing more and more from the President

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Speaker 13: about his desire for the Federal Reserve to cut interest rates.

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Speaker 13: But yesterday he did mention to the cameras that he

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Speaker 13: just wants to see one thing happen. It's very simple.

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Speaker 13: Interest rates have to come down. So he was keeping

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Speaker 13: up this pressure campaign on the Federal Reserve chair Jerome Powell. Yesterday,

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Speaker 13: it has noted that we are not pricing in even

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Speaker 13: a FED cut at their next decision com September after

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Speaker 13: their holiday over the summer. The market, though, is pricing

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Speaker 13: in a full cut when it does come to their

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Speaker 13: October meeting. The Federal Reserve is waiting for more clarity

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Speaker 13: when it does come to the tariff ms packed on

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Speaker 13: CPI on the pass through to consumers. Just what that

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Speaker 13: will be and whether they'll have clarity by September or

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Speaker 13: October still remains a question that the market's tussling over.

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Speaker 13: But President Trump and even the Treasury Secretary Scott Bessen

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Speaker 13: have amped up pressure this week, saying that there's no

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Speaker 13: evidence of tariff induced inflation and the Federal Reserve should

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Speaker 13: be cutting interest rates.

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Speaker 2: Well, what can we say that the bond market is

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Speaker 2: pricing in right now? I mean, we are seeing modest

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Speaker 2: increases in the yields this morning, a lot of volatility

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Speaker 2: in the bond space. What's the focus for investors right now, well.

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Speaker 13: At least for fixed income, the focus has been on

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Speaker 13: the hawkish ECB decision, which took German bun yields up

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Speaker 13: nine basis points and they're rising another six today, so

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Speaker 13: that is definitely dragging treasury yields higher along with it.

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Speaker 13: But another big focus, at least for those in the

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Speaker 13: US markets, has just been this continual record highs for

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Speaker 13: the S and P five hundred every day. This week, Nathan,

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Speaker 13: we've reached a new record high for the S and

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Speaker 13: P five hundred, and we're seeing this happen alongside the

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Speaker 13: VIX index falling to five month lows, and if you

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Speaker 13: look at even realized vall, that is also very suppressed.

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Speaker 13: The Nasdaq ten day realized VAAL, Nathan, is at a

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Speaker 13: four year low. So it goes to show just how

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Speaker 13: much the markets have gotten used to this kind of

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Speaker 13: political headline trading. This volatility coming out of the Trump

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Speaker 13: administration is just something we're taking in stride, and we're

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Speaker 13: seeing new record highs being posted every session this week.

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Speaker 2: Yeah, and along with that FED decision coming up on Wednesday,

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Speaker 2: we've got the I guess the expiration of the August

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Speaker 2: first tariff pause on Friday. What are we expecting in

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Speaker 2: terms of trade deal? It's got about thirty seconds last I'll.

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Speaker 13: Add one more to that. It is also NFP on Friday,

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Speaker 13: but we did hear some notable comments from the Volkswagen

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Speaker 13: CEO about the EU US trade deal, saying he expects

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Speaker 13: a fifteen percent tariff rate on autos. So there is

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Speaker 13: a lot of positivity about the EU reaching a big

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Speaker 13: deal before next Friday's deadline.

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