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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 Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Karen, we'll have the latest on the debate over the

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Speaker 2: Republican tax cut bill in just a minute, but we

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Speaker 2: have to begin this morning with a deadly shooting in Washington,

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Speaker 2: d C. Two staff members of the Israeli Embassy were

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Speaker 2: shot and killed while leaving an event at the Capitol

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Speaker 2: Jewish Museum. The suspect was identified as thirty year old

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Speaker 2: Elias Rodriguez of Chicago. Police say when he was apprehended,

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Speaker 2: he yelled free, Free Palestine. Here's DC Mayor Muriel Bowser.

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Speaker 4: There is no active threat in our community. What I

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Speaker 4: do know is that the horrific incident is going to

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Speaker 4: frighten a lot of people in our city and in

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Speaker 4: our country.

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Speaker 2: That was Washington, d C. Mayor Muriel Bowser, and in

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Speaker 2: a social media post early this morning, President Trump said, quote,

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Speaker 2: these horrible DC killings based off obviously on anti semitism,

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Speaker 2: must and now hatred and radicalism have no place in

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Speaker 2: the USA.

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Speaker 3: Now, Nathan to the debate on Capitol Hill. The House

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Speaker 3: is in session right now. Debating a final version of

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Speaker 3: President Trump's signature tax and spending cut bill. Republican leaders

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Speaker 3: issue the revised tax last night. It includes a higher

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Speaker 3: forty thousand dollars limit on the state and local tax

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Speaker 3: deduction to win over Republicans from high tax states. And

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Speaker 3: it speeds up work requirements for Medicaid and ends Biden

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Speaker 3: era clean energy tax breaks. That's to a piece hardline conservatives.

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Speaker 3: Indiana Congressman Aaron Houshin says there's a lot for Republicans

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Speaker 3: to like.

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Speaker 5: The bill requires states to have skin in the game

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Speaker 5: on snap. The bill requires states to be more responsible

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Speaker 5: about how Medicaid is funded. The bill provides needed tax

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Speaker 5: really for seniors.

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Speaker 3: These are good things, Republican Eron Houschin spoke in the

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Speaker 3: House floor last night. But Democrats like Congressman Jim and

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Speaker 3: governor of Massachusetts are lined up in opposition.

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Speaker 2: Democrats will not stand by and watch Trump and his

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Speaker 2: billionaire friends destroy this country without putting up one hell.

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Speaker 6: Of a fight.

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Speaker 3: Congressman Jim McGovern and the Democrats would need just a

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Speaker 3: handful of Republicans to join them to stop the bill.

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Speaker 3: But House Speaker Mike Johnson is hoping to pass the legislation.

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Speaker 3: This morning, before lawmaker's leave from Memorial Day recess and.

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Speaker 2: The White House Karen, President Trump had a tense encounter

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Speaker 2: with South African President Cyril Ramaposa. The South African leader

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Speaker 2: came to the Oval Office to try to reset relations

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Speaker 2: after the President allowed minority white farmers from the country

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Speaker 2: to claim refugee status in the US. Rama Posa brought

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Speaker 2: two white golfers and his white agriculture minister with him.

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Speaker 7: I would say, if that was Afrikana farmer genocide, I

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Speaker 7: can bet you these three gentlemen would not be here.

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Speaker 2: Mad comment from President Cyril Ramaposa led President Trump to

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Speaker 2: call on White House staff to dim the lights and

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Speaker 2: play a video of crosses representing white farmer deaths, with

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Speaker 2: thousands of is.

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Speaker 5: Talking about it.

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Speaker 8: Surely we have documentaries, we have news stores.

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Speaker 2: And President Trump's confrontation with Ramaposa comes three months after

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Speaker 2: a similar encounter with Ukrainian President Vladimir Zelenski. A Ramaposa

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Speaker 2: spokesman says it was definitely an ambush.

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Speaker 3: Let's turn to the market, s Nathan Bond. Investors are

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Speaker 3: pushing back against President Trump's tax cut play, and we

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Speaker 3: give that story with Bloomberg's John Tucker.

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Speaker 9: John, good morning, Good morning, Karen. This is a warning

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Speaker 9: sign from the bomb market. The yield on the thirty

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Speaker 9: year US government bond pushing to around five point one percent,

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Speaker 9: around a two decade high. The concern is that the

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Speaker 9: tax bill would add trillions of dollars in coming years

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Speaker 9: to the already bulging budget deficits. At the same time,

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Speaker 9: investor appetite for US assets that's drying up a bit

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Speaker 9: across the world. It's a combination that could make interest

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Speaker 9: rates go higher. Still, it's a challenging environment for investors

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Speaker 9: like Sandy Villery, portfolio manager for Villery and Company.

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Speaker 10: You look at what happened in twenty twenty five so far,

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Speaker 10: all about the tariffs. Now we've got the new bill

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Speaker 10: that's going to certainly increase deficits a little bit. And

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Speaker 10: we had a you know, the twenty year auction was

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Speaker 10: certainly weaker.

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Speaker 9: And this all follows the credit down great of the

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Speaker 9: US by Moodies last week. George Cantrebone, head of fixed

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Speaker 9: Income and Trading at DWS America, says, make no mistake,

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Speaker 9: the bomb market will have its own vote on the

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Speaker 9: terms of the budget bill in New York. I'm John Tucker,

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Speaker 9: Bloomberg Radio.

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Speaker 2: All right, John, thank you. Well, it's not just treasury

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Speaker 2: yields rising lately. So is bitcoin. Earlier this morning, the

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Speaker 2: cryptocurrency topped one hundred eleven thousand for the first time.

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Speaker 2: Right now, it's at one hundred and ten three hundred.

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Speaker 2: Bitcoin's latest milestone comes as President Trump prepares to meet

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Speaker 2: with the biggest holders of his meme coin at a

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Speaker 2: dinner tonight at his golf club just outside Washington, DC.

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Speaker 2: Bitcoins so far this year is up seventeen percent.

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Speaker 3: Nathan JP Morgan Chase CEO Jamie Dimond says he cannot

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Speaker 3: rule out the US economy will fall into stagflation as

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Speaker 3: the country faces huge risks from geopolitics deficits in pri pressures.

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Speaker 3: He spoke earlier this morning to Bloomberg at the Bank's

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Speaker 3: Global China Summit in Shanghai.

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Speaker 9: I think there's a.

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Speaker 11: Chance that things will You'll have stagflation. So much saying

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Speaker 11: is going to happen. I don't want to read to

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Speaker 11: say he's predicting this. I'm not, but we have to

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Speaker 11: be prepared for something like that. I think the global

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Speaker 11: fiscal deficits or inflationary. I think the remilitarization of the

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Speaker 11: world is inflationary. The restruction of trade is inflationary. And

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Speaker 11: this is not all American thing.

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Speaker 3: JP Morgan Chase chief Jamie Diamond speaking with the Bloombergs

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Speaker 3: has Linda Amman at the Bank's Global China Summit in Shanghai.

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Speaker 3: For the full conversation, head over to the Bloomberg Podcast

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Speaker 3: channel on YouTube and.

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Speaker 2: Karen former New York Fed President and current Bloomberg opinion

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Speaker 2: columnist Bill Dudley's calling for more transparency and clearer communication

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Speaker 2: from the FED to better prepare markets and facilitate a

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Speaker 2: smoother policy transmission.

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Speaker 12: The CD is basically an outlier. Every other central bank

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Speaker 12: does this in one form or another that are peers

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Speaker 12: of the FED, and this would actually help the FED

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Speaker 12: to both communicate and also pivot when things turn out

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Speaker 12: to be different than they expected. If you had that

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Speaker 12: scenario in say twenty twenty one, twenty two, that inflation

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Speaker 12: might stay higher for longer, that probably made it easier

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Speaker 12: for the FED to terminate its large scale acid purchase

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Speaker 12: program earlier.

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Speaker 2: I was former New York Fed President and Bloomberg opinion

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Speaker 2: columnist Bill Dudley. The Central Bank is reviewing its current

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Speaker 2: monetary policy framework, out sets interest rates, looks at unemployment,

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Speaker 2: and communicates changes to the public. That happens every five years.

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Speaker 2: The Fed's last review was in twenty twenty.

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Speaker 3: Hey, then, President Trump is floating the possibility of taking

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Speaker 3: mortgage giants Fanny May and Freddie Mack public and May.

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Speaker 3: Get the very latest. It's Bloomberg's Lisa Mattail, Lisa, good morning.

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Speaker 13: Good morning, Karen. The two companies have been under government

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Speaker 13: oversight since the two thousand and eight financial crisis. Now

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Speaker 13: both they've returned to steady profitability, with earnings being retained.

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Speaker 13: In a post on truth Social President Trump said he

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Speaker 13: would talk over that decision with Treasury Secretary Scott Best

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Speaker 13: and Commerce Secretary Howard Lutnik and Bill Poulti.

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Speaker 2: Poulty, he's a director.

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Speaker 13: Of the Federal Housing Finance Agency, which actually oversees Freddie

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Speaker 13: Mack and Fanny May. So what could this do well

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Speaker 13: the move It could help provide billions of dollars to

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Speaker 13: the US government, kind of soften those concerns about the

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Speaker 13: impact of the President's signature tax cut legislation to the deficit.

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Speaker 13: It could also give a boost to allies like Hedgephne

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Speaker 13: manager Bill Ackman, who's Pershing Square Capital Management has invested

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Speaker 13: in the companies. But then you have critics who say

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Speaker 13: it comes.

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Speaker 4: With risks, especially over.

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Speaker 13: How much of a government guarantee Fanny and Freddy could

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Speaker 13: still have, which could essentially put more pressure on mortgage rates.

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Speaker 13: Lisa Matteo, Bloomberg Radio.

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Speaker 2: All right, Lisa, thank you. And in deal news, Honeywell

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Speaker 2: has agreed to buy Britain's Johnson Matthew's Catalyst technology business

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Speaker 2: for an enterprise value of about two point four billion

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Speaker 2: dollars in cash. This gives Honeywell a business that serves

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Speaker 2: pharma and agrochemical companies and has a pipeline of more

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Speaker 2: than one hundred and fifty projects to help the shift

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Speaker 2: to fewer emissions.

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Speaker 3: And it's time now for a look at some of

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

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Speaker 3: around the world. And for that we're joined by Bloomberg

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Speaker 3: to Michael Barr Michael, good morning.

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Speaker 7: Good morning, Karen. A federal judge says to Winehouse violated

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Speaker 7: a court order on deportations to third countries with a

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Speaker 7: flight link to South Sadan Judge Brian Murphy and Boston

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Speaker 7: said the eight migrants aboard the plane were not given

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Speaker 7: a meaningful opportunity to object that the deportation could put

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Speaker 7: them in danger. Trina Riamuto is with the National Immigration

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Speaker 7: Litigation Alliance.

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Speaker 3: The government is still refusing to provide due process to

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Speaker 3: our clients, which means they are not giving them notice.

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Speaker 7: The Justice Department has moved to cancel settlements with Minneapolis

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Speaker 7: and Louisville that called for an overhaul of policing following

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Speaker 7: the killings of George Floyd and Breonna Taylor. Minneapolis Mayor

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Speaker 7: Jacob Fry who claimed the changes will still be made.

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Speaker 14: Minneapolis is serious about our commitment to police reform, even

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Speaker 14: if the President of the United States is not. We're

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Speaker 14: going to move forward with that work with or without

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Speaker 14: the White House.

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Speaker 7: Flood advisories are in effect for the New York area.

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Speaker 7: Bloomberg Meeta Religious Craig Allen has the latest.

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Speaker 6: This is horrible weather for late May as we approach

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Speaker 6: the holiday weekend here. This is part of the same

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Speaker 6: system that spawned over one hundred and sixty tornadoes over

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Speaker 6: the last three days across the central portions of the

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Speaker 6: United States. Now it is in a much weakened form,

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Speaker 6: but we are going to get doused by rain heavier times.

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Speaker 6: There will be flooding right through the morning commute. Bloomberg

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Speaker 6: Meeting religist Craig Allen. Testimony from Sean Diddy Combe's sex

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Speaker 6: trafficking and racketeering trial continues today. Combe's former assistant George Kaplan,

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Speaker 6: was on the stand yesterday. Kaplin has been granted immunity

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Speaker 6: from prosecution for his testimony. Global News twenty four hours

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Speaker 6: a day and whenever you want it with Bloomberg News

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Speaker 6: Now Now Michael Bahren, this is Bloomberg Karen all.

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Speaker 3: Right, Michael Barr, thank you time now for the Bloomberg

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Speaker 3: Sports Update. Here's John stash Hour. John, good morning, Good morning.

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Speaker 8: You are the next. In the first two rounds of

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Speaker 8: the playoffs had their sheriff comebacks and games pulled out

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Speaker 8: at the end. But Indiana was doing the same thing.

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Speaker 8: Miracle rallies to beat Milwaukee and Cleveland and the game

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Speaker 8: one of these finals of the Garden, another huge comeback

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Speaker 8: by the Pacers. The Knicks, with seven and a half

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Speaker 8: minutes left, had a sixteen point lead, Patrins chipped away.

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Speaker 8: Aaron Nesmith hit six three pointers in a five minutes span.

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Speaker 8: He made three threes and thirty seconds. When Time's Halliburton

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Speaker 8: had a shot at the buzzer, it looked like a

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Speaker 8: game winning three, but his toe was on the line,

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Speaker 8: so it forced overtime and ot Pacers held the lead.

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Speaker 8: At the end, he was Druncheon bog down by free.

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Speaker 8: Here is a free for the time short caught play

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Speaker 8: hot out to times to tie yo Lee.

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Speaker 2: Bound foot for loose pitches.

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Speaker 1: Has cut it clock his chicken out of bounds.

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Speaker 8: It's Indiana's ball at point two to go on TNT.

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Speaker 8: Indiana stole Game one one, thirty eight, one, thirty five,

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Speaker 8: Haliburton thirty one points. Neissmith scored thirty took nine three pointers,

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Speaker 8: missed only one in defeat. Jalen Brunson forty three points.

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Speaker 8: Karl Anthony Towns went for thirty five. Game two tomorrow

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Speaker 8: as expected Oklahoma City Shay Gilgess Alexander is the NBA's

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Speaker 8: MVP dram at the Garden and in the Bronx Jason

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Speaker 8: Domingue is a walk off home run to start the

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Speaker 8: bottom of the nine to eight Yankees. The four to

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Speaker 8: three win over Texas much needed win for the Mets

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Speaker 8: five to one over the Red Sox. The Dallas Stars,

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Speaker 8: with a five goal third period, beat Edmonton sixty three

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Speaker 8: to start the NHL's West Final. The Tush Push survives.

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Speaker 8: The vote to Bennett was twenty two to ten. Twenty

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Speaker 8: four votes were needed. A long time Indianapolis Colts owner,

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Speaker 8: Jim Ursay has passed away at sixty five. It was

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Speaker 8: his father who moved to Colts from Baltimore to Indie.

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Speaker 8: Jim Ersay took over at nineteen ninety seven. It had

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Speaker 8: health issues the past two years. John Stashnewer Bloomberg Sports, Karen.

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

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

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Speaker 1: the Bloomberg Business app. This is Bloomberg day Break.

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Speaker 2: Good morning. I'm Nathan Hager. They have been at it

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Speaker 2: all night and into the morning on President Trump's One

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Speaker 2: Big Beautiful Bill Act. The final version of the massive

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Speaker 2: tax and spending cut package has changes meant to satisfy

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Speaker 2: both ends of the Republican spectrum. Heading into the final vote,

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Speaker 2: House Speaker Mike Johnson was hopeful, this is a massive.

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Speaker 6: Piece of legislation.

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Speaker 14: We're lots of moving parts, so we'll see what happens,

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Speaker 14: but I think we're going to get this job done,

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Speaker 14: and we're going to do it by Memorial Day.

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Speaker 2: That was how Speaker Mike Johnson, ahead of the debate

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Speaker 2: now underway on Capitol.

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Speaker 15: Hill, addresses the cap on salt and provides tax relief

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Speaker 15: to hard work.

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Speaker 2: This is New York Republican Mike Lawler, who had been

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Speaker 2: one of the Republican holdouts pushing for a higher state

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Speaker 2: and local tax deduction limit in this legislation. Joining us

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Speaker 2: for the very latest is Bloomberg News Senior editor Bill Ferries. Bill,

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Speaker 2: Good morning. It did take a lot of changes to

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Speaker 2: get this bill to where it is on Capitol Hill.

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Speaker 2: Can you walk us through some of them? Good morning, Yeah,

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Speaker 2: Good morning, Nathan.

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Speaker 15: As you set it up there, it looks like we

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Speaker 15: are getting very close to that vote up on the

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Speaker 15: House side. And what has really gotten us there the

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Speaker 15: breakthrough was appeasing. I think both ends of the Republican

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Speaker 15: spectrum here who were in opposition to this legislation just

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Speaker 15: a few days ago. So they have raised that deduction

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Speaker 15: for state and local taxes up to forty thousand dollars

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Speaker 15: with some changes that come in the years ahead, allowing

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Speaker 15: it to increase a bit with inflation and things like that.

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Speaker 15: And they've also decided to speed up some of the

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Speaker 15: cuts to Medicaid that have made it quite controversial with

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Speaker 15: both Democrats and even some Senate Republicans. But some of

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Speaker 15: those cuts to Medicaid coming as soon as December twenty

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Speaker 15: twenty six, which is interesting timing, of course, because that

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Speaker 15: will be just after the mid term elections. So both

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Speaker 15: sides on the both sets of opponents on the Republican

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Speaker 15: sign getting a little bit more of what they wanted.

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Speaker 15: But I think even with a possible passage early this

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Speaker 15: morning in Washington, there is a long road ahead for

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Speaker 15: this bill once it heads over to the Senate.

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Speaker 2: Yeah, certainly it raises the question, doesn't it, of whether

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Speaker 2: any of these changes will survive Senate scrutiny.

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Speaker 1: Yeah.

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Speaker 15: Absolutely. I mean the Medicaid cuts, we've already seen a

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Speaker 15: number of Republican senators talking about it even when they

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Speaker 15: weren't being accelerated to the end of next year, So

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Speaker 15: that's going to be a real sticking point. A lot

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Speaker 15: of those red states have a lot of Medicaid clients

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Speaker 15: on their roles, so it's it's going to be a

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Speaker 15: big fight. This is not done yet, but it does

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Speaker 15: look like an important victory perhaps for Speaker Mike Johnson,

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Speaker 15: assuming he can get through the next couple hours and

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Speaker 15: get this vote passed.

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Speaker 2: In our last minute bill. Not too far from Capitol Hill,

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Speaker 2: we've had a really unsettling incident outside the Capital Jewish Museum,

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Speaker 2: a deadly shooting overnight.

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Speaker 15: Yeah, it looks like around nine pm last night, a

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Speaker 15: young couple leaving an event at the Capitol Jewish Museum

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Speaker 15: near near third in f Street downtown shot and killed

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Speaker 15: by a gunman who apparently had been kind of walking

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Speaker 15: back and forth out front and was, according to witnesses,

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Speaker 15: saying free, Free Palestine. He was taken into custody and

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Speaker 15: seems to be talking to police. But obviously a big

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Speaker 15: outpouring of support for the victims and their families from

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Speaker 15: Israel's President, Prime Minister Donald Trump, Senate Democratic Leader Chuck Schumer,

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Speaker 15: and of course Mayor Muriel Bowser and others. So very

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Speaker 15: tragic event last night on the streets there of downtown

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Speaker 15: d C.

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Speaker 2: And I'm Nathan Hager. Join us again tomorrow morning for

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