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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 4: Karen will have more reaction to the US credit downgrade

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Speaker 4: in a moment. But first, New Jersey Transit and its

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Speaker 4: locomotive engineers have reached a contract agreement ahead of this

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Speaker 4: morning's Wall Street Commute. Let's get the very latest from

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Speaker 4: Bloomberg's John Tucker. John, Good morning, Good morning, Nathan, New Jersey.

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Speaker 4: Kevin to Phil Murphy, and how's the agreement on the

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Speaker 4: new contract.

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Speaker 5: There's a real feeling that we landed in a really

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Speaker 5: good place. You could argue we.

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Speaker 2: Thought that before.

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Speaker 5: I understand that, but this time it really does feel

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Speaker 5: that way.

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Speaker 6: But it will take an entire day to get the

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Speaker 6: system up and running, so train service that will resume

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Speaker 6: tomorrow now commuters are being urged to work home for

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Speaker 6: one more day. NJ Transit estimates it carries about three

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Speaker 6: hundred and fifty thousand rail passengers a day, including seventy

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Speaker 6: thousand who ride into New York City. The pact ends

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Speaker 6: the first railroad strike for the transit system in more

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Speaker 6: than forty years. Wage negotiations. They had been at the

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Speaker 6: center of the dispute the unions that had wanted parody

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Speaker 6: with engineers working at other major US railroads. The tenth

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Speaker 6: of the agreement must still be ratified by members of

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Speaker 6: the union and approved by members of the NJ Transit

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Speaker 6: Board of Directors. I'm John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, thank you all. Another news we're following

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Speaker 3: this morning. Scottie Scheffler as a PGH champion. He won

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Speaker 3: his third major title. Let me get the details of

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Speaker 3: the Bloomberg Sports. John Stashauer, John, good morning.

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Speaker 2: Good morning Careen.

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Speaker 7: Midway through the final round of the PGA, Scotty Jeffler

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Speaker 7: had blown a three shot lead, but he quickly went

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Speaker 7: back on top and then pulled away at a big

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Speaker 7: lead on the final hole.

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Speaker 8: One last look at the hole for Shuffler. The potter

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Speaker 8: is back and threw on its way. He's missed it,

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Speaker 8: but that's okay. He'll go around the hole collect himself.

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Speaker 8: Conquers the Queens City at Quail Hollow.

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Speaker 2: Scottie Suffler is.

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Speaker 7: A pg Excipia TA sounded here on Bloomberg Radio. S

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Speaker 7: Scheffler becomes the third ever to win fifteen PGA events

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Speaker 7: and three majors before the age of twenty nine, and

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Speaker 7: the other two are Jack Nicholas and Tiger Woods. Back

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Speaker 7: shortly with reactions with the winner, John stasheh, we're Bloomberg Sports,

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Speaker 7: all right, looking forward to that, John.

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Speaker 2: Thank you.

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Speaker 4: First, though, let's turn to the markets, because stocks are

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Speaker 4: falling this morning. Treasuries are sliding this well. That's after

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Speaker 4: Moody's stripped the US government of its top credit rating,

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Speaker 4: cutting the rating one level to double A one from

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Speaker 4: triple A. On Friday, moody sighted the failure by successive

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Speaker 4: administrations to deal with rising US debt and deficits. This morning,

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Speaker 4: the yield for thirty year treasuries is trading above the

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Speaker 4: five percent level. It's now at five point zero one.

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Speaker 4: Treasury Secretary Scott Bessen is downplaying concerns over the Moodies downgrade.

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Speaker 9: I think that Moody's is a lagging indicator. I think

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Speaker 9: that's what everyone thinks of credit agencies. Larry Summers and

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Speaker 9: I don't agree on everything, but he said that when

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Speaker 9: they downgraded the US in two thousand and eleven.

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Speaker 2: So it's a lagging indicator.

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Speaker 4: Treasury Secretary Scott Besson made those comments on NBC's Meet

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Speaker 4: the Press, which can be heard every Sunday right here

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Speaker 4: on Bloomberg Radio.

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Speaker 3: Meanwhile, Nathan on Capitol Hill, President Trump's a giant tax

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Speaker 3: and spending cut bill has made it through the House

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Speaker 3: Budget Committee after a late night vote. Several Republicans who

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Speaker 3: held out against the legislation last week voted President last

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Speaker 3: night after winning an agreement to speed up cuts to Medicaid.

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Speaker 3: Pennsylvania Congressman Lloyd Smucker was one of those holdouts. Now

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Speaker 3: he says he fully supports the bill.

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Speaker 9: This is a bill that will deliver the mandate that

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Speaker 9: the American people have given the president given Congress in November.

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Speaker 3: And South Carolina Republican Ralph Norman said he wants to

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Speaker 3: see even deeper spending cuts.

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Speaker 2: We've been downgraded three times.

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Speaker 3: We have problems with the money in this country of

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Speaker 3: the day, and the bill faces even more hurdles before

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Speaker 3: it heads to the full House. Republicans from high tax

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Speaker 3: states are pushing for a higher limit on the state

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Speaker 3: and local tax deduction and the Medicaid cuts good face

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Speaker 3: opposition from moderate Republicans.

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Speaker 4: Well Karen, President Trump and many world leaders are expressing

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Speaker 4: their support this morning for former President Joe Biden. He's

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Speaker 4: been diagnosed with an aggressive form of prostate cancer. The

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Speaker 4: eighty two year old Democrat is reviewing treatment options with

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Speaker 4: his doctors. Speaking to ABC News, doctor Stephanie Widmer said

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Speaker 4: more needs to be known about the former president's condition

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Speaker 4: to understand what treatments are available.

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Speaker 10: Prosely, cancer in general is a treatable form of cancer,

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Speaker 10: even if it cannot be cured, and a lot of people,

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Speaker 10: even elderly people, can live with it for a long

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Speaker 10: period of time.

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Speaker 4: Again, that was doctor Stephanie Widmer speaking with ABC News.

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Speaker 4: President Trump wrote on truth Social that both he and

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Speaker 4: the First Lady wish the former president of fast and

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Speaker 4: successful recovery.

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Speaker 3: Now we want to get to the latest on efforts

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Speaker 3: to the war in Ukraine, Nathan. President Trump is set

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Speaker 3: to hold a phone call this morning with Russia's Vladimir Putin.

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Speaker 3: That's after Ukrainian President vladimir's Lenski met with Vice President

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Speaker 3: jd Vance at the Vatican yesterday. It was all smiles

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Speaker 3: after their infamous Oval Office blow up back in February.

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Speaker 3: Secretary of State Marco Rubio says President Trump is prepared

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Speaker 3: to back new sanctions on Russia if today's talks don't

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Speaker 3: go well.

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Speaker 11: Going back six or seven weeks, we've been communicating to

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Speaker 11: the Russian side that this effort was being undertaken, that

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Speaker 11: we anticipated that when all was said and done, it

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Speaker 11: would have close to eighty co sponsors in the Senate

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Speaker 11: and I imagine a comparable percentage of support in the House.

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Speaker 11: That was an effort we couldn't stop and don't control.

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Speaker 3: Secretary have started. Marco Rubios book on CBS's Face the

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Speaker 3: Nation heard Sundays on Bloomberg Radio, but sources tell Bloomberg

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Speaker 3: News Putin feels he has a strong hand heading into

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Speaker 3: today's talks. They say Putin is confident his forces can

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Speaker 3: break through Ukraine's defenses and four regions he's claimed for

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Speaker 3: Russia by the end of the year, unlikely to offer

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Speaker 3: any meaningful concessions, and.

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Speaker 4: Another gedopolitical development, Karen The UK and the European Union

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Speaker 4: are expected to signal a new era of climate cooperation

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Speaker 4: by pledging to link their carbon markets to avoid trade

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Speaker 4: levies and reset post Brexit relations. That's according to a

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Speaker 4: draft document seen by Bloomberg News. The move comes as

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Speaker 4: part of today's UK EU summit, which aims to improve

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Speaker 4: relations five years after Britain left the block and.

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Speaker 3: Taking a look at tech, Nathan and Vidia CEO Jensen

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Speaker 3: Wong unveiled new technologies, including faster chip systems and software

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Speaker 3: to sustain the boom and demand for AI computing in Taiwan.

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Speaker 3: Speaking at the Computex AI exhibition in Taipei, Long announced

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Speaker 3: in Vidia's and deepening partnerships with Taiwanese companies.

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Speaker 12: Today we're announcing Fox Con Taiwan, the Taiwanese government, Nvidia TSMC,

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Speaker 12: We're going to build the first giant AI supercomputer. Is

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Speaker 12: there anybody who needs an AI computer?

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Speaker 3: And n Video CEO Jensen Wong added that in Q

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Speaker 3: three of this year, it'll introduce updates to the ecosystem

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Speaker 3: around in Video's accelerator chips. Time now for a look

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

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

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Speaker 3: Bloomberg's Michael Barr. Michael, Good morning, Good.

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Speaker 13: Morning, Karen. The NTSB is now investigating how a Mexican

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Speaker 13: Navy sailboat crashed into the Brooklyn Bridge over the weekend

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Speaker 13: in New York City. Two people were killed and more

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Speaker 13: than a dozen were injured. New York City Police Chief

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Speaker 13: Wilson Aaron Bullis says the ship lost power in the

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Speaker 13: East River.

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Speaker 14: The captain that was maneuvering the ship lost power of

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Speaker 14: the ship in the current mechanical function caused the ship

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Speaker 14: to go right into the pillar of the bridge, heading

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Speaker 14: the mass of the ship where there was a couple

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Speaker 14: of sailors on top.

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Speaker 13: Authorities saying there was no structuralamage to the bridge. More

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Speaker 13: severe storms are expected to roll across the central US

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Speaker 13: this week, following the weather related deaths of more than

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Speaker 13: two dozen people. Forecasters say their hazardous weather will range

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Speaker 13: from thunderstorms and potentially baseball sized hail on the plains

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Speaker 13: the dangerous heat in the south. Israel announced the start

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Speaker 13: of a new extensive ground operation in the Gaza Strip. Meanwhile,

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Speaker 13: Democrats are raising questions about President Trump's pledge to get

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Speaker 13: aid into Gaza. Congressman Row Kanna of California.

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Speaker 7: That aid is conditional on Palestinians moving to the south

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Speaker 7: of Gaza, and all of the aid groups are saying

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Speaker 7: that's not enough.

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Speaker 13: Congressman Conna spoke on ABC's This Week Heard Sundays on

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Speaker 13: Bloomberg Israel said it would allow a basic amount of food,

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Speaker 13: saying it didn't want a hunger crisis to jeopardize its

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Speaker 13: new military offensive. The New York Police Department used metal

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Speaker 13: detectors to screen spectators at the annual Israel Day Parade

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Speaker 13: alongside other lawmakers. Governor Hokel marched with the parade on

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Speaker 13: Fifth Avenue in Manhattan, noting she visited Israel after the

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Speaker 13: October seventh attack nearly two years ago.

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Speaker 2: Never in the.

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Speaker 15: Wildest dreams did I think that five hundred and eighty

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Speaker 15: nine days later, there's still be sixty sixty hostages waiting

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Speaker 15: to come home, some alive.

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Speaker 3: And some have not made it.

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Speaker 13: Also an attendant Senator Chuck Schumer and New York State

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Speaker 13: Attorney General Latitia James. Global News twenty four hours a

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Speaker 13: day and whenever you want it with the Bloomberg News. Now,

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Speaker 13: I'm Michael Barran. This is Bloomberg Carron.

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Speaker 3: All right, Michael Barr, thank you. Time down to the

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Speaker 3: Bloomberg Sports Update. Did we bring back John Stashower, John,

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Speaker 3: good morning.

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Speaker 2: Good morning. Karen has heard earlier.

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Speaker 7: Scottie Scheffler adds the Wannamaker Trophy to the two Green Jackets.

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Speaker 2: He's one of the masters. The world number one.

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Speaker 7: Said later that winning the PGA at quil Hollow wasn't easy.

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Speaker 16: Felt like this was as hard as I've battled for

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Speaker 16: a tournament in my career. I mean, this was a

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Speaker 16: pretty challenging week. I mean the first two days I

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Speaker 16: did not swing at my best, and I was able

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Speaker 16: to post the score somehow, And you know, outside of

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Speaker 16: the last five holes yesterday, you know, that's where I

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Speaker 16: really kind of put myself ahead in the tournament.

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Speaker 7: And he won by five shots. Rice in the shambo

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Speaker 7: for this time for second Sean Rom finished tied for eighth.

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Speaker 2: He had tied Sheffler on his.

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Speaker 7: Eleventh hole, but Rom played the last three holes the

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Speaker 7: so called green mile in plus five. Asked the Subway

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Speaker 7: Series second game in a row with the Mets.

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Speaker 2: And the Yankees were tied to two and the eighth

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Speaker 2: in ning.

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Speaker 7: The Mets won Saturday, but the last night at the stadium,

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Speaker 7: the Yankees put up six runs in the eighth. The

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Speaker 7: rally ended with a Cody Bellinger grand slam and eight

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Speaker 7: to two Yankee win. Bellinger had a two run double

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Speaker 7: in the first inning and also walk three times. Then

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Speaker 7: Nationals a weekend sweep with a struggling Orioles, who just

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Speaker 7: made the managerial change. Mets won ten to four at Fenway.

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Speaker 7: Red Sox lost ten to four to with Land in

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Speaker 7: the Sox post. The Mets tonight parable offside in Game

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Speaker 7: seven's Oklahoma City, who won Game two from Denver by

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Speaker 7: forty three points, won Game seven by thirty two. Shay

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Speaker 7: gild Alexander expected to this week be named NBA MVP

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Speaker 7: Sport thirty five points. The Thunder are in the West

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Speaker 7: Finals first time since twenty sixteen. They'll play Minnesota. The

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Speaker 7: series starts tomorrow, a day ahead of Mixed Pacers Game

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Speaker 7: one at the Guard and the Florida Panthers won Game

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Speaker 7: seven in Toronto six to one. Will now play Carolina

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Speaker 7: and the Stanley Cup East Final. Carlos Algaraz beat the

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Speaker 7: world number one Yonix Center in the Italian Open final

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Speaker 7: on Israel's Robert Schwarzman, who became the first rookie driver

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Speaker 7: in forty three years to win the Indy five hundred

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Speaker 7: pole position.

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Speaker 2: Johns Stasha were Bloomberg Sports Canady.

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

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Speaker 1: and around the world. On Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 4: Good morning, I'm Nathan Hager, and it is the news.

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Speaker 4: Hundreds of thousands of commuters in and out of New

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Speaker 4: York City had been waiting all weekend to hear.

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Speaker 5: New Jersey's first rail strike in decades has officially come

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Speaker 5: to an end.

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Speaker 4: New Jersey Governor Phil Murphy last night after NJ Transit

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Speaker 4: reached an agreement with locomotive engineers on a new contract,

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Speaker 4: ending a strike that began early Friday morning for the

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Speaker 4: busiest commuter region in the country. Joining us from the

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Speaker 4: center of it this morning, Penn Station once again Bloomberg's

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Speaker 4: Monica Ricks Monica. Great to have you back with us.

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Speaker 4: So what was the final breakthrough that got us to

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Speaker 4: this tentative agreement?

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Speaker 17: Good morning, Good morning, Nathan. And we actually don't know

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Speaker 17: a whole lot of details here. We just know that

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Speaker 17: the governor said that the deal had a very good outcome.

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Speaker 17: So we'll get to know the details, including how much

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Speaker 17: they agreed to pay these workers, once the vote is done.

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Speaker 17: Once the New Jersey Transit Board approves this deal, those

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Speaker 17: deal and details will become public later. But again, the

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Speaker 17: governor said that it was fair, and it was fair

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Speaker 17: to workers as well as being affordable to the meters

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Speaker 17: and to tack players as well, So don't expect a

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Speaker 17: hike or any sort of hike because of it, as

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Speaker 17: they came to this agreement.

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Speaker 4: But in the meantime, of course, it's been such a

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Speaker 4: issue for consumer or for commuters since early Friday morning

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Speaker 4: when this strike first got underway. Give us a sense

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Speaker 4: of just how tough it's been over the last few

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Speaker 4: days and into the weekend.

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Speaker 17: Well, the governor had urged people to work from home

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Speaker 17: and has made the same flee to employers today, these

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Speaker 17: let your workers work from home, and essential workers, you know,

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Speaker 17: can take buses. They're actual charter buses rolling in and

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Speaker 17: out of New Jersey today, but you won't cover the

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Speaker 17: three hundred thousand plus riders that commute every day. So

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Speaker 17: a sigh of relief for a lot of people, not

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Speaker 17: just the workers, but all these daily commuters. And I'm

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Speaker 17: sure with New Jersey Transit and state workers as well,

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Speaker 17: who've taken months to hammer out this deal.

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Speaker 4: And I mean, it was a tough weekend as well,

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Speaker 4: wasn't it. I Mean, there was a Shakira concert going on,

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Speaker 4: and so many other events that were impacted by this

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Speaker 4: stoppage of survey from New Jersey into the city.

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Speaker 17: Right there was no rail service for that concert. In fact,

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Speaker 17: they can to Thursday night preemptively knowing that those talks

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Speaker 17: weren't going to go anywhere. And then the Oday fans

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Speaker 17: were sort of watching the talks as well, because in

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Speaker 17: two weeks her concert is going to be out of

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Speaker 17: New Jersey and there's a lot of people that go

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Speaker 17: to those and I'm sure they were worried about how

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Speaker 17: they were going to get to and from that content.

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Speaker 2: So how are things looking this morning?

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Speaker 4: From where you sit at Penn Station, you're seeing evidence

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Speaker 4: that the commuter is looking lighter than normally would at

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Speaker 4: this time of the morning.

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Speaker 8: Oh.

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Speaker 17: Absolutely. I mean it's pretty quiet around this time either way,

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Speaker 17: because you know, it's still very early in the morning

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Speaker 17: for a lot of people. But if you go down

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Speaker 17: into Penn Station, the tracks are blocked off and even

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Speaker 17: the escalators are blocked off. Today there are some extra

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Speaker 17: workers answering questions for any commuters who may not know

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Speaker 17: what's going on or may not know that, you know,

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Speaker 17: talks have sort of concluded and there's a deal that's

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Speaker 17: been done, and then there's announcements that are going that

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Speaker 17: are ongoing for commuters to let them know that there's

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Speaker 17: no rail service today, but that things will pick up

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Speaker 17: again tomorrow once in stepsons are done and things get

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Speaker 17: back to normal.

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Speaker 4: So given that in our last thirty seconds, what kind

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Speaker 4: of lingering impact can we expect from this three days strike?

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Speaker 17: I think just the fact that there is no rail

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Speaker 17: service again today is going to put a lot of commeters,

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Speaker 17: you know, at a disadvantage, not just because they have

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Speaker 17: to figure out how to get to work if they

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Speaker 17: have to get to work, but because they're competing with

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Speaker 17: the other commuters for say a seat on a charter bus,

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Speaker 17: or they have to pay a little bit more to

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Speaker 17: take the amtrak or the path, whatever it may be.

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Speaker 17: That they sit in a little extra traffic this morning

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Speaker 17: because you know, there are more people on the road.

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Speaker 17: So there are lingering effects today, but again rail service

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Speaker 17: will review tomorrow, so hopefully there won't be as many issues.

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Speaker 3: This is Bloomberry day Break, your morning podcast and the

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Speaker 2: And I'm Nathan Hager.

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Speaker 4: Join us again tomorrow morning for all the news you

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Speaker 4: need to start your day right here on Bloomberg Day

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Speaker 4: Bray