Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today.
Speaker 4: Karen will have more reaction to the US credit downgrade
Speaker 4: in a moment. But first, New Jersey Transit and its
Speaker 4: locomotive engineers have reached a contract agreement ahead of this
Speaker 4: morning's Wall Street Commute. Let's get the very latest from
Speaker 4: Bloomberg's John Tucker. John, Good morning, Good morning, Nathan, New Jersey.
Speaker 4: Kevin to Phil Murphy, and how's the agreement on the
Speaker 4: new contract.
Speaker 5: There's a real feeling that we landed in a really
Speaker 5: good place. You could argue we.
Speaker 2: Thought that before.
Speaker 5: I understand that, but this time it really does feel
Speaker 5: that way.
Speaker 6: But it will take an entire day to get the
Speaker 6: system up and running, so train service that will resume
Speaker 6: tomorrow now commuters are being urged to work home for
Speaker 6: one more day. NJ Transit estimates it carries about three
Speaker 6: hundred and fifty thousand rail passengers a day, including seventy
Speaker 6: thousand who ride into New York City. The pact ends
Speaker 6: the first railroad strike for the transit system in more
Speaker 6: than forty years. Wage negotiations. They had been at the
Speaker 6: center of the dispute the unions that had wanted parody
Speaker 6: with engineers working at other major US railroads. The tenth
Speaker 6: of the agreement must still be ratified by members of
Speaker 6: the union and approved by members of the NJ Transit
Speaker 6: Board of Directors. I'm John Tucker, Bloomberg Radio.
Speaker 3: All right, John, thank you all. Another news we're following
Speaker 3: this morning. Scottie Scheffler as a PGH champion. He won
Speaker 3: his third major title. Let me get the details of
Speaker 3: the Bloomberg Sports. John Stashauer, John, good morning.
Speaker 2: Good morning Careen.
Speaker 7: Midway through the final round of the PGA, Scotty Jeffler
Speaker 7: had blown a three shot lead, but he quickly went
Speaker 7: back on top and then pulled away at a big
Speaker 7: lead on the final hole.
Speaker 8: One last look at the hole for Shuffler. The potter
Speaker 8: is back and threw on its way. He's missed it,
Speaker 8: but that's okay. He'll go around the hole collect himself.
Speaker 8: Conquers the Queens City at Quail Hollow.
Speaker 2: Scottie Suffler is.
Speaker 7: A pg Excipia TA sounded here on Bloomberg Radio. S
Speaker 7: Scheffler becomes the third ever to win fifteen PGA events
Speaker 7: and three majors before the age of twenty nine, and
Speaker 7: the other two are Jack Nicholas and Tiger Woods. Back
Speaker 7: shortly with reactions with the winner, John stasheh, we're Bloomberg Sports,
Speaker 7: all right, looking forward to that, John.
Speaker 2: Thank you.
Speaker 4: First, though, let's turn to the markets, because stocks are
Speaker 4: falling this morning. Treasuries are sliding this well. That's after
Speaker 4: Moody's stripped the US government of its top credit rating,
Speaker 4: cutting the rating one level to double A one from
Speaker 4: triple A. On Friday, moody sighted the failure by successive
Speaker 4: administrations to deal with rising US debt and deficits. This morning,
Speaker 4: the yield for thirty year treasuries is trading above the
Speaker 4: five percent level. It's now at five point zero one.
Speaker 4: Treasury Secretary Scott Bessen is downplaying concerns over the Moodies downgrade.
Speaker 9: I think that Moody's is a lagging indicator. I think
Speaker 9: that's what everyone thinks of credit agencies. Larry Summers and
Speaker 9: I don't agree on everything, but he said that when
Speaker 9: they downgraded the US in two thousand and eleven.
Speaker 2: So it's a lagging indicator.
Speaker 4: Treasury Secretary Scott Besson made those comments on NBC's Meet
Speaker 4: the Press, which can be heard every Sunday right here
Speaker 4: on Bloomberg Radio.
Speaker 3: Meanwhile, Nathan on Capitol Hill, President Trump's a giant tax
Speaker 3: and spending cut bill has made it through the House
Speaker 3: Budget Committee after a late night vote. Several Republicans who
Speaker 3: held out against the legislation last week voted President last
Speaker 3: night after winning an agreement to speed up cuts to Medicaid.
Speaker 3: Pennsylvania Congressman Lloyd Smucker was one of those holdouts. Now
Speaker 3: he says he fully supports the bill.
Speaker 9: This is a bill that will deliver the mandate that
Speaker 9: the American people have given the president given Congress in November.
Speaker 3: And South Carolina Republican Ralph Norman said he wants to
Speaker 3: see even deeper spending cuts.
Speaker 2: We've been downgraded three times.
Speaker 3: We have problems with the money in this country of
Speaker 3: the day, and the bill faces even more hurdles before
Speaker 3: it heads to the full House. Republicans from high tax
Speaker 3: states are pushing for a higher limit on the state
Speaker 3: and local tax deduction and the Medicaid cuts good face
Speaker 3: opposition from moderate Republicans.
Speaker 4: Well Karen, President Trump and many world leaders are expressing
Speaker 4: their support this morning for former President Joe Biden. He's
Speaker 4: been diagnosed with an aggressive form of prostate cancer. The
Speaker 4: eighty two year old Democrat is reviewing treatment options with
Speaker 4: his doctors. Speaking to ABC News, doctor Stephanie Widmer said
Speaker 4: more needs to be known about the former president's condition
Speaker 4: to understand what treatments are available.
Speaker 10: Prosely, cancer in general is a treatable form of cancer,
Speaker 10: even if it cannot be cured, and a lot of people,
Speaker 10: even elderly people, can live with it for a long
Speaker 10: period of time.
Speaker 4: Again, that was doctor Stephanie Widmer speaking with ABC News.
Speaker 4: President Trump wrote on truth Social that both he and
Speaker 4: the First Lady wish the former president of fast and
Speaker 4: successful recovery.
Speaker 3: Now we want to get to the latest on efforts
Speaker 3: to the war in Ukraine, Nathan. President Trump is set
Speaker 3: to hold a phone call this morning with Russia's Vladimir Putin.
Speaker 3: That's after Ukrainian President vladimir's Lenski met with Vice President
Speaker 3: jd Vance at the Vatican yesterday. It was all smiles
Speaker 3: after their infamous Oval Office blow up back in February.
Speaker 3: Secretary of State Marco Rubio says President Trump is prepared
Speaker 3: to back new sanctions on Russia if today's talks don't
Speaker 3: go well.
Speaker 11: Going back six or seven weeks, we've been communicating to
Speaker 11: the Russian side that this effort was being undertaken, that
Speaker 11: we anticipated that when all was said and done, it
Speaker 11: would have close to eighty co sponsors in the Senate
Speaker 11: and I imagine a comparable percentage of support in the House.
Speaker 11: That was an effort we couldn't stop and don't control.
Speaker 3: Secretary have started. Marco Rubios book on CBS's Face the
Speaker 3: Nation heard Sundays on Bloomberg Radio, but sources tell Bloomberg
Speaker 3: News Putin feels he has a strong hand heading into
Speaker 3: today's talks. They say Putin is confident his forces can
Speaker 3: break through Ukraine's defenses and four regions he's claimed for
Speaker 3: Russia by the end of the year, unlikely to offer
Speaker 3: any meaningful concessions, and.
Speaker 4: Another gedopolitical development, Karen The UK and the European Union
Speaker 4: are expected to signal a new era of climate cooperation
Speaker 4: by pledging to link their carbon markets to avoid trade
Speaker 4: levies and reset post Brexit relations. That's according to a
Speaker 4: draft document seen by Bloomberg News. The move comes as
Speaker 4: part of today's UK EU summit, which aims to improve
Speaker 4: relations five years after Britain left the block and.
Speaker 3: Taking a look at tech, Nathan and Vidia CEO Jensen
Speaker 3: Wong unveiled new technologies, including faster chip systems and software
Speaker 3: to sustain the boom and demand for AI computing in Taiwan.
Speaker 3: Speaking at the Computex AI exhibition in Taipei, Long announced
Speaker 3: in Vidia's and deepening partnerships with Taiwanese companies.
Speaker 12: Today we're announcing Fox Con Taiwan, the Taiwanese government, Nvidia TSMC,
Speaker 12: We're going to build the first giant AI supercomputer. Is
Speaker 12: there anybody who needs an AI computer?
Speaker 3: And n Video CEO Jensen Wong added that in Q
Speaker 3: three of this year, it'll introduce updates to the ecosystem
Speaker 3: around in Video's accelerator chips. Time now for a look
Speaker 3: at some of the other stories making news in New
Speaker 3: York and around the world. For that, we're joined by
Speaker 3: Bloomberg's Michael Barr. Michael, Good morning, Good.
Speaker 13: Morning, Karen. The NTSB is now investigating how a Mexican
Speaker 13: Navy sailboat crashed into the Brooklyn Bridge over the weekend
Speaker 13: in New York City. Two people were killed and more
Speaker 13: than a dozen were injured. New York City Police Chief
Speaker 13: Wilson Aaron Bullis says the ship lost power in the
Speaker 13: East River.
Speaker 14: The captain that was maneuvering the ship lost power of
Speaker 14: the ship in the current mechanical function caused the ship
Speaker 14: to go right into the pillar of the bridge, heading
Speaker 14: the mass of the ship where there was a couple
Speaker 14: of sailors on top.
Speaker 13: Authorities saying there was no structuralamage to the bridge. More
Speaker 13: severe storms are expected to roll across the central US
Speaker 13: this week, following the weather related deaths of more than
Speaker 13: two dozen people. Forecasters say their hazardous weather will range
Speaker 13: from thunderstorms and potentially baseball sized hail on the plains
Speaker 13: the dangerous heat in the south. Israel announced the start
Speaker 13: of a new extensive ground operation in the Gaza Strip. Meanwhile,
Speaker 13: Democrats are raising questions about President Trump's pledge to get
Speaker 13: aid into Gaza. Congressman Row Kanna of California.
Speaker 7: That aid is conditional on Palestinians moving to the south
Speaker 7: of Gaza, and all of the aid groups are saying
Speaker 7: that's not enough.
Speaker 13: Congressman Conna spoke on ABC's This Week Heard Sundays on
Speaker 13: Bloomberg Israel said it would allow a basic amount of food,
Speaker 13: saying it didn't want a hunger crisis to jeopardize its
Speaker 13: new military offensive. The New York Police Department used metal
Speaker 13: detectors to screen spectators at the annual Israel Day Parade
Speaker 13: alongside other lawmakers. Governor Hokel marched with the parade on
Speaker 13: Fifth Avenue in Manhattan, noting she visited Israel after the
Speaker 13: October seventh attack nearly two years ago.
Speaker 2: Never in the.
Speaker 15: Wildest dreams did I think that five hundred and eighty
Speaker 15: nine days later, there's still be sixty sixty hostages waiting
Speaker 15: to come home, some alive.
Speaker 3: And some have not made it.
Speaker 13: Also an attendant Senator Chuck Schumer and New York State
Speaker 13: Attorney General Latitia James. Global News twenty four hours a
Speaker 13: day and whenever you want it with the Bloomberg News. Now,
Speaker 13: I'm Michael Barran. This is Bloomberg Carron.
Speaker 3: All right, Michael Barr, thank you. Time down to the
Speaker 3: Bloomberg Sports Update. Did we bring back John Stashower, John,
Speaker 3: good morning.
Speaker 2: Good morning. Karen has heard earlier.
Speaker 7: Scottie Scheffler adds the Wannamaker Trophy to the two Green Jackets.
Speaker 2: He's one of the masters. The world number one.
Speaker 7: Said later that winning the PGA at quil Hollow wasn't easy.
Speaker 16: Felt like this was as hard as I've battled for
Speaker 16: a tournament in my career. I mean, this was a
Speaker 16: pretty challenging week. I mean the first two days I
Speaker 16: did not swing at my best, and I was able
Speaker 16: to post the score somehow, And you know, outside of
Speaker 16: the last five holes yesterday, you know, that's where I
Speaker 16: really kind of put myself ahead in the tournament.
Speaker 7: And he won by five shots. Rice in the shambo
Speaker 7: for this time for second Sean Rom finished tied for eighth.
Speaker 2: He had tied Sheffler on his.
Speaker 7: Eleventh hole, but Rom played the last three holes the
Speaker 7: so called green mile in plus five. Asked the Subway
Speaker 7: Series second game in a row with the Mets.
Speaker 2: And the Yankees were tied to two and the eighth
Speaker 2: in ning.
Speaker 7: The Mets won Saturday, but the last night at the stadium,
Speaker 7: the Yankees put up six runs in the eighth. The
Speaker 7: rally ended with a Cody Bellinger grand slam and eight
Speaker 7: to two Yankee win. Bellinger had a two run double
Speaker 7: in the first inning and also walk three times. Then
Speaker 7: Nationals a weekend sweep with a struggling Orioles, who just
Speaker 7: made the managerial change. Mets won ten to four at Fenway.
Speaker 7: Red Sox lost ten to four to with Land in
Speaker 7: the Sox post. The Mets tonight parable offside in Game
Speaker 7: seven's Oklahoma City, who won Game two from Denver by
Speaker 7: forty three points, won Game seven by thirty two. Shay
Speaker 7: gild Alexander expected to this week be named NBA MVP
Speaker 7: Sport thirty five points. The Thunder are in the West
Speaker 7: Finals first time since twenty sixteen. They'll play Minnesota. The
Speaker 7: series starts tomorrow, a day ahead of Mixed Pacers Game
Speaker 7: one at the Guard and the Florida Panthers won Game
Speaker 7: seven in Toronto six to one. Will now play Carolina
Speaker 7: and the Stanley Cup East Final. Carlos Algaraz beat the
Speaker 7: world number one Yonix Center in the Italian Open final
Speaker 7: on Israel's Robert Schwarzman, who became the first rookie driver
Speaker 7: in forty three years to win the Indy five hundred
Speaker 7: pole position.
Speaker 2: Johns Stasha were Bloomberg Sports Canady.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world. On Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 4: Good morning, I'm Nathan Hager, and it is the news.
Speaker 4: Hundreds of thousands of commuters in and out of New
Speaker 4: York City had been waiting all weekend to hear.
Speaker 5: New Jersey's first rail strike in decades has officially come
Speaker 5: to an end.
Speaker 4: New Jersey Governor Phil Murphy last night after NJ Transit
Speaker 4: reached an agreement with locomotive engineers on a new contract,
Speaker 4: ending a strike that began early Friday morning for the
Speaker 4: busiest commuter region in the country. Joining us from the
Speaker 4: center of it this morning, Penn Station once again Bloomberg's
Speaker 4: Monica Ricks Monica. Great to have you back with us.
Speaker 4: So what was the final breakthrough that got us to
Speaker 4: this tentative agreement?
Speaker 17: Good morning, Good morning, Nathan. And we actually don't know
Speaker 17: a whole lot of details here. We just know that
Speaker 17: the governor said that the deal had a very good outcome.
Speaker 17: So we'll get to know the details, including how much
Speaker 17: they agreed to pay these workers, once the vote is done.
Speaker 17: Once the New Jersey Transit Board approves this deal, those
Speaker 17: deal and details will become public later. But again, the
Speaker 17: governor said that it was fair, and it was fair
Speaker 17: to workers as well as being affordable to the meters
Speaker 17: and to tack players as well, So don't expect a
Speaker 17: hike or any sort of hike because of it, as
Speaker 17: they came to this agreement.
Speaker 4: But in the meantime, of course, it's been such a
Speaker 4: issue for consumer or for commuters since early Friday morning
Speaker 4: when this strike first got underway. Give us a sense
Speaker 4: of just how tough it's been over the last few
Speaker 4: days and into the weekend.
Speaker 17: Well, the governor had urged people to work from home
Speaker 17: and has made the same flee to employers today, these
Speaker 17: let your workers work from home, and essential workers, you know,
Speaker 17: can take buses. They're actual charter buses rolling in and
Speaker 17: out of New Jersey today, but you won't cover the
Speaker 17: three hundred thousand plus riders that commute every day. So
Speaker 17: a sigh of relief for a lot of people, not
Speaker 17: just the workers, but all these daily commuters. And I'm
Speaker 17: sure with New Jersey Transit and state workers as well,
Speaker 17: who've taken months to hammer out this deal.
Speaker 4: And I mean, it was a tough weekend as well,
Speaker 4: wasn't it. I Mean, there was a Shakira concert going on,
Speaker 4: and so many other events that were impacted by this
Speaker 4: stoppage of survey from New Jersey into the city.
Speaker 17: Right there was no rail service for that concert. In fact,
Speaker 17: they can to Thursday night preemptively knowing that those talks
Speaker 17: weren't going to go anywhere. And then the Oday fans
Speaker 17: were sort of watching the talks as well, because in
Speaker 17: two weeks her concert is going to be out of
Speaker 17: New Jersey and there's a lot of people that go
Speaker 17: to those and I'm sure they were worried about how
Speaker 17: they were going to get to and from that content.
Speaker 2: So how are things looking this morning?
Speaker 4: From where you sit at Penn Station, you're seeing evidence
Speaker 4: that the commuter is looking lighter than normally would at
Speaker 4: this time of the morning.
Speaker 8: Oh.
Speaker 17: Absolutely. I mean it's pretty quiet around this time either way,
Speaker 17: because you know, it's still very early in the morning
Speaker 17: for a lot of people. But if you go down
Speaker 17: into Penn Station, the tracks are blocked off and even
Speaker 17: the escalators are blocked off. Today there are some extra
Speaker 17: workers answering questions for any commuters who may not know
Speaker 17: what's going on or may not know that, you know,
Speaker 17: talks have sort of concluded and there's a deal that's
Speaker 17: been done, and then there's announcements that are going that
Speaker 17: are ongoing for commuters to let them know that there's
Speaker 17: no rail service today, but that things will pick up
Speaker 17: again tomorrow once in stepsons are done and things get
Speaker 17: back to normal.
Speaker 4: So given that in our last thirty seconds, what kind
Speaker 4: of lingering impact can we expect from this three days strike?
Speaker 17: I think just the fact that there is no rail
Speaker 17: service again today is going to put a lot of commeters,
Speaker 17: you know, at a disadvantage, not just because they have
Speaker 17: to figure out how to get to work if they
Speaker 17: have to get to work, but because they're competing with
Speaker 17: the other commuters for say a seat on a charter bus,
Speaker 17: or they have to pay a little bit more to
Speaker 17: take the amtrak or the path, whatever it may be.
Speaker 17: That they sit in a little extra traffic this morning
Speaker 17: because you know, there are more people on the road.
Speaker 17: So there are lingering effects today, but again rail service
Speaker 17: will review tomorrow, so hopefully there won't be as many issues.
Speaker 3: This is Bloomberry day Break, your morning podcast and the
Speaker 3: stories making news from Wall Street to Washington and beyond.
Speaker 4: Look for us on your podcast feed by six am.
Speaker 4: Eastern each morning on Apple, Spotify, or anywhere else you listen.
Speaker 3: You can also listen live each morning starting at five
Speaker 3: am Wall Street Time on Bloomberg eleven three to zero
Speaker 3: in New York, Bloomberg in ninety nine to one in Washington,
Speaker 3: Bloomberg ninety two nine in Boston, and nationwide on serious
Speaker 3: XM Channel one twenty one.
Speaker 4: Plus listen coast to coast on the Bloomberg Business app
Speaker 4: now with Apple CarPlay and Android Atto interfaces.
Speaker 3: And don't forget to subscribe to Bloomberg News Now. It's
Speaker 3: the latest news whenever you want it in five minutes
Speaker 3: or less. Search Bloomberg News Now on your favorite podcast
Speaker 3: platform to stay informed all day long. I'm Karen Moscow.
Speaker 2: And I'm Nathan Hager.
Speaker 4: Join us again tomorrow morning for all the news you
Speaker 4: need to start your day right here on Bloomberg Day
Speaker 4: Bray