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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Lisa Matteo. Here

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Speaker 2: are the top stories we're following today.

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Speaker 3: All right, Lisa, Well, The drop in futures on Wall

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Speaker 3: Street follows Friday's big FED fueled rally. The Dow Jones

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Speaker 3: Industrial average begins the day in record territory after Chair J.

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Speaker 3: Powell used his keynote speech at Jackson Hall to signal

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Speaker 3: the FED could cut interest rates as soon as September.

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Speaker 3: Here is Powell what was likely his final Jackson Hole

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Speaker 3: speech at the helm.

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Speaker 4: Of the FED.

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Speaker 5: Nonetheless, with policy and restrictive territory, the baseline outlook and

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Speaker 5: the shifting balance of risks may warrant adjusting our policy stats, Marjorie.

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Speaker 5: Policy is not on a preset course. FMC members will

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Speaker 5: make these decisions based solely on their assessment of the

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Speaker 5: data and its implications for the economic outlook and the

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Speaker 5: balance of risks.

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Speaker 3: FED Chair Ja how The next FOMC meetings starts September sixteenth.

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Speaker 3: Trader ce in eighty four percent chance of a rate

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Speaker 3: cut NA.

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Speaker 2: Then European Central Bank President Christine Leguard is warning against

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Speaker 2: political interference in central banking. She says there's risk of

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Speaker 2: quote instability, if not worse, if governments dictate interest rate policy.

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Speaker 2: The Guard's book to Fox News.

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Speaker 6: I think the independence of any central bank is critically important.

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Speaker 6: I think we have to be accountable. We have to

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Speaker 6: report back and to answer all the questions of either

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Speaker 6: Congress in the US or the European Parliament for me,

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Speaker 6: but it's vitally important that central bank is independent.

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Speaker 2: ECB President Christine Leguard, speaking to Fox News from Jackson Hall, Wyoming.

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Speaker 2: Leguard's marks come as vetcher J. Powell faces pressure from

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Speaker 2: President Trump to slash rates.

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Speaker 3: Of course, Lisa, Inflation remains in focus, with a key

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Speaker 3: report on prices coming at the end of the week

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Speaker 3: on Friday. The Personal Consumption Expenditures Price Index that excludes

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Speaker 3: food and energy is expected to rise two point nine

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Speaker 3: percent in July from a year ago. The core PCE

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Speaker 3: is the Fed's preferred measure of underlying inflation. Two point

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Speaker 3: nine percent would be the fastest annual pace in five months.

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Speaker 2: Well on the next equity side, Nathan, the big event

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Speaker 2: comes on Wednesday, when in video reports earnings, we get

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Speaker 2: a preview from Bloomberg's Charlie Pellett.

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Speaker 4: In Video's China business will be a key theme in

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Speaker 4: its earnings, call him it broader concerns about lofty tech valuations.

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Speaker 4: Kara Murphy is chief investment officer with Kestra Investment Management.

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Speaker 7: What we've seen, especially coming out of second quarter earnings

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Speaker 7: is that many of those companies continue to deliver, and

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Speaker 7: that's really been able to fuel this momentum. Now it

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Speaker 7: sort of makes us a bit more cautious going forward

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Speaker 7: because of the very, very high expectations in these names.

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Speaker 4: Other tech names reporting this week include CrowdStrike, Snowflake, and Dell.

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Speaker 4: Also reporting Retailer's Best Buy and five below in New York,

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Speaker 4: Charlie Pellett Bloomberg Radio, all.

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Speaker 3: Right, Charlie, thank you. We have a deal to kick

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Speaker 3: off the trading week. Heric Doctor Pepper's agreed to buy

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Speaker 3: Dutch coffee in company JdE Pete for eighteen point four

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Speaker 3: billion dollars. Once the deal's complete, Carrig plans to split

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Speaker 3: its coffee business from its other beverage operations only a

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Speaker 3: few years after the deal that combined them.

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Speaker 8: Well.

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Speaker 2: In Europe, Nathan shares of Dutch company Orson fell to

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Speaker 2: the lowest on record. This is after the Trump administration

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Speaker 2: ordered a halt to construction on an almost finished offshore

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Speaker 2: wind farm. Now our Set is one of the world's

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Speaker 2: largest offshore wind developers. The order marks a new low

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Speaker 2: point in the company's failed effort to replicate its European

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Speaker 2: business in the American market. Shares are down almost fifty

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Speaker 2: percent this year, wiping nearly eight billion off the company value.

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Speaker 3: Let's turn Ellisa to the latest developments and efforts to

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Speaker 3: end the war in Ukraine. Vice President JD. Vance says

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Speaker 3: sanctions against Russia remain on the table as the Trump

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Speaker 3: administration attempts to broker an end to the war. Vance

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Speaker 3: spoke on NBC's Meet the Press.

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Speaker 9: I think the Russians have made significant concessions to President Trump.

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Speaker 9: For the first time in three and a half years

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Speaker 9: of this conflict, They've actually been willing to be flexible

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Speaker 9: on some of their core demands. They've talked about what

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Speaker 9: would be necessary to end the war. Of course, they

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Speaker 9: haven't been completely there yet or the war would be over.

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Speaker 9: But we're engaging in this diplomatic process in good faith.

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Speaker 9: We are trying to negotiate as much as we can

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Speaker 9: with both the Russians and the Ukrainians to find the

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Speaker 9: middle ground to stop the killing.

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Speaker 4: That was Vice President jd.

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Speaker 3: Vance on NBC's Week the Press, which you can hear

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Speaker 3: every Sunday on Bloomberg Radio.

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Speaker 2: Well back here in the US, Nathan, President Trump's threat

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Speaker 2: to send National Guard troops to more cities, well, it's

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Speaker 2: starting to face pushback from Democrats. Some of the Guard

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Speaker 2: units that have been deployed in Washington, d C. Have

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Speaker 2: begun carrying firearms, and President Trump has said Chicago could

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Speaker 2: be next to see stepped up federal law enforcement. Former

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Speaker 2: Chicago Mayor Ram Emmanuel says, this is all about politics.

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Speaker 10: So when you look at what he did in DC,

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Speaker 10: he's not going to actually deal with crime. This is

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Speaker 10: an attempt to get the goods through customs. This is

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Speaker 10: an attempt to deal with cities that are welcoming cities

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Speaker 10: known as sanctuary cities, and with immigration.

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Speaker 2: Former Chicago Mayor Ram Emmanuel appeared on CNN's State of

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Speaker 2: the Union. President Trump also posted on social media that

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Speaker 2: he's considering sending National Guard to Baltimore after Maryland Governor

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Speaker 2: Wes Moore invited the President to join him on a

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Speaker 2: safety walk through that city. Governor Moore says there are

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Speaker 2: a number of reasons why he opposes sending the Guard

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Speaker 2: to fight crime.

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Speaker 11: It's deeply disrespectful to the members of the National Guard. You,

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Speaker 11: as someone who actually deployed overseas and served my country

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Speaker 11: in combat, to ask these men and women to do

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Speaker 11: a job that they're not trained for is just deeply disrespectful.

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Speaker 2: Marilynd Governor Wes Moore was a guest on CBS's Face

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Speaker 2: the Nation, which you can hear every Sunday on Bloomberg Radio.

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Speaker 3: Well, all, Lisa, President Trump's issuing a new threat against

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Speaker 3: two of the big three broadcast networks. We get that

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Speaker 3: story from Bloomberg's Monica Riggs.

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Speaker 12: The President blassed NBC and ABC in a true social

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Speaker 12: post last night. He claimed ninety seven percent of their

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Speaker 12: stories about him are bad, and if that's the case,

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Speaker 12: he'd support the FCC in revoking their broadcast licenses. President

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Speaker 12: Trump is already engaged in high profile legal battles with

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Speaker 12: TV networks. Just last month, he settled a lawsuit with

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Speaker 12: Paramount for sixteen million dollars over an interview on CBS

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Speaker 12: News before the FCC approved its merger with Skydance. The

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Speaker 12: President also reached a settlement with ABC and FCC Chairman

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Speaker 12: Brendan Carr is now reviewing NBC's parent company, Comcast, diversity

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Speaker 12: equity and inclusion programs. Monica Ricks, Bloomberg Radio, all.

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Speaker 2: Right, Monica, And finally, Raymond Mason, who pursued mergers and

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Speaker 2: acquisitions over a four decade span to expand, like Mason,

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Speaker 2: into one of the largest money managers in the US,

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Speaker 2: has died. He was eighty eight. Mason, a fan of

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Speaker 2: the Baltimore Orioles, was a civic leader in Baltimore. He

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Speaker 2: helped build new stadiums for the Orioles and the NFL

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Speaker 2: Baltimore Ravens. He also served as chairman of the board

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Speaker 2: at John Hopkins University. All Right, time now for a

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Speaker 2: look at some of the other stories making news in

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Speaker 2: New York and around the world. So that we're joined

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Speaker 2: by Bloomberg's Michael Bark and Morning Michael.

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Speaker 13: Good. Morningly So dangerous heat persists from millions in the West.

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Speaker 13: Hot and dry conditions are fueling more wildfires, Captain Randy

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Speaker 13: Zimmerman of the La County Fire Departments as high temperatures

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Speaker 13: combined with low humidity have crews taking extra precautions.

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Speaker 5: Their hypen steep terrain of their fight and fire, and

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Speaker 5: so that heat is definitely going to wear them down.

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Speaker 13: In Oregon, the so called flat fire has exploded to

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Speaker 13: more than twenty one thousand acres. The flames are threatening

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Speaker 13: more than four thousand homes. Kilmar Abrego Garcia is expected

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Speaker 13: to report to an Immigration and Customs enforcement office in

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Speaker 13: Maryland today to find out whether he will be deported

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Speaker 13: to Uganda. The Salvadoran man who was mistakenly deported to

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Speaker 13: his native country is now back in the US to

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Speaker 13: face federal human trafficking charges. His trial is set to

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Speaker 13: start in January. The Department of Homeland Security has been

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Speaker 13: adamant that they do not want Kilmar Abrigo Garcia on

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Speaker 13: US streets. A federal judge in his case in Maryland

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Speaker 13: has said that Abrigo Garcia could be deported to a

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Speaker 13: third country. The only requirement is that they notify his

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Speaker 13: attorneys and give them a seventy two hour notice. Vice

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Speaker 13: President JD Vance is defending the FBI's recent raid at

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Speaker 13: the home of an outspoken critic of President Trump. The

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Speaker 13: FBI rated the home of former National Security Advisor John

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Speaker 13: Bolton early Friday morning, reports indicate the FBI was in

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Speaker 13: search of classified documents. Vance denied this was retaliation against Bolton,

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Speaker 13: who served during the first Trump administration.

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Speaker 9: Classified documents are certainly part of it, but I think

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Speaker 9: that there's a broad concern about Ambassador Bolton. They're going

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Speaker 9: to look into it.

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Speaker 13: Vice President Advance made its comments on NBC's Meet the

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Speaker 13: Press Hurt Sundays on Bloomberg. SpaceX delayed a test flight

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Speaker 13: of its Starship Rocket due to an issue with its

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Speaker 13: ground systems. SpaceX chief Elon Musk set a round side

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Speaker 13: liquid oxygen leak needs to be fixed. Global News twenty

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Speaker 13: four hours a day and whenever you want it with

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Speaker 13: the Bloomberg News Now, Michael Barn, this is Bloomberg Bark.

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Speaker 3: Thanks Michael. Time now for a Bloomberg Sports update. For that,

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Speaker 3: we bring in John stash Hour.

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Speaker 13: Thanks.

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Speaker 14: Nathan Tommy a fleet one of age thirty four, playing

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Speaker 14: his one hundred and sixty fourth PGA tournament, finally got

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Speaker 14: a victory and it was a big one, the Tour

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Speaker 14: Championship in Atlanta. He finished eighteen hunderd poarter, won by

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Speaker 14: three shots and won the ten million dollar first place prize.

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Speaker 14: US opened tennis underway used to start on a Monday

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Speaker 14: day earlier. Straight set wins on the men's sign for

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Speaker 14: Novak Djokovic playing his nineteenth Open, as well as the

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Speaker 14: Americans Taylor Fritz and Ben Shelton on the women's side,

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Speaker 14: Jess Pagoula, Arena Sablanka and Emma Navarro. That's a Bloomberg

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Speaker 14: Sports update.

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Speaker 3: Stay with us. More from Bloomberg Daybreak coming up after.

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Speaker 1: This Coast to coast on Bloomberg Radio nationwide on Serious

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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 Daybreak.

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Speaker 4: Good morning.

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Speaker 3: I'm Nathan Hager. They were the words investors seemed to

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Speaker 3: want to hear from FED Chair j Powell at Jackson Hole.

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Speaker 5: With policy and restrictive territory, the baseline outlook and the

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Speaker 5: shifting balance of risks may warrant adjusting our policy stance.

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Speaker 3: Still may adjust, does not mean will adjust, And even

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Speaker 3: Powell is saying the economies handed him and other policymakers

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Speaker 3: a challenging situation before the Fed's next decision in a

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Speaker 3: little more than three weeks. For more, we're joined by

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Speaker 3: Bloomberg's Jill Desis Jill. Good morning, So I guess the

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Speaker 3: door is a jar to a September cut, but we've

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Speaker 3: got quite a bit more data before we see just

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Speaker 3: how wide that door is.

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Speaker 4: Good morning, Yes, that's right.

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Speaker 8: Good morning, Nathan. I think you know, obviously what you

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Speaker 8: just heard from Powell, there is a pretty clear signal

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Speaker 8: that they are thinking about cutting. But I would point

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Speaker 8: out that this wasn't as clear of a sign as

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Speaker 8: we got, say last year's conference, when you know, he

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Speaker 8: opened the door to rate cuts last year, really kind

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Speaker 8: of kicking off that cycle this time around. The FED

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Speaker 8: still is battling a really difficult issue with its dual

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Speaker 8: mandate of jobs versus inflation here, and I think we

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Speaker 8: have heard that, certainly from other FED speakers at Jackson

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Speaker 8: Hole of the last few days. You know, we heard

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Speaker 8: you know, from the FED president, Chicago Fed President Austin

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Speaker 8: Golesby about how Fed's looking at what he described as

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Speaker 8: cross currents. It's in a really difficult environment. I think,

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Speaker 8: you know, Luckily for the FED, they still have a

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Speaker 8: few more data points to consider before we actually get

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Speaker 8: to that September meeting. I think you mentioned PCE already,

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Speaker 8: you know, upcoming that's a really favored gage of inflation

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Speaker 8: that the FED is looking at. We'll get another jobs report,

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Speaker 8: we'll get another CPI print, but it really does indicate that,

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Speaker 8: you know, I mean, inflation is still elevated, you know,

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Speaker 8: has been sticky in some ways. But you know, we

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Speaker 8: have had some other concerning data recently, and certainly I

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Speaker 8: think those jobs revisions are from a few weeks ago, certainly,

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Speaker 8: and everybody's mind still right absolutely.

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Speaker 3: I mean, we've had so much focus on the labor

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Speaker 3: market you have to wonder whether that core PCEE data

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Speaker 3: that's coming up on Friday could potentially be another pivot

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Speaker 3: point here shifting the focus of the FED back to inflation.

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Speaker 8: Yeah, I mean I think you know, again, you know

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Speaker 8: certain I mean, the FED is you know, Powell, other

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Speaker 8: members of the FED have certainly said how much their

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Speaker 8: data dependent in the past. I'm sure they're looking really

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Speaker 8: really closely at these kinds of things. But it also

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Speaker 8: point out that the other pressure points, you know, depending

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Speaker 8: on how much they really choose to acknowledge it, is

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Speaker 8: that you've got right now an active White House administration

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Speaker 8: that has really been pushing for cuts, and you know,

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Speaker 8: we've got Donald Trump himself who's you know, tried to

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Speaker 8: apply that. You know, Powell has actually set out right

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Speaker 8: that he thinks Powell has been late to this and

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Speaker 8: that's been a heavy point of criticism that's levied by

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Speaker 8: the White House, and so you've got that kind of

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Speaker 8: swirling all in the background as well.

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Speaker 3: Yeah, we heard certainly from ECB President Christine Leguard as

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Speaker 3: well just yesterday warning against the idea of threatening central

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Speaker 3: bank independence. Is there a sense that those comments that

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Speaker 3: we heard from Chairman Powell ad Jackson Hole were in

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Speaker 3: some respects driven by the political pressure he's under. Is

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Speaker 3: that sort of in the background as well.

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Speaker 8: I mean, I think it's kind of hard to ignore that, right,

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Speaker 8: and the atmosphere is a result, you know, feels very tense.

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Speaker 8: I mean, look, Jackson Hole is you know, obviously sort

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Speaker 8: of a unique situation because we've also got, as you mentioned,

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Speaker 8: other central bank peers from around the world that you know,

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Speaker 8: really are kind of backing the Fed's independence, kind of

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Speaker 8: highlighting that. I mean, you know, you had Laguard and

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Speaker 8: others that have certainly held that up both at Jackson

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Speaker 8: Hole and in the past. I think that you know,

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Speaker 8: obviously Powell was in a very difficult situation. But at

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Speaker 8: the same time, I mean, you know, pending, you know,

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Speaker 8: whatever happens, He's really only supposed to be in his

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Speaker 8: chair for you know, until part way through twenty twenty six,

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Speaker 8: and so he's hasn't really seemed like he has any

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Speaker 8: intention of leaving the chair early, no matter what Trump

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Speaker 8: is kind of thrown around in the past. But yes,

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Speaker 8: I mean, it obviously does put him and the rest

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Speaker 8: of the FED in a tough situation.

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Speaker 3: And a tough SAG situation also with a little more

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Speaker 3: descent showing up in some of these decisions as well.

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Speaker 3: Just last month, we had two what's the risk of

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Speaker 3: more fracturing at the next meeting, got about thirty seconds left.

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Speaker 8: Yeah, well, I think look, there are obviously some pretty

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Speaker 8: clear divisions among policy makers, and we had Powell himself

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Speaker 8: point out that this has been a very challenging situation.

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Speaker 8: I think we've certainly heard that from other members of

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Speaker 8: the FED, and does just kind of go to show that,

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Speaker 8: you know, I'm sure investors are already looking at this,

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Speaker 8: but we'll be looking at some of these upcoming prints

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Speaker 8: PCE inflation jobs just for even more clues as to

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Speaker 8: whether the FED is going to be unified, sort of

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Speaker 8: presenting whatever September's decision may be.

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