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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Doug Prisner. The Federal Reserve cut its policy rate today

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Speaker 1: for a third consecutive time, lowering the Fed Fund's rate

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Speaker 1: by a quarter percentage point, and at the same time,

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Speaker 1: FED officials maintained their outlook for just one rate cut

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Speaker 1: in the new year. Here is Fedchair J. Powell.

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Speaker 2: In the labor market. Although official employment data for October

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Speaker 2: and November are delayed, available evidence suggests that both layoffs

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Speaker 2: and hiring remain low, and that both households perceptions of

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Speaker 2: job availability and firm possession perceptions of hiring difficulty continued

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Speaker 2: to decline. The official report on the labor market for September,

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Speaker 2: the most recent release, showed that the unemployment rate continued

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Speaker 2: to edge up, reaching four point four percent, and the

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Speaker 2: job gains had slowed significantly since earlier in the year.

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Speaker 1: That's Fedchair J. Powell.

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Speaker 3: Now.

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Speaker 1: Three FED officials dissented from today's decision. We had FED

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Speaker 1: Presidents Austin Goulesby and Jeff schmid Fie leaving rate steady.

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Speaker 1: On the other hand, Fed Governor Stephen Myron preferred to

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Speaker 1: cut rates by a half percentage point, so the Committee's

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Speaker 1: decision was nine to three. Jim Bianco is the president

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Speaker 1: and founder of Bianco Research. He told us he would

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Speaker 1: have liked to have seen more descents.

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Speaker 4: I was hoping for a seven and five vote. I

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Speaker 4: was hoping for a FED that was more divided, that

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Speaker 4: was more independent, that was going to send a message

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Speaker 4: to the administration. You could put a guy in that

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Speaker 4: wants to go to one percent, but he's not going

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Speaker 4: to bully us to cut rates next year. Just because

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Speaker 4: he's the FED chairman. They kind of left the door open.

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Speaker 4: I think that the FED can be bullied by the

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Speaker 4: next FED chairman to do the bidding of President Trump.

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Speaker 1: That is Jim Bianco from Bianco Research. Now separately, today,

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Speaker 1: President Trump did say he has decided on who he

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Speaker 1: will nominate to succeed Jay Powell as FED chair Ian

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Speaker 1: May US forces intercepted and seized a sanctioned oil tanker

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Speaker 1: off the coast of Venezuela. Here is Bloomberg Nick Watams.

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Speaker 5: One is whether this signals a new strategy really to

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Speaker 5: put the squeeze on Nicholas Maduro. That seems almost certain.

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Speaker 5: It was a very large crude carrier, so carrying a

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Speaker 5: ton of oil. Around two million barrels and was allegedly

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Speaker 5: bound for Cuba, according to our sourcing.

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Speaker 1: That is Bloomberg's Nick Watams. Now, the US action may

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Speaker 1: make it much harder for Venezuela to export its oil overseas.

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Speaker 1: Other shippers are now likely to be more reluctant to

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Speaker 1: load cargoes from Venezuela. In recent weeks, the Trump administration

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Speaker 1: has ramped up pressure on Venezuela and President Nicholas Maduro

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Speaker 1: while accusing him of presiding over a narco trafficking operation.

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Speaker 1: Lawmakers in Mexico have given final approval for new tariffs

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Speaker 1: on Asian imports. Now this move brings Mexico in broad

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Speaker 1: alignment with US efforts to tighten trade barriers against China,

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Speaker 1: as Mexican President Claudia Schinbaum seeks to protect local industry.

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Speaker 1: The bill from Mexico Senate imposes tariffs of between five

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Speaker 1: percent and fifty percent on more than fourteen hundred products

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Speaker 1: from Asian nations that do not have a trade deal

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Speaker 1: with Mexico. We moved to earnings news next after the

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Speaker 1: Bell Oracle reported a jump in spending on AI data

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Speaker 1: centers and other equipment and the outlays are taking longer

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Speaker 1: to translate into cloud revenue than investors want. More from

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Speaker 1: Bloomberg's Charlie Pellett.

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Speaker 6: Oracle is taking part in a massive data center build

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Speaker 6: out to power AI work for Open Ai. It also

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Speaker 6: counts companies such as Bike Dances, TikTok, and Meta Platforms

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Speaker 6: as major cloud customers. Brent phil is an analyst Jeffreys Research.

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Speaker 4: The challenge with.

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Speaker 5: This quarter was it was an okey quorder, but there

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Speaker 5: was no massive elephant transaction.

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Speaker 2: You kind of had the analopes, if you will, roaming,

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Speaker 2: not the elephants.

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Speaker 6: Wall Street has been raising doubts about the costs and

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Speaker 6: timelines required to develop AI infrastructure at such met of scale.

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Speaker 6: In New York. Charlie Palette Bloomberg.

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Speaker 1: Radio, Adobe gave an upbeat outlook for revenue in the

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Speaker 1: coming year. It suggests that Adobe's AI features are helping

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Speaker 1: to fuel growth of its creative software business. Here is

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Speaker 1: analyst Anor rag Rana of Bloomberg Intelligence.

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Speaker 3: Adobe's management niechees just come out and say we are

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Speaker 3: executing properly. They are, you know, I always say, not

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Speaker 3: worried about AI cannibalizing their business. Their margins were very

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Speaker 3: strong this time. What they promised a year ago, they

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Speaker 3: actually fulfilled it. For the next quarter, they are talking

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Speaker 3: about ten percent growth in the overall company annual recurring revenue.

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Speaker 3: So I think overall good results. But this is a

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Speaker 3: company where, honestly, the sentiment is so negative. No matter

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Speaker 3: what they do, they just can't get a great.

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Speaker 1: Ana agrana from Bloomberg Intelligence. Right now, shares in Adobe

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Speaker 1: are down seven tens of one percent in late US trading.

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Speaker 1: Coca Cola CEO James Quincy is stepping down. Quincy will

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Speaker 1: be replaced at the end of March by Enrique Brown,

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Speaker 1: chief operating Officer. Quincy will transition to the role of

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Speaker 1: executive chairman. He is currently chairman of the company's board.

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Speaker 1: And that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Chrisner, and this is Bloomberg