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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 Karen Moscow. Here

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

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Speaker 3: Karen, we begin with major developments at the Federal Reserve

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Speaker 3: ahead of tomorrow's expected rate cut. First, President Trump's bid

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Speaker 3: to fire FED Governor Lisa Cook has been blocked. Let's

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Speaker 3: get the very latest with Bloomberg's John Tucker.

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Speaker 4: An appeals court, by a vote of two to one,

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Speaker 4: has blocked the White House from removing Cook from her

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Speaker 4: pulse for now. The divided court at Washington affirmed that

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Speaker 4: Cook can continue working while her lawsuit challenging Trump's move

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Speaker 4: to dismiss her proceeds. The court held that the district

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Speaker 4: judge was correct to find that President Trump likely violated

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Speaker 4: Cook's due process rights by attempt to fire her via

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Speaker 4: social media post. While the decision means Cook will likely

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Speaker 4: attend the FED meeting, President Trump could still as the

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Speaker 4: Supreme Court to step in. Cook sued Trump last month

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Speaker 4: after the present that have moved to oust her over

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Speaker 4: allegations of mortgage fraud, which she denies. The lawsuit has

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Speaker 4: emerged as a major flashpoint in the growing clash between

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Speaker 4: the White House and the Fed, which has resisted Trump's

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Speaker 4: demands to lower interest rates. I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you well. Lets Cook fights to

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Speaker 2: stay in her position. President Trump's economic advisor, Stephen Myrit

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Speaker 2: is on his way to joining the Federal Reserve Board.

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Speaker 2: The Senate confirmed him to the post in a vote

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Speaker 2: last night. Him again more with the Bloomberg Fed reporter

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Speaker 2: Chris Condon, he.

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Speaker 5: Could be renominated and confirmed to a new fourteen year

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Speaker 5: term that would begin on February one of twenty twenty six.

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Speaker 6: That's option one. Option number two as President Trump decides

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Speaker 6: he's just there for a temporary period and he chooses

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Speaker 6: someone else. Option number three is that Trump does nothing,

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Speaker 6: and in that case, Stephen Myron is fully entitled to

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Speaker 6: stay on as a FED governor so long as no

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Speaker 6: one else is confirmed into that seat. So he could

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Speaker 6: be there on quite an indefinite basis, let's say.

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Speaker 2: Bloomberg's Chris Condon says Myron will fill a seat recently

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Speaker 2: vacated by former Fed Governor Adriana Kugler and.

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Speaker 3: Karen These latest developments at the fedcom as stocks sit

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Speaker 3: at record highs ahead of today's meeting, we get another

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Speaker 3: key reading on the consumer retail sales for August, their

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Speaker 3: forecast to show a two tenths percent increase. We get

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Speaker 3: more from Bloomberg's Michael McKee.

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Speaker 7: American's confidence in the overall economy has dropped recently. The

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Speaker 7: question is will that have any effect on their spending.

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Speaker 7: We'll get the latest read on that today, and economists

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Speaker 7: expect the retail sales report to show we kept spending,

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Speaker 7: but at a slower pace. August is back to school month,

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Speaker 7: and that likely kept sales from dropping too much. The

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Speaker 7: weakness last month is seen largely as a pullback in

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Speaker 7: car buying. As expected, sales or even weaker will help

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Speaker 7: FED officials make the case for a rate cut at

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Speaker 7: their meeting on Wednesday. Michael McKee, Bloomberg Radio, Hi.

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Speaker 2: Michael, thank you. While the Security is an exchange commission

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Speaker 2: as prioritizing a proposal to reduce the frequency of corporate

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Speaker 2: earnings reports after President Trump called for an end to

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Speaker 2: quarterly reports, the SEC mandated for companies to report quarterly

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Speaker 2: in nineteen seventy, part of its decades long push to

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Speaker 2: increase transparency. Following the stock market crash in nineteen twenty nine.

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Speaker 2: The President says companies should report on a six month

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Speaker 2: basis instead of quarterly, which he claims will save money

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Speaker 2: and allow managers to focus on running their companies and Karen.

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Speaker 3: President Trump is targeting another major media company, filing a

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Speaker 3: fifteen billion dollar defamation and libel lawsuit against The New

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Speaker 3: York Times. We get the details from Bloomberg's Genus Cervetti.

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Speaker 8: President Trump is accusing the paper of serving as a

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Speaker 8: quote mouthpiece for the Democrats. The lawsuit criticizes The Times

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Speaker 8: endorsement of former presidential candidate Kamala Harris and cites the

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Speaker 8: papers news and opinion article. The case adds to Trump's

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Speaker 8: running battles with the press since returning to the presidency.

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Speaker 8: In July, he sued Dow Jones News Corp. And Rupert

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Speaker 8: Murdoch for libel, seeking ten billion in damages after The

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Speaker 8: Wall Street Journal published a story alleging that Trump once

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Speaker 8: sent a suggestive birthday letter to Jeffrey Epstein. Trump reached

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Speaker 8: a settlement with Paramount Global in July over a lawsuit

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Speaker 8: tied to CBS News Network's sixty minutes interview with then

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Speaker 8: Vice president Harris. In December, ABC agreed to give fifteen

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Speaker 8: million to Trump's future presidential foundation or museum to resolve

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Speaker 8: a separate defamation claim. Gina Servetti, Bloomberg Radio.

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Speaker 2: All right, Gina, thank you all. President Trump and the

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Speaker 2: First Lady will arrive in the UK later today, and

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Speaker 2: let's go to London and get the very latest with

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Speaker 2: Bloomberg's James Wilcock.

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Speaker 9: James, good morning, Good morning, Karen. The US President lands

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Speaker 9: in London later for three days of carriage processions, royal

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Speaker 9: salutes and estate banquets. But behind the pageantry is business

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Speaker 9: and diplomacy. Alphabets say they're investing nearly seven billion dollars

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Speaker 9: in Britain AI economy, and Bloomberg has learned the US

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Speaker 9: and the UK plan to announce a series of deals

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Speaker 9: worth more than ten million dollars. There are tensions though,

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Speaker 9: over the recent firing of the UK's ambassador to the

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Speaker 9: US over his ties to Jeffrey Epstein, comments from the

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Speaker 9: MAGA write about free speech in the UK, and over

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Speaker 9: the distance between the two allies on Ukraine. UK Prime

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Speaker 9: Minister Kiss Starmer hopes to use the visit to push

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Speaker 9: for progress on Ukraine, with the G seven hoping to

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Speaker 9: agree a Sanctus package. In coming weeks, we'll see how

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Speaker 9: far the pomp and ceremony translates into tangible results. In London,

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Speaker 9: James Wilcock, Bloomberg Radio.

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Speaker 2: All right, James.

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Speaker 4: Thanks.

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Speaker 3: In the Middle East, Secretary of State Marco Rubio has

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Speaker 3: arrived in Doha to meet with Kateri officials. It comes

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Speaker 3: after Rubio visited Israel and as the Israeli military ramps

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Speaker 3: up attacks on Gaza City in a major new offensive.

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Speaker 3: The Secretary of State says time is running out for

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Speaker 3: Hamas to reach a deal.

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Speaker 10: As you saw, the Israelis have begun to take operations there.

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Speaker 10: So we think we have a very short window of

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Speaker 10: time in which a deal could happen. We don't have

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Speaker 10: months anymore, and we probably have days and maybe a

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Speaker 10: few weeks. So it's a key moment.

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Speaker 3: Secretary of State Marco Rubio says the US wants Hamas

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Speaker 3: to negotiate, laid down its weapons and free hostages, but

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Speaker 3: quote it may require ultimately a concise military operation to

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Speaker 3: eliminate them.

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Speaker 2: Well, Nathan, we want to get the latest now. On

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Speaker 2: the aftermath of Charlie Kirk's killing. Prosecutors in Utah are

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Speaker 2: expected to file capital murder charges today against the suspected shooter.

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Speaker 2: Twenty two year old Tyler Robinson, is due for his

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Speaker 2: first court appearance today. Meanwhile, in Washington, House Speaker Mike

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Speaker 2: Johnson led a vigil for Kirk on Capitol Hill last night.

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Speaker 11: This has been a very difficult week in America. There's

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Speaker 11: a wide range of emotions that have been felt by

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Speaker 11: the American people and frankly by leaders in the nation's capital.

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Speaker 2: Speaker Mike Johnson on Capitol Hill. And while investigators are

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Speaker 2: still piecing together a motive, the Trump administration is promising

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Speaker 2: to investigate left leaning groups that it says are stoking

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Speaker 2: political violence. Attorney General Pam Bondi confirm that at the

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Speaker 2: White House.

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Speaker 12: First Amendment is one of our most important amendments. Of

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Speaker 12: course in our constitution. We will always protect the First Amendment.

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Speaker 12: But you cannot you cannot create violence, and that's what's happening.

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Speaker 2: Attorney General Pam Bondi is not saying what group she's

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Speaker 2: looking into, but President Trump said he'd support designating Antifa

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Speaker 2: as a domestic terrorist organization. He also said he'd consider

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Speaker 2: racketeering investigations against groups that support leftist protests.

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Speaker 3: And Finally, Karen, Bloomberg News is out with this year's

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Speaker 3: rankings of the best business schools around the world. For

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Speaker 3: the seventh year in a row, Stanford University comes out

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Speaker 3: on top of the best full time MBA program in

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Speaker 3: the US. The school is well known for its close

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Speaker 3: ties to Silicon Valley. This year, Stanford ranked number one

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Speaker 3: for networking and entrepreneurship and second in compensation overall. The

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Speaker 3: University of Pennsylvania's Wharton School came in second on the

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Speaker 3: Bloomberg list, followed by the Hosschool at Berkeley, Harvard Business

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Speaker 3: School and Northwestern's Kellogg School rounding out the top five.

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Speaker 4: You can find the.

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Speaker 3: Full list of best Business Schools for twenty twenty five

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Speaker 3: and twenty six on the Bloomberg terminal and at Bloomberg

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Speaker 3: dot Com.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 2: Good Morning, Good morning, Karen.

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Speaker 13: Luigi Mangioni will be back in New York State Court

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Speaker 13: today with a judge set to rule on his motion

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Speaker 13: to dismiss and potentially set a trial date Mangioni, who

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Speaker 13: is twenty seven, is charged with gunning down United Healthcare

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Speaker 13: CEO Brian Thompson outside of Manhattan Hotel. New York Supreme

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Speaker 13: Court Judge Gregory Carrow is expected to decide on a

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Speaker 13: host of pre trial issues, including Nanngioni's arguments for tossing

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Speaker 13: the case and a terrorism charge. President Trump moles over

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Speaker 13: the potential of sending National Guard troops to Memphis. President

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Speaker 13: Trump says he feels and obligation to not lose cities

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Speaker 13: like Chicago and Memphis.

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Speaker 14: So we're not going to allow this kind of savagery

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Speaker 14: to destroy our society anymore, with stopping.

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Speaker 9: At doing one by one time, but we want to

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Speaker 9: go quickly.

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Speaker 13: Meanwhile, local officials and some lawmakers say the National Guard

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Speaker 13: presence is not needed. Democratic Congressman Steve Cohen, who represents Memphis,

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Speaker 13: says it would be more beneficial to have federal agents

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Speaker 13: who know policing methods to go into neighborhoods affect it

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Speaker 13: the most by crime.

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Speaker 15: They just hang.

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Speaker 14: Out around the train station and the Federal building and

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Speaker 14: maybe the Irs Center. Those are not places where we

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Speaker 14: have crime. So it's a show for him. It's the

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Speaker 14: Trump show. And he likes to do TV.

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Speaker 2: He likes to.

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Speaker 14: Produce, and he likes to look tough, and it's all

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Speaker 14: part of a bigger strategy to really the.

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Speaker 13: Authoritarian Congressman Cohen. The New York City Department of Health

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Speaker 13: has confirmed two adult cases of measles on the Lower

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Speaker 13: East Side and in Soho there have been at least

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Speaker 13: the team cases of measles in New York City this year.

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Speaker 13: Global News twenty four hours a day and whenever you

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Speaker 13: want it with Bloomberg News Now. I'm Michael Barm. This

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Speaker 13: is Bloomberg Carrot.

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Speaker 1: Thanks Michael.

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Speaker 2: Time now for our Bloomberg Sports updating. For that, we

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Speaker 2: bring in John Stashauer.

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Speaker 16: Thanks Daron Week too of the NFL. The entered a

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Speaker 16: coup of the games, starting with Tampa Bay rallying to

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Speaker 16: win twenty to nineteen. At Houston. The Texans had taken

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Speaker 16: the lead with two minutes left. The Bucks then win

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Speaker 16: eighty yards and eleven play scored the winning touchdown with

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Speaker 16: six seconds to go. The Chargers beat the Raiders in

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Speaker 16: Las Vegas twenty nine justin Herbert with a couple of

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Speaker 16: first half touchdown passes. The Phillies made it ten wins

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Speaker 16: in the last twelve games. They beat the Dodgers six

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Speaker 16: to five and tenanings. Kyle Schwarmer hit his fifty third

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Speaker 16: o run the Phillies of clinch the NL East. That's

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Speaker 16: your Bloomberg Sports update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Serious Exam

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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 3: Good morning, I'm Nathan Hager. The Federal Reserve opens up.

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Speaker 3: It's two day September meeting with one of President Donald

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Speaker 3: Trump's top advisors heading into vote. Stephen Myron, has been

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Speaker 3: confirmed to the Fed after a party line a Senate

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Speaker 3: vote and a warning from Minority Leader Chuck Schumer.

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Speaker 15: He has no independence, no sympathy for American non families

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Speaker 15: and businesses suffering from his policies, and a fundamental misunderstanding

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Speaker 15: of how the American economy works.

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Speaker 3: And that was Senate minoriti Leader Chuck Schumer speaking on

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Speaker 3: the Senate floor last night. This morning, we were joined

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Speaker 3: by Bloomberg's Valerie Titel, and a Valerie is just staggering

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Speaker 3: to think of how rapidly of Stephen Myron has been

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Speaker 3: confirmed to fill this vacant seat and what it could

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Speaker 3: mean for the rate decision coming tomorrow. Good morning, Hey.

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Speaker 12: Good morning, Nathan.

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Speaker 17: Yes, it definitely felt like it said at least some

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Speaker 17: sort of speed record for this confirmation. It took just

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Speaker 17: over a month from his nomination for him to be

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Speaker 17: confirmed in this as he was last night. But this

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Speaker 17: means that there is going to be a full house

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Speaker 17: of Fed governors at the decision that begins later today.

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Speaker 17: With the decision released tomorrow, it's one important thing to

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Speaker 17: watch because we still don't know how he is going

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Speaker 17: to vote and whether he's going to end up being

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Speaker 17: a dissenter when it comes to maybe wanting to keep

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Speaker 17: policy more loose than it already is. Remember, he is

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Speaker 17: a key backer of the President's economic agenda, has been

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Speaker 17: very vocal previously about his idea that tariff's don't cause

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Speaker 17: inflation and he is more worried about other parts of

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Speaker 17: the market instead. He also used the word tariff derangement

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Speaker 17: syndrome to express those on Wall Street who have been

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Speaker 17: calling for inflation to increase on the back of tariff

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Speaker 17: something he does not agree with. So he could be

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Speaker 17: a standout when it comes to how they vote tomorrow

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Speaker 17: in the decision. Maybe he'll be one voting for a

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Speaker 17: fifty bases point rate cut. But it also be very

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Speaker 17: interesting to see if he is an outlier on that

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Speaker 17: dot plot release their summary of economic projections and with

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Speaker 17: that famous dot plot that shows where every member of

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Speaker 17: the FMC sees interest rates over the next few years.

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Speaker 17: So if we do see a big outlying dot, it's

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Speaker 17: perhaps Steven Meyron.

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Speaker 3: You mentioned it's going to be a full FED board

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Speaker 3: that in some ways is a setback for President Trump,

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Speaker 3: of course, because he's been trying as hard as he

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Speaker 3: might to fire FED Governor Lisa Cook.

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Speaker 17: Yeah, Lisa Cook. It was decided by an appeals court

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Speaker 17: in a two to one ruling that she can't be fired.

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Speaker 17: Yet the court ruled that she can stay on as

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Speaker 17: governor while the case is underway. Now. It was interesting

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Speaker 17: the reasons why the judges said that she could stay on.

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Speaker 17: It was that Trump had violated due process by attempting

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Speaker 17: to fire her on social media and didn't give Cook

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Speaker 17: a proper notice. The judges didn't necessarily weigh in on

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Speaker 17: the debate of whether Trump has cause to dismiss her.

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Speaker 17: And this is important, Nathan, because this is the first

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Speaker 17: time a president has sought to dismiss a FED governor,

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Speaker 17: and by law they are permitted to do so if

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Speaker 17: they have a cause, but it's very vague in the

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Speaker 17: law what exactly entails cause, Whether mortgage fraud itself, if

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Speaker 17: this is deemed to hold true in Lilisa Cook's case,

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Speaker 17: whether that is cause enough to dismiss her. But this

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Speaker 17: is hotly watched for that reason. And the other reason

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Speaker 17: is because we want to know if whether Trump may

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Speaker 17: if Trump gets a majority of picks on the FED

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Speaker 17: governors by February. February is important because that's when the

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Speaker 17: FED governors assess and reconfirm the regional FED presidents and

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Speaker 17: their roles. There is some speculation that if Trump has

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Speaker 17: a majority of FED governor picks, that he could try

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Speaker 17: to interfere with the reconfirmation of FED regional president.

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