WEBVTT - Fed Officials Anticipate Jobs Data, UK Data Revised Down, More

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<v Speaker 1>News when you want it with Bloomberg News Now, I'm

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<v Speaker 1>Valerie Titel.

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<v Speaker 2>And I'm Caroline Hepke.

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<v Speaker 1>Bond and currency traders are bracing for today's US employment report,

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<v Speaker 1>which is now seen as pivotal to the Federal Reserve's

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<v Speaker 1>coming rate decision. Markets are currently pricing in a quarter

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<v Speaker 1>point cut in two weeks time, almost four more by

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<v Speaker 1>the end of the year. Chicago Fed President Austin Golesby

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<v Speaker 1>says policymakers will be watching today's data very closely.

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<v Speaker 3>The job market is in the dual mandate, so if

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<v Speaker 3>we feel like the job market is deteriorating, that's going

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<v Speaker 3>to be a thing arguing for maybe we should losen.

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<v Speaker 1>Golesby has also stressed his independence from partisan politics. The

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<v Speaker 1>gap between short term yields and longer term treasuries has

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<v Speaker 1>grown as investors are weighing a slowing economy against fiscal worries.

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<v Speaker 2>Well, the jobs pull today will land US. Concerns over

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<v Speaker 2>the political influence on the Fed continue. FED nominee Stephen

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<v Speaker 2>Myrvin says that he win will act independently if he

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<v Speaker 2>gets the job at the Central Bank. Myron pushed back

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<v Speaker 2>on Democrat critics who said that he was President Trump's

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<v Speaker 2>lackey look.

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<v Speaker 3>The President nominated me because I have policy views that

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<v Speaker 3>I suppose that he liked. If I'm confirmed to this role,

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<v Speaker 3>I will act independently as the Federal Reserve always does,

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<v Speaker 3>based on my own personal analysis of economic data, my

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<v Speaker 3>own personal analysis of the effects of economic policies upon

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<v Speaker 3>the economy, and act based on my judgment of my

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<v Speaker 3>judgment of the best economic policy possible.

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<v Speaker 2>Stephen mara And, speaking at yesterday's Senate hearing, his potential

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<v Speaker 2>nomination is part of a broader White House campaign to

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<v Speaker 2>change FED leadership. Yesterday, the US Justice Department opened a

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<v Speaker 2>criminal investigation into where the Federal Reserve Governor Lisa Cook

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<v Speaker 2>committed mortgage fraud.

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<v Speaker 1>Opening I is partnering with Broadcom to design and produce

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<v Speaker 1>artificial intelligence and a direct challenge to Navidia's market dominance.

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<v Speaker 1>Bloomberg understands that the first accelerator chips will begin shipping

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<v Speaker 1>next year. Broadcom CEO Hoc Tan made a veiled reference

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<v Speaker 1>to the partnership and a ten billion dollar amount in

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<v Speaker 1>orders from a new customer during the company's earnings call

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<v Speaker 1>on Thursday, which is taken as broadly positive by the market,

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<v Speaker 1>and we're seeing stock of Broadcom jump over six percent

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<v Speaker 1>in US pre market trade. Tan also told investors that

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<v Speaker 1>Broadcom's AI outlook will improve significantly next quarter, with the

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<v Speaker 1>company expecting revenue from AI semiconductors to reach six point

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<v Speaker 1>two billion dollars in the fourth quarter. Bloomberg's Charlie Pellett

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<v Speaker 1>has more.

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<v Speaker 4>His comments on the conference call helped ease concerns about

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<v Speaker 4>slowing growth. Ton says the company's working with prospective customers

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<v Speaker 4>to develop AI accelerators, a market currently dominated by Nvidia.

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<v Speaker 4>Jay Goldberg is an analyst at Seaport Research Partners.

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<v Speaker 5>I think the the truth of it is, anytime in

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<v Speaker 5>video losers share today, it's not to AMD, it's to

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<v Speaker 5>somebody who's doing their internal silicon, and Broadcom is helping

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<v Speaker 5>them do that.

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<v Speaker 4>Tom says he'll stay on his Broadcom CEO until at

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<v Speaker 4>least twenty thirty. In New York, Charlie Pellett Bloomberg Radio.

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<v Speaker 2>President Trump says that he will impose tariffs on semiconductor

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<v Speaker 2>imports very shortly. He said the levies could spare goods

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<v Speaker 2>from companies like Apple that have pledged to boost their

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<v Speaker 2>investments into the US Trumspert during a dinner at the

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<v Speaker 2>White House with a rare gathering of some of the

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<v Speaker 2>world's biggest tech leaders.

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<v Speaker 6>Chips and semi conductors, and will be putting tariffs on

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<v Speaker 6>companies that aren't coming in. Will be putting a tariff

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<v Speaker 6>very shortly, probably a hearing. Will be putting a fairly

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<v Speaker 6>substantial teriff. Were not that high, but fairly substantial tariff.

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<v Speaker 2>The US President has previously suggested the tariff rate on

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<v Speaker 2>semiconductors could well be above one hundred percent, reaching potentially

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<v Speaker 2>as high as two hundred or three hundred percent.

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<v Speaker 1>UK retail sales declined with sharp downward revisions, undermining the

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<v Speaker 1>economic picture. The Office for National Statistics says the volume

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<v Speaker 1>of sales rose one point one percent in the first

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<v Speaker 1>six months of the year. That's less than one point

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<v Speaker 1>seven percent increase that had previously been estimated. The revisions

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<v Speaker 1>hamsterring the narrative that the British consumer is starting to

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<v Speaker 1>spend more and is another dent in the ONS's reputation.

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<v Speaker 2>Also in the UK, per Minister Kid Starmer says that

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<v Speaker 2>he will act on the outcome of an independent investigation

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<v Speaker 2>into his deputy Angelo Vena Reyna has admitted under paying

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<v Speaker 2>tax on a flat that she bought, blaming incorrect legal advice,

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<v Speaker 2>Stalma told BBC News and Ethics probe needs to establish

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<v Speaker 2>the facts.

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<v Speaker 7>There's a clear procedure. I strengthened that procedure. It is

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<v Speaker 7>now taking place by aspecting a result pretty quickly. I

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<v Speaker 7>do want it to be comprehensive as you would expect.

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<v Speaker 7>And then of course time of Latom.

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<v Speaker 2>Whatever the report is, let's put in front of day

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<v Speaker 2>kiss Sarma, speaking there in the vein, a government's official

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<v Speaker 2>said that the report could be presented to Salma later today.

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<v Speaker 2>And also today we mark the start of the form

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<v Speaker 2>UK's party conference. Lobbyists and journalists are headed to the

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<v Speaker 2>event to see if the party's lead in the polls

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<v Speaker 2>is matched by its professionalism. Those are some of our

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<v Speaker 2>top news stories this morning.

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<v Speaker 1>On the market, zero Stack six hundred is up three

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<v Speaker 1>tenths of one percent over on Wall Street. S and

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<v Speaker 1>p futures adding to yesterday's record high. Clothes up two

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<v Speaker 1>tenths of one percent, Nastak futures out performing up four

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<v Speaker 1>tenths of one percent, as we're seeing shares of Broadcom

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<v Speaker 1>rise over six percent in pre market after a strong

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<v Speaker 1>outlook and their announcement of a packed with open Ai

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<v Speaker 1>n FX. The Bloomberg Dollars Spot Index is two tenths weaker,

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<v Speaker 1>and you've got your US Treasury yields holding a steady

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<v Speaker 1>at four spot one six and the tenure sector ahead

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<v Speaker 1>of non farm payrolls today.

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<v Speaker 2>That's news when you want it. With Bloomberg News Now.

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<v Speaker 2>I'm Caroline Hepka

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<v Speaker 1>I'm Valerie Titel, and this is Bloomberg