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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today, Karen.

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Speaker 2: The Big lift in Futures comes after President Donald Trump

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Speaker 2: said he never had any intention to fire Federal Reserve

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Speaker 2: Chair j Powell. The parent walkback comes days after the

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Speaker 2: President posted on social media that Powell's termination quote cannot

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Speaker 2: come fast enough, and his National Economic Council director told

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Speaker 2: reporters that Trump was exploring whether he had the authority

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Speaker 2: to remove the FED chair, But when asked directly yesterday

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Speaker 2: if he wanted to remove Powell, President Trump had this

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Speaker 2: to say.

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Speaker 4: Never did the press runs away with things now? I

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Speaker 4: have no intention of firing him. I would like to

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Speaker 4: see him be a little more active in terms of

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Speaker 4: his idea to lower interest Rate's just a perfect time

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Speaker 4: to lower interest rates. If he doesn't, is at the

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Speaker 4: end to no, it's not.

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Speaker 2: The Fed has kept interest rates unchanged this year, after

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Speaker 2: lowering them by a full percentage point in the last

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Speaker 2: few months of twenty twenty four.

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Speaker 3: Well, Nathan, The apparent easing of White House pressure on

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Speaker 3: the Fed comes as President Trump indicates a willingness to

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Speaker 3: dial down tariff tensions with China. He told reporters he

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Speaker 3: plans to be very nice to China and any trade negotiations,

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Speaker 3: and that tariffs could be reduced if the two countries

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Speaker 3: reach a deal.

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Speaker 4: One hundred and forty five percent is very high, and

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Speaker 4: it won't be that high.

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Speaker 5: Not going to be that high. It got up to there.

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Speaker 4: We were talking about fed and all where you know,

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Speaker 4: various elements built it up to one hundred and forty five. No,

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Speaker 4: it won't be anywhere near that high. It'll come down substantially,

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Speaker 4: but it won't be zero. Used to be zero. We

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Speaker 4: were just destroyed. China was taking us for a ride,

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Speaker 4: and it's not going to happen.

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Speaker 3: And top Chinese officials, including the Central bank governor and

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Speaker 3: finance minister, are in Washington for World Bank and IMF

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Speaker 3: meetings this week.

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Speaker 2: In Beijing, Karen China says the door is wide open

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Speaker 2: to trade talks. A Foreign Ministry spokesman says China's pointed

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Speaker 2: out early on that there are no winners in tariff

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Speaker 2: and trade wars. Chinese President she Jinpink says they undermine

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Speaker 2: the legitimate rights and interests of all countries and hurt

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Speaker 2: the world economic order. China's official Shinwa news agency says

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Speaker 2: she made those comments during a meeting with the President

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Speaker 2: of Azerbaijan on Nathan.

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Speaker 3: The International Monetary Fund is slashing its global growth forecast

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Speaker 3: and is warning that trade war could spark even more

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Speaker 3: economic pain. The IMF now expects global GDP to grow

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Speaker 3: by just two point eight percent, versus its previous estimate

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Speaker 3: of three point three percent. IMF's Managing Director Christelina Georgiaeva

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Speaker 3: told Bloomberg, the risk of a global recession is growing.

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Speaker 6: If we have this cloud of uncertainty coming lower and lower,

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Speaker 6: making it difficult for the business community and for households

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Speaker 6: to take decisions, we could have a self inflicted injury

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Speaker 6: that I guarantee you we would regret.

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Speaker 3: Managing Director Kristallina georgia Yeva and the IMF cut its

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Speaker 3: growth outlook for China and the US by more than

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Speaker 3: most countries and.

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Speaker 2: Karen Elon Musk says he plans to keep advocating for

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Speaker 2: President Trump to pull back on tariffs, but he says

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Speaker 2: the issue is entirely up to the President. Musk says

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Speaker 2: tariffs are impacting TESLA, but not as much as its competitors.

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Speaker 7: We are I think the least a company, the least

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Speaker 7: affected car company with respected tariffs. We do have localize

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Speaker 7: supply chains in both America and Europe and China. So

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Speaker 7: that's that puts us in a stronger position than any

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Speaker 7: of our betters.

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Speaker 3: And most comments came on the Tesla earnings conference call,

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Speaker 3: but it was the billionaire's remarks about his future work

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Speaker 3: with a government that has the stock on the rise

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Speaker 3: this morning.

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Speaker 7: Starting probably in next month, may my time allocation to

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Speaker 7: dose will drop significantly. I'll have to contin you're doing

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Speaker 7: it ball. I think we apply the remainder of the

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Speaker 7: president's term. Just make sure that the waste and fraud

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Speaker 7: that we stop does not come roaring back.

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Speaker 3: And jeers Ah Tesla are up six percent in early trading,

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Speaker 3: this despite the evmaker reporting first quarter earnings below estimates.

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Speaker 2: All another big tech companies making news Karen job cuts

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Speaker 2: are coming to Intel. We have more on this exclusive

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Speaker 2: story from Bloomberg's John Tucker.

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Speaker 8: John, Good morning, Nathan. Intel plans to announce cuts to

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Speaker 8: more than twenty percent of the workforce, that's about twenty

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Speaker 8: two thousand workers. This as part of the Silicon Valley

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Speaker 8: based company's first major restructuring under the new CEO, Lipboo

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Speaker 8: Tan Tan, who took over at March, wants to streamline

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Speaker 8: management and re establish Intel's engineer driven corporate culture. He

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Speaker 8: previously announced the struggling chip giant would sell its majority

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Speaker 8: stake and it's altera business, and so he intends to

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Speaker 8: spin off some of the Intel non core business. It's

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Speaker 8: all part of the turnaround efforts there. Intel has fallen

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Speaker 8: behind its rivals at producing ai AI chips. It also

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Speaker 8: faces the effects of the Trump administration's trade war with China.

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Speaker 8: They do report earnings tomorrow. Intel shares have slid nearly

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Speaker 8: twenty percent of the past month. They're down forty three

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Speaker 8: percent over the past year. At pre market. The shares

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Speaker 8: right now up over three percent in New York. I'm

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Speaker 8: John Tucker Bloomberg Radio.

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Speaker 3: All right, John, thanks, we'll ever see. Shares of SAP

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Speaker 3: are up almost ten percent. Europe's most valuable company reported

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Speaker 3: first quarter earnings that top analyst estimates. The German software

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Speaker 3: company says profit was fueled by its pivot to cloud services.

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Speaker 2: It's pivot back here to the US Karen as the

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Speaker 2: standoff continues between the Trump administration and Harvard University over

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Speaker 2: more than two billion dollars in federal funds. The nation's

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Speaker 2: oldest university sued this week to unlock that money, saying

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Speaker 2: the government made unconstitutional demands to overhaul Harvard's governance, hiring,

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Speaker 2: and diversity programs. Former Harvard president Larry Summer says the

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Speaker 2: university does need to change its approach to anti semitism,

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Speaker 2: but he hopes cooler heads prevail.

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Speaker 9: I think there's a risk on both sides. I want

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Speaker 9: to make sure that Harvard does carry through with necessary reform,

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Speaker 9: but Gush, we can't have the government ordering universities around

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Speaker 9: in violation of all the processes that are prescribed by law.

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Speaker 2: Former Harvard president and current Bloomberg contributor Larry Summers says

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Speaker 2: the government should recognize Harvard's making changes and keep the

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Speaker 2: money flowing through that process. Summers was a guest on

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Speaker 2: Bloomberg's Wall Street Week.

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Speaker 3: It's time now for a look at some of the

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Speaker 3: other stories making news in New York and around the world,

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Speaker 3: and for that we're joined by Bloomberg's Michael Barr.

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Speaker 10: Michael, Good morning, Good morning, Karen. A solemn procession brought

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Speaker 10: the body of Pope Francis to Saint Peter's Basilica this morning.

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Speaker 10: The Pope's body will now lie in state. Heads of

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Speaker 10: state are expected for the funeral Saturday in Saint Peter's Square,

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Speaker 10: but the three days of public viewing are largely for

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Speaker 10: the faithful to mourn the eighty eight year old pope.

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Speaker 10: Sister Jeanette Godett is a spiritual leader who served under

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Speaker 10: the Pope in Rome.

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Speaker 3: He was somebody that I will never forget because he

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Speaker 3: was so personal and funny, personal and funny and full

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Speaker 3: of joy and hope.

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Speaker 10: Francis died Monday after suffering a stroke. Health and Human

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Speaker 10: Services Secretary Robert F. Kennedy Junior questioned the need for

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Speaker 10: all children to get COVID shots amid reports that the

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Speaker 10: US government is considering revoking its current vaccine recommendations. Kennedy

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Speaker 10: says President Trump doesn't believe that anybody should get mandatory vaccines,

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Speaker 10: and people should make that choice for themselves. His comments

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Speaker 10: come after Kennedy announced earlier a government campaign to face

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Speaker 10: out petroleum base dies from the nation's food supply, saying

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Speaker 10: it makes children sick.

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Speaker 5: They want to eat petroleum. They ought to add it themselves.

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Speaker 5: At home, but they shouldn't be feeding it to the

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Speaker 5: rest of us.

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Speaker 10: The move will trigger changes and scores of products on

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Speaker 10: grocery store shelves. Crews are battling a forest fire in

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Speaker 10: southern New Jersey. It has shut a stretch of the

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Speaker 10: Garden State Parkway, sparked evacuations and threatens to snarl commuters.

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Speaker 10: The fire has grown to eighty five one hundred acres,

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Speaker 10: with three thousand residents evacuated, inching closer to the Oyster

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Speaker 10: Creek Nuclear power plant. This resident says he felt helpless

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Speaker 10: as flames and smoke spread out.

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Speaker 5: I said, they progressed. It was kind of scary. You know,

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Speaker 5: you didn't know exactly what was going to happen for

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Speaker 5: you leave, Should you stay? What should you take with you?

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Speaker 10: The fire is only ten percent contained. Finally, opening statements

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Speaker 10: are scheduled for this morning in New York in former

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Speaker 10: movie mogul Harvey Weinstein's rape retrial. It will be with

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Speaker 10: a majority female jury with seven women, five men, and

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Speaker 10: six alternate jurors. Weinstein, who is seventy three, is pleded

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Speaker 10: not guilty and denies any rape or sexual assault. Global

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Speaker 10: News twenty four hours a day and whenever you want

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Speaker 10: it with Bloomberg News now him Michael Barr, and this

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Speaker 10: is Bloomberg Carrot.

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Speaker 3: All right, Michael Barr, thank you. Time now for the

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Speaker 3: Bloomberg scores update, and here's John Stanshauer.

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Speaker 5: John, good morning, Good morning, Karen.

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Speaker 11: I hopes for the Mets this season. Made it the

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Speaker 11: last year's NLCS. Then added one Soto who has not

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Speaker 11: broken out yet, but the Mets pitching has been outstanding.

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Speaker 11: At two point three seven, they've got MLB's lowest team

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Speaker 11: era and the Mets keep winning that city field. Now

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Speaker 11: eleven and one, they beat the Phillies five to one.

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Speaker 11: This time it was Griffin Cannon working five strong ginnings

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Speaker 11: four relievers then heard four scoreless, allowing only one head.

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Speaker 11: A little payback for the Cleveland Guardians who lost last

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Speaker 11: year's ALCS to the Yankees. They scratched across three runs.

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Speaker 11: Sixth innings beat the Yanks for the second night in

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Speaker 11: a row, three to two. Red Sox beat Seattle eight

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Speaker 11: to three, National seven nothing over the Orioles. Home teams

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Speaker 11: one of the NBA Playoffs, Indiana and Oklahoma City, both

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Speaker 11: of them have two nothing series leads. The Lakers got

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Speaker 11: thirty one points a near triple double from Luka Donciic

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Speaker 11: won a low scoring ninety four to eighty five game

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Speaker 11: of Minnesota. That series tied at one. The Devils are

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Speaker 11: banged up for their series with Carolina. They scored first

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Speaker 11: about Formingu's end of the Hurricanes, who won Game one

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Speaker 11: four to one, took Game two three to one, also

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Speaker 11: winning the Stanley Cup playoffs Florida, Minnesota and Toronto in overtime.

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Speaker 11: The NFL Draft agains tomorrow night in Green Bay, and

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Speaker 11: the Tennessee Titans have confirmed they are not trading the

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Speaker 11: first overall pick unless everyone is wrong. They're taking quarterback

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Speaker 11: cam Ward Cleveland. Pick second may well take Colorado's two

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Speaker 11: way star Travis Hunter. He plays wide receiver and cornerback.

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Speaker 11: If the Browns don't take him, the Giants might with

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Speaker 11: the third pick. Here's Giants coach Brian Daboll on Hunters.

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Speaker 12: Well, it takes a long time to evaluate him because

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Speaker 12: there's a lot of tape. It's a really remarkable what

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Speaker 12: he has done and the ability to perform at that level,

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Speaker 12: not really getting arrested.

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Speaker 11: The Patriots have the fourth overall pick. The Jets have

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Speaker 11: the seventh. John Stashawain Bloomberg Sports nan.

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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 Appum, this is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. President Donald Trump appears to

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Speaker 2: be softening his tone when it comes to the FED

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Speaker 2: and China. With both the US and China leveling triple

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Speaker 2: digit tariffs against each other, the President now says he

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Speaker 2: plans to be very nice in any negotiations.

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Speaker 4: We're doing fine with China, We're doing fine with every

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Speaker 4: I think almost every country. Everybody wants to have involvement

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Speaker 4: with the United States.

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Speaker 2: And that was President Trump speaking in the Oval Office

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Speaker 2: this morning. We were joined by Bloomberg News Senior editor

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Speaker 2: Derek Wallbank. So there we heard the President, Derek saying

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Speaker 2: he plans to play nice, not just with China but

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Speaker 2: other countries. But where do things stand substantially when it

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Speaker 2: comes to the trade dispute between the US and China.

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Speaker 13: Good morning, Good morning, Nathan. Let me end underline the

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Speaker 13: word that you said, substantially, right, because it's different than sentimentality.

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Speaker 13: We've seen a little bit of a sentiment uptick in

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Speaker 13: markets following not just the China trade remarks, but also

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Speaker 13: the remarks that Trump made about not wanting to fire

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Speaker 13: Jay Powell. On the trade side, it's nothing has changed

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Speaker 13: on the substance right now. What you've gotten is a

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Speaker 13: sort of underlining from the President of something that I

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Speaker 13: think he and his team had had been sort of marking,

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Speaker 13: which was that the China tariffs right now are intended

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Speaker 13: to be at their high water mark, and that provides

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Speaker 13: a certain amount of security against potential downside. Additionally, he's

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Speaker 13: also sort of talking up the idea that they would

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Speaker 13: like to get a deal. But let's stress here, while

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Speaker 13: there are plenty of options to begin them, there are

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Speaker 13: no current high level between the US and China. And indeed,

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Speaker 13: when we're talking about easier deals to make, you would

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Speaker 13: think easier deals anyway with top allies, be that Japan,

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Speaker 13: be that the United Kingdom, be that Israel, whoever you

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Speaker 13: might want to put into there, we still have not

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Speaker 13: seen the first of those deals actually come to fruition.

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Speaker 13: So the idea that China, which would be hypothetically a

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Speaker 13: lot more fraud, the idea that we might be coming

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Speaker 13: down anytime soon because a deal might be signed. There's

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Speaker 13: not necessarily talks in the works yet, so all of

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Speaker 13: that feels a little bit preliminary.

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Speaker 2: And there's still a question, isn't there, Derek, about what

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Speaker 2: the president wants out of a trade deal with China.

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Speaker 2: We've heard a lot of different commentary about what the end.

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Speaker 13: Goal is here or with anyone. Really, It's one of

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Speaker 13: the things that I think a lot of nations are

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Speaker 13: trying to ask themselves right now is what does the

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Speaker 13: US want? What is the full scope of demand, and

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Speaker 13: what are the key points that they really need to

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Speaker 13: insist on. You know, we got some we got some

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Speaker 13: clarity with the UK that there may be asks, chiefly

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Speaker 13: around agricultural imports about you know, certain specific tariff lines,

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Speaker 13: you know, autos, things of that nature. And you know,

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Speaker 13: we've heard from Trump say in certain other cases, you know,

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Speaker 13: he's mentioned automobiles again or another example, uh with Japan,

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Speaker 13: and he's mentioned agriculture and other settings. But what exactly

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Speaker 13: that other that that whole thing looks like that will

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Speaker 13: get a deal done? Very much remains to be seen.

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Speaker 13: You know, you look at Israel pulled off a lot

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Speaker 13: of the tariff barriers that they had on the United States,

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Speaker 13: before Trump's Liberation Day announcement and got hit with a

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Speaker 13: seventeen percent levy. Anyway, it's hard to kind of see

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Speaker 13: exactly where the frame of these deals are. Though at

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Speaker 13: some point this rhetoric is where, you know, we're in

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Speaker 13: a ninety day window. At some point the rhetoric has

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Speaker 13: to turn to reality to keep up this sentiment uptick.

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Speaker 2: And the rhetoric around the FED is that the President

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Speaker 2: says he never had any intention of firing Jay Powell.

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Speaker 2: There's the question about whether he could do that, but

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Speaker 2: he's still talking about wanting to lower interest rate. So

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Speaker 2: where is the pressure on the FED in our last

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Speaker 2: thirty seconds?

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Speaker 13: Well, I think, Nathan, the pressure on the FED comes

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Speaker 13: into the fact that Donald Trump believes he has a

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Speaker 13: First Amendment right to say exactly what he wants on

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Speaker 13: the FED, and he is going to continue doing it.

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Speaker 13: He is going to use that megaphone to say exactly

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Speaker 13: what he wants out of the FED right now. What

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Speaker 13: he wants his lower rates, He wants them now, he

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Speaker 13: wanted them before, but he really wants them to go

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Speaker 13: now as quick as possible. And look, even if j.

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Speaker 13: Powell's job seems safer right now, he's still going to

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Speaker 13: hear from the President about exactly what the President thinks

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Speaker 13: he needs to do.

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