WEBVTT - TikTok Ban Update; Fed in No Rush to Cut

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<v Speaker 1>Bloomberg, Audio Studios, podcasts, radio news.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm John Tucker. Here

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<v Speaker 2>are these stories we're following today.

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<v Speaker 3>We'll begin with the latest on the effort to force

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<v Speaker 3>the sale of the Chinese owned social app TikTok. The

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<v Speaker 3>issues now before the Senate. After the House overwhelmingly passed

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<v Speaker 3>the bill that would ban TikTok in the US unless

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<v Speaker 3>byte Dance sells it within six months, Senate Intelligence Chair

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<v Speaker 3>Mark Warner tells Bloomberg's balance of power, senators should expedite

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<v Speaker 3>this bill.

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<v Speaker 1>I think we need to get this done. And again,

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<v Speaker 1>what again?

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<v Speaker 4>We need to make clear as somebody's talking about a band,

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<v Speaker 4>we're talking about transferring the ownership and the algorithm to

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<v Speaker 4>some other control of It's not Chinese.

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<v Speaker 3>But lawmakers on both sides of the isle are urging

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<v Speaker 3>more caution, including Senate Foreign Relations Chair Ben Carden.

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<v Speaker 1>Don't want to inhibit free speech.

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<v Speaker 5>We don't want to inhibit particularly a large segment of

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<v Speaker 5>Americans who get a lot of information from TikTok.

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<v Speaker 1>But it is a matter of concern that is right

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<v Speaker 1>for us to take up.

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<v Speaker 3>And other senators are calling for a full amendment process.

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<v Speaker 3>That could tie up the bill for months. TikTok has

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<v Speaker 3>been lobbying the Senate hard against this legislation even before

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<v Speaker 3>the House passed it.

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<v Speaker 2>And sticking with politics, it's a legal setback for former

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<v Speaker 2>President Donald Trump. A federal judge in Florida has denied

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<v Speaker 2>he has been to dismiss charges that he mishandled classified

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<v Speaker 2>documents at mar A Lango. Trump's lawyers had argued the

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<v Speaker 2>charges from Special counsel Jack Smith were too vague. US

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<v Speaker 2>District Judge Alan Cannon, who's a Trump appointee, denied the

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<v Speaker 2>former president's motion without prejudice, meaning the issue could be

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<v Speaker 2>raised again later.

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<v Speaker 3>And back on Capitol Hill, John sentim Majority leader Chuck

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<v Speaker 3>Schumer has reached his breaking point over the war in Gaza.

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<v Speaker 3>In a speech on the Senate flor Schumer called on

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<v Speaker 3>Israel to hold new elections. He says Prime Minister Benjamin

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<v Speaker 3>Netanyahu has lost his way with a mounting civilian death

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<v Speaker 3>toll in Gaza and for opposing a two state solution

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<v Speaker 3>with the Palestinians.

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<v Speaker 6>As the highest ranking Jewish elected official in our government

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<v Speaker 6>and as a staunch defender of israel I rise today

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<v Speaker 6>to say unequivocally this is a grave mistake, but.

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<v Speaker 3>Senate Minority Leader Mitch McConnell says it's Schumer who's making

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<v Speaker 3>the mistake.

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<v Speaker 7>It is grotesque and hypocritical for Americans, who hyperventilate about

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<v Speaker 7>foreign interference in our own democracy to call for the

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<v Speaker 7>removal of a democratically elected leader of.

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<v Speaker 3>Israel, and the White House is stopping short of endorsing

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<v Speaker 3>Senate Leader Schumer's remarks. National Security Council spokesman John Kirby

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<v Speaker 3>says the White House is laser focused on getting a

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<v Speaker 3>temporary ceasefire in place between Israel and Hamas.

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<v Speaker 2>And we now head overseas, where France's President Emanuel Matcron

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<v Speaker 2>says the European Union faces an existential threat unless Russian

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<v Speaker 2>forces are defeated in Ukraine. Macron's been speaking to French

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<v Speaker 2>television ahead of a meeting with the leaders of Poland

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<v Speaker 2>and Germany.

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<v Speaker 8>We have suffered the consequences in Europe, the price of gas,

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<v Speaker 8>the economic situation, the price of grain, the economic disruptions

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<v Speaker 8>that followed are the consequences of this war that Russia

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<v Speaker 8>has started. If Russia wins this war, the credibility of

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<v Speaker 8>Europe will be reduced to zero. What would be the

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<v Speaker 8>credibility in our countries of an EU whose members allowed

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<v Speaker 8>that to happen?

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<v Speaker 2>He was speaking through an interpreter. Emmanuel Macron's comments as

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<v Speaker 2>voters hinder the polls for a Russian presidential election that

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<v Speaker 2>Vladimir Putin is all but guaranteed to win.

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<v Speaker 3>And John another European leader's warning of the threat posed

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<v Speaker 3>by Russia's invasion the head of Latvia, one of the

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<v Speaker 3>Baltic states that borders Russia. Latvian Prime Minister of Viga

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<v Speaker 3>Selina says a Russian victory would have a global impact.

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<v Speaker 9>If Russia wins, those consequences will affect all the world.

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<v Speaker 9>Also Washington, also United States, not just Europe, will be

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<v Speaker 9>affected by this result of the conflict.

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<v Speaker 3>Lad Via Prime Minister of Vica Selina ads she supports

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<v Speaker 3>the idea of sending NATO troops to Ukraine to train

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<v Speaker 3>the country soldiers. Get the full conversation on the Bloomberg

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<v Speaker 3>Balance of Power podcasts. You can find it on Apple,

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<v Speaker 3>Spotify and wherever you get your podcasts.

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<v Speaker 2>And turning to the Marcus, futures are mixed to lower.

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<v Speaker 2>As we close out the trading week, stocks fell yesterday,

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<v Speaker 2>Treasury yields they climbed after another hot inflation report, reinforced

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<v Speaker 2>bets the Fed is going to be a no rush

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<v Speaker 2>to cut interest rates. Let's get more from Bloomberg Economy

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<v Speaker 2>editor Jill Decease.

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<v Speaker 10>When the Fed, which has been spending the last couple

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<v Speaker 10>of months, really really pushing back from this idea of

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<v Speaker 10>early interest rate cuts, this years need for patients, this

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<v Speaker 10>need to sit back and examine the data before making

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<v Speaker 10>those decisions on when to begin this trajectory toward rate cut.

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<v Speaker 10>So I think that that's really kind of taking hold here.

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<v Speaker 10>I mean, were getting this data that's showing us that

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<v Speaker 10>there's still quite a bit of resilience in the economy.

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<v Speaker 10>It's not time to cut rate check you know, as

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<v Speaker 10>we're going, it's just pushing back further and further those

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<v Speaker 10>expectations for those cuts until you know, at this point

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<v Speaker 10>the middle of the back half of the year.

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<v Speaker 2>And Bloomberg's Jill Lisa says traders have paired their vents

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<v Speaker 2>on Fed rate cuts this year. The swaps markets are

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<v Speaker 2>now fully pricing in the first move not in June

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<v Speaker 2>but July.

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<v Speaker 3>But john Bitcoin is extending its retreat as well from

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<v Speaker 3>its latest record high. Checking the crypto currency right now,

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<v Speaker 3>it's down more than five percent, trading at sixty six

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<v Speaker 3>eight hundred dollars. There's an intensifying debate about whether crypto's

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<v Speaker 3>bull run has reached a bubble. Bitcoin did reach an

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<v Speaker 3>all time high of almost seventy four thousand earlier this week.

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<v Speaker 3>A gauge of the top one hundred tokens, which also

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<v Speaker 3>includes ether, BnB and Solana, is up about sixty percent

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<v Speaker 3>so far this year.

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<v Speaker 2>And meanwhile, copper handswers to an eleven month high. In fact,

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<v Speaker 2>it rallied to nine thousand dollars a ton today on

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<v Speaker 2>Best Today. You pick up in global manufacturing will push

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<v Speaker 2>up demand for industrial commodities seen as a global economic

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<v Speaker 2>bell weather the global economy. The metal has surged this

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<v Speaker 2>week as investors warmed to the idea that the worst

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<v Speaker 2>of a global downturn has passed.

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<v Speaker 3>And checking individual stocks on the move, shares of Adobe

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<v Speaker 3>are down more than eleven percent in early trading. The

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<v Speaker 3>software company delivered a week sales outlook for the current quarter.

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<v Speaker 3>We get the story from Bloomberg's Charlie Pellett.

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<v Speaker 1>The quarter fueled concerns that new AI focus startups pose

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<v Speaker 1>a competitive threat. Adobe said revenue will be five point

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<v Speaker 1>two five to five point three billion in the period. Analysts,

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<v Speaker 1>on average projected five point three to one billion. The

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<v Speaker 1>longtime leader in software for creative arts professionals, has faced

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<v Speaker 1>recurring anxieties that new generative AI based startups will cut

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<v Speaker 1>into its market. In New York.

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<v Speaker 3>Charlie Pellett Bloomberg Radio, All right, Charlie, thank you, and

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<v Speaker 3>now it's time to take a look at some of

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<v Speaker 3>the other stories making news in New York and around

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<v Speaker 3>the world with Bloomberg's Michael Good Friday Morning, Michael Good.

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<v Speaker 11>Friday, to you, Nathan. The Manhattan District Attorney is requesting

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<v Speaker 11>a one month delay in former President Donald Trump's criminal

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<v Speaker 11>case for allegedly concealing payments to adult film star Stormy Daniels.

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<v Speaker 11>It comes less than two weeks before that trial was

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<v Speaker 11>set to begin. Prosecutors said they just received tens of

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<v Speaker 11>thousands of pages and documents from the Justice Department, and

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<v Speaker 11>they want to give Trump's legal team up to thirty

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<v Speaker 11>days to review them. The documents are related to Trump's

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<v Speaker 11>former fixer Michael Cohen, who wrote the check to Daniels.

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<v Speaker 11>Trump has pleaded not guilty. Police in New York City

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<v Speaker 11>say a thirty six year old man has been hospitalized

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<v Speaker 11>and a thirty two year old man is in custody

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<v Speaker 11>after an argument at a Brooklyn subway station escalated into gunfire.

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<v Speaker 11>Subway riders were ducking for cover moments after a man

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<v Speaker 11>was shot in the head inside the station in downtown

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<v Speaker 11>Brooklyn shortly before five pm. Witnesses say the man who

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<v Speaker 11>was shot was acting quote aggressive and provocative and started

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<v Speaker 11>an argument with a thirty two year old. NYPD Chief

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<v Speaker 11>of Transit Michael Kempers said the man who was shot

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<v Speaker 11>had brandished a knife or razor at first, but the

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<v Speaker 11>argument continued and escalated.

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<v Speaker 12>During this physical confrontation, that gun we believe was removed

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<v Speaker 12>from the thirty six year old by the thirty two

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<v Speaker 12>year old, and a thirty two year old fired multiple shots,

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<v Speaker 12>striking the thirty six year old.

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<v Speaker 11>The thirty six year old is in critical condition. This

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<v Speaker 11>comes just days after Governor Hawkele sent the National Guard

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<v Speaker 11>into stations across the city amid a thirteen percent spike

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<v Speaker 11>and subway crime so far this year. James Crumbley, the

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<v Speaker 11>father of a Michigan school shooter, has been found guilty

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<v Speaker 11>of involuntary manslaughter. It is the second jury conviction against

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<v Speaker 11>Ethan Crumbley's parents, who were accused of failing to secure

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<v Speaker 11>a gun at home and doing nothing to solve the

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<v Speaker 11>mental health problems. Ethan killed four students at Oxford High

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<v Speaker 11>School in twenty twenty one. Gland County Prosecutor Karen McDonald.

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<v Speaker 13>They could have prevented this shooting and saved these kids'

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<v Speaker 13>lives and protected the hundreds of kids in the school

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<v Speaker 13>that day and all of the members of the Oxford

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<v Speaker 13>community that it devastated.

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<v Speaker 11>Jennifer Cromwley was convicted of involuntary manslaughter in February. Ethan,

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<v Speaker 11>now seventeen years old, is serving a life sentence. The

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<v Speaker 11>Indiana State Police say there are many significant injuries after

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<v Speaker 11>a tornado tour through the community of Winchester last night.

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<v Speaker 11>Superintendent Doug Carter of the Indiana State Police, we.

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<v Speaker 9>Don't know the extent of the damage on the south

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<v Speaker 9>end of town.

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<v Speaker 3>We do know that there have been some buildings and

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<v Speaker 3>homes that are completely destroyed.

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<v Speaker 11>The tornado is part of a storm system that also

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<v Speaker 11>unleashed suspected twisters in parts of Ohio and Kentucky. Global

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<v Speaker 11>news twenty four hours a day and whenever you want

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<v Speaker 11>it with Bloomberg News Now. Hi, Michael Barr, this is Bloomberg.

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<v Speaker 3>Nathan. All right, Michael, thank you. Half of the Bloomberg

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<v Speaker 3>Sports Update. A brought price stayed out of years, John Stashauer,

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<v Speaker 3>Thanks Nathan.

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<v Speaker 14>Underway at the TPC at Sawgrass, opening round of the

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<v Speaker 14>Players Championship, Rory McElroy hit two shots into the water,

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<v Speaker 14>but at ten Birdie signed for a seven hundred and

0:10:11.559 --> 0:10:14.400
<v Speaker 14>sixty five shares the lead for the American Xander Shotley

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<v Speaker 14>and Wyndham Clark and Portland started the four game trip

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<v Speaker 14>for the Nicks. They got forty five points from Jalen

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<v Speaker 14>Bruns in his sixth game this season with forty or more,

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<v Speaker 14>Nicks beat the Blazers one oh five ninety three. Celtics

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<v Speaker 14>got thirty seven from Jalen Brown a home win over

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<v Speaker 14>Phoenix Rangers of Tampa Bay led to nothing second period

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<v Speaker 14>to that point, Igor's Jays Stirkin and not allowed a

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<v Speaker 14>goal in seven straight periods, but the lightning got to

0:10:36.440 --> 0:10:39.600
<v Speaker 14>him pulled away six to three. Brandon point in on

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<v Speaker 14>all six three goals, three assists. Islanders are four to

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<v Speaker 14>nothing lost in Buffalo, Devils won six to two. In Dallas,

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<v Speaker 14>Bruins won in overtime at Montreal. Tons of upsets in

0:10:48.800 --> 0:10:52.240
<v Speaker 14>college basketball, none more so than in the Atlantic Ten

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<v Speaker 14>Tourney in Brooklyn. The top three seeds for Richmond, Loyola,

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<v Speaker 14>and Dayton all lost in the quarterfinals at the ACC

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<v Speaker 14>and DC n C State upset second seed to Duke.

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<v Speaker 14>At the Big East at the Garden, Providence upset second

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<v Speaker 14>seed to Creighton. Earlier, Saint John's beat Seaton Hall ninety

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<v Speaker 14>one seventy two. The Red Storm will face heavily favored

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<v Speaker 14>You Gone tonight at Saint John's. First time in the

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<v Speaker 14>Big East. Simmis since two thousand and Philadelphia Sekuon Barkley

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<v Speaker 14>introduced newest member of the Eagles.

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<v Speaker 15>You know, fav a great footage, Giants fans and so

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<v Speaker 15>thank for them. But unfortunately, you know, the NFL is

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<v Speaker 15>a business, and I was able to get to a

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<v Speaker 15>place that I know I can come here, I can

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<v Speaker 15>compete atka Win, I can stay close to home, and

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<v Speaker 15>I'm just happy that I was able to, you know,

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<v Speaker 15>be part of team.

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<v Speaker 14>In while surprising NFL trade, the Chargers sent their six

0:11:40.160 --> 0:11:42.480
<v Speaker 14>time Pro Bowl whiteout Keenan Allen to the bearers for

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<v Speaker 14>a fourth mount pick John Stashedward Bloomberg Sport.

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<v Speaker 3>Let's get more. Now, what's happening in the nation's capital,

0:11:47.720 --> 0:11:50.440
<v Speaker 3>where the momentum for the TikTok bill may be fading,

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<v Speaker 3>Former President Trump's legal pressure isn't easing, and Senate Leader

0:11:54.160 --> 0:11:56.719
<v Speaker 3>Schumer's support for Israel's government appears to have hit its

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<v Speaker 3>breaking point. We're joined down by Derek Wallbank, managing at

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<v Speaker 3>for Bloomberg News. Derek, good to talk with you this morning.

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<v Speaker 3>Of course, the Senate has a reputation for being the

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<v Speaker 3>place where hot legislation goes to cool, and that certainly

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<v Speaker 3>seems to be the case for this TikTok divestment bill.

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<v Speaker 16>Yeah, Nathan, I think that the Senate is under no,

0:12:19.200 --> 0:12:21.440
<v Speaker 16>it's not in a hurry to move on the TikTok bill.

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<v Speaker 16>Let's let's say it that way. Even if there is

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<v Speaker 16>a fair amount of skepticism in the US upper Chamber

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<v Speaker 16>for uh, you know, for TikTok, there's there's certainly you know,

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<v Speaker 16>it's it's a place where there has been a lot

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<v Speaker 16>of skepticism about China's role in the economy. I don't

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<v Speaker 16>see right now. You know, we're certainly seeing signs from

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<v Speaker 16>UH from top lawmakers in the Senate suggesting that this

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<v Speaker 16>isn't going to UH to move wholesale and get some

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<v Speaker 16>quick up or down vote. Now, I should also say this,

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<v Speaker 16>you know you're in Washington. I spent a heck of

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<v Speaker 16>a lot of time in Washington. We all know that

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<v Speaker 16>right now. You know, a lot of the game in

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<v Speaker 16>the Senate is what you use your floor time on.

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<v Speaker 16>And there's other priorities that Senate Democratic Leader Chuck Schumer has,

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<v Speaker 16>And so is this going to be the thing that

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<v Speaker 16>he wants to spend a ton of time on. I

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<v Speaker 16>don't know, because it's not just going to be should

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<v Speaker 16>this get past or not? But do you want to

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<v Speaker 16>take the time on the Senate floor to do this

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<v Speaker 16>versus do other priorities. Last thing I'll note on this

0:13:27.440 --> 0:13:30.199
<v Speaker 16>is that I know that House Speaker Mike Johnson wants

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<v Speaker 16>the Senate to move quickly on this. But keep in

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<v Speaker 16>mind that Mike Johnson has not been willing to move

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<v Speaker 16>fast on the Senate's own priorities. So it's not as

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<v Speaker 16>if he's built up a lot of capital with his

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<v Speaker 16>friends on the other side of the Capitol that he

0:13:43.760 --> 0:13:45.600
<v Speaker 16>can cash in right now to get that moving.

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<v Speaker 3>Yeah, thinking about Ukraine aate in particular. But we just

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<v Speaker 3>heard from a Senate Intelligence Chair, Mark Warner, not exactly

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<v Speaker 3>a non powerful member of the Senate, arguing on Bloomberg's

0:13:56.400 --> 0:13:59.600
<v Speaker 3>balance of power that this bill does need to be expedited.

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<v Speaker 3>I mean, is he shouting in the wind here?

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<v Speaker 16>I don't think he's shouting in the wind. But I

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<v Speaker 16>do think that there's a question of how right, a

0:14:07.920 --> 0:14:12.280
<v Speaker 16>question of what do you do? And a question of okay,

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<v Speaker 16>if you say that something needs to be soldered or

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<v Speaker 16>or shut, is it actually going to be divestible? Is

0:14:18.679 --> 0:14:21.920
<v Speaker 16>it going to be something that or are you or

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<v Speaker 16>are you actually passing something that really means that it's

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<v Speaker 16>going to be shuttered? And what does that mean? I

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<v Speaker 16>think all of those are live ball questions, and I

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<v Speaker 16>think that the Senate is going to wrestle with what

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<v Speaker 16>the real world impacts of this legislation really are before

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<v Speaker 16>moving on something that could have major profound consequences, not

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<v Speaker 16>least of which here Nathan is remember the fact that

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<v Speaker 16>Donald Trump, who is now the presumptive Republican nominee as

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<v Speaker 16>well as the single most powerful person in Republican politics

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<v Speaker 16>by no small margin, has suggested that if you actually

0:14:59.400 --> 0:15:02.320
<v Speaker 16>went through with this, that there might be some consolidation

0:15:03.120 --> 0:15:06.560
<v Speaker 16>in the social media marketplace towards others, including Mark Zuckerberg

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<v Speaker 16>and Facebook. And Donald Trump does not think that that's

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<v Speaker 16>necessarily a good idea. His opinions are going to wait

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<v Speaker 16>incredibly big. Not on Schumer, because you know what, does

0:15:16.560 --> 0:15:19.800
<v Speaker 16>Chuck Schumer care about what Donald Trump thinks, but certainly

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<v Speaker 16>on Republicans in the conference. And if this is going

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<v Speaker 16>to move, you're going to need pretty well unified Republican support.

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<v Speaker 16>So Donald Trump has a lot to say here.

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<v Speaker 3>And speaking of Senator Schumer's priorities in our last minute here,

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<v Speaker 3>I wonder what you made of this major floor speech yesterday,

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<v Speaker 3>really coming out hard against the right wing government of

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<v Speaker 3>Israeli Prime Minister Natanyahu.

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<v Speaker 16>Well, I think it's been something that Democrats have struggled

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<v Speaker 16>with for a long time as how to deal with

0:15:44.520 --> 0:15:48.200
<v Speaker 16>Benjamin Nettnia, who has very clearly allied himself with the

0:15:48.240 --> 0:15:51.880
<v Speaker 16>right flank of American politics for quite a long time.

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<v Speaker 16>And Schumer is a big fan of Israel generally. But

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<v Speaker 16>I think this represents and shows makes plain frustration that

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<v Speaker 16>Democrats have had with the way that Netnya, who has

0:16:04.640 --> 0:16:10.480
<v Speaker 16>prosecuted affairs in Gaza. I think that there has been

0:16:10.520 --> 0:16:16.080
<v Speaker 16>a well documented frey on the left in in terms

0:16:16.120 --> 0:16:20.520
<v Speaker 16>of the support from Israel, from some of the from

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<v Speaker 16>some of the top people, including from President Joe Biden.

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<v Speaker 16>You saw a big push towards getting people to vote

0:16:27.840 --> 0:16:31.320
<v Speaker 16>uncommitted in Michigan and other states like that, right, and

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<v Speaker 16>I think Chuck Schumer is reflecting some frustration.

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