1
00:00:01,320 --> 00:00:03,400
Speaker 1: News When you want, it's with Bloomberg News. Now, I'm

2
00:00:03,400 --> 00:00:07,360
Speaker 1: Doug Chrisner. The measure of underlying US retail inflation cooled

3
00:00:07,360 --> 00:00:09,240
Speaker 1: in the month of April for the first time in

4
00:00:09,320 --> 00:00:13,040
Speaker 1: six months. This is the so called core CPI. It

5
00:00:13,119 --> 00:00:16,880
Speaker 1: leaves out volatile food and energy prices. It was up

6
00:00:17,120 --> 00:00:19,040
Speaker 1: in the month of April by three tens of one

7
00:00:19,079 --> 00:00:21,360
Speaker 1: percent compared to March. And then if you look at

8
00:00:21,360 --> 00:00:24,280
Speaker 1: this year over year CPI was up at a rate

9
00:00:24,320 --> 00:00:27,400
Speaker 1: of three point six percent. We got reaction earlier from

10
00:00:27,440 --> 00:00:30,160
Speaker 1: David Kelly. He is the chief Global strategist at JP

11
00:00:30,240 --> 00:00:31,480
Speaker 1: Morgan Asset Management.

12
00:00:31,720 --> 00:00:34,400
Speaker 2: I think what we've got is a modern moderation in

13
00:00:34,440 --> 00:00:37,599
Speaker 2: the US economy, both in terms of growth and inflation.

14
00:00:38,280 --> 00:00:40,960
Speaker 2: Inflation is it's taking its sweet time coming down, but

15
00:00:41,000 --> 00:00:43,400
Speaker 2: we still think it's a downward trend. And I think

16
00:00:43,440 --> 00:00:45,360
Speaker 2: you know the reason for the market reaction is that

17
00:00:45,400 --> 00:00:47,120
Speaker 2: we didn't get an upside surprise.

18
00:00:46,960 --> 00:00:50,159
Speaker 1: That is David Kelly from JP Morgan Asset Management. So

19
00:00:50,280 --> 00:00:53,440
Speaker 1: now the market is bracing for FED rate cuts with

20
00:00:53,520 --> 00:00:57,040
Speaker 1: this soft reading on CPI. Not everyone, though, is buying

21
00:00:57,080 --> 00:01:01,680
Speaker 1: into that notion. Among them Minneapolis Fed Bank President Neil Kashkari,

22
00:01:01,720 --> 00:01:04,679
Speaker 1: he is doubling down on the notion of higher for longer.

23
00:01:05,360 --> 00:01:09,600
Speaker 3: How much downward pressure is monetary policy putting on the economy,

24
00:01:09,720 --> 00:01:12,200
Speaker 3: that's an unknown. We don't know for sure, and that

25
00:01:12,240 --> 00:01:14,240
Speaker 3: tells me we probably need to sit here for a

26
00:01:14,280 --> 00:01:17,800
Speaker 3: while longer until we figure out where underlying inflation is

27
00:01:17,800 --> 00:01:20,000
Speaker 3: headed before we jump to any conclusion.

28
00:01:20,120 --> 00:01:23,120
Speaker 1: That is the Fed's Neil Kashkari. You know, the Fed

29
00:01:23,160 --> 00:01:26,679
Speaker 1: has kept its key policy rate at current levels since July.

30
00:01:27,400 --> 00:01:30,039
Speaker 1: That FED funds rate is still at a twenty three

31
00:01:30,240 --> 00:01:34,280
Speaker 1: year high, and markets are currently expecting nearly two rate

32
00:01:34,319 --> 00:01:37,720
Speaker 1: cuts this year. That's according to the swaps market. The

33
00:01:37,800 --> 00:01:41,640
Speaker 1: US Enate has released a highly anticipated policy blueprint when

34
00:01:41,640 --> 00:01:44,880
Speaker 1: it comes to artificial intelligence. The plan was released today

35
00:01:44,920 --> 00:01:47,760
Speaker 1: by majority leader Chuck Schumer. It calls for at least

36
00:01:48,080 --> 00:01:51,280
Speaker 1: thirty two billion dollars per year to compete with the

37
00:01:51,440 --> 00:01:54,600
Speaker 1: likes of China. It also lays out legislation aimed at

38
00:01:54,640 --> 00:01:59,920
Speaker 1: protecting Americans from AI's potential harms. As Bloomberg's Jonathan ti

39
00:02:00,080 --> 00:02:03,240
Speaker 1: Mari tells, US Congress is really playing ketchup when it

40
00:02:03,240 --> 00:02:03,919
Speaker 1: comes to AI.

41
00:02:04,440 --> 00:02:07,080
Speaker 4: The capital is a place that's run by a lot

42
00:02:07,120 --> 00:02:09,919
Speaker 4: of folks in their sixties and seventies, they're not always

43
00:02:10,160 --> 00:02:13,440
Speaker 4: up to pace with the latest new technology. And so

44
00:02:13,560 --> 00:02:16,880
Speaker 4: this is a bypart is in outline, but that it's

45
00:02:16,919 --> 00:02:20,040
Speaker 4: still a long way from becoming law. And so even

46
00:02:20,120 --> 00:02:22,840
Speaker 4: with this new proposal that we have, it could be

47
00:02:22,880 --> 00:02:25,440
Speaker 4: a long time before Congress is able to actually pass

48
00:02:25,520 --> 00:02:29,119
Speaker 4: anything that attempts to regulate a very fast moving technology.

49
00:02:29,200 --> 00:02:32,880
Speaker 1: That is Bloomberg's Jonathan Tamari. The Biden administration has informed

50
00:02:32,919 --> 00:02:36,200
Speaker 1: Congress of a billion dollar weapons transferred to Israel. This

51
00:02:36,240 --> 00:02:39,520
Speaker 1: is after President Biden last week paused a bomb shipment

52
00:02:39,840 --> 00:02:43,240
Speaker 1: ahead of a full scale Israeli attack on Rafa. Now,

53
00:02:43,360 --> 00:02:47,600
Speaker 1: as fighting against Thamas rages across Gaza, former CIA director

54
00:02:47,720 --> 00:02:50,920
Speaker 1: David petrea says Israel should shift tactics.

55
00:02:51,400 --> 00:02:54,400
Speaker 5: You have to clear and hold and keep the enemy

56
00:02:54,440 --> 00:02:56,280
Speaker 5: out of the people. And I do believe by the

57
00:02:56,280 --> 00:02:59,800
Speaker 5: way that Hamas is the equivalent of the Islamic State.

58
00:03:00,000 --> 00:03:03,799
Speaker 5: This is an irreconcilable extremist group that I believe does

59
00:03:03,919 --> 00:03:06,480
Speaker 5: need to be destroyed. But how you do that matters

60
00:03:06,520 --> 00:03:07,200
Speaker 5: a great deal.

61
00:03:07,320 --> 00:03:11,640
Speaker 1: He is David Petraeus, former CIA director and retired general.

62
00:03:11,680 --> 00:03:14,200
Speaker 1: He was speaking with Bloomberg News Editor in chief John

63
00:03:14,280 --> 00:03:18,360
Speaker 1: Micklethwaite at the Bloomberg Cutter Economic Forum in Doha. The

64
00:03:18,440 --> 00:03:21,640
Speaker 1: general election campaign is getting started a lot sooner than

65
00:03:21,720 --> 00:03:24,880
Speaker 1: usual in this twenty twenty four election cycle, and so

66
00:03:25,040 --> 00:03:28,000
Speaker 1: will the debates. As we hear from Bloomberg's Nathan Hager

67
00:03:28,000 --> 00:03:29,079
Speaker 1: and Washington.

68
00:03:28,760 --> 00:03:31,720
Speaker 6: President Biden threw down the gauntlet this morning with former

69
00:03:31,760 --> 00:03:33,760
Speaker 6: President Trump in this ex post.

70
00:03:33,840 --> 00:03:35,880
Speaker 1: Now he's acting like he wants to debate me again.

71
00:03:36,120 --> 00:03:38,040
Speaker 1: Will make my day, pal Now.

72
00:03:38,080 --> 00:03:41,160
Speaker 6: Both campaigns have agreed to two debates, the first on

73
00:03:41,360 --> 00:03:45,520
Speaker 6: June twenty seventh, nearly three weeks before the Republican National Convention,

74
00:03:45,800 --> 00:03:49,200
Speaker 6: in a primetime forum hosted by CNN. The second debate

75
00:03:49,320 --> 00:03:52,600
Speaker 6: is set for September tenth on ABC. Both campaigns are

76
00:03:52,600 --> 00:03:55,840
Speaker 6: rejecting a later schedule set by the non partisan Commission

77
00:03:55,880 --> 00:03:59,400
Speaker 6: on Presidential Debates, which had controlled the process since nineteen

78
00:03:59,440 --> 00:04:02,760
Speaker 6: eighty eight. In Washington, I'm Nathan Hager Bloomberg Radio.

79
00:04:02,880 --> 00:04:06,280
Speaker 1: The Senate is out with a highly anticipated policy blueprint

80
00:04:06,320 --> 00:04:10,440
Speaker 1: on artificial intelligence. This plan was released by Majority leader

81
00:04:10,520 --> 00:04:13,240
Speaker 1: Chuck Schumer. It's calling for at least thirty two billion

82
00:04:13,320 --> 00:04:16,720
Speaker 1: dollars per year. To compete with the likes of China. Now,

83
00:04:16,760 --> 00:04:20,400
Speaker 1: it also lays out legislation aimed at protecting Americans from

84
00:04:20,440 --> 00:04:25,080
Speaker 1: the technology's potential harms. As Bloomberg's Jonathan Tomorray tells us,

85
00:04:25,120 --> 00:04:27,320
Speaker 1: Congress is playing catch up on AI.

86
00:04:27,720 --> 00:04:30,400
Speaker 4: The Capital is a place that's run by a lot

87
00:04:30,400 --> 00:04:33,200
Speaker 4: of folks in their sixties and seventies. They're not always

88
00:04:33,480 --> 00:04:36,760
Speaker 4: up to pace with the latest new technology. And so

89
00:04:36,839 --> 00:04:40,160
Speaker 4: this is a bypart is in outline, but that it's

90
00:04:40,200 --> 00:04:43,359
Speaker 4: still a long way from becoming law. And so even

91
00:04:43,400 --> 00:04:46,120
Speaker 4: with this new proposal that we have, it could be

92
00:04:46,160 --> 00:04:48,760
Speaker 4: a long time before Congress is able to actually pass

93
00:04:48,800 --> 00:04:52,360
Speaker 4: anything that attempts to regulate a very fast moving technology.

94
00:04:52,400 --> 00:04:55,719
Speaker 1: That is Bloomberg's Jonathan Tomorrow Now. The report is thirty

95
00:04:55,720 --> 00:04:58,080
Speaker 1: pages long, and it follows more than a year of

96
00:04:58,120 --> 00:05:02,919
Speaker 1: activity to get lawmakers up speed on artificial intelligence. That

97
00:05:03,080 --> 00:05:05,159
Speaker 1: is news when you want it with Bloomberg News Now,

98
00:05:05,240 --> 00:05:07,440
Speaker 1: I'm Doug Prisoner, and this is Bloomberg