Speaker 1: News when you want it with Bloomberg News Now, I'm
Speaker 1: Dan Schwartzman. President Trump is once again considering removing Federal
Speaker 1: Reserve Governor Lisa Cook over unproven allegations of mortgage fraud,
Speaker 1: according to a letter. The letter gives Cook until August
Speaker 1: twenty six to respond to the allegations, which your lawyer,
Speaker 1: Abe Lowell says are quote baseless and have not been
Speaker 1: tested in a court of law. The Supreme Court, in
Speaker 1: a five to four decision back in June, allowed Cook
Speaker 1: to remain in her job while she fought Trump's bid
Speaker 1: to oust her over the mortgage fraud accusations, faulting the
Speaker 1: President for not giving her notice and a chance to
Speaker 1: be heard before trying to remove her. Open Ai is
Speaker 1: halting some internal work around its upcoming Astra model to
Speaker 1: build in stricter safeguards after the system was found to
Speaker 1: be significantly more adept at cybersecurity tasks. The company said
Speaker 1: it quote cannot rule out that Astra could become capable
Speaker 1: of identifying and developing zero day exploits without human intervention,
Speaker 1: which would reach a company's quote critical cybersecurity threshold. Open
Speaker 1: Ai said it's now taking steps and improved security controls
Speaker 1: for developing and testing newer models. The chat gibd creator
Speaker 1: says it will work with government agencies and AI safety
Speaker 1: organizations to test ASTRAS capabilities. President Trump said he'd like
Speaker 1: rates to come down before the November midterms, but in
Speaker 1: an interview with punch Bowl News, he acknowledged fedshair Kevin
Speaker 1: Worsh can't do it on his own without the FED board.
Speaker 1: This week, Bloomberg News reported the President has spoken to
Speaker 1: worse several times since he took over as FED chair.
Speaker 1: Why Now's economic advisor, Kevin Hasset says that shouldn't come
Speaker 1: as a surprise.
Speaker 2: Kevin Worsh and the President have a very close, long
Speaker 2: term relationship from New York City, from Florida, and they
Speaker 2: talk about the economy all the time. And I talked
Speaker 2: to Kevin as well as does Scott Besson, and so
Speaker 2: that's like not really news.
Speaker 1: National Economic Council Director Kevin Hasset says he's sure the
Speaker 1: President doesn't give Worsh interest rate advice. Hassett was a
Speaker 1: guest on Bloomberg Radio and television. The US Army will
Speaker 1: buy at least four hundred million dollars worth of counter
Speaker 1: drone lasers from Arlington, Virginia based air Revironment. That's according
Speaker 1: to a person familiar with the matter. Militaries around the
Speaker 1: world are seeking ways to knock down the unmanned systems
Speaker 1: proliferating your cross modern battlefields. The AI Assistant Locust system tracks, identifies,
Speaker 1: and helps human operators destroy small to medium sized drones
Speaker 1: with a high energy laser. The deal would represent the
Speaker 1: Pentagon's first production contract for a directed energy counter drone system.
Speaker 1: Beyond the prototype phase, wage growth continues to lag behind inflation,
Speaker 1: and the Federal Reserve Board members are divided on when
Speaker 1: to step in as inflation persists. Jared Bernstein, a former
Speaker 1: White House Economic advisor, commented on Bloomberg's Balance of Power.
Speaker 3: Three point two percent. That's the year over year wage growth.
Speaker 3: That's the lowest we've seen since the pandemic. And so
Speaker 3: the folks at the Fed recognize that whatever inflation we're
Speaker 3: seeing isn't coming from the labor market. That means that
Speaker 3: it's largely coming from the supply side of the equation.
Speaker 3: The tariffs of the war, along with some pressure from
Speaker 3: AI picks and shovel.
Speaker 1: That's former White House Economic advisor Jared Bernstein on Bloomberg's
Speaker 1: Balance of Power. SpaceX shares jump for a second straight day,
Speaker 1: ahead nearly sixteen percent, bringing them close to breaking back
Speaker 1: above the company's one hundred and thirty five dollars IPO price.
Speaker 1: The lock up expiration more than doubled the total number
Speaker 1: of shares available to trade to one point five to
Speaker 1: five billion. Since SpaceX went public, nearly eighty percent of
Speaker 1: analysts covering SpaceX have given the stocka by rating. Oil
Speaker 1: steadied as tensions in the Middle East flared, while traders
Speaker 1: monitored progress toward a deal between Iran and Oman to
Speaker 1: restore shipping through the Strait or Hormuz. Brands settled above
Speaker 1: eighty three dollars a barrel, though still notching a third
Speaker 1: trade weekly loss. Futures have been highly sensitive to headlines
Speaker 1: around the terms and timing of a potential packed on
Speaker 1: the Waterway that could restore millions of barrels of Middle
Speaker 1: Eastern supply. The price of food around the globe took
Speaker 1: higher in July to the highest amount in more than
Speaker 1: three years. The United Nations's Index of Food Commodity Prices
Speaker 1: finds that the point six percent increase was led by grain, sugar,
Speaker 1: and vegetable oils. Intensifying attacks and extreme heat are fueling
Speaker 1: fear over supplies from the Black Sea grain region and Europe,
Speaker 1: while worsening dryness threatens corn and soybean needs in major
Speaker 1: growing areas in the US. It was legislation championed by
Speaker 1: the late Senator Lindsay Graham. Today the Senate passed the
Speaker 1: sweeping new Russia Sanctions Bill, authorizing punishing tariffs on China, India,
Speaker 1: and other top buyers of the country's oil and gas,
Speaker 1: as well as extended her on sanctions. Democratic Senator Richard Blumenthal,
Speaker 1: speaking during a news conference following.
Speaker 4: The vote, these sanctions are the most consequential that have
Speaker 4: been imposed on Russia's financial institutions, its industrial base, its
Speaker 4: shadow fleet, and all who continue to enable Russia's reign
Speaker 4: of terror since the beginning of this war.
Speaker 1: That's Democratic Senator Richard Blumenthal. The legislation has been dramatically
Speaker 1: narrowed from a version drafted last year in order to
Speaker 1: win the backing of President Trump, who ended most direct
Speaker 1: aid to Ukraine in favor of selling weapons to the
Speaker 1: country often pay for buy America's European allies. The measure
Speaker 1: must still pass the House. He's calling the order quote horrendous,
Speaker 1: politically motivated, and unlawful. President Trump says he will be
Speaker 1: appealing to the Supreme Court after federal appeals court ruled
Speaker 1: today he lacks a legal authority to build his sprawling
Speaker 1: White House ballroom without congressional approval. We get more from Bloomberg'
Speaker 1: Josh Wingrove.
Speaker 5: What we're going to continue to see as this legal fight,
Speaker 5: drakes On is just a profile from it. Whether it's
Speaker 5: those or the reflecting pool, I should add, and the
Speaker 5: President continues to be very interested in them, So I
Speaker 5: don't think I'm not surprised that he's going all the
Speaker 5: way to the Supreme Court. We'll see what they say.
Speaker 5: They've given him a lot of leeway in todate.
Speaker 1: That's Bloomberg Josh Wingrove. A split three judge panel ordered
Speaker 1: construction to stop on the ninety thousand square foot ballroom,
Speaker 1: but stayed its decision for two weeks to allow the
Speaker 1: administration time to appeal. The decision marks a blow for Trump,
Speaker 1: who has focused intensely on his construction projects in Washington,
Speaker 1: of which his planned ballroom is the centerpiece. Republican Senator
Speaker 1: Bill Cassidy said he will support Todd Blanche by the
Speaker 1: next Attorney General. Cassidy acknowledge that Blanche had shown quote
Speaker 1: poor judgment in certain matters, but also said Blanche knows
Speaker 1: the law and his a quote hands on administrator. Blanche
Speaker 1: winning Cassidy support is likely to be decisive in resolving
Speaker 1: the week's long saga over Trump's decision. The biggest former
Speaker 1: personal attorney to lead the Justice Department US Supreme Court
Speaker 1: Justice Samuel Alito, telling The Wall Street Journal that he
Speaker 1: is quote here for another term. The seventy six year
Speaker 1: old conservative who wrote the twenty twenty two ruling overturning
Speaker 1: the constitutional right to abortion, has been at the center
Speaker 1: of retirement speculation as a November midterm elections approach. That's
Speaker 1: news when you won it with Bloomberg News. Now I'm
Speaker 1: Dan Schwartzman, and this is Bloomberg