1
00:00:01,320 --> 00:00:04,640
Speaker 1: News when you want it with Bloomberg News Now, I

2
00:00:04,720 --> 00:00:09,160
Speaker 1: made Kleggy. The US Justice Department will not prosecute Attorney

3
00:00:09,200 --> 00:00:13,200
Speaker 1: General Merrick Garland over a referral by House Republicans to

4
00:00:13,240 --> 00:00:16,720
Speaker 1: hold him in contempt of Congress. The Department set in

5
00:00:16,800 --> 00:00:20,080
Speaker 1: a letter Friday to House Speaker Mike Johnson. Quote the

6
00:00:20,120 --> 00:00:24,079
Speaker 1: Department has determined that the responses by Attorney General Garland

7
00:00:24,120 --> 00:00:27,480
Speaker 1: to the subpoenas issued by the committees did not constitute

8
00:00:27,480 --> 00:00:30,680
Speaker 1: a crime, and accordingly, the Department will not bring the

9
00:00:30,720 --> 00:00:34,960
Speaker 1: congressional contempt citation before grand jury or take any other

10
00:00:35,040 --> 00:00:37,080
Speaker 1: action to prosecute the Attorney General.

11
00:00:37,360 --> 00:00:37,680
Speaker 2: Quote.

12
00:00:38,040 --> 00:00:41,400
Speaker 1: Aids for Johnson and the House Judiciary and Oversight Committee

13
00:00:41,440 --> 00:00:45,240
Speaker 1: did not immediately provide comment. There's a lot of turbulence

14
00:00:45,280 --> 00:00:50,000
Speaker 1: for Boeing and now a congressional inquiry. Iowa Republican Senator

15
00:00:50,080 --> 00:00:53,200
Speaker 1: Chuck Grassley has announced he's launching a probe into Boeing

16
00:00:53,240 --> 00:00:55,720
Speaker 1: and the FAA. And now there are a few more

17
00:00:55,760 --> 00:00:58,959
Speaker 1: incidents on the list. One of them involved a strange

18
00:00:59,080 --> 00:01:01,880
Speaker 1: role on a south West seven thirty seven Max eight

19
00:01:02,240 --> 00:01:05,360
Speaker 1: where it zigzagged and rocked from wing tip to wingtip.

20
00:01:05,720 --> 00:01:08,000
Speaker 1: It turns out there was damage to a unit providing

21
00:01:08,040 --> 00:01:12,199
Speaker 1: backup power to the runner. Also under investigation, another Southwest

22
00:01:12,200 --> 00:01:15,880
Speaker 1: Airlines jet almost plunged into the Pacific off the coast

23
00:01:15,880 --> 00:01:18,560
Speaker 1: of Hawaii and was just a few hundred feet from

24
00:01:18,560 --> 00:01:20,440
Speaker 1: the water when the crew was able to pull up.

25
00:01:20,760 --> 00:01:23,560
Speaker 1: No one was hurt. Weather conditions had forced pilots to

26
00:01:23,560 --> 00:01:27,960
Speaker 1: bypass a landing. Donald Trump promised the nation's business leaders

27
00:01:28,000 --> 00:01:31,080
Speaker 1: he will extend the soon to expire personal tax cuts

28
00:01:31,360 --> 00:01:35,160
Speaker 1: passed during his presidency and shave another point off the

29
00:01:35,160 --> 00:01:39,160
Speaker 1: corporate tax. Bloomberg's Irved Chapman reports from Washington.

30
00:01:39,200 --> 00:01:43,000
Speaker 3: Trump said he'd raise tariffs to increase government revenue nowhere

31
00:01:43,040 --> 00:01:46,680
Speaker 3: near enough. Michael Zikas Public Policy Research had for Morgan

32
00:01:46,760 --> 00:01:49,400
Speaker 3: Stanley suggested in a Bloomberg interview.

33
00:01:49,120 --> 00:01:51,920
Speaker 2: The way we have it sized up, Republican outcomes, particularly

34
00:01:51,920 --> 00:01:55,560
Speaker 2: a Republican sweep, probably lead to bigger deficit outcomes in

35
00:01:55,640 --> 00:01:58,760
Speaker 2: twenty twenty six and beyond. The more he skew towards

36
00:01:59,040 --> 00:02:02,120
Speaker 2: democratic sweep, the smaller the deficit increase. But we have

37
00:02:02,160 --> 00:02:04,480
Speaker 2: deficit increases in no matter what the election outcome is.

38
00:02:04,600 --> 00:02:06,840
Speaker 3: See because Adam that it will take time for Trump's

39
00:02:06,840 --> 00:02:10,119
Speaker 3: proposals to make their way through even a Republican Congress

40
00:02:10,480 --> 00:02:12,520
Speaker 3: in Washington or Chairman Bloomberg Radio.

41
00:02:12,600 --> 00:02:16,400
Speaker 1: Federal Reserve Bank of Cleveland President Lorena Mester says she

42
00:02:16,520 --> 00:02:19,079
Speaker 1: wants to see a few more months of similar positive

43
00:02:19,160 --> 00:02:23,440
Speaker 1: data before the central Bank begins the process of normalizing rates.

44
00:02:23,800 --> 00:02:27,119
Speaker 1: Speaking to Bloomberg's Michael McKee, Mester says, all.

45
00:02:26,880 --> 00:02:29,840
Speaker 4: Meetings are always in play. It's really going to be

46
00:02:29,880 --> 00:02:32,720
Speaker 4: about what happens in the economy. So rather than a

47
00:02:32,760 --> 00:02:36,000
Speaker 4: think in calendar time, I think the better approach is

48
00:02:36,040 --> 00:02:39,560
Speaker 4: to think about how is the economy evolving? Do you

49
00:02:39,639 --> 00:02:43,720
Speaker 4: have has your confidence been raised that given the reports

50
00:02:43,720 --> 00:02:47,000
Speaker 4: that have come in that inflation is on that sustainable

51
00:02:47,080 --> 00:02:49,760
Speaker 4: path back to two percent? And I think that committee

52
00:02:49,840 --> 00:02:51,520
Speaker 4: is going to do that careful analysis.

53
00:02:51,680 --> 00:02:54,600
Speaker 1: Mester says she does not expect inflation to move all

54
00:02:54,639 --> 00:02:57,120
Speaker 1: the way back to the Fed's two percent target until

55
00:02:57,160 --> 00:03:00,360
Speaker 1: twenty twenty six. Mester is retiring at the end of

56
00:03:00,360 --> 00:03:03,320
Speaker 1: the month. Last month, the Federal Reserve Bank of Cleveland

57
00:03:03,520 --> 00:03:07,760
Speaker 1: appointed Beth Hammock a Goldman sax Vetteran as its next president.

58
00:03:08,480 --> 00:03:11,800
Speaker 1: Welcome news as Mother Nature helps ease a global shipping

59
00:03:11,840 --> 00:03:15,280
Speaker 1: crisis A year after severe drought dropped water levels and

60
00:03:15,360 --> 00:03:18,560
Speaker 1: the Panama Canal, forcing the Canal Authority to slash the

61
00:03:18,639 --> 00:03:22,560
Speaker 1: number of daily voyages almost in a half. Water levels

62
00:03:22,639 --> 00:03:25,520
Speaker 1: are rising again thanks to a steady or rainfall. It

63
00:03:25,600 --> 00:03:29,400
Speaker 1: means more ships passing and waytimes for vessels dropping from

64
00:03:29,440 --> 00:03:32,359
Speaker 1: as long as two weeks to two days. If rain

65
00:03:32,440 --> 00:03:35,000
Speaker 1: patterns hold, the Panama Canal could be back to full

66
00:03:35,040 --> 00:03:39,120
Speaker 1: capacity next year. Make it five records in a row

67
00:03:39,120 --> 00:03:42,400
Speaker 1: for the nasdak up another twenty one points. Friday, the

68
00:03:42,480 --> 00:03:44,760
Speaker 1: S and P breaks the streak at four, losing two.

69
00:03:45,200 --> 00:03:48,000
Speaker 1: The dow fell fifty eight and after two rounds of

70
00:03:48,040 --> 00:03:51,960
Speaker 1: the US Open at Pinehurst, Ludwig Oberg is five hunderd

71
00:03:51,960 --> 00:03:53,880
Speaker 1: four of the tournament. He enjoys a one shot lead

72
00:03:53,920 --> 00:03:57,760
Speaker 1: headed into Saturday's third round action. Tiger Wood's a complete

73
00:03:57,800 --> 00:04:00,520
Speaker 1: non factor. He finished seven over for the two two days.

74
00:04:00,840 --> 00:04:03,720
Speaker 1: He did not make the cut. And that's news when

75
00:04:03,720 --> 00:04:06,760
Speaker 1: you want it with Bloomberg news. Now I made Koleggi

76
00:04:07,200 --> 00:04:09,320
Speaker 1: and this is Bloomberg