1
00:00:01,920 --> 00:00:04,520
Speaker 1: News when you want it with Bloomberg News Now, I'm

2
00:00:04,519 --> 00:00:07,920
Speaker 1: Brian Curtis in Hong Kong. The Arizona Senate has voted

3
00:00:07,920 --> 00:00:10,719
Speaker 1: to repeal an eighteen sixty four law that would make

4
00:00:10,800 --> 00:00:14,160
Speaker 1: all abortions of crime. Bloomberg's Amy Morris has more.

5
00:00:15,200 --> 00:00:18,200
Speaker 2: Arizona Supreme Court revived the one hundred and sixty year

6
00:00:18,200 --> 00:00:21,599
Speaker 2: old law in early April. It already passed the Arizona House,

7
00:00:21,640 --> 00:00:24,079
Speaker 2: and Governor Katie Hobbes has pledged to sign the repeal.

8
00:00:24,360 --> 00:00:27,400
Speaker 2: Repealing the Civil War era law then leaves the previous

9
00:00:27,480 --> 00:00:30,600
Speaker 2: law intact, and that one allows women in Arizona able

10
00:00:30,640 --> 00:00:34,120
Speaker 2: to have abortions until fifteen weeks of pregnancy. Amy Morris,

11
00:00:34,159 --> 00:00:35,000
Speaker 2: Bloomberg Radio.

12
00:00:35,760 --> 00:00:38,559
Speaker 1: In other news, the presidents of Yale, UCLA and the

13
00:00:38,680 --> 00:00:42,519
Speaker 1: University of Michigan will testify about campus anti semitism on

14
00:00:42,600 --> 00:00:46,400
Speaker 1: Capitol Hill later this month. This has protests over the

15
00:00:46,400 --> 00:00:50,440
Speaker 1: war in Gaza rage across the country. Bloomberg Governments. Jonathan

16
00:00:50,479 --> 00:00:55,080
Speaker 1: Tumari reports tensions have proven difficult for President Biden to navigate.

17
00:00:55,320 --> 00:00:57,920
Speaker 3: He's relied on strong support from Jewish voters for a

18
00:00:57,960 --> 00:00:59,880
Speaker 3: long time, and there are a lot of Jewish deemic

19
00:01:00,280 --> 00:01:02,320
Speaker 3: who support Israel. But there's also a lot of younger

20
00:01:02,400 --> 00:01:05,040
Speaker 3: voters who are an important part of the Democratic coalition,

21
00:01:05,240 --> 00:01:08,840
Speaker 3: who are very sympathetic to Palestinians and who are joining

22
00:01:08,920 --> 00:01:12,039
Speaker 3: these protests. And so it's an issue that can really

23
00:01:12,120 --> 00:01:15,039
Speaker 3: split the Democratic coalition in a way that could be

24
00:01:15,040 --> 00:01:18,120
Speaker 3: difficult in an election that's expected to be really, really close.

25
00:01:18,880 --> 00:01:23,440
Speaker 1: Bloomberg' Jonathan Tamari the US and Saudi Arabia are nearing

26
00:01:23,480 --> 00:01:27,319
Speaker 1: a historic pact that would offer the kingdom's security guarantees

27
00:01:27,800 --> 00:01:30,680
Speaker 1: and would lay out a possible pathway to diplomatic tize

28
00:01:30,720 --> 00:01:34,600
Speaker 1: with Israel. Sources say negotiations have sped up in recent weeks,

29
00:01:34,840 --> 00:01:38,080
Speaker 1: and many officials are optimistic that Washington and Riod could

30
00:01:38,120 --> 00:01:40,880
Speaker 1: reach a deal within weeks. They say the agreement would

31
00:01:40,880 --> 00:01:44,120
Speaker 1: amount to a new version of a framework, a framework

32
00:01:44,120 --> 00:01:47,600
Speaker 1: that was scuttled when Hamas attacked Israel on October seventh.

33
00:01:48,320 --> 00:01:52,200
Speaker 1: Treasury Secretary Janet Yellen is delivering a warning here about

34
00:01:52,240 --> 00:01:56,760
Speaker 1: threats to democratic institutions and their economic impact. We get

35
00:01:56,760 --> 00:02:00,280
Speaker 1: the story from Bloomberg's Nathan Hagar in Washington to.

36
00:02:00,280 --> 00:02:03,360
Speaker 4: Give a speech on Friday at the McCain Institute in Arizona,

37
00:02:03,440 --> 00:02:06,040
Speaker 4: but the Treasury departments already put out some excerpts. She

38
00:02:06,120 --> 00:02:10,400
Speaker 4: says federal reserve independence and transparency matter for financial stability

39
00:02:10,440 --> 00:02:13,640
Speaker 4: and economic growth. The Wall Street Journal reported last month

40
00:02:13,639 --> 00:02:16,560
Speaker 4: that advisors to former President Donald Trump are urging him

41
00:02:16,560 --> 00:02:19,040
Speaker 4: to put more influence on the FED, and Yellen is

42
00:02:19,040 --> 00:02:21,960
Speaker 4: invoking the January sixth attack at the US Capitol. She

43
00:02:22,000 --> 00:02:25,359
Speaker 4: says threats to democracy are growing and undercut the foundation

44
00:02:25,560 --> 00:02:29,640
Speaker 4: to sustainable growth. In Washington, I'm Nathan Hager Bloomberg Radio.

45
00:02:30,200 --> 00:02:33,480
Speaker 1: The FED held its key rate steady again today, citing

46
00:02:33,480 --> 00:02:36,720
Speaker 1: a lack of progress on inflation. The Fed fund's target

47
00:02:36,720 --> 00:02:38,760
Speaker 1: has been in a range between five and a quarter

48
00:02:38,800 --> 00:02:41,360
Speaker 1: and five and a half percent since July of last year.

49
00:02:41,880 --> 00:02:45,200
Speaker 1: At his news conference, Chair J. Powell said, gaining confidence

50
00:02:45,240 --> 00:02:47,480
Speaker 1: to cut rates will take longer than expected.

51
00:02:47,800 --> 00:02:50,959
Speaker 5: We know that reducing policy restraint too soon or too

52
00:02:51,000 --> 00:02:53,440
Speaker 5: much could result in a reversal of the progress we've

53
00:02:53,480 --> 00:02:56,720
Speaker 5: seen on inflation. At the same time, reducing policy restraint

54
00:02:56,760 --> 00:03:00,239
Speaker 5: too late or too little could unduly weaken economic activity

55
00:03:00,400 --> 00:03:03,560
Speaker 5: and employment. In considering any adjustments to the target range

56
00:03:03,560 --> 00:03:06,160
Speaker 5: for the Federal Funds rate, the Committee will carefully assess

57
00:03:06,240 --> 00:03:09,520
Speaker 5: incoming data, the evolving outlook, and the balance of risks.

58
00:03:09,840 --> 00:03:13,880
Speaker 1: The decision to leave rates unchanged was unanimous. For reaction,

59
00:03:13,960 --> 00:03:17,560
Speaker 1: we turned to Bloomberg opinion columnists Mohammed el Arian. He said,

60
00:03:17,639 --> 00:03:20,680
Speaker 1: keeping rates higher for longer may not be the right answer.

61
00:03:21,000 --> 00:03:23,480
Speaker 6: If you look at what is sticking in inflation, it's

62
00:03:23,480 --> 00:03:26,800
Speaker 6: not particularly responsive to higher interest rate for longer. It

63
00:03:26,840 --> 00:03:32,680
Speaker 6: really isn't. So if they acknowledge the soft economy, they

64
00:03:32,800 --> 00:03:36,760
Speaker 6: end up having to then discuss, at least internally, whether

65
00:03:37,040 --> 00:03:38,880
Speaker 6: two percent is a right inflation target.

66
00:03:39,040 --> 00:03:42,800
Speaker 1: Mohammadel Arian. The Fed also outlined plans to slow the

67
00:03:42,840 --> 00:03:46,080
Speaker 1: pace of shrinking its balance sheet. The aim is to

68
00:03:46,120 --> 00:03:50,920
Speaker 1: reduce the risk of potential market turbulence. That's news when

69
00:03:50,960 --> 00:03:53,880
Speaker 1: you want it with Bloomberg News now. I'm Brian Curtis.

70
00:03:53,960 --> 00:03:55,200
Speaker 1: This is Bloombergs