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Speaker 1: News when you want it. With Bloomberg News Now, I'm

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Speaker 1: Doug Krisner, and we begin in Washington, where Congress has

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Speaker 1: passed the first ever federal legislation regulating stable coins. These

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Speaker 1: are digital tokens linked to the US dollar. Now, this

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Speaker 1: bipartisan bill is aiming to bring legitimacy to a market

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Speaker 1: worth about two hundred and sixty five billion dollars, and

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Speaker 1: it will open the door to faster, cheaper payments. The

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Speaker 1: stable coin bill is the centerpiece of a legislative push

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Speaker 1: from President Trump. Here is Bloomberg's Eric Wasson.

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Speaker 2: Yeah, there was a lot of drama with Crypto Week.

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Speaker 2: Essentially it surrounded this issue of whether the Central Bank

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Speaker 2: can issue a cryptocurrency. Libertarians and members of the House

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Speaker 2: Freedom Caucus, we're very concerned that this prohibition on doing

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Speaker 2: it would not in any way make it into log.

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Speaker 1: That was Bloomberg's Eric Wasson. Now, the stable coin measure

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Speaker 1: has already cleared the Senate, so this bill is on

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Speaker 1: its way to President Trump's desk to be signed into law.

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Speaker 1: There's an exclusive story tonight on the friends of Jeffrey

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Speaker 1: Ebstein sending him body letters for a fiftieth birthday album,

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Speaker 1: and one was reportedly from Donald Trump. The Wall Street

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Speaker 1: Journal reports on the letter bearing Trump's name. It's said

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Speaker 1: to feature several lines of typewritten text surrounded by the

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Speaker 1: outline of a naked woman sketched in marker. The letter concludes,

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Speaker 1: Happy birthday, and may every day be another wonderful secret

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Speaker 1: tonight on truth social Trump threatened to sue the Wall

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Speaker 1: Street Journal. He wrote the journal and its owner, Rupert

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Speaker 1: Murdoch were directly warned the letter printed was fake and

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Speaker 1: if they printed it, they would be sued separately. Today,

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Speaker 1: Trump asked Attorney General Pam Bondi to produce any and

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Speaker 1: all pertinent grand jury testimony related to the Epstein case.

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Speaker 1: FED share J. Powell has responded to concerns from OMB

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Speaker 1: Director Russell Vote over renovations to the fed's building. In

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Speaker 1: a letter to Vote, Powell said the FED has added

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Speaker 1: a web page for transparency on these renovations, and Powell

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Speaker 1: said he has asked the fed's Inspector General Time to

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Speaker 1: conduct a fresh review of the project. Here's Bloomberg's Michael McKee.

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Speaker 3: Paul says that they're misunderstood that the FED has been

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Speaker 3: regularly monitoring the costs they've gone up by circumstances outside

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Speaker 3: of their control, plus the fact that they're renovating two

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Speaker 3: buildings from the nineteen thirties that have never been renovated.

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Speaker 3: They have to do things like asbestos removal and shore

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Speaker 3: up the building on the inside so they don't collapse.

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Speaker 1: Bloomberg's Michael McKee there now. Powell also said there are

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Speaker 1: no special private or VIP elevators being constructed as part

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Speaker 1: of this project. FED Governor Chris Waller is saying tonight

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Speaker 1: that policy makers should cut infrastrates to support a labor

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Speaker 1: market that showing signs of weakness. Here is Waller speaking

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Speaker 1: at the money marketeers of New York University here in

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Speaker 1: New York City.

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Speaker 3: So, with inflation near target and upside risk to inflation limited,

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Speaker 3: we should not wait until the labor market deteriorates before

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Speaker 3: we cut the policy rate.

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Speaker 1: That was FED Governor Chris Swaller there.

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Speaker 4: Now.

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Speaker 1: His name has been mentioned as a possible successor to

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Speaker 1: Jay Powell as the next FED chairman when Powell's term

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Speaker 1: expires in May. Now after the bell, we heard from

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Speaker 1: Netflix and the company reported second quarter results above expectations

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Speaker 1: in every major metric. Netflix also raised its forecast for

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Speaker 1: both full year sales and profit margins. Here is analyst

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Speaker 1: Geeta Raganathan at Bloomberg Intelligence.

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Speaker 4: I think investors are super focused on the revenue guide

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Speaker 4: and they did as expected. They did raise the revenue guide,

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Speaker 4: so it's up from thirteen percent. They initially projected thirteen

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Speaker 4: percent growth for the full year. Now it's up to

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Speaker 4: about fifteen percent. Forty five billion dollars at the midpoint.

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Speaker 1: That is Bloomberg's Keeta Raganathan. While US subscriber growth for

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Speaker 1: Netflix has slowed, international markets and ad supported plans are

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Speaker 1: helping to boost revenue now. Shares in Netflix were down

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Speaker 1: by more than one percent in late US trading, but

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Speaker 1: these shares are up nearly one hundred percent over the

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Speaker 1: past year. CBS Television is canceling The Late Show with

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Speaker 1: Stephen Cobert. It will end in May twenty twenty six.

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Speaker 1: Cobert told his audience the news at a taping of

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Speaker 1: his show on Thursday.

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Speaker 3: It's not just the end of our show, but it's

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Speaker 3: the end of the Late Show on CBS.

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Speaker 1: I'm not being replaced. This is all just going away now.

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Speaker 1: This announcement came just two days after Cobert spoke out

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Speaker 1: against Paramount Global, parent of CBS for settling with President

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Speaker 1: Trump over a story on sixty Minutes Now. CBS executives

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Speaker 1: say this was purely a financial decision. Cobert has been

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Speaker 1: at the helm of the Late Show for over a decade.

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Speaker 1: In sporting news, Round one of the Open has wrapped

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Speaker 1: for the day at the Royal Portish Golf Club in

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Speaker 1: Northern Ireland. At the end of play there was a

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Speaker 1: five way tie atop the leader board at four under par.

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Speaker 1: And that is news when you want it. With Bloomberg

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Speaker 1: News Now, I'm Doug Chrisner, and this is Bloomberg