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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good Morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Can we begin with ramped up political pressure on the

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Speaker 2: Federal Reserve. President Trump is calling on FED Governor Lisa

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Speaker 2: Cook to resign. That's after the President's head of Housing Finance,

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Speaker 2: Bill Poulty, urged the Justice Department to investigate Cook for

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Speaker 2: alleged mortgage fraud. Well, now Cook is pushing back. She

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Speaker 2: has issued a statement reading, quote, I have no intention

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Speaker 2: of being bullied to step down from my position because

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Speaker 2: of some questions raised in a tweet end quote. But

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Speaker 2: Poulty says the President has reason to fire Cook for cause.

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Speaker 4: I mean, this is supposed to be somebody who's entrusted

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Speaker 4: with the public good, who's supposed to be looking after

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Speaker 4: interest rates, and I believe it's I believe it's blatant

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Speaker 4: and massive mortgage fraud. I believe that there will be

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Speaker 4: a criminal investigation.

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Speaker 2: Federal Housing Finance Agency Chief Bill Poulti's on Fox News Now.

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Speaker 2: It's unclear whether Attorney General Pam Bondi will investigate Cook,

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Speaker 2: but if she were to step down, it would pave

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Speaker 2: the way for President Trump to secure a majority on

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Speaker 2: the seven member FED Board of Governors.

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Speaker 3: Well, Nathan. The Cook controversy comes as the fed's annual

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Speaker 3: Economic Policy Symposium kicks off in Jackson Hole. The highlight

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Speaker 3: comes tomorrow when FED Chier J. Powell gives remarks and

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Speaker 3: Tom Keen is leading our coverage in Jackson Hole.

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Speaker 5: You look at the weather in Jackson Hall. You see

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Speaker 5: the temperature variation in the forties at night and then

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Speaker 5: up into the eighties during that perfect August day. What

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Speaker 5: we know is the sun rises on Jackson Hole. A

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Speaker 5: two day meeting here in Wyoming. But then for Chairman

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Speaker 5: Powell is this where the sun sets. It's an interesting

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Speaker 5: body language here. I love what jan Rando and all

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Speaker 5: did in Europe where they talked about the other central

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Speaker 5: bankers rallying for Chairman Powell. Christine Laguard will be there

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Speaker 5: from the ECB and from the Bank of England. The

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Speaker 5: Governor Bailey will be there as well. There'll be the academics,

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Speaker 5: but maybe more than in fifteen years, this will be

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Speaker 5: less about the academics and the papers and much more

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Speaker 5: about the future of the FED.

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Speaker 3: And Tom Keen will head to Bloomberg Radio's Jackson Hole coverage.

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Speaker 3: It all finishes up with a special edition of Bloomberg

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Speaker 3: Surveillance tomorrow at nine am Eastern with Tom, Mike McKee

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Speaker 3: and Lisa Bromowitz, plus a watch for special episodes of

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Speaker 3: the On Lots podcast. Joe Wisenthal and Tracy Alloway will

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Speaker 3: be taping several conversations from the event as.

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Speaker 6: Well, well.

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Speaker 5: Karen.

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Speaker 2: Most FED officials highlighted the risk to inflation as outweighing

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Speaker 2: concerns over the labor market at their latest meeting last month.

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Speaker 2: Here's Bloomberg US economist Stuart Paul.

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Speaker 7: As we read through the minutes, and as we think

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Speaker 7: about the data that we've seen, everything basically points to

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Speaker 7: an incremental move toward monetary policy getting a little bit

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Speaker 7: less restrictive and a little bit of additional comfort in

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Speaker 7: the balance of risk shifting towards cooling employment. And I

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Speaker 7: think the PAL is going to need to acknowledge that.

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Speaker 2: That is Bloomberg US economist Stewart Paul. Of course, the

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Speaker 2: Fed kept rates unchanged last month. FED governors Christopher Waller

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Speaker 2: and Michelle Bowman voted against that decision.

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Speaker 3: Well, Nathan, let's turn to the equity markets now where

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Speaker 3: futures are lower after another day of losses on Wall Street,

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Speaker 3: and once again it was tech stocks leading the way

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Speaker 3: lower and Bloomberg John Tucker joins us with the latest. John,

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Speaker 3: good morning, Yeah.

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Speaker 8: Good morning, Karen.

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Speaker 9: The Nasdaq fell for a second consecutive session the s

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Speaker 9: and P five hundred stretch. It's pulled back to a

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Speaker 9: fourth straight day from record highs, a renewed slide in

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Speaker 9: big tech, and also signs inflation remains the predominant concern

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Speaker 9: of the Federal Reserve weight on trading yesterday, add oak

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Speaker 9: Tree Capital Management co founder Howard marxist stocks maybe in

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Speaker 9: the early days of the bubble.

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Speaker 3: No reason I think they'll be a correction soon.

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Speaker 2: But the point is that things are expensive.

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Speaker 10: They may go on to become more.

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Speaker 6: Expensive, but the fact that they're expensive it should.

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Speaker 3: Not be lost.

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Speaker 9: Well hear the end of yesterday's session, stock did rebound

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Speaker 9: from session lows GT some P five hundred, clothes just

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Speaker 9: to two tenths of a percent lower, with most major

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Speaker 9: groups advancing. You know, York, come John Tucker, Bloomberg Radio.

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Speaker 5: All right, John, thank you.

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Speaker 2: One of the hardest hit stocks during the recent tech selloff.

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Speaker 2: Has been Pallenteer. It's six session losing streak has wiped

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Speaker 2: out seventy three billion dollars in market value. That's ended

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Speaker 2: a rare win to short sellers more than one point

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Speaker 2: six billion dollars in profits for them, according to data

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Speaker 2: from S three Partners, that barely dents the four and

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Speaker 2: a half billion dollars in paper losses the traders have

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Speaker 2: put up betting against Pallenteer this year. Despite recent losses,

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Speaker 2: Palenteer remains the best performer on the S and P

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Speaker 2: five hundred after soaring one hundred six percent.

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Speaker 3: Well Nathan earnings are going to be in focus this

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Speaker 3: morning as retailers continue to report their latest quarterly results.

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Speaker 3: Later this morning, we hear from Walmart and Bloomberg's Town

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Speaker 3: Buzzby has a preview.

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Speaker 11: Investors expect good news from Walmart. Thanks to continued strength

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Speaker 11: in the grocery aisle and giving its size pricing advantage

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Speaker 11: inventory management, it should be well positioned to manage the

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Speaker 11: impact of the Trump tariffs. COMP sales in the US

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Speaker 11: expected to be up four point two one percent ahead

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Speaker 11: of estimates thanks to robust US retail spending. Bloomberg consensus

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Speaker 11: calls for revenue of one hundred and seventy six point

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Speaker 11: zero five billion dollars on adjusted earnings per share of

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Speaker 11: seventy four cents. Tom Busby, Bloomberg Radio.

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Speaker 2: Okay, Tom, thank you. Let's turn from earnings to Aerin.

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Speaker 2: Hurricane Erin. It is triggering dangerous beach conditions across much

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Speaker 2: of the East Coast that will likely last into the week.

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Speaker 2: And Bloomberg meteorologist Craig Allen as the.

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Speaker 10: Latest hurricane Aeron is pounding the North Carolina coastline, especially

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Speaker 10: the outer banks, with tropical storm force winds, a few

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Speaker 10: outer bands of rain occurring around the area, and there

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Speaker 10: are swells translating into waves of about ten to twenty

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Speaker 10: feet or more now. Even though Erin is going to

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Speaker 10: be veering northeast out to see Erin is a huge

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Speaker 10: storm and therefore these same conditions may make their way

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Speaker 10: on up into the New York City area, the Tri

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Speaker 10: State region, and over towards the lower sections of New

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Speaker 10: England through the day today and into Friday.

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Speaker 2: And Bloomberg meteiologist Craig Allen notes high surf and rip

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Speaker 2: current advisories are in place through tomorrow afternoon.

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Speaker 3: Well, Nathan, we get the latest now on efforts to

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Speaker 3: end the war in Ukraine. President Vladimir Zelenski said he

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Speaker 3: will hold intensive meetings in the coming days to understand

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Speaker 3: the kinds of security guarantees his allies are willing to provide.

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Speaker 3: But the Ukrainian leader is pushing back against a Russian

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Speaker 3: idea to add China as part of a peacekeeping force.

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Speaker 3: In his words, we don't need guaranteurs who don't help Ukraine.

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Speaker 3: Vice President jd Van says the negotiations are focused on

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Speaker 3: security guarantees for Ukraine and territorial claims from Russia. But

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Speaker 3: he says the US has made a lot of progress.

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Speaker 12: You can never say with certainty what the outcome in

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Speaker 12: this situation is going to be, but we now have

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Speaker 12: the Russians talking to the Ukrainians. They're talking details about

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Speaker 12: what would be necessary on each side to stop the

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Speaker 12: fighting and stop the killing. We've made more progress in

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Speaker 12: three months than the country had made in three years

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Speaker 12: in stopping this conflict, and I think it's because sometimes

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Speaker 12: you just need a president who will pick up the

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Speaker 12: phone call somebody.

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Speaker 3: Vice President J. D Vance spoke on Fox News. Meantime,

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Speaker 3: Ukraine says Russia launched one of its heaviest attacks yet overnight,

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Speaker 3: with forty missiles and close to six hundred drones launched

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Speaker 3: across the country. Officials say at least one person was

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Speaker 3: killed and more than a dozen wounded in the city.

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Speaker 2: Of Leviv and back here in the US, karen of

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Speaker 2: federal judges ruled that Elon Musk will have to face

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Speaker 2: allegations that he defrauded voters when he promised them a

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Speaker 2: chance to win a million dollars for signing a petition.

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Speaker 2: The judge says a woman in Arizona can proceed with

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Speaker 2: her claims that she thought the winners would be picked

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Speaker 2: at random, even though they were actually carefully selected to

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Speaker 2: be spokespeople for Musk's Political Action Committee. Musk spent hundreds

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Speaker 2: of millions of dollars to elect President Trump and Republicans

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Speaker 2: in twenty twenty four, Well Nathan.

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Speaker 3: The Federal Trade Commission is suing LA Fitness over its

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Speaker 3: cancelation practices. The FDC's director of the Bureau of Consumer

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Speaker 3: Protection says tens of thousands of LA Fitness customers reported

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Speaker 3: difficulties with canceling their membership and that allow these six

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Speaker 3: hundred jim chain to continue collecting hundreds of millions of

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Speaker 3: dollars from customers who would have otherwise left. An LA

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Speaker 3: Fitness official says the allegations are without merit. Time now

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Speaker 3: for a look at some of the other stories making

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Speaker 3: news in New York and around the world, and for

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Speaker 3: that we're joined by Bloomberg's Michael Barr. Michael, Good Morning,

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Speaker 3: Good morning, Karen.

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Speaker 8: The Republican led Texas House as signed off on redrawn

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Speaker 8: congressional maps that will give the GOP a bigger edge.

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Speaker 8: In twenty twenty six, President Trump pushed for the redistricting.

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Speaker 8: Texas House. Democrats left the state two weeks in protest,

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Speaker 8: but were assigned around the clock police monitoring when they

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Speaker 8: returned so they would not leave the state again. Democratic

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Speaker 8: state Representative Nicole Collier, who refused the monitoring and slept

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Speaker 8: in the state capitol, vows to keep fighting.

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Speaker 1: The fact that.

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Speaker 13: I'm feeling mad infuriate me that I.

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Speaker 3: Still want to fight.

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Speaker 8: Republican state Representative Katrina Pearson says, Democrats lost and they

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Speaker 8: have to get over it.

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Speaker 13: So you're upset, and I get it.

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Speaker 9: You're losing at the ballot box, but you will not

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Speaker 9: silence the majority in the state of Texas, The.

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Speaker 8: Texas Senate and Governor Rabbits still need to sign off

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Speaker 8: on the redrawn maps. California Democrats are looking to redraw

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Speaker 8: their own congressional maps in an effort to counteract Texas.

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Speaker 8: California Governor Gavenusom says these maps would be temporary for

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Speaker 8: three election cycles and subject to voter approval. Lieutenant Governor

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Speaker 8: Elenni kunilacus, what.

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Speaker 14: MAGA has been trying to do now for really a

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Speaker 14: generation is have majority power with minority votes, and that's

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Speaker 14: really what this fight is all about.

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Speaker 8: Lieutenant Governor Kunelakis says, California is just fighting back, saying

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Speaker 8: enough is enough. A federal judge in New York who

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Speaker 8: presided over this sex trafficking case against Jeffrey Epstein, has

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Speaker 8: rejected the government's request to unseal grand jury transcripts. Wednesday's

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Speaker 8: ruling by Judge Richard Berman came after the judge presiding

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Speaker 8: over the case against Epstein's ex girlfriend, Glaine Maxwell, also

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Speaker 8: turned down the government's request. According to the Israel Defense Forces,

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Speaker 8: the first stages of Israel's attack on Gaza City got

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Speaker 8: underway yesterday. Israel plans to call up as many as

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Speaker 8: sixty thousand reservists for the new offensive, despite opposition from

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Speaker 8: the international community. Global News twenty four hours a day,

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Speaker 8: and whenever you wanted with the Bloomberg News. Now Michael Barr,

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Speaker 8: and this is Bloomberg, Karen.

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Speaker 3: All right, Malchael Barr, thank you time now for the

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Speaker 3: Bloomberg Sports Update. Here's John stash Hour, John, good morning.

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Speaker 6: Good morning, Karen. The night after the Yankees hit nine

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Speaker 6: home runs in Tampa, they hit five more. They came

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Speaker 6: up in the tenth inning after blowing ap three nothing

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Speaker 6: lead the Rays, tying the games, oring twice with two

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Speaker 6: outs of the bottom of the ninth. John Carlos Stanton

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Speaker 6: hit two of those night on Monday, was knot in

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Speaker 6: the lineup, but came up with a man on as

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Speaker 6: a pinch hitter drilled deep to left field, Simpson turning

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Speaker 6: looking see ya hop pinch hit two run home run

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Speaker 6: for stead up amazing head.

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Speaker 10: The Yankees lead by two. Michael, he's done it again.

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Speaker 2: I just and he is so hot and so locked

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Speaker 2: in pretty special.

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Speaker 6: Jojerari the comments on Yes, Yanks beat the Rays six'

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Speaker 6: four for their fifth win in a. Row the fourteen

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Speaker 6: home runs in a two game series tied for the most.

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Speaker 6: Ever The reds did it in nineteen ninety. Nine Aaron

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Speaker 6: boone hit one of Those cincinnati. Homers five Different yankees

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Speaker 6: had a two home run game in the series last.

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Speaker 6: Night Trent grisham And Austin Wells yankees in The Red,

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Speaker 6: sox begin the four game series tonight in The. Bronx

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Speaker 6: mets will finished the series this afternoon In. Washington nationals

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Speaker 6: blew most of a four run lead but held on

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Speaker 6: beat The mets five to. Four phillies with twenty, hits

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Speaker 6: finished the sweep Of seattle eleven to. Two Kyle schwarber

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Speaker 6: his forty fifth home run he drove in. Five The

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Speaker 6: mets trail The fields by six and a. Half colorado

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Speaker 6: roughed up Show hey O tommy beat The dodgers eight to.

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Speaker 6: Three o' tony gave up five runs nine. Hits The

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Speaker 6: dodger lead over The padres down to one. Game San

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Speaker 6: diego beat The giants eight to ONE WNBA, la a

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Speaker 6: one point win Over, dallas whose Rookie Page beckers in

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Speaker 6: the loss scored forty four points on seventeen of twenty

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Speaker 6: one Shooting giants And Patriots tonight At, MetLife where The

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Speaker 6: jets tomorrow will play The. Eagles The jets bolster their

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Speaker 6: defensive line with two, trades sending late round draft picks

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Speaker 6: To minnesota And cleveland For Harrison phillips And Jawan briggs Toor.

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Speaker 6: Championship golf te's off Today East lake In, atlanta Where

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Speaker 6: Scottie scheffler won last. Year he'll played today With rory McElroy,

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Speaker 6: Fairfield connecticut one again at The Little League World. Series

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Speaker 6: will Play saturday for THE Us. Championship Johns. Stashie We're Bloomberg,

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Speaker 6: Sports Karen.

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Speaker 3: Meathan stay with. Us more From bloomberg Day break coming

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Speaker 3: up after This.

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Speaker 1: Coast to coast on Bloom Burg, radio nationwide On SIRIUS,

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Speaker 1: xm and around the world On bloomberg Dot com and

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Speaker 1: The Bloomberg Business. Appum this Is Bloomberg.

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Speaker 2: Daybreak good, Morning I'm Nathan. Hager President Donald trump's pressure

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Speaker 2: campaign on The Federal reserve has reached a new, level

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Speaker 2: with The president now calling ON Fed Governor Lisa cook

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Speaker 2: to resign over allegations of mortgage. Fraud Now cook says

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Speaker 2: she won't be bullied into stepping, down But Federal Housing

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Speaker 2: Finance Agency Chief Bill poulti says she could be fired for.

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Speaker 4: CAUSE i would anticipate sing or be prosecuted and criminally

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Speaker 4: charged for mortgage, fraud just based on What i've seen.

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Speaker 2: That WAS fhfa Had Bill poulti appearing On Fox news this,

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Speaker 2: morning we were joined By Bloomberg's Jill desis and of Course.

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Speaker 2: Joe we've seen the pressure for months from this, president

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Speaker 2: just over interest rates for, one then over THE fed

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Speaker 2: building renovation for. Another what to make of this latest

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Speaker 2: pressure focused in particular on this member of The fed.

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Speaker 2: Governors good, Morning.

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Speaker 13: Good, Morning. Nathan, well just as you, said this certainly

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Speaker 13: represents an escalation in this ongoing pressure campaign That trump

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Speaker 13: has really mounted against The Federal. Reserve in this particular,

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Speaker 13: case we've heard From Lisa. Cook she says she the

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Speaker 13: way that she described it was, saying you, KNOW i

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Speaker 13: have no intention of being bullied to step down from my.

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Speaker 13: Position that's the way that she certainly characterizes these allegations of. Fraud,

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Speaker 13: obviously we'll have to see how far The trump administration

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Speaker 13: is ultimately willing to push. This but if you think

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Speaker 13: about this in terms of the context of how much

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Speaker 13: Influenced trump could potentially have over the, board if he's

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Speaker 13: successful in Ousting Lisa, cook that would give him the

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Speaker 13: opportunity to potentially appoint four of the seven slots on

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Speaker 13: The board Of. Governors so that's essentially What trump may

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Speaker 13: be looking to secure long term.

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Speaker 2: Here even if that were to take, place that doesn't necessarily, guarantee,

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Speaker 2: though does it that the board would have that much

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Speaker 2: sway over rate policy from The Federal. Reserve it, is after,

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Speaker 2: all of what a thirteen Member Open Market committee.

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Speaker 13: Isn't, no you're, Right AND i think the other thing

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Speaker 13: to remember as, well is that just because an appointee

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Speaker 13: comes From Donald, trump it doesn't necessarily mean that that

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Speaker 13: person is willing to do The White house is, bidding.

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Speaker 13: RIGHT i mean when you're looking at Say trump's first term, appointees,

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Speaker 13: Right Governor Michelle, Bowman Christopher, WALLER i, mean they did

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Speaker 13: dissent against the fomc's decision In july to hold that

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Speaker 13: rate study in favor of cutting. Rates, obviously you, Know trump,

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Speaker 13: is you, know saying repeatedly that he thinks The fed

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Speaker 13: has been slow to cut. Rates but when you look

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Speaker 13: at some of these other comments that some of These

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Speaker 13: trump appointees have. Made let's Take, waller for, example he's

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Speaker 13: considered a top candidate to Replace powell as chair of

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Speaker 13: The Federal. Reserve he's spoken recently in favor of the

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Speaker 13: importance of central bank. Independence, so you, KNOW i do think,

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Speaker 13: that you, know at the end of the, day some

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Speaker 13: of these appointees are certainly individuals to be judging their own,

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Speaker 13: merits and so just because you do have that level

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Speaker 13: of influence That trump is trying to extort obviously doesn't

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Speaker 13: necessarily guarantee an outcome that maybe he is specifically looking.

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Speaker 2: For if this pressure campaign were to succeed And Governor

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Speaker 2: cook were to step, aside what could that mean For

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Speaker 2: Chairman powell's, decision as he still hasn't told us whether

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Speaker 2: he plans to step out aside from the board when

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Speaker 2: that term expires in twenty twenty.

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Speaker 13: Eight, NO i, mean you, KNOW i think that you,

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Speaker 13: know we'd ultimately have to see what, happens you, know

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Speaker 13: when we get to that. POINT i, Mean, POWELL i

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Speaker 13: think so far is you, know certainly even trying to

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Speaker 13: distress the importance of central bank. INDEPENDENCE i, mean look

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Speaker 13: at the fact that you, Know powell has faced a

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Speaker 13: pressure campaign already on you, know stepping aside As chairman

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Speaker 13: before his term expires next, year. Right you know you mentioned,

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Speaker 13: earlier you, know some of those concerns around THE fed

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Speaker 13: you're sort of building. Renovations that's been a controversy that

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Speaker 13: The trump administration has certainly tried to kick up as

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Speaker 13: reason for For powell to potentially step. Aside you, Know

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Speaker 13: powell has been you, know defended some of those, decisions

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Speaker 13: who tried to explain them and, such and so you,

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Speaker 13: KNOW i think we'd have to see once we ultimately get.

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Speaker 13: There but you, KNOW i mean he's still very much

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Speaker 13: The chairman of The Federal resort until you, know his

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Speaker 13: term expires in twenty twenty six for that particular.

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Speaker 2: Position and you have to think all this is going

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Speaker 2: to at least color somewhat the confab that's getting ready

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Speaker 2: to start within hours And Jackson, Hole.

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Speaker 13: Wyoming, yes, Certainly AND i think you, know there's two

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Speaker 13: things to really kind of look out for as we

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Speaker 13: prepare For Jackson. Hole first of, all you, know obviously

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Speaker 13: That powell speech that we're expecting On. Friday he's really

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Speaker 13: used that speech in prior years as an opportunity to

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Speaker 13: kind of hint at WHERE fed policy may be going

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Speaker 13: and thinking particularly of last year when we did get

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Speaker 13: that hint of you, know some of that cutting, cycle

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Speaker 13: or twenty twenty two when more hawkish comments you, know

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Speaker 13: certainly started up markets and you, know THE fed was

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Speaker 13: beginning its hiking. Cycle so that is an opportunity for

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Speaker 13: him to kind of telegraph some of those. Decisions whether

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Speaker 13: we get something similar this time, Around i'm not. Sure

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Speaker 13: but the other thing THAT i would point out About

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Speaker 13: Jackson hole is this is also an opportunity for other you,

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Speaker 13: know sort of central bank colleagues from around the world

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Speaker 13: to you, know kind of rally run the idea of

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Speaker 13: enforcing or encouraging central bank. Independence, remember you've got The

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Speaker 13: guard from THE ecb, Attending you've Got bailey from THE

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Speaker 13: boea from THE boj so it could be, that you,

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Speaker 13: know we also kind of see that sort of show

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Speaker 13: of support around the federal reserves independence from some of

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Speaker 13: these other central bankers as.

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Speaker 3: Well this Is bloomberg Day, break your morning podcast and

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Speaker 3: podcast platform to stay informed all day. Long I'm Karen moscow.

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Speaker 10: And I'm Nathan.

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Speaker 2: Hager join us again tomorrow morning for all the news

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Speaker 2: you need to start your day right here On bloomberg

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Speaker 2: Day break