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

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Speaker 1: Doug Prisner. We begin at the White House, where former

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Speaker 1: American prisoner Mark Fogel met with President Trump after being

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Speaker 1: released from Russian captivity. Earlier in the day, Trump was

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Speaker 1: saying he hopes Fogel's release will help end the war

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Speaker 1: in Ukraine. Here's Trump.

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Speaker 2: I think there's goodwill in terms of the war. You know,

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Speaker 2: midion and a half soldiers, young people have been killed.

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Speaker 1: I've met many, Yeah.

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Speaker 2: And it's a terrible thing going on. So we want

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Speaker 2: to get that done. I think this could be the

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Speaker 2: very important element. You could be a big part of it, actually,

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Speaker 2: because it could be a big important part of getting

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Speaker 2: the war over with Ukraine.

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Speaker 1: That is President Trump, speaking earlier from the Diplomatic reception

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Speaker 1: room at the White House. Staying in Washington, Elon Musk

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Speaker 1: defended efforts by his government efficiency team to reign in

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Speaker 1: federal spending. Here is Musk speaking earlier alongside the President

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Speaker 1: in the Oval Office.

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Speaker 3: If you look, say Treasury, for example, basic controls that

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Speaker 3: should be in place that are in place in any company,

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Speaker 3: such as making sure that any given payment has a

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Speaker 3: payment categorization code, that there is a comment field that

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Speaker 3: describes the payment, and that if a payment is on

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Speaker 3: the do not pay list, that you don't actually pay it.

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Speaker 3: None of those things are true currently.

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Speaker 1: That is Elon Musk there. Now, both Musk and his

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Speaker 1: DOGE team have come under fire for their heavy handed

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Speaker 1: efforts in shutting down entire government agencies. Democrats have questioned

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Speaker 1: Musk's unprecedented reach despite his not being an elected official. Now,

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Speaker 1: Musk pushed back on that notion, saying DOCHE has tried

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Speaker 1: to be as transparent as possible on its actions. Meantime,

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Speaker 1: President Trump chimed in saying he would see congressional approval

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Speaker 1: if needed, for the cuts proposed by DOGE, and at

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Speaker 1: the same time, Trump has directed federal agencies to work

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Speaker 1: with DOCHE to significantly reduce their workforces on Capitol Hillton. Today,

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Speaker 1: fed share J. Powell faced questions on interest rate policy.

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Speaker 1: Speaking to the Senate Banking Committee, Powell reiterated that the

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Speaker 1: Central Bank is not in a rush to adjust rates.

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Speaker 4: We know that reducing policy restraint too fast or too

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Speaker 4: much could hinder progress on inflation. At the same time,

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Speaker 4: reducing policy restraint too slowly or too little could unduly

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Speaker 4: weaken economic activity and employment.

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Speaker 1: That is FED share J Powell.

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Speaker 5: There.

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Speaker 1: He also reaffirmed that FED policy will not be influenced

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Speaker 1: by outside political factors. We got reaction to all of

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Speaker 1: this from Massachusetts Senator Elizabeth Warren. She understands the Fed's

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Speaker 1: hesitancy to cut interest rates.

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Speaker 6: To Donald Trump needs to settle down and focus on

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Speaker 6: what he ran for president on, and that is lowering

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Speaker 6: costs for American families. That's where he needs to keep

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Speaker 6: his attention and that will put the FED in a

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Speaker 6: much better place to lower interest That.

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Speaker 1: Is Senator Elizabeth Warren there. Now, markets have largely left

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Speaker 1: unchanged expectations for rate cuts this year. One cut is

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Speaker 1: fully priced but not until September, and fewer than two

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Speaker 1: cuts are partially priced in for all of twenty twenty five.

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Speaker 7: By the way.

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Speaker 1: Tomorrow, Powell will testify to the House Financial Services Committee.

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Speaker 1: The US Department of Energy has outlined its roadmap focused

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Speaker 1: on unleashing American energy innovation and strengthening power grid reliability

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Speaker 1: and security. US Energy Secretary Chris Right is also predicting

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Speaker 1: an increase in oil production. Here is Right speaking earlier

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Speaker 1: to Bloomberg.

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Speaker 8: That's going to be the ability to build infrastructure and

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Speaker 8: access more consumers. But I think it could grow meaningfully.

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Speaker 8: It's probably not going to grow meaningfully in the short run,

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Speaker 8: although our natural gas production I think is going to

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Speaker 8: grow dramatically in the next two or three years. But

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Speaker 8: if you look at five or ten years, could America

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Speaker 8: grower oil production significantly?

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Speaker 5: Absolutely?

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Speaker 1: That is US Energy Secretary Chris Right speaking there. He

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Speaker 1: went on to say that cole will be essential in

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Speaker 1: the US for decades to come. Ford Motor CEO Jim

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Speaker 1: Farley will be in Washington tomorrow to warn members of

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Speaker 1: Congress on the impact of tariffs. More from Bloomberg's Charlie Pellett.

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Speaker 5: Farley says the twenty five percent tariffs President Trump has

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Speaker 5: proposed on Canada and Mexico would blow a hole in

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Speaker 5: the US auto industry. Farley brought up the tariff issue

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Speaker 5: at the Wolf Research Auto Conference.

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Speaker 7: So the second time I've been there in three weeks,

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Speaker 7: because they need to understand that, you know, there's a

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Speaker 7: lot of policy uncertainly here, but in the meantime, you know,

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Speaker 7: we're scrambling to manage the company as professionals, and we're

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Speaker 7: in a global race.

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Speaker 5: Farley says the impact of the tariffs, which Trump delayed

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Speaker 5: for a month last week, would be devastating for American

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Speaker 5: automakers in New York, Charlie Pellett Bloomberg Radio, and at.

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Speaker 1: The same time today, mister Farley said that Ford would

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Speaker 1: be forced to lay off employees if the Trump administration

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Speaker 1: were to end subsidies and other financial support for electric

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Speaker 1: vehicle manufacturing. Shares and Ali Baba are rallying by eight

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Speaker 1: percent in Hong Kong trading. That's after the information reported

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Speaker 1: Ali Baba has started working with Apple to roll out

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Speaker 1: artificial intelligence features in China. And that is news when

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Speaker 1: you want it with Bloomberg News. Now, I'm Doug Krisner,

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Speaker 1: and this is Bloomberg