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

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Speaker 1: Doug Chrisner. We began at the White House. Earlier, President

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Speaker 1: Trump announced the beginning of negotiations between Moscow and Kiev

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Speaker 1: on ending war in Ukraine. Trump said he has spoken

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Speaker 1: to Russian President Vladimir Putin, who says he wants the

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Speaker 1: conflict to end. Here's Trump.

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Speaker 2: I'll be dealing with President Putin largely on the phone,

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Speaker 2: and we ultimately expect to meet. In fact, we expect

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Speaker 2: that he'll come here and I'll go there, and we're

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Speaker 2: going to meet also probably in Saudi Arabia, the first

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Speaker 2: time we'll meet in Saudi Arabias if we get something done.

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Speaker 2: But we want to end that war. That war is

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Speaker 2: a disaster.

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Speaker 1: That was President Trump, speaking earlier from the Oval Office.

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Speaker 3: Now.

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Speaker 1: Trump's statements followed Defense Secretary Pete Hegseth saying today in

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Speaker 1: Brussels that Ukraine's membership in NATO is not a realistic outcome.

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Speaker 1: Here's Hegseth.

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Speaker 4: The United States remains committed to the NATO Alliance and

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Speaker 4: to the defense partnership with Europe full stop, but the

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Speaker 4: United States will no longer tolerate an imbalanced relationship which

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Speaker 4: which encourages dependency.

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Speaker 1: That is US Defense Secretary Pete Hegseth. Speaking there, He

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Speaker 1: also called on NATO allies to increase their defense spending

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Speaker 1: and take the lead in providing security for both Ukraine

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Speaker 1: and Europe. Now, this shift in policy is being met

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Speaker 1: with some skepticism from US allies in Europe. They argue

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Speaker 1: that Ukraine should lead negotiations and that Putin has been

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Speaker 1: the main obstacle in past peace talks. The Department of

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Speaker 1: Justice is suing New York State over its policy of

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Speaker 1: limiting cooperation with federal immigration enforcement. Here is Attorney General Pambondi.

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Speaker 5: If you don't comply with federal law, we will hold

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Speaker 5: you accountable. We did it to an Illinois Strike one.

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Speaker 5: Strike two is New York. And if you are a

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Speaker 5: state not complying with federal law, your next get ready.

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Speaker 1: That is Attorney General Pam Bondi. Now, the DOJ's lawsuit

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Speaker 1: names Governor Kathy Hochel, State ag Letitia James, and DMV

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Speaker 1: Chief Mark Schroeder. A federal judge has cleared the way

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Speaker 1: for President Trump's plan to downsize the federal workforce. The

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Speaker 1: judge found a group of labor unions did not have

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Speaker 1: legal standing to challenge the deferred resignation program. It's commonly

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Speaker 1: described as a buyout. So far, about seventy five thousand

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Speaker 1: employees have accepted the offer. This falls well short of

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Speaker 1: the administration's goal. The White House had been hoping to

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Speaker 1: reduce the federal workforce by between five to ten percent.

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Speaker 1: There are currently two point four million federal workers. On

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Speaker 1: the trade front, President Trump said an executive order on

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Speaker 1: new reciprocal tariffs could be signed by tomorrow morning. White

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Speaker 1: House Press Secretary Caroline Levitt says that Trump's plan is

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Speaker 1: plain and simple.

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Speaker 6: It's the golden rule, which we all learned when we

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Speaker 6: were growing up in school. Treat others the way you

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Speaker 6: want to be treated. And far too many nations around

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Speaker 6: this world have been ripping off the United States of

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Speaker 6: America for far too long, and that's why the President

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Speaker 6: believes this will be a great policy that will benefit

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Speaker 6: American workers and improve our national security.

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Speaker 1: That was White House Press Secretary Caroline Levitt speaking to

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Speaker 1: reporters earlier. US consumer prices grew by more than forecast

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Speaker 1: during January. The so called core CPI climbed at a

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Speaker 1: rate of four tenths of one percent. This was fueled

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Speaker 1: by auto insurance airfares along with a record monthly increase

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Speaker 1: in the cost of prescription drugs, and these data reaffirmed

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Speaker 1: the Fed's view that there is more to do in

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Speaker 1: fighting inflation. Here is Chair J Powell speaking to the

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Speaker 1: House Financial Services Committee.

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Speaker 7: We'll say, and I've said before, that hindsight suggests that

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Speaker 7: it would have been good if we had tightened earlier.

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Speaker 7: I don't know how much difference that would have made,

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Speaker 7: but I'd be very careful with those rules. Those rules.

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Speaker 7: Those rules in the middle of last year suggested that

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Speaker 7: our policy rate was a couple hundred basis points too high,

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Speaker 7: so we need to They're a starting point, not at

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Speaker 7: any point.

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Speaker 1: That is FED share J Powell there. Meantime, Bloomberg opinion

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Speaker 1: columnist Mohammed el Arian says three things were very clear

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Speaker 1: from today's CPI print.

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Speaker 3: One day, are hotter than what the FED seems to

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Speaker 3: expect giving its signals, and they're getting hotter. Second, they

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Speaker 3: are consistent with the whole host of other data points.

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Speaker 3: And also they are consistent with the hypothesis that companies

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Speaker 3: and other segments of the population are much more sensitive

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Speaker 3: now to actual and expect the cost increases.

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Speaker 1: That is Bloomberg Opinion columnist Mohammed el Arean Blue Origin

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Speaker 1: is bracing for job cuts. We are told the space company,

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Speaker 1: backed by Jeff Bezos, is looking to cut cost and

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Speaker 1: focus resources on ramping up rocket launches after years of

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Speaker 1: R and D work. Now, the magnitude of the job

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Speaker 1: cuts was not immediately clear, although we were told it

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Speaker 1: will be at least in the hundreds and potentially could

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Speaker 1: reach one thousand or more employees. And that is news

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

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Speaker 1: and this is Bloomberg