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Speaker 1: News when you wanted with Bloomberg News. Now I'm mad

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Speaker 1: kleggy steep losses Friday for the US stock market, we

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Speaker 1: get more from Bloomberg's Charlie Pellett.

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Speaker 2: The Nestak one hundred plunged into a bear market, with

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Speaker 2: its losses from a February high surging past twenty percent

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Speaker 2: as investors ditched once high flying tech shares in a

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Speaker 2: broad market route. The six week sell off is wiped

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Speaker 2: out roughly six point four trillion dollars from the tech

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Speaker 2: heavy benchmark since its peak, spurred by worries that President

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Speaker 2: Trump's tariffs will push the US economy into recession. The

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Speaker 2: S and P five hundred Friday was down six percent

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Speaker 2: for the week. It was down nine point one percent,

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Speaker 2: Nestak on the week down ten percent, the Dow on

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Speaker 2: the week down seven point nine percent. In New York,

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Speaker 2: Charlie Pellett Bloomberg Radio.

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Speaker 1: Federal Reserve Chair Jerome Powell made clear the US Central

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Speaker 1: Bank will not rush to react to sweeping Trump administration

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Speaker 1: tariffs or to the financial market turmoil that has ensued

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Speaker 1: amid fears of a global economic downturn.

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Speaker 3: We're well positioned to wait for greater clarity before considering

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Speaker 3: any adjustments to our policy stance. It is too soon

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Speaker 3: to say what will be the appropriate path for monetary policy.

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Speaker 1: Chair Pale then talked about the effects of tariffs.

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Speaker 3: It is now becoming clear that tariff increases will be

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Speaker 3: significantly larger than expected, and the same is likely to

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Speaker 3: be true of the economic effects, which will include higher

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Speaker 3: inflation and slower growth. The size and duration of these

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Speaker 3: effects remains uncertain.

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Speaker 1: He also emphasized that with inflation still elevated, the Central

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Speaker 1: Bank had an obligation to make sure a temporary price

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Speaker 1: boost from tariffs does not turn into something more persistent.

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Speaker 1: JP Morgan says it now expects the US economy to

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Speaker 1: fall into a recession this year. After accounting for the

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Speaker 1: likely impact of tariffs announced this week by the Trump administration.

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Speaker 1: Diane Swark, chief economists at KPMG Tels Bloomberg, that they've

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Speaker 1: adjusted their economic free forecast call.

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Speaker 4: We have in fact, we have now moved to a

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Speaker 4: little bit worse than our worst case scenario, and that's

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Speaker 4: because the tariffs now are likely. If they even with

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Speaker 4: some rollback and some negotiation, they could easily hit the

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Speaker 4: highest level since the early nineteen hundreds that with more retaliation,

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Speaker 4: would get us into a recession.

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Speaker 1: KPMG Chief Economists Giant Swank on Bloomberg Television. Countries in

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Speaker 1: Southeast Asia, major sources of exports to the US, are

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Speaker 1: angling to accommodate President Trump rather than retaliate against his

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Speaker 1: punishing tariffs, seeking to keep exports flowing to one of

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Speaker 1: their biggest markets. Vietnam, Cambodia, and Indonesia have said in

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Speaker 1: recent days that they were open to negotiations over the

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Speaker 1: reciprocal tariffs Trump announced this week, while Singapore Finance and

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Speaker 1: Trade hubs said it didn't plan to strike back. The

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Speaker 1: offers come as nations worldwide way how to respond to

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Speaker 1: Trump's decision to slap tariffs from ten percent to as

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Speaker 1: high as fifth twenty percent on every country as stock

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Speaker 1: markets reflect a lack of confidence in the post TARA future.

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Speaker 1: The chairman of the White House Council of Economic Advisors,

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Speaker 1: Stephen Miron, suggested in a Bloomberg interview that fears of

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Speaker 1: recession are overblown.

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Speaker 5: Imports are only fourteen percent of the economy, so you

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Speaker 5: really have to think of the enormous changes to get

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Speaker 5: to the place where you think a recession is likely

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Speaker 5: there's maybe a little bit too much focus on risks

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Speaker 5: from what's going on right now and not in a

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Speaker 5: focus on the pro growth policies.

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Speaker 1: The Senate dived into contentious debate fraudy, and a budget

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Speaker 1: plan critical to Republican efforts to pass trillions of dollars

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Speaker 1: in tax cuts and boost border security and defense spending

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Speaker 1: through what President Trump calls one Big Beautiful Bill. Passage

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Speaker 1: of the plan would give Republicans the chance in coming

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Speaker 1: months to muscle a tax cut bill through both chambers

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Speaker 1: of Congress, even if Democrats are unanimously opposed, just as

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Speaker 1: they did in Trump's first term. President Trump had nearly

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Speaker 1: clinched an agreement with TikTok's Chinese owner by dance that

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Speaker 1: would have spared the popular app from a US, but

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Speaker 1: the deal was scuttled after China withheld its approval following

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Speaker 1: this week's tariff announcement. This according to a person familiar

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Speaker 1: with the matter. Alex Ovechkin has tied Wayne Gretzky's NHL

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Speaker 1: goal record by scoring the eight hundred ninety fourth of

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Speaker 1: his career at the NCAA Women's Final four Yukon in

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Speaker 1: South Carolina. Advance there will play Sunday for the National Championship.

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Speaker 1: Friday on Wall Street, the Dow sank twenty two thirty one,

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Speaker 1: NASDAK dropped nine sixty three. The S and P down

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Speaker 1: three to twenty two. The ten year treasurer yield four

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Speaker 1: point zero one percent, the two year three point sixty

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Speaker 1: seven percent. The VIS closed at its highest level since

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Speaker 1: April twenty twenty. Join us for a special weekend edition

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Speaker 1: of Bloomberg Surveillance this Sunday, Jonathan Faraoh and Lisa Abramowitz

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Speaker 1: will take you through the market turmoil and what's ahead

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Speaker 1: for the trading week. It all starts five pm Eastern

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Speaker 1: on Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcasts page

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Speaker 1: on YouTube. That's news when you want it with Bloomberg News. Now.

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Speaker 1: I'm mid calagime and this is Bloomberg