June 25, 2025 • 22 mins
On today's podcast:
1) Former New York Governor Andrew Cuomo conceded to his upstart rival Zohran Mamdani in the Democratic primary in the race to become mayor of New York City after the 33-year-old Queens lawmaker racked up commanding leads across Brooklyn, Queens and Manhattan.
2) US President Donald Trump disputed an intelligence report that found the airstrikes he ordered on Iran had only a limited impact on its nuclear program, even though the assessment came from the Pentagon.
3) NATO leaders sought to project confidence that the US will defend allies after President Donald Trump fueled doubts about his administration’s continued commitment to crucial collective obligations.
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Transcript
Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we'll have details on the latest intelligence reports around
the weekend US air strikes in Iran in a moment,
but we begin this morning with the race for New
York City mayor. Zorin Mumdani has declared victory in the
Democratic mayoral primary. Let's get the very latest with Bloomberg's
Lisa Matteo in Manhattan.
Speaker 4 (00:33):
Good morning, Lisa, Good morning Nathan.
Speaker 5 (00:35):
Yeah, it was an incredible showing for the thirty three
year old Queen's lawmaker, who was virtually an unknown before
rising in the polls against a crowded eleven candidate field.
Last night, former Governor Andrew Cuomo, who pitched himself as
a season moderate, conceded to his upstart rival.
Speaker 4 (00:50):
Tonight was not our night.
Speaker 6 (00:53):
Tonight was Assemblyman Mondanie's.
Speaker 4 (00:58):
Night, and he put together a great care pain.
Speaker 5 (01:01):
According to preliminary results from the City Board of Elections,
in the first round of rank choice voting, Mandami he
garnered forty three point five percent of the vote and
Couamo thirty six point four percent, now coming in third
place with City comptroll Or Brad Lander at eleven point
three percent. Lander and Mandami had cross endorsed each other. Mandami,
(01:22):
who has vowed to freeze rent, seek tax hikes on
corporations the wealthiest New Yorkers. He addressed a crowd of
supporters early this morning in Long Island City, Queens.
Speaker 7 (01:30):
Together, we have shown the power of the politics of
the future, one of partnership and of sincerity.
Speaker 5 (01:42):
But the results are not official. Under the city's rank
choice system, a Canada is declared the winner after receiving
more than fifty percent of the votes. The final result, well,
that will not be determined until July first, that's when
voters backup choices are scheduled to be tabulated, and Couamo
isn't out of the race just yet, telling The New
York Times that he was still considering whether to run
(02:03):
in the November election on an independent line. Mandami would
also face Mayor Eric Adams, who was running this time
as an independent, as well as Republican Curtis Sliwa and
independent Jim Walden. Michael Bloomberg, the founder majority owner of
Bloomberg LP, the parent company of Bloomberg Radio has endorsed
Andrew Cuomo. Now, if elected, Mandami would be New York's
(02:24):
youngest mayor in a century, its first Muslim mayor, and
the first person of South Asian descent to lead the city.
Speaker 4 (02:30):
Lisa Matteo, Bloomberg Radio.
Speaker 3 (02:32):
All right, let's turn down to geopolitics and the latest
from the Middle East. A classified report from the Pentagon's
intelligence arm is raising questions about the extent of the
damage from last weekend's US bunker buster bombing of her
Runs nuclear enrichment facilities. We get the details from Bloomberg's
Jumana Borsecci in Dubai.
Speaker 8 (02:50):
President Trump had claimed that they had totally obliterated some
of those nuclear sites that they hit at over the weekends,
But this latest report put out by the Penzagon itself,
the Defense Intelligence Agency, suggesting that the blows didn't actually
manage to administer the fatal blow that Trump had characterized,
instead saying that at most it had set back the
(03:12):
nuclear program by as much as six months. They didn't
actually manage to severely cripple some of the core components
of the program, especially those Center Viusia's that are embedded.
Speaker 3 (03:22):
Underground it Spoomberg's Umana Brissetti reporting from Dubaiano this morning.
Speaker 4 (03:26):
President Trump is disputing that report.
Speaker 9 (03:29):
I believe it was total obliteration. I believe they didn't
have a chance to get anything out because we acted fast.
If it would have taken two weeks, maybe, but it's
very hard to remove that kind of material, very hard
and very dangerous for them.
Speaker 10 (03:41):
They movement.
Speaker 3 (03:42):
President Trump spoke this morning at the NATO leader's summit
in the Hague, and comments heard live on Bloomberg Radio. Meanwhile,
the truce between Iran and Israel appears to be holding.
Israeli Prime Minister Benjamin Netanyah, who says the immediate threat
from Iran's nuclear program and ballistic missiles has been eliminated.
The Netanyahu's military chief is warning the campaign against Iran
is not over well, Nathan.
Speaker 2 (04:04):
The latest developments in the Middle East come as world
leaders gather in the Hague for the NATO leaders Summit.
Allies are trying to agree on a new defense spending
target of five percent of gross domestic product, and they're
trying to project confidence after President Trump fueled doubts about
his administration's continued commitment to crucial collective obligations. NATO's Secretary
(04:24):
General Mark Rudo was asked if the US was still
committed to the alliance.
Speaker 6 (04:28):
For me, there's absolute clarity that the United States has
totally committed to NATO, totally committed to Article five. And yes,
there's also an expectation which will be fulfilled today that
the Canadians and Europeans will speed up their spending, making
sure that we not only are able to defend ourselves
against the Russians and others, but also to equalize. And
(04:49):
this is fair that we spend the same as the
US are spending.
Speaker 2 (04:52):
And yesterday President Trump posted a private message from Mark
Ruda in which the NATO general praised Trump's actions in
a run and for making Europe pay in a big
way on defense. Right now, Spain remains the only European holdout,
an issue Secretary of State Marco Rubio said, is a
quote big problem.
Speaker 3 (05:10):
According to Politico, turned back to politics here in the US, Karen,
there is a possible breakthrough in salt talks. Of course,
that's the state and local tax deduction. When it comes
to the big tax cut bill on Capitol Hill. Let's
get the details now from Bloomberg's Amy Morris.
Speaker 11 (05:25):
Treasury Secretary Scott Bessont said House and Senate Republicans can
cut a deal on the state and local tax deduction
within the next two days, resolving one of the key
issues that is stymied President Trump's economic legislation.
Speaker 12 (05:37):
Both sides are working through and we'll have a solution
in that next twenty four to forty eight hours.
Speaker 11 (05:43):
Besn't met with Senate Republicans to urge them to unite
to pass Trump's tax package by a self imposed July
fourth deadline. He thinks Senators can begin voting on the
bill this Friday. In Washington, Amy Morris, Bloomberg Radio.
Speaker 2 (05:56):
All right, Amy, thank you from Washington to space. This
launch of a SpaceX Falcon nine.
Speaker 4 (06:03):
Rocket three two.
Speaker 13 (06:05):
One and.
Speaker 2 (06:11):
An Axiom space and a crew of astronauts from four
nations to the International Space Station, marking Axiom's fourth crewed
mission into low Earth orbit. It's also the first time
asternats from India, Poland and Hungary We'll go to the ISS.
The long awaited launch lifted off from NASA's Kennedy Space
Center in Florida. After NASA, Axiom, and SpaceX delayed the
(06:32):
launch several times due to various issues.
Speaker 3 (06:35):
All right, coming back from space, right back down to Washington.
Karen FED chair J. Powell is getting ready to resume
testimony on Capitol Hill later this morning. He will appear
before the Senate Banking Committee yesterday at House Financial Services,
Chairman Powell said he is still in no rush to
cut interest rates while the Central Bank waits to see
how tariffs affect the economy.
Speaker 12 (06:54):
Increases in tariffs this year are likely to push up
price prices in way on economic activity.
Speaker 3 (07:00):
The effects on inflation could be short lived, reflecting a
one time shift in the price level. And remarks her
live on Bloomberg, fed Shair jpal suggested if inflation pressures
remain contained, the FED could cut rates sooner rather than later,
but Palell would not point to a particular meeting.
Speaker 2 (07:16):
Nathan Chres at FedEx, they're down about six percent this morning.
The delivery package company forecast a worse than expected profit
for the current quarter. Although it typically provides a full
year forecast, Fedek said it would only share its outlook
for the current quarter due to the uncertain global demand environment.
It's time now for a look at some of the
(07:37):
other stories making news in New York and around the world.
And for that we're joined by Bloomberg's Michael Barr. Michael,
good morning, Good morning, Carrion.
Speaker 14 (07:44):
There's a bit of relief ahead today from the extreme
heat gripping much of the country. Parts of the Midwest
will see cooler temperatures, but it will be another brutally
hot day in the Northeast. Bloomberg Meeting religious Rob Carolyn
has the latest. Michael.
Speaker 13 (07:58):
High pressure will continue to produce hot weather today, just
not the excesses that we saw yesterday. We had temperatures
exceeding one hundred degrees in the New York City area,
in Washington, in the Boston area. In fact, Boston set
their all time record high yesterday for June at one
hundred and two, fourth warmest day there in southern New
England looks like the highest beginning to weekend. So temperatures
are hot today, but not as hot as yesterday. We
(08:19):
have heat advisors in effect from parts of southern New
England through the New York City area all the way
down into the mid Atlantic States. Good news is the
Northeast will be much cooler tomorrow.
Speaker 4 (08:27):
Michael, Thank you very much.
Speaker 14 (08:28):
Rob Court resumes today in the sex trafficking case against
music mogul Sean Diddy Combs. When as attorneys have a
sit down with a judge on jury instructions, Both the
defense and the prosecution arrested their cases. After closing arguments,
deliberations could begin as soon as Friday. The NTSB criticizing Boeing,
it's subcontractors, Spirit Aerosystems, and the FAA for that terrifying
(08:54):
Alaska Airline's flight when a door plug flew off in
mid flight. Miraculously, all one hundred and seventy seven people
on board survived. The NTSB preliminary report revealing Boeing employees
felt pressure to have worked too fast, making it difficult
to avoid mistakes. NTSB chair Jennifer Hammedy credits the fast
acting crew of Alaska Flight twelve eighty two.
Speaker 15 (09:16):
An accident like this only happens when there are multiple
system failures, and yet the crew shouldn't have had to
be heroes because this accident never should have happened.
Speaker 14 (09:28):
NTSB Chair Jennifer Hammedy says the finalized report will be
available in several weeks. Global News twenty four hours a
day and whenever you want it with Bloomberg news now
Michael Barr, and this is Bloomberg Karen.
Speaker 2 (09:40):
All right, Michael Barr, thank you time now for the
Bloombergy sports update. Here's John stash Hour, John, good morning.
Speaker 1 (09:51):
Good morning here and the Yankees in Cincinnati. The red
started twenty two year old Chase Burns a year ago.
They took him with the second overall pick of the draft,
and all Burns did in his major league debut was
strikeout the first five batters he faced. The Yanks did
get to him in the fourth inning, ben Rice Homward
Anthony Bolpia two on triple.
Speaker 4 (10:08):
The Yanks led.
Speaker 1 (10:09):
Three to nothing in the seventh when Cincinnati loaded the
beastly track calm the look, feel live.
Speaker 16 (10:15):
It's a trip bat.
Speaker 4 (10:17):
HiT's gonna go into the quarter.
Speaker 16 (10:18):
One on scores, two on score and they're sending home
Triggo and he scores. It's a Basis Claren double for
n Carlos.
Speaker 4 (10:29):
The Anks trand and the Cave has tied at three. Yes,
Network to call.
Speaker 1 (10:33):
The game went to the eleventh inning. Yanks scored one
in the top Reds came back with two in the
botto on one five to four. Yanks have now lost
nine to their last twelve. They're one and six in
extra inning games. The Mets in their last eleven games
one in ten, half those losses to Atlanta, all in
the last eight days. Mets also had a three to
nothing lead. The Braves scored five runs off three met
(10:54):
relievers in the sixth inning went on to win seven
to four. Red Sox lost to the Angels three two
ten innings. The Nationals lost in San Diego four to
three tonight and Brooklyn. That's the first round of the
NBA Draft. Dallas has the first pick. We'll clearly take
the eighteen year old duke Phenom Cooper flag. The Nets
already had four first rounders and then just made a
trade to add a fifth, part of a three team
(11:15):
trade with the Celtics and Hawks. Christoff Perzingis is headed
to Atlanta. Wizards and Pelicans swam the Dale.
Speaker 6 (11:21):
CJ.
Speaker 1 (11:21):
Mccoums going to Washington, Jordan Pool to New Orleans. The
Knicks do not have a first round pick or a coach.
Their interview in Minnesota assistant Nika Norri, John stash.
Speaker 4 (11:31):
Ellen Bloomberg Sports.
Speaker 12 (11:34):
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, and.
Speaker 3 (11:38):
Around the World on Bloomberg dot Com and the Bloomberg
Business app.
Speaker 4 (11:43):
This is Bloomberg day Break. Good morning, I'm Mathon Hager.
Speaker 3 (11:46):
Primary election day is in the books in New York City,
and when it comes to the mayor's race, it appears
to be a generational shift.
Speaker 7 (11:55):
I will be your Democratic nominee for the mayor of
New York City.
Speaker 3 (11:59):
Thirty three year old State Assemblyman Zorn Mumdani declaring victory
last night in the Democratic race for mayor, being sixty
seven year old former governor Andrew Cuomo by more than
seven percentage points in the first round of ranked choice voting.
Joining us this morning after Bloomberg Television Managing editor Miles Miller.
Speaker 4 (12:18):
Miles, good morning.
Speaker 3 (12:19):
We had spoken just yesterday thinking we might not get
a declared winner for days, but apparently this plurality of
votes for Mumdanni was too much for Cuomo in the rest.
Good morning, Hey, good morning to you.
Speaker 10 (12:31):
Yeah, you know, I think this was the real strategy
behind mum Donnie, linking arms with other candidates and making
sure that people cross endorsed, and making sure that other
people ranked him on their ballot say he wasn't their
first choice. Maybe he was their second and this really worked.
Speaker 14 (12:50):
Y Mom.
Speaker 10 (12:50):
Donnie is a thirty three year old Democratic Socialist assembly
member from Queen's and he's not one track to become
the Democratic nominee for mayor. He win. He won forty
three point five five percent of the first choice votes
to Andrew Cuomo's thirty six point three percent, And while
we're still rating for the final ranked choice results, which
will be released on July first, you know, Cuomo conceded
(13:12):
last night to this primary, which tells you everything you
need to know about how this is really going to end.
Mamdannie pulled this off with a combination of message, movement,
and method. He ran on affordability, freezing rents, free buses,
city owned grocery stores, and connected with young voters, immigrant communities,
and the city's growing progressive base. His campaign had fifty
(13:35):
thousand volunteers. Nathan, I'll tell you this. You know, there
was a day that I went with my wife and
son and my brother in law and his kids to
you know, a local bar in Brooklyn, and there were
people there doing outreach for Mandani. And this was months
before the primary. And that told me what I needed
to know, which was that he had already created this
(13:57):
big coalition.
Speaker 3 (13:58):
But I mean, you got to talk about just how
a few weeks ago Mamdatti was essentially an unknown in
this really crowded field.
Speaker 4 (14:06):
How do you explain this surge for him.
Speaker 10 (14:08):
Yeah, at one point he was polling at one percent.
But the surge was helped by the support he had
from top Democrats, specifically top progressive Democrats. You're talking about
him being endorsed by AOC Bernie Sanders, and then him
also getting some support from Democratic establishment candidates that cross
(14:29):
endorsement with the Working Families Party, where Tiss James stood
on that stage with the person she primarily endorsed and
said rank this slate. That played a big role. But
there is also a push in New York City for
folks to have affordability. They did not feel that Andrew
Cuomo's comeback would get them to that place. Cuomo had
(14:51):
money twenty five million dollars in super pac money, but
he was extremely negative in his ads. There were some
ads that really at fears of New Yorkers. There was
a push to call Mamdani an anti Semite, when he's
always said you know, for years and for the months
of this campaign, that you know, he is not an
(15:13):
anti Semite. He just is pro Palestine, and he does
want to work with with Jewish New Yorkers and have
a New York that makes them feel safe. But he
offered something different, urgency, optimism and a break from the
old guard. And Cuomo still carried the weight of unresolved scandals,
his resignation, the nursing home death's, allegations of sexual harassment,
(15:34):
and questions about transparency during COVID. And it's clear that
voters didn't forget. They said, let's go with this new guy,
even though he's only passed three bills in the legislature,
even only only has a staff of five. Let's see
if this is a guy who'd get us forward. But
of course it's not over yet.
Speaker 3 (15:51):
To that point, Miles, we had heard Cuomo during the
campaign even saying that if he were to lose last
night that he would consider running as an independent. Last
night we heard him say that he's going to reassess
the rank choice voting, and he's given an interview to
the New York Times that's raising some doubts as well.
Where does this leave Governor Cuomo heading into November.
Speaker 10 (16:14):
Yeah, so you know, I've been covering this story with
Laura Namius, who's our senior reporter covering New York, and
we talked about this a couple of days ago. You know,
is Cuomo too embarrassed to have you know, on July first,
if he's truly lost a Democratic primary, is he too
embarrassed to run on that independent line because he didn't
get the support of Democrats. And this is a guy
(16:36):
who's been an establishment Democrats over the last thirty years.
He's on the independent line, but last night he signaled
that he might not use it. He told reporters last
night tonight was not our night. Does that mean that
it's not our night? Is it a firm No, We
don't know. It's a big shift from the assumption that
he was going to keep going no matter what. But
this now tells me that this is going to be
(16:58):
a race between Eric Adams, who is still mayor, and
Zoram Mamdanni. Adams, of course skipped a Democratic primary entirely
planning to run on that ant stop anti semitism line.
It gives him a second shot and he's politically vulnerable,
but Kenny have the ground swell of support in the
black community, that Cuomo took away. Kenny have the ground
(17:20):
swell of support from Republicans who seem to like what
he's done, and so this could be a two way race.
I think what will happen is that they'll find a
way to push Curtis Lewa off the ballot and give
Adams that Republican line, and then will those center write Democrats,
(17:40):
Caribbean folks of people I grew up with who may
not know Mom Donnie, go for the name they know,
which is Eric Adams. So that is where I think
this will go.
Speaker 3 (17:51):
Thanks for this, Miles comprehensive coverage this morning after Bloomberg
Television Managing editor Miles Miller with us Now, we want
to turn to the latest from the Middle East and
an initial report on the damage from last weekend's bunker
buster attack in Iran from the Pentagon's intelligence arms, suggesting
that the US air strikes may have set Iran's nuclear
program back by just a few months.
Speaker 4 (18:11):
President Trump, though, is disputing that the last thing.
Speaker 14 (18:15):
They want to do is enrich anything.
Speaker 9 (18:16):
Right now, they want to recover, and we won't let
that happen. Number One, militarily.
Speaker 10 (18:21):
We wont.
Speaker 3 (18:22):
President Trump spoke at the NATO leaders summit in the Hague,
as heard live on Bloomberg Radio, repeating his assertion that
Iran's nuclear program was totally obliterated last weekend. For more,
we're joined by Bloomberg News Senior editor Bill Ferries. Bill,
Good morning, What do we know about what this initial
Pentagon assessment actually says?
Speaker 12 (18:41):
Good morning, Good morning, Nathan. So, yes, there's this initial
assessment out from the Pentagon's Defense Intelligence Agency, and it
basically says that that surprise bombing attack by those B
two's over the weekend likely did not cripple Iran's the
core components of Iron's nuclear program that were buried deep underground.
(19:03):
Now it's clear the entrances have been completely destroyed and
covered up, but their initial assessment is that deep down
those centrifuges may still be there. Iran be able to
be able to dig through the rubble and get back
down into those areas. So obviously that would be a
very disappointing outcome for the US. President Trump authorized this
(19:27):
extremely risky mission with these stealth bombers flying thirty seven
hours around the world to make this to bomb those sites.
And there's still a lot more information that will probably
come out a lot more intelligence assessments that need to
be done. But the President and his aides pushing back
already on this defense this Pentagon Intelligence Agency report, saying
(19:50):
that that it's clear to them that the sites were
destroyed and that Iron's nuclear program is stopped.
Speaker 3 (19:57):
Yeah, And to that point, Defense Secretary Pete Heggs also
at the NATO summit saying that the report was preliminary
and low confidence, saying that the leak of this assessment
is going to be investigated. How is the effort going
to get UN nuclear inspectors back in the region now
that the ceasefires in effect.
Speaker 12 (20:14):
Well, that's the priority for the International Atomic Energy Agency.
They have said that they think the atomic program has
been set back significantly, but they wouldn't say whether that
means months or years. They want to get in as
soon as possible to see what is the status of
that enriched uranium. Is it still at one of those
(20:36):
sites that got bombed, or can they figure out whether
it got moved in the days or weeks before the attack.
The IAE is priorities just to get boots on the
ground basically and start seeing what they can learn about
the status of that program.
Speaker 3 (20:52):
Yeah, and I guess it can't really be disputed that
it run is on a back foot following all these developments.
What can we expect when it comes to the possibility
of further talks around the nuclear program between Iran and
the US.
Speaker 12 (21:06):
Well, it does seem that, you know, both Iran and
Israel were ready to de escalate at some level. They
did both agree to that at least that temporary cease fire.
It was had a rough start, but it seems to
be holding.
Speaker 6 (21:19):
Uh.
Speaker 12 (21:19):
That may bode well for Iran's willingness to sit down
again with the US in oman, you know, maybe through mediators,
but start talking about, you know, what they can do
to scale back their nuclear program. You know, those are
still going to be difficult negotiations, but it does seem
the fact that the ceasefire is holding probably is good
(21:42):
news for the negotiating teams.
Speaker 2 (21:44):
This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 3 (21:51):
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Speaker 4 (22:12):
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Speaker 3 (22:12):
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Speaker 2 (22:18):
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Speaker 4 (22:31):
And I'm Nathan Hager.
Speaker 3 (22:32):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Day
Bray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we'll have details on the latest intelligence reports around
the weekend US air strikes in Iran in a moment,
but we begin this morning with the race for New
York City mayor. Zorin Mumdani has declared victory in the
Democratic mayoral primary. Let's get the very latest with Bloomberg's
Lisa Matteo in Manhattan.
Speaker 4 (00:33):
Good morning, Lisa, Good morning Nathan.
Speaker 5 (00:35):
Yeah, it was an incredible showing for the thirty three
year old Queen's lawmaker, who was virtually an unknown before
rising in the polls against a crowded eleven candidate field.
Last night, former Governor Andrew Cuomo, who pitched himself as
a season moderate, conceded to his upstart rival.
Speaker 4 (00:50):
Tonight was not our night.
Speaker 6 (00:53):
Tonight was Assemblyman Mondanie's.
Speaker 4 (00:58):
Night, and he put together a great care pain.
Speaker 5 (01:01):
According to preliminary results from the City Board of Elections,
in the first round of rank choice voting, Mandami he
garnered forty three point five percent of the vote and
Couamo thirty six point four percent, now coming in third
place with City comptroll Or Brad Lander at eleven point
three percent. Lander and Mandami had cross endorsed each other. Mandami,
(01:22):
who has vowed to freeze rent, seek tax hikes on
corporations the wealthiest New Yorkers. He addressed a crowd of
supporters early this morning in Long Island City, Queens.
Speaker 7 (01:30):
Together, we have shown the power of the politics of
the future, one of partnership and of sincerity.
Speaker 5 (01:42):
But the results are not official. Under the city's rank
choice system, a Canada is declared the winner after receiving
more than fifty percent of the votes. The final result, well,
that will not be determined until July first, that's when
voters backup choices are scheduled to be tabulated, and Couamo
isn't out of the race just yet, telling The New
York Times that he was still considering whether to run
(02:03):
in the November election on an independent line. Mandami would
also face Mayor Eric Adams, who was running this time
as an independent, as well as Republican Curtis Sliwa and
independent Jim Walden. Michael Bloomberg, the founder majority owner of
Bloomberg LP, the parent company of Bloomberg Radio has endorsed
Andrew Cuomo. Now, if elected, Mandami would be New York's
(02:24):
youngest mayor in a century, its first Muslim mayor, and
the first person of South Asian descent to lead the city.
Speaker 4 (02:30):
Lisa Matteo, Bloomberg Radio.
Speaker 3 (02:32):
All right, let's turn down to geopolitics and the latest
from the Middle East. A classified report from the Pentagon's
intelligence arm is raising questions about the extent of the
damage from last weekend's US bunker buster bombing of her
Runs nuclear enrichment facilities. We get the details from Bloomberg's
Jumana Borsecci in Dubai.
Speaker 8 (02:50):
President Trump had claimed that they had totally obliterated some
of those nuclear sites that they hit at over the weekends,
But this latest report put out by the Penzagon itself,
the Defense Intelligence Agency, suggesting that the blows didn't actually
manage to administer the fatal blow that Trump had characterized,
instead saying that at most it had set back the
(03:12):
nuclear program by as much as six months. They didn't
actually manage to severely cripple some of the core components
of the program, especially those Center Viusia's that are embedded.
Speaker 3 (03:22):
Underground it Spoomberg's Umana Brissetti reporting from Dubaiano this morning.
Speaker 4 (03:26):
President Trump is disputing that report.
Speaker 9 (03:29):
I believe it was total obliteration. I believe they didn't
have a chance to get anything out because we acted fast.
If it would have taken two weeks, maybe, but it's
very hard to remove that kind of material, very hard
and very dangerous for them.
Speaker 10 (03:41):
They movement.
Speaker 3 (03:42):
President Trump spoke this morning at the NATO leader's summit
in the Hague, and comments heard live on Bloomberg Radio. Meanwhile,
the truce between Iran and Israel appears to be holding.
Israeli Prime Minister Benjamin Netanyah, who says the immediate threat
from Iran's nuclear program and ballistic missiles has been eliminated.
The Netanyahu's military chief is warning the campaign against Iran
is not over well, Nathan.
Speaker 2 (04:04):
The latest developments in the Middle East come as world
leaders gather in the Hague for the NATO leaders Summit.
Allies are trying to agree on a new defense spending
target of five percent of gross domestic product, and they're
trying to project confidence after President Trump fueled doubts about
his administration's continued commitment to crucial collective obligations. NATO's Secretary
(04:24):
General Mark Rudo was asked if the US was still
committed to the alliance.
Speaker 6 (04:28):
For me, there's absolute clarity that the United States has
totally committed to NATO, totally committed to Article five. And yes,
there's also an expectation which will be fulfilled today that
the Canadians and Europeans will speed up their spending, making
sure that we not only are able to defend ourselves
against the Russians and others, but also to equalize. And
(04:49):
this is fair that we spend the same as the
US are spending.
Speaker 2 (04:52):
And yesterday President Trump posted a private message from Mark
Ruda in which the NATO general praised Trump's actions in
a run and for making Europe pay in a big
way on defense. Right now, Spain remains the only European holdout,
an issue Secretary of State Marco Rubio said, is a
quote big problem.
Speaker 3 (05:10):
According to Politico, turned back to politics here in the US, Karen,
there is a possible breakthrough in salt talks. Of course,
that's the state and local tax deduction. When it comes
to the big tax cut bill on Capitol Hill. Let's
get the details now from Bloomberg's Amy Morris.
Speaker 11 (05:25):
Treasury Secretary Scott Bessont said House and Senate Republicans can
cut a deal on the state and local tax deduction
within the next two days, resolving one of the key
issues that is stymied President Trump's economic legislation.
Speaker 12 (05:37):
Both sides are working through and we'll have a solution
in that next twenty four to forty eight hours.
Speaker 11 (05:43):
Besn't met with Senate Republicans to urge them to unite
to pass Trump's tax package by a self imposed July
fourth deadline. He thinks Senators can begin voting on the
bill this Friday. In Washington, Amy Morris, Bloomberg Radio.
Speaker 2 (05:56):
All right, Amy, thank you from Washington to space. This
launch of a SpaceX Falcon nine.
Speaker 4 (06:03):
Rocket three two.
Speaker 13 (06:05):
One and.
Speaker 2 (06:11):
An Axiom space and a crew of astronauts from four
nations to the International Space Station, marking Axiom's fourth crewed
mission into low Earth orbit. It's also the first time
asternats from India, Poland and Hungary We'll go to the ISS.
The long awaited launch lifted off from NASA's Kennedy Space
Center in Florida. After NASA, Axiom, and SpaceX delayed the
(06:32):
launch several times due to various issues.
Speaker 3 (06:35):
All right, coming back from space, right back down to Washington.
Karen FED chair J. Powell is getting ready to resume
testimony on Capitol Hill later this morning. He will appear
before the Senate Banking Committee yesterday at House Financial Services,
Chairman Powell said he is still in no rush to
cut interest rates while the Central Bank waits to see
how tariffs affect the economy.
Speaker 12 (06:54):
Increases in tariffs this year are likely to push up
price prices in way on economic activity.
Speaker 3 (07:00):
The effects on inflation could be short lived, reflecting a
one time shift in the price level. And remarks her
live on Bloomberg, fed Shair jpal suggested if inflation pressures
remain contained, the FED could cut rates sooner rather than later,
but Palell would not point to a particular meeting.
Speaker 2 (07:16):
Nathan Chres at FedEx, they're down about six percent this morning.
The delivery package company forecast a worse than expected profit
for the current quarter. Although it typically provides a full
year forecast, Fedek said it would only share its outlook
for the current quarter due to the uncertain global demand environment.
It's time now for a look at some of the
(07:37):
other stories making news in New York and around the world.
And for that we're joined by Bloomberg's Michael Barr. Michael,
good morning, Good morning, Carrion.
Speaker 14 (07:44):
There's a bit of relief ahead today from the extreme
heat gripping much of the country. Parts of the Midwest
will see cooler temperatures, but it will be another brutally
hot day in the Northeast. Bloomberg Meeting religious Rob Carolyn
has the latest. Michael.
Speaker 13 (07:58):
High pressure will continue to produce hot weather today, just
not the excesses that we saw yesterday. We had temperatures
exceeding one hundred degrees in the New York City area,
in Washington, in the Boston area. In fact, Boston set
their all time record high yesterday for June at one
hundred and two, fourth warmest day there in southern New
England looks like the highest beginning to weekend. So temperatures
are hot today, but not as hot as yesterday. We
(08:19):
have heat advisors in effect from parts of southern New
England through the New York City area all the way
down into the mid Atlantic States. Good news is the
Northeast will be much cooler tomorrow.
Speaker 4 (08:27):
Michael, Thank you very much.
Speaker 14 (08:28):
Rob Court resumes today in the sex trafficking case against
music mogul Sean Diddy Combs. When as attorneys have a
sit down with a judge on jury instructions, Both the
defense and the prosecution arrested their cases. After closing arguments,
deliberations could begin as soon as Friday. The NTSB criticizing Boeing,
it's subcontractors, Spirit Aerosystems, and the FAA for that terrifying
(08:54):
Alaska Airline's flight when a door plug flew off in
mid flight. Miraculously, all one hundred and seventy seven people
on board survived. The NTSB preliminary report revealing Boeing employees
felt pressure to have worked too fast, making it difficult
to avoid mistakes. NTSB chair Jennifer Hammedy credits the fast
acting crew of Alaska Flight twelve eighty two.
Speaker 15 (09:16):
An accident like this only happens when there are multiple
system failures, and yet the crew shouldn't have had to
be heroes because this accident never should have happened.
Speaker 14 (09:28):
NTSB Chair Jennifer Hammedy says the finalized report will be
available in several weeks. Global News twenty four hours a
day and whenever you want it with Bloomberg news now
Michael Barr, and this is Bloomberg Karen.
Speaker 2 (09:40):
All right, Michael Barr, thank you time now for the
Bloombergy sports update. Here's John stash Hour, John, good morning.
Speaker 1 (09:51):
Good morning here and the Yankees in Cincinnati. The red
started twenty two year old Chase Burns a year ago.
They took him with the second overall pick of the draft,
and all Burns did in his major league debut was
strikeout the first five batters he faced. The Yanks did
get to him in the fourth inning, ben Rice Homward
Anthony Bolpia two on triple.
Speaker 4 (10:08):
The Yanks led.
Speaker 1 (10:09):
Three to nothing in the seventh when Cincinnati loaded the
beastly track calm the look, feel live.
Speaker 16 (10:15):
It's a trip bat.
Speaker 4 (10:17):
HiT's gonna go into the quarter.
Speaker 16 (10:18):
One on scores, two on score and they're sending home
Triggo and he scores. It's a Basis Claren double for
n Carlos.
Speaker 4 (10:29):
The Anks trand and the Cave has tied at three. Yes,
Network to call.
Speaker 1 (10:33):
The game went to the eleventh inning. Yanks scored one
in the top Reds came back with two in the
botto on one five to four. Yanks have now lost
nine to their last twelve. They're one and six in
extra inning games. The Mets in their last eleven games
one in ten, half those losses to Atlanta, all in
the last eight days. Mets also had a three to
nothing lead. The Braves scored five runs off three met
(10:54):
relievers in the sixth inning went on to win seven
to four. Red Sox lost to the Angels three two
ten innings. The Nationals lost in San Diego four to
three tonight and Brooklyn. That's the first round of the
NBA Draft. Dallas has the first pick. We'll clearly take
the eighteen year old duke Phenom Cooper flag. The Nets
already had four first rounders and then just made a
trade to add a fifth, part of a three team
(11:15):
trade with the Celtics and Hawks. Christoff Perzingis is headed
to Atlanta. Wizards and Pelicans swam the Dale.
Speaker 6 (11:21):
CJ.
Speaker 1 (11:21):
Mccoums going to Washington, Jordan Pool to New Orleans. The
Knicks do not have a first round pick or a coach.
Their interview in Minnesota assistant Nika Norri, John stash.
Speaker 4 (11:31):
Ellen Bloomberg Sports.
Speaker 12 (11:34):
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, and.
Speaker 3 (11:38):
Around the World on Bloomberg dot Com and the Bloomberg
Business app.
Speaker 4 (11:43):
This is Bloomberg day Break. Good morning, I'm Mathon Hager.
Speaker 3 (11:46):
Primary election day is in the books in New York City,
and when it comes to the mayor's race, it appears
to be a generational shift.
Speaker 7 (11:55):
I will be your Democratic nominee for the mayor of
New York City.
Speaker 3 (11:59):
Thirty three year old State Assemblyman Zorn Mumdani declaring victory
last night in the Democratic race for mayor, being sixty
seven year old former governor Andrew Cuomo by more than
seven percentage points in the first round of ranked choice voting.
Joining us this morning after Bloomberg Television Managing editor Miles Miller.
Speaker 4 (12:18):
Miles, good morning.
Speaker 3 (12:19):
We had spoken just yesterday thinking we might not get
a declared winner for days, but apparently this plurality of
votes for Mumdanni was too much for Cuomo in the rest.
Good morning, Hey, good morning to you.
Speaker 10 (12:31):
Yeah, you know, I think this was the real strategy
behind mum Donnie, linking arms with other candidates and making
sure that people cross endorsed, and making sure that other
people ranked him on their ballot say he wasn't their
first choice. Maybe he was their second and this really worked.
Speaker 14 (12:50):
Y Mom.
Speaker 10 (12:50):
Donnie is a thirty three year old Democratic Socialist assembly
member from Queen's and he's not one track to become
the Democratic nominee for mayor. He win. He won forty
three point five five percent of the first choice votes
to Andrew Cuomo's thirty six point three percent, And while
we're still rating for the final ranked choice results, which
will be released on July first, you know, Cuomo conceded
(13:12):
last night to this primary, which tells you everything you
need to know about how this is really going to end.
Mamdannie pulled this off with a combination of message, movement,
and method. He ran on affordability, freezing rents, free buses,
city owned grocery stores, and connected with young voters, immigrant communities,
and the city's growing progressive base. His campaign had fifty
(13:35):
thousand volunteers. Nathan, I'll tell you this. You know, there
was a day that I went with my wife and
son and my brother in law and his kids to
you know, a local bar in Brooklyn, and there were
people there doing outreach for Mandani. And this was months
before the primary. And that told me what I needed
to know, which was that he had already created this
(13:57):
big coalition.
Speaker 3 (13:58):
But I mean, you got to talk about just how
a few weeks ago Mamdatti was essentially an unknown in
this really crowded field.
Speaker 4 (14:06):
How do you explain this surge for him.
Speaker 10 (14:08):
Yeah, at one point he was polling at one percent.
But the surge was helped by the support he had
from top Democrats, specifically top progressive Democrats. You're talking about
him being endorsed by AOC Bernie Sanders, and then him
also getting some support from Democratic establishment candidates that cross
(14:29):
endorsement with the Working Families Party, where Tiss James stood
on that stage with the person she primarily endorsed and
said rank this slate. That played a big role. But
there is also a push in New York City for
folks to have affordability. They did not feel that Andrew
Cuomo's comeback would get them to that place. Cuomo had
(14:51):
money twenty five million dollars in super pac money, but
he was extremely negative in his ads. There were some
ads that really at fears of New Yorkers. There was
a push to call Mamdani an anti Semite, when he's
always said you know, for years and for the months
of this campaign, that you know, he is not an
(15:13):
anti Semite. He just is pro Palestine, and he does
want to work with with Jewish New Yorkers and have
a New York that makes them feel safe. But he
offered something different, urgency, optimism and a break from the
old guard. And Cuomo still carried the weight of unresolved scandals,
his resignation, the nursing home death's, allegations of sexual harassment,
(15:34):
and questions about transparency during COVID. And it's clear that
voters didn't forget. They said, let's go with this new guy,
even though he's only passed three bills in the legislature,
even only only has a staff of five. Let's see
if this is a guy who'd get us forward. But
of course it's not over yet.
Speaker 3 (15:51):
To that point, Miles, we had heard Cuomo during the
campaign even saying that if he were to lose last
night that he would consider running as an independent. Last
night we heard him say that he's going to reassess
the rank choice voting, and he's given an interview to
the New York Times that's raising some doubts as well.
Where does this leave Governor Cuomo heading into November.
Speaker 10 (16:14):
Yeah, so you know, I've been covering this story with
Laura Namius, who's our senior reporter covering New York, and
we talked about this a couple of days ago. You know,
is Cuomo too embarrassed to have you know, on July first,
if he's truly lost a Democratic primary, is he too
embarrassed to run on that independent line because he didn't
get the support of Democrats. And this is a guy
(16:36):
who's been an establishment Democrats over the last thirty years.
He's on the independent line, but last night he signaled
that he might not use it. He told reporters last
night tonight was not our night. Does that mean that
it's not our night? Is it a firm No, We
don't know. It's a big shift from the assumption that
he was going to keep going no matter what. But
this now tells me that this is going to be
(16:58):
a race between Eric Adams, who is still mayor, and
Zoram Mamdanni. Adams, of course skipped a Democratic primary entirely
planning to run on that ant stop anti semitism line.
It gives him a second shot and he's politically vulnerable,
but Kenny have the ground swell of support in the
black community, that Cuomo took away. Kenny have the ground
(17:20):
swell of support from Republicans who seem to like what
he's done, and so this could be a two way race.
I think what will happen is that they'll find a
way to push Curtis Lewa off the ballot and give
Adams that Republican line, and then will those center write Democrats,
(17:40):
Caribbean folks of people I grew up with who may
not know Mom Donnie, go for the name they know,
which is Eric Adams. So that is where I think
this will go.
Speaker 3 (17:51):
Thanks for this, Miles comprehensive coverage this morning after Bloomberg
Television Managing editor Miles Miller with us Now, we want
to turn to the latest from the Middle East and
an initial report on the damage from last weekend's bunker
buster attack in Iran from the Pentagon's intelligence arms, suggesting
that the US air strikes may have set Iran's nuclear
program back by just a few months.
Speaker 4 (18:11):
President Trump, though, is disputing that the last thing.
Speaker 14 (18:15):
They want to do is enrich anything.
Speaker 9 (18:16):
Right now, they want to recover, and we won't let
that happen. Number One, militarily.
Speaker 10 (18:21):
We wont.
Speaker 3 (18:22):
President Trump spoke at the NATO leaders summit in the Hague,
as heard live on Bloomberg Radio, repeating his assertion that
Iran's nuclear program was totally obliterated last weekend. For more,
we're joined by Bloomberg News Senior editor Bill Ferries. Bill,
Good morning, What do we know about what this initial
Pentagon assessment actually says?
Speaker 12 (18:41):
Good morning, Good morning, Nathan. So, yes, there's this initial
assessment out from the Pentagon's Defense Intelligence Agency, and it
basically says that that surprise bombing attack by those B
two's over the weekend likely did not cripple Iran's the
core components of Iron's nuclear program that were buried deep underground.
(19:03):
Now it's clear the entrances have been completely destroyed and
covered up, but their initial assessment is that deep down
those centrifuges may still be there. Iran be able to
be able to dig through the rubble and get back
down into those areas. So obviously that would be a
very disappointing outcome for the US. President Trump authorized this
(19:27):
extremely risky mission with these stealth bombers flying thirty seven
hours around the world to make this to bomb those sites.
And there's still a lot more information that will probably
come out a lot more intelligence assessments that need to
be done. But the President and his aides pushing back
already on this defense this Pentagon Intelligence Agency report, saying
(19:50):
that that it's clear to them that the sites were
destroyed and that Iron's nuclear program is stopped.
Speaker 3 (19:57):
Yeah, And to that point, Defense Secretary Pete Heggs also
at the NATO summit saying that the report was preliminary
and low confidence, saying that the leak of this assessment
is going to be investigated. How is the effort going
to get UN nuclear inspectors back in the region now
that the ceasefires in effect.
Speaker 12 (20:14):
Well, that's the priority for the International Atomic Energy Agency.
They have said that they think the atomic program has
been set back significantly, but they wouldn't say whether that
means months or years. They want to get in as
soon as possible to see what is the status of
that enriched uranium. Is it still at one of those
(20:36):
sites that got bombed, or can they figure out whether
it got moved in the days or weeks before the attack.
The IAE is priorities just to get boots on the
ground basically and start seeing what they can learn about
the status of that program.
Speaker 3 (20:52):
Yeah, and I guess it can't really be disputed that
it run is on a back foot following all these developments.
What can we expect when it comes to the possibility
of further talks around the nuclear program between Iran and
the US.
Speaker 12 (21:06):
Well, it does seem that, you know, both Iran and
Israel were ready to de escalate at some level. They
did both agree to that at least that temporary cease fire.
It was had a rough start, but it seems to
be holding.
Speaker 6 (21:19):
Uh.
Speaker 12 (21:19):
That may bode well for Iran's willingness to sit down
again with the US in oman, you know, maybe through mediators,
but start talking about, you know, what they can do
to scale back their nuclear program. You know, those are
still going to be difficult negotiations, but it does seem
the fact that the ceasefire is holding probably is good
(21:42):
news for the negotiating teams.
Speaker 2 (21:44):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (21:51):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or manywhere else you listen.
Speaker 2 (21:57):
You can also listen live each morning start at five
am Wall Street time on Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 4 (22:12):
Plus.
Speaker 3 (22:12):
Listen coast to coast on the Bloomberg Business App now
with Apple CarPlay and Android Atto interfaces.
Speaker 2 (22:18):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 4 (22:31):
And I'm Nathan Hager.
Speaker 3 (22:32):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Day
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