August 20, 2025 • 23 mins
On today's podcast:
1) After meeting with President Trump separately, Presidents Putin and Zelenskiy could be headed toward a pivotal face-to-face meeting to begin peace talks. But what each side is willing to give up to end the Russia-Ukraine war remains to be seen.
2)Treasury Secretary Scott Bessent indicated the US is satisfied with the current tariff set up with China, a signal the Trump administration is looking to maintain calm with its economic rival before a trade truce expires in November.
3) Wall Street’s selloff in tech heavyweights dragged down global markets on Wednesday, as investors cashed in gains from the leaders of the post-April rally.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karin, we begin with the latest sun efforts to end
the war in Ukraine. European leaders are seizing on President
Trump's support for a plan that would involve sending European
troops to Ukraine as part of a potential peace deal
with Russia. Those security guarantees could take shape as soon
as this week. White House Special ENVOYE. Steve Witcoff discussed
it on Fox News.
Speaker 4 (00:35):
The Ukrainians actually can make a peace deal if they
want to. Now we're not suggesting that they have to
take it. The President has also said it's going to
be for President Zelenski to make that judgment call. And
I think that judgment call is all going to be.
It's going to begin with security guarantees.
Speaker 2 (00:56):
That was White House ENVOYE. Steve Whitcoff speaking on Fox News.
We get more from Bloomberg opinion columnist Mark Champion.
Speaker 5 (01:02):
Trump has said that he will support some kind of
security guarantees. The British and French had long been talking
about a coalition of the willing So what we're looking
at at the moment is in British and French and
some other troops on the ground, and then US support
for that, so intelligence, air, cover, logistics, etc. All the
(01:23):
things that the Americans have plenty of capacity for and
the Europeans don't.
Speaker 2 (01:28):
Bloomberg Opinion columnist Mark Champion says European military officials plan
to meet with their US counterparts in coming days to
flesh out those security guarantees.
Speaker 3 (01:37):
Now Nathan the latest on the trade war. Treasury Secretary
scoump Besson says the status quo is working when it
comes to the tariff set up with China. He discussed
it in an interview with Fox News.
Speaker 6 (01:48):
China is right now the biggest revenue line in the
teriff income. So you know, if it's not broke, don't
fix it. We have had very good talks with China
and we'll be seeing them again before November.
Speaker 3 (02:03):
Treasury Secretary scon Besson's comments indicate an opening for President
Trump to meet with Chinese President Xijin Ping. Still, the
trade dispute is causing some pain. President Trump is called
on China to massively step up soybean purchases. It has
yet to do so, and the Trump administration is set
to step up scrutiny of steel, copper, lithium, and other
imports from China to ensure they're not made with forced labor.
Speaker 2 (02:27):
Well Karen, President Trump's pursuit of wealth while in office
has reached another level Bloomberg's John Tucker's here with more
of what are we talking about here?
Speaker 6 (02:36):
John Well Nathan.
Speaker 7 (02:37):
President Trump has bought hundreds of bonds since he returned
to office, including those sold by companies affected by changes
to federal policies that he's championed. According to some required disclosures,
there have been six hundred and ninety transactions worth at
least one hundred three point seven million dollars, the first
of which was made the day after the inauguration. Unlike
(02:58):
his predecessors, mister Trump and divest or move his assets
into a blind trust as business operates in several areas
that intersect with presidential policy. In addition to municipal bonds,
the president corporate det and Qualcom home Depot, T Mobile US,
and also debt from Facebook owner Meta Platforms. His net worth,
(03:18):
by the way, is panked at six point four billion
dollars by the Bloomberg Billionaires Index in New York. I'm
John Tucker, Bloomberg Radio.
Speaker 3 (03:26):
All right, John, Thank you all. An ally of President
Trump is asking Attorney General Pam Bondi to look into
FED Governor Lisa Cooks and mortgages. And we get more
with Bloomberg's de Niset Pellegrini.
Speaker 8 (03:36):
Federal Housing Financial Agency Director Bill Poulties suggests Cook may
have committed a criminal offense by falsifying bank documents and
property records to acquire more favorable loan terms. In a
letter seen by Bloomberg, he alleges Cook signed a mortgage
agreement for a property in Michigan, claiming it would be
her primary residence for at least a year, and then
two weeks later claimed the same thing on a residence
(03:57):
in Georgia. Pulty's effort comes as President Trump and Paulty
press the FED to lower interest rates and FED chair J.
Powell to resign before his term as chair expires.
Speaker 9 (04:06):
In May.
Speaker 8 (04:07):
Cook was nominated by President Biden. She became the first
black woman to serve on the Board of Governors. Her
term expires in twenty thirty eight. Denise Pelgritty Bloomberg Radio, all.
Speaker 2 (04:16):
Right, Denise, Thank you. The countdown is underway for this
week's big economic event that Kansas City Fed's Annual Economic
Policy Symposium kicks off tomorrow and Jackson Hole, Wyoming FED
Chair J Powell speaks on Friday. Tom Keane will be
in Jackson Hole covering it all for Bloomberg.
Speaker 9 (04:33):
I really think Jackson Hole is going to be extraordinary
this year. It's going to be one of the two
or three great meetings going back to the crash of
two thousand and seven, what we saw into eight and nine,
but this year with the twist of the politics of
Donald Trump and the whole battle of central bank independence.
Michael McKee leading our coverage. He's been there already talking
(04:54):
to Michelle Bowman. There'll be some other key conversations, but
the immediate idea here is not so much will they
cut rates, but why they would cut rates? Looking at
the inflation dynamic and the jobs dynamic as well. It's
going to be an eventful Friday.
Speaker 2 (05:12):
Indeed, and Tom Keen is going to be a key
part of Bloomberg's Jackson Hole coverage. It all finishes up
with a special edition of Bloomberg's Surveillance on Friday nine
Am Eastern with Tom, Mike McKee, and Lisa Bromowitz. Plus
watch for special episodes of the Odd Lots podcast. Joe
Wisenthal and Tracy Alloway will be taping several conversations from
the event as well.
Speaker 3 (05:32):
Well. Nathan Tom mentioned Mike McKee's interview with Michelle Bowman,
the FED Vice Chair, so she's focused on her current
role overseeing bank regulation, even as she's reported to be
under consideration by President Trump to lead the Central Bank.
Bowman says she's pushing ahead with plans to rewrite capital
rules for large banks and crack down on d banking.
Speaker 10 (05:51):
It's important to understand that the President issued in executive
order because it is a problem in the banking system.
And one of the first things that I did in
assuming role was to resend all of our guidance and
to change our supervisory materials that referenced reputational risks so
that we could ensure that the Federal Reserve is no
longer including that in our examinations or in our supervisory activities.
Speaker 3 (06:14):
And FED Vice Chair Michelle Bowman was one of two
FED members who descended against the decision to again hold
rates steady last month.
Speaker 2 (06:22):
In Europe Karen, UK inflation has surged to an eighteen
month high. Let's go to London and get the details
with Bloomberg's Ewen parts Ewen.
Speaker 11 (06:31):
Nathan and Karen. Consumer prices here in the UK were
three point eight percent higher in July than a year ago,
with the rate of increase picking up from June's reading
of three point six percent. Surging food, fuel and transport
prices were to blame, and the Bank of England also
be casting a wary eye over hot services inflation, with
that reading coming in at five percent year on year.
(06:54):
Policymakers will be hoping the latest price pressures are transitory,
but for now traders are betting the UK Central Bank
is done with white cuts for twenty twenty five. In London,
I'm you and pots Sploomberg Radio.
Speaker 3 (07:04):
All right you and thanks well. Futures are lower once
again following yesterday's tech field sell off on Wall Street.
The NASDAK dropped one and a half percent. Bloomberg Market's
reporter Valerie title says the decline's gone many by surprise.
Speaker 12 (07:17):
There really was frankly no catalyst in the market yesterday,
which is leading many to believe that this is just
positioned squaring ahead of a big risk event on Friday
with Jerome Powells Jackson Hole speech. But it was quite
a tumultuous session across tech. Navidia had its worst session
since April, down three and a half percent, and take
a look at Pallenteer it was down almost ten percent.
(07:39):
So a lot of these recent AI darlings came under
a bit of pressure.
Speaker 3 (07:44):
Bloomber's Valerie title says stretched valuations are parently to blame
for the sell off. The Nasdaq one hundred is trading
at twenty seven times expected profits in the next twelve months.
Speaker 2 (07:53):
Well, one tech stock that buck the trend karen was Intel.
Those shares surged seven percent yesterday. In fact, the struggling
chip makers rallied twenty eight percent this month, adding about
twenty four billion dollars to Intel's market value. The gains
come on reports of the US governments and talks for a
potential equity stake, as well as plans for a two
billion dollar investment from Japan's SoftBank Group. Intel now trades
(08:16):
at fifty three times profits projected over the next twelve months.
That's the highest sense the dot com era more than
two decades. Ago Well Nathan.
Speaker 3 (08:25):
Retail earnings continue this morning with the latest quarterly numbers
from Target, and we get a preview with Bloomberg's Tom Busby.
Speaker 13 (08:31):
Target stores have seen lower sales for the last few
quarters because of weaker discretionary spending, calls for a boycott
of the chain for ditching his DEI initiatives, worries about
tariff related price hikes, and after it lost its cheap
sheet cachet, so investors are eager eager to hear about
the chain's turnaround efforts and getting back to its roots
of stylish products at affordable prices. Bloomberg and sends us
(08:54):
though calls for another three percent drop in cop sales,
with net revenues of twenty four point nine three billion
and as earnings per share of two dollars two cents.
Speaker 2 (09:02):
Tom buzzby Bloomberg Radio. All right, Tom, thank you could
be rough along the shore. The beaches in New York
City are closed to swimmers today and tomorrow, and expanding
Hurricane Aaron is poised to bring rough surf and life
threatening currents to a large swath of the East Coast.
Let's get the update from Bloomberg meteorologist Craig Allen.
Speaker 14 (09:21):
From the Maryland eastern shore through Delaware, the Jersey Shore,
all of Long Island's south shore, and it goes on
up into eastern sections of New England. There are various
marine alerts in effect from now till the end of
the week. Rip current statements, beach hazard statements are in effect,
a high surf advisories in effect from the Jersey Shore
across Long Island, and there is a coastal floodwatch in effect.
Speaker 2 (09:44):
And Bloomberg Media religist Craig Allen says farther north, the
waves are expected to crest up to thirteen feet on
south facing beaches in Nantucket and Martha's Vineyard in Massachusetts,
with rough surf for Cape Cod as well.
Speaker 3 (10:00):
Time now for a look at some of the other
stories making news in New York and around the world,
and for that were joined by Bloomberg's Michael Barr Michael,
Good Morning.
Speaker 15 (10:07):
Good morning, Karen. Israel's military is set to start the
call up of around sixty thousand reserve soldiers for a
stepped up offensive in Gaza against Amas. Prime Minister Benjamin
at Yahoo recently authorized to take over by ground troops
of Gaza city in a bit, he says, to destroy
Hamas's remaining strongholds. Amas has agreed to a new ceasefire
(10:29):
plan put forward by Egypt and Cutter, but Israel has
yet to respond. Today, the Texas House is set to
vote on redistricting maps, ones which had prompted some Democrats
to leave the state in an effort to delay the vote.
While Democratic representatives have returned, a number of them have
been spending the night at the Capitol building. Democratic lawmakers
(10:50):
say they were forced to accept police escorts by the
Texas Department of Public Safety so they wouldn't leave the
state again. Those who refused could not leave the Legislative building.
State Representative Redda Andrews Bauers says some of her colleagues
are staging a sleep in.
Speaker 16 (11:07):
We are being subjected to extreme and unnecessary measures. Taxare
dollars should not be wasted following elected officials around like criminals.
Speaker 15 (11:20):
Fellow Texas Democrats joined the Representative Nicole Collier, who initially
refused to agree to the escort and stayed overnight on
the House floor. Homeland Security Secretary Christy Nomes said President
Trump ordered the entire southern border wall to be painted
black Nomes says it's to stop migrants from crossing because
it will be too hot to touch. A dangerous heat
(11:42):
wave has descended on much of California and the US Southwest,
with triple digit temperatures expected along with the higher risk
of wildfires. Dr Ario Cohen with the National Weather Service.
Speaker 17 (11:54):
Temperatures this warm will be capable of creating an environment
where it stream. Heat related illnesses and even fatalities are
a possibility.
Speaker 15 (12:05):
Doctor Cohen said there could be a significant fire risk
in the mountains and foothills north of the Greater Los
Angeles area. Global News twenty four hours a day and
whenever you wanted with the Bloomberg News. Now, I'm Michael Barr,
and this is Bloomberg Karen.
Speaker 3 (12:19):
Michael Barr, thank you, time down for the Bloomberg Sports Update.
Here's John Stashaer John, Good morning.
Speaker 15 (12:28):
Gim morning Karen.
Speaker 18 (12:29):
Back in late March, second game of a Yankee season,
they did something they had never done before. They hit
nine home runs last night at Tampa Bay. They had
hit eight when Jose Caballero, the anxious acquired from the Rays,
was at the plate.
Speaker 19 (12:43):
One two high, fly ball deep left Deal Simpson back
track wall See Ya the nine home run for the Yankees.
They've tied the most that they have ever hit in
a game in team history, and the Yankees were lucky thirteen.
They're up thirteen to three.
Speaker 18 (13:02):
Yes Networks second home run for Cabaero. John Carlos Stanton
hit two, so did Cody Bellinger throw in Jazz Shizzhelm
Ben Rice in the fortieth of the season for Aaron Judge.
Yanks of the first team in MLB history to have
two nine home run games in the same season. Thirteen
to three was the final overt Tampa Bay, the Yanks
fourth win in a row, third straight win for the Mets.
(13:22):
Had three different stadiums and eight to one round in Washington.
The Mets hit four homers, Mark Biento's Brett Beady, won
Soto and Jeff McNeil. David Peterson struck aft ten. He's
thrown twenty five consecutive scoreless Indians. Against the Nationals at Fenway,
Red Sox got a game tying two run homer of
the ninth inn from their new pickup Nathaniel lob with
Baltimore one four to three in eleven. American League Division
(13:44):
leaders met in Detroit Tigers on a Glavered Torres hit
in the tenth inn. He beat Houston one to nothing.
Daniel Jones spent six seasons with the Giants, had some
good moments, plenty of bad ones, a lot of injuries,
and last year the Giants gave up on him. Indianapolis
just named Jones it's starting quarterback. He beat out Anthony Richardson,
who the Colts took with the fourth pick of the
draft two years ago. A lot of mixed doubles played
(14:06):
at the US Open. It became clear success in singles
doesn't always mean doubles as well. Carlos ALKAAZ lost his
first match SOT to Novak Djokovic. Four teams won two matches.
We'll be back at Ash Stadium tonight for the semis
and final. John Stanshaward Bloomberg Sports Kerry.
Speaker 3 (14:24):
Stay with us more from Bloomberg Daybreak coming up after this.
Speaker 1 (14:32):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Daybreak.
Speaker 8 (14:42):
Good morning.
Speaker 2 (14:42):
I'm Nathan Hager's security guarantees. They are quickly becoming more
part of the conversation. As President Donald Trump tries to
broke her a peace deal between Russia and Ukraine, a
plan to provide European troops could take shape as soon
as this week, and White House Press Secretary Caroline Levitt
says the US supports it with some limit tations.
Speaker 20 (15:01):
US boots will not be on the ground in Ukraine,
but we can certainly help in the coordination and perhaps
provide other means of security guarantees to our European allies.
The President understands security guarantees are crucially important to ensure
a lasting piece.
Speaker 2 (15:15):
I was White House spokeswoman Caroline Levit for more. We're
joined by Bloomberg opinion columnist Mark Champion. Market morning. Of course,
all this is coming after that extraordinary summit at the
White House with President Zelensky and several other European leaders.
How could we see security guarantees take shape in the
coming days? Good morning, Good morning, Well, I mean, what
seems to be happening is that we've long had this
(15:37):
proposal from the British and the French to form a
coalition of the winning and to to settle troops into
Ukraine as part of any ceasefive deal, peace settlement and
the idea. You know, it's been a very problematic question. A.
These countries don't have a lot of you know, combat
(15:57):
troops available. B, they don't really have a lot of
the logistics and other things that would be necessary to
have a sustained force there of a size that would
really matter. And then finally, they don't have the heft
as a deterrent force. It might almost be an invitation
(16:22):
for Russia to have a shot at them if the
US didn't stand behind them as a threat that if
you attack these, then we compile in with air power, etc.
Speaker 5 (16:34):
And make problems for you. So that's always been quite
a difficult question. And what they're really doing now is
they've got a green light from the Americans, who had
not before said that they would get involved and provide
what's called a backstop. Now they have that after the
meeting in Washington, so they're able to sort of move forward.
(16:54):
But it's really important to remember that this is what's
required to make a settlement possible for the Ukrainians. That's
what they need. It's not necessarily what Russia wants or
you know, will help to get them to a ceasefire,
So you know, this is a you know, it's very
(17:15):
important to keep this in perspective as to whether it's
bringing us closer to a settlement or whether we're just
sort of arranging the chairs for the moment when Russia
actually wants one.
Speaker 2 (17:26):
Does this imply that this could further inflame the situation
If Russia doesn't accept something like.
Speaker 5 (17:34):
This, well, I don't think it inflames it any further.
It just means that it won't happen. So in other words,
you'll have organized a system in principle that you would
like to put there. The Russian has already said they
don't want any native member troops in Ukraine and that
that's a non start up for them. So if these
(17:55):
troops were going to go and either you need them
to change their mind, or they will go in as
a hostile force and they will have to be ready
for combat, So it changes the whole texture of that.
The British and French, you know, clearly have said that
they intend this not as a hostile force but as
a peacekeeping force. So it remains an extremely complicated problem
(18:18):
to solve, and we're only at the in the kind
of foothills of doing so.
Speaker 2 (18:22):
Of course, this is coming after the Europeans got something
of support from President Trump for this plan at the
White House this week. Is there a sense on the
European side that that support is firm, that that green
light is going to stay green.
Speaker 5 (18:39):
I think they're just massively relieved that they got, you know,
buy in from the US. After Alaska, there had been
a real concern that President Trump had once again flipped
to accept the Russian narrative and was going to treat
Ukraine as the problem that the impediment to a settlement.
(19:00):
He didn't do that. He didn't have a major bus
stop in the White House, you know, and he allowed
the Europeans to come and put their case. So you know,
that was a it's a low bar if you like,
but they were expectations were very low and very fearful,
and it went much better than they thought.
Speaker 2 (19:21):
So where is the bar then when it comes to
the backstop that europe is hoping the US will provide.
We heard the Press Secretary at the White House, Caroline Levet,
say that boots on the ground from the US won't
be part of the equation. That's something that's been ruled
out for quite some time. What is Europe looking for
from the US to further support for their troop plan?
Speaker 5 (19:46):
Yes, well, I mean essentially what they want is logistical support,
you know, so they don't need so much airlift in
this case, but that's something they're very little of. They
want ammunition and weapons supplies. They'll need you know, protection,
air defense protection, and they will I think most of all,
(20:08):
want the deployment of the US Air Force so that
if there is a problem, the US can credibly say,
you know, we're ready to come in defend these troops
to you know, do harm to any you know, Russian
missiles and the air defenses protecting that missile system. We're
(20:34):
ready to deal with that. So that's really what they
are looking for. They never expected US boots nderground. That's
what this Coalition of the willing, you know, that was
the premise for creating it, that it was going to
have to be a European force.
Speaker 2 (20:48):
And of course President Trump is very hopeful that all
this is going to lead to bilateral discussions between the
Russian president Putin and you Treinian president Zelensky. Does this
get those two sides closer to sitting at a table
with each other, Well, I think again, what.
Speaker 5 (21:10):
It does is to is, you know, to sort of
open the question that hadn't really been open before. So
you know, the Russians are now having to respond to that,
to deal with it. It doesn't mean they're going to
do it. So for example, you know the Foreign Minister
segay Lavrov, he just said recently in response to this,
(21:32):
he said, well, you know we're going to have to
We are open to this, but you know, first it
will require a number of meetings by technical groups. Then
gradually we'll move up and do all the preparation that
you'd normally have. So you know, it's a way of saying, well, yes,
but you know when whenever we're ready, and that could
(21:53):
be you know, a long time from now, it could
be never. And I think what's really important to do
is a step back a minute and say, you know,
how how did all this happen? Well, you had the
US threatening sanctions on Russia if it didn't agree to
a cease fire. You had the President's envoy, Steve Whitcoff,
going to Moscow, you know, days before the deadline when
(22:17):
these sanctions are going to be imposed, and instead of
that happening, you got the Alaska Summit. Which and the
result now is.
Speaker 3 (22:28):
This is Bloomberg day Break, your morning of the stories
making news from Street to Washington, and look.
Speaker 2 (22:35):
For us on your podcast feed by six am Eastern
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Speaker 3 (22:41):
You can also listen live each morning starting at five
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Speaker 2 (22:56):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (23:02):
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 2 (23:15):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg.
Speaker 12 (23:20):
Dabray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karin, we begin with the latest sun efforts to end
the war in Ukraine. European leaders are seizing on President
Trump's support for a plan that would involve sending European
troops to Ukraine as part of a potential peace deal
with Russia. Those security guarantees could take shape as soon
as this week. White House Special ENVOYE. Steve Witcoff discussed
it on Fox News.
Speaker 4 (00:35):
The Ukrainians actually can make a peace deal if they
want to. Now we're not suggesting that they have to
take it. The President has also said it's going to
be for President Zelenski to make that judgment call. And
I think that judgment call is all going to be.
It's going to begin with security guarantees.
Speaker 2 (00:56):
That was White House ENVOYE. Steve Whitcoff speaking on Fox News.
We get more from Bloomberg opinion columnist Mark Champion.
Speaker 5 (01:02):
Trump has said that he will support some kind of
security guarantees. The British and French had long been talking
about a coalition of the willing So what we're looking
at at the moment is in British and French and
some other troops on the ground, and then US support
for that, so intelligence, air, cover, logistics, etc. All the
(01:23):
things that the Americans have plenty of capacity for and
the Europeans don't.
Speaker 2 (01:28):
Bloomberg Opinion columnist Mark Champion says European military officials plan
to meet with their US counterparts in coming days to
flesh out those security guarantees.
Speaker 3 (01:37):
Now Nathan the latest on the trade war. Treasury Secretary
scoump Besson says the status quo is working when it
comes to the tariff set up with China. He discussed
it in an interview with Fox News.
Speaker 6 (01:48):
China is right now the biggest revenue line in the
teriff income. So you know, if it's not broke, don't
fix it. We have had very good talks with China
and we'll be seeing them again before November.
Speaker 3 (02:03):
Treasury Secretary scon Besson's comments indicate an opening for President
Trump to meet with Chinese President Xijin Ping. Still, the
trade dispute is causing some pain. President Trump is called
on China to massively step up soybean purchases. It has
yet to do so, and the Trump administration is set
to step up scrutiny of steel, copper, lithium, and other
imports from China to ensure they're not made with forced labor.
Speaker 2 (02:27):
Well Karen, President Trump's pursuit of wealth while in office
has reached another level Bloomberg's John Tucker's here with more
of what are we talking about here?
Speaker 6 (02:36):
John Well Nathan.
Speaker 7 (02:37):
President Trump has bought hundreds of bonds since he returned
to office, including those sold by companies affected by changes
to federal policies that he's championed. According to some required disclosures,
there have been six hundred and ninety transactions worth at
least one hundred three point seven million dollars, the first
of which was made the day after the inauguration. Unlike
(02:58):
his predecessors, mister Trump and divest or move his assets
into a blind trust as business operates in several areas
that intersect with presidential policy. In addition to municipal bonds,
the president corporate det and Qualcom home Depot, T Mobile US,
and also debt from Facebook owner Meta Platforms. His net worth,
(03:18):
by the way, is panked at six point four billion
dollars by the Bloomberg Billionaires Index in New York. I'm
John Tucker, Bloomberg Radio.
Speaker 3 (03:26):
All right, John, Thank you all. An ally of President
Trump is asking Attorney General Pam Bondi to look into
FED Governor Lisa Cooks and mortgages. And we get more
with Bloomberg's de Niset Pellegrini.
Speaker 8 (03:36):
Federal Housing Financial Agency Director Bill Poulties suggests Cook may
have committed a criminal offense by falsifying bank documents and
property records to acquire more favorable loan terms. In a
letter seen by Bloomberg, he alleges Cook signed a mortgage
agreement for a property in Michigan, claiming it would be
her primary residence for at least a year, and then
two weeks later claimed the same thing on a residence
(03:57):
in Georgia. Pulty's effort comes as President Trump and Paulty
press the FED to lower interest rates and FED chair J.
Powell to resign before his term as chair expires.
Speaker 9 (04:06):
In May.
Speaker 8 (04:07):
Cook was nominated by President Biden. She became the first
black woman to serve on the Board of Governors. Her
term expires in twenty thirty eight. Denise Pelgritty Bloomberg Radio, all.
Speaker 2 (04:16):
Right, Denise, Thank you. The countdown is underway for this
week's big economic event that Kansas City Fed's Annual Economic
Policy Symposium kicks off tomorrow and Jackson Hole, Wyoming FED
Chair J Powell speaks on Friday. Tom Keane will be
in Jackson Hole covering it all for Bloomberg.
Speaker 9 (04:33):
I really think Jackson Hole is going to be extraordinary
this year. It's going to be one of the two
or three great meetings going back to the crash of
two thousand and seven, what we saw into eight and nine,
but this year with the twist of the politics of
Donald Trump and the whole battle of central bank independence.
Michael McKee leading our coverage. He's been there already talking
(04:54):
to Michelle Bowman. There'll be some other key conversations, but
the immediate idea here is not so much will they
cut rates, but why they would cut rates? Looking at
the inflation dynamic and the jobs dynamic as well. It's
going to be an eventful Friday.
Speaker 2 (05:12):
Indeed, and Tom Keen is going to be a key
part of Bloomberg's Jackson Hole coverage. It all finishes up
with a special edition of Bloomberg's Surveillance on Friday nine
Am Eastern with Tom, Mike McKee, and Lisa Bromowitz. Plus
watch for special episodes of the Odd Lots podcast. Joe
Wisenthal and Tracy Alloway will be taping several conversations from
the event as well.
Speaker 3 (05:32):
Well. Nathan Tom mentioned Mike McKee's interview with Michelle Bowman,
the FED Vice Chair, so she's focused on her current
role overseeing bank regulation, even as she's reported to be
under consideration by President Trump to lead the Central Bank.
Bowman says she's pushing ahead with plans to rewrite capital
rules for large banks and crack down on d banking.
Speaker 10 (05:51):
It's important to understand that the President issued in executive
order because it is a problem in the banking system.
And one of the first things that I did in
assuming role was to resend all of our guidance and
to change our supervisory materials that referenced reputational risks so
that we could ensure that the Federal Reserve is no
longer including that in our examinations or in our supervisory activities.
Speaker 3 (06:14):
And FED Vice Chair Michelle Bowman was one of two
FED members who descended against the decision to again hold
rates steady last month.
Speaker 2 (06:22):
In Europe Karen, UK inflation has surged to an eighteen
month high. Let's go to London and get the details
with Bloomberg's Ewen parts Ewen.
Speaker 11 (06:31):
Nathan and Karen. Consumer prices here in the UK were
three point eight percent higher in July than a year ago,
with the rate of increase picking up from June's reading
of three point six percent. Surging food, fuel and transport
prices were to blame, and the Bank of England also
be casting a wary eye over hot services inflation, with
that reading coming in at five percent year on year.
(06:54):
Policymakers will be hoping the latest price pressures are transitory,
but for now traders are betting the UK Central Bank
is done with white cuts for twenty twenty five. In London,
I'm you and pots Sploomberg Radio.
Speaker 3 (07:04):
All right you and thanks well. Futures are lower once
again following yesterday's tech field sell off on Wall Street.
The NASDAK dropped one and a half percent. Bloomberg Market's
reporter Valerie title says the decline's gone many by surprise.
Speaker 12 (07:17):
There really was frankly no catalyst in the market yesterday,
which is leading many to believe that this is just
positioned squaring ahead of a big risk event on Friday
with Jerome Powells Jackson Hole speech. But it was quite
a tumultuous session across tech. Navidia had its worst session
since April, down three and a half percent, and take
a look at Pallenteer it was down almost ten percent.
(07:39):
So a lot of these recent AI darlings came under
a bit of pressure.
Speaker 3 (07:44):
Bloomber's Valerie title says stretched valuations are parently to blame
for the sell off. The Nasdaq one hundred is trading
at twenty seven times expected profits in the next twelve months.
Speaker 2 (07:53):
Well, one tech stock that buck the trend karen was Intel.
Those shares surged seven percent yesterday. In fact, the struggling
chip makers rallied twenty eight percent this month, adding about
twenty four billion dollars to Intel's market value. The gains
come on reports of the US governments and talks for a
potential equity stake, as well as plans for a two
billion dollar investment from Japan's SoftBank Group. Intel now trades
(08:16):
at fifty three times profits projected over the next twelve months.
That's the highest sense the dot com era more than
two decades. Ago Well Nathan.
Speaker 3 (08:25):
Retail earnings continue this morning with the latest quarterly numbers
from Target, and we get a preview with Bloomberg's Tom Busby.
Speaker 13 (08:31):
Target stores have seen lower sales for the last few
quarters because of weaker discretionary spending, calls for a boycott
of the chain for ditching his DEI initiatives, worries about
tariff related price hikes, and after it lost its cheap
sheet cachet, so investors are eager eager to hear about
the chain's turnaround efforts and getting back to its roots
of stylish products at affordable prices. Bloomberg and sends us
(08:54):
though calls for another three percent drop in cop sales,
with net revenues of twenty four point nine three billion
and as earnings per share of two dollars two cents.
Speaker 2 (09:02):
Tom buzzby Bloomberg Radio. All right, Tom, thank you could
be rough along the shore. The beaches in New York
City are closed to swimmers today and tomorrow, and expanding
Hurricane Aaron is poised to bring rough surf and life
threatening currents to a large swath of the East Coast.
Let's get the update from Bloomberg meteorologist Craig Allen.
Speaker 14 (09:21):
From the Maryland eastern shore through Delaware, the Jersey Shore,
all of Long Island's south shore, and it goes on
up into eastern sections of New England. There are various
marine alerts in effect from now till the end of
the week. Rip current statements, beach hazard statements are in effect,
a high surf advisories in effect from the Jersey Shore
across Long Island, and there is a coastal floodwatch in effect.
Speaker 2 (09:44):
And Bloomberg Media religist Craig Allen says farther north, the
waves are expected to crest up to thirteen feet on
south facing beaches in Nantucket and Martha's Vineyard in Massachusetts,
with rough surf for Cape Cod as well.
Speaker 3 (10:00):
Time now for a look at some of the other
stories making news in New York and around the world,
and for that were joined by Bloomberg's Michael Barr Michael,
Good Morning.
Speaker 15 (10:07):
Good morning, Karen. Israel's military is set to start the
call up of around sixty thousand reserve soldiers for a
stepped up offensive in Gaza against Amas. Prime Minister Benjamin
at Yahoo recently authorized to take over by ground troops
of Gaza city in a bit, he says, to destroy
Hamas's remaining strongholds. Amas has agreed to a new ceasefire
(10:29):
plan put forward by Egypt and Cutter, but Israel has
yet to respond. Today, the Texas House is set to
vote on redistricting maps, ones which had prompted some Democrats
to leave the state in an effort to delay the vote.
While Democratic representatives have returned, a number of them have
been spending the night at the Capitol building. Democratic lawmakers
(10:50):
say they were forced to accept police escorts by the
Texas Department of Public Safety so they wouldn't leave the
state again. Those who refused could not leave the Legislative building.
State Representative Redda Andrews Bauers says some of her colleagues
are staging a sleep in.
Speaker 16 (11:07):
We are being subjected to extreme and unnecessary measures. Taxare
dollars should not be wasted following elected officials around like criminals.
Speaker 15 (11:20):
Fellow Texas Democrats joined the Representative Nicole Collier, who initially
refused to agree to the escort and stayed overnight on
the House floor. Homeland Security Secretary Christy Nomes said President
Trump ordered the entire southern border wall to be painted
black Nomes says it's to stop migrants from crossing because
it will be too hot to touch. A dangerous heat
(11:42):
wave has descended on much of California and the US Southwest,
with triple digit temperatures expected along with the higher risk
of wildfires. Dr Ario Cohen with the National Weather Service.
Speaker 17 (11:54):
Temperatures this warm will be capable of creating an environment
where it stream. Heat related illnesses and even fatalities are
a possibility.
Speaker 15 (12:05):
Doctor Cohen said there could be a significant fire risk
in the mountains and foothills north of the Greater Los
Angeles area. Global News twenty four hours a day and
whenever you wanted with the Bloomberg News. Now, I'm Michael Barr,
and this is Bloomberg Karen.
Speaker 3 (12:19):
Michael Barr, thank you, time down for the Bloomberg Sports Update.
Here's John Stashaer John, Good morning.
Speaker 15 (12:28):
Gim morning Karen.
Speaker 18 (12:29):
Back in late March, second game of a Yankee season,
they did something they had never done before. They hit
nine home runs last night at Tampa Bay. They had
hit eight when Jose Caballero, the anxious acquired from the Rays,
was at the plate.
Speaker 19 (12:43):
One two high, fly ball deep left Deal Simpson back
track wall See Ya the nine home run for the Yankees.
They've tied the most that they have ever hit in
a game in team history, and the Yankees were lucky thirteen.
They're up thirteen to three.
Speaker 18 (13:02):
Yes Networks second home run for Cabaero. John Carlos Stanton
hit two, so did Cody Bellinger throw in Jazz Shizzhelm
Ben Rice in the fortieth of the season for Aaron Judge.
Yanks of the first team in MLB history to have
two nine home run games in the same season. Thirteen
to three was the final overt Tampa Bay, the Yanks
fourth win in a row, third straight win for the Mets.
(13:22):
Had three different stadiums and eight to one round in Washington.
The Mets hit four homers, Mark Biento's Brett Beady, won
Soto and Jeff McNeil. David Peterson struck aft ten. He's
thrown twenty five consecutive scoreless Indians. Against the Nationals at Fenway,
Red Sox got a game tying two run homer of
the ninth inn from their new pickup Nathaniel lob with
Baltimore one four to three in eleven. American League Division
(13:44):
leaders met in Detroit Tigers on a Glavered Torres hit
in the tenth inn. He beat Houston one to nothing.
Daniel Jones spent six seasons with the Giants, had some
good moments, plenty of bad ones, a lot of injuries,
and last year the Giants gave up on him. Indianapolis
just named Jones it's starting quarterback. He beat out Anthony Richardson,
who the Colts took with the fourth pick of the
draft two years ago. A lot of mixed doubles played
(14:06):
at the US Open. It became clear success in singles
doesn't always mean doubles as well. Carlos ALKAAZ lost his
first match SOT to Novak Djokovic. Four teams won two matches.
We'll be back at Ash Stadium tonight for the semis
and final. John Stanshaward Bloomberg Sports Kerry.
Speaker 3 (14:24):
Stay with us more from Bloomberg Daybreak coming up after this.
Speaker 1 (14:32):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Daybreak.
Speaker 8 (14:42):
Good morning.
Speaker 2 (14:42):
I'm Nathan Hager's security guarantees. They are quickly becoming more
part of the conversation. As President Donald Trump tries to
broke her a peace deal between Russia and Ukraine, a
plan to provide European troops could take shape as soon
as this week, and White House Press Secretary Caroline Levitt
says the US supports it with some limit tations.
Speaker 20 (15:01):
US boots will not be on the ground in Ukraine,
but we can certainly help in the coordination and perhaps
provide other means of security guarantees to our European allies.
The President understands security guarantees are crucially important to ensure
a lasting piece.
Speaker 2 (15:15):
I was White House spokeswoman Caroline Levit for more. We're
joined by Bloomberg opinion columnist Mark Champion. Market morning. Of course,
all this is coming after that extraordinary summit at the
White House with President Zelensky and several other European leaders.
How could we see security guarantees take shape in the
coming days? Good morning, Good morning, Well, I mean, what
seems to be happening is that we've long had this
(15:37):
proposal from the British and the French to form a
coalition of the winning and to to settle troops into
Ukraine as part of any ceasefive deal, peace settlement and
the idea. You know, it's been a very problematic question. A.
These countries don't have a lot of you know, combat
(15:57):
troops available. B, they don't really have a lot of
the logistics and other things that would be necessary to
have a sustained force there of a size that would
really matter. And then finally, they don't have the heft
as a deterrent force. It might almost be an invitation
(16:22):
for Russia to have a shot at them if the
US didn't stand behind them as a threat that if
you attack these, then we compile in with air power, etc.
Speaker 5 (16:34):
And make problems for you. So that's always been quite
a difficult question. And what they're really doing now is
they've got a green light from the Americans, who had
not before said that they would get involved and provide
what's called a backstop. Now they have that after the
meeting in Washington, so they're able to sort of move forward.
(16:54):
But it's really important to remember that this is what's
required to make a settlement possible for the Ukrainians. That's
what they need. It's not necessarily what Russia wants or
you know, will help to get them to a ceasefire,
So you know, this is a you know, it's very
(17:15):
important to keep this in perspective as to whether it's
bringing us closer to a settlement or whether we're just
sort of arranging the chairs for the moment when Russia
actually wants one.
Speaker 2 (17:26):
Does this imply that this could further inflame the situation
If Russia doesn't accept something like.
Speaker 5 (17:34):
This, well, I don't think it inflames it any further.
It just means that it won't happen. So in other words,
you'll have organized a system in principle that you would
like to put there. The Russian has already said they
don't want any native member troops in Ukraine and that
that's a non start up for them. So if these
(17:55):
troops were going to go and either you need them
to change their mind, or they will go in as
a hostile force and they will have to be ready
for combat, So it changes the whole texture of that.
The British and French, you know, clearly have said that
they intend this not as a hostile force but as
a peacekeeping force. So it remains an extremely complicated problem
(18:18):
to solve, and we're only at the in the kind
of foothills of doing so.
Speaker 2 (18:22):
Of course, this is coming after the Europeans got something
of support from President Trump for this plan at the
White House this week. Is there a sense on the
European side that that support is firm, that that green
light is going to stay green.
Speaker 5 (18:39):
I think they're just massively relieved that they got, you know,
buy in from the US. After Alaska, there had been
a real concern that President Trump had once again flipped
to accept the Russian narrative and was going to treat
Ukraine as the problem that the impediment to a settlement.
(19:00):
He didn't do that. He didn't have a major bus
stop in the White House, you know, and he allowed
the Europeans to come and put their case. So you know,
that was a it's a low bar if you like,
but they were expectations were very low and very fearful,
and it went much better than they thought.
Speaker 2 (19:21):
So where is the bar then when it comes to
the backstop that europe is hoping the US will provide.
We heard the Press Secretary at the White House, Caroline Levet,
say that boots on the ground from the US won't
be part of the equation. That's something that's been ruled
out for quite some time. What is Europe looking for
from the US to further support for their troop plan?
Speaker 5 (19:46):
Yes, well, I mean essentially what they want is logistical support,
you know, so they don't need so much airlift in
this case, but that's something they're very little of. They
want ammunition and weapons supplies. They'll need you know, protection,
air defense protection, and they will I think most of all,
(20:08):
want the deployment of the US Air Force so that
if there is a problem, the US can credibly say,
you know, we're ready to come in defend these troops
to you know, do harm to any you know, Russian
missiles and the air defenses protecting that missile system. We're
(20:34):
ready to deal with that. So that's really what they
are looking for. They never expected US boots nderground. That's
what this Coalition of the willing, you know, that was
the premise for creating it, that it was going to
have to be a European force.
Speaker 2 (20:48):
And of course President Trump is very hopeful that all
this is going to lead to bilateral discussions between the
Russian president Putin and you Treinian president Zelensky. Does this
get those two sides closer to sitting at a table
with each other, Well, I think again, what.
Speaker 5 (21:10):
It does is to is, you know, to sort of
open the question that hadn't really been open before. So
you know, the Russians are now having to respond to that,
to deal with it. It doesn't mean they're going to
do it. So for example, you know the Foreign Minister
segay Lavrov, he just said recently in response to this,
(21:32):
he said, well, you know we're going to have to
We are open to this, but you know, first it
will require a number of meetings by technical groups. Then
gradually we'll move up and do all the preparation that
you'd normally have. So you know, it's a way of saying, well, yes,
but you know when whenever we're ready, and that could
(21:53):
be you know, a long time from now, it could
be never. And I think what's really important to do
is a step back a minute and say, you know,
how how did all this happen? Well, you had the
US threatening sanctions on Russia if it didn't agree to
a cease fire. You had the President's envoy, Steve Whitcoff,
going to Moscow, you know, days before the deadline when
(22:17):
these sanctions are going to be imposed, and instead of
that happening, you got the Alaska Summit. Which and the
result now is.
Speaker 3 (22:28):
This is Bloomberg day Break, your morning of the stories
making news from Street to Washington, and look.
Speaker 2 (22:35):
For us on your podcast feed by six am Eastern
each morning on Apple, Spotify, or manywhere else you listen.
Speaker 3 (22:41):
You can also listen live each morning starting 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 2 (22:56):
Plus listen coast to coast on the Bloomberg Business app
now with Apple Car and Android Atto interfaces.
Speaker 3 (23:02):
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 2 (23:15):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg.
Speaker 12 (23:20):
Dabray
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