July 18, 2025 • 17 mins
On today's podcast:
1) US President Donald Trump authorized the Justice Department to seek the release of grand jury testimony from the prosecution of Jeffrey Epstein, bowing to mounting pressure from his supporters for more transparency about the late, disgraced financier.
2) Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project.
3) While rival media companies are unloading assets and cutting costs, Netflix Inc. continues to thrive.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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 begin with breaking developments in the Jeffrey Epstein case.
President Donald Trump has been under growing pressure from within
his own party to release documents related to the late
child sex offender. Now, the President has authorized the Justice
Department to seek the release of grand jury testimony in
the case. The move comes after a Wall Street Journal
report that President Trump gave a suggestive letter to Epstein
(00:37):
as part of an album for his fiftieth birthday. House
speaker Mike Johnson says, the President is making the right move.
Speaker 4 (00:43):
We trust the American people.
Speaker 5 (00:44):
They can draw their own conclusions, and so he's in
the process of releasing the information that can be released
it's not held up by a court or involves, you know,
victims of crimes or something like that.
Speaker 3 (00:58):
House Speaker Mike Johnson reacted to the news on Capitol
Hill last night. President Trump posted on social media that
Attorney General Pam Bondi should produce pertinent grand jury testimony,
subject to court approval. It's unclear if the courts would
release that testimony, which is typically kept secret. As for
the Journal report on the birthday letter, President Trump is
calling that fake news and he's threatening to sue the paper.
Speaker 2 (01:20):
Nathan Feder Reserve chair Jerown Powell has sent a letter
to the White House budget Director as he faces mounting
pressure over the Central Banks two and a half billion
dollar renovation. Powell's letter mostly repeats information from a frequently
asked questions page on the Fed's website. The chairman has
blamed rising building costs for the overruns. Budget Director Russ
(01:41):
Vote says the project has been horribly mismanaged.
Speaker 6 (01:44):
This is not something the American people should expect from
their government, and it comes at the real world implication
of us not having the FED running a large s
program that doesn't allow us to bring in the necessary
resources to the Treasury.
Speaker 2 (02:05):
White House a budget director Chris Vote, spoke to reporters
at the White House. His criticisms come on top of
an ongoing push by President Trump and his allies for
the FED to lower interest rates.
Speaker 3 (02:15):
Well, President Trump's not the only one calling for rate cut.
Karen Fed Governor Christopher Waller says policymakers should cut this
month to support a labor market that is showing signs
of weakness.
Speaker 7 (02:25):
I believe it makes sense to cut the fmc's policy
rate by twenty five basis points two weeks from now
and looking to later this year. If, as I expect,
underlying inflation remains in check, with headline inflation data reporting
modest but temporary increases from inflate on tariffs that are
not un anchoring inflation expectations, and the economy continues to
(02:46):
grow slowly, I would support even further twenty five basis
point cuts to move policy towards neutral.
Speaker 3 (02:53):
FED Governor Christopher Waller spoke in a speech in New
York yesterday.
Speaker 2 (02:57):
Nathan new developments this morning on the war in Ukraine.
European Union States have approved a fresh sanctions package on Russia,
and we go to London and get the latest at
Bloomberg's Uen pots.
Speaker 8 (03:08):
Ewen, Karen and Nathan. This is the eighteenth package of
EU sanctions against Russia since its invasion of Ukraine. The
measures we'll see about twenty more Russian banks cut off
from the international payment system swift and energy exports will
be targeted with restrictions on oil processed in third countries,
including the blacklisting of a refinery in India part owned
(03:29):
by Russian state oil run company Ross left and the
eucap on Russian oil price is currently set at sixty
dollars a barrel. Will now we cut to fifteen dollars
below market rates in London.
Speaker 3 (03:41):
I'm youw in pots Bloomberg Radio, All right, ewen, thank
you turn two of the markets now. Both the S
and P five hundred and the Nasdaq are beginning the
day near record highs. Shares of Netflix are falling. They're
down more than one percent. That's despite earnings for the
streaming giant beating investor exptations and every major metric. The
(04:02):
world's most popular paid streaming service is also raising its
forecast for full year sales and profit margins. Netflix CEO
Ted Sarando says his outlook is positive.
Speaker 9 (04:12):
We're feeling really good about the business. We had a
plan to reaccelerate growth and we've delivered on that plan.
And engagement, which we view as our best proxy for
member happiness because when people watch more, they stick around longer,
so that's retention.
Speaker 3 (04:26):
Ted Sarando spoke on the Netflix earnings call. Netflix shares
have nearly doubled over the past year, It's market value
tops five hundred billion dollars, making Netflix worth more than Disney, Comcast,
and Warner Brothers Discovery combined.
Speaker 2 (04:40):
Nathan, Apple is losing more top talent meta Platforms is
hired away a pair of key artificial intelligence researchers from
the iPhone maker. Sources say the move comes shortly after
the social networking giant poach their former boss from Apple
and Karen.
Speaker 3 (04:54):
President Trump's expected to announce policy guidelines for artificial intelligence,
calling for easing regulation and expanding energy sources for data centers.
The Trump Administration's AI action plan will be largely focused
on messaging limited to executive branch actions that will reflect
the administration's efforts to promote the adoption of US artificial
intelligence globally.
Speaker 2 (05:16):
Nathan. The total market cap of crypto assets has surged
past four trillion dollars for the first time, and follows
a sweeping push on Capitol Hill to regulate the sector.
In Bloomberg's Michael bar reports.
Speaker 10 (05:27):
The House pass the first federal legislation to regulate stable coins,
backed by President Donald Trump and Republicans. The Senate passed
it earlier. Supporters say the legislation imposes federal or state
oversight on dollar linked tokens and could unlock faster and
cheaper forms of payment. It could also bring legitimacy to
a two hundred and sixty five billion dollar market. Critics,
(05:49):
including Senator Elizabeth Warren and Representative Maxine Waters, warned that
the new stable coin regulatory regime won't do enough to
protect consumers. They say it could lead the pressure for
gouds bailouts if issuers of the digital tokens fail. Michael
Barr Bloomberg Radio.
Speaker 11 (06:05):
All right, Michael, thank you.
Speaker 3 (06:06):
More changes are coming to Paramount Global CBS network. You'll
notice them if.
Speaker 11 (06:10):
You stay up for it.
Speaker 3 (06:11):
The Late Show with Stephen Colbert is going to air
its last episode in May of next year. CBS says
it is purely a financial decision. It comes days after
Colbert condemned Paramount settlement of President Trump's lawsuit over a
sixty minutes story. In his first show back from vacation.
Colbert called it, quote a big, fat bribe. Paramount is
(06:32):
in the process of being acquired by sky Dance Media.
Speaker 2 (06:38):
Time now for look at some of the other stories
making news in New York and around the world, And
for that we're joined by Bloomberg's Monica Ricks Monica good morning.
Speaker 4 (06:46):
Hey, Good morning, Karen.
Speaker 2 (06:47):
Well.
Speaker 12 (06:47):
First there was the Senate. Now the House has voted
to claw back about nine billion dollars in funding that
currently goes to foreign aid and public broadcasting. This happened
just a few hours ago on Capitol Hill, Majority Leader
Steve Scalise, calling those necessary.
Speaker 13 (07:01):
Let's finally get control over waste, fraud, and abuse.
Speaker 10 (07:05):
We started it.
Speaker 13 (07:06):
In the One Big Beautiful Bill, We're continuing it here,
and we're going to continue it through the appropriations process.
Speaker 12 (07:12):
Democrats say the cuts will hurt America's standing in the
world and put residents in rural communities at a disadvantage
without access to public media. The White House has unveiled
while President why President Trump's displayed swollen ankles and a
bruised hand lately. Bloomberg's Amy Morris has details from Washington.
Speaker 11 (07:30):
President Trump has been diagnosed with chronic venous insufficiency That
means damaged valves struggle to keep blood flowing from the
legs back to the heart. It is not life threatening,
but it could lead to more serious problems. Press Secretary
Caroline Levitt on the Medical Exam.
Speaker 14 (07:45):
Bilateral lower extremity than that. Venus Doppler ultrasounds were performed
and revealed chronic venous insufficiency AB nine in common condition,
particularly in individuals over the age of seventy.
Speaker 11 (08:00):
The seventy nine year old Trump has ankle and leg
swelling related to the disease and bruising on his hand
in Washington, Amy Moore as Bloomberg Radio.
Speaker 12 (08:08):
Federal immigration officials now have access to personal information on
all of the nation's seventy nine million Medicaid participants, including
their addresses and Social Security numbers. ICE plans to use
that info now to track immigrants who who may not
be living in the US legally and at twenty three
year olds facing charges now after fighting with a flight
(08:28):
attendant and trying to open a plane door mid flight,
the sky westflight had to make an emergency landing in
Cedar Rapids, Michigan last night. The twenty three year olds
facing disorderly conduct and assault, among other charges. Global News
twenty four hours a day and whenever you want it
with Bloomberg News.
Speaker 4 (08:45):
Now.
Speaker 12 (08:45):
I'm Monica Rix and this is Bloomberg.
Speaker 4 (08:47):
Karen Nathan.
Speaker 2 (08:48):
All right, Monica, thank you time now for the Bloomberg
Sportes out date brought to you by Flushing Bank and
here's John stash Hour.
Speaker 15 (09:00):
Good morning Caring. After the opening ran out of the
Open Championship and Royal Port Rush. Five golfers and five
different countries shared the lead at four hundred part of
the lone American, Harris English, he's got an early tea
time today. The South African Christian Buzetenhut is on the
course now still four under, and Brian Harmon has now
moved into the share of the lead also four under.
Scottie Scheffler minus three goes off just after ten o'clock today.
Speaker 10 (09:23):
Rory McElroy yesterday.
Speaker 15 (09:24):
Shot one under, felt the support of playing in his
native Northern Ireland, you.
Speaker 16 (09:29):
Know, the support of an entire country right there, which
is a wonderful position to be in. But at the
same time you don't want to let them done, so
you know, there's there's a little bit of outer pressure.
I felt like I dealt with it really well today,
certainly dealt with it better than I did six years ago,
you know. So it was you know, just hopping it
off to a good start and getting myself into the tournament.
Speaker 15 (09:48):
Also one under going into today. John Ram, Shane Lowry,
who won that last open at Royal Port Rush, and
fifty five year old Phil Mickelson, Baseball's back when we
lost all the Red Sox they were red hot, reeling
off ten wins in a row. Oh, they'll take on
the Cubs in a day game at Wrigularly, the Socks
only a game behind the second place Yankees, who played
tonight Atlanta. The Mets her home for Cincinnati. Kepla signings
(10:09):
of No TJ. Watt in Pittsburgh. Stainfoot with the Steelers
three years, one hundred and twenty three million, all but
fifteen million of it guaranteed. He'll make slightly more than
another defensive lineman, Cleveland's Miles Garrett. Watt will make more
than any non quarterback ever has. And Damian Lillard spent
eleven years in Portland, went to Milwaukee, got hurt, got released.
(10:30):
He's going back to the Trailblazers, although due to the
injury he won't play next season. Caitlyn Clark won't play
in tomorrow's WNBA All Star Game in Indianapolis. You won't
even compete in the three point contest due to her
gint injury over forty WNBA players, including Clark, met to
discuss labor negotiations, and then put out a statement that said,
the only thing more unsustainable than the current system is
(10:52):
pretending he can go on forever. John Stasheward Bloomberg Sports,
Karen Ethan.
Speaker 1 (10:58):
Coast to coast on blue Berg Radio, nationwide on Serious XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (11:09):
Good morning, I'm Nathan Hager bringing you a conversation now
with the president of the San Francisco Fed Mary Daily.
She sat down with Bloomberg's Michael McKee at the Rocky
Mountain Economic Summit in Victor, Idaho. They talked about the
possibility of rate cuts, recent pressure on Chairman Powell, and
the impact of tariffs on the economy.
Speaker 4 (11:24):
Let's listen in.
Speaker 17 (11:25):
For me, what is really important is looking at the
incoming information.
Speaker 4 (11:30):
How close we are.
Speaker 17 (11:31):
I think one of the Pauls said, you know, we're
really close. We have an economy that's working, we have
solid growth, we have a solid labor market.
Speaker 4 (11:40):
You know, the consumers.
Speaker 17 (11:41):
Are spending, but they're you know, making their way in
their families. Ultimately, what is still bothersome is not we
haven't achieved price stability. And you know, I define price
stability this way. I do think it's sort of an
ethos part. It's when people don't have to worry about inflation.
When I go out and ask people across the twelfth district,
(12:02):
across the country, what's your top worry and they stop
saying inflation, well, then that's going to be a victory
because they suffered for too long. And remember, inflation is
like the largest tax people pay.
Speaker 4 (12:13):
It's an unpredictable tax.
Speaker 17 (12:14):
You're on a treadmill, you earn well, you've invest in
your business, and inflation eroads you're well being. So I
think ultimately that's what we have to think about. And
that's really enough to think about, frankly, and that's where
my focus is. So other things are not distracting us
from our core missions, and our core missions, as we
all know, have come from Congress.
Speaker 18 (12:34):
Essentially, you're saying we are going to remain focused on inflation.
We're not going to consider cutting rates until we are
sure inflations.
Speaker 4 (12:41):
I did not say that.
Speaker 18 (12:44):
I have punny words in her mouth to make it
easier for the headline writers.
Speaker 17 (12:48):
I know that, and so that's why I did not
say that so that they understand the next part of that.
Speaker 4 (12:53):
No, seriously, I think right.
Speaker 17 (12:55):
Now, when I look at the economy and policy, I
see them as both in a good place. When I
look out, we really have interest rates for a significant
number of years now in restrictive territory, and what we
have is an underlying economy that is responding those higher
interest rates.
Speaker 4 (13:12):
You have growth slowing.
Speaker 17 (13:13):
The broathy labor market that was pervasive after the pandemic
has now moved to a more sustainable place. People are
getting jobs, but firms are finding it easier to find
workers and importantly keep workers so that they're not constantly
on that revolving door of train and work of the
worker leave. So I think those are all good positions.
Speaker 4 (13:33):
Then we have inflation coming down.
Speaker 17 (13:35):
And if we extract our move away from just the
goods price inflations, which do show those numbers have been showing,
and certainly showed in this week's print, the effective tariffs
some of those being passed through. But if you look
at the other areas of inflation, you just don't see
that inflation is pushing back up. You see it gradually
going down, and housing services inflation, which has long been elevated,
(13:59):
has been coming down.
Speaker 4 (14:00):
Over this year.
Speaker 17 (14:01):
Services inflation without housing has been coming down, slowly but
coming down. So I see these is the result of
the policy that we have in place. But at some point,
if you hold the economy too tight the reins were
in Horse Country.
Speaker 4 (14:16):
If you hold the bridle too tight, you actually end
up stopping.
Speaker 17 (14:20):
And if you stop, then you take the problem people
did have, which was inflation, and turn it into a
problem that they don't have, which is the labor market.
Speaker 18 (14:28):
Could you explain to this audience, and of course the
guy at sixteen hundred Pennsylvania Avenue if he's listening, how
you put all that together and decide when the winterst
rates come down.
Speaker 17 (14:38):
Well, there's always been three scenarios that were possible. So
the first scenario was that we'd get the tariff effect
and it would spill over into all other sectors. So
if the price of a tariff good goes up, then
your person cutting your hair, since we were talking about.
Speaker 4 (14:55):
Barber's earlier, raises his or her prices, and.
Speaker 17 (14:58):
Suddenly you've got spillover that would make it more persistent.
We haven't seen any evidence that that's occurring. And I
think that the house price inflation, the house services inflation,
and the services inflation coming down reassures you that we're
not getting that persistent component.
Speaker 4 (15:14):
So then there's two other scenarios.
Speaker 17 (15:16):
One is that you get the tariff effect and its
it's relatively contained and it becomes a one off. And
the second is you just don't see much of the
effect because what happens is that as the tariffs settle in.
Speaker 4 (15:27):
To whatever level they're going to be.
Speaker 17 (15:29):
You know, firms who are importing from other countries say
you take half, I'll take half to the country. Then
down the by chain or the production chain, you're splitting
it all the way so that by the time it
hits consumers, it's a more muted impact than.
Speaker 4 (15:42):
What is the announced tariffs.
Speaker 17 (15:44):
You know, one of the pieces of evidence we have
for that is that the effective teriff right as of
last week was calculator around sixteen percent, but tariff revenue
is only eight percent. So that tells you there's some splitting,
there's some leakages, some workarounds.
Speaker 4 (15:58):
Companies are very innovative figuring in other ways.
Speaker 17 (16:00):
To do things, and you know, this is a global shock,
and so they are All companies across the globe are
figuring it out.
Speaker 2 (16:07):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:14):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:20):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 3 (16:35):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (16:40):
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 and your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (16:53):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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 begin with breaking developments in the Jeffrey Epstein case.
President Donald Trump has been under growing pressure from within
his own party to release documents related to the late
child sex offender. Now, the President has authorized the Justice
Department to seek the release of grand jury testimony in
the case. The move comes after a Wall Street Journal
report that President Trump gave a suggestive letter to Epstein
(00:37):
as part of an album for his fiftieth birthday. House
speaker Mike Johnson says, the President is making the right move.
Speaker 4 (00:43):
We trust the American people.
Speaker 5 (00:44):
They can draw their own conclusions, and so he's in
the process of releasing the information that can be released
it's not held up by a court or involves, you know,
victims of crimes or something like that.
Speaker 3 (00:58):
House Speaker Mike Johnson reacted to the news on Capitol
Hill last night. President Trump posted on social media that
Attorney General Pam Bondi should produce pertinent grand jury testimony,
subject to court approval. It's unclear if the courts would
release that testimony, which is typically kept secret. As for
the Journal report on the birthday letter, President Trump is
calling that fake news and he's threatening to sue the paper.
Speaker 2 (01:20):
Nathan Feder Reserve chair Jerown Powell has sent a letter
to the White House budget Director as he faces mounting
pressure over the Central Banks two and a half billion
dollar renovation. Powell's letter mostly repeats information from a frequently
asked questions page on the Fed's website. The chairman has
blamed rising building costs for the overruns. Budget Director Russ
(01:41):
Vote says the project has been horribly mismanaged.
Speaker 6 (01:44):
This is not something the American people should expect from
their government, and it comes at the real world implication
of us not having the FED running a large s
program that doesn't allow us to bring in the necessary
resources to the Treasury.
Speaker 2 (02:05):
White House a budget director Chris Vote, spoke to reporters
at the White House. His criticisms come on top of
an ongoing push by President Trump and his allies for
the FED to lower interest rates.
Speaker 3 (02:15):
Well, President Trump's not the only one calling for rate cut.
Karen Fed Governor Christopher Waller says policymakers should cut this
month to support a labor market that is showing signs
of weakness.
Speaker 7 (02:25):
I believe it makes sense to cut the fmc's policy
rate by twenty five basis points two weeks from now
and looking to later this year. If, as I expect,
underlying inflation remains in check, with headline inflation data reporting
modest but temporary increases from inflate on tariffs that are
not un anchoring inflation expectations, and the economy continues to
(02:46):
grow slowly, I would support even further twenty five basis
point cuts to move policy towards neutral.
Speaker 3 (02:53):
FED Governor Christopher Waller spoke in a speech in New
York yesterday.
Speaker 2 (02:57):
Nathan new developments this morning on the war in Ukraine.
European Union States have approved a fresh sanctions package on Russia,
and we go to London and get the latest at
Bloomberg's Uen pots.
Speaker 8 (03:08):
Ewen, Karen and Nathan. This is the eighteenth package of
EU sanctions against Russia since its invasion of Ukraine. The
measures we'll see about twenty more Russian banks cut off
from the international payment system swift and energy exports will
be targeted with restrictions on oil processed in third countries,
including the blacklisting of a refinery in India part owned
(03:29):
by Russian state oil run company Ross left and the
eucap on Russian oil price is currently set at sixty
dollars a barrel. Will now we cut to fifteen dollars
below market rates in London.
Speaker 3 (03:41):
I'm youw in pots Bloomberg Radio, All right, ewen, thank
you turn two of the markets now. Both the S
and P five hundred and the Nasdaq are beginning the
day near record highs. Shares of Netflix are falling. They're
down more than one percent. That's despite earnings for the
streaming giant beating investor exptations and every major metric. The
(04:02):
world's most popular paid streaming service is also raising its
forecast for full year sales and profit margins. Netflix CEO
Ted Sarando says his outlook is positive.
Speaker 9 (04:12):
We're feeling really good about the business. We had a
plan to reaccelerate growth and we've delivered on that plan.
And engagement, which we view as our best proxy for
member happiness because when people watch more, they stick around longer,
so that's retention.
Speaker 3 (04:26):
Ted Sarando spoke on the Netflix earnings call. Netflix shares
have nearly doubled over the past year, It's market value
tops five hundred billion dollars, making Netflix worth more than Disney, Comcast,
and Warner Brothers Discovery combined.
Speaker 2 (04:40):
Nathan, Apple is losing more top talent meta Platforms is
hired away a pair of key artificial intelligence researchers from
the iPhone maker. Sources say the move comes shortly after
the social networking giant poach their former boss from Apple
and Karen.
Speaker 3 (04:54):
President Trump's expected to announce policy guidelines for artificial intelligence,
calling for easing regulation and expanding energy sources for data centers.
The Trump Administration's AI action plan will be largely focused
on messaging limited to executive branch actions that will reflect
the administration's efforts to promote the adoption of US artificial
intelligence globally.
Speaker 2 (05:16):
Nathan. The total market cap of crypto assets has surged
past four trillion dollars for the first time, and follows
a sweeping push on Capitol Hill to regulate the sector.
In Bloomberg's Michael bar reports.
Speaker 10 (05:27):
The House pass the first federal legislation to regulate stable coins,
backed by President Donald Trump and Republicans. The Senate passed
it earlier. Supporters say the legislation imposes federal or state
oversight on dollar linked tokens and could unlock faster and
cheaper forms of payment. It could also bring legitimacy to
a two hundred and sixty five billion dollar market. Critics,
(05:49):
including Senator Elizabeth Warren and Representative Maxine Waters, warned that
the new stable coin regulatory regime won't do enough to
protect consumers. They say it could lead the pressure for
gouds bailouts if issuers of the digital tokens fail. Michael
Barr Bloomberg Radio.
Speaker 11 (06:05):
All right, Michael, thank you.
Speaker 3 (06:06):
More changes are coming to Paramount Global CBS network. You'll
notice them if.
Speaker 11 (06:10):
You stay up for it.
Speaker 3 (06:11):
The Late Show with Stephen Colbert is going to air
its last episode in May of next year. CBS says
it is purely a financial decision. It comes days after
Colbert condemned Paramount settlement of President Trump's lawsuit over a
sixty minutes story. In his first show back from vacation.
Colbert called it, quote a big, fat bribe. Paramount is
(06:32):
in the process of being acquired by sky Dance Media.
Speaker 2 (06:38):
Time now for look at some of the other stories
making news in New York and around the world, And
for that we're joined by Bloomberg's Monica Ricks Monica good morning.
Speaker 4 (06:46):
Hey, Good morning, Karen.
Speaker 2 (06:47):
Well.
Speaker 12 (06:47):
First there was the Senate. Now the House has voted
to claw back about nine billion dollars in funding that
currently goes to foreign aid and public broadcasting. This happened
just a few hours ago on Capitol Hill, Majority Leader
Steve Scalise, calling those necessary.
Speaker 13 (07:01):
Let's finally get control over waste, fraud, and abuse.
Speaker 10 (07:05):
We started it.
Speaker 13 (07:06):
In the One Big Beautiful Bill, We're continuing it here,
and we're going to continue it through the appropriations process.
Speaker 12 (07:12):
Democrats say the cuts will hurt America's standing in the
world and put residents in rural communities at a disadvantage
without access to public media. The White House has unveiled
while President why President Trump's displayed swollen ankles and a
bruised hand lately. Bloomberg's Amy Morris has details from Washington.
Speaker 11 (07:30):
President Trump has been diagnosed with chronic venous insufficiency That
means damaged valves struggle to keep blood flowing from the
legs back to the heart. It is not life threatening,
but it could lead to more serious problems. Press Secretary
Caroline Levitt on the Medical Exam.
Speaker 14 (07:45):
Bilateral lower extremity than that. Venus Doppler ultrasounds were performed
and revealed chronic venous insufficiency AB nine in common condition,
particularly in individuals over the age of seventy.
Speaker 11 (08:00):
The seventy nine year old Trump has ankle and leg
swelling related to the disease and bruising on his hand
in Washington, Amy Moore as Bloomberg Radio.
Speaker 12 (08:08):
Federal immigration officials now have access to personal information on
all of the nation's seventy nine million Medicaid participants, including
their addresses and Social Security numbers. ICE plans to use
that info now to track immigrants who who may not
be living in the US legally and at twenty three
year olds facing charges now after fighting with a flight
(08:28):
attendant and trying to open a plane door mid flight,
the sky westflight had to make an emergency landing in
Cedar Rapids, Michigan last night. The twenty three year olds
facing disorderly conduct and assault, among other charges. Global News
twenty four hours a day and whenever you want it
with Bloomberg News.
Speaker 4 (08:45):
Now.
Speaker 12 (08:45):
I'm Monica Rix and this is Bloomberg.
Speaker 4 (08:47):
Karen Nathan.
Speaker 2 (08:48):
All right, Monica, thank you time now for the Bloomberg
Sportes out date brought to you by Flushing Bank and
here's John stash Hour.
Speaker 15 (09:00):
Good morning Caring. After the opening ran out of the
Open Championship and Royal Port Rush. Five golfers and five
different countries shared the lead at four hundred part of
the lone American, Harris English, he's got an early tea
time today. The South African Christian Buzetenhut is on the
course now still four under, and Brian Harmon has now
moved into the share of the lead also four under.
Scottie Scheffler minus three goes off just after ten o'clock today.
Speaker 10 (09:23):
Rory McElroy yesterday.
Speaker 15 (09:24):
Shot one under, felt the support of playing in his
native Northern Ireland, you.
Speaker 16 (09:29):
Know, the support of an entire country right there, which
is a wonderful position to be in. But at the
same time you don't want to let them done, so
you know, there's there's a little bit of outer pressure.
I felt like I dealt with it really well today,
certainly dealt with it better than I did six years ago,
you know. So it was you know, just hopping it
off to a good start and getting myself into the tournament.
Speaker 15 (09:48):
Also one under going into today. John Ram, Shane Lowry,
who won that last open at Royal Port Rush, and
fifty five year old Phil Mickelson, Baseball's back when we
lost all the Red Sox they were red hot, reeling
off ten wins in a row. Oh, they'll take on
the Cubs in a day game at Wrigularly, the Socks
only a game behind the second place Yankees, who played
tonight Atlanta. The Mets her home for Cincinnati. Kepla signings
(10:09):
of No TJ. Watt in Pittsburgh. Stainfoot with the Steelers
three years, one hundred and twenty three million, all but
fifteen million of it guaranteed. He'll make slightly more than
another defensive lineman, Cleveland's Miles Garrett. Watt will make more
than any non quarterback ever has. And Damian Lillard spent
eleven years in Portland, went to Milwaukee, got hurt, got released.
(10:30):
He's going back to the Trailblazers, although due to the
injury he won't play next season. Caitlyn Clark won't play
in tomorrow's WNBA All Star Game in Indianapolis. You won't
even compete in the three point contest due to her
gint injury over forty WNBA players, including Clark, met to
discuss labor negotiations, and then put out a statement that said,
the only thing more unsustainable than the current system is
(10:52):
pretending he can go on forever. John Stasheward Bloomberg Sports,
Karen Ethan.
Speaker 1 (10:58):
Coast to coast on blue Berg Radio, nationwide on Serious XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (11:09):
Good morning, I'm Nathan Hager bringing you a conversation now
with the president of the San Francisco Fed Mary Daily.
She sat down with Bloomberg's Michael McKee at the Rocky
Mountain Economic Summit in Victor, Idaho. They talked about the
possibility of rate cuts, recent pressure on Chairman Powell, and
the impact of tariffs on the economy.
Speaker 4 (11:24):
Let's listen in.
Speaker 17 (11:25):
For me, what is really important is looking at the
incoming information.
Speaker 4 (11:30):
How close we are.
Speaker 17 (11:31):
I think one of the Pauls said, you know, we're
really close. We have an economy that's working, we have
solid growth, we have a solid labor market.
Speaker 4 (11:40):
You know, the consumers.
Speaker 17 (11:41):
Are spending, but they're you know, making their way in
their families. Ultimately, what is still bothersome is not we
haven't achieved price stability. And you know, I define price
stability this way. I do think it's sort of an
ethos part. It's when people don't have to worry about inflation.
When I go out and ask people across the twelfth district,
(12:02):
across the country, what's your top worry and they stop
saying inflation, well, then that's going to be a victory
because they suffered for too long. And remember, inflation is
like the largest tax people pay.
Speaker 4 (12:13):
It's an unpredictable tax.
Speaker 17 (12:14):
You're on a treadmill, you earn well, you've invest in
your business, and inflation eroads you're well being. So I
think ultimately that's what we have to think about. And
that's really enough to think about, frankly, and that's where
my focus is. So other things are not distracting us
from our core missions, and our core missions, as we
all know, have come from Congress.
Speaker 18 (12:34):
Essentially, you're saying we are going to remain focused on inflation.
We're not going to consider cutting rates until we are
sure inflations.
Speaker 4 (12:41):
I did not say that.
Speaker 18 (12:44):
I have punny words in her mouth to make it
easier for the headline writers.
Speaker 17 (12:48):
I know that, and so that's why I did not
say that so that they understand the next part of that.
Speaker 4 (12:53):
No, seriously, I think right.
Speaker 17 (12:55):
Now, when I look at the economy and policy, I
see them as both in a good place. When I
look out, we really have interest rates for a significant
number of years now in restrictive territory, and what we
have is an underlying economy that is responding those higher
interest rates.
Speaker 4 (13:12):
You have growth slowing.
Speaker 17 (13:13):
The broathy labor market that was pervasive after the pandemic
has now moved to a more sustainable place. People are
getting jobs, but firms are finding it easier to find
workers and importantly keep workers so that they're not constantly
on that revolving door of train and work of the
worker leave. So I think those are all good positions.
Speaker 4 (13:33):
Then we have inflation coming down.
Speaker 17 (13:35):
And if we extract our move away from just the
goods price inflations, which do show those numbers have been showing,
and certainly showed in this week's print, the effective tariffs
some of those being passed through. But if you look
at the other areas of inflation, you just don't see
that inflation is pushing back up. You see it gradually
going down, and housing services inflation, which has long been elevated,
(13:59):
has been coming down.
Speaker 4 (14:00):
Over this year.
Speaker 17 (14:01):
Services inflation without housing has been coming down, slowly but
coming down. So I see these is the result of
the policy that we have in place. But at some point,
if you hold the economy too tight the reins were
in Horse Country.
Speaker 4 (14:16):
If you hold the bridle too tight, you actually end
up stopping.
Speaker 17 (14:20):
And if you stop, then you take the problem people
did have, which was inflation, and turn it into a
problem that they don't have, which is the labor market.
Speaker 18 (14:28):
Could you explain to this audience, and of course the
guy at sixteen hundred Pennsylvania Avenue if he's listening, how
you put all that together and decide when the winterst
rates come down.
Speaker 17 (14:38):
Well, there's always been three scenarios that were possible. So
the first scenario was that we'd get the tariff effect
and it would spill over into all other sectors. So
if the price of a tariff good goes up, then
your person cutting your hair, since we were talking about.
Speaker 4 (14:55):
Barber's earlier, raises his or her prices, and.
Speaker 17 (14:58):
Suddenly you've got spillover that would make it more persistent.
We haven't seen any evidence that that's occurring. And I
think that the house price inflation, the house services inflation,
and the services inflation coming down reassures you that we're
not getting that persistent component.
Speaker 4 (15:14):
So then there's two other scenarios.
Speaker 17 (15:16):
One is that you get the tariff effect and its
it's relatively contained and it becomes a one off. And
the second is you just don't see much of the
effect because what happens is that as the tariffs settle in.
Speaker 4 (15:27):
To whatever level they're going to be.
Speaker 17 (15:29):
You know, firms who are importing from other countries say
you take half, I'll take half to the country. Then
down the by chain or the production chain, you're splitting
it all the way so that by the time it
hits consumers, it's a more muted impact than.
Speaker 4 (15:42):
What is the announced tariffs.
Speaker 17 (15:44):
You know, one of the pieces of evidence we have
for that is that the effective teriff right as of
last week was calculator around sixteen percent, but tariff revenue
is only eight percent. So that tells you there's some splitting,
there's some leakages, some workarounds.
Speaker 4 (15:58):
Companies are very innovative figuring in other ways.
Speaker 17 (16:00):
To do things, and you know, this is a global shock,
and so they are All companies across the globe are
figuring it out.
Speaker 2 (16:07):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:14):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:20):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 3 (16:35):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android auto interfaces.
Speaker 2 (16:40):
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 and your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (16:53):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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