August 27, 2025 • 15 mins
On today's podcast:
1) The Trump administration is reviewing options for exerting more influence over the Federal Reserve’s 12 regional banks that would potentially extend its reach beyond personnel appointments in Washington, according to people familiar with the matter.
2) SpaceX’s Starship rocket launched to space and deployed satellites for the first time before surviving most of its journey to Earth, achieving new technological milestones after a year of fiery setbacks.
3) European stocks gained as investors await Nividia Corp.’s update on the artificial intelligence boom that has powered equity gains this year.
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Transcript
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 Lisa Matteo. Here
are the top stories we're following today.
Speaker 3 (00:16):
Lisa, we begin with the latest developments in President Donald
Trump's efforts to exert more control over the Federal Reserve.
Bloomberg News has learned the Trump administration is reviewing options
for exerting more influence over the fed's twelve regional banks
that would potentially extend its reach beyond personnel appointments. This
comes as the President tries to oust FED Governor Lisa
Cook on allegations of mortgage fraud. If he does, it
(00:39):
would give the President an opportunity to secure a majority
on the seven person FED Board of Governors. The President
has heard here on Bloomberg Radio, defended his decision to
get rid of Cook at a White House Cabinet meeting.
Speaker 4 (00:50):
She seems to have had an infraction. And she can't
have an infraction, especially that infraction, because she's in charge of,
if you think about it, mortgages and people that are
one hundred percent above board, and it doesn't seem like
she was.
Speaker 3 (01:04):
That was President Trump speaking at a cabinet meeting. Now
Fed Governor. Cook's lawyer is vowing to file a lawsuit
over the President's maneuver to oust her for cause from
the FED Board of Governors and Nathan.
Speaker 2 (01:13):
Former FED Vice chair Lale Brainerd is suggesting there's a
real risk of multiple FED district bank presidents getting removed
from office next year as a result of politically charged
maneuvering by President Trump. Brainer tells Bloomberg she views the
president's a tax on Cook in the context of his
broader pressure on the Central Bank.
Speaker 5 (01:32):
Well, I think the Federal Reserve is an incredibly difficult
position here, but you have to remember this is not
about an individual governor. This is really an unprecedented attack
on the independence of the Federal Reserve as an institution.
Speaker 2 (01:49):
Former FED Vice chairl Brainerd warned that any political push
to revamp the FOMC would run the risk of stoking
inflation and longer term interest rates.
Speaker 3 (01:58):
Well, it's turn of markets now, So, because it's the
report investors have been waiting for all week. After the
closing bell, Nvidia reports its latest quarterly earning, so we
get a preview from Bloomberg's Tom Busby.
Speaker 6 (02:10):
And Vidia's Q two results expected to show the boom
and AI demand continues, Capex continues to grow, and Nvidia
continues to thrive with its cutting edge Blackwell chips now
with full production and selling well. One worry for the company, though,
is China, because of US restrictions on which chips it's
allowed to sell there, and Beijing urging companies there not
(02:31):
to use the older, less powerful chips that Nvidia does export.
Bloomberg Tech reporter Ian King speaking to Bloomberg TV on
Tuesday about this problem.
Speaker 7 (02:40):
What is the US government going to do next?
Speaker 3 (02:42):
What is the Chinese government going to do next? What
products will be allowed to be shipped? That the unfortunate
problem is we don't know.
Speaker 6 (02:49):
Bloomberg consensus though, calls for revenue of forty six point
two three billion dollars on adjusted ernix per share of
one dollar in one cent. Tom busby Bloomberg Radio, All.
Speaker 2 (02:59):
Right, thanks Tom, as we wait the Nvidio results. Some
other stocks making some news this morning, Bloomberg News has
learned the Justice Department is widening its probe of United Health.
Sources say the DOJ's criminal division is digging into the
company's prescription management services, as well as how it reimburses
its own doctors. The previously unreported areas of the probe
(03:20):
show the scrutiny is broader than was known and goes
beyond an inquiry into possible Medicare fraud. Shares of United
Health are down about two tens percent in early trading.
Speaker 3 (03:29):
All on the flip side, Lisa shares of Cracker Barrel
are surging more than seven percent. The restaurant chains decided
to scrap plans for a new logo. Cracker Barrel faced
a backlash on social media since changing its vintage logo
by removing an image of a man leaning on a
barrel while making the lettering more modern. President Trump weighed
in yesterday. He posted on social media that the brand
(03:52):
should restore its old logo and apologize logo change did
lead to a big drop in the share price. Now,
Cracker Barrel says, quote, we think thank our guests for
sharing your voices and love for Cracker Barrel. We said
we would listen, and we have end quote.
Speaker 2 (04:06):
They have all right, Nathan, Now let's get to the
latest on President Trump's train wars. The US has officially
slapped fifty percent on India's exports, doubling duties from twenty
five percent as punishment for buying Russian oil. The change
took effect at a minute after midnight after Wall Street time.
Bloomberg Shrewdy, Shriver Stava reports it's the highest tariff rate
(04:27):
of any the country in Asia.
Speaker 8 (04:29):
US is the largest market export market for India. It's
the biggest trading partner with India, and Indian exporters sold
some eighty seven million dollars goods to the US market
last year. That's two percent of India's GDP. So definitely,
you know, such high tariffs of course shuts down the
market for Indian exporters. Now they will have to look
(04:49):
for other ways, other markets, newer markets to diversify. So
of course that is going to be a huge impact.
Speaker 2 (04:55):
Bloomberg Shrewdy Shrivestava reports. The higher tariffs will hit labor
intentsive India like textiles and jewelry the hardest. Electronics and
pharmaceuticals are exempt for now. That includes Apple's massive new
factory investments in India and Lisa.
Speaker 3 (05:10):
President Trump is once again warning of serious consequences if
Russia and Ukraine don't end their war. Here was the
President again at that cabinet meeting heard live on Bloomberg Radio.
Speaker 4 (05:20):
I want to get it to and it.
Speaker 7 (05:23):
Will not be a world war, but it'll.
Speaker 4 (05:25):
Be an economic war. And an economic war is it's
going to be bad, and it's going to be bad
for Russia, and I don't want that.
Speaker 3 (05:33):
The President was asked if he has a timetable for
Russian President Vladimir Putin to meet with Ukrainian President Vladimir
Zelenski before he would impose sanctions. The President raised the
possibility of bilateral talks during his Alaska summit with Putin,
but more than a week after that gathering, there is
no meeting scheduled between Putin and Zelenski.
Speaker 2 (05:51):
In other news, Nathan SpaceX is celebrating a successful test
flight of Starship five.
Speaker 4 (05:58):
Three two one.
Speaker 2 (06:03):
Has heard here live on Bloomberg. The vehicle lifted off
from SpaceX's South Texas launch facility called Starbase. It's super
heavy booster, successfully separated from the Starship spacecraft as planned,
and then splashed down in the Gulf of Mexico. Advertised
as the largest and most powerful rocket ever built, Starship
is a centerpiece of the company's plans to send huge
(06:25):
batches of its Starlink Internet satellites into the Earth's orbit
and carry humans to the Moon and eventually to Mars.
Speaker 3 (06:31):
Well, I don't know if we could call this out
of this world news, Lisa, Maybe we could. Taylor Swift
and her football boyfriend Travis Kelcey had a big announcement.
Speaker 9 (06:41):
Are you ready for it?
Speaker 3 (06:43):
Well, fans were certainly ready for it. They announced in
a five part Instagram post They're engaged now. The news
has online betting markets soaring. Prediction market website cal She
says Gambler has made about eighty thousand dollars worth of
bets on when the wedding will be In the hours
after Taylor Swift's post on polymarket betters are gambling on
(07:05):
when the couple might have a baby, if the singer's
going to headline the twenty twenty six Super Bowl halftime show.
Travis kelce is making some news of his own. He's
teaming up with American Eagle on a co branded collection.
Speaker 2 (07:21):
All Right, Time Now for a look at some of
the other stories making news in New York and around
the world. For that were joined by Bloomberg's Michael bar
Good Morning, Michael.
Speaker 10 (07:28):
Good Morning, Lee said. New York City and New York
State officials are bristling at President Trump's thoughts of deploying
National Guard troops to the city to take on crime.
Governor Kathy Okle says she spoke with President Trump. Local
said she told the President the additional troops are not necessary.
Speaker 9 (07:45):
I was very gracious to say, I'll tell you what,
mister President, if I think i need help from the
National Guard beyond what I'm already doing, I knew where
to find you.
Speaker 10 (07:56):
New York Mayor Eric Adams says he does not see
a need placed federal troops in the city, saying they
are doing an amazing job. Meanwhile, Mayor Adams offered an
apology to New Yorkers for the corruption scandals connected to
his administration. Adam, speaking to Bloomberg, was asked about a
former aid Winnie Greco, giving more than one hundred dollars
in a potato chip bag to a reporter for the
(08:19):
city at a campaign rally in Harlem. I'm not going
to be.
Speaker 2 (08:22):
Judged by a red envelope in a paper bag.
Speaker 10 (08:25):
I'm gonna be judged by.
Speaker 5 (08:26):
How Phil Punch of how to improve the lives of
New Yorkers.
Speaker 9 (08:30):
It was a stupid thing to do.
Speaker 5 (08:31):
I don't understand the conversation you had with the reporter.
Speaker 10 (08:34):
I don't have the history of it. It's not something
that we would do in our campaign.
Speaker 11 (08:38):
I made that clear.
Speaker 5 (08:40):
I don't know what that was about.
Speaker 10 (08:42):
The damaging news story came as seven people, including Adam's
former top aid ingrid Lewis Martin, were indicted on bribery
and corruption charges. Adams said he has no plans to
drop out of the November election. Polls show he is
in fourth place in a five person field, behind Democratic
nominee z Around Memdani, former Governor Andrew Cuomo, and Republican
(09:03):
Curtis Sleewab. The Israeli military says it's double strike on
a guy as a hospital that killed twenty people targeted
what it believed was a Hammas surveillance camera. The dead
included five journalists. Global News twenty four hours a day
and whenever you wanted with the Bloomberg News. Now Michael
Barr and this is Bloomberg. Thanks Michael.
Speaker 3 (09:24):
Time now for our Bloomberg Sports update, and for that
we bring in Dan Schwartzman.
Speaker 11 (09:28):
Thanks Nathan. In Major League Baseball, the Mets beat the
Phillies on a Brandon Nimmo walk off Single six to five.
The Yankees knock off the Nationals five to one. Elsewhere,
the Red Sox shout out the Oriols five nothing. Blue
Jay's fault to the Twins seven to five. Brewers slip
past the Diamondbacks ninety eight. The Tigers loose to the
a seven to six. The Dodgers double up the Red
six to three. The Texas Rangers getting some bad news
(09:49):
as Nathan eval Duell missed the rest of the regular
season due to a rotator cuff strain. On the season,
the righty is eleven and three with a one point
seven to three ERA. At the US Open, two time
Grand Slam winner Cocoa Off struggles to get past Alight
tol Mianovich in three sets in the first round. Meanwhile,
both Egash Fiantek and Amanda Nisimova advance and trade sets
in the Mendroup. Top seed Yonik Center, Alexander Zverev, Alex Demnar,
(10:11):
and Tommy Paul all move on to the second round.
That's your Bloomberg Sports update.
Speaker 3 (10:17):
Stay with us more from Bloomberg Daybreak coming up after this.
Speaker 1 (10:24):
Coast to coast on Bloomberg Radio nationwide on Sirius Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (10:34):
Good morning, I'm Nathan Hager. President Donald Trump says he
is ready for a legal fight over his effort to
fire Federal Reserve Governor Lisa Cook, and he's already talking
about the influence he hopes to wield over Central Bank policy.
Speaker 4 (10:46):
We'll have a majority very shortly, So that'll be great
once we have a majority, and housing is going to swing,
and it's going to be great. People are paying too
high an interest rate.
Speaker 3 (10:57):
That was President Trump speaking at a cabinet meeting. Herd
live on Bloomberg Radio and for more. We're joined by
Bloomberg's Critty Gupta. So Critty, the President is making it
plain he really has that this is about trying to
secure a majority on the Fed Board of Governors. But
now we're hearing that he's looking for ways to extend
his influence beyond the board. What are we hearing.
Speaker 7 (11:18):
We're hearing that there's a lot of concern about how
he can actually do that. Remember, there are seven members
of the Federal Reserve Board, but there are other voting
members as well, and there's a clear question here of
just how much authority he actually has in terms of
firing as opposed to replacing, as opposed to influencing policy.
And we've had kind of touch points of this throughout
(11:38):
history with various presidents, but never to this extent, and
never an outright question of to what extent some of
the replacements of the Federal Reserve come at the discretion
of the president. And the question is they're basically looking
at the legality of how they can do that, not
just with Lisa Cook, but with others as well. One
of the key things that they've named in terms of
a potential Cook replacement, if that does indeed go through
(12:02):
and is deemed appropriate by the Supreme Court, is the
idea of moving around temporary seat. So, for example, Stephen
Amia and who is the current nominee to replace Adriana
Kugler after her resignation, a thought that Donald Trump had
proposed in the last twenty four hours is moving him
into Lisa Cook's seat for a longer her longer term
until twenty thirty eight. Again, the legality of that given
(12:26):
Adriana Cougler's term ends in January, and that temporary position
will be there until January is also up for debate,
so his team is reported to be looking into these
matters and is looking into ways that they can get
around what tradition suggests. Yah.
Speaker 3 (12:41):
We've heard some concern raised by a former FED Vice chair,
Lyle Brainerd in an interview on Bloomberg Radio and Television,
saying that even regional bank presidents could be worrying about
their jobs as well. Could the president go after the
regional banks when those positions are decided on by the
banks themselves.
Speaker 7 (13:00):
That's the key question here, and that's the speculation. I
love what Ail Brainerd also had said about the way
that you can interpret this in the markets, which is
that this idea of FED independence's idea of FED credibility
even on the regional level, is a crucial one because
that's where the market is freaking out on the bond
perspective from the long end. And she made the very
clear connection that if you undermine that independence, that is
(13:22):
going to show up in the very part of the
bond market curve that influences housing, which, as we also know,
in the last twenty four hours, Donald Trump made it
very clear that he is trying to bring down housing prices.
So this is a big debate now in the market
community of whether or not these moves are actually as
effective as he hopes them to be.
Speaker 3 (13:40):
You mentioned the freak out in the bond market, but
you look at the futures contracts this morning, not a
whole lot going on. You have to wonder whether investors
on that side of the market are just bracing for
what we hear from Nvidia later today.
Speaker 7 (13:53):
Absolutely, it feels like the debate about whether the tech
story or the bond market fed story Trump's pun not
intended is the bigger story for this week, because not
only do we have video, we have PCE data on
Friday as well, but and video is really crucial. Look,
this is the A plus plus student trying to impress
a market that is expecting the world from it. Some
(14:15):
some key pieces here are not only going to be
where it's getting its revenue from is it the hyperscalers,
but also what it's going to say about the development
of its Blackwell chip and the development of its H
twenty business, specifically to China. Since we had kind of
that start and stop over the summer about whether or
not they could ultimately export those tips to China with
the US government and also making it clear that China,
(14:36):
at least from a regulatory authority perspective, has discouraged some
of its local use of that chip as well. What
that read through is into Nvidia's bottom line that's of
key importance. Today.
Speaker 3 (14:49):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (14:56):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (15:02):
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 Sirius
XM Channel one twenty one.
Speaker 2 (15:16):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (15:22):
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 Nathan Hager and.
Speaker 2 (15:36):
I'm Lisa Matteo. 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 Lisa Matteo. Here
are the top stories we're following today.
Speaker 3 (00:16):
Lisa, we begin with the latest developments in President Donald
Trump's efforts to exert more control over the Federal Reserve.
Bloomberg News has learned the Trump administration is reviewing options
for exerting more influence over the fed's twelve regional banks
that would potentially extend its reach beyond personnel appointments. This
comes as the President tries to oust FED Governor Lisa
Cook on allegations of mortgage fraud. If he does, it
(00:39):
would give the President an opportunity to secure a majority
on the seven person FED Board of Governors. The President
has heard here on Bloomberg Radio, defended his decision to
get rid of Cook at a White House Cabinet meeting.
Speaker 4 (00:50):
She seems to have had an infraction. And she can't
have an infraction, especially that infraction, because she's in charge of,
if you think about it, mortgages and people that are
one hundred percent above board, and it doesn't seem like
she was.
Speaker 3 (01:04):
That was President Trump speaking at a cabinet meeting. Now
Fed Governor. Cook's lawyer is vowing to file a lawsuit
over the President's maneuver to oust her for cause from
the FED Board of Governors and Nathan.
Speaker 2 (01:13):
Former FED Vice chair Lale Brainerd is suggesting there's a
real risk of multiple FED district bank presidents getting removed
from office next year as a result of politically charged
maneuvering by President Trump. Brainer tells Bloomberg she views the
president's a tax on Cook in the context of his
broader pressure on the Central Bank.
Speaker 5 (01:32):
Well, I think the Federal Reserve is an incredibly difficult
position here, but you have to remember this is not
about an individual governor. This is really an unprecedented attack
on the independence of the Federal Reserve as an institution.
Speaker 2 (01:49):
Former FED Vice chairl Brainerd warned that any political push
to revamp the FOMC would run the risk of stoking
inflation and longer term interest rates.
Speaker 3 (01:58):
Well, it's turn of markets now, So, because it's the
report investors have been waiting for all week. After the
closing bell, Nvidia reports its latest quarterly earning, so we
get a preview from Bloomberg's Tom Busby.
Speaker 6 (02:10):
And Vidia's Q two results expected to show the boom
and AI demand continues, Capex continues to grow, and Nvidia
continues to thrive with its cutting edge Blackwell chips now
with full production and selling well. One worry for the company, though,
is China, because of US restrictions on which chips it's
allowed to sell there, and Beijing urging companies there not
(02:31):
to use the older, less powerful chips that Nvidia does export.
Bloomberg Tech reporter Ian King speaking to Bloomberg TV on
Tuesday about this problem.
Speaker 7 (02:40):
What is the US government going to do next?
Speaker 3 (02:42):
What is the Chinese government going to do next? What
products will be allowed to be shipped? That the unfortunate
problem is we don't know.
Speaker 6 (02:49):
Bloomberg consensus though, calls for revenue of forty six point
two three billion dollars on adjusted ernix per share of
one dollar in one cent. Tom busby Bloomberg Radio, All.
Speaker 2 (02:59):
Right, thanks Tom, as we wait the Nvidio results. Some
other stocks making some news this morning, Bloomberg News has
learned the Justice Department is widening its probe of United Health.
Sources say the DOJ's criminal division is digging into the
company's prescription management services, as well as how it reimburses
its own doctors. The previously unreported areas of the probe
(03:20):
show the scrutiny is broader than was known and goes
beyond an inquiry into possible Medicare fraud. Shares of United
Health are down about two tens percent in early trading.
Speaker 3 (03:29):
All on the flip side, Lisa shares of Cracker Barrel
are surging more than seven percent. The restaurant chains decided
to scrap plans for a new logo. Cracker Barrel faced
a backlash on social media since changing its vintage logo
by removing an image of a man leaning on a
barrel while making the lettering more modern. President Trump weighed
in yesterday. He posted on social media that the brand
(03:52):
should restore its old logo and apologize logo change did
lead to a big drop in the share price. Now,
Cracker Barrel says, quote, we think thank our guests for
sharing your voices and love for Cracker Barrel. We said
we would listen, and we have end quote.
Speaker 2 (04:06):
They have all right, Nathan, Now let's get to the
latest on President Trump's train wars. The US has officially
slapped fifty percent on India's exports, doubling duties from twenty
five percent as punishment for buying Russian oil. The change
took effect at a minute after midnight after Wall Street time.
Bloomberg Shrewdy, Shriver Stava reports it's the highest tariff rate
(04:27):
of any the country in Asia.
Speaker 8 (04:29):
US is the largest market export market for India. It's
the biggest trading partner with India, and Indian exporters sold
some eighty seven million dollars goods to the US market
last year. That's two percent of India's GDP. So definitely,
you know, such high tariffs of course shuts down the
market for Indian exporters. Now they will have to look
(04:49):
for other ways, other markets, newer markets to diversify. So
of course that is going to be a huge impact.
Speaker 2 (04:55):
Bloomberg Shrewdy Shrivestava reports. The higher tariffs will hit labor
intentsive India like textiles and jewelry the hardest. Electronics and
pharmaceuticals are exempt for now. That includes Apple's massive new
factory investments in India and Lisa.
Speaker 3 (05:10):
President Trump is once again warning of serious consequences if
Russia and Ukraine don't end their war. Here was the
President again at that cabinet meeting heard live on Bloomberg Radio.
Speaker 4 (05:20):
I want to get it to and it.
Speaker 7 (05:23):
Will not be a world war, but it'll.
Speaker 4 (05:25):
Be an economic war. And an economic war is it's
going to be bad, and it's going to be bad
for Russia, and I don't want that.
Speaker 3 (05:33):
The President was asked if he has a timetable for
Russian President Vladimir Putin to meet with Ukrainian President Vladimir
Zelenski before he would impose sanctions. The President raised the
possibility of bilateral talks during his Alaska summit with Putin,
but more than a week after that gathering, there is
no meeting scheduled between Putin and Zelenski.
Speaker 2 (05:51):
In other news, Nathan SpaceX is celebrating a successful test
flight of Starship five.
Speaker 4 (05:58):
Three two one.
Speaker 2 (06:03):
Has heard here live on Bloomberg. The vehicle lifted off
from SpaceX's South Texas launch facility called Starbase. It's super
heavy booster, successfully separated from the Starship spacecraft as planned,
and then splashed down in the Gulf of Mexico. Advertised
as the largest and most powerful rocket ever built, Starship
is a centerpiece of the company's plans to send huge
(06:25):
batches of its Starlink Internet satellites into the Earth's orbit
and carry humans to the Moon and eventually to Mars.
Speaker 3 (06:31):
Well, I don't know if we could call this out
of this world news, Lisa, Maybe we could. Taylor Swift
and her football boyfriend Travis Kelcey had a big announcement.
Speaker 9 (06:41):
Are you ready for it?
Speaker 3 (06:43):
Well, fans were certainly ready for it. They announced in
a five part Instagram post They're engaged now. The news
has online betting markets soaring. Prediction market website cal She
says Gambler has made about eighty thousand dollars worth of
bets on when the wedding will be In the hours
after Taylor Swift's post on polymarket betters are gambling on
(07:05):
when the couple might have a baby, if the singer's
going to headline the twenty twenty six Super Bowl halftime show.
Travis kelce is making some news of his own. He's
teaming up with American Eagle on a co branded collection.
Speaker 2 (07:21):
All Right, Time Now for a look at some of
the other stories making news in New York and around
the world. For that were joined by Bloomberg's Michael bar
Good Morning, Michael.
Speaker 10 (07:28):
Good Morning, Lee said. New York City and New York
State officials are bristling at President Trump's thoughts of deploying
National Guard troops to the city to take on crime.
Governor Kathy Okle says she spoke with President Trump. Local
said she told the President the additional troops are not necessary.
Speaker 9 (07:45):
I was very gracious to say, I'll tell you what,
mister President, if I think i need help from the
National Guard beyond what I'm already doing, I knew where
to find you.
Speaker 10 (07:56):
New York Mayor Eric Adams says he does not see
a need placed federal troops in the city, saying they
are doing an amazing job. Meanwhile, Mayor Adams offered an
apology to New Yorkers for the corruption scandals connected to
his administration. Adam, speaking to Bloomberg, was asked about a
former aid Winnie Greco, giving more than one hundred dollars
in a potato chip bag to a reporter for the
(08:19):
city at a campaign rally in Harlem. I'm not going
to be.
Speaker 2 (08:22):
Judged by a red envelope in a paper bag.
Speaker 10 (08:25):
I'm gonna be judged by.
Speaker 5 (08:26):
How Phil Punch of how to improve the lives of
New Yorkers.
Speaker 9 (08:30):
It was a stupid thing to do.
Speaker 5 (08:31):
I don't understand the conversation you had with the reporter.
Speaker 10 (08:34):
I don't have the history of it. It's not something
that we would do in our campaign.
Speaker 11 (08:38):
I made that clear.
Speaker 5 (08:40):
I don't know what that was about.
Speaker 10 (08:42):
The damaging news story came as seven people, including Adam's
former top aid ingrid Lewis Martin, were indicted on bribery
and corruption charges. Adams said he has no plans to
drop out of the November election. Polls show he is
in fourth place in a five person field, behind Democratic
nominee z Around Memdani, former Governor Andrew Cuomo, and Republican
(09:03):
Curtis Sleewab. The Israeli military says it's double strike on
a guy as a hospital that killed twenty people targeted
what it believed was a Hammas surveillance camera. The dead
included five journalists. Global News twenty four hours a day
and whenever you wanted with the Bloomberg News. Now Michael
Barr and this is Bloomberg. Thanks Michael.
Speaker 3 (09:24):
Time now for our Bloomberg Sports update, and for that
we bring in Dan Schwartzman.
Speaker 11 (09:28):
Thanks Nathan. In Major League Baseball, the Mets beat the
Phillies on a Brandon Nimmo walk off Single six to five.
The Yankees knock off the Nationals five to one. Elsewhere,
the Red Sox shout out the Oriols five nothing. Blue
Jay's fault to the Twins seven to five. Brewers slip
past the Diamondbacks ninety eight. The Tigers loose to the
a seven to six. The Dodgers double up the Red
six to three. The Texas Rangers getting some bad news
(09:49):
as Nathan eval Duell missed the rest of the regular
season due to a rotator cuff strain. On the season,
the righty is eleven and three with a one point
seven to three ERA. At the US Open, two time
Grand Slam winner Cocoa Off struggles to get past Alight
tol Mianovich in three sets in the first round. Meanwhile,
both Egash Fiantek and Amanda Nisimova advance and trade sets
in the Mendroup. Top seed Yonik Center, Alexander Zverev, Alex Demnar,
(10:11):
and Tommy Paul all move on to the second round.
That's your Bloomberg Sports update.
Speaker 3 (10:17):
Stay with us more from Bloomberg Daybreak coming up after this.
Speaker 1 (10:24):
Coast to coast on Bloomberg Radio nationwide on Sirius Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (10:34):
Good morning, I'm Nathan Hager. President Donald Trump says he
is ready for a legal fight over his effort to
fire Federal Reserve Governor Lisa Cook, and he's already talking
about the influence he hopes to wield over Central Bank policy.
Speaker 4 (10:46):
We'll have a majority very shortly, So that'll be great
once we have a majority, and housing is going to swing,
and it's going to be great. People are paying too
high an interest rate.
Speaker 3 (10:57):
That was President Trump speaking at a cabinet meeting. Herd
live on Bloomberg Radio and for more. We're joined by
Bloomberg's Critty Gupta. So Critty, the President is making it
plain he really has that this is about trying to
secure a majority on the Fed Board of Governors. But
now we're hearing that he's looking for ways to extend
his influence beyond the board. What are we hearing.
Speaker 7 (11:18):
We're hearing that there's a lot of concern about how
he can actually do that. Remember, there are seven members
of the Federal Reserve Board, but there are other voting
members as well, and there's a clear question here of
just how much authority he actually has in terms of
firing as opposed to replacing, as opposed to influencing policy.
And we've had kind of touch points of this throughout
(11:38):
history with various presidents, but never to this extent, and
never an outright question of to what extent some of
the replacements of the Federal Reserve come at the discretion
of the president. And the question is they're basically looking
at the legality of how they can do that, not
just with Lisa Cook, but with others as well. One
of the key things that they've named in terms of
a potential Cook replacement, if that does indeed go through
(12:02):
and is deemed appropriate by the Supreme Court, is the
idea of moving around temporary seat. So, for example, Stephen
Amia and who is the current nominee to replace Adriana
Kugler after her resignation, a thought that Donald Trump had
proposed in the last twenty four hours is moving him
into Lisa Cook's seat for a longer her longer term
until twenty thirty eight. Again, the legality of that given
(12:26):
Adriana Cougler's term ends in January, and that temporary position
will be there until January is also up for debate,
so his team is reported to be looking into these
matters and is looking into ways that they can get
around what tradition suggests. Yah.
Speaker 3 (12:41):
We've heard some concern raised by a former FED Vice chair,
Lyle Brainerd in an interview on Bloomberg Radio and Television,
saying that even regional bank presidents could be worrying about
their jobs as well. Could the president go after the
regional banks when those positions are decided on by the
banks themselves.
Speaker 7 (13:00):
That's the key question here, and that's the speculation. I
love what Ail Brainerd also had said about the way
that you can interpret this in the markets, which is
that this idea of FED independence's idea of FED credibility
even on the regional level, is a crucial one because
that's where the market is freaking out on the bond
perspective from the long end. And she made the very
clear connection that if you undermine that independence, that is
(13:22):
going to show up in the very part of the
bond market curve that influences housing, which, as we also know,
in the last twenty four hours, Donald Trump made it
very clear that he is trying to bring down housing prices.
So this is a big debate now in the market
community of whether or not these moves are actually as
effective as he hopes them to be.
Speaker 3 (13:40):
You mentioned the freak out in the bond market, but
you look at the futures contracts this morning, not a
whole lot going on. You have to wonder whether investors
on that side of the market are just bracing for
what we hear from Nvidia later today.
Speaker 7 (13:53):
Absolutely, it feels like the debate about whether the tech
story or the bond market fed story Trump's pun not
intended is the bigger story for this week, because not
only do we have video, we have PCE data on
Friday as well, but and video is really crucial. Look,
this is the A plus plus student trying to impress
a market that is expecting the world from it. Some
(14:15):
some key pieces here are not only going to be
where it's getting its revenue from is it the hyperscalers,
but also what it's going to say about the development
of its Blackwell chip and the development of its H
twenty business, specifically to China. Since we had kind of
that start and stop over the summer about whether or
not they could ultimately export those tips to China with
the US government and also making it clear that China,
(14:36):
at least from a regulatory authority perspective, has discouraged some
of its local use of that chip as well. What
that read through is into Nvidia's bottom line that's of
key importance. Today.
Speaker 3 (14:49):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (14:56):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (15:02):
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 Sirius
XM Channel one twenty one.
Speaker 2 (15:16):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android Auto Winterfaces.
Speaker 3 (15:22):
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 Nathan Hager and.
Speaker 2 (15:36):
I'm Lisa Matteo. Join us again tomorrow morning. For all
the news you need to start your day right here
on Bloomberg Daybreak
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