August 29, 2025 • 15 mins
On today's podcast:
1) A leading candidate to replace Jay Powell as Fed Chair sees a quarter point rate cut in September. Federal Reserve Governor Christopher Waller called for lower interest rates, saying he would support a reduction in September. Waller anticipates additional cuts over the next three to six months, with the pace driven by incoming data. Waller said the chances of an undesirable weakening in the labor market have increased, and proper risk management means the FOMC should be cutting the policy rate now.
2) President Trump's bid to fire Fed Governor Lisa Cook is headed for a showdown in court. Federal Housing Finance Agency Director Bill Pulte sent a new criminal referral against Federal Reserve Governor Lisa Cook over allegations of mortgage fraud. Cook is seeking to block President Trump's move to fire her, filing a lawsuit that labels the president's bid to oust her as “illegal” and casting it as a bid to seize control of the Fed.
3) Robert F. Kennedy Jr. names his top deputy to replace the fired head of the CDC. The Trump administration is tapping Jim O'Neill as the acting director of the Centers for Disease Control and Prevention. The move follows the firing of Susan Monarez, who was ousted after a confrontation with Health and Human Services Secretary Robert F. Kennedy Jr. over vaccine policy. Kennedy said in a message to CDC staff that he and President Trump are aligned on a vision for the CDC to strengthen the public health infrastructure by returning to its core mission.
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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 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today, Karen.
Speaker 3 (00:16):
We are less than three weeks from the Federal Reserve's
next interest rate decision, and one of the leading candidates
to replace j. Powellis FED chair next year is calling
for a quarter point rate cut, not a half point.
FED Governor Christopher Waller spoke at a conference hosted by
the Economic Club of Miami.
Speaker 4 (00:34):
Well, I judge that the FMC should have begun this
process in July based on the data in hand, I
don't believe that a cut of larger than twenty five
basis points is needed in September. Now. That view, of course,
could change, if the employment report for August do out
a week from tomorrow points to a substantially weakening economy
and inflation remains well contained.
Speaker 3 (00:55):
FAT Governor Chris Waller voted against this month's decision to
hold the Fed's bench great steady. He says he anticipates
more cuts over the next three to six months. While
those remarks are the first by a top FED official
since President Trump moved this week to fire Lisa Cook,
and now.
Speaker 2 (01:12):
Nathan Matt moved to fire Governor Cook is headed for
a showdown in court. A federal judge has said a
hearing for ten this morning Wall Street Time on Cook's
request for a restraining order to keep her on the
Fed's Board of Governors. And now Cook is offering an
explanation for the mortgage dispute at the center of the
case in her lawsuit against the president. But yet more
(01:32):
from Bloomberg Legal reporter Eric Larson.
Speaker 5 (01:35):
She did not explicitly deny the allegations, but clearly at
this stage in the case, they're signaling a potential defense here,
which is that not only could this be a clerical error,
but that it wasn't material to any decisions that were
made on these mortgages, that no one was harmed by it.
And really that's regardless. It's not cause to fire her
(01:55):
because these mortgages were done a year before she joined
the board and has nothing to do with her job.
Speaker 2 (02:01):
And as Bloomberg Legal reporter Eric Larson, meanwhile, the Trump
administration is putting even more pressure on Cook. Federal Housing
Finance Agency Director Bill Poulti has sent a new criminal
referral over a third property in Massachusetts. Poulty says Cook
originally claimed it was a second home, but later listed
it as an investment property.
Speaker 3 (02:21):
Meanwhile, Karen, it looks like the Trump administration's plans to
fast track Stephen Myron's confirmation to the FED Board is
working out. We get more on that from Bloomberg's Denise Pellegrini.
Speaker 6 (02:32):
The Senate Banking Committee will hold a hearing September fourth
on Myrinten's confirmation as FED Governor to replace Audreana Kugler
after she resigned. Myronen will likely be grilled over President
Hump's economic policies and efforts to influence the Fed. But
Democrats also say privately they can't block Myron's ascension on
their own, and under the rules they can only hold
(02:52):
things up briefly in the committee and then only for
a few days on the Senate floor. Also, remember no
Republicans voted against Myron as chair of the Council of
Economic Advisors earlier this year, meaning Myron could well be
confirmed as FED Governor before the Bank's two day rate
setting meeting in mid September. Denise Pelgriny Bloomberg Radio, all.
Speaker 2 (03:11):
Right, Denise, thank you. The shake up at the Centers
for Disease Control continues. Health and Human Services Secretary Robert F.
Kennedy Junior has named his top deputy, Jim O'Neill, as
acting CDC director. This is after the White House fire
the previous director, Susan Minares, less than a month into
the job after she confronted Kennedy over his vaccine stance.
Kennedy says the agency needs an overhaul.
Speaker 7 (03:33):
There's a lot of trouble at CDC, and it's going
to require getting rid of some people over the long
term in order for us to change the institutional culture
and bring back pride and self esteem, make that agency
the stellar agency that it's always been.
Speaker 2 (03:51):
How Secretary Robert F. Kennedy Junior spoke at an event
in Texas. Some Senate Republicans have expressed alarm over Manarez
is firing. The Wall Street Journal report. Senator Built Cassidy
is called on AHHS to postpone a meeting of its
Vaccine Advisory Committee next month due to questions about its membership.
Speaker 3 (04:10):
Turning to the economy now, Karen, Inflation is in focus
this morning with the FED. With the release of the
Fed's preferred price gauge Bloomberg's Michael McKee reports July's PCE
print is likely to show quicker inflation.
Speaker 8 (04:24):
The Fed's two percent inflation target is based on the
PCE index, but today's reading likely won't sway any votes
at the FED September seventeenth meeting. PCE is put together
from data collected in other inflation surveys. After the consumer
and producer price indexes are released, economists can calculate a
close approximation of what PCE will be. The forecast is
(04:46):
for a slight decline in month over month inflation and
no change in the annual figure. Any significant deviation might
generate a market reaction, but more likely look to the
September eleventh release of the CPI for guidance on the FED.
Michael McKee Bloomberg Radio.
Speaker 2 (05:03):
Allright, Mike, thank you well. Futures are lower ahead of
that key inflation report. Yesterday, the S and P five
hundred closed above sixty five hundred for the first time.
Keith Lerner, the chief market strategist at Truest Advisory Services,
remains bullish on tech.
Speaker 9 (05:16):
From the lows in April, the S and P is
up thirty percent. The tech sector is up about fifty one.
The term was still bullsh on technology, with still bullsh
on the AI theme.
Speaker 2 (05:28):
And truest advisory services Keith Lerner. This is the last
trading day of August. Over the last seventy five years,
the S and P five hundred has posted an average
drop of sevent tenths percent in September, making it the
worst performing month for stocks.
Speaker 3 (05:44):
Let's see how some individual stocks are performing this morning.
Karen Shares of Dell are down more than six percent.
The computer maker reported fewer sales of artificial intelligence servers
and lower profit margins than analyst estimates. Shares of Marvel
are down thirteen percent. Data center revenue missed. On the
flip side, shares of Petco are surging eighteen and a
(06:06):
half percent. The pet retailer raised its earnings targets for
the year.
Speaker 2 (06:11):
And now to the latest on the war in Ukraine,
Nathan German and Chancellor Frederick Mertz says a meeting between
Ukrainian President Vladimir Zelenski and Russia's Vladimir Putin is unlikely
to materialize. The news comes as Russia unleashed a new
wave of drone and missile strikes on Kiev and defiance
of US calls for an end to the fighting. White
(06:31):
House Press Secretary Caroline Levitt says President Trump is not
happy or surprised.
Speaker 10 (06:37):
This killing unfortunately, will continue as long as the war continues,
which is why the President wants it to end, and
that's why he's worked harder than anyone to end this war.
But perhaps both sides of this war are not ready
to end.
Speaker 2 (06:49):
It themselves, white House Press Secretary Caroline Levitt. Later today,
senior Ukrainian officials are expected to travel to the US
to exchange ideas on post war security with members of
the Trump administration. Time now for look at some of
the other stories making news in New York and around
the world, and for never joined by Bloomberg's Michael Barr Michael,
(07:12):
Good Morning.
Speaker 11 (07:12):
Good morning Karen. Police the Minneapolis say they are looking
for a clear motive and Wednesday shooting at a Minneapolis
Catholic church that left two children dead and seventeen others injured.
The shooter, twenty three year old Robin Westman, died of
an apparent self inflicted gunshot wound at the scene. Police
characterized Westman as full of hate. Authorities say they recovered
(07:33):
one hundred and sixteen rifle rounds at the scene, along
with three shotgun shells. Meanwhile, the father of one of
the two children killed in the shooting is asking for
his son to be remembered for who he was and
not as the victim of a mass shooting. Jesse Merkle's son,
eight year old Fletcher Merkele, was killed inside an Unciation
Catholic church.
Speaker 12 (07:54):
While the whole in our hearts and wives will never
be filled. I hope been time our family can find healing.
I pray that the other victims family can find some
Semblents of the.
Speaker 11 (08:07):
Scene also killed ten year old Harper Moyski. Reverend Al
Sharpton led a protest march on Wall Street, urging corporations
to resist the Trump administration's push to rollmack DEEI initiatives.
Sharpton was joined by thousands of people, including leaders of
church unions and organizations. Reverend Sharpton called President Trump and
(08:30):
anti dreamers who want to cut Medicaid and snap to
pay for tax breaks.
Speaker 13 (08:36):
For the rich, why didn't we come to Wall Street?
Speaker 7 (08:39):
Since you have benefited from Trump.
Speaker 11 (08:42):
We come to tell you your benefit pays a number.
Speaker 1 (08:47):
We're not going back.
Speaker 11 (08:50):
Among those who participated in the march include New York
Democratic mayoral candidate Zoron Memdani. Many Americans are traveling this
holiday weekend trip as Iike Sadiaz has a pro tip
on when you should leave if you're driving.
Speaker 14 (09:05):
Properably, anytime before lunchtime and on Saturday before ten am,
because Saturday we are expecting between ten am and six
pm to be extra busy because if people don't want
to take off work on.
Speaker 11 (09:15):
Friday, gas prices are at a five year low. Global
news twenty four hours a day, and whenever you wanted
with Bloomberg News. Now, I'm Michael Barr, and this is
Bloomberg Karen.
Speaker 8 (09:27):
Thanks Michael.
Speaker 2 (09:27):
Time now for our Bloomberg Sports dating. For that, we
bring in John Stashower.
Speaker 11 (09:32):
Thanks Daron.
Speaker 15 (09:33):
A blockbuster trade in the NFL, Dallas's pass rusher Michael
Parsons wanted a new contract, demanded a trade, and he
got one. He's going to the Green Bay Packers. The
Cowboys in return get defensive tackled Kenny Clark and first
round draft picks the next two years. Parsons has already
agreed to a new deal with the Packers for four
years and one hundred and eighty eight million dollars a
(09:54):
US Open match that ended just before two am. It
lasted four and a half hours. Tommy Paul won five cents.
That's your Bloomberg Sports update.
Speaker 2 (10:03):
Stay with us. More from Bloomberg Daybreak coming up after this.
Speaker 1 (10:11):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 6 (10:21):
Good morning.
Speaker 3 (10:22):
I'm Nathan Hager, and President Donald Trump's push for more
influence on the Federal Reserve is headed for a showdown
in federal court this morning. A hearing is set for
ten am Wall Street time on Federal Reserve Governor Lisa
Cook's request for a restraining order against the President's moved
to fire her for cause over her mortgages. White House
Press Secretary Caroline Levitt says, the President is ready.
Speaker 10 (10:43):
He has the cause that he needs to fire this individual.
He laid it out in the letter that he provided
to her into the public as well, and so we'll
continue to fight this battle.
Speaker 3 (10:52):
That was White House spokeswoman Caroline Levitt. And joining us
now is Terry Haines, the founder of Pangaea policy. Great
to speak with you this morning, Terry. But that really
is the question, isn't it whether the president has the cause?
Speaker 13 (11:04):
Good morning, Good morning, Nathan. You know, I'll give you
a threshold. The threshold is really factual. You know, those
of us with certain hair color will remember Jack Webb
and Dragnet talking about just the facts. Well, this is
just the facts. Whether or not the president can do
what the President says he intends to do, it depends
(11:26):
on the facts surrounding the Cook situation. So far, we
don't have any of those facts, and I would urge
people not to assume that they understand what's going on.
It's developing situations still, as recent headlines show, So I'd
hold off on that. And that also matters for in
court for standing purposes. If you're asking somebody court not
(11:48):
to remove you and you haven't been removed, that's another
level of complexity.
Speaker 11 (11:55):
Yeah.
Speaker 3 (11:55):
Well, we've seen from the lawsuit that Governor Cook has
filed against this move. She's saying that it could amount
to a clerical error and that the president's attempt to
fire her is a power grab that could do irreparable
harm to the US economy. What do you make of
Governor Cook's defense.
Speaker 13 (12:13):
Here as it's developing. I think she's ultimately going to
need to prove that She's not going to have to
prove that today in court, of course. Firstly, Secondly, I
think the president's ability to fire for cause here depends
entirely on what those facts are are. If there's a
(12:33):
lot more and the behavior is a lot worse than
has already been reported, then President's case gets stronger. But
if the case the case is weaker, the case is
non existent, then the president really doesn't have the ability. Thirdly,
I think it's a mistake for folks to think that
this is about Trump versus the FED or Trump versus
Cook on two regards. One, the FED is a congressional
(12:56):
agency exercises congressional power, so Congress is going to have
a lot say about that. And secondly, you're you're in
a situation here where I don't think they're I don't
think FED independence today is presented as kind of the
existential question. You're wrapping up the removal of one governor
with FED independence. I think you're barking up the wrong tree,
(13:19):
and I think you're virtual signaling more than a little
bit Frankly.
Speaker 3 (13:22):
Now, well, there has been some reporting from Bloomberg News
this week that the President is considering pulling levers on
vetting a FED bank presidents as well. What could this
continued scrutiny of the FED bean for markets?
Speaker 13 (13:36):
Well, I think the I understand people are reporting those things,
and wouldn't surprise me if they're The administration is looking
at all kinds of alternatives. But at the same time,
what you've seen with the governor so far, you know,
in the midst of all the all the penell attacks,
is that they haven't changed their position, you know, and
(13:56):
even even a whiller today as you report, suggests a
quarter point rather than a half point is appropriate. It's
something which I'm sure doesn't please the White House, although
he notes that they're more more data will come in
next week that may change his view. But these folks
have not shown that they're cowed, number one, so I
(14:17):
expect them to continue not to be cowed. Secondly, Trump
can nominate anybody who wants to the FED, but it's
the Senate. It's up to the Senate to approve them,
and the Senate has shown even the Democratic Senate and
Biden days has shown they're not rubber stamps. As the
kerfuffle around bloom raskin for the show who ultimately had
to drop.
Speaker 2 (14:38):
This is Bloomberg Daybreak, your morning podcast and the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (14:45):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (14:51):
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
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Speaker 3 (15:05):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (15:11):
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 3 (15:24):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Bray
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today, Karen.
Speaker 3 (00:16):
We are less than three weeks from the Federal Reserve's
next interest rate decision, and one of the leading candidates
to replace j. Powellis FED chair next year is calling
for a quarter point rate cut, not a half point.
FED Governor Christopher Waller spoke at a conference hosted by
the Economic Club of Miami.
Speaker 4 (00:34):
Well, I judge that the FMC should have begun this
process in July based on the data in hand, I
don't believe that a cut of larger than twenty five
basis points is needed in September. Now. That view, of course,
could change, if the employment report for August do out
a week from tomorrow points to a substantially weakening economy
and inflation remains well contained.
Speaker 3 (00:55):
FAT Governor Chris Waller voted against this month's decision to
hold the Fed's bench great steady. He says he anticipates
more cuts over the next three to six months. While
those remarks are the first by a top FED official
since President Trump moved this week to fire Lisa Cook,
and now.
Speaker 2 (01:12):
Nathan Matt moved to fire Governor Cook is headed for
a showdown in court. A federal judge has said a
hearing for ten this morning Wall Street Time on Cook's
request for a restraining order to keep her on the
Fed's Board of Governors. And now Cook is offering an
explanation for the mortgage dispute at the center of the
case in her lawsuit against the president. But yet more
(01:32):
from Bloomberg Legal reporter Eric Larson.
Speaker 5 (01:35):
She did not explicitly deny the allegations, but clearly at
this stage in the case, they're signaling a potential defense here,
which is that not only could this be a clerical error,
but that it wasn't material to any decisions that were
made on these mortgages, that no one was harmed by it.
And really that's regardless. It's not cause to fire her
(01:55):
because these mortgages were done a year before she joined
the board and has nothing to do with her job.
Speaker 2 (02:01):
And as Bloomberg Legal reporter Eric Larson, meanwhile, the Trump
administration is putting even more pressure on Cook. Federal Housing
Finance Agency Director Bill Poulti has sent a new criminal
referral over a third property in Massachusetts. Poulty says Cook
originally claimed it was a second home, but later listed
it as an investment property.
Speaker 3 (02:21):
Meanwhile, Karen, it looks like the Trump administration's plans to
fast track Stephen Myron's confirmation to the FED Board is
working out. We get more on that from Bloomberg's Denise Pellegrini.
Speaker 6 (02:32):
The Senate Banking Committee will hold a hearing September fourth
on Myrinten's confirmation as FED Governor to replace Audreana Kugler
after she resigned. Myronen will likely be grilled over President
Hump's economic policies and efforts to influence the Fed. But
Democrats also say privately they can't block Myron's ascension on
their own, and under the rules they can only hold
(02:52):
things up briefly in the committee and then only for
a few days on the Senate floor. Also, remember no
Republicans voted against Myron as chair of the Council of
Economic Advisors earlier this year, meaning Myron could well be
confirmed as FED Governor before the Bank's two day rate
setting meeting in mid September. Denise Pelgriny Bloomberg Radio, all.
Speaker 2 (03:11):
Right, Denise, thank you. The shake up at the Centers
for Disease Control continues. Health and Human Services Secretary Robert F.
Kennedy Junior has named his top deputy, Jim O'Neill, as
acting CDC director. This is after the White House fire
the previous director, Susan Minares, less than a month into
the job after she confronted Kennedy over his vaccine stance.
Kennedy says the agency needs an overhaul.
Speaker 7 (03:33):
There's a lot of trouble at CDC, and it's going
to require getting rid of some people over the long
term in order for us to change the institutional culture
and bring back pride and self esteem, make that agency
the stellar agency that it's always been.
Speaker 2 (03:51):
How Secretary Robert F. Kennedy Junior spoke at an event
in Texas. Some Senate Republicans have expressed alarm over Manarez
is firing. The Wall Street Journal report. Senator Built Cassidy
is called on AHHS to postpone a meeting of its
Vaccine Advisory Committee next month due to questions about its membership.
Speaker 3 (04:10):
Turning to the economy now, Karen, Inflation is in focus
this morning with the FED. With the release of the
Fed's preferred price gauge Bloomberg's Michael McKee reports July's PCE
print is likely to show quicker inflation.
Speaker 8 (04:24):
The Fed's two percent inflation target is based on the
PCE index, but today's reading likely won't sway any votes
at the FED September seventeenth meeting. PCE is put together
from data collected in other inflation surveys. After the consumer
and producer price indexes are released, economists can calculate a
close approximation of what PCE will be. The forecast is
(04:46):
for a slight decline in month over month inflation and
no change in the annual figure. Any significant deviation might
generate a market reaction, but more likely look to the
September eleventh release of the CPI for guidance on the FED.
Michael McKee Bloomberg Radio.
Speaker 2 (05:03):
Allright, Mike, thank you well. Futures are lower ahead of
that key inflation report. Yesterday, the S and P five
hundred closed above sixty five hundred for the first time.
Keith Lerner, the chief market strategist at Truest Advisory Services,
remains bullish on tech.
Speaker 9 (05:16):
From the lows in April, the S and P is
up thirty percent. The tech sector is up about fifty one.
The term was still bullsh on technology, with still bullsh
on the AI theme.
Speaker 2 (05:28):
And truest advisory services Keith Lerner. This is the last
trading day of August. Over the last seventy five years,
the S and P five hundred has posted an average
drop of sevent tenths percent in September, making it the
worst performing month for stocks.
Speaker 3 (05:44):
Let's see how some individual stocks are performing this morning.
Karen Shares of Dell are down more than six percent.
The computer maker reported fewer sales of artificial intelligence servers
and lower profit margins than analyst estimates. Shares of Marvel
are down thirteen percent. Data center revenue missed. On the
flip side, shares of Petco are surging eighteen and a
(06:06):
half percent. The pet retailer raised its earnings targets for
the year.
Speaker 2 (06:11):
And now to the latest on the war in Ukraine,
Nathan German and Chancellor Frederick Mertz says a meeting between
Ukrainian President Vladimir Zelenski and Russia's Vladimir Putin is unlikely
to materialize. The news comes as Russia unleashed a new
wave of drone and missile strikes on Kiev and defiance
of US calls for an end to the fighting. White
(06:31):
House Press Secretary Caroline Levitt says President Trump is not
happy or surprised.
Speaker 10 (06:37):
This killing unfortunately, will continue as long as the war continues,
which is why the President wants it to end, and
that's why he's worked harder than anyone to end this war.
But perhaps both sides of this war are not ready
to end.
Speaker 2 (06:49):
It themselves, white House Press Secretary Caroline Levitt. Later today,
senior Ukrainian officials are expected to travel to the US
to exchange ideas on post war security with members of
the Trump administration. Time now for look at some of
the other stories making news in New York and around
the world, and for never joined by Bloomberg's Michael Barr Michael,
(07:12):
Good Morning.
Speaker 11 (07:12):
Good morning Karen. Police the Minneapolis say they are looking
for a clear motive and Wednesday shooting at a Minneapolis
Catholic church that left two children dead and seventeen others injured.
The shooter, twenty three year old Robin Westman, died of
an apparent self inflicted gunshot wound at the scene. Police
characterized Westman as full of hate. Authorities say they recovered
(07:33):
one hundred and sixteen rifle rounds at the scene, along
with three shotgun shells. Meanwhile, the father of one of
the two children killed in the shooting is asking for
his son to be remembered for who he was and
not as the victim of a mass shooting. Jesse Merkle's son,
eight year old Fletcher Merkele, was killed inside an Unciation
Catholic church.
Speaker 12 (07:54):
While the whole in our hearts and wives will never
be filled. I hope been time our family can find healing.
I pray that the other victims family can find some
Semblents of the.
Speaker 11 (08:07):
Scene also killed ten year old Harper Moyski. Reverend Al
Sharpton led a protest march on Wall Street, urging corporations
to resist the Trump administration's push to rollmack DEEI initiatives.
Sharpton was joined by thousands of people, including leaders of
church unions and organizations. Reverend Sharpton called President Trump and
(08:30):
anti dreamers who want to cut Medicaid and snap to
pay for tax breaks.
Speaker 13 (08:36):
For the rich, why didn't we come to Wall Street?
Speaker 7 (08:39):
Since you have benefited from Trump.
Speaker 11 (08:42):
We come to tell you your benefit pays a number.
Speaker 1 (08:47):
We're not going back.
Speaker 11 (08:50):
Among those who participated in the march include New York
Democratic mayoral candidate Zoron Memdani. Many Americans are traveling this
holiday weekend trip as Iike Sadiaz has a pro tip
on when you should leave if you're driving.
Speaker 14 (09:05):
Properably, anytime before lunchtime and on Saturday before ten am,
because Saturday we are expecting between ten am and six
pm to be extra busy because if people don't want
to take off work on.
Speaker 11 (09:15):
Friday, gas prices are at a five year low. Global
news twenty four hours a day, and whenever you wanted
with Bloomberg News. Now, I'm Michael Barr, and this is
Bloomberg Karen.
Speaker 8 (09:27):
Thanks Michael.
Speaker 2 (09:27):
Time now for our Bloomberg Sports dating. For that, we
bring in John Stashower.
Speaker 11 (09:32):
Thanks Daron.
Speaker 15 (09:33):
A blockbuster trade in the NFL, Dallas's pass rusher Michael
Parsons wanted a new contract, demanded a trade, and he
got one. He's going to the Green Bay Packers. The
Cowboys in return get defensive tackled Kenny Clark and first
round draft picks the next two years. Parsons has already
agreed to a new deal with the Packers for four
years and one hundred and eighty eight million dollars a
(09:54):
US Open match that ended just before two am. It
lasted four and a half hours. Tommy Paul won five cents.
That's your Bloomberg Sports update.
Speaker 2 (10:03):
Stay with us. More from Bloomberg Daybreak coming up after this.
Speaker 1 (10:11):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 6 (10:21):
Good morning.
Speaker 3 (10:22):
I'm Nathan Hager, and President Donald Trump's push for more
influence on the Federal Reserve is headed for a showdown
in federal court this morning. A hearing is set for
ten am Wall Street time on Federal Reserve Governor Lisa
Cook's request for a restraining order against the President's moved
to fire her for cause over her mortgages. White House
Press Secretary Caroline Levitt says, the President is ready.
Speaker 10 (10:43):
He has the cause that he needs to fire this individual.
He laid it out in the letter that he provided
to her into the public as well, and so we'll
continue to fight this battle.
Speaker 3 (10:52):
That was White House spokeswoman Caroline Levitt. And joining us
now is Terry Haines, the founder of Pangaea policy. Great
to speak with you this morning, Terry. But that really
is the question, isn't it whether the president has the cause?
Speaker 13 (11:04):
Good morning, Good morning, Nathan. You know, I'll give you
a threshold. The threshold is really factual. You know, those
of us with certain hair color will remember Jack Webb
and Dragnet talking about just the facts. Well, this is
just the facts. Whether or not the president can do
what the President says he intends to do, it depends
(11:26):
on the facts surrounding the Cook situation. So far, we
don't have any of those facts, and I would urge
people not to assume that they understand what's going on.
It's developing situations still, as recent headlines show, So I'd
hold off on that. And that also matters for in
court for standing purposes. If you're asking somebody court not
(11:48):
to remove you and you haven't been removed, that's another
level of complexity.
Speaker 11 (11:55):
Yeah.
Speaker 3 (11:55):
Well, we've seen from the lawsuit that Governor Cook has
filed against this move. She's saying that it could amount
to a clerical error and that the president's attempt to
fire her is a power grab that could do irreparable
harm to the US economy. What do you make of
Governor Cook's defense.
Speaker 13 (12:13):
Here as it's developing. I think she's ultimately going to
need to prove that She's not going to have to
prove that today in court, of course. Firstly, Secondly, I
think the president's ability to fire for cause here depends
entirely on what those facts are are. If there's a
(12:33):
lot more and the behavior is a lot worse than
has already been reported, then President's case gets stronger. But
if the case the case is weaker, the case is
non existent, then the president really doesn't have the ability. Thirdly,
I think it's a mistake for folks to think that
this is about Trump versus the FED or Trump versus
Cook on two regards. One, the FED is a congressional
(12:56):
agency exercises congressional power, so Congress is going to have
a lot say about that. And secondly, you're you're in
a situation here where I don't think they're I don't
think FED independence today is presented as kind of the
existential question. You're wrapping up the removal of one governor
with FED independence. I think you're barking up the wrong tree,
(13:19):
and I think you're virtual signaling more than a little
bit Frankly.
Speaker 3 (13:22):
Now, well, there has been some reporting from Bloomberg News
this week that the President is considering pulling levers on
vetting a FED bank presidents as well. What could this
continued scrutiny of the FED bean for markets?
Speaker 13 (13:36):
Well, I think the I understand people are reporting those things,
and wouldn't surprise me if they're The administration is looking
at all kinds of alternatives. But at the same time,
what you've seen with the governor so far, you know,
in the midst of all the all the penell attacks,
is that they haven't changed their position, you know, and
(13:56):
even even a whiller today as you report, suggests a
quarter point rather than a half point is appropriate. It's
something which I'm sure doesn't please the White House, although
he notes that they're more more data will come in
next week that may change his view. But these folks
have not shown that they're cowed, number one, so I
(14:17):
expect them to continue not to be cowed. Secondly, Trump
can nominate anybody who wants to the FED, but it's
the Senate. It's up to the Senate to approve them,
and the Senate has shown even the Democratic Senate and
Biden days has shown they're not rubber stamps. As the
kerfuffle around bloom raskin for the show who ultimately had
to drop.
Speaker 2 (14:38):
This is Bloomberg Daybreak, your morning podcast and the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (14:45):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (14:51):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Speaker 3 (15:05):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (15:11):
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 3 (15:24):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Bray
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