July 16, 2025 • 5 mins
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Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now, I'm Doug Chrisner.
President Trump is denying that he intends to fire FED
Chair J Powell. Late this morning, a White House official
told us the President was likely to oust Powell soon,
but a short while later, President Trump said he had
no plans to fire the FED chair. He said he
was only discussing it in concept with a group of
(00:22):
House Republicans. Here is Trump speaking earlier to reporters in
the Oval Office.
Speaker 2 (00:27):
He's a terrible He's a terrible FED chair. I'm surprised
he was appointed. I was surprised, frankly that Biden put
him in and extended him, but they did so. No,
we're not planning on doing anything.
Speaker 1 (00:42):
Were very concerned by the way. It was Trump who
initially nominated Powell to lead the FED back in twenty seventeen,
and incidentally, The New York Times reported that Trump did
display a draft of Powell's termination letter during that meeting
with House GOP members. Market's whip saw it following reports
of the President and being close to firing Powell, although
(01:02):
when the dust settled, it seemed as though Markets looked
through the episode as political theater. We had the S
and P rising today by three tenths of one percent,
yields down across the treasury curve. The two year most
sensitive to imminent FED move slid five basis points to
three point eight nine percent. Meantime, we had the dollar
halting of four day advance. Now the race is on
(01:24):
to find a successor to the FED chairman. Bloomberg News
has learned that Kevin Hasset is in the early poll
position in the President's apprentice style competition. Massachusetts Senator Elizabeth
Warren says the next FED chair should not come from
the administration.
Speaker 3 (01:39):
People in the cabinet. People are serving in the administration,
serve at the pleasure of the president. That is the structure.
That is fine. Donald Trump wants to get mad at
one of them and firearm have at it, baby. But
it's different for the FED share and that is why
that office needs to be held by someone who is independent.
Speaker 1 (02:02):
That was Massachusetts Senator Elizabeth Warren, speaking on Bloomberg's Balance
of Power. The head of the Atlanta Fed, Raphael Bostik,
says he's in favor of holding interest rates steady given
the recent data that we have seen on inflation. Speaking today,
on Fox Business, Bostick said signs of rising inflationary pressure
are cause for concern. Now we know that underlying inflation
(02:24):
in the US rose by less than expected in June
for a fifth straight month. However, tuesdays reading on consumer
prices showed the tariffs were beginning to lift prices for
some goods, and Bostick said we may be at an
inflection point now. Fed officials have held off from lowering
rates this year out of concern the tariffs will lift inflation. Meantime,
(02:45):
the head of Bank of America, Brian moynihan, says the
FED will not cut interest rates until next year.
Speaker 4 (02:52):
If you think the prior FED has been slow to
lower rates, you might lower faster. Our team believes that
the Fed will lower rates in a second half of
next year by hundred basis points, no change until them
because inflation is still going through the system. If that
brings a FED funds rate down closer to three, which
they think is probably more of a long term rate
and frankly, is more similar to what we had for
(03:12):
most of American history.
Speaker 1 (03:14):
That is Brian moynihan, CEO of Bank of America, and
you can listen to the entire conversation on the Bloomberg
Talks podcast. The Department of Justice is firing Maureen Comy.
She is the federal prosecutor of Sean Ditty Combs, as
well as Jeffrey Epstein and his associate Justlaine Maxwell. Comy
is also the daughter of former FBI Director James Comy.
(03:36):
There was no specific reason given for her firing from
the US Attorney's office in the Southern District of New York. Meantime,
President Trump has condemned supporters who have criticized his administration's
decision to withhold records from the Jeffrey Epstein sex trafficking investigation.
Here is Trump's former vice president Mike Pennce speaking to
CBS News.
Speaker 5 (03:58):
Whether or not the facts justify charges, I think that
anyone who participated or was associated with this despicable man
ought to be held up to public scrutiny.
Speaker 1 (04:10):
That is former Vice President Mike Pence speaking to CBS News.
President Trump has softened his tone when it comes to
China in an effort to secure a summit with his
counterparts she Chinping. We are told Trump is now focused
on cutting purchase deals with Beijing and celebrating quick wins
rather than addressing root causes of trade imbalances. Here is
(04:33):
Bloomberg's Mike Shephard.
Speaker 6 (04:34):
He has spoken of his rapport with the Chinese leader
in a number of public settings. Already. Last week we
saw a Secretary of State Marco Rubio meeting with his
Chinese counterpartner, perhaps set the stage four an encounter between
the two leaders toward the end of the year. And
all of this, of course, stands in contrast with some
of the harsher rhetoric aimed at traditional US allies, the
(04:56):
European Union in Brazil.
Speaker 1 (04:58):
That is Bloomberg's Mike Sheppard. All also told that Trump's
softer handling of China is causing a rift among some
of his advisors, some wanting to hold a hardline against Beijing,
others are supporting a more conciliatory approach. And that is
news when you want it with Bloomberg News. Now, I'm
Doug Krisner, and this is Bloomberg
News when you wanted with Bloomberg News. Now, I'm Doug Chrisner.
President Trump is denying that he intends to fire FED
Chair J Powell. Late this morning, a White House official
told us the President was likely to oust Powell soon,
but a short while later, President Trump said he had
no plans to fire the FED chair. He said he
was only discussing it in concept with a group of
(00:22):
House Republicans. Here is Trump speaking earlier to reporters in
the Oval Office.
Speaker 2 (00:27):
He's a terrible He's a terrible FED chair. I'm surprised
he was appointed. I was surprised, frankly that Biden put
him in and extended him, but they did so. No,
we're not planning on doing anything.
Speaker 1 (00:42):
Were very concerned by the way. It was Trump who
initially nominated Powell to lead the FED back in twenty seventeen,
and incidentally, The New York Times reported that Trump did
display a draft of Powell's termination letter during that meeting
with House GOP members. Market's whip saw it following reports
of the President and being close to firing Powell, although
(01:02):
when the dust settled, it seemed as though Markets looked
through the episode as political theater. We had the S
and P rising today by three tenths of one percent,
yields down across the treasury curve. The two year most
sensitive to imminent FED move slid five basis points to
three point eight nine percent. Meantime, we had the dollar
halting of four day advance. Now the race is on
(01:24):
to find a successor to the FED chairman. Bloomberg News
has learned that Kevin Hasset is in the early poll
position in the President's apprentice style competition. Massachusetts Senator Elizabeth
Warren says the next FED chair should not come from
the administration.
Speaker 3 (01:39):
People in the cabinet. People are serving in the administration,
serve at the pleasure of the president. That is the structure.
That is fine. Donald Trump wants to get mad at
one of them and firearm have at it, baby. But
it's different for the FED share and that is why
that office needs to be held by someone who is independent.
Speaker 1 (02:02):
That was Massachusetts Senator Elizabeth Warren, speaking on Bloomberg's Balance
of Power. The head of the Atlanta Fed, Raphael Bostik,
says he's in favor of holding interest rates steady given
the recent data that we have seen on inflation. Speaking today,
on Fox Business, Bostick said signs of rising inflationary pressure
are cause for concern. Now we know that underlying inflation
(02:24):
in the US rose by less than expected in June
for a fifth straight month. However, tuesdays reading on consumer
prices showed the tariffs were beginning to lift prices for
some goods, and Bostick said we may be at an
inflection point now. Fed officials have held off from lowering
rates this year out of concern the tariffs will lift inflation. Meantime,
(02:45):
the head of Bank of America, Brian moynihan, says the
FED will not cut interest rates until next year.
Speaker 4 (02:52):
If you think the prior FED has been slow to
lower rates, you might lower faster. Our team believes that
the Fed will lower rates in a second half of
next year by hundred basis points, no change until them
because inflation is still going through the system. If that
brings a FED funds rate down closer to three, which
they think is probably more of a long term rate
and frankly, is more similar to what we had for
(03:12):
most of American history.
Speaker 1 (03:14):
That is Brian moynihan, CEO of Bank of America, and
you can listen to the entire conversation on the Bloomberg
Talks podcast. The Department of Justice is firing Maureen Comy.
She is the federal prosecutor of Sean Ditty Combs, as
well as Jeffrey Epstein and his associate Justlaine Maxwell. Comy
is also the daughter of former FBI Director James Comy.
(03:36):
There was no specific reason given for her firing from
the US Attorney's office in the Southern District of New York. Meantime,
President Trump has condemned supporters who have criticized his administration's
decision to withhold records from the Jeffrey Epstein sex trafficking investigation.
Here is Trump's former vice president Mike Pennce speaking to
CBS News.
Speaker 5 (03:58):
Whether or not the facts justify charges, I think that
anyone who participated or was associated with this despicable man
ought to be held up to public scrutiny.
Speaker 1 (04:10):
That is former Vice President Mike Pence speaking to CBS News.
President Trump has softened his tone when it comes to
China in an effort to secure a summit with his
counterparts she Chinping. We are told Trump is now focused
on cutting purchase deals with Beijing and celebrating quick wins
rather than addressing root causes of trade imbalances. Here is
(04:33):
Bloomberg's Mike Shephard.
Speaker 6 (04:34):
He has spoken of his rapport with the Chinese leader
in a number of public settings. Already. Last week we
saw a Secretary of State Marco Rubio meeting with his
Chinese counterpartner, perhaps set the stage four an encounter between
the two leaders toward the end of the year. And
all of this, of course, stands in contrast with some
of the harsher rhetoric aimed at traditional US allies, the
(04:56):
European Union in Brazil.
Speaker 1 (04:58):
That is Bloomberg's Mike Sheppard. All also told that Trump's
softer handling of China is causing a rift among some
of his advisors, some wanting to hold a hardline against Beijing,
others are supporting a more conciliatory approach. And that is
news when you want it with Bloomberg News. Now, I'm
Doug Krisner, and this is Bloomberg
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