AG Pam Bondi Ousted, Stocks Pare Losses, Oil Higher, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now, I'm Amy Morris. Attorney General Pam Bondi is being removed from her post as head of the Justice Department. President Trump posted on social media that Bondi will transition to a quote, important new job in the private sector. it is not clear what that job would be. Constitutional lawyer Rob McWhorter says Bondi might have a hard time in the private sector.
I don't see how she keeps her bar license given the things that she did as attorney general. Filing charges against James Comey without any probable cause when it was clear from the beginning that no crime occurred. And it was also clear that she was just doing it because Donald Trump wanted to attack his perceived political enemies. You know, lawyers get disbarred for that.
Constitutional lawyer Rob McWhirter on balance of power. Trump says Deputy Attorney General Todd Blanch will step in to serve as acting attorney general. Democratic Representative Robert Garcia posted on social media that Bondi is still legally obligated to appear for a hearing on Capitol Hill regarding the Justice Department's handling of the Epstein files. Oil surged after President Trump, during his address to the nation last night, vowed an escalation in the war in Iran over the coming weeks.
We're going to hit them extremely hard over the next two to three weeks. We're going to bring them back to the Stone Ages where they belong.
Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.
Just imagine if we get above 120 in those front contracts. We've already seen a global tilt towards wealth destruction. You mentioned it in the stock market. We've lost almost, in terms of the stock market cap, almost 20% of GDP already in terms of the stock market cap. And crude oil keeps going up. It's its own worst enemy.
It takes everything down, and then it will eventually go down. Bloomberg's Mike McGlone, WTI, now up more than 11% at nearly $112 per barrel. Brent crude is up more than 7.5%, pushing $109 per barrel. And markets are starting to pare back losses after state-run media reported that Iran is drafting a protocol with Oman for traffic through the Strait of Hormuz. The report says the protocol will not constitute restrictions. Iran's deputy foreign minister says Tehran will set tolls for ships passing through the strait. Stocks are off their lows for the session. The S&P 500 down 0.3%, NASDAQ down 0.4%, the Dow down about 0.5%, the 10-year Treasury yield at 4.3% and the 2-year yield at 3.79%. Bitcoin is down more than 2%, around $67,000.
Shares of top asset managers slid after Blue Owl Capital. said it would limit redemptions from two of its private credit funds after facing a surge in withdrawal requests. Oak Tree Capital Management CEO Armin Pinozian tells Bloomberg TV, this isn't a private credit problem, it is a vintage problem.
I think with private credit in particular, we are seeing a difference in vintage in terms of performance. We are seeing weakness in the software sector. We're seeing some concerns around marks.
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