Bessent Touts Strong Dollar, Trump Warns Iran, Minnesota, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Amy Morris. The Bloomberg Dollar Spot Index is clawing back yesterday's losses after Treasury Secretary Scott Besant touted the longstanding strong dollar policy in the U.S.
What is the impact of the strong dollar on the U.S. economy?
The U.S. always has a strong dollar policy, but a strong dollar policy means setting the right fundamentals. And I think that with President Trump's With the one big beautiful bill, with our regulatory policies, we are making this the best place to come, build your business, have tax certainty, regulatory certainty, energy certainty.
The yen sank against the dollar after Secretary Besant told CNBC the U.S. is absolutely not intervening in the market for Japan's currency. Bloomberg Dollar Spot Index now three-tenths of a percent higher. Wall Street traders left stocks near all-time highs as investors looked at the start of the mega-cap earnings season for clues on the AI trade, and the stock rally waned after the S&P touched the 7,000 mark. We check the markets for you all day long here at Bloomberg. The S&P 500 down a tenth of a percent. NASDAQ down a tenth of a percent. The Dow little changed on the upside. The 10-year Treasury yield at 4.23%. The two-year yield at 3.57%. President Trump has a warning for Iran. Time is running out.
The president posting on social media that Tehran must make a nuclear deal with the U.S. or face military strikes worse than the attack he ordered back in June. United Nations spokesman Stéphane Dujarric is appealing for calm.
The Secretary-General is very concerned indeed about the reported military buildup in the Persian Gulf region.
UN spokesman Staffan Dujarric, Iran responded with a post on X saying that it is ready for dialogue, but if pushed, it will defend itself and respond like never before. The president also has a warning tone for Minneapolis. Mayor Jacob Fry said that city would not be changing its immigration policies. President Trump took issue with that, posting on social media that Fry is, quote, playing with fire. Trump is demanding Minnesota officials turn over undocumented migrants with criminal records to federal authorities and assist U.S. agents in apprehending migrants wanted for crimes. Secretary of State Marco Rubio says the Trump administration is prepared to use force to ensure that Venezuela's acting president, Delce Rodriguez, cooperates with the U.S.
Rubio says Rodriguez has committed to opening Venezuela's energy sector to U.S. companies and providing preferential access to oil production. Rubio testified before the Senate Committee on the Trump administration's military actions in Venezuela.
We're not talking about some third world country here. We're talking about a country that doesn't just have wealth, it has memory, it has history. of economic activity, of people who own chains of pharmacies. I know some of these people, of people who own chains of retail stores, including American retailers who had a presence there. We just want it to be a normal, prosperous country again, not a playground for Iran, Russia, and China in our own hemisphere.
Democrats have criticized the Trump administration's actions, with Senator Jeanne Shaheen saying that Rodriguez's cooperation appears tactical and temporary and that the U.S. has just traded one dictator for another. The Fed makes its first rate decision of 2026 today. Bloomberg's Michael McKee reports the central bank is widely expected to keep rates on hold. And then we'll hear from Fed Chair Jay Powell.
Will Jay Powell talk about policy only, or will he delve into the politics of his relationship with the president and the Fed's relationship with the Trump administration? What's the Fed's strategy here, engage or cool down the temperature?
Bloomberg's Mike McKee notes this will be Powell's first news conference under a Justice Department investigation. Our coverage begins at 1.30 Wall Street time on a special edition of Bloomberg Surveillance, The Fed Decides, on Bloomberg Radio and Television and the Bloomberg Podcasts page on YouTube.
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