Conflict Widens Across Middle East, Bond Yields Higher, More
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What is the main topic discussed in this episode?
Hi, I'm Barry Ritholtz inviting you to join me for the Masters in Business podcast. Every week we bring you conversations with the people who shape markets, investing and business. I speak with CEOs, Nobel laureates, market innovators and legendary investors. Whether you own stocks, bonds, real estate, commodities, even crypto, these are discussions you absolutely need to hear. Subscribe to the Masters in Business podcast on Apple, Spotify or anywhere you listen.
News when you want it with Bloomberg News Now. I'm Nathan Hager. And I'm Karen Moscow. Karen, we begin with retaliation in the Middle East. The U.S. has hit dozens of Iranian targets in a two-hour operation following Iran's surprise missile attack on a U.S. base in Jordan this week. President Trump had warned the U.S. would be hitting Iran, quote, very hard. Israeli Prime Minister Benjamin Netanyahu says he stands behind the president.
We're partners. We're allies. He's the senior partner. It's the United States of America, let's not forget. And I'm a junior partner, but I'm the prime minister of Israel. And when I have to stand up for the interests of my country and the security of my country, I do so.
Israeli Prime Minister Benjamin Netanyahu spoke in an interview with ABC News. We get the very latest from Bloomberg Middle East correspondent Abir Abu Omar in Dubai.
The U.S. military did strike military targets. It stopped short of targeting bridges, civilian infrastructure. So for the time being, we're still seeing measured attacks on both fronts by Iran and by the United States. But definitely not a positive sign because we're seeing an escalation. That ceasefire that was signed or that temporary ceasefire that was signed in Switzerland seems to be a thing of the past now.
Bloomberg's Abir Abu Omar reports two liquefied natural gas tankers were hit apparently with drones off Egypt's Mediterranean coast around the same time as the U.S. attacks. There's been no claim of responsibility. Well, Nathan, as the war takes a toll on the U.S. weapons stockpile, the Defense Department announced two massive contracts worth about $135 billion to major U.S. defense companies. The Army reported a $59 billion agreement with Lockheed Martin to bolster production of Patriot interceptors. At the same time, the Pentagon unveiled contracts worth as much as $76 billion for General Dynamics and Huntington Ingalls Industries to expand construction of the U.S.
What happened in the latest U.S. strikes on Iranian targets and how did leaders react?
top nuclear submarines. We turn to the economy now, Karen. Bond investors are sending a message this morning following the Federal Reserve's decision to keep interest rates unchanged and the news conference from Fed Chair Kevin Warsh. We get the latest from Bloomberg's John Tucker. John.
And Nathan, it's not a good message. The market's questioning Warsh's credibility. Investors sent the long bond yield to a 19-year high. Stocks tumbled, Dow falling over 1,000 points. That's because the Warsh Fed didn't move, even as Warsh acknowledged an inflation problem.
Inflation remains elevated relative to the committee's 2% goal. The committee remains resolute. You've heard this before, but we will deliver price stability.
If there is an inflation problem, Torsten Schlock at Apollo Management is like a lot of investors asking this question.
well, what are we waiting for? We didn't get a clear answer for what exactly are we waiting for, which was, of course, was a subtle way to try to get some forward guidance.
And it doesn't help Warsh's credibility that three members of the Fed's Open Market Committee dissented. If Warsh can take away any solace, maybe it's from the fact that he hasn't been skewered yet by President Trump. Inflation, by the way, has been running above the Fed's target for five straight years. In New York, I'm John Tucker, Bloomberg Radio.
All right, John, thanks. Let's turn to the equity markets where futures are higher following a pair of big tech earnings. We begin with Microsoft. Those shares, they are up more than 8.5%, I should say, in early trading. The company's cloud unit grew 43%, and that's the fastest clip in four years, and the pace is accelerating.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:23
2
What happened in the latest U.S. strikes on Iranian targets and how did leaders react?
2:23–5:38
3
How did Bloomberg's Middle East correspondent describe the escalation and regional attacks?
5:38–7:44
4
What major U.S. defense contracts were announced in response to rising tensions?
7:44–8:17
Speakers
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