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Chapter 1: What is the main topic discussed in this episode?
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Chair Powell opened the door to this first interest rate cut.
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News when you want it with Bloomberg News Now. I'm Caroline Hepker. President Trump has signed an interim deal to end the war with Iran and reopen the Strait of Hormuz. According to a US official, the so-called Memorandum of Understanding is now in effect. However, it's unclear whether Iran has begun taking steps to fully reopen the waterway.
Explaining his decision to agree to an interim peace deal, President Trump repeated his insistence that the country would never obtain a nuclear weapon. Yet he went on to suggest that Iran should have the right to enrich uranium for electricity and be allowed to develop ballistic missiles.
If other countries have them, it's a little bit unfair for them not to have some. A ballistic missile is not the same thing as what we're talking about when we talk nuclear. But if Saudi Arabia and Qatar and they all have some, I would say in relative proportion, I think it's OK.
Trump also defended the $300 billion development programme for Iran in the deal while saying that he is ready to release billions of dollars in Iranian frozen assets.
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Chapter 2: What recent developments have occurred regarding the Iran deal?
In London, James Wilcock, Bloomberg Radio.
Now, traders have piled into bets on rate hikes after Fed Chair Kevin Walsh used his first rate decision press conference to emphasise that the central bank won't tolerate high inflation. As expected, policymakers voted unanimously to hold interest rates steady in a range of 3.5% to 3.75%. However, it was Kevin Walsh's comments to reporters after the decision that caught the attention of markets.
Persistently high prices are a burden for the American people, but the recent past need not be prologue. I am pleased to report that members of the FOMC are unambiguous and unanimous. This committee will deliver price stability.
Walsh largely sidestepped a question on why the Fed didn't go ahead and raise interest rates now, given that inflation is running at more than double the US central bank's 2% target. Meanwhile, the Bank of England is expected to leave interest rates unchanged today after UK inflation came in steadier than expected.
Both traders and economists believe that rates will be held at 3.75% even with the recent energy shock. Hugh Gimbert is global markets strategist at JPMorgan Asset Management.
We see no reason for central banks here to be hiking rates, not only because oil prices are coming down, but particularly given the softness in labour markets and wages especially. We have that for the Bank of England.
Both the Fed and the bank can be on hold through the course of this year, waiting to see how the Middle East pans out, but importantly, offered that time by just a very different labour market backdrop to where they were a few years ago.
JP Morgan's Hugh Gimber there. As economists surveyed by Bloomberg see the Monetary Policy Committee splitting 7 to 2 in favour of a hold today. Traders are still pricing in one quarter point rise this year, but many economists think that rates have already peaked. UK voters in the constituency of Makerfield go to the polls later today.
The race is one of three parliamentary special elections actually taking place in the UK. The other two by-elections are in the Scottish seats of Aberdeen South and Arbroath and Broughty Ferry. The G7 countries have pledged to diversify away from China with ambitious trade targets on critical minerals.
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Chapter 3: How is President Trump's interim deal impacting Iran's nuclear program?
Meanwhile, French President Emmanuel Macron has raised the prospect of strong measures, including potential tariffs. Bloomberg understands several member states have privately noted that process could take years. In London, Freddie Fulston, Bloomberg Radio.
Now, finally, England manager Thomas Tuchel has praised his team's second-half performance after they beat Croatia 4-2 in their opening Group L game of the World Cup. Captain Harry Kane scored twice, while Jude Bellingham and Marcus Rashford were also on target. The team went into the break, though, level at 2-2. And Kane said that a half-time message from the manager inspired the win.
He just told us to let the shackles off, calm down, what are we scared of? Let's just go. The way we conceded that second goal, it's not the team we want to be, dropping deep, waiting and conceding anyway. So he kind of just said, what's the worst that can happen? We lose a match, first group game, we get on with it, we move on. Let's just go and show the world who we can be.
England are the early leaders in Group L heading into next Tuesday's clash with Ghana. So those are our top stories for you today. Wow, wasn't it an exciting match in Dallas last night for England? Yeah, there were six girls overall with Croatia. Always a tough... Tricky competitor. Anyway, enough on the football.
Let's also think about the markets this morning, you know, which had a very exciting day yesterday watching Kevin Walsh and the press conference. It delivered quite some jolt in terms of yields yesterday. Two-year Treasury yields climbed to their highest since February 2025. Longer-dated yields fell. This morning, though, there's been something of a reversal of those moves.
If you look at 10-year Treasury yields right now, they are down 4.5 basis points at 4.45. European stock futures this morning are pointing lower down seven tenths of 1%. US stock futures are actually in the green. NASDAQ futures up by 1.2% this morning. Although yesterday, because of that much more hawkish Fed statement, you actually had the S&P 500 falling 1.2% and the NASDAQ shedding 1%.
The other major story, oil markets. Brent crude futures are taking a hefty drop of 2.1% now, $77.84. The dollar is also strengthening this morning, almost two-tenths of 1%. The other notable move yesterday was SpaceX shares falling by 5%, first decline since the debut, since the listing of SpaceX. So those are the markets. That's news when you want it with Bloomberg News Now. I'm Caroline Hepker.
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Chapter 4: What criticisms have arisen from Iran hawks regarding Trump's agreement?
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