Iran Shoots Down US Jet, Another Crashes, Budget Boosts Defense, 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 Ed Kalecki. The New York Times is reporting that a second U.S. Air Force plane crashed in the Persian Gulf region Friday, with the U.S. already carrying out search and rescue operations from another incident in which Iran downed a fighter jet. The A-10 Warthog went down near the Strait of Hormuz around the same time that Iran shot down a U.S. F-15E fighter jet. The U.S. has rescued one of the two-man crew from the F-15 incident, this according to a U.S. official. who spoke on condition of anonymity to detail sensitive matters. The official said a search operation is underway for the second crew member. The Pentagon's proposed fiscal 2027 budget would significantly ramp up its military firepower.
Bloomberg's Monica Ricks reports.
The Pentagon's seeking 85 Lockheed Martin fighter jets, up from 47 requested last year, in a big boost for the largest U.S. weapons program. Some F-35 models are already flying in the mission over Iran, but these new jets are part of a broader $1.5 trillion defense blueprint from President Trump and would likely be among the most scrutinized elements of the plan, since they'd come at a cost of sharp cuts to domestic programs. Another element is funding for the Golden Dome Missile and Air Defense Umbrella, which Trump is looking to put in place by the end of his second term. Monica Ricks, Bloomberg Radio.
It was a good Friday for the labor market. Bloomberg's Mike McKee takes a look at the numbers.
178,000 jobs were created during the month of March. Of course, this is before the war for the most part. The unemployment rate drops to 4.3% from 4.4%. Change in private payrolls, 186,000. And the change in manufacturing payrolls, a positive 15,000. We'd seen other earlier indicators like ADP suggesting manufacturing would lose jobs.
Bloomberg's Mike McKee on Bloomberg Surveillance. Bloomberg opinion contributor and former New York Fed President Bill Dudley says that with the current uncertainty, it's best for the Fed to do nothing. Dudley spoke on Bloomberg surveillance.
The Fed is back where they were a year ago, where they were worried about both sides of their mandate. And then as we went through the 2025, they became less worried about inflation and they became less worried about growth. But now I think they're now worried about both. And so I think in the current environment, they're just going to sit on their hands for quite some time.
Bloomberg opinion contributor and former New York Fed President Bill Dudley on Bloomberg surveillance. French President Emmanuel Macron is calling on medium-sized powers to join forces and stand up to the U.S. and China. Macron hammered the message during his tour of Asia this week where he discussed maritime security in the Strait of Hormuz and closer cooperation with South Korea and Japan, two countries badly suffering from high energy costs as the war in Iran keeps the Strait closed. European countries, he said, have a shared agenda with places like Japan and South Korea on issues like international law, democracy, climate change and global health.
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