Judge Declares Mistrial in Clancy Case, Jobs Report Fuels Fed Rate Hike Bets, More

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Bloomberg News Now 5 min 5 speakers 6 chapters transcribed 16 days ago

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What did the judge announce about the Lindsey Clancy trial?

Ed Ludlow 0:00

Get essential news on the people and companies pushing the tech sector to new frontiers. Hi, I'm Ed Ludlow. Join me for Bloomberg Tech, a daily podcast focused exclusively on technology, innovation, and the future of business. Every weekday, we bring you the latest insights on Silicon Valley's top companies and conversations with tech's biggest decision makers. Listen to Bloomberg Tech on your commute home and stay ahead of the news cycle. Subscribe today on Apple, Spotify or anywhere you listen.

Amy Morris 0:30

News when you want it. With Bloomberg News Now, I'm Amy Morris.

How did the latest jobs report affect expectations for Fed rate hikes?

Amy Morris 0:34

The judge has declared a mistrial in the Lindsey Clancy case after the jury could not reach a unanimous verdict.

Amy Morris 0:47

Prosecutors now have to decide whether to put Clancy on trial again, drop the charges, or try to negotiate a plea deal with her lawyer. Job growth in the U.S. surged in August and the unemployment rate held steady, suggesting the labor market has more momentum than previously thought. The Bureau of Labor Statistics says non farm payrolls increased $162,000 last month, and July's job losses were revised away. Bloomberg's Michael McKee.

Michael (Mike) McKee 1:13

While job growth is forecast to remain slow, the drop in the labor force, driven by immigration policy, has lowered the number of jobs that must be created to hold unemployment steady. And unemployment is forecast to have been unchanged last month.

Unknown 1:35

Chairman Warsh was very specific in his Jackson Hole speech to say that what he looks at to decide whether to increase or decrease rates is how inflation is doing.

What did Fed officials say about using inflation versus the labor market to set rates?

Unknown 1:48

He pretty much specifically ruled out that things like the labor market are going to determine what interest rate decisions should be.

Amy Morris 1:56

Chair of the White House Council of Economic Advisors, Chris Phelan on Bloomberg TV, the unemployment rate remained at four point one percent. President Trump is again calling on the feds to cut interest rates. He posted on social media this morning saying that the high rates are putting the U.S. at a disadvantage, threatening, quote, lower the rates or I will stop trading with deficit countries. Julia Coronado is at macro policy perspectives.

Julia Coronado 2:22

This is a decision not made by one man. It's a decision made by a very large committee, and that that committee has been increasingly concerned about the inflation side of the mandate.

Amy Morris 2:31

Julia Coronado at Macro Policy Perspectives.

How are the stock market and Treasury yields reacting to the jobs data?

Amy Morris 2:35

National Economic Council Director Kevin Hassett says the White House respects Fed independence and President Trump is not giving the central bank policy advice.

Kevin Hassett 2:43

Raise rates is what what people think is on the table. The odds of that right now are about sixty percent. We respect the independence of the Fed. I think the Fed will decide what the right thing to do is and that as uh Chairbuddworth said in Jackson Hole, he's gonna keep a close eye on inflation and we're getting a a very impactful ahead of their meeting consumer price index uh report next week.

Amy Morris 3:03

National Economic Council Director Kevin Hassett. That jobs report moved stocks and bonds lower. We check markets for you all day long here at Bloomberg, the SP five hundred down a half percent, NASDAQ down four tenths of a percent, and the Dow down seven tenths of a percent.

What new sanctions did the U.S. Treasury impose on foreign financial institutions?

Amy Morris 3:18

The ten year treasury yield at four point seven seven percent, the two-year yield at four point three six percent, the Philadelphia Semiconductor Index now more than three percent higher, led by Micron, which is more than four percent higher, crude oil is moving lower, WTI at $90 a barrel, and Brent Crude at $95 a barrel. The U.S. Treasury says it has imposed sanctions on a Turkish financial institution, part of its latest effort to sever critical financial lifelines for Iran. The actions against Golden Global come nearly a week after Treasury Secretary Scott Besson announced Operation Economic outcast as a new effort by Washington to get Tehran to capitulate to its demands after more than six months of war.

What upcoming Apple product announcements were highlighted and how did the stock react?

Amy Morris 4:01

Last week, the U.S. targeted an Egyptian bank's operations in the United Arab Emirates.

Amy Morris 4:19

Momentum to the upside. The National Highway Traffic Safety Administration had opened a probe into the process and technical data on which Tesla relied when it self-certified the vehicles as compliant with federal safety standards.