Report: Warsh Weighs Fewer Fed Meetings, Trump Casts Doubt on Iran Talks, More
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What is the main topic discussed in this episode?
AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash TechLondon.
News when you want it with Bloomberg News Now. I'm Amy Morris. The Fed meets at least eight times a year, but Fed Chair Kevin Warsh reportedly wants to change that. The New York Times quotes unnamed sources who say during this week's meeting, Warsh raised the idea of changing how often the Fed meets, leaving the impression that a revised schedule for the Fed could be decided on before the next Fed meeting in mid-September. President Trump says he's losing confidence in Iranian negotiators, a fresh sign that the war in the Middle East could drag on. During a cabinet meeting at Camp David, Trump said the U.S. strikes on Iran are taking a toll.
We'll be hitting them. We'll be hitting them very hard. At some point, they're going to say, we just can't take it anymore. They're being decimated. They have no Navy. They have no Air Force. They have no anti-aircraft.
And CBS reporting the U.S. and Israel may be prepared to strike energy infrastructure targets in Iran this weekend. Oil is more than one percent higher, WTI topping $84 a barrel, and Brent crude more than $90 a barrel. President Trump says the U.S. needs to be careful about giving a license to Ukraine to build Patriot air defense missiles. During his cabinet meeting, Trump said that is not a done deal.
You have to be very judicious, but you have to be very careful Now, we have not agreed to that. We're talking about it. But it's a hard thing to give away that kind of technology. Give that technology, they can someday turn on you.
Trump a bit more reserved there than he was July 8th when he met with Ukraine President Zelensky and talked about the license to build Patriot missiles.
So one of the things we're going to be talking about is we're going to give a license to you to make Patriots. That's pretty cool, right? This way you can't complain that we're not giving them enough.
Did Fed Chair Kevin Warsh propose cutting the number of Fed meetings?
Make them yourself.
Keeve says it needs those missiles to defend itself against Russian attacks. Turning now to tech, Apple tumbled after component shortages weighed on the company's sales forecast. Bloomberg's Ed Ludlow.
It wasn't even a case of memory.
What did unnamed sources report about a possible Fed schedule change this week?
Yes, memory prices will go up. But even in lead-ed processes, Apple basically didn't ask suppliers enough. They made a misjudgment. And so the September quarter and the outlook of growth of 9 to 11 percent trailing the street's expectations...
Bloomberg's Ed Ludlow, Apple shares fell more than 7%, closing down the most in 16 months. Amazon and Microsoft are showing that their AI spending spree remains solid. Amazon boosting its forecast for full-year capital expenditures to $220 billion, most of that going toward AI. And Microsoft's $450 billion jump yesterday is the biggest in stock market history, adding nearly a half trillion dollars to its value. Microsoft shares gained 3% in regular trading. Amazon rose 15 percent, closing up the most in more than 14 years. The world's first trillionaire is now poorer than he was before SpaceX's IPO priced last month. That's according to the Bloomberg Billionaires Index. Elon Musk's wealth now stands at $684 billion.
It had peaked at about $1.3 trillion on June 16th.
Why is President Trump expressing doubt about Iran negotiations and threatening strikes?
SpaceX shares have tumbled 46% since then. Tesla shares have fallen 17% in the past week. We bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 52 points. NASDAQ up 252. The Dow up 277. The 10-year Treasury yield at 4.71% and the two-year yield at four and a quarter percent. The Philadelphia Semiconductor Index ended the day little changed led by NVIDIA which advanced about three percent. Consumer sentiment rose to a five-month high in July.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–2:12
2
Did Fed Chair Kevin Warsh propose cutting the number of Fed meetings?
2:12–2:25
3
What did unnamed sources report about a possible Fed schedule change this week?
2:25–3:30
4
Why is President Trump expressing doubt about Iran negotiations and threatening strikes?
3:30–5:52
5
How are Iran tensions affecting oil prices and market reaction?
5:52–6:31
6
Why is Trump hesitant to license Patriot missile production to Ukraine?
6:31–6:58
Speakers
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