Rubio: Birth Tourism Policy, Report: US Mulls Diesel Export Ban, More
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What is the AI conference announced at the start of the 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 Island and Schneider Electric. Learn more at BloombergLive.com slash. Slash Tech London.
News when you want it, with Bloomberg News Now, I'm Amy Morris. Iran's president says his people have been victims of terrorism by the United States in a speech at the UN General Assembly. President Massoud Pizeshkian says Iran will not allow free passage through the Strait of Hormuz while being hampered by sanctions.
We cannot let some have free access and gain their interest from a waterway while at the same time using that waterway. To impose their aggressions upon us, to impose insecurity upon us.
But will not give up the right to develop nuclear technology for economic development. There could be some tentative signs of renewed diplomacy.
How are U.S.–Iran tensions and the Strait of Hormuz discussed?
Secretary of State Marco Rubio says President Trump is still open to talks with Iran.
But failing that president has a number of options available to him, including the ones he's already taken, which is to impose severe and growing economic costs. But he also has some military options up upon which I won't speculate.
Secretary of State Marco Rubio also announced that the Trump administration will restrict visas to anyone who engages in or facilitates so-called birth tourism. When someone comes to the U.S. to give birth, so the child is automatically a U.S. citizen. Crude oil is moving higher now. WTI crude at $91 a barrel, Brent Crude topping $102 a barrel. The Trump administration now reportedly preparing a plan to ban exports of diesel for 90 days to bring down those energy prices. Politico reports, some administration officials and oil industry executives warned that a ban could backfire by eventually raising prices for gasoline, jet fuel, and other fuels, and that it could establish a precedent for government intervention in energy markets.
This would be the first report.
What birth‑tourism visa restrictions did Senator Marco Rubio announce?
Restriction on U.S. energy exports since the Obama administration lifted a decades-old ban on oil exports in 2015. Right now, diesel is selling around $6.52 a gallon.
Would give the Bureau one week to correct or remove what it says are false allegations in a public service announcement from May, describing shiny hunters as a criminal cyber group specializing in large-scale data breaches and extortion. Stocks joined bonds lower as higher oil prices stoke worries about inflationary pressures. We do check markets for you all day long here at Bloomberg. The SP 500 is down eight.
The Philadelphia Semiconductor Index is more than two percent lower, led by Broadcom, which has fallen nearly three percent. Treasury is set to purchase up to six billion dollars of longer dated government debt as soon as tomorrow. This is part of Treasury Secretary Scott Bessent's program to stem the rise in borrowing costs. The Institute of International Finance criticized this plan. They warn it may provide temporary relief, but can't resolve the underlying problem of rising debt.
Why is the Trump administration considering a 90‑day diesel export ban?
The two-year Treasury yield right now at 4.92 percent. The 10-year Treasury yield is now at 5.12 percent. The 30-year Treasury yield at 5.39 percent. That is another new high. Now worries about those inflationary. pressures have been further enforced by data showing a jump in U.S. business activity. Which rose at the fastest pace in more than five years as robust demand pushed up new orders and employment at manufacturers and service providers. Federal Reserve Governor Michael Barr says there might be more rate hikes coming to get inflation back to the central bank's two percent target.
We want to support sustainable, durable growth in support of maximum employment, and price stability is crucial to that.
Barr described the economy as strong and the labor market as solid, but he says inflation is not trending toward target fast enough and that the risks to achieving that goal have increased.
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Chapters
7 chapters
1
What is the AI conference announced at the start of the episode?
0:00–1:21
2
How are U.S.–Iran tensions and the Strait of Hormuz discussed?
1:21–2:28
3
What birth‑tourism visa restrictions did Senator Marco Rubio announce?
2:28–3:51
4
Why is the Trump administration considering a 90‑day diesel export ban?
3:51–4:55
5
How will the Treasury’s $6 billion longer‑dated debt purchase affect borrowing costs?
4:55–6:16
6
What are the key provisions of Senator Mark Kelly’s ‘Make AI Work for Americans’ Act?
6:16–6:44
7
How much is Disney Plus raising its ad‑free subscription price and why?
6:44–7:26
Speakers
4 identifiedMore from Bloomberg News Now
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