Russia-Ukraine 3-Day Ceasefire, Trump to Fire FDA Chief, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now, I'm Ed Kalecki. President Trump has announced a three-day ceasefire between Russia and Ukraine over the weekend after Moscow pushed Kiev for a temporary truce to allow Vladimir Putin to host a parade in his capital. The ceasefire, which Trump said would last May 9th through the 11th, coincides with Russia's Victory Day celebrations. Putin's push for a brief truce on the day Russia marks the defeat of Nazi Germany in World War II allows the Kremlin leader to preside over a military parade on Red Square without fear that Ukraine would target the event in retaliation for Russia's ongoing invasion.
What is the significance of the three-day ceasefire between Russia and Ukraine?
President Trump plans to fire Food and Drug Administration Commissioner Marty Makary following months of chaos at one of the country's most important health agencies. The president has not yet dismissed Bakari. The Trump administration is also mulling additional personnel changes at the FDA, this according to people familiar with the deliberations. Bakari's time as FDA commissioner has been marked by high employee turnover and friction with pharmaceutical companies. He has clashed with key conservative political figures over staffing, abortion pill access and other issues. The U.S. said it expects Iran to respond to its latest proposal to end their war imminently as clashes in the Strait of Hormuz threaten to further fracture a month-long ceasefire.
Iran has still given no indication whether it will accept President Trump's plan, which was sent on Wednesday, which proposes that the Islamic Republic reopen the Strait and the U.S. end a blockade on Iranian ports over the next month. The one-page document implies Iran's acceptance would end the 10-week war. Iran fired on three U.S. naval vessels and the U.S. military fired back at Iranian missile sites. Retired Colonel Wayne Sanders, defense analyst for Bloomberg Intelligence, talked about it on Balance of Power.
They're still doing it almost as a response action as opposed to an offensive, continued attacks against naval vessels. I have a feeling it's going to be a point where President Trump says, Look, I'm going to expand escalation of force. I don't think he would go back to a full campaign. But look, up until now, all I've done is hit your fast boats. I've now moved back to land and I am willing to go beyond that.
Retired Colonel Wayne Sanders on balance of power. The Trump administration is preparing to order U.S. agencies to partner with artificial intelligence companies to protect networks from A.I. enabled cyber attacks. though the directive would stop short of requiring government approval for cutting-edge models, this according to people familiar with the matter. A draft executive order from President Trump would revamp existing cybersecurity information-sharing programs to include AI companies and address threats posed by the emerging technology. Democrats were dealt a blow in their efforts to minimize Republican redistricting gains around the U.S. when the Virginia Supreme Court Friday blocked a voter-approved map that would have flipped as many as four GOP-held U.S.
House seats in November's midterm elections. In a 4-3 decision, the state's highest court ruled Friday that the legislature's process for pursuing the new map violated Virginia's Constitution and ordered that an earlier version be used in the upcoming midterm elections. Another record for the U.S. stock market.
What are the implications of Trump firing the FDA Chief?
More on that story from Bloomberg's Charlie Pellett.
Six weeks of gains for the S&P 500 index up another 2.3 percent. Signs of labor market strength drove stocks to records. The jobs report boosted speculation that the U.S. economy remains resilient in the face of an energy shock triggered by the Iran war. For the week, the Dow advanced for a second week up by 0.2%. NASDAQ was up for a sixth week, surging 4.5%. In New York, Charlie Pellett, Bloomberg Radio.
In an interview Friday on Bloomberg Television, Federal Reserve Bank of Chicago President Austin Goolsbee said all options on interest rates are on the table right now.
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