Chapter 1: What is the main topic discussed in this episode?
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Chapter 2: What economic news is impacting the U.S. market today?
I'm Karen Moscow. We begin with breaking economic news. The U.S. economy grew slower than expected at the end of last year, dragged down by consumer spending and trade. Inflation-adjusted gross domestic product increased at an annualized 1.4 percent in the fourth quarter after rising 4.4 percent in the prior period.
Overall, the economy expanded 2.2 percent last year, and the weak results last quarter came as the U.S. government was shut down for almost half of the three-month period, and it said the shutdown subtracted about one percentage point from GDP. We get more on today's data with Bloomberg's Michael McKee.
Now, the inflation numbers personal, the price index on a month over month basis up four tenths on a year over year basis. It goes up from two point eight percent to two point nine percent. So a rise in the headline, the core up four tenths and the core year over year. is up to 3% from 2.8%. That is something that does not look particularly good if the Fed wants to cut interest rates again.
But again, these are December numbers. We've got the January CPI. Next week, we get the January PPI.
And that's Bloomberg's Michael McKee. And futures are falling following that report, with S&P futures down three-tenths of a percent. Oil is holding near a six-month high after President Trump warned Iran had 15 days at most to reach a deal over its nuclear program as the U.S. assembles a vast array of forces in the Middle East.
We get more with Bloomberg's Stuart Livingston-Wallace, head of Middle East coverage for Bloomberg News.
The clock is ticking. And really what we're waiting for is proposals to come from Iran for a potential third round of negotiations that's supposed to arrive in the next 10 days or so. And I guess we're going to see what's in those and whether that's going to be enough to satisfy the US administration.
And that's Bloomberg's Stuart Livingston Wallace. The U.S. is carrying out the biggest military buildup in the Middle East since 2003 before the invasion of Iraq. That suggests Trump may launch a far more sweeping campaign than the overnight attack against Iran's nuclear program last June. Taking a look at NYMEX crude oil, it's at $66.09 a barrel, while Brent is at $71.30.
It's down about half percent.
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Chapter 3: How did the U.S. GDP growth perform last quarter?
President Trump is shifting his messaging on cost of living concerns as he prepares for his State of the Union address next week. And Bloomberg government's Maeve Sheehy has more from Washington.
Trump actually said you don't notice the word affordability. over the past two weeks because he's, quote, won. He's won affordability. It's an interesting thing to say at a time when, you know, the midterm campaigns are really heating up for November, which will determine the control of the House and the Senate.
And Bloomberg Government's Maeve Sheehy reports it's a change in tone on an issue that the president has called a Democratic hoax in the past. The Supreme Court has another opportunity to rule on the legality of most of President Trump's tariffs, and Bloomberg's Tyler Kendall says there's no way of knowing if today is the day.
Some court watchers have pointed to the fact that the justices did decide to hear this case on an unusually aggressive schedule, which could suggest that they may want to get an opinion out sooner rather rather than later because of course we know there is just so much at stake here including the ongoing trade negotiations that the US is trying to pursue.
Look at how in the last 24 hours we just saw this trade deal inked with Indonesia and we're getting some headlines that potentially there could be a deal on the table when it comes to India.
their trade minister saying that we could see an agreement signed as soon as next month but it's definitely been looming over all of these trade negotiations and agreements and potentially even setting up a complicated legal fight if the court does rule against the trump administration they could potentially be on the hook for some tariff revenue refunds and we know that so far the government has taken in about 133 billion dollars worth of revenue from the iepa tariffs alone
And that's Bloomberg's Tyler Kendall. The arrest of the U.K. 's former Prince Andrew has placed the royal family in its deepest crisis in decades. Andrew Mountbatten-Windsor has been released from custody on suspicion of misconduct in office following the latest revelations from the Justice Department's Jeffrey Epstein files.
Bloomberg's Michelle Hussain reports Andrew's brother, King Charles, has already taken an extraordinary step by releasing a statement saying the law must take its course within hours of Andrew's arrest.
It is the latest degree in the direction of travel, the distancing that did begin in the reign of his mother, the late queen, but really reached another milestone last autumn when in the wake of the publication, posthumous publication of Virginia Dufresne, memoir. He removed his brother's peerage. He removed his royal highness from his title.
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Chapter 4: What inflation trends should we be aware of?
Florida's Republican-led legislature has approved a bill renaming the airport in Trump's adopted hometown as President Donald J. Trump International Airport. Governor Ron DeSantis is expected to sign it into law. Friends and co-stars across Hollywood mourning Eric Dane, the actor known for his iconic role as Dr. Mark Sloan, aka McSteamy, on ABC's Grey's Anatomy.
Dane, who announced his ALS diagnosis less than a year ago, died yesterday at the age of 53. Let's turn to the Olympics now. The medal count Norway continues to lead the way. It has 34 overall. 16 of them are gold. The U.S., it is in second place. It has 27 medals overall. Nine of them are gold medals.
And again, data showing the world's largest economy grew at a weaker than anticipated pace as driving futures lower with separate figures showing stubborn inflation pressures. S&P futures down 0.3%, Dow futures down 0.25%, Nasdaq futures down 0.5%, 10-year Treasury yield 4.06%. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow and this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth. The news doesn't stop on the weekends.
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Chapter 5: How is the U.S. military buildup affecting global oil prices?
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