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Chapter 1: What is the main topic discussed in this episode?
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets.
Chair Powell opened the door to this first interest rate cut.
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News when you want it with Bloomberg News Now. I'm Nathan Hager. After trading fire with Iran overnight over a downed U.S. Army helicopter, President Trump is blasting Tehran for taking too long to make a deal. The president posted on social media this morning, now they will have to pay the price. Bloomberg's Tyler Kendall has more from Washington.
Iran hasn't denied that its forces were involved in that attack. It has indicated that perhaps it wasn't intentional in that helicopter going down, but it certainly flared with the tensions overnight, with both sides exchanging fresh fire. At this point, the White House still maintains that diplomacy is a viable option. Whether or not President Trump's comments change that, remains to be seen.
A person familiar with the matter did tell Bloomberg News overnight that the two sides do continue negotiations. They call the negotiations, quote, intense and that they are being mediated continuously by Pakistan.
That's Bloomberg's Tyler Kendall in the nation's capital. The war is still making an impact on the economy. The May consumer price index hit a more than three-year high at 4.2%. Leave out food and energy prices, it was 2.9, but a bit cooler month over month at 0.2%. Bloomberg's Michael McKee has more.
Where the inflation was, it was in gasoline and energy prices. Gasoline prices up a surprising 3.9%. There was a thought that they had gone down a little bit towards the end of the month. Groceries, though, were a break for consumers, up just a tenth of a percent. And housing is up three-tenths of a percent. That's the owner's equivalent rent, and that's a little bit lower.
And Bloomberg's Mike McKee says inflation is still outpacing wages. Average hourly earnings fell seven tenths of a percent from last year. That was the biggest drop in more than three years.
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Chapter 2: What are the latest developments in U.S.-Iran relations?
Right now, stocks are dropping, led by tech shares. The Nasdaq composite's down one and a third percent. The Dow Jones Industrial Average is 1.2 percent lower. That's a drop of more than 560 points. and the S&P 500 is down almost 1%. The 10-year Treasury yield is little changed at 4.52%, and crude oil is on the rise. West Texas Intermediate's up 1.8%, trading just shy of $90 a barrel.
Brent is above $92 for a gain of 1.4%. Election results are still rolling in from last night's primaries in Nevada. The Associated Press just called the Republican race in the 2nd Congressional District for retired Air Force officer David Flippo.
He won President Trump's endorsement in the final weeks over former state Senator James Settlemyer, Nevada's Republican governor, and retiring Congressman Mark Amadei both endorsed Settlemyer. Flippo will now face Democratic nominee Teresa Benitez Thompson in November.
The marquee race last night was in Maine, where progressive Graham Plattner won the Democratic Senate primary with 72 percent of the vote. Plattner was dogged by scandal after Governor Janet Mills dropped out of the race in April, but she still picked up 19.5 percent last night. Bloomberg's Laura Davison has more from Washington.
Easily walked away with it, but suggests that he has work to do winning over voters in the Democratic base who may be uncomfortable with some of the recent reporting that's come out about him, both his treatment of women, a tattoo on his chest that he has since had removed that is a Nazi symbol, as well as a report that he was sexting with women while married.
Bloomberg's Laura Davison reports Graham Plattner will now face Republican incumbent Susan Collins in a race that Democrats still see as key to their hopes of a Senate takeover in November. President Trump's pushing ahead with plans to name his housing chief Bill Pulte as acting director of national intelligence.
Democrats have threatened to hold up extension of a key spy tool in protest, and Republican leaders have urged the president to name a permanent replacement. But in a social media post this morning, President Trump says he has asked Pulte to take over on June 19th to lead a downsizing of the office.
The president's asking Congress to send him a short-term extension of FISA 702 so he can have more time to find a permanent DNI with national security experience. Bill Gates is on Capitol Hill behind closed doors testifying about his ties to Jeffrey Epstein.
I'm glad to be here voluntarily to testify to help with the committee's work.
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Chapter 3: How is the May consumer price index impacting the economy?
Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.