Trump Calls DOJ Fund 'Great Idea,' US Could Float Iranian Assets, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump says he's interested in reviving his so-called anti-weaponization fund and paying some of the $1.8 billion to rioters convicted of assaulting police officers on January 6th.
I think the weaponization fund is a great idea, and so do many other Republicans. You have to get it approved. If they get it approved, that's great. If they don't get it approved, I'd be disappointed.
Those comments from the president came during a testy interview on NBC's Meet the Press, but the fund wasn't received well on Capitol Hill. In fact, both Democrats and Republicans slammed it as a taxpayer slush fund to benefit the president's political allies. The Justice Department ended it last week. Now, in that same interview, Trump also said Federal Reserve policymakers would be wrong to raise interest rates after a blowout U.S. jobs report. But he insists that he doesn't want to influence Kevin Warsh before he chairs his first Fed meeting.
Kevin's fantastic, and I want him to do whatever he wants. I don't want to have a big influence on him.
We had a great report. We're doing great. And it's unfair that whenever you do great, they want to raise interest rates. It should be the opposite way.
Job growth in May topped all forecasts, leading traders to fully price in a quarter point increase in the Fed's benchmark rate by the end of the year. The U.S. and Iran appear to be making very little progress towards an interim deal to end the war in the Middle East as fresh attacks pile pressure on a fragile ceasefire in the region. U.S. Central Command said early this morning that it downed two more Iranian attack drones that threatened international maritime traffic in the Strait of Hormuz. And this comes after intercepting drones and ballistic missiles aimed at Bahrain and Kuwait on Friday. Meantime, one of the sticking points in negotiations has been the fate of billions of dollars of frozen Iranian assets.
The Trump administration is now seeking to steer them towards helping U.S. allies in the Persian Gulf rebuild from damage inflicted by this conflict. Bloomberg's Abir Abu Omar has more from Dubai. To some varying degrees, the Gulf countries, there are six of them, they will respond differently, right? And bear in mind that these are incredibly rich countries with so much buffers in their reserves. And so there's a question of do they really need it? That's Bloomberg's Abeer Abu Omar on Bloomberg this weekend. She says the $24 billion in frozen assets has been a major concession for Iran in its peace talks with the U.S. Major OPEC Plus members have agreed to another modest increase to their oil output quotas for July, but it's mostly symbolic today since exports have been largely blocked from getting through the Strait of Hormuz.
Key members led by Saudi Arabia and Russia raised collective targets by 188,000 barrels a day next month. Meantime, aviation leaders are meeting in Brazil this weekend and signaling clear skies when it comes to travel demand this summer, despite a jet fuel supply crunch and higher fares.
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