Trump Disputes Iran's Hormuz Control, Snowflake Soars, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News When You Want It with Bloomberg News Now. I'm Doug Krisner. There were mixed signals today on the prospects for a U.S.-Iran deal to end the war and revive energy flows through the Strait of Hormuz. The U.S. denied an Iranian media report on a draft interim deal to return traffic through Hormuz to normal levels within a month of it coming into effect. The report also claimed the U.S. is ending its naval blockade of Iran while, at the same time, withdrawing naval forces from the waters surrounding Iran. President Trump said no one nation would control the strait.
The strait's going to be open to everybody. And who would control it? It's international waters. Nobody's going to control it. We're going to watch over it. We'll watch over it. But nobody's going to control it. That's part of the negotiation that we have.
At the same time, the president downplayed the possibility of Iranian sanctions relief.
We're not talking about any easing of sanctions or giving money. No sanctions, no money, no nothing. We have control of money that they claim is theirs. We'll keep control of that money. When they behave properly and when they do what's right, we'll let them have their money.
The president was asked by Bloomberg's Tyler Kendall about a federal gas tax holiday that he spoke about several weeks ago. Trump responded by saying it was something the administration might talk about, but he would need to see what's going to happen in the next week or two. The Israeli military told residents across southern Lebanon to leave as the IDF expanded its operations there. The Israeli military said it will work with extreme force against Lebanon's militant group Hezbollah. Now, Iran has insisted any ceasefire with the U.S. would include Lebanon. And Bloomberg's Israel Bureau Chief Ethan Brawner says Israel will not do anything to harm the deal between Iran and the U.S.,
there's a clear understanding that Israel is not going to do anything that would really lengthen this thing in any way sort toward Iran, for example, it would not move without American agreement.
That is Bloomberg's Ethan Bronner. After the Bell Snowflake gave a stronger than expected annual outlook for product sales, the company also said it's expanding its collaboration with AWS to accelerate the adoption of enterprise-ingentic AI. Shares in Snowflake are up nearly 34% in late U.S. trading. Fed Governor Lisa Cook says inflation is headed in the wrong direction, and she said she would be prepared to raise interest rates if that persists. Here is Cook speaking at Stanford University.
After five years of above target inflation, I am particularly attuned to the risk that elevated inflation will become embedded in price and wage setting behavior. As such, I am prepared to raise rates. if the expected disinflation does not appear in a timely manner.
For now, Cook favors holding interest rates steady, and she is expecting price growth to cool again in the coming months. Emergency crews in Washington state have resumed searching for nine missing workers at a paper mill following the rupture of a storage tank containing a highly caustic chemical.
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