Trump: No Iran Sanctions Relief, Salesforce Disappoints, More
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. President Trump speaking at a cabinet meeting at the White House says he is not satisfied with negotiations with Iran and the almost three-month war, clouding expectations for an agreement. The president also reiterating that nobody would control the Strait of Hormuz.
They would like to control it. Nobody's going to control it. It's international waters and Oman will behave just like everybody else. So we'll have to blow them up. They understand that. They'll be fine.
President Trump also says Iran would not get sanctions relief in exchange for giving up its stockpile of uranium.
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.
Trump's comments coming on the heels of a report from Iranian state media claiming to have a copy of an unofficial draft memorandum of understanding of a deal between the U.S. and Iran to end the blockade of the Strait. The White House, though, says the report is, quote, not true. Bloomberg's Kayleigh Lyons with more details.
This just continues the kind of conflicting narrative that Iran versus the United States has been putting out for the duration of this ceasefire and attempted diplomatic process. Because, of course, President Trump himself would contend a number of things in true social posts, including Iran being willing to give up its highly enriched uranium and for the U.S. to go in and take that out. Only for Iranian state media to say no such agreement has been made.
That's Bloomberg's Kayleigh Lyons. Oil fell on optimism that the U.S. and Iran would reach a peace deal, despite President Trump saying he was not satisfied with negotiations and the almost three-month war. West Texas Intermediate crude traded near $90 a barrel. That's a drop of nearly 5%. Federal Reserve Governor Lisa Cook says inflation is heading in the wrong direction and that she would be prepared to raise interest rates if that continued.
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.
Cook made remarks in preparation for an event at Stanford University. Salesforce gave a revenue outlook for the current period that just fell short of analysts' estimates. Revenue will be about $11.3 billion in the fiscal second quarter, which ends in July. Analysts had projected $11.4 billion. With Salesforce being the leading maker of customer management software, investors had already been concerned about the possibility that artificial intelligence would disrupt the software business. Shares, though, were little changed in extended trading. Meanwhile, Snowflake shares jumping by almost 30% in late trading after the software maker gave a stronger-than-expected annual outlook and signed a $6 billion multi-year agreement to use Amazon's cloud services and chips.
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