Trump Order Allows Ranchers to Process Beef, Clancy Mistrial, More

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Bloomberg News Now 6 min 4 speakers 7 chapters transcribed 11 days ago

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What is the main topic discussed in this episode?

Unknown 0:00

Growth requires more than capital. It requires the right connections. HSBC Corporate and Institutional Banking combines global reach with local execution. So banking stays simple as your footprint grows. Find your next financial partner. Search grp.hsbc forward slash USCIB.

Amy Morris 0:23

News when you want it.

What is the Trump executive order that lets ranchers sell beef directly to consumers?

Amy Morris 0:24

With Bloomberg News Now I'm Amy Morris. President Trump's executive order sets up an initiative allowing ranchers to sell their products directly to consumers.

Amy Morris 0:41

This is the

Unknown 0:41

largest ever government effort to change all federal rules and regulations necessary to support our ranchers and our farmers.

Amy Morris 0:50

Shares of JBS and Tyson Foods fell to session lows on the news. A judge has declared a mistrial in the Lindsey Clancy murder trial after jurors said they could not reach a unanimous verdict on whether she was criminally responsible for killing her three young children. Judge William Sullivan thanked the jury before sending them home.

William Sullivan 1:08

I understood how hard everybody worked in this case. I understood that you all gave everything you could. I just want to thank you so much that you should be proud for what you did.

Amy Morris 1:19

The mistrial leaves the case unresolved and allows prosecutors to take Clancy to trial again, with options to drop the charges or try to negotiate a plea deal. Job growth in the U.S. surged in August and the unemployment rate held steady, suggesting the labor market has more momentum than previously thought.

Why was a mistrial declared in the Lindsey Clancy murder trial?

Amy Morris 1:44

Job losses were revised away. Bloomberg's Michael McKee.

Michael McKee 1:47

While job growth is forecast to remain slow, the drop in the labor force, driven by immigration policy, has lowered the number of jobs that must be created to hold unemployment steady. And unemployment is forecast to have been unchanged last month.

Amy Morris 2:01

Chris Phelan is chairman of the White House Council of Economic Advisors. He says this report might not play a part in the Fed's rate decision coming up later this month.

Unknown 2:09

Chairman Warsh was very specific in his Jackson Hole speech to say that what he looks at to decide whether to increase or decrease rates is how inflation is doing. He pretty much specifically ruled out that things like the labor market are going to determine what interest rate decisions should be.

Amy Morris 2:30

Chair of the White House Council of Economic Advisors, Chris Phelan on Bloomberg TV, the unemployment rate remains at four point one percent. President Trump once again calling on the Fed to cut interest rates, posting on social media that high rates are putting the U.S. at a disadvantage, threatening, quote, lower the rates or I will stop trading with deficit countries. Julia Coronado at Macro Policy Perspective.

How is the latest U.S. jobs report affecting the labor‑market outlook?

Unknown 2:53

This is a decision not made by one man. It's a decision made by a very large committee. And that that committee has been increasingly concerned about the inflation side of the mandate.

Amy Morris 3:03

Julia Coronado at Macro Policy Perspectives. National Economic Council Director Kevin Hassett says that the White House respects Fed independence and President Trump is not giving the central bank any policy advice.

Kevin Hassett 3:15

Raise rates is what what people think is on the table. The odds of that right now are about sixty percent. We respect the independence of the Fed. I think the Fed will decide what the right thing to do is and that as uh Chairman Wars said in Jackson Hole, he's gonna keep a close eye on inflation and we're getting a a very impactful ahead of their meeting consumer price index uh report next week.

Amy Morris 3:35

National Economic Council Director Kevin Hassett and that jobs report moved stocks and bonds lower. We check markets for you all day long here at Bloomberg, the S P five hundred down about a half percent, NASDAQ down about four-tenths of a percent, and the Dow down about six-tenths of a percent. The ten year treasury yield at four point seven eight percent, and the two-year yield at four point three seven percent.

What are the Fed’s rate‑decision considerations amid rising inflation concerns?

Amy Morris 3:58

The Philadelphia Semiconductor Index about three percent higher, led by Micron, which is nearly five percent higher. President Trump said the U.S. may hit Iran's pickaxe mountain nuclear site very soon, and that has crude oil moving higher.