Trump Speech Rocks Markets, Senate Rejects House DHS Bill, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. President Trump took to the podium last night in a rare primetime White House address aimed at assuring Americans there is an off-ramp to the month-long war with Iran.
Thanks to the progress we've made, I can say tonight that we are on track to complete all of America's military objectives shortly, very shortly.
In the speech, heard live on Bloomberg Radio, the president said the U.S. will hit Iran extremely hard over the next two to three weeks, while at the same time saying discussions with Iran's leaders are ongoing. We get more from Bloomberg Deputy Washington Bureau Chief Laura Davison.
So we heard a lot of mixed messages from the president on whether he's seeking a diplomatic route or a military route, sort of saying both were proceeding without any sense about what clear objectives are there, what he's looking to see. while we're hearing more signs from Iran that they are not negotiating.
Bloomberg's Laura Davison reports the president also did not offer a plan to break Iran's control over the Strait of Hormuz, telling allies to, quote, take care of that passage. Bloomberg's Paul Wallace has more on that.
The U.K. is leading or convening a group of foreign ministers today. It will be a virtual meeting, 35 countries, mostly Europeans, but it will include the likes of Japan and Canada and the UAE. And they're going to sort of bash heads together and talk about how to reopen Hormuz, telling me the US is not involved with that. So I think there really is a sense that the US does not know how to reopen Hormuz. It's kind of run out of ideas and doesn't really want that possibility. problem hanging over it.
It's Bloomberg Middle East Managing Editor Paul Wallace. The lack of clarity has oil surging this morning. Right now, both Brent and West Texas Intermediate are trading above $109 a barrel, gains of 8% to 9% for both those contracts. And S&P futures are down 1.6% now, down about 100 points. Dow futures are lower by 1.4%. That's a drop of more than 640 points. NASDAQ futures are down 2%. The 10-year Treasury yield is up five basis points to 4.37%, and COMEX Gold is down 3.5%, trading above $4,600 an ounce.
What did President Trump say in his recent address regarding Iran?
It's an early morning on Capitol Hill. The Senate has once again unanimously passed a measure to fund all of the Homeland Security Department except for immigration enforcement. It puts the ball back in the House's court after Republicans there rejected the same bill last week. The chambers may be overcoming their differences on the Republican side, though, as we hear from Bloomberg's Amy Morris in Washington.
Senate Majority Leader John Thune and House Speaker Mike Johnson say they'll split the agency's funding, some money coming through the bipartisan appropriations process and immigration enforcement funding, coming from the partisan budget reconciliation process. Senate Budget Chairman Lindsey Graham says Republicans will work on budget reconciliation to fully fund ICE and Border Patrol by June 1st.
Bloomberg's Amy Morris reports President Trump called for that bill to reach his desk by that deadline in a social media post. The House could vote on the DHS funding measure. later this morning. President Trump is set to release his 2027 budget request tomorrow. The wish list is expected to frame Republicans' midterm message around a massive defense buildup partially paid for by cuts to entitlements and other government agencies. The president could face resistance from within his own party on cuts to health and science agencies that Congress rejected last year. President Trump ended his first term with $7.8 trillion in added debt
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