Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Nathan Hager. President Trump is urging Iranian protesters to keep protesting as the country faces its deadliest wave of demonstrations in decades. The U.S.-based human rights activist's news agency says at least 2,000 people have died in Iran in just the last two weeks.
Chapter 2: What is President Trump's message to Iranian protesters?
In a social media post, the president said he has canceled all meetings with Iranian officials until the killings stop. President Trump is also putting more pressure on the Fed and Chair Jay Powell to cut interest rates after the inflation report out this morning came in mostly in line with expectations.
He's billions of dollars over budget, so he either is incompetent or he's crooked. I don't know what he is, but he certainly doesn't do a very good job.
President Trump spoke on his way to Detroit, where he'll visit a Ford F-150 factory and deliver his economic message to the Detroit Economic Club. The Justice Department's criminal probe into Chair Powell is drawing more bipartisan pushback. Patrick McHenry is the former Republican chair of the House Financial Services Committee.
The immediate impact will be not on the Fed and the independence of the Fed. It will be on the president's first nominee to chair the Federal Reserve. That's going to be the direct pain point, and that's where you'll get resolution to this.
Former Congressman Patrick McHenry is now a Bloomberg News contributor. In the meantime, global central banks have issued a statement declaring full solidarity with Powell, and JPMorgan Chase CEO Jamie Dimon said that chipping away at Fed independence will increase inflation expectations and probably boost interest rates over time.
Today's inflation report is boosting bets that the Fed will cut rates, but not till June. And right now, stocks are falling, with the S&P 500 down two-tenths of 1%. The Dow Jones Industrial Average is six-tenths of a percent lower. The Nasdaq Composite is down a tenth of 1%. JPMorgan Chase is down 3%.
It reported positive earnings this morning, but banks across the board are pushing back at President Trump's call for a 10% cap on their credit card rates. Bloomberg's Danny Berger has more on what JPMorgan's chief financial officer had to say about that.
For an avoidance of doubt, if it were to happen, it would be very bad for consumers.
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Chapter 3: How is President Trump influencing Federal Reserve policy?
It would be very bad for the economy. Saying that in this scenario, if you do get rates capped at 10%, it would just mean less credit available.
That's Bloomberg's Danny Berger reporting. On Capitol Hill, House Republicans are moving to hold Bill Clinton in contempt of Congress. The former president failed to appear for a scheduled deposition today with the committee investigating his ties to Jeffrey Epstein. Here's House Oversight Chair James Comer.
No one's accusing Bill Clinton of any wrongdoing. We just have questions, and that's why the Democrats voted along with Republicans.
The Republican James Comer says his panel will move on contempt proceedings next week. Former Secretary of State Hillary Clinton is due to appear before the committee tomorrow. She, too, is not likely to attend. The Supreme Court is hearing back-to-back cases today from transgender athletes who are challenging bans from girls' sports teams.
Idaho Solicitor General Alan Hurst is arguing for his state's ban.
Idaho's law classifies on the basis of sex because sex is what matters in sports. It correlates strongly with countless athletic advantages like size, muscle mass, bone mass, and heart and lung capacity.
The cases in Idaho and West Virginia could have implications for the 25 other states with similar laws on the books. The White House says it's ending temporary protected status for Somali migrants as of March 17th. Press Secretary Caroline Levin announced that on X, saying it will affect thousands, including in Minnesota... where the Trump administration is ramping up an enforcement crackdown.
Minnesota has filed a lawsuit against the ICE surge days after a federal agent shot and killed a woman in Minneapolis. Turning back to the markets now, Meta Platforms is doubling down on smart glasses. Bloomberg News has learned the Facebook parent's talking with Ray-Ban's parent company about boosting capacity for AI-powered frames to 20 million or more by the end of the year.
Bloomberg Tech host Ed Ludlow has more.
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