Trump to Make Call on Iran Soon, Bondi Rebuffs Questions, More
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San Francisco. On April 4th, 2023, around 2 in the morning, a man was found stabbed multiple times on a sidewalk in downtown San Francisco.
Hey, who did this to you?
What incident sparked political controversy in San Francisco?
What happened next turned the story into a political firestorm. Reports have identified the victim as Bob Lee, the founder of Cash App. From Bloomberg Podcasts, this is Foundering, the killing of Bob Lee. Listen now, wherever you get your podcasts.
News when you want it with Bloomberg News Now, I'm Erica Herskowitz. President Trump says he's meeting this hour in the Situation Room to make a final decision on a truce with Iran. Right now, U.S. stocks are extending all-time highs as traders wait to see whether the U.S. and Iran can finally get a peace deal across the finish line and restore oil flows through the Strait of Hormuz. An Iranian foreign ministry spokesman told the state-run Islamic Republic news agency that message exchanges between Iran and the U.S. are continuing, but no final understanding has been reached yet. A preliminary deal between Washington and Tehran to extend a ceasefire by 60 days is awaiting sign-off from the president.
Bloomberg's Jumana Birseci has more on what's being considered.
This would be a memorandum of understanding, an MOU. That would entail a 60-day extension to the ceasefire, during which the first 30 days Iran would commit to an unconditional reopening of the straits, a demining of the straits in exchange for some form of economic relief. And that is a big sticking point because we just don't know yet what sort of sanctions relief or unfreezing of assets that the U.S. are willing to offer over that time frame.
Bloomberg's Jumana Prosechi. This comes as Iran's semi-official Tasnim news agency reports that the text of the possible memorandum of understanding has undergone changes in the past few days and is not finalized. Vice President J.D. Vance says the U.S. and Iran are going back and forth on a couple of language points. including over issues relating to Tehran's nuclear capabilities, although, he adds, Iran appears to be negotiating in good faith and progress is being made. Meanwhile, Chevron CEO Mike Wirth says several vessels transiting through the Strait of Hormuz have been attacked in recent days, underscoring the very real risks that remain for ship owners in the Persian Gulf, whether or not a peace accord is signed.
Wirth, a guest on Bloomberg Television, says there have been multiple incidents of vessels being attacked while in transit, with some reported in the media and some not.
There have been vessels that have been in transit that have suffered attacks. More than what we've heard of in the press? Yes. Our reports would indicate that. What do they suggest? How frequent have those attacks been? Maybe not every day, but there have been multiple incidents that have occurred.
What is President Trump's decision regarding a truce with Iran?
Worth speaking with Bloomberg Television says ship owners and their insurers will have to feel comfortable that passage is safe for oil to begin moving again and be willing to send ships back into the strait for trade to get back to normal. Right now, oil is lower with Brent set for its worst month since 2020. Brent crude trading at around $92 a barrel. West Texas Intermediate, $87 a barrel. Elsewhere on Wall Street, stocks are pairing earlier gains as the Dow is now up 0.5%, the Nasdaq is flat, and the S&P up only 0.1%. The 10-year Treasury yield at 4.44%, the 2-year Treasury yield at 4.00%. Meanwhile, Fed Vice Chair Michelle Bowman says it's too soon to judge the inflationary impact from the war in Iran and that policymakers need to look through temporary price shocks.
In a speech earlier today outlining her approach to monetary policy, Bowman said she supported officials' decision last month to maintain language in their post-meeting statement that suggested additional rate cuts are a possibility. That separates her from a growing number of policymakers who want the central bank to signal their next move is just as likely to be a rate hike as a reduction. A federal judge today temporarily blocked any payouts from the Trump administration's $1.8 billion anti-weaponization settlement fund.
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