Trump: We'll Attack Iran "Very Hard," CPI Hits 3 Year High, More
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The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets. Chair Powell opened the door to this first interest rate cut. Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
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How are current interest rates impacting the economy?
With Bloomberg News Now, I'm Amy Morris. President Trump says Iran will, quote, pay the price for delaying negotiations for an interim peace deal after renewed attacks overnight.
We're going to be attacking them, attacking them very hard. You're resuming bombing? Yeah, well, we are. Based on the helicopter, I guess we have the right to do that.
Trump referring there to the downing of a U.S. military helicopter off the coast of Oman. U.S. forces carried out strikes against Iran, targeting air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz. And the president says more strikes are coming. Indexes dropped to session lows after Trump made those remarks. We check markets for you all day long here at Bloomberg. The S&P 500 down 1%. NASDAQ down 1.3%. The Dow down 1.2%. The 10-year Treasury yield at 4.52 percent, the two-year yield at 4.12 percent. WTI crude oil now at $91 a barrel and Brent crude nearing $94 a barrel. Supermicro computer shares have fallen 18 percent after that company said it plans $7 billion in equity and equity-linked financing transactions to fund purchases to satisfy around $39 billion in AI server orders it's received from customers.
And those rising gas prices pushed inflation to its highest levels in three years last month. Bloomberg's Michael McKee has the May Consumer Price Index.
4.2% is the inflation rate for the last 12 months in the headline CPI. That's exactly what was anticipated. The month-over-month for the headline is up half a percent as anticipated. For the core, it is a two-tenths gain.
What are the latest developments regarding U.S. and Iran relations?
And for the year-over-year number, it is 2.9%.
Bloomberg's Mike McKee reports two-tenths percent gain for the core was a bit cooler than expected. We are just a day away from the biggest stock debut of all time. SpaceX is pricing more than 555 million shares at $135 apiece. That pricing takes place tomorrow. Shares begin trading on Friday. Saudi Arabia's Public Investment Fund and Kuwait Investment Authority have each placed orders for shares worth $1 billion to $5 billion. Banks leading the IPO stopped taking institutional investor orders after the market closed today. Bill Gates is on Capitol Hill for a closed-door hearing about his ties to Jeffrey Epstein. He spoke to reporters before the hearing began.
I'm glad to be here voluntarily to testify to help with the committee's work. I'll start with an opening statement in the hearing room.
House Oversight Chair James Comer says the panel plans to ask Gates about emails Epstein sent to himself about Gates having sex with Russian girls. Gates has said he never interacted with Epstein's victims, but he has admitted to having two affairs. Comer also says he wants Acting Attorney General Todd Blanch to testify about how he's handled the Epstein files. He wants that testimony set for next month. The reemergence of the New World Screwworm and continued drought are complicating efforts to rebuild beef supplies and keeping prices high. Agriculture Secretary Brooke Rollins told the House Agriculture Committee they were ready for this.
We know this development is a serious threat, but it did not catch us off guard. The last USDA had an equivalent of 10 full-time employees working on the New World Screwworm. Before it was even confirmed, we had over 110 full-time employees. full-time staff in preparation.
The outbreak of the new world screw worm has prompted restrictions including quarantines and movement controls which are further tightening already constrained cattle supplies.
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