US Inflation Ticks Higher, Trump on Makary's FDA Exit, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Monica Ricks. Stocks are falling and oil keeps climbing as the war in Iran continues to hit home. We'll get the numbers in just a minute, but U.S. inflation jumped to its highest level in three years today, with the Consumer Price Index up 3.8 percent from a year earlier and Core CPI, which excludes food and energy, up 2.8 percent from a year ago. It increased four-tenths percent in the last month. Michael Gabin is chief U.S. economist at Morgan Stanley.
There is some catch-up effect here on rents and owner's equivalent rent from the government shutdown last fall. So this number is artificially higher because of that, but you still have kind of what I'll call a trifecta here. You have energy prices pushing the headline, We think we have the last vestiges of tariff pass-through on core inflation, core goods. You saw the apparel number today. And then we had that catch-up effect on shelter inside of services. So three forces pushing inflation in this particular CPI reading higher this month.
That's Michael Gapin at Morgan Stanley. Higher gas, food and rent prices all exceeded wage growth. JPMorgan Chase CEO Jamie Dimon says fixing trade issues between the U.S. and Europe would pave the way for better growth.
There are some stupid trade issues. It'll fix them. But if both new cars go better, if they move better, it'll be good for all the citizens, not just for the big companies.
JPMorgan Chase CEO Jamie Dimon on Bloomberg TV today. He says the U.S. would also benefit from a stronger NATO and allies in Europe, and repairing trade issues is one way to strengthen the relationship. On his way to Beijing, President Trump talked about FDA Commissioner Marty McCary, who's resigning now after reportedly butting heads with pharma CEOs, vaping lobbyists and anti-abortion groups.
Marty's a great guy. He's a friend of mine. He's a wonderful man. And he's going to be off. And the assistant, the deputy, is taking over temporarily until we find him. Everybody wants that job. It's a very important job. Marty's a terrific guy, but he's going to go on and he's going to lead a good life.
Kyle Diamantis will step in as acting FDA commissioner. Kevin Warsh now one step closer to leading the Federal Reserve. He was confirmed to the Fed's Board of Governors today, paving the way for his confirmation to succeed Jerome Powell. That vote's expected tomorrow. The cost of the war in Iran has now skyrocketed to $29 billion. Pentagon Comptroller Jay Hurst upgraded that estimate today on Capitol Hill.
So at the time of testimony in front of the ask, it was $25 billion. But the joint staff team and the cop trailer team are constantly looking at that estimate. And so now we think it's closer to 29. That's because of updated repair and replacement of equipment costs and also just general operational costs to keep people in theater.
Defense Secretary Pete Hegseth also answered questions from Democrats and Republicans while defending the Pentagon's $1.5 trillion budget request.
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