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Chapter 1: What is the main topic discussed in this episode?
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.
Chapter 2: What recent events led to the U.S. strikes against Iran?
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News when you want it with Bloomberg News Now. I'm Doug Krisner. Crude oil prices are higher at this hour after the U.S. military launched fresh strikes against multiple targets inside Iran. Central Command says the strikes were in response to Iran's unwarranted and continued aggression. And they followed strikes on Tuesday in retaliation for the downing of a U.S. Apache helicopter.
Early in the day on Wednesday, President Trump vowed to strike again. He also criticized Tehran for delaying talks on an interim peace deal. Here is Defense Secretary Pete Hegseth.
As President Trump said, they've been tap, tap, tapping. You can see when someone's trying to tap, tap, tap on a deal. Instead, they're going to have tap, tap, tap bombs dropping on key facilities in Iran from the United States of America. And that's not because we want to restart anything. We don't have to restart.
That is Defense Secretary Pete Hegseth. In the meantime, Iran says the Strait of Hormuz has been completely closed to all types of vessels, including commercial ships. However, the U.S. military says commercial ships are still continuing to transit the strait at this hour. The war with Iran is still driving inflation higher.
The May consumer price index rose at an annual rate of 4.2 percent, the fastest rate in more than three years. However, the core rate of retail inflation, which excludes food and energy, rose less than expected two-tenths of one percent compared to April. Now, these data set up next week's Fed decision as Kevin Warsh prepares for his first meeting as Fed chair. Here's Bloomberg's Michael McKee.
In some ways, this is a gift to Kevin Warsh, the inflation numbers today, because there's no way you can cut rates with inflation at these levels. So then the next question for Warsh is when can you?
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Chapter 3: How are crude oil prices affected by military actions?
How far down does inflation have to come? And we don't know what he's going to say, but it's going to be very difficult for him or anyone to make a case for cutting this year because inflation is still rising.
That is Bloomberg's Michael McKee. After the bell, Oracle reported capital expenditures for the latest quarter above estimates, and this has raised concern about the profitability of Oracle's cloud infrastructure business. That said, sales in the infrastructure business gained 93% last quarter to $5.8 billion. That was slightly faster than the 91% increase anticipated by analysts.
We got reaction from Sarah Kunst, founder and managing director at Clio Capital.
I think the expectations were for them to sort of pull a rabbit out of a hat that is not there. I don't think these are terrible results so far. We'll see in the overnight and into tomorrow. But I think the reality is that this is a company that the five year when you pull back, it's been a huge ramp up. The one year has been pretty muted.
This is a company that people got excited about for a while with AI, but the bloom has sort of been off the rose.
That is Sarah Kunst from Clio Capital. Shares in Oracle are down about 6% in late trading. Incidentally, this stock has climbed 35% over the past three months. Microsoft co-founder Bill Gates testified today on Capitol Hill in a closed-door hearing about his ties to Jeffrey Epstein. More from Bloomberg's Amy Morris in Washington.
Gates told the House panel that he made an error in judgment by ever meeting with Jeffrey Epstein. The Microsoft co-founder said he was drawn in by Epstein's claims that he could help raise billions for global health initiatives. Most Democratic members on the panel described Gates as cooperative. Some described his behavior as a little combative.
Republican Representative Tim Burchett of Tennessee says some of those questions were intense.
It's pretty clear to me, though, that Epstein was a friend collector. He just liked to have people around him that were big deal and get his picture made with them and hang out with them, and I think that's how he reeled them in.
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Chapter 4: What is the current state of inflation and its relation to the war with Iran?
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