US Strikes Lift Oil, BP Former Chair Hits Back, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm James Woolcock.
And I'm Caroline Hepker.
The US has carried out further airstrikes on Iranian targets as hopes for an imminent deal continue to fade. As with its attacks earlier this week, a US official described the latest bombings as defensive. The U.S.
What recent US airstrikes have occurred and why?
says it shot down four one-way Iranian attack drones that were fired at a commercial ship and also struck a drone launching unit near the Strait of Hormuz. The latest flare-up in hostilities comes just hours after President Trump said that no single nation would control the vital waterway as part of any deal with Tehran.
Nobody's going to control it. We're going to watch over it. We'll watch over it. But nobody's going to control it. That's part of the negotiation that we have. They would like to control it. Nobody's going to control it. It's international waters and Oman will behave just like everybody else. So we'll have to blow them up. They understand that. They'll be fine.
President Trump speaking there as the U.S. Treasury says it has taken action against Iran's Persian Gulf Strait Authority, accusing it of a new attempt to monetize transit through the strait.
Now, elevated energy prices and inflation risks are complicating the outlook for central banks as traders turn their focus to US economic data out today. The Federal Reserve's favoured inflation gauge, the PCE price index, is expected to have increased to 3.8% in April. That's well above the Fed's 2% target. Fed Governor Lisa Cook says inflation is headed in the wrong direction.
After five years of above target inflation, I am particularly attuned to the risk that elevated inflation will become embedded in price and wage-setting behavior. As such, I am prepared to raise rates if the expected disinflation does not appear in a timely manner. Likewise, I will continue to monitor labor market developments as well and would be prepared to adjust my policy stance downward should the labor market deteriorate.
Lisa Cook speaking there. As the Fed's vice chair, Philip Jefferson, says that he expects inflation to cool later this year, though he warned that risks remain tilted to the upside. Chicago Fed President Austin Goolsbee, meanwhile, says that strong productivity spending could fuel inflation and require higher interest rates.
Here in Europe, the outgoing vice president of the European Central Bank says the central bank should consider the impact of the Iran war on the economy when setting rates next month. Luis de Guindos told Bloomberg that while inflation in the Eurozone responded quickly to surging energy costs, the effect on economic growth is less clear.
We have to take into consideration the impact on growth. I think that the data that we have received so far, inflation immediately reflects the evolution of energy prices. But I think that for growth, it's going to take a little bit longer. But if you look at soft indicators, sentiment indicators, I think that these indicators clearly point at an important impact on growth.
De Guindos' dovish tone comes as a number of other ECB policymakers have signalled they are weighing interest rate hikes. Both Isabel Schnabel and Yanis Stournaras have pointed to the need for higher borrowing costs after inflation hit 3%.
Now, the former chairman of BP has hit back in more detail. What he says are lies told about me. Albert Manifold was ousted from the role on Tuesday after just eight months in the job. With more, here's Bloomberg's Ewan Potts.
The British oil giant fired Manifold this week in a surprise move due to what it said were serious concerns about his governance standards, oversight and conduct. However, in a statement released this morning, Manifold said that nobody had raised any issues about his conduct during his time at the oil major. Manifold says he entirely disputes the characterisation of his conduct and what he describes as lies told about him. While BP did not provide further details for its decision to remove Manifold, people close to the company he requested anonymity said there had been complaints about aggressive behaviour towards employees, as well as allegations of mishandling sensitive information and attempting to bypass the board.
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