Daybreak Weekend: Fed Decision, Scotland Trip, China PMI
Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to a monetary policy decision from the Fed and earnings from some of the “Magnificent Seven” tech companies. In the UK – a look at President Trump’s trip to Scotland. In Asia – a look at ahead to China PMI data and a conversation on Asia tech investing. See omnystudio.com/listener for privacy information.
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Trump Visits Fed HQ, Downplays Clash With Powell; Intel Shares Slide on Turnaround Concerns
On today's podcast: 1) Federal Reserve Chair Jerome Powell is smack in the middle of one of President Donald Trump’s preferred attack strategies — flooding the zone.2) Intel Corp. tumbled in late trading after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge.3) Paramount Global’s merger with Skydance Media was approved by the US Federal Communications Commission, which backed the deal after the Trump administration extracted concessions on the news and entertainment company’s political coverage and diversity practices. See omnystudio.com/listener for privacy information.
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Instant Reaction: Trump, Powell Discuss Rates, Clash on Cost of Fed Renovations
Donald Trump downplayed jostling with Federal Reserve Chairman Jerome Powell over cost overruns during a tour of the central bank’s renovation project, even as he used the interaction to again push for lower interest rates.After a tour that saw Trump and Powell publicly trade barbs over the cost of the project, Trump maintained there was no tension with the Fed chief and indicated that problems with the project probably weren’t reason enough to fire the central bank head.But the remarkable tour still saw the president joke that he might ordinarily fire a project manager who oversaw similar cost overruns and again rib Powell — who for months has faced presidential criticism — over interest rates.For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with: Bloomberg News senior editor Wendy Benjaminson Bloomberg News Federal Reserve Reporter Jonnelle Marte on President Donald Trump's visit to the Federal Reserve and Chairman Jerome Powell See omnystudio.com/listener for privacy information.
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Trump Says Countries Will Face Tariffs Ranging From 15% to 50%; Trump to Tour Fed Construction Site
1) US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising.2) Donald Trump will personally visit the Federal Reserve Thursday to tour a construction site he’s criticized for cost overruns amid his escalating attacks on Fed Chair Jerome Powell for not cutting rates.The White House announced the visit in the release of the president’s daily public schedule. The visit is planned for 4 p.m. reading simply, “THE PRESIDENT visits The Federal Reserve,” without further details.3) Elon Musk warned of difficult times ahead for Tesla Inc. after one of the automaker’s worst quarters in over a decade.Tesla will be a transition period for the next year or more, losing electric vehicle incentives in the US and needing time to roll out autonomous vehicles, the chief executive officer said.See omnystudio.com/listener for privacy information.
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Instant Reaction: Tesla's Earnings Miss Wall Street Expectations
Tesla fell short of Wall Street’s expectations in one of the automaker’s worst quarters in years, a sign of the toll that rising competition and a backlash against Chief Executive Officer Elon Musk have taken on the company. Adjusted earnings were 40 cents per share, Tesla said Wednesday in a statement, just below the average analyst estimate. Revenue fell 12% to $22.5 billion, the sharpest decline in at least a decade.Still, the report was free of new bombshells and the company said it continues to move forward with robotaxi and affordable-vehicle plans, providing a measure of relief for investors. That comes “despite a sustained uncertain macroeconomic environment resulting from shifting tariffs, unclear impacts from changes to fiscal policy and political sentiment,” Tesla said.For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with: Bloomberg Intelligence Global Autos and Industrials Research Manager Steve Man Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management See omnystudio.com/listener for privacy information.
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