Karen, we begin with the most highly anticipated FED meeting in years. Policymakers begin their two day session today with a decision coming tomorrow. Central bankers have all been guaranteed a first rate cut in more than four years, but with just one day to go, markets are showing a toss up between a quarter point or half point reduction. Bill Dudley, former president of the New York Fed and current Bloomberg opinion columnist, is calling for fifty.
Doing twenty five would have been awkward because it would have disappointed market expectations. They probably would have shown only another fifty basis points in their summary wreck and out projections, so that they would be essentially saying we're goingly going to do seventy five basis points this year when the market was priced for about one hundred and twenty. So I think doing fifty brings the Fed more in alignment with the market, and it also fits the logic of the moment.
Former New York Fed President Bill Dudley thinks inflation will get back to near two percent.
Well, Nathan. Whatever the fedish sides, a rate cut could be good news for investors. According to a Bloomberg News No analysis of the past six FED using cycles going back to nineteen eighty nine, the S and P five hundred index treasuries and gold have typically risen as the
FED starts lowering rates. In the equity market, the SNP is rallied by an average thirteen percent in the six months after the Central Bank started cutting, except during the recessionary years of two thousand and one and two thousand and seven.
Karen.
Several tech stocks are in the news this morning. Shares of Intel are jumping close to seven percent. Bloomberg's John Tucker's following this, John, looks like Intel's landed a new customer.
Not just any customer, Nathan, It's Amazon. Amazon's AWS is going to be a customer for Intel's manufacturing business. Intel and AWS will coinvest in a fabric chip that's a custom semiconductor for artificial intelligence computing. And now this potentially brings work to new Intel plants under construction of the US and both CEO Pat Gelsinger's efforts to turn around the imbattled chip maker. Intel has been facing some pretty
tough times recently. They announced plans last month year recall to slash fifteen thousand workers find ten billion dollars in cost savings and also suspend their dividend. Well, Amazon Web Services is the largest provider of cloud computing, and it could help build confidence that Intel can compete. In another win, Intel said that it's eligible to receive as much as three billion dollars in US government funding to manufacture chips
for the military. Intel still has a pretty long way to go to win back Wall Street's full confidence after years of losing ground to rivals and seeing its technological edge slip away. These Silicon Valley pioneers valued at less than ninety billion dollars in New York. I'm John Tucker, Bloomberg Radio.
All right, John, thank you well. Amazon CEO Andy Jassey is ordering the e commerce companies employees to return to working in the office five days a week beginning in January. We get that story from Bloomberg Sturley Pellett.
Previously, Amazon could require employees to badge in at least three days, depending on the requirements of their team. In an ode to employees, Chassis said N's return to office plans will make exceptions for extenuating circumstances or cases where managers had already approved a fully remote position. Chassis also taking aim at bureaucracy and layers of management. After Amazon ballooned in size during the last decade. In New York, Charlie Pellett Bloomberg Radio.
Thanks Charlie and sticking with big tech. Shares of Microsoft up about one and a half percent. The software giant unveiled the new sixty billion dollar stock buyback program. We get the details from Bloomberg's Doug Prisner.
The plan has no expiration date and it replaces a sixty billion dollar buyback program announced in twenty twenty one. Microsoft also raised its quarterly dividend by ten percent. Now, in recent years, Microsoft has benefited from market exuberants for artificial intelligence. The software maker has infused its product line with AI technology from partner OpenAI, and Microsoft has touted the tool's ability to all augmented its business applications such
as Teams, Word and Outlook. Early on Monday, Microsoft released a new range of AI tools in New York. I'm Doug Prisoner, Bloomberg Radio.
All right, Doug, thank you. Now to the latest on the presidential race and the apparent attempt on Donald Trump's life. The former president talked about hearing shots ring out on his golf course. During an X spaces event last night promoting a crypto venture, I.
Was with an agent and the agent did a fantastic job.
There was no question that we were off that course.
I would have loved to have sank that last put, but we decided.
We get out of here.
And in an earlier interview with Fox News, Trump blamed Vice President Kamala Harris's rhetoric for inflaming the would be gunman, though he didn't provide evidence. Bloomberg's Bill Ferries has more on what we do know about the suspect.
The fifty eight year old suspect, Ryan Ralth, may have been, according to his cellular phone data, spending about twelve hours in the area where he was with his rifle and back pack, waiting for the president a former president, to show up. This is all according to the FBI and police investigation.
Bloomberg's Bill Ferries reports. Ryan Routh is charged with two firearm counts, including possession by a convicted felon. Meanwhile, the latest USA Today Suffolk University poll shows Kamala Harris ahead of Trump in Pennsylvania by three percentage points. That's within the poll's four point four percent margin of error. The survey was taken after last week's debate in Philadelphia.
I want to turn out to the Middle East, Karen for our exclusive interview with Iraq's Prime Minister Mohammad Shia al Sudani. He sat down with Bloomberg's Jumani Persecci in Baghdad. It's older he plans to announce a timetable for the withdrawal of US troops from his country. Speaking through an interpreter, the Prime minister also commented on the upcoming US presidential election.
Of course, we respect the choice of the American people according to the democratic process. We will deal with any administration that gains confidence love. It's of interest to us to activate the strategic fore work that was signed in two thousand and eight and building a relationship based on these principles of mutual interests and respecting Iraqi savaranty.
Iraq's Prime Minister Mohammad Shia Alsudani speaking with Bloomberg's Jumana Borsecci.
Stick with us.
We're going to bring you more of that exclusive conversation in a few minutes.
And Nathan, another news this morning. For the six year in a row, Stanford has topped a Bloomberg BusinessWeek's rankings of best business schools in the country. The university maintains strong scores, and four of the five areas we index compensation, learning, networking, and entrepreneurship running out the top five Chicago's Booth School, northwesterns Kellogg, Dartmouth's Talk, and Virginia's Dardin time now for a look at some of the other stories making news
in New York and around the world. And for that we're joined by Bloomberg's Michael Barr Michael good Morning, Good.
Morning, Karen, hip Hop mogul Sean Diddy Combs was arrested late last night in New York, where he faces a sealed criminal indictment. Combs has faced stream of allegations by women in recent months who accused him of sexual assault. The charges come from an investigation of Combs that was revealed when Homeland Security agents raided his homes in Los Angeles and Miami in March. Combs's lawyer called the prosecution unfair. Springfield, Ohio, is in the spotlight and the race for the White House.
It started after former President Donald Trump repeated rumors during the presidential debate last week about the Haitian immigrants legally living in the city are eating people's pets. Since then, businesses, schools, and college campuses have closed down after threats were made. Ohio Governor Mike de Wine.
We've taken action in regard to cameras.
We have taken action into putting a large number of numbers of highway patrol here.
Governor DeWine also says schools in Springfield we'll have more police officers beginning today. Meanwhile, in a new twist, the Trump campaign says the former press and has offered a campaign there. A Coast Guard hearing is underway and South Carolina focused on last year's deadly voyage by the ocean Gate submersible to visit the Titanic. All five on board
were killed when it imploded. In testimony, ocean Gate's former engineering director Tony Nissen told the Coastguard panel he was fired because he did not approve of Titan traveling to the Titanic, and said there were warning signs in early tests.
We hadn't early gone deep enough long enough, and we were reflecting a thirty seven percent more so, it was the first warning.
Officials revealing one of the last messages from Titan to its support ship was all good here, officials say. A massive pipeline fire that has burned for hours near Houston began after a vehicle struck in above ground valve after driving through a fence. Officials in deer Park said that police and local FBI agents I found no evidence of terroristic activity. The investigation includes an effort to identify the
driver operator. Central Point Energy shut off the flow of natural gas liquids in the pipeline, but Deer Park Mayor Jerry Mouton says the line is still burning.
The fire is it's very hot, so a lot of the house structures that are adjacent to that are still catching on fire, even though we're putting a lot of water on them to try to control that.
Mayor Muton says the fire could burn off. Today Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barn. This is Bloomberg.
Karen.
All right, Michael Barr, thank you time now for the Bloomberg Sports Update with John stash Hour.
John, good morning, Good morning, Karen, Good day and night for the Mets. First, they got encouraging news on franciscild Indoor's back injury. Then they hosted Washington looking to end their first two game losing streactions mid August. Mets one two to one shut out until the eighth inning they wanted on a Starling Marte hit in the tenth. Sean and I and three relievers together allowed only five hits,
one walk, ten strikeouts. As for the Lindor, who had not missed the game all season, he was not able to play a full game in any of the three this past weekend, but the MRI was cleaned.
I'm great. I still have a little bit of pain, but we had good use. Everything seems like it's good. You know, he could be.
Three to five days or it could be two to three.
Depends on how my back reacts the training. They have an amazing game plan and then he's gonna be up to Mendy and if I feel okay to play.
The Mets also got good news in other games. Atlanta lost the Dodgers nine and other in La scored nine runs on four hits. In Arizona lost in the bottom of the ninth Tenny of Colorado three to two. The Mets leave the praise for the third NL Wildcard by one game. They're one behind the d Backs for the second wildcard good Monday Night at Falcons and Eagles in Philly. Six lead changes, The last one came of the fun Donald a minute a Kirk Cousin's touchdown pass to Drake
London Atlanta one twenty two to twenty one. Both teams are one and one. The Giants are zero to two for the ninth time in the last twelve years, and they'll be without their kicker for a few weeks. Draham Jenew heard his hamstring in Sunday's opening kickoff. The Jets have lost Jermaine Johnson for the season torn achilles, so down a defensive lineman. Will that lead to signing ha Son Redick, who remains in a contract hold out. The Jets have a second straight short work week. They host
the Patriots Thursday, quarterback change at Carolina. The veteran Andy Dalton will start Sunday against Las Vegas. The struggling Panthers have bench Bryce Young, who they took with the first overall pick of the twenty twenty three draft. John stanshantw're Bloomberg Sports, Candon.
Athor Coast to Coast on Bloomberg Radio Nationwide on Sirius XM and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager, turning now to a Bloomberg News exclusive our interview with Iraq's Prime Minister Mohammad Shia al Sudani. The Iraqi leader sat down with Bloomberg's Jumana Bursechi in Baghdad. They discussed why he thinks US troops are no longer needed in his country and how, in his view, the US has largely succeeded in defeating Isis. Alsudani also talked about the upcoming US election, as well as a timeline for restarting a key oil pipeline to
help iraqet closer to its opek output quota. Iraqi Prime Minister Mohammad Shia al Sudani spoke with Jumana through a translator. Let's go to that discussion.
Bidet Hokuma ti vivaramamaj Hokumi. My government started a government run program that was proposed to Parliament and put to a vote after the Ministerial Cabinet presented it. This was according to the constitutional measures part of the ministerial program was ending the coalition's mission after the justifications for its presence had ended. Today, Iraq in twenty twenty four is
not the same as Iraq of twenty fourteen. We have defeated DYSH with our sacrifices in the Iraqi people's position, from all of its components and factions, and with the support of the international community and friends, and we do appreciate that we found that the justifications ended and there is no longer a need for a coalition of eighty six countries. We moved from a period of wars to a period of stability. DYSH doesn't pose a threat to the state. They may be part of the security challenges
like drug trade and criminal offenses. It's at that level. It's not equal to DYISH now a group of terrified people hiding in caves in the desert in the mountains, and the real threat to security and stability. Based on this vision and evaluation, we initiated a conversation with our friends in the International Coalition and it was honest and included more discussions on various levels, and was culminated with my visit to Washington, d C. And talking to President Biden.
We formed a joint committee in August of twenty twenty three between military commanders to start the conversation, and in fact the committee reached an understanding to arrange for that withdrawal.
It was hoped that the conclusion would be announced, but out of our keenness not to mix things or create a misunderstanding about the end of the coalition's mission, the desire was to postpone the announcement and we hope to announce it soon and we will take part in an international conference for the Coalition against dish or terrorism and Iraq is a genuine member that lead the ranks.
To face terrorism.
Ending the coalition's mission and this is an important point, does not mean a breakdown between Iraq and the coalition countries, including the United States. On the contrary, at the same time, we are in bilateral talks to build a sustainable security relationship other than the economic, cultural, and scientific and social ties.
You say that ISIS is less of a threat, and yet on Fridays, since common ounts that a raid was conducted in western Iraq, US military alongside Iraqi security officials killed some senior ISIS commanders. That tells me that the ISIS threat is still there no.
No.
Of course, this was one of the quality operations that was executed between security agencies and the international coalition. This is proof La daesh Or. This is proof that the security agencies have reached the phase of capability where they started finding these people in caves, in mountains, in deserted areas and killed them. This is proof of the level of ability and capability that our security forces have reached.
Dyash today doesn't own a land or an area to be in and has lost its incubator, and this is the fundamental win achieved. Following up on the cells of these individuals doesn't mean that there is a real threat. When we used to talk about DYSHDYSH used to hold areas, villages, and cities, and today Dash doesn't have this existence except for these isolated groupings in deserted areas.
There's a US presidential election coming up very soon. What would you like to see out of the next US president, be it President Harris or President Trump.
Riki.
Of course, we respect the choice of the American people according to the democratic process. We will deal with any administration that gains confidence. It's of interest to us to activate the strategic framework that was in two thousand and eight and building of relationship based on these principles of mutual interests and respecting Iraqi sovereignty.
President Trump has been historically very hawkish on Iran. Do you worry that a return of President Trump could be even more destabilizing for the region.
For our understanding of the situation of the relationship between Iraq and Iran is based on mutual interests and mutual respect. Iran is a neighboring country and we share one four hundred kilometers and it's in our interest to have a close relationship, especially that Iran has been supportive of the
political process and our efforts in combating terrorism. Of course, Iraq is the only country in the region that has a special relationship between Iran and the United States, and we try through this positive characteristic to help in bringing opinions closer. And we are interested to have stability in the region away from the access policy. We don't want the tense relationships and the stances of other countries of
the world to impact the Iraqi situation. This is our diplomatic effort and movements in terms of our bilateral and regional.
Ties, and that was the Prime Minister of Iraq Mohammad Shia al Sudani speaking through an interpreter there with Bloomberg's Jumana Bursechi. You can catch their full conversation on the Bloomberg Talks podcast. Subscribe to download all of our high profile discussions anywhere you get your podcasts. And Jumana is here with us now for more on this very important interview. Jumana, of course, the anchor of Bloomberg Horizons on Bloomberg Television,
joining us out of Dubai this morning. Jumana, congratulations on this discussion. Really interesting to hear the Prime minister talk about his country moving from a period of wars to a period of stability. Walk us through your impressions of this conversation that you had with the Prime Yeah.
So we had a half hour sit down with him and we spoke about a broad array of different topics as you can imagine, the ongoing war and Gaza regional geopolitics, the threat of ISIS and also opek. So lots of different topics were brought up. But I would say if there was one headline or one major takeaway from that interview, it was this one and he said, the Iraq of twenty twenty four is not the same as the Iraq
of twenty fourteen. And specifically we talk about twenty fourteen because that was when the US, alongside other coalition forces returned back to Iraq to combat the threat of ISIS. Now back in twenty fourteen, you may also remember that at one point Isis took over about a third of the land in Syria and Iraq. It was a real and present, very present danger. What he's saying is you fast forward a decade later, Isis, in their eyes, is no longer a threat anymore. They say that DASH has
mostly been defeated. They're not the force that they once was, and therefore there's less of a justification for the US forces and coalition forces to still be present on the ground. They're around twenty five hundred US troops and advisors still stationed in Iraq, and he's saying that they want to work towards a more bilateral relationship based on security and diplomacy as opposed to having the US having an active
presence on the grounds. And he also hinted that an announcement could be coming soon.
Yeah, of course, we heard you press the Prime Minister on the attacks that ISIS has managed to carry out despite the US troop presence there. What's your impression, Jumana, of the stability of the al Sudani government given all the instability we've seen since the overthrow of Saddam Hussein.
Yeah, it's a really important question because when you think about Iraq today, I guess one of the first things people think of is the threat of ISIS, and he is right, and that the ongoing threat is less and less that it used to be. Nowadays you just have the odds ISIS commander hiding in a cave. They don't have incubators, they don't have control roll over cities or towns,
so very different from what it once was. But what has happened in the last couple of years is what we are saying is increasing penetration from Iranian affiliated political groups into mainstream political parties, and so the Sudani government is actually held up by a majority of these Shia political parties. And of course Iran and Iraq historically have
very close religious relations as well. You have to remember that some of the key Shia Muslim shrines are also in Iraq, so they have these close historical religious ties. But increasingly that Iran has had more of a political presence within Iraq, and that is one of the concerns here, and that if we are talking about broader regional tension, the axis of resistance, so to speak. At some point in the interview you may have noticed he said, we don't want to be a part of any particular axis.
We see ourselves as a mediator and somebody who has relations with both Iran and the US.
Just thirty seconds left Jumana. But could Iraq's relationship with Iran pose risk for the US in the years to come.
I think it is a concern, and I think what El Sudania is trying to do is to distinguish himself from those paramilitary troops that are operating within Iraq. But the big challenge for his government is to be able to reaffirm state control over some of these paramilitary organizations, and that will be the challenge in years to come.