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Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen will have more reaction to the US credit downgrade in a moment. But first, New Jersey Transit and its locomotive engineers have reached a contract agreement ahead of this morning's Wall Street Commute. Let's get the very latest from Bloomberg's John Tucker. John, Good morning, Good morning, Nathan, New Jersey. Kevin to Phil Murphy, and how's the agreement on the new contract.
There's a real feeling that we landed in a really good place. You could argue we.
Thought that before.
I understand that, but this time it really does feel that way.
But it will take an entire day to get the system up and running, so train service that will resume tomorrow now commuters are being urged to work home for one more day. NJ Transit estimates it carries about three hundred and fifty thousand rail passengers a day, including seventy thousand who ride into New York City. The pact ends the first railroad strike for the transit system in more
than forty years. Wage negotiations. They had been at the center of the dispute the unions that had wanted parody with engineers working at other major US railroads. The tenth of the agreement must still be ratified by members of the union and approved by members of the NJ Transit Board of Directors. I'm John Tucker, Bloomberg Radio.
All right, John, thank you all. Another news we're following this morning. Scottie Scheffler as a PGH champion. He won his third major title. Let me get the details of the Bloomberg Sports. John Stashauer, John, good morning.
Good morning Careen.
Midway through the final round of the PGA, Scotty Jeffler had blown a three shot lead, but he quickly went back on top and then pulled away at a big lead on the final hole.
One last look at the hole for Shuffler. The potter is back and threw on its way. He's missed it, but that's okay. He'll go around the hole collect himself. Conquers the Queens City at Quail Hollow.
Scottie Suffler is.
A pg Excipia TA sounded here on Bloomberg Radio. S Scheffler becomes the third ever to win fifteen PGA events and three majors before the age of twenty nine, and the other two are Jack Nicholas and Tiger Woods. Back shortly with reactions with the winner, John stasheh, we're Bloomberg Sports, all right, looking forward to that, John.
Thank you.
First, though, let's turn to the markets, because stocks are falling this morning. Treasuries are sliding this well. That's after Moody's stripped the US government of its top credit rating, cutting the rating one level to double A one from triple A. On Friday, moody sighted the failure by successive administrations to deal with rising US debt and deficits. This morning, the yield for thirty year treasuries is trading above the five percent level. It's now at five point zero one.
Treasury Secretary Scott Bessen is downplaying concerns over the Moodies downgrade.
I think that Moody's is a lagging indicator. I think that's what everyone thinks of credit agencies. Larry Summers and I don't agree on everything, but he said that when they downgraded the US in two thousand and eleven.
So it's a lagging indicator.
Treasury Secretary Scott Besson made those comments on NBC's Meet the Press, which can be heard every Sunday right here on Bloomberg Radio.
Meanwhile, Nathan on Capitol Hill, President Trump's a giant tax and spending cut bill has made it through the House Budget Committee after a late night vote. Several Republicans who held out against the legislation last week voted President last night after winning an agreement to speed up cuts to Medicaid. Pennsylvania Congressman Lloyd Smucker was one of those holdouts. Now he says he fully supports the bill.
This is a bill that will deliver the mandate that the American people have given the president given Congress in November.
And South Carolina Republican Ralph Norman said he wants to see even deeper spending cuts.
We've been downgraded three times.
We have problems with the money in this country of the day, and the bill faces even more hurdles before it heads to the full House. Republicans from high tax states are pushing for a higher limit on the state and local tax deduction and the Medicaid cuts good face opposition from moderate Republicans.
Well Karen, President Trump and many world leaders are expressing their support this morning for former President Joe Biden. He's been diagnosed with an aggressive form of prostate cancer. The eighty two year old Democrat is reviewing treatment options with his doctors. Speaking to ABC News, doctor Stephanie Widmer said more needs to be known about the former president's condition to understand what treatments are available.
Prosely, cancer in general is a treatable form of cancer, even if it cannot be cured, and a lot of people, even elderly people, can live with it for a long period of time.
Again, that was doctor Stephanie Widmer speaking with ABC News. President Trump wrote on truth Social that both he and the First Lady wish the former president of fast and successful recovery.
Now we want to get to the latest on efforts to the war in Ukraine, Nathan. President Trump is set to hold a phone call this morning with Russia's Vladimir Putin. That's after Ukrainian President vladimir's Lenski met with Vice President jd Vance at the Vatican yesterday. It was all smiles after their infamous Oval Office blow up back in February. Secretary of State Marco Rubio says President Trump is prepared to back new sanctions on Russia if today's talks don't go well.
Going back six or seven weeks, we've been communicating to the Russian side that this effort was being undertaken, that we anticipated that when all was said and done, it would have close to eighty co sponsors in the Senate and I imagine a comparable percentage of support in the House. That was an effort we couldn't stop and don't control.
Secretary have started. Marco Rubios book on CBS's Face the Nation heard Sundays on Bloomberg Radio, but sources tell Bloomberg News Putin feels he has a strong hand heading into today's talks. They say Putin is confident his forces can break through Ukraine's defenses and four regions he's claimed for Russia by the end of the year, unlikely to offer any meaningful concessions, and.
Another gedopolitical development, Karen The UK and the European Union are expected to signal a new era of climate cooperation by pledging to link their carbon markets to avoid trade levies and reset post Brexit relations. That's according to a draft document seen by Bloomberg News. The move comes as part of today's UK EU summit, which aims to improve relations five years after Britain left the block and.
Taking a look at tech, Nathan and Vidia CEO Jensen Wong unveiled new technologies, including faster chip systems and software to sustain the boom and demand for AI computing in Taiwan. Speaking at the Computex AI exhibition in Taipei, Long announced in Vidia's and deepening partnerships with Taiwanese companies.
Today we're announcing Fox Con Taiwan, the Taiwanese government, Nvidia TSMC, We're going to build the first giant AI supercomputer. Is there anybody who needs an AI computer?
And n Video CEO Jensen Wong added that in Q three of this year, it'll introduce updates to the ecosystem around in Video's accelerator chips. Time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr. Michael, Good morning, Good.
Morning, Karen. The NTSB is now investigating how a Mexican Navy sailboat crashed into the Brooklyn Bridge over the weekend in New York City. Two people were killed and more than a dozen were injured. New York City Police Chief Wilson Aaron Bullis says the ship lost power in the East River.
The captain that was maneuvering the ship lost power of the ship in the current mechanical function caused the ship to go right into the pillar of the bridge, heading the mass of the ship where there was a couple of sailors on top.
Authorities saying there was no structuralamage to the bridge. More severe storms are expected to roll across the central US this week, following the weather related deaths of more than two dozen people. Forecasters say their hazardous weather will range from thunderstorms and potentially baseball sized hail on the plains the dangerous heat in the south. Israel announced the start
of a new extensive ground operation in the Gaza Strip. Meanwhile, Democrats are raising questions about President Trump's pledge to get aid into Gaza. Congressman Row Kanna of California.
That aid is conditional on Palestinians moving to the south of Gaza, and all of the aid groups are saying that's not enough.
Congressman Conna spoke on ABC's This Week Heard Sundays on Bloomberg Israel said it would allow a basic amount of food, saying it didn't want a hunger crisis to jeopardize its new military offensive. The New York Police Department used metal detectors to screen spectators at the annual Israel Day Parade alongside other lawmakers. Governor Hokel marched with the parade on Fifth Avenue in Manhattan, noting she visited Israel after the October seventh attack nearly two years ago.
Never in the.
Wildest dreams did I think that five hundred and eighty nine days later, there's still be sixty sixty hostages waiting to come home, some alive.
And some have not made it.
Also an attendant Senator Chuck Schumer and New York State Attorney General Latitia James. Global News twenty four hours a day and whenever you want it with the Bloomberg News. Now, I'm Michael Barran. This is Bloomberg Carron.
All right, Michael Barr, thank you. Time down to the Bloomberg Sports Update. Did we bring back John Stashower, John, good morning.
Good morning. Karen has heard earlier.
Scottie Scheffler adds the Wannamaker Trophy to the two Green Jackets.
He's one of the masters. The world number one.
Said later that winning the PGA at quil Hollow wasn't easy.
Felt like this was as hard as I've battled for a tournament in my career. I mean, this was a pretty challenging week. I mean the first two days I did not swing at my best, and I was able to post the score somehow, And you know, outside of the last five holes yesterday, you know, that's where I really kind of put myself ahead in the tournament.
And he won by five shots. Rice in the shambo for this time for second Sean Rom finished tied for eighth.
He had tied Sheffler on his.
Eleventh hole, but Rom played the last three holes the so called green mile in plus five. Asked the Subway Series second game in a row with the Mets.
And the Yankees were tied to two and the eighth in ning.
The Mets won Saturday, but the last night at the stadium, the Yankees put up six runs in the eighth. The rally ended with a Cody Bellinger grand slam and eight to two Yankee win. Bellinger had a two run double in the first inning and also walk three times. Then Nationals a weekend sweep with a struggling Orioles, who just made the managerial change. Mets won ten to four at Fenway. Red Sox lost ten to four to with Land in
the Sox post. The Mets tonight parable offside in Game seven's Oklahoma City, who won Game two from Denver by forty three points, won Game seven by thirty two. Shay gild Alexander expected to this week be named NBA MVP Sport thirty five points. The Thunder are in the West Finals first time since twenty sixteen. They'll play Minnesota. The series starts tomorrow, a day ahead of Mixed Pacers Game one at the Guard and the Florida Panthers won Game seven in Toronto six to one. Will now play Carolina
and the Stanley Cup East Final. Carlos Algaraz beat the world number one Yonix Center in the Italian Open final on Israel's Robert Schwarzman, who became the first rookie driver in forty three years to win the Indy five hundred pole position.
Johns Stasha were Bloomberg Sports Canady.
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, and it is the news. Hundreds of thousands of commuters in and out of New York City had been waiting all weekend to hear.
New Jersey's first rail strike in decades has officially come to an end.
New Jersey Governor Phil Murphy last night after NJ Transit reached an agreement with locomotive engineers on a new contract, ending a strike that began early Friday morning for the busiest commuter region in the country. Joining us from the center of it this morning, Penn Station once again Bloomberg's Monica Ricks Monica. Great to have you back with us. So what was the final breakthrough that got us to this tentative agreement?
Good morning, Good morning, Nathan. And we actually don't know a whole lot of details here. We just know that the governor said that the deal had a very good outcome. So we'll get to know the details, including how much they agreed to pay these workers, once the vote is done. Once the New Jersey Transit Board approves this deal, those
deal and details will become public later. But again, the governor said that it was fair, and it was fair to workers as well as being affordable to the meters and to tack players as well, So don't expect a hike or any sort of hike because of it, as they came to this agreement.
But in the meantime, of course, it's been such a issue for consumer or for commuters since early Friday morning when this strike first got underway. Give us a sense of just how tough it's been over the last few days and into the weekend.
Well, the governor had urged people to work from home and has made the same flee to employers today, these let your workers work from home, and essential workers, you know, can take buses. They're actual charter buses rolling in and out of New Jersey today, but you won't cover the three hundred thousand plus riders that commute every day. So a sigh of relief for a lot of people, not
just the workers, but all these daily commuters. And I'm sure with New Jersey Transit and state workers as well, who've taken months to hammer out this deal.
And I mean, it was a tough weekend as well, wasn't it. I Mean, there was a Shakira concert going on, and so many other events that were impacted by this stoppage of survey from New Jersey into the city.
Right there was no rail service for that concert. In fact, they can to Thursday night preemptively knowing that those talks weren't going to go anywhere. And then the Oday fans were sort of watching the talks as well, because in two weeks her concert is going to be out of New Jersey and there's a lot of people that go to those and I'm sure they were worried about how they were going to get to and from that content.
So how are things looking this morning?
From where you sit at Penn Station, you're seeing evidence that the commuter is looking lighter than normally would at this time of the morning.
Oh.
Absolutely. I mean it's pretty quiet around this time either way, because you know, it's still very early in the morning for a lot of people. But if you go down into Penn Station, the tracks are blocked off and even
the escalators are blocked off. Today there are some extra workers answering questions for any commuters who may not know what's going on or may not know that, you know, talks have sort of concluded and there's a deal that's been done, and then there's announcements that are going that are ongoing for commuters to let them know that there's no rail service today, but that things will pick up again tomorrow once in stepsons are done and things get back to normal.
So given that in our last thirty seconds, what kind of lingering impact can we expect from this three days strike?
I think just the fact that there is no rail service again today is going to put a lot of commeters, you know, at a disadvantage, not just because they have to figure out how to get to work if they have to get to work, but because they're competing with the other commuters for say a seat on a charter bus, or they have to pay a little bit more to take the amtrak or the path, whatever it may be.
That they sit in a little extra traffic this morning because you know, there are more people on the road. So there are lingering effects today, but again rail service will review tomorrow, so hopefully there won't be as many issues.
This is Bloomberry day Break, your morning podcast and the stories making news from Wall Street to Washington and beyond.
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And I'm Nathan Hager.
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