Bloomberg's Nathan Hager breaks down the latest PCE data with Bloomberg Economics and Policy Editor Michael McKee. Plus, reaction to the data from Tom Porcelli, Chief US Economist at PGIM Fixed Income, and Wells Fargo Senior Economist Sarah House. 

Bloomberg's Nathan Hager breaks down the latest PCE data with Bloomberg Economics and Policy Editor Michael McKee. Plus, reaction to the data from Tom Porcelli, Chief US Economist at PGIM Fixed Income, and Wells Fargo Senior Economist Sarah House.

Listen for today's top stories, with context, in just 15 minutes. 

Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Listen for today's top stories, with context, in just 15 minutes. Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Bloomberg Daybreak: US Edition

Instant Reaction: Inflation Data

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6a49c95d-4d28-439f-bc23-b14200de5b22/transcript

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Brent briefly jumped back above $100 a barrel after the Iran war led to more shipping turmoil in the Middle East and China tightened fuel export curbs to cope with the fallout from the conflict. The global oil benchmark surged as much as 10% to $101.59 a barrel, while West Texas Intermediate rose to near $96, before paring gains. Two tankers were struck in Iraqi waters and Oman temporarily cleared ships from its key export terminal outside of the Strait of Hormuz, underscoring the widening threats to energy supply and overshadowing a record reserves release by the IEA to try and cool prices. In further signs of strain, Chinese refiners have begun canceling agreed refined fuel export cargoes, including gasoline and diesel. The country’s top processors were told last week to stop signing new contracts, and the latest directive is a step up from the earlier guidance.
2) Goldman Sachs Group Inc. and Citigroup Inc. have told staffers in Dubai to stay away from their offices as Iran’s attacks on Gulf cities continue. Goldman has instructed employees to seek permission before going into its offices across the Middle East, according to people familiar with the matter. Standard Chartered Plc also asked staff in the Dubai International Financial Centre and nearby areas to leave their offices on Wednesday, the people said, declining to be identified discussing confidential information. Several Wall Street banks have already been allowing employees in the United Arab Emirates to work remotely since the war began. Some lenders have also offered staff the option to temporarily leave the country, Bloomberg News has reported.
3) President Trump’s administration started the first of several sweeping trade investigations that set the stage for new tariffs, the centerpiece of a push to replace levies struck down by the US Supreme Court. US Trade Representative Jamieson Greer announced Wednesday that his office would begin a probe into more than a dozen major economies under Section 301 of the Trade Act focused on alleged excess manufacturing capacity. The investigations, which typically take months to complete, are required for the president to unilaterally place duties on imports from specific countries deemed to employ unfair trading practices. Economies that will be subject to the inquiry include some of the US’s largest trading partners: China, the European Union, Mexico, India, Japan, South Korea and Taiwan.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Brent briefly jumped back above $100 a barrel after the Iran war led to more shipping turmoil in the Middle East and China tightened fuel export curbs to cope with the fallout from the conflict. The global oil benchmark surged as much as 10% to $101.59 a barrel, while West Texas Intermediate rose to near $96, before paring gains. Two tankers were struck in Iraqi waters and Oman temporarily cleared ships from its key export terminal outside of the Strait of Hormuz, underscoring the widening threats to energy supply and overshadowing a record reserves release by the IEA to try and cool prices. In further signs of strain, Chinese refiners have begun canceling agreed refined fuel export cargoes, including gasoline and diesel. The country&rsquo;s top processors were told last week to stop signing new contracts, and the latest directive is a step up from the earlier guidance. 2) Goldman Sachs Group Inc. and Citigroup Inc. have told staffers in Dubai to stay away from their offices as Iran&rsquo;s attacks on Gulf cities continue. Goldman has instructed employees to seek permission before going into its offices across the Middle East, according to people familiar with the matter. Standard Chartered Plc also asked staff in the Dubai International Financial Centre and nearby areas to leave their offices on Wednesday, the people said, declining to be identified discussing confidential information. Several Wall Street banks have already been allowing employees in the United Arab Emirates to work remotely since the war began. Some lenders have also offered staff the option to temporarily leave the country, Bloomberg News has reported. 3) President Trump&rsquo;s administration started the first of several sweeping trade investigations that set the stage for new tariffs, the centerpiece of a push to replace levies struck down by the US Supreme Court. US Trade Representative Jamieson Greer announced Wednesday that his office would begin a probe into more than a dozen major economies under Section 301 of the Trade Act focused on alleged excess manufacturing capacity. The investigations, which typically take months to complete, are required for the president to unilaterally place duties on imports from specific countries deemed to employ unfair trading practices. Economies that will be subject to the inquiry include some of the US&rsquo;s largest trading partners: China, the European Union, Mexico, India, Japan, South Korea and Taiwan.

Iran Escalates Attacks on Shipping; Oil Prices Keep Rising

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/e31c80a1-eebe-47d5-8c94-b40b009cc670/transcript

Today's top stories, with context, in just 15 minutes.


On today's podcast:


1) The International Energy Agency is proposing a release of emergency oil reserves, according to a person with knowledge of the matter, as governments seek to contain a spike in energy prices driven by the Middle East war. It was not immediately clear whether the IEA proposal was formal and included specific amounts for member nations. While countries have so far agreed in principle to inject more oil into the market if needed, it is not evident that all believe that the situation is yet urgent enough to make that move. The person, who asked not to be named because discussions are not public, did not provide a figure. The Group of Seven nations said on Wednesday that they supported, in principle, “proactive measures” including the release of strategic reserves, though they did not provide details on the scale of a potential intervention.


2) Energy markets whipsawed for a second consecutive day as investors raced to interpret rapidly shifting comments from the Trump administration over the war in Iran. Oil prices plummeted after Energy Secretary Chris Wright erroneously posted — and then deleted — a message that the US Navy had escorted an oil tanker through the Strait of Hormuz. White House Press Secretary Karoline Leavitt subsequently conceded no such operation had occurred, while adding the US military was “drawing up additional options” to address any attempt by Iran to constrain trade through the vital artery. Later Tuesday, President Trump posted his own flurry of messages on social media. First, he insisted the US had “no reports” of mines being placed, but then urged Iranian forces to remove any explosives they may have laid.


3) Oracle Corp. shares gained in extended trading after the company posted strong results and gave an outlook that suggested there is little letup in demand for AI computing. Revenue in Oracle’s closely watched infrastructure business increased 84% to $4.9 billion in the period ended Feb. 28, the company said Tuesday in a statement. That marked a faster jump than the 79% anticipated by analysts and a 68% sales rise in the previous quarter. The company is working to deliver on massive cloud infrastructure contracts with customers like OpenAI and Meta Platforms Inc. Known for its namesake database software, Oracle has found success with its cloud business by providing chip-filled data centers and other equipment for training and deploying AI models.

Today's top stories, with context, in just 15 minutes.
 On today's podcast:
 1) The International Energy Agency is proposing a release of emergency oil reserves, according to a person with knowledge of the matter, as governments seek to contain a spike in energy prices driven by the Middle East war. It was not immediately clear whether the IEA proposal was formal and included specific amounts for member nations. While countries have so far agreed in principle to inject more oil into the market if needed, it is not evident that all believe that the situation is yet urgent enough to make that move. The person, who asked not to be named because discussions are not public, did not provide a figure. The Group of Seven nations said on Wednesday that they supported, in principle, &ldquo;proactive measures&rdquo; including the release of strategic reserves, though they did not provide details on the scale of a potential intervention.
 2) Energy markets whipsawed for a second consecutive day as investors raced to interpret rapidly shifting comments from the Trump administration over the war in Iran. Oil prices plummeted after Energy Secretary Chris Wright erroneously posted &mdash; and then deleted &mdash; a message that the US Navy had escorted an oil tanker through the Strait of Hormuz. White House Press Secretary Karoline Leavitt subsequently conceded no such operation had occurred, while adding the US military was &ldquo;drawing up additional options&rdquo; to address any attempt by Iran to constrain trade through the vital artery. Later Tuesday, President Trump posted his own flurry of messages on social media. First, he insisted the US had &ldquo;no reports&rdquo; of mines being placed, but then urged Iranian forces to remove any explosives they may have laid.
 3) Oracle Corp. shares gained in extended trading after the company posted strong results and gave an outlook that suggested there is little letup in demand for AI computing. Revenue in Oracle&rsquo;s closely watched infrastructure business increased 84% to $4.9 billion in the period ended Feb. 28, the company said Tuesday in a statement. That marked a faster jump than the 79% anticipated by analysts and a 68% sales rise in the previous quarter. The company is working to deliver on massive cloud infrastructure contracts with customers like OpenAI and Meta Platforms Inc. Known for its namesake database software, Oracle has found success with its cloud business by providing chip-filled data centers and other equipment for training and deploying AI models.

Massive Oil Stockpile Release; Iran Market Volatility

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a1f708df-fe52-4083-8351-b40a00a38f44/transcript

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump on Monday said the US and Israel were making significant progress in their war on Iran and could end the conflict “very soon,” curtailing an oil-price surge. Trump said he didn’t believe the fighting would be over this week, but insisted the operation was ahead of schedule. The US Navy will escort tankers out of the Middle East to maintain a steady oil supply through the Strait of Hormuz, he added. The effective closure of the strait, vital to the world’s flow of petroleum and to container shipping, has caused oil and natural gas prices to soar, and stoked fears of inflation. Brent crude, having climbed to almost $120 a barrel early Monday, is back down to $91.50, but is still up more than 50% this year on the US-Iran tensions. There’s as yet little sign Hormuz can be opened quickly, with Iran continuing to retaliate with drone and missile strikes across the region.
2) Stocks rose and crude oil fell as President Trump signaled the Iran war may be nearing an end, helping boost sentiment after Monday’s selloff in risk assets. The MSCI Asia Pacific Index climbed 3.1%, with technology shares leading gains. European stocks were also set to advance with contracts indicating a 1.4% jump at the open. However, equity-index futures for the S&P 500 Index slipped 0.2%, indicating the recovery that started on Wall Street on Monday may be running out of steam. The rebound in sentiment for markets came as Trump said the war with Iran would be resolved “very soon.” Even so, from the UAE to Bahrain to Kuwait, several Middle Eastern countries announced missile threats, sounded sirens or intercepted drones on Tuesday. Trump said he didn’t believe the conflict would be over this week.
3) Kevin Warsh will meet with senators this week as he seeks their approval to become chairman of the Federal Reserve, according to three people familiar with the plans. The customary meetings with senators before his expected hearing mark the next stage in Warsh’s quest to replace Jerome Powell as the head of the national monetary system. One of the senators on Warsh’s schedule is Sen. Thom Tillis (R-N.C.), according to two of the people. Tillis has said he likes Warsh as a potential chairman but opposes moving the nomination until the Justice Department halts its investigation of into the Federal Reserve’s $2.5 billion renovation of its headquarters. Tillis has warned the probe amounts to inappropriate pressure on Powell to lower interest rates. Trump formally nominated Warsh last week in hopes of replacing Powell before the incumbent’s term expires May 15. Treasury Secretary Scott Bessent has said he expects Warsh to get a hearing, notwithstanding Tillis’s blockade.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump&nbsp;on Monday said the US and Israel were making significant progress in their war on Iran and could end the conflict &ldquo;very soon,&rdquo; curtailing an oil-price surge. Trump said he didn&rsquo;t believe the fighting would be over this week, but insisted the operation was ahead of schedule. The US Navy will escort tankers out of the Middle East to maintain a steady oil supply through the Strait of Hormuz, he added. The effective closure of the strait, vital to the world&rsquo;s flow of petroleum and to container shipping, has caused oil and natural gas prices to soar, and stoked fears of inflation. Brent crude, having climbed to almost $120 a barrel early Monday, is back down to $91.50, but is still up more than 50% this year on the US-Iran tensions. There&rsquo;s as yet little sign Hormuz can be opened quickly, with Iran continuing to retaliate with drone and missile strikes across the region. 2) Stocks rose and crude&nbsp;oil fell&nbsp;as President Trump&nbsp;signaled the Iran war may be nearing an end, helping boost sentiment after Monday&rsquo;s selloff in risk assets. The&nbsp;MSCI Asia Pacific Index&nbsp;climbed 3.1%, with&nbsp;technology shares&nbsp;leading gains. European stocks were also set to advance with contracts indicating a 1.4% jump at the open. However, equity-index futures for the S&amp;P 500 Index slipped 0.2%, indicating the&nbsp;recovery&nbsp;that started on Wall Street on Monday may be running out of steam. The rebound in sentiment for markets came as Trump said the war with Iran would be resolved &ldquo;very soon.&rdquo; Even so, from the UAE to Bahrain to Kuwait, several Middle Eastern countries announced missile threats, sounded sirens or intercepted drones on Tuesday. Trump said he didn&rsquo;t believe the conflict would be over this week. 3) Kevin Warsh&nbsp;will meet with senators this week as he seeks their approval to become chairman of the Federal Reserve, according to three people familiar with the plans. The customary meetings with senators before his expected hearing mark the next stage in Warsh&rsquo;s quest to replace&nbsp;Jerome Powell&nbsp;as the head of the national monetary system. One of the senators on Warsh&rsquo;s schedule is Sen.&nbsp;Thom Tillis&nbsp;(R-N.C.), according to two of the people. Tillis has said he likes Warsh as a potential chairman but&nbsp;opposes&nbsp;moving the nomination until the Justice Department halts its investigation of into the Federal Reserve&rsquo;s $2.5 billion renovation of its headquarters. Tillis has warned the probe amounts to inappropriate pressure on Powell to lower interest rates. Trump formally&nbsp;nominated&nbsp;Warsh last week in hopes of replacing Powell before the incumbent&rsquo;s term expires May 15. Treasury Secretary Scott Bessent has said he&nbsp;expects&nbsp;Warsh to get a hearing, notwithstanding Tillis&rsquo;s blockade.

Iran War To End 'Soon' Says Trump, Oil Prices Tumble As Stocks Gain

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f3ebee72-6378-4c73-b438-b40900a008a4/transcript

Instant Reaction: Inflation Data

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