Iran Vows Revenge; Trump Says War May End Soon
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morning. I'm Karen Moscow. And I'm John Tucker Carlson. Here are the stories we're following today. While John, the fighting continues, as the war enters day 19, U.S. and Israel are continuing their attacks on Iran while Iran is striking back on Israel and Arab states in the Persian Gulf. This comes as President Trump abandons his efforts to recruit partners for the war. The president scolded as NATO allies for their lack of military support to reopen the Strait of Hormuz. So I think NATO is making a very foolish mistake. And I've long said that, you know, I wonder whether or not NATO would ever be there for us. So this is a, this was a great test because we don't need them, but they should have been there. The other thing is, and I think, you know, very important, we didn't have to be there for Ukraine. And most countries showed little willingness to join the mission, which military analysts say would be risky without a ceasefire. Stuart Livingstone Wallace heads to Bloomberg's Middle East coverage. I mean, I think he's pulled back because he asked and no one answered. You know, at best you sort of got non-commissional responses and, you know, at worst, he got flat refusals. And I think, you know, part of that is twofold. Number one, the people that he's called on to come help are largely from institutions like NATO that he's sort of been quite disparaging about at late. Or it's been international allies that he's imposed huge tariffs on. And Bloomberg Stewart Livingstone Wallace says more than 4,000 people have died in the war. And Israel has killed Ali Larijani, Iran's top security official, leaving the Islamic regime's leadership increasingly filled with hardliners. Ali Larijani was seen by foreign diplomats as somebody who could be a conduit for talks. In a news conference, Israel's prime minister, Benjamin Netanyahu announced the killing. This morning we eliminated Ali Larijani. He was the boss of the Revolutionary Guards, which is the gang of gangsters that runs Iran. We also eliminated the commander of the besiege. These are the gangsters' assistants who spread terror on the streets against the population. Israel's Prime Minister Benjamin Netanyahu speaking through an interpreter, Iran's military vowed to avenge the killing of Ali Larijani. Well, John, a top U.S. counterterrorism official has resigned. Joe Kent says he cannot in good conscience back the Trump administration's war. Ken said Iran posed no imminent threat, and he said the U.S. started the war because of pressure from Israel, and President Trump spoke about the resignation. And I always thought he was a nice guy, but I always thought he was weak on security, very weak on security. I didn't know him well, but I thought he seemed like a pretty nice guy. But when I read a statement, I realized that it's a good thing that he's out because he said that Iran was not a threat. Iran was a threat every country.
And 13 months ago, President Trump praised Kent, former Green Beret, who was deployed in Iraq as he nominated him to join the administration. And oil dropping this morning. Right now, Brent is down 31 cents at 103.10 a barrel. Iraq signed a deal to resume exports through Turkey that avoid the Strait of Hormuz. Let's get more from Bloomberg Middle East. Energy reporter Anthony DePaolo. In this situation, any additional supply is going to be helpful. And so that will be added oil coming out of the north of Iraq from some of its northern fields as well as from the Kurdish region there. You know, that's not going to be enough to redress the loss of oil that we've seen because of the Strait of Hormuz is closed. Bloomberg's Anthony DePaul says Brent crude has rallied almost 70% this year with the bulk of that surge following the initial U.S. and Israeli attack against Iran late last month. Well, John, on the backdrop of the war in the Middle East, Federal Reserve officials make a policy decision today and make it a preview with Bloomberg's Michael McKee. What once was seen as a key Fed meeting has now been eclipsed by the Trump War on Iran. A divided Fed would have considered whether weak employment could justify another rate cut. Instead, uncertainty about the impact of higher oil and materials prices because of the war will certainly keep the central bank sidelined. The real news will be if the uncertainty leads to the Fed dropping the possibility of any rate cuts this year in their latest dot plot. And whether Fed Chair Jerome Powell puts the emphasis on unemployment or inflation in his post-meeting news conference. or just says it's too uncertain to even guess. Michael McKee, Bloomberg Radio. All right, thanks, Mike. And let's turn to politics here in the states and the primary elections in the state of Illinois. The lieutenant governor, Julianna Stratton, has won yesterday's Democratic primary to run for Senator Dick Durbin's seat following a heated race with other members of her party, Congress members, Roger Krista Morthy and Robin Kelly. Courage inspired me to run. Courage powered this campaign. And courage will bring this fight straight to Donald Trump's door. And with more than 80% of the balance counted, Stratton received 40% while Chris Nomorthy took 33%. Kelly trailed with 18%. Stratton advances to a November general election against the Republican nominee, Don Tracy, the former State Party chair. Dick Durbin is retiring after 40 years in Congress, 29 of them in the U.S. Senate. Well, elsewhere in the stage on Jesse Jackson Jr., son of the late civil rights leader, fell short in his campaign to get reelected to Congress in a race marked by heavy spending by both artificial intelligence and pro-Israel interest groups. When nearly 70% of the ballots counted in Illinois' second congressional district, Cook County Commissioner Donna Miller, had 41% of the vote compared to 28% for Jackson. And you know the news this morning, Karen. Oak Tree Capital Management co-founder Howard Marks' artificial...
intelligence is making the world more unpredictable than ever before. As I heard right here on Bloomberg Radio, Mark spoke with our Lisa Abramowitz at the Capital Markets Industry Conference in New York. Well, I think most people are underestimating the impact of AI. Roughly 18 days ago, on a Friday, that a company called Block, which had 10,000 employees, announced that 4,000 them were out. 40% of the workforce gone in one day because AI could do the work cheaper and faster. You can catch the full interview with Oak Tree Capital Management, co-founder Howard Marks, at our new video experience of the Bloomberg business app. And a programming note, markets may close on Friday, but the world doesn't, and that's why we are bringing you a new live radio and TV show. Bloomberg this weekend is looking beyond the daily headlines to the bigger themes, driving politics, business, and culture. Join David Gurra, Christina Rafini, and Lisa Mateo for smart conversations and in-depth interviews that help make sense of the week that's been and what comes next. Get Bloomberg this weekend live Saturdays and Sundays from 7 a.m. Eastern on Bloomberg Radio, TV, and the Bloomberg business app. All right, thanks, Karen. And that brings us to 508. 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, John. Debate is underway on the Senate floor on the Save America Act. The bill, a top priority for President Trump would require Americans to prove that they are U.S. citizens before they register to vote and to show identification at the polls, among other things. It's something Republican Senator John Barrasso. Wyoming supports. All these other things, photo IDs protect against voter fraud, and they prevent illegal immigrants from voting. But Democrats say it will make it more difficult for millions of Americans to vote. Senate Minority Leader Chuck Schumer of New York says Democrats would not allow the bill to pass the chamber. The SAVE Act is not about voter identification. It's about voter suppression. This debate could last at least a week. Changes are coming to airports large and small amid the shortage of TSA workers. At Philadelphia Airport, more terminals are being forced to close, starting today, as the partial government shutdown drags on. Several more security checkpoints will be off-limits temporarily. Jana Tidwell of the AAA. It is frustrating, but get there early. We always stay two hours before a domestic flight, three hours before an international flight. Now it's even more than that. And Trinette Wade has been a TSA agent for 18 years. She says her husband is also an agent, so neither of them are bringing home a paycheck right now. It's just unreasonable to expect anybody to continue to go to work for such long periods of time without receiving any pay. Other agents have taken on second jobs. Some have called out sick to work and some have even quit.
New York City's congestion pricing toll is helping to boost subway ridership with more drivers taking the subways for work and discretionary travel. That's according to the Transit Riders Group, the Permanent Citizens Advisory Committee. The report for the MTA says ridership on the subway system reached $1.28 billion last year. That's a 7.7% increase from a year earlier. Global news 24 hours a day. And whenever you want it with Bloomberg News now, I'm Michael Bob. And this is Bloomberg. Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in Dan Schwarzen. Venezuela stunned the U.S. 3 to 2 to win the World Baseball Classic as Eugenio Suarez doubled off of Garrett Whitlock in the top of the ninth inning to break a two all tie. Eduardo Rodriguez held the U.S. had just one hit over four in the third innings. March badness officially getting underway last night with the first two first four matchups as Howard got by UMBC 86 to 83 while Texas slipped past NC State 68 to 66. Tonight, Prairie View A&M takes on Lehigh while SMU faces Miami of Ohio. The WNBA and its players union have reached a verbal agreement on the terms of a new collective bargaining agreement pending approval from the league's board of governors and players. The deal is expected to greatly increase salaries with a chance of league will see its first million dollar per year players. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Support for the show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions, buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English. Like, if the VIX hits 25, buy a put option on the S&P 500. Or, if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the risk. Monitoring the market, watching for your conditions, and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com slash market and fund your account in five minutes or less. That's public.com slash market. Paid for by Public Investing. Brokridge services by Open to the Public Investing, Inc., member FINRA and SIPC. Advisory services by Public Advisors LLC, SEC Registered Advisor. Complete disclosures available at public.com slash disclosures. The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM. Wise is the smart way to manage the currencies you need around the globe. If you've ever sent money internationally using a traditional bank, there's a good chance you've paid more than you realized. Hidden fees, exchange rate markups, and extra charges can quietly add up before your money even arrives.
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That's really important for Tehran because they basically want to make sure however this war ends, it's not in such a way that it's going to be repeated in another six months because they've now had two rounds of talks that have twice been torn up by the emergence of hostilities first in June and now in February. So, I mean, both sides still definitely in the fight, but we do see signs rhetorically at least of a search for an off-ram. Interestingly enough, we heard from an official at the UAE saying that Iran is really miscalculating by firing upon Arab states in the Gulf and it's only going to drive them closer to Israel and the U.S. Are we starting to see more of a shift in dynamics then? I think that makes sense, right? For those GCC countries in the Gulf, they had tried very hard to mend ties with Iran, which had been very frosty in the recent past. And that had paid dividends. You know, Israel had emerged as... had emerged as the bigger threat in the eyes of many in the region while Iran had been weakened comparatively. Now with these attacks on their energy infrastructure, on civilian infrastructure, with the damage to that reputation of safety that they've worked a long time to build and preserve. All of that is at risk, and it's definitely going to make for a completely different dynamic, however the war ends, because these countries are going to have to remain neighbors with Iran, but they'll want it to end in such a way that they likewise don't see this repeated in the next six months. And, of course, there is the future of the Strait of Hormuz with about 30 seconds, the Speaker of Iran's Parliament, saying the strait's not going to return to its pre-war status. So what's that going to mean for the future? Yeah, and interestingly, linked to that, the foreign minister just earlier today, said that he was calling for new arrangements to govern transit after the war. So there's this sense emerging from the Iranian side that even if there's peace tomorrow, even if there's peace in a week, two weeks, it's not going to be business as usual in terms of how transit was governed. until the war, that it sounds like Iran is still going to want to exert some kind of control over which ships can come, when they can come, and the pace at which they could come. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning, starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 991 in Washington, Bloomberg 929 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast.
Coast on the Bloomberg business app now with Apple CarPlay and Android Auto Interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. I'm John Tucker Carlson. Join us again tomorrow morning for all the news you need to start your day right here, a Bloomberg Daybreak. Health care doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy, and everything else. So health care is connected, not complicated. What's that look like? Cheaper prescriptions that are easier to get and care that looks at the whole person, how you need it. Optum is helping make healthcare work as one for everyone. Learn more at business.optim.com. Big transfer news today. Who's moving? Me? To the couch with Domino's best deal ever since they just added stuffed crust. Any pizza, any toppings now with stuffed crust for $9.99. It's a long-term contract with no release clause. Only $9.99? Yeah, that sounds like the move. I'm heading straight to Domino. Price is higher for some locations. Excludes, Excel and specialty pizzas. Select this offer from 615 through 726. Online over. Size availability varies by crest type, max seven topics, six for hand in New York style crust. Minimum purchase required for delivery. Prices, participation, delivery area, and charges may vary. Skin care means Sephora. For makeup, same. They've got the products, expertise, and the brands that fit your lifestyle. But when I talk about hair care, do you make the same connection? Well, you should. Sephora is just as trusted for hair, whether you're looking to repair, strengthening, hydrate, or add shine. You'll find brands like K-18 and Gisu. Plus, the guidance that help you choose was right for your hair. And with free shipping and same day delivery, great hair care is easier than ever. Shop hair at Sephora today.