Crypto News: There's no stopping gold

Good morning. Donald Trump weighs in on China's relationship with Russia. There's just no stopping gold these days. And the US president has some big plans for a DC makeover. Listen to the day's top stories.

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Donald Trump expressed caution over closer ties between China and Russia in a Fox News interview, while outlining plans to improve relations with both countries. The president cast doubt over the foundation of Moscow and Beijing's bilateral relationship, saying it wasn't "natural," while Secretary of State Marco Rubio warned of Russia becoming China's "permanent junior partner." The comments came after Trump and Russia's Vladimir Putin failed to agree to a 30-day ceasefire in Ukraine—a drone strike this morning hit a Russian oil depot.

US Looks to Reassure European Allies on Role in Ukraine Deal

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Trump also weighed in on Canada, saying he would rather work with the country's Liberal Party leader to resolve the trade war. The president's remarks come as Canadian Prime Minister Mark Carney (who just happens to lead the Liberal Party) may call a general election soon. Trump also referred to Carney's main rival, Conservative leader Pierre Poilievre, as "stupidly, no friend of mine." Ouch.

There's just no stopping gold as it extended its record-breaking run, driven by haven demand as geopolitical tensions increase. Banks remain bullish on bullion's safe-haven status amid growing anxiety about the global economy. Meanwhile, the Federal Reserve is poised to keep borrowing costs steady when policymakers meet later today, with investors set to focus on the bank's updated economic projections. Get the latest on what's happening in the markets.

The chief executives of more than a dozen oil companies will deliver a message of gratitude—as well as caution—when they meet with Trump today. The president is an unabashed champion of US oil and gas production. But there are concerns over crude prices, and Trump's threatened tariffs are stoking industry worries because they're set to raise costs for the materials oil companies use.

Morgan Stanley is planning to cut about 2,000 employees later this month across the firm, except for its financial advisers. The move is aimed at keeping a lid on costs as executives grapple with minimal attrition in their ranks. It's not the only bank to tighten its belt, rival Goldman Sachs recently brought forward its annual staff cull to earlier in the year. As for Citigroup, it cut payouts to hundreds of top executives tied to the firm's turnaround.

Bloomberg Tech: Join top tech decisionmakers and influencers on June 4-5 in San Francisco. Decode technology's evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more.

Deep Dive: The People's House

Photographs next to the FIFA World Cup on a table in the Oval Office. Photographer: Al Drago/Bloomberg

President Trump is promising glitzy renovations to remake federal buildings in his own image, even as his administration pushes to cut costs through mass firings.

Gold fixtures already adorn the Oval Office and he's mused about ripping up the Rose Garden in favor of the sort of patio you'd find at Mar-a-Lago.
The official line goes as follows: "The White House has not been given any tender, loving care in many decades so President Trump is taking necessary steps in order to preserve and restore the greatness and glory of 'The People's House.'"
Trump's vision goes further than ongoing renovation projects. He's also revived a call for a National Garden of American Heroes (everyone from Sitting Bull to Kobe Bryant.)
All this while Elon Musk's Department of Government Efficiency looks to cut $1 trillion of federal spending, aka reprivatizing the economy.

The Big Take

Illustration: Mark Harris for Bloomberg Businessweek

TD Bank's rapid expansion south of the border made it a household name but also a favorite among money launderers. It led to $3.1 billion in fines and the first-ever guilty plea by a US bank for money laundering conspiracy.

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Opinion

Photographer: Hammarby Studios

Those with the ability to predict the configuration of the world's new economic power blocs will make a lot of money, John Authers writes. But sticking with simple risk management may be no less effective.

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Before You Go

The word "RESIST" spray painted on the entrance of a Tesla Collision Center in Las Vegas. Photographer: Ethan Miller/Getty Images

Tesla was removed from the Vancouver International Auto Show as an exhibitor, citing safety concerns after vandalism incidents in the US. The FBI is investigating damage to Tesla charging stations and dealerships across the US.

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