Iran’s revenge attacks

Bloomberg Morning Briefing Americas

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Good morning. Iran launches more attacks in revenge for its security chief's killing. At home, all eyes are on the Federal Reserve's assessment of what the conflict means for the economy. And we ask if the rewards of AI outweigh its massive costs. Listen to the day's top stories. — Lucy Meakin Market Snapshot S&P 500 Futures 6,809.50 +0.5% Nasdaq 100 Futures 25,191.25 +0.7% Bloomberg Dollar Spot Index 1,206.99 -0.0% Brent Oil Futures $103.55 +0.1% Market data as of 06:34 AM ET. Data is subject to provider delays. Your watchlist Iranian attacks on Israel and Arab states in the Persian Gulf continued overnight as Tehran vowed revenge for the killing of its security chief, Ali Larijani. It launched fresh waves of missiles and drones, targeting the UAE, Saudi Arabia and Kuwait, as well as strikes on Tel Aviv that left two people dead. Stay up to date with our live blog. Will Larijani's Killing Weaken Chance of US Exit Strategy for Iran War? Assassination of Iran's national security adviser takes away diplomatic off-ramp to end war, analysts say. Read more Oil prices stabilized as Iraq started exports via a route that avoids the Strait of Hormuz. The prospect of the narrow chokepoint reopening looks increasingly unlikely without a ceasefire, adding to worries about a growing global energy crisis, with Russia capitalizing on freer sales of its oil to India. Other markets started the day on a positive note, with US stock futures and Treasuries rising. It's decision day at the Federal Reserve, and while there's no expectation of any move on interest rates, Chair Jerome Powell may offer some insight on how the central bank is weighing risks to the economy amid the Iran war. Inflation was elevated even before the conflict caused oil prices to surge, but bond traders are unwinding bets that drove markets to price out Fed rate cuts this year. In Illinois, Lieutenant Governor Juliana Stratton won the Democratic nomination for the state's US Senate seat, beating a rival who far outspent her. It's also a victory for her boss—and potential 2028 presidential candidate—Governor JB Pritzker, underscoring his ability to muscle through his own picks in the face of heavily-funded opposition. The Big Take FCC Commissioner Brendan Carr in Washington, DC. Photographer: Kent Nishimura/Bloomberg Brendan Carr was a staid, largely unknown telecommunications lawyer. Now he's taking on Jimmy Kimmel, Stephen Colbert and the American news media. Here's how he turned into the feared national face of Trump's escalating war with the press. Big Take Podcast War Sends Energy Shocks Through Region Deep Dive: Bonanza or Bubble? AI is everywhere: coding apps, drafting contracts and organizing marketing campaigns. But while user numbers and revenue are growing, costs are exploding. Will it pay off? Here's our guide to the risks and rewards. Even as big tech companies and some leading AI startups plan to spend billions, if not trillions, of dollars on chips, data centers, electricity and talent, the debate on Wall Street is raging over whether the financial rewards will offset these vast costs. The payoff—if it comes—may be a long time away. The industry's success depends on offering more advanced software, but that means having to educate businesses on what the tech can do in order to convince them to buy at scale. It's not just money that could derail AI's future, but physical constraints. AI data centers already face long queues to get connected to the grid and lawmakers are beginning to scrutinize their impact on power prices and water resources. But high-profile investors say not to underestimate the technology's impact. Watch Oaktree Capital Management co-founder Howard Marks chat with Bloomberg TV about his approach. Opinion While AI presents a transformative moment for society, it appears that the number of people focused on making sure it's safe might fit on a single transatlantic flight, Parmy Olson writes. No other breakthrough technology, from nuclear energy to aviation to pharmaceuticals, has been deployed at such speed and with so little insight into safety infrastructure. More Opinions John Authers Investors Can Handle What's Happening in Hormuz Andrea Felsted Chanel Mania Shows the Luxury Industry Still Has a Pulse Play Alphadots! Our daily word puzzle with a plot twist. Today's clue is: Library of congress? Play now! Before You Go Visitors read a map of the peninsula in Saint-Jean-Cap-Ferrat, France. Photographer: Andrey Rudakov/Bloomberg Warm weather, a low cost of living and a relaxed pace have always been high on the list of criteria for people looking for a place to retire. But for an increasing number of Americans, the ideal destination has another ingredient: being outside the US. From France to Panama, here are the top spots. A Couple More People Are Using Claude to Do Their Taxes (But Maybe They Shouldn't) A Glut of Old Fine Wines Is Available for the Drinking Now What makes a leader successful? Join Bloomberg Television award-winning anchor and editor-at-large Francine Lacqua as she speaks with CEOs and other industry leaders to discover what drives them, their definition of success and how they are shaping their companies amid a fast-changing world. Listen or watch Leaders with Lacqua wherever you get your podcasts. More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. 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