Trump Signals No Letup

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. Donald Trump digs in on a long blockade of Iran’s ports. Jerome Powell’s future dominates talk before the Federal Reserve decision. And tax cuts may be coming. Listen to the day’s top stories. — Lucy Meakin Market Snapshot S&P 500 Futures 7,171.50 +0.0% Nasdaq 100 Futures 27,236.25 +0.2% WTI crude oil futures $103.36 +3.4% Market data as of 06:20 AM ET. Data is subject to provider delays. Your watchlist The US signaled it would stick with a naval blockade of Iranian ports as it tries to force Tehran back to the negotiating table. Trump told aides to prepare for an extended blockade of the Strait of Hormuz, the WSJ reported, sending oil prices higher and prompting one leading analyst to warn that Brent crude may hit $125 a barrel. Watch tech stocks today ahead of earnings from some of the biggest names in the industry, including Alphabet, Amazon, Meta and Microsoft. Traders seemed to be buying the dip in early trading as they braced for crucial test of whether this month’s rally has room to run. It’s a big day for the Federal Reserve too. Policymakers are widely expected to hold the benchmark rate in a range of 3.5% to 3.75% at what will probably be Jerome Powell’s final decision as chair. But reporters at the press conference will still have plenty to ask about, including the uncertain economic outlook and whether Powell will depart or remain as a member of the Fed’s Board of Governors after his chair term ends on May 15. Republicans are exploring cutting capital gains taxes to appeal to voters worried about the cost of living heading into November’s midterm elections. A proposal to index gains for inflation may feature in a package later this year, though passage before the vote looks unlikely and some Republicans are even pushing Trump to make the change unilaterally. Check out our explainer on why it may not be popular with the tax-the-rich movement. Highlights from King Charles’ State Visit to Washington Watch the video The Elon Musk vs OpenAI trial enters another day in California. Musk kicked off testimony yesterday, saying he’s suing the startup and two of its co-founders—Sam Altman and Greg Brockman—because its pivot from a charity to a for-profit business is wrong. The trial, which comes after years of public feuding, could determine the future of OpenAI. Here’s what it’s all about. Coming soon: Get the AI Today newsletter—chronicling the disruptions and threats of AI on businesses, workers, governments and economies with analysis from Bloomberg’s global newsroom. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% off Deep Dive: America’s Gas Glut As the Iran war strangles natural gas supplies, countries across Asia and Africa are rationing fuel and Europe is fretting about winter. But thousands of miles away, in the heart of US shale country, gas is so plentiful that producers now have to pay buyers to take it off their hands. Drillers in the Permian Basin have helped make the US the world’s largest oil producer. In the process, they’ve also created a glut of natural gas, which is extracted as a byproduct of crude. There’s so much gas, in fact, that it exceeds available pipeline capacity to ship the fuel to customers or export terminals on the coast. The result: producers literally can’t give it away and prices are actually negative. The gas bounty is so massive that it’s not only insulating the US from war-driven energy shocks, but offering it an economic edge over countries grappling with fuel shortages. The Big Take North Korea’s nuclear arsenal is nearing a crucial tipping point: being big enough to possibly overwhelm the ground-based missile defenses the US spent billions developing over the last 30 years. Big Take Podcast North Korea’s Arsenal Worries US Opinion Markets seem to be ignoring the danger that chip supply chains may be the next casualty of war, John Authers and Richard Abbey write. They may be right. But it’s worrying that prices currently seem to ignore the downside risks altogether. More Opinions Javier Blas No, the Iranian Oil Industry Isn’t About to ‘Explode’ Paul J. Davies Jamie Dimon Is Competing With Everyone. He’s Not Alone Play Alphadots! Our daily word puzzle with a plot twist. Today’s clue is: Venue that facilitates drunk driving? Play now! Before You Go Can’t sleep? You’re not alone. Almost 13% of US adults rely on medication, supplements, marijuana or CBD to help them sleep, a survey by the National Center for Health Statistics found. Women were more likely than men to use sleep aids, and use of prescription medication appeared to increase with age. A Couple More Apple Readies Photo-Editing Overhaul With New AI Tools in iOS 27 China Suspends Autonomous Driving Permits After Baidu Outage More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too: Markets Daily for what’s moving in stocks, bonds, FX and commodities Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen Supply Lines for daily insights into supply chains and global trade FOIA Files for Jason Leopold’s weekly newsletter uncovering government documents never seen before Explore all newsletters at Bloomberg.com. We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. 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