‘MAGA Is Split': Trump Digs In on Iran War, Divides Loyalists

19:10Carol Massar:What do we know about the leader that was chosen and where President Trump feels about this? As you said, he has said he wants to kind of basically sign off on this. It is the son of Ayatollah al-Khamenei, and my understanding is that maybe even more conservative than his father was. But what do we know, and what are we kind of trying to figure out, read the tea leaves, about any kind of conversations, perhaps, backroom conversations that perhaps U.S. and Iran might be having?

19:39Tim Stenovec:Yes, so the new Supreme Leader, Mostafa al-Hamini, he's the son of the late Supreme Leader, was widely expected to be the successor to him. He is conservative, like his father, shares many of his ideological leanings, including and really believing in the core tenets of the Islamic Republic. So by no means a reformer or a change agent. This is his first public role, though. So there's a lot that we don't know about his leanings. He could prove to be more pragmatic. But at the same time, he is facing sanctions by the United States, has lost many close family members in this war already, including his father and his wife.

20:15Tim Stenovec:and he's probably not in a rush to talks. I think the perspective in Tehran from members of the Islamic Republic is that they are in a war of resistance right now with the United States and it's somewhat of an asymmetric one where they're willing to bear a lot of costs and suffer a lot of pain and their goal is to try and make the United States and its partners blink first. I think what all of that points to is that we won't be seeing Iran moving forward towards a surrender or the sort of decapitation arrangement that the Trump administration arranged with Venezuela, which may be what Washington had been pinning its hopes on.

20:50Tim Stenovec:So when we think about this new leadership, what aspects in particular do you think are most crucial as we think about this transition period between there as well as just geopolitically speaking, the relations between countries here? I think the important thing to keep in mind and what the selection of a new supreme leader demonstrates is even though U.S. and Israeli strikes took out a significant number of senior Iranian officials, including the former Supreme Leader, the system is surviving and it's finding new ways and new people to put in charge. And I think what that suggests is a level of resilience that makes a campaign to force Iran's total surrender, whatever goals the Trump administration currently has in mind, very difficult and the sort of campaign that might last longer than what the administration had originally envisioned.

21:40Tim Stenovec:They were hoping that Iran would fold rather quickly after these massive strikes. That doesn't seem to be the case. And I think also when you look at the military perspective, it's sort of a similar story. Iran is continuing to carry out strikes on Gulf countries to hold shipping in the Strait of Hormuz at risk. And all of that is part of the reason why we haven't seen traffic resume, despite what President Trump talked about in that clip with offering naval escorts and protection that ships don't seem to be taking him up on that offer.

22:07Carol Massar:I keep thinking too, Jenny, about all of this against the region, because it's not just Iran and U.S., Iran and Israel. We are feeling strikes throughout the region. And I saw in our reporting, you know, Saudi Arabia hardening its tone against Iran as it dealt with incoming projectiles again today, including ones heading toward oil giant Aramco's Shaba field and areas in and around Riyadh. This new leader, any consensus, as you said, he hasn't been very public. This is his first public role. But is there any consensus that we're hearing from the region about what this leader might mean for Iran going forward?

22:44Carol Massar:And as you remind us, the regime is never one person. It's many people.

22:48Tim Stenovec:It's many people. But this particular person in particular seems to be more in line with his father's perspective on fighting the full fight. Right. And using proxies and partners to continue this war of resistance against the United States, whether it's a hot war like what we're seeing today. or more the sort of long battle by proxy that had been the preceding decades kind of conflict. I think what this means for partners in the region is they're facing increasingly tough choices. As their air defenses start to run out, come under strain by the just volume of Iranian projectiles that they're dealing with, they're going to start to need to make choices about where they dedicate those air defenses.

23:27Tim Stenovec:I think also this is forcing a bit of reluctance or frustration with the United States that the U.S. began this conflict, despite them lobbying Washington not to proceed with it, and despite it putting them in the front lines of this battle that they didn't want to participate in, and they actually have not been, for most of them, really active participants into date, yet that didn't seem to spare them from taking a lot of the incoming from Iran. So could his appointment at all increase the likelihood of deeper economic retaliation against Gulf states or Western interests, for that matter? And if so, what will be the knock-on effects for regional trade flows?

24:06Tim Stenovec:I actually think the longer pull in the tent for that will be the stockpiles that Iran still has left at its disposal. How many missiles it has left, how many drones it has left. The United States and Israel have really focused their attacks on decimating those capabilities, and in particular on the missile side, destroying Iran's missile production facilities, its missile launchers. We don't know how many missiles it still has in its stockpiles, But if it can't launch them, then that is a real cap on its ability to hold those assets and shipping in the region at risk. But I think the intent will remain there because this is a strategy that Iran thinks is working, that it can essentially force other partners in the region who don't want to incur these costs to blink and to put Washington under pressure to bring the war to an end.

24:52Tim Stenovec:They're also probably betting that the more that gas prices rise in the United States, that will also exert pressure on President Trump. So I think it's less about intent and more about capability. And that right now is a real big open question. But I would stagger to guess that at least their drone stockpile is significant enough for this to be a problem for at least the next few weeks.

25:12Carol Massar:I also do wonder, you know, and I want to shift to your many hats that you wear about the economic impact globally and certainly on the U.S. You know, we just had a headline from the information crossing that Meta platform's closing its Tel Aviv office temporarily. that coming from the information. We had last week a story about drone strikes damaging three facilities operated by Amazon.com in the United Arab Emirates and Bahrain. So I do think about this region that has really many areas have transformed themselves and embraced, I don't want to say capitalism, but to some extent, yes, you know, in terms of building up their financial presence as trying to attract in more investors.

25:54Carol Massar:Is it too soon to say that there will be some kind of economic impact on that region?

25:59Tim Stenovec:I think it is a little too soon to say that there will be a long-term impact. But I think certainly the perspective from a lot of Gulf countries that, as you mentioned, have made a bet on transforming themselves into sort of pillars of stability in an otherwise somewhat tumultuous region is having all of this incoming, having this conflict, having to deal with strikes on civilian facilities, all of that really undercuts this image that they have worked so long to build up. We're seeing a number of multinationals talk about ceasing operations or having to shift to different footing as a result of the conflicts.

26:32Tim Stenovec:And I think it's going to take time for them to not just rebuild those air defense stockpiles, but to rebuild that image that this conflict has really hit hard. Beyond just gasoline in the United States, what sectors do you think also may feel the brunt of higher energy costs? I know you mentioned the fact that potentially Iran is betting on the fact that President Donald Trump will actually take a step back, given the fact that there are a lot of concerns from U.S. consumers about elevated gas prices. That's really the wicked problem when it comes to higher oil prices is they tend to affect everything that gets transported using gasoline and oil.

27:09Tim Stenovec:So it's highly inflationary. And I think that's going to be the real challenge facing the United States, Even though we're a net energy producer now and that will cushion the economic impact to a certain degree, it won't necessarily help folks when it comes to what the cost is at the pump and what the cost is at the grocery store. And the impact on inflation will really depend on how long this conflict lasts and how high oil prices go. And those are interrelated. The more markets think that these disruptions won't be temporary, likely the higher oil prices are to go. We saw them touch very high levels overnight in Asia trading.

27:41Tim Stenovec:They're likely to continue to grow if we think, for example, the Strait of Hormuz won't be opening anytime soon. That could put prices well above 110. We estimate even higher than that if there's a presupposition in the markets that the Strait is going to remain closed for as long as two to three months. We could see prices rise much higher and the impact on inflation could be quite significant.

28:04Carol Massar:Which brings us to something we started talking about on Friday, Jenny, and that is just to kind of wrap up here, this concern about stagflation. coming off of a weak jobs report, concerns about growth slowing, yet those inflationary concerns were out there even before this U.S. war in Iran, and this just exacerbates the situation. When do we make a call on stagflation? And once that train has kind of left the station, how quickly does it happen?

28:32Tim Stenovec:That's going to be, I think, a central challenge for not just the Fed, but a lot of central banks, is how much can they look through the impact of higher oil prices on inflation. Do they think it's going to be temporary or are they going to be facing this dual challenge of dealing with higher inflation, but also lower growth expectations as a result of these energy prices? And in many places, real direct energy disruptions because they simply aren't able to access anything. I think the next few days will be telling in terms of how long these disruptions might last.

28:59Carol Massar:It's the million, billion, trillion dollar question, right? How long does this last? And that really then can make us figure out the equation as to what will ultimately be the impact. You put it all in place, though, as we need to do as we go from day to day. Jenny, thank you so much. Jenny Welch, she's Bloomberg Economics, Chief Geoeconomics Analyst there in our DC Bureau. Stay with us. More from Bloomberg Business Week Daily coming up after this.

29:28Tim Stenovec:Hello, hello. I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM. I recently sat down with IBM's chairman and CEO, Arvind Krishna, and I asked him, how can companies use AI to its fullest potential to create smarter business? My one advice to them, pick areas you can scale. Don't pick the shiny little toys on the side. For example? If anybody has more than 10 % of what they had for customer service 10 years ago, they're already five years behind. If anybody is not using AI to make their developers who write software 30 % more productive today, with the goal of being 70 % more productive.

30:15Yeah.

30:16Tim Stenovec:Wow. So we are not asking our clients to be the first experiment on it. We say, you can leverage what we did. We are happy to bring out all our learnings, including what needs to change in the process, because the biggest change is not technology. It's getting people to accept that there's a different way to do things. To listen to the full conversation, visit ibm.com slash smarttalks.

30:45Carol Massar:support for the show comes from public public is an investing platform that offers access to stocks options bonds and crypto and they've also integrated ai with tools that can assist investors in building customized portfolios one of these tools is called generated assets it allows you to turn your ideas into investable indexes so let's say you're interested in something specific like biotech companies with high R &D spend, small cap stocks with improving operating margins, or the S &P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public, you just type in a prompt and their AI screens thousands of stocks and build a one-of-a-kind index.

31:25Carol Massar:You can even backtest it against the S &P 500. Then you can invest in a few clicks. Go to public.com slash market and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash market.

32:04Tim Stenovec:Sign up at Sonesta.com to enjoy instant savings, bonus points, and valuable perks like early check-in, late checkout, room upgrades, and free stays over time. With Sonesta Travel Pass, every stay brings you closer to your next reward. Choose from more than 1 ,100 hotels across 13 distinctive brands and unlock the best available rates when you book direct with Sonesta Travel Pass. Here today, roam tomorrow. Join now at Sonesta.com. Terms and conditions apply. You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern.

32:41Carol Massar:Listen on Apple CarPlay and Android Auto with the Bloomberg Business app.

32:45Tim Stenovec:Or watch us live on YouTube.

32:47Carol Massar:Hey, shares of Novo Nordisk, the ADRs that trade here in the U.S., and hims and hers health moving, especially hims and hers. In fact, that one soaring the most ever intraday. The two are going to work together to sell obesity drugs, a sudden reversal after more than eight months of acrimony that culminated in a legal battle, which is what made me say this morning, wait, what?

33:07Tim Stenovec:It's been a story.

33:08Carol Massar:It's been a story. So here to explain, it has been quite a story. Here to explain it all is Bloomberg News health reporter Madison Muller. She joins us now in our Bloomberg Interactive Brokers studio. So first of all, I'm kind of like, what happened? But tell us, what was that issue? Why these guys were battling?

33:23Tim Stenovec:Yeah, I mean, I also, as someone who follows this space really closely, was absolutely shocked when we broke this story on Friday night. And at first, I didn't believe it when I heard this. I was like, this can't be right. I mean, these guys have been trading barbs for months. You know, him saying that the lawsuit was an attack from a Danish company on Americans. Like, there's a lot of weird animosity, a lot going on, a very, very tumultuous relationship. But basically, the issue between the two companies goes back to last year. They had teamed up to, you know, Novo and Lilly have a lot of these telehealth partnerships.

34:00Tim Stenovec:It's something that helps them get their drugs to more Americans because a lot of Americans are seeking out weight loss drugs on these telehealth platforms. And so Novo teamed up with HIMSS last year to offer its obesity medicines on HIMSS's telehealth platform. Then I think it was like less than two months later, they abruptly ended the partnership because HIMSS was continuing to sell these copycat weight loss medications on its platform. And really, Novo said that the issue was the deceptive marketing and the fact that HIMSS was continuing to really market these medications. You know, fast forward a couple of months, NOVO is having its own issues here in the U.S., especially competition with Eli Lilly, competition with these telehealth companies.

34:41Tim Stenovec:They launched a weight loss pill that was really key to their comeback strategy. And a couple of weeks later, HIMSS launched a knockoff version of that pill. And so NOVO was like, OK, we're done playing. We're going to sue you. Like pretty swift action. And the FDA came in right behind that. And they were like, we are also going to crack down on compounded GLP-1s. And then now, shockingly, they're dropping that lawsuit. We love you. And they are turning a tide. They're besties again. Yeah, exactly. It feels like a sibling rivalry, just watching that back and forth. Yeah. So public. So public. Out there for everyone to see.

35:17Tim Stenovec:But I'm curious, when we think about the idea of copycat drugs, We obviously know that the United States kind of came in and pushed back on it alongside Novo Nordisk. But how far can you really run with something like that? What made hims and hers feel as though that was something that they could do in the first place? Right. And that's a great question. So it was allowed for a certain period of time when the weight loss drugs were actually in shortage. So these compounding pharmacies can make copycat versions of medications when they're in short supply. And that shortage is something that the FDA designates.

35:49Tim Stenovec:So it's pretty official. But then that shortage ended. Lilly and Nova were able to make enough of their drugs. But companies like HIMSS and some of these other telehealth companies, compounding pharmacies, continued selling the drugs, sort of operating under the assumption that, like, oh, the FDA is just not going to do anything. Like, we haven't seen them do anything before. You know, some of the, like, language regulation around this is a little bit murky, a little bit of a gray area. Like, we think we're going to be okay. We're just going to keep doing this. another way that they got around that was by not making exact copies of the medications but by slightly tweaking the dosages microdosing things like that adding b12 adding b6 adding a whatever patent infringement well so that's what then novo was suing him over so that was the first time they had filed any type of lawsuit against a telehealth company for patent infringement so it was really a step up, sort of signaled more aggressive action from Novo.

36:43Tim Stenovec:And then now they've pulled that lawsuit.

36:46Carol Massar:So is this a win-win for both in your view? You've watched this space, you understand and how it continues to evolve. Is it a win-win for both?

36:53Tim Stenovec:Yeah. I mean, both of them are in really precarious situations. I mean, Novo really needs this partnership with HIMSS because they need pretty much any partnership they can get right now to get their drugs to more patients. Even though Novo created the US weight loss market, they've really lost out in the last year or so to Eli Lilly. Yeah, it's pretty remarkable. So they kind of need to do everything that they can right now to get their drugs to more patients. HIMSS on the other side has really, you know, the last few weeks, especially with the NOVO lawsuit, with the FDA clamping down on compounded drugs, DOJ investigation, SEC investigation, like they have a lot going on.

37:30Tim Stenovec:And the future for this compounded weight loss drug business was very uncertain. And their stock has really suffered as a result the last several months. And investors have really been questioning, like, what is the path forward for this company? And so they needed this deal from that, you know, that perspective of needing a lane and an avenue forward for growth. Does Hampton Hers Health have any real competitor? I mean, from my perspective, I would assume as a consumer, it's really convenient that you could just go online, shop for what you're looking for. And then, to my understanding, it's mailed to you.

38:04Tim Stenovec:So do they have any other competitors that you kind of keep an eye on? It's interesting seeing them down so substantially on the year when you think about them as a convenient avenue. Right. It's interesting because there's actually not that many telehealth companies sort of in the same caliber that are public. So HIMSS is usually used as sort of like a proxy for the industry. At least that's how I've heard it described. They do have competitors like Weight Watchers now is offering GLP-1 medications. They're actually public. Rowe is probably the biggest competitor to Hymns, but Rowe is still privately held.

38:38Tim Stenovec:So not something that we can really assess from that standpoint. But there are some competitors out there. It's just Hymns tends to be the one that's like really on investors' minds or, you know, in sort of like the public consciousness and discourse.

38:51Carol Massar:I do want to point out, if you take a look at Hymns and hers, I mean, as you said, 31 % to the downside here this year in 2026, almost 40 % of the float is short. So there's a lot of negative sentiment. While you're here, before you go, I want to ask you about the head of the U.S. Food and Drug Administration's Division of Vaccines and Gene Therapies is leaving the agency. It's not been a great tenure for him. I did see a lot of biotech shares moving late Friday, and we continue to see it today. Significant? Yeah, yeah.

39:20Tim Stenovec:This is definitely significant, especially for the biotech industry. um prasad's tenure has sort of been marked by a lot of controversy a lot of issues uh for biotech companies it's been a real challenge and so a lot of investors sort of breathed a sigh of relief when they saw that he was exiting um you know the fda said that this was a planned departure that he had only really planned to be at the agency for like a year but that's not something that was widely known i think during his tenure yeah so it definitely came as a surprise but i think a welcome one. And we did see a lot of biotech stocks moving on that last week.

39:56Carol Massar:It's amazing all that she knows on this base. I'll blow my mind every time we talk. There's always lots happening. There is a lot happening, right? And I'm sure more to come. Madison, thanks. Thank you. Really appreciate it. Bloomberg News health reporter, Madison Muller, right here in our Bloomberg Interactive Brokers Studio. Stay with us. More from Bloomberg Business Week Daily coming up after this.

40:20Hello, hello.

40:21Tim Stenovec:I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM. I recently sat down with IBM's chairman and CEO, Arvind Krishna, and I asked him, how can companies use AI to its fullest potential to create smarter business? My one advice to them, pick areas you can scale. Don't pick the shiny little toys on the side. For example? If anybody has more than 10 % of what they had for customer service 10 years ago, they're already five years behind. If anybody is not using AI to make their developers who write software 30 % more productive today, with the goal of being 70 % more productive. Yeah. Wow.

41:08Tim Stenovec:So we are not asking our clients to be the first experiment on it. We say, you can leverage what we did. We are happy to bring out all our learnings, including what needs to change in the process, because the biggest change is not technology. It's getting people to accept that there's a different way to do things. To listen to the full conversation, visit ibm.com slash smarttalks.

41:37Carol Massar:support for the show comes from public public is an investing platform that offers access to stocks options bonds and crypto and they've also integrated ai with tools that can assist investors in building customized portfolios one of these tools is called generated assets it allows you to turn your ideas into investable indexes so let's say you're interested in something specific like biotech companies with high R &D spend, small cap stocks with improving operating margins, or the S &P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public, you just type in a prompt and their AI screens thousands of stocks and builds a one-of-a-kind index.

42:17Carol Massar:You can even backtest it against the S &P 500. Then you can invest in a few clicks. Go to public.com slash market and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash market.

42:31Tim Stenovec:And paid for by Public Holdings. Brokered services by Public Investing, member FINRA SIPC. Advisory services by Public Advisors, SEC Registered Advisor. Crypto services by ZeroHash. Sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures at public.com slash disclosures. Travel smarter, not harder at America's Best Value In by Sinesta. With convenient locations from coast to coast and value-packed comfort at every turn. It's a practical choice for road trips, quick getaways, and everyday travel that keeps things simple without sacrificing comfort.

43:04Tim Stenovec:And when you're a Sonesta Travel Pass member, staying at America's Best Value In means earning points toward free nights, upgrades, and more every time you stay. Go to Sonesta.com to book your stay and unlock the best rates with Sonesta Travel Pass. Here today, roam tomorrow. Join now at Sonesta.com. Terms and conditions apply. You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern.

43:31Carol Massar:Listen on Apple CarPlay and Android Auto with the Bloomberg Business app.

43:35Tim Stenovec:Or watch us live on YouTube.

43:38Carol Massar:Right now with us is Jordan Fabian. He's Bloomberg News White House editor, and he joins us from the D.C. Bureau. Jordan, let me toss it over to you. These headlines have definitely got attention on Wall Street. We've seen markets. Equities are now to the upside. We've seen the dollar back off. We've seen crude move way down. What are you guys hearing in terms of where the president is right now and whether or not this war might be coming to an end sooner rather than later?

44:06Tim Stenovec:Those top line comments to CBS News would certainly suggest that the president is looking for an off ramp. The White House and the president saw all these negative indicators in the markets over the weekend. Oil prices starting to crest, stocks falling. And so they certainly have taken note of that. We're in a midterm election year, higher gas prices, not great for the president's party. That being said, we'll have to see exactly what the president means. He seemed to send some conflicting signals in that CBS News interview, also saying that he would want the U.S. military to perhaps take control of the Strait of Hormuz.

44:45Tim Stenovec:That would not indicate that this conflict is nearing an end if you would have U.S. forces just off the coast of Iran there for the foreseeable future, safeguarding shipping while you have an armed hostile force right next door. So we'll have to see what he says here at the 530 News conference to flesh that out.

45:05Carol Massar:Well, it's interesting because it was just yesterday he called$100 a barrel oil a small price to pay his words and said the cost, quote, will drop rapidly when the destruction of the Iran nuclear threat is over, which didn't seem to indicate like kind of, you know, a little bit of pain for some gain, I guess is how he saw it. it's just a reminder that his tone and tenor can change on any situation. What are you guys hearing from inside the White House? We know that his advisors have been thinking more about the midterms and that affordability story here in the United States.

45:43Tim Stenovec:Yeah, they've certainly been tight-lipped about the immediate comments he gave to CBS, but But, you know, all indications have been that they are sticking to this conflict, that they didn't want to back off. But the president, as you said, is fickle in nature. He could have had a change of heart looking at those numbers. It's also important to remember that this conflict was launched really without building up any public case for the war. The aims of the conflict themselves have been confusing and conflicting at times. And it doesn't appear that the White House has done a lot of thinking about the second, third day, fourth day after the conflict ends.

46:21Tim Stenovec:What happens in Iran? They've chosen the supreme leader's son as the next supreme leader, another hardline choice. So it's not as if the president's getting the type of regime that he would be able to control a la Venezuela there. So it really begs the question of what all this was for at the end of the day if he does decide to pull the plug. It's interesting, Jordan, because I think about immediately in markets, the Trump put, which is where this idea that Trump will intervene in any sort of way, whether it's reversing the extent of tariffs or any other issue that may could potentially be hurting markets.

46:58Tim Stenovec:But as we've been talking about just in this conversation, he hasn't in this situation necessarily allayed a lot of concerns up until today where we're seeing this reversal. So just how important is visibility, not just for markets, but for swing voters, because we are coming up on this midterm election season? Yeah, it's tremendously important. Voters, they care about the cost of living, which is high. Gas prices are one thing that is always on voters' minds. There are signs with gas stations all around the country that it's ever present in their mind and reinforces their perceptions of the economy.

47:35Tim Stenovec:And so, look, I think that's obviously on the White House's mind. But, you know, they, again, never really stated a public case for why this conflict was necessary at this time. And now, you know, this did not go as easily for them as Venezuela. The public is also very hesitant about overseas military interventions, especially in the Middle East, given how poorly Iraq and Afghanistan ended for the United States. And so all these problems you're seeing coming home to roost for Trump, and he might pull out of this conflict and that might allay investor concern in the interim, but he's done a lot to destabilize the executive branches as an institution, the private sector as an entity.

48:20Tim Stenovec:And so it's interesting to me that there's always this put where he's just going to do something more destabilizing likely in the future, given the track record of this administration so far.

48:32Carol Massar:Yeah, just 2026. And it's only March, if you think about what's happened since the beginning of the year. Hey, Jordan, just one more thing. I mean, the president was also weighing the option of deploying some special forces on the ground to seize Iran's near bomb grade uranium. You know, officials also concerned that maybe that actually that stockpile has been moved. This is according to, I think you guys reported out, three diplomatic officials briefed on the matter. So there's also that at play. So again, it just gets to what's the mission? What's the end game here?

49:01Tim Stenovec:Right. And was the mission harm reduction, reducing the threat Iran posed, cutting off its path to a nuclear weapon? or was it regime change or was it, you know, the president was upset that Iran tried to, you know, assassinate him in 2024 and was looking for a measure of revenge. He's thrown out all these reasons himself. And now we're left to guess what the next step is.

49:25Carol Massar:Well, next step is that press conference right tonight from Florida. So we'll see what the president says. We know you guys will be all over and we'll be monitoring the reporting. So appreciate it. Jordan, thank you so much. That, of course, is Jordan Fabian. He's Bloomberg News White House editor joining us from our D.C. Bureau. This is the Bloomberg Business Week Daily podcast, available on Apple, Spotify and anywhere else you get your podcasts.

49:50Tim Stenovec:Listen live weekday afternoons from 2 to 5 p.m. Eastern on Bloomberg.com, the iHeartRadio app. Tune in and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.

50:13Carol Massar:If you follow markets, you know the value of long-term thinking. You plan, you diversify, you prepare for volatility. But even the best strategies can't prevent every bad day. For more than 75 years, Cincinnati Insurance has helped individuals and businesses navigate tough moments with expertise, personal attention, and independent agents who focus on relationships, not transactions. The Cincinnati insurance companies. Let them make your bad day better. Find an agent at CINFIN.com.

50:48Tim Stenovec:This podcast is brought to you by WISE, the smarter way to manage your money internationally. If you're getting a headache from juggling different currencies and different bank accounts in different countries, there's a better way to receive money in the currency you need without the slow transfer times or hidden fees. Meet WISE, the savvy way to handle your money internationally. Hold balances in up to 40 currencies with the mid-market exchange rate on every conversion. Whether you're receiving payments from tenants abroad, earning as a digital nomad, or converting dividends from your international investments, the WISE multi-currency account is for you.

51:20Tim Stenovec:Be smart. Get WISE. Download the WISE app today or visit WISE.com. Terms and conditions apply.

51:30Tim Stenovec:With Bali from iShares, you get access to both monthly income and growth potential in one simple ETF. It's the best of both worlds. Discover Bali, iShares large cap premium income active ETF. iShares, the market is yours. Visit www.iShares.com to view perspectives for investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Risks include principal loss and the use of derivatives, which could increase risks and volatility. Monthly income is not guaranteed. Prepare by BlackRock Investments, LLC.