Bloomberg Daybreak: US Edition

US job growth topped all forecasts in May and the unemployment rate held steady, offering the clearest sign yet that the labor market may be breaking out of a prolonged period of lackluster hiring.
Nonfarm payrolls increased 172,000 last month after upward revisions to the prior two months, according to Bureau of Labor Statistics data out Friday. That marked the strongest three-month advance in more than two years.
The unemployment rate was unchanged at 4.3%, and average hourly earnings rose 0.3%.
Bloomberg's Tom Keene and Paul Sweeney break down the numbers with:
Claudia Sahm, Chief Economist at New Century Advisors
Kevin Gordon, Head of Macro Research and Strategy for the Schwab Center for Financial Research at Charles Schwab
Kristina Campmany, Senior Portfolio Manager at Invesco
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) There was no sign of progress in ceasefire talks between the US and Iran after the worst burst of violence in weeks. President Trump said ceasefire talks are in the “final” stages, while Iran’s foreign minister said the negotiations had stalled. Hezbollah militants rejected a US-brokered truce in Lebanon, with its chief calling the deal “absurd” and refusing to link its presence in Lebanon with stopping the war.
2) The Senate passed a $69.5 billion bill to fund two immigration enforcement agencies over three years, resolving a months-long dispute. The bill includes $26 billion for Customs and Border Protection, $38.5 billion for Immigration and Customs Enforcement, and $5 billion for additional border support. The bill now heads to the House for a vote before being sent to President Donald Trump's desk for his signature.
3) Russian President Vladimir Putin pushed back at prospects for European leaders to help negotiate an end to his war in Ukraine, dismissing them as mediators. Putin reiterated that he’d reached an agreement with President Trump on what he said was a compromise peace deal at their summit in Anchorage, and that EU states could play a role in ending the war by convincing Kyiv to agree to compromises. Ukrainian President Volodymyr Zelenskyy issued an open letter to Putin calling on him to meet directly to settle the war, and said that both Europe and the US should be part of the process of ending the war.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran said there had been no recent progress in talks with the US over an interim peace deal, while fighting persisted in Lebanon despite Washington’s declaration of a ceasefire between Israel and the country.Iranian Foreign Minister Abbas Araghchi said late Wednesday that “no tangible progress has been achieved in the negotiation process” with the US, according to the semi-official Tasnim news agency.
2) US forces intercepted Iranian ballistic missiles and drones aimed at neighboring Middle East countries and struck a command center in Iran in response. The exchange followed days of Israeli military escalation against Iran-backed Hezbollah in Lebanon, prompting a phone call between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. Tensions remain high after the US attacked Iranian radar and command-and-control sites, with Iran trying to target an air base in retaliation and the US and Israel having different ideas about what an end to the war should look like.
3) The New York Knicks' winning streak lives on, and they struck first in the NBA Finals.Jalen Brunson scored 30 points, Karl-Anthony Towns finished with 18 points and 12 rebounds, and the Knicks erased a 14-point second-half deficit to beat the San Antonio Spurs 105-95 in Game 1 of the finals on Wednesday night.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) We wrap a number of major primary elections across the country. Republican Steve Hilton and Democrat Xavier Becerra surged to the top of California’s crowded gubernatorial primary, with billionaire Tom Steyer trailing in the contest. In Los Angeles mayor's race, incumbent Karen Bass has been forced into a runoff and could face Republican Spencer Pratt, who is leading second place. In a New Jersey House district which could prove key for Republicans holding their majority in November, former Navy helicopter pilot Rebecca Bennett is projected to win the Democratic primary.
2) US forces intercepted Iranian ballistic missiles and drones aimed at neighboring Middle East countries and struck a command center in Iran in response. The exchange followed days of Israeli military escalation against Iran-backed Hezbollah in Lebanon, prompting a phone call between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. Tensions remain high after the US attacked Iranian radar and command-and-control sites, with Iran trying to target an air base in retaliation and the US and Israel having different ideas about what an end to the war should look like.
3) The US is proposing a new tariff of at least 10% on imports from 60 trading partners, following an investigation into how trade partners handle goods allegedly produced by forced labor. A 10% tariff rate would apply to imports from Canada, Mexico, the European Union, Taiwan and the UK, among other places, while products from other major economies, including China, India, Japan, South Korea, Brazil and Switzerland, would be subject to a 12.5% levy. The levies won't go into effect immediately and are subject to a public comment and review period before implementation, which could result in changes before any duties are codified, with written comments due by July 6 and public hearings beginning on July 7.
4) CBS News fired 60 Minutes correspondent Scott Pelley after he confronted his new boss at an internal meeting on Monday. Pelley had questioned the qualifications of Nick Bilton, who was appointed to lead the CBS newsmagazine, and accused CBS News Editor-in-Chief Bari Weiss of “murdering” the program. Pelley said the leadership of 60 Minutes is "no longer recognizable" and that the principles he holds dear are gone, which is why he must leave.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump says he thinks the US can reach an interim peace deal with Iran soon, with discussions continuing "at a rapid pace." Iran's negotiators are discussing their "final text" to send to the US, but are wary of the US due to previous breached pledges. A ceasefire in Lebanon is a key part of the potential memorandum of understanding between the US and Iran, with Iran insisting on a stop to fighting as part of the deal.
2) The White House will reduce tariffs on agricultural equipment, such as combines and harvesters, to reduce costs for US farmers and manufacturers. The tariffs would drop to 15% from 25%, with a lower 10% duty rate possible if capital equipment contains at least 85% US steel or aluminum. The concession takes effect June 8 and would run through the end of 2027, according to a White House fact sheet.
3) The Trump administration's plans to scrap a $1.8 billion legal fund for victims of alleged government "weaponization" have been met with skepticism from Republican senators. The fund was created as part of a settlement resolving the president's lawsuit against the IRS over the 2019 leak of his tax information, and was intended to compensate those alleging they were victims of politically motivated investigations or legal action. Several Republican senators have demanded public assurances that the fund is dead, with Senate Majority Leader John Thune saying "that would be the ideal outcome" and that the administration should make clear the fund won't be established.
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