News when you want it with Bloomberg News now I'm Amy Morris.

The U.S. launched airstrikes on Iran, part of a

bombing campaign President Trump says will continue until Iran stops attacking

ships in the Strait of Hormuz, where the U.S.

has reimposed a blockade against Iran's ports.

Retired Marine Lieutenant General Robert Walsh of Academy Security says the

conflict has reached a more dangerous phase.

It really was trying to get to a deal and now that's all broken down.

Now he's escalating the U.S. reaction to this.

And I think the challenge really right now, which makes it more risky, is there

really is no signs of the negotiations can start.

Retired Marine Lieutenant General Robert Walsh of Academy Securities on Bloomberg

surveillance. Trump told Fox News last night more U.S.

strikes against Iran would come over the next two days, and that bridges and

power plants could also be targeted by next week.

Oil prices are moving higher. WTI topping $79 a barrel and Brent crude

near $85 a barrel. Turning now to Capitol Hill, fed Chair

Kevin Warsh today answered questions from the Senate Banking Committee,

including about his vice chair for supervision, Michelle Bowman.

Democratic Senator Elizabeth Warren wanted to know if Warsh talked with

Bowman about her reported attendance at a Bank of America dinner hours after

participating in the central bank's policy meeting.

Did you ask her about the secret meeting that took place?

I wasn't at the meeting. I and I don't know the facts.

No one. But I'd be very interested.

It is about to be done by an agent inspector.

Enough to ask how can you be chair and not ask your own vice chair whether or

not she violated the blackout period violated the law.

Fed Chair Warsh also said President Trump has not tried to interfere with

the central bank. And I just don't want to be in the

business of sharing, uh, discussions that the president and I have.

Okay, I will tell you what I've said to the president repeatedly and to the

Treasury secretary. Uh, they chose an independent guy to do

an independent job, and that's exactly what I plan on doing or stated.

Trump has not tried to influence the conduct of monetary policy, and that he

would continue to do his job if Trump tried testifying at his confirmation

hearing as attorney general, Todd Blanch reiterated the fund created by President

Trump's lawsuit against the IRS has been canceled.

Republican Senator John Cornyn brought up the suspicion that it could be

revived. President of the United States has not

agreed in writing to delete the weaponization fund, and there's no

guarantee that he might raise that issue by way of a lawsuit in the future.

There's no fund. That's the standard language that we use

when we enter into settlements. I suppose that could bring a lawsuit.

And then we would litigated. The so-called weaponization fund was

part of a settlement to resolve a lawsuit Trump filed against the IRS,

which also gave Trump and his allies immunity from past tax audits.

U.S. producer price inflation came in tamer

than expected, its lowest reading since last April.

PPI down 3/10 of a percent for the month.

Leave out food and energy, and it's up 2/10 of a percent still lower than

anticipated. Bloomberg's Michael McKee.

So that leaves the year over year numbers at this point.

Uh final demand uh headline 5.5. That's down a full percentage point from

last month's uh, 6.5, the, uh Food and Energy Core 4.7, down from 4.9.

Bloomberg's Mike McKee that PPI data driving stocks and bonds higher.

We check markets for you all day long here at Bloomberg the S&P 500 little

changed on the upside Nasdaq about a 10th of a percent higher.

The Dow about a 10th of a percent higher.

The ten year Treasury yield at 4.54% and the two year yield at 4.13%.

The Philadelphia Semiconductor Index is more than 4% lower now, led by micron,

which is down 9.5%. SpaceX shares fell to their lowest level

since that company went public, breaking below the $135 per share level that it

sold them to investors last month. The stock has been subject to

volatility, surging nearly 50% over the first three days of trading and then

losing nearly a quarter of its value over the next three sessions.

SpaceX shares right now 1.5% lower. Anthropic is looking to meet with

investors in the coming weeks as they plan their IPO.

The company is considering an IPO as soon as October.

Moving forward would push anthropic ahead of rival OpenAI.

Sources tell Bloomberg. Deliberations are ongoing and details

including timing could all still change. Morgan Stanley stock traders set another

quarterly record with $6.3 billion from equity trading, a 69% jump from its

previous all time high. Morgan Stanley CEO Ted Pic says their

standards are high for any acquisitions. As we've learned through hard fought

integration, success, strategic rationale and cultural fit continue to

be threshold criteria for any inorganic opportunity even before we consider

transaction terms, so the bar must remain high.

Pik made the comments during the analyst's call.

Morgan Stanley about a half percent lower.

The New York Yankees are in advanced talks to raise nearly $3 billion of

financing from Apollo Global Management. A deal would mark the biggest investment

Apollo has made in U.S. sports, as they seek to specialize in

lending long term, strategic capital to sports leagues and clubs.

That's news when you want it with Bloomberg News now.

I'm Amy Morris and this is Bloomberg.