CHRISTINA: COMING UP ON "BLOOMBERG THIS

WEEKEND" -- >> A NEW CHAPTER OF THE

EXPLORATION OF OUR CELESTIAL NEIGHBORS ARE COMPLETE.

THE ASTRONAUTS ARE BACK ON EARTH. CHRISTINA:

TO THE MOON AND BACK.

NASA'S 10 DAY ADMISSION/IS DOWN. FOUR ASTRONAUTS PAVING THE WAY

FOR THE FUTURE OF SPACE EXPLORATION.

>> VICE PRESIDENT JD VANCE TOUCHES DOWN IN PAKISTAN FOR

HIGH-STAKES NEGOTIATIONS WHILE PRESIDENT TRUMP UPS THE

PRESSURE TO REOPEN THE STRAIT OF HORMUZ.

>> THEY ARE MILITARILY DEFEATED, AND NOW WE WILL OPEN

UP THE GULF, WITH OR WITHOUT THEM. CHRISTINA:

FINDING PURPOSE. THE SELLING AUTHOR ARTHUR

BROOKS ON THE SCIENCE OF HAPPINESS.

>> YOU CAN'T FOOL YOUR BRAIN. YOU CAN SIMULATE A LOT,

SIMULATE ALL KINDS OF EXPERIENCES, BUT YOU CANNOT

SIMULATE HUMAN LIFE. CHRISTINA:

WELCOME TO "BLOOMBERG THIS WEEKEND,"

COMING AT YOU LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS.

I AM CHRISTINA RUFFINI WITH LISA MATEO. TIM:

I'M TIM STENOVEC, IN FOR DAVID GURA.

WELCOME TO OUR LISTENERS AND VIEWERS ACROSS RADIO, TV,

YOUTUBE, AND ALL OF OUR BLOOMBERG PLATFORMS. CHRISTINA:

AND WE ARE LITERALLY ALL OVER THE PLACE THIS MORNING.

WE HAVE REPORTERS ON THE GROUND MONITORING THE LATEST DATA

PAKISTAN. VICE PRESIDENT JD VANCE, STEVE

WITKOFF, JARED KUSHNER MEETING WITH AN IRANIAN DELEGATION.

PAKISTAN HELPED BROKER THAT TEMPORARY CEASE-FIRE.

BUT THERE IS MORE THAN ONE STICKING POINT, INCLUDING AN

EFFORT TO STOP ISRAEL'S OFFENSIVE IN LEBANON. TIM:

WE WILL HEAD TO OUR TEAM IN PAKISTAN IN A MOMENT.

FIRST, A BIT OF POST-CELESTIAL JOY.

THIS SPECTACULAR MOMENT OF THE SAN DIEGO COAST JUST LAST

NIGHT, THE ARTEMIS II MOON MISSION COMING TO AN END AFTER

EXTENDING FOUR ASTRONAUTS, THREE AMERICANS AND ONE

CANADIAN, TO THE FURTHEST POINT HUMANS HAVE EVER TRAVELED.

CHRISTINA: WE WILL HAVE ED LUDLOW LATER.

I CANNOT BELIEVE THAT WE END THE MISSION WITH THE SPLASHDOWN

AND THE CAPSULE -- SO OLD SCHOOL.

ALL FOUR CREWMEMBERS WERE TAKEN AWAY ON A HELICOPTER TO BE

CHECKED OUT. THEY WERE ALL SMILES AS THEY

RETURNED TO EARTH. THE FOUR ASTRONAUTS, COMMANDER

REES WEIDMAN, PILOT VICTOR GLOVER, MISSION SPECIALIST

CHRISTINA KOCH, AND JEREMY HANSEN, THE HEAD OF THE ARTEMIS

PROGRAM SAID WITH A HIGHLIGHT OF THE MISSION WAS FOR HER.

>> THE ONE THING THAT STANDS OUT FOR ME IS TO BE ABLE TO

WATCH OUR CREW OBSERVE AN ECLIPSE BY HAVING THEM IN

PASSING BETWEEN THEIR SPACECRAFT AND THE SUN.

THAT WAS A TOTALLY UNIQUE EXPERIENCE, AND SOMETHING I WAS

SO PROUD THAT WE COULD ALL PARTICIPATE AND TRAVEL ALONG

WITH THEM AND EXPERIENCE THAT MOMENT. CHRISTINA:

AND THIS WAS PHASE ONE, WITH THE END GOAL OF SENDING HUMANS

BACK TO THE MOON, AND HOPEFULLY BEYOND.

THIS WAS SETTING THEM UP FOR FUTURE SUCCESS. TIM:

WE GOT TO GET TO MARS. EVENTUALLY. CHRISTINA:

DO YOU WANT TO GO TO MARS? TIM: NO, I DON'T. I'M FINE HERE.

CHRISTINA: I'M GREAT TERRESTRIAL, BUT I AM

GLAD WE ASPIRE TO GREATNESS. TIM:

WE WILL CHECK IN WITH ED LUDLOW LATER IN OUR 9:00 HOUR.

CHRISTINA: FIRST, WE GO TO OUR OWN LISA

MATEO. LISA: U.S.

AND IRAN NEGOTIATORS HAVE ARRIVED IN PAKISTAN FOR PEACE

TALKS. VICE PRESIDENT JD VANCE TOUCHED

DOWN IN ISLAMABAD TODAY, GREETED BY PAKISTANI OFFICIALS.

U.S. SPECIAL ENVOY TO THE MIDDLE EAST STEVE WITKOFF IS THERE AS

WELL, ALONG WITH PRESIDENT TRUMP'S SON-IN-LAW, JARED

KUSHNER, ACTING AS AN INFORMAL ADVISER AND.

DIPLOMATIC NEGOTIATOR FOR THE ADMINISTRATION.

VANCE SPOKE WITH REPORTERS AND SAID HE WAS LOOKING FORWARD TO

NEGOTIATIONS.

>> AS THE PRESIDENT OF, IF THE IRANIANS ARE WILLING TO

NEGOTIATE IN GOOD FAITH, WE ARE WILLING TO EXTEND THE OPEN HAND.

IF THEY WILL TRY TO PLAY US, THEY WILL FIND THE NEGOTIATING

TEAM IS NOT THAT RECEPTIVE. LISA:

PRESIDENT TRUMP SAID HE HAD FAITH IN VANCE.

>> I WISH HIM LUCK. HE HAS A BIG THING.

WE'LL FIND OUT WHAT IS GOING ON. THEY ARE MILITARILY DEFEATED.

AND WE WILL OPEN THE GULF WITH OR WITHOUT THEM.

BUT THAT WILL BE OPEN. THE STRAIT, IT. LISA:

TRUMP'S COMMENTS COME AS HE WARNS THE U.S.

WILL RESUME MILITARY ACTION WITH MORE INTENSITY IF A DEAL

IS NOT REACHED. BOTH SIDES SAY THE END OF THE

WAR SHOULD COME WITH A LIFT OF SANCTIONS ON IRAN.

IRAN HAS INSISTED IT MAINTAIN CONTROL OF THE STRAIT OF HORMUZ.

MEANWHILE, LEBANESE AND ISRAELI DIPLOMATS ARE PLANNING TO MEET

IN WASHINGTON, D.C. NEXT WEEK TO DISCUSS A

CEASE-FIRE. AND NASA'S ARTEMIS CREW OF FOUR

ARTEMIS -- ASTRONAUTS BACK ON EARTH'S.

IT WAS HUMANITY'S RETURNED TO THE MOON IN MORE THAN 50 YEARS.

THE 10 DAY MISSION BROKE HUMAN SPACEFLIGHT DISTANCE RECORDS.

NASA HOPES THE LAND HUMANS ON THE MOON SURFACE AS SOON AS

2028. THE NASA ADMINISTRATOR SAID IT

IS A HUGE MOMENT FOR EVERYBODY.

>> WE ARE BACK IN THE BUSINESS OF SENDING ASTRONAUTS TO THE

MOON, BRINGING THEM BACK SAFELY, AND SET UP FOR MORE.

THIS IS NOT ONCE IN A LIFETIME, WHICH YOU HEAR SOMETIMES.

THIS IS JUST THE BEGINNING. LISA: ON SOCIAL MEDIA, PRESIDENT

TRUMP SAYS HE LOOKS FORWARD TO SEEING THE ASTRONAUTS ON THE --

AT THE WHITE HOUSE, ADDING, QUOTE, "NEXT STOP, MARS."

AND THE MASTERS, ROY MCELROY AT -12.

TEE TIME -- RORY MCILROY TEES OFF THIS AFTERNOON. TIM:

HOURS AGO, VICE PRESIDENT JD VANCE, U.S.

SPECIAL ENVOY TO THE MIDDLE EAST STEVE WITKOFF, AND THE

PRESIDENT'S SON-IN-LAW JARED KUSHNER ARRIVED IN ISLAMABAD

FOR CRITICAL PEACE NEGOTIATIONS WITH IRAN.

THE VICE PRESIDENT SAYS HE IS ENTERING THESE CONVERSATIONS

WITH A POSITIVE ATTITUDE.

>> WE'RE LOOKING FORWARD TO THE NEGOTIATION.

I THINK WE WILL BE POSITIVE. WE WILL FORESEE, AS THE

PRESIDENT OF THE UNITED STATES SAID, IF THE IRANIANS ARE

WILLING TO NEGOTIATE IN GOOD FAITH, WE ARE WILLING TO EXTEND

THE OPEN HAND. IF THEY WILL TRY TO PLAY US,

THEY WILL FIND THE NEGOTIATING TEAM IS NOT THAT RECEPTIVE.

CHRISTINA: THIS WHILE IRAN'S FOREIGN

MINISTRY SAID IN A PHONE CALL SAYING IRAN ENTERS THE

NEGOTIATIONS WITH COMPLETE DISTRUST AND WILL FIRMLY PURSUE

ITS EFFORTS TO PURSUE THE INTERESTS AND RIGHTS OF THE

IRANIAN PEOPLE WITH FULL RESOLVE.

WE WILL GO TO OUR TEAM IN PAKISTAN IN A MINUTE.

FIRST, WE WANT TO GO TO THE SECRETARY-GENERAL OF THE

INTERNATIONAL MARITIME ORGANIZATION, THE U.N.

AGENCY TEST -- TASKED WITH ENSURING SHIPPING.

YOU ARE BECOMING A REGULAR. WE APPRECIATE YOU COMING ON

LIVE THIS MORNING. WE HAVE HEARD THE PRESIDENT

TALKING A LOT ABOUT THE STRAIT, WE HAVE HEARD THE IRANIANS TALK

A LOT ABOUT THE STRAIT. WHAT IS THAT STATUS OF TRAFFIC

THROUGH THAT CHOKEPOINT? ARE SOME OF THE SAILORS ABLE TO

GET OUT? MR. DOMINGUEZ: ALWAYS A PLEASURE BEING WITH

YOU. THE REALITY IS WE ARE SEEING A

VERY SMALL INCREASE IN TRADE AND TRANSIT OF SHIPS THROUGH

THE STRAIT OF HORMUZ, MOSTLY ON WHAT WE NOW KNOW IS A NEW

CORRIDOR THAT IRAN HAS ESTABLISHED, WHICH HAS NOT GONE

THROUGH THE PROCEDURES AND IS NOT TAKING INTO ACCOUNT THE

AGREEMENTS WE HAVE ESTABLISHED

SINCE 1968 WITH THE MECHANISMS WE HAVE IN PLACE.

EVEN THOUGH THERE IS A SLIGHT INCREASE IN VESSELS, WE STILL

HAVE OVER 1500 SHIPS TRAPPED INSIDE THE PERSIAN GULF.

CHRISTINA: THAT NUMBER IS STILL ABOUT

20,000? THAT IS THE NUMBER ONE WE SPOKE

TO YOU LAST WEEK. MR. DOMINGUEZ: CORRECT.

IF WE LOOK AT TRANSIT, THERE HAVE BEEN A COUPLE ABOUT 10

TRANSITS, BUT THERE ARE STILL N OT THE NUMBERS OF 130 TRANSIT A

DAY. SO THE SITUATION FOR SEAFARERS

CONTINUES TO BE TIRING IN THE AREA. TIM:

THERE HAS BEEN THE POSSIBILITY OF IRAN COLLECTING TOLLS IN

ORDER FOR SHIPS TO PASS THROUGH THE STRAIT.

IF THAT IS HOW THE SITUATION RESOLVES ITSELF, IS THAT

ACCEPTABLE TO YOU? MR. DOMINGUEZ: OF COURSE NOT?

I HAVE ALREADY SENT THAT MESSAGE TO IRAN AS WELL.

THE REALITY IS THIS IS AN INTERNATIONAL STRAIT.

IN ACCORDANCE WITH INTERNATIONAL LAW, NO COUNTRY

HAS THE RIGHT TO INTRODUCE TOLLS ON THIS WATERWAY.

SINCE 1968, WE ESTABLISH A MECHANISM, WITH THE

PARTICIPATION OF IRAN AND OMAN, AND IT HAS BEEN VERY SAFE AND

SECURE. THAT IS WHERE WE WANT TO GO

BACK AS SOON AS THIS WORK COMES TO AN END. CHRISTINA:

THERE IS A NEW YORK TIMES REPORT OUT THIS MORNING SAYING

IRAN IS UNABLE TO FIND SOME OF THE MINES IT PLANTED IN THE

STRAIT, AND THAT IS PART OF THE PROBLEM.

IT SAYS COME ON WEDNESDAY, THE IRANIAN FOREIGN MINISTERS AT

THE STRAIT WOULD BE OPEN TO TRAFFIC WITH DUE CONSIDERATION

OF TECHNICAL LIMITATIONS. AMERICAN OFFICIALS HAVE SAID

MR. ARAGHCHI'S COMMENT ABOUT TECHNICAL LIMITATIONS WAS A

REFERENCE TO IRAN'S INABILITY TO QUICKLY FIND A REMOVE THESE

MINES. IS THAT AN ISSUE AND HOW CONCERNED ARE YOU ABOUT THIS?

MR. DOMINGUEZ: THERE IS ALWAYS A CONCERN IN

CASE THERE ARE ADDITIONAL CHALLENGES TO THE MERCHANT

SHIPS AND THE SEAFARERS. AS OF TODAY, I DO NOT HAVE

OFFICIAL CONFIRMATION THERE ARE MINES IN THE REGION.

WE WILL HAVE TO DO AN ASSESSMENT, AND WE WILL NEED

THE ASSISTANCE OF SOME COUNTRIES THAT HAVE COME

FORWARD AND MENTIONED ALREADY THEY ARE PREPARED TO ASSIST.

BUT ONLY AFTER THE CONFLICT HAS COME TO AN END. TIM:

WHAT WOULD SIGNIFY THE STRAIT IS INDEED READY FOR THAT NEXT

STEP, FOR THESE COUNTRIES TO HELP IDENTIFY AND POSSIBLY

REMOVE THOSE MINES? WHAT DO YOU NEED TO SEE?

MR. DOMINGUEZ: A CEASE-FIRE AND A CONFIRMATION

FROM ALL THE PARTIES IN THE REGION, PARTICULARLY THOSE

INVOLVED IN THE CONFLICT, THAT THEY WILL NOT BE TARGETING

SHIPS. BECAUSE RIGHT NOW, THAT IS THE

MESSAGE WE HAVE RECEIVED FROM IRAN AND IS SOMETHING THAT

CONTINUES TO BE DETRIMENTAL, SOMETHING THAT WE WILL NOT

ACCEPT.

BEFORE THAT HAPPENS, THAT WE HAVE GUARANTEES THAT SHIPS WILL

BE SAFE, I WILL NOT BE COMFORTABLE FOR ANYONE TO

TRANSIT THE REGION. CHRISTINA: EVEN IF THESE NEGOTIATIONS ARE

FRUITFUL, THERE IS A DIFFERENCE BETWEEN THE STRAIT BEING

NOMINALLY OPEN AND FUNCTIONALLY OPEN.

ALL THE THINGS WE HAVE TALKED ABOUT AND THE RISK PROFILE,

EVEN IF THERE IS AN AGREEMENT, IT SEEMS IT REALLY INCREASES.

IS THERE A CONCERN, EVEN IF IRAN AND THE U.S.

SAY THE STRAIT IS OPEN THAT SEAFARERS AND COMPANY STILL

WILL NOT BE WILLING TO MAKE THIS VOYAGE IN THE FUTURE?

MR. DOMINGUEZ: THIS IS ALSO LINKED TO WHAT

WILL COME OUT FROM THIS WEEKEND. OF COURSE I AM HOPEFUL IT WILL

BE A POSITIVE RESULT FROM THIS NEGOTIATION.

AND THE MOMENT WE HAVE THE GREEN LIGHT, WE ARE PREPARED

HERE AT I.M.O., FOLLOWING THE DECISION OF OUR COUNCIL A

COUPLE WEEKS AGO, WITH A MECHANISM, A LIST OF VESSELS,

AND CORONATION WITH INDUSTRY REPRESENTATIVES COME OF HOW THE

VESSELS NEED TO START TRANSITING THE STRAIT OF

HORMUZ, A SPECIFIC ORDER. BECAUSE THIS MECHANISM HAS BEEN

THERE FOR SEVERAL YEARS, THE COUNTRIES KNOW HOW TO MONITOR

VESSELS. SO WE ARE READY TO START

ROLLING IT OUT. THE DIFFICULTY IS WE WILL NOT

DO IT UNTIL IT IS SAFE. TIM: THIS IS LIKE THE WORST CASE

SCENARIO WHEN IT COMES TO GLOBAL SHIPPING.

THIS IS THE THING THAT THE ANALYSTS WERE TASKED WITH DOING

IN YEARS PAST, BECAUSE IT IS SUCH AN UNFORESEEABLE THING

THAT COULD HAPPEN. WHEN THE WORLD DOES GET TO THE

OTHER SIDE OF THIS, HOW DO YOU PREVENT IT FROM HAPPENING AGAIN?

MR. DOMINGUEZ: PARTICULARLY IN RECENT YEARS,

WE HAVE BEEN NOTICING HOW GEOPOLITICAL SITUATIONS ARE

IMPACTING SHIPPING, AND SHIPPING IS BEING USED AS

COLLATERAL DAMAGE. THE MOMENT IT COMES TO AN END

IN THIS SPECIFIC CRISIS, WE JUST HAVE TO PUT IN PLACE THE

SAME OPERATIONS WE HAVE IN THE PAST, CONTINUE TO HAVE THE

AGREEMENTS WITH THE COUNTRIES TO PLAY THE ROLE OF MONITORING

THE SAFETY OF THE VESSELS, THEIR SECURITY, AND THE

PROTECTION OF THE ENVIRONMENT. IT HAS BEEN GOING ON FOR MANY

YEARS. WE DID NOT HAVE AN IMPORTANT

EVENT SINCE BEFORE THE WAR. CHRISTINA:

ARSENIO DOMINGUEZ, SECRETARY GENERAL OF THE INTERNATIONAL

MARITIME ORGANIZATION, THANK YOU FOR JOINING US.

WE WANT TO GO TO OUR -- CAN YOU HEAR ME?

>> HEY, I CAN HEAR YOU. CHRISTINA: WONDERFUL.

THAT IS A BEAUTIFUL SHOT. CAN YOU UPDATE US WITH THE

LATEST? WE SAW VICE PRESIDENT JD VANCE

MEETING WITH THE PRIME MINISTER THERE. IT IS QUITE LATE IN THE

AFTERNOON. MY UNDERSTANDING IS THE

OFFICIAL MEETINGS HAVE NOT YET STARTED?

>> YES, THAT IS CORRECT.

JD VANCE HAS HAD A MEETING WITH THE PAKISTAN PRIME MINISTER.

IRANIAN DELEGATION HAD A SEPARATE MEETING WITH THE

PAKISTAN PRIME MINISTER. BY THE MEETING EVERYONE HAS

BEEN WAITING FOR HAS NOT HAPPENED YET. TIM:

WHAT I AM MOST INTERESTED IN IS THE ROLE OF PAKISTAN IN THESE

NEGOTIATIONS. THE TRUMP ADMINISTRATION HAS

TIES WITH -- WHAT PRESSURE IS THE COUNTRY UNDER TO END THIS

CONFLICT? WHAT IS AT STAKE FOR PAKISTAN'S

GOVERNMENT AND PEOPLE IN AN ERA OF HIGHER ENERGY PRICES? FASEEH:

OBVIOUSLY, PAKISTAN IS ON THE BRINK AS WELL, LIKE MOST

COUNTRIES IN THE WORLD.

AND IF THIS WAR CONTINUES, IT HAS BEEN SIX WEEKS NOW, IT HAS

BEEN ABLE TO DO BETTER THAN MANY COUNTRIES.

BUT THIS CONTINUES, IT WILL BE TERRIBLE FOR PAKISTAN.

THAT SAID, PAKISTAN IS ON A DIPLOMATIC HIGH NOW.

THAT IS WHY IT IS IN THIS POSITION.

IT HAS GOOD RELATIONS WITH EVERYONE.

IT DOESN'T HAVE AN AMERICAN BASE AS WELL, AND THAT MAKES IT

ACCEPTABLE FOR IRANIANS TO COME AND HAVE A DISCUSSION AS WELL.

SO WE ARE SEEING THERE HAS BEEN GOOD SUPPORT FOR PAKISTAN FROM

ALL COUNTRIES INVOLVED, GULF COUNTRIES, CHINA, U.S., IRAN TO

HOST THIS TALK. WE ARE WAITING FOR WHAT WILL

COME OUT OF THE STOCKS. CHRISTINA: THAT IS A GOOD POINT.

ONE OF THE THINGS I'VE BEEN TALKING ABOUT IS ALL THE USUAL

NEGOTIATORS THAT DO THIS, THE QATARIS, OMANIS,S, THEY ARE ALL

TARGETS OF IRAN'S MISSILES, SO THEY WERE NOT AN OBJECTIVE

PLAYER. AND ANOTHER THING YOU BRING UP

IS THAT PAKISTAN DOES NOT HAVE AN AMERICAN AIRBASE.

THAT IS A BIG THING FOR IRAN, IT DOES MAKE IT MORE PALATABLE.

WE HAVE ANY GUIDANCE OVER WHETHER OR NOT THIS WILL START

TODAY? WE HEARD IT IS LIKELY TO ONLY

BE ONE DAY. DO YOU THINK IT COULD STRETCH,

AND DO YOU KNOW WHAT THE FORMAT IS?

WILL THEY BE IN THE SAME ROOM, TALKING TO EACH OTHER?

OR WILL WE SEE THAT PAKISTAN IS SHUFFLING BACK AND FORTH WITH

NOTES, AS WE SEE SO OFTEN IN THESE HIGH-STAKES DIPLOMATIC

NEGOTIATIONS? FASEEH: WE ARE NOT SURE WHAT THE

SCHEDULE OR THE FORMAT WILL BE LIKE.

WE ARE EXPECTING ONE DAY RIGHT NOW.

HISTORICALLY, WE HAVE SEEN THAT

THERE HAVE BEEN V.P.'S COME IN FOR TWO DAYS.

IT COULD BE A ONE-DAY AFFAIR, COULD BE A TWO DAY AFFAIR.

WE DO NOT KNOW IF IT WILL BE PAKISTAN PASSING THE MESSAGE

ALONG. WE HAVE AT TWO MEETINGS NOW, SO

WE WILL FIND OUT SOON ENOUGH WHETHER IT WILL BE PAKISTAN

LIVING THE MESSAGE OR WHETHER IT WILL BE ONE-TO-ONE. TIM:

A LOT OF PEOPLE -- A LOT OF -- AND LINE A NAME A LOT OF PEOPLE

WILL BECOME FAMILIAR WITH IS ASIM

MUNIR, PAKISTAN'S ARMY CHIEF. WHY DID HE BECOME THE GO TO?

FASEEH: YES. SO THE FIELD MARSHALL IS SAID

TO BE THE MOST POWERFUL PERSON IN PAKISTAN.

THE CONNECTION BETWEEN DONALD TRUMP AND THE FIELD MARSHALL

HAPPENED LAST YEAR, WHEN PAKISTAN HAD A CLASH WITH

INDIA, A FOUR DAY CLASH. SINCE THEN, WE HAVE SEEN

RELATIONS BETWEEN THE TWO HAVE GROWN.

TRUMP COASTED HIM LAST YEAR IN JUNE AT THE WHITE HOUSE FOR

LUNCH. THERE HAVE BEEN MULTIPLE OTHER

MEETINGS SINCE THEN. THE FIELD MARSHALL HAS BEEN --

THE FIELD MARSHAL HAS BEEN CALLED A FAVORITE BY PRESIDENT

TRUMP. THEY HAVE DONE BUSINESS DEALS

IN OIL DRILLING, MINERALS, CRYPTO.

ALL OF THAT HAS HELPED FORGE RELATIONS WITH THE U.S.

THEY ARE AT A HIGH WE HAVE NOT SEEN IN DECADES. CHRISTINA:

THANK YOU SO MUCH. OUR PAKISTAN BUREAU CHIEF.

COMING UP, WHAT THIS TANKER TRAFFIC IN THE STRAIT OF HORMUZ

MEANS FOR OIL PRICES. THAT IS STRAIGHT AHEAD ON

"BLOOMBERG THIS WEEKEND." STICK WITH US.

♪

LISA: THANK YOU FOR JOINING US LIVE

ON "BLOOMBERG THIS WEEKEND ." I'M LISA MATEO.

THE NATIONAL ACTION NETWORK CONVENTION CONTINUES TODAY IN

NEW YORK CITY. YESTERDAY, FORMER VICE

PRESIDENT KAMALA HARRIS DREW CHEERS WHEN SHE TOLD REVEREND

AL SHARPTON SHE WOULD CONSIDER A RUN FOR PRESIDENT AGAIN IN

2028.

>> I KNOW WHAT THE JOB IS, AND I KNOW WHAT IT REQUIRES.

I ALSO KNOW ONE OF THE THINGS I'VE BEEN DOING IS TRAVELING

THE COUNTRY THE LAST YEAR. SPENT A LOT OF TIME IN THE

SOUTH AND MANY OTHER PLACES. AND THE ONE THING I AM REALLY

CLEAR ABOUT, ALSO, IS THE STATUS QUO IS NOT WORKING. LISA:

AMONG THOSE SPEAKING TODAY, KENTUCKY GOVERNOR ANDY BESHEAR

AND DEMOCRATIC GOVERNOR MARK KELLY OF ARIZONA.

WALL STREET BANKS ARE STARTING TO TEST ANTHROPIC'S LATEST

MODEL INTERNALLY. SOURCES TELL BLOOMBERG JPMORGAN

CHASE AS PART OF THE INITIATIVE COME OF OTHER MAJOR FINANCIAL

INSTITUTIONS LIKE GOLDMAN SACHS, CITIGROUP, BANK OF

AMERICA, MORGAN STANLEY ARE ALSO TESTING THE TECHNOLOGY

INTERNALLY. U.S. TREASURY SECRETARY SCOTT

BESSENT AND FED CHAIR JAY POWELL HAD ENCOURAGED BANKS TO

USE THE MODEL TO IMPROVE THEIR DEFENSES, WARNING THEM TO TAKE

IT SERIOUSLY. SAN FRANCISCO POLICE ARRESTED A

MAN THROWING A MOLOTOV COCKTAIL AT THE HOME OF OPENAI CEO SAM

ALTMAN. IT CAUSED A FIRE TO AN EXTERIOR

GATE, BUT NO ONE WAS INJURED.

ALTMAN POSTED A VIDEO THAT INCLUDED A PHOTO OF HIS HUSBAND

AND YOUNG CHILD. HE ADDRESSED THE FEARS THAT

ARTIFICIAL INTELLIGENCE POSES A RISK TO SOCIETY, SAYING I

BELIEVE TECHNICAL -- TECHNOLOGICAL PROCESS CAN

CREATE A GOOD FOR YOUR FUTURE AND MIND.

AND THE MASTERS HE'S OFF TODAY. ROY MCELROY ESTABLISHED A SIX

SHOT LEAD, THE LARGEST IN THE TOURNAMENT'S HISTORY.

HE TOPS A LEADERBOARD AT 12 UNDER PAR.

IF YOU HOLD ON, HE WILL BECOME THE FOURTH PLAYER TO WIN BACK

TO BACK OUT THE MASTERS, JOINING JACK NICHOLAS AND TIGER

WOODS. HE TEES OFF AT 2:50 LOCAL TIME.

TIME, I KNOW YOU WILL BE TUNING IN. TIM:

AS SOON AS I AM DONE WITH THIS. CHRISTINA: THAT'S NOT TRUE.

[LAUGHTER] WE APPRECIATE GOLF, BUT NEITHER

OF US ARE AVID WATCHERS. TIM: YOU ARE NOTA GOLFER. CHRISTINA:

I HAVE ATTEMPTED TO GOLF WITH MULTIPLE MEN I'VE DATED, AND

THAT MEN HAVE NOT STUCK AND THE GULF HAS NOT STUCK -- AND THE

GOLF HAS NOT STUCK AS WELL. [LAUGHTER] TIM:

LET'S JUST LEAVE IT THERE. CHRISTINA: ALL RIGHT.

TANKER TRAFFIC -- TIM: IN THE SPAN OF A WEEK, OIL

PRICES HAVE FALLEN DOWN TO ABOUT $95 A BARREL AT FRIDAY'S

CLOSE. EVEN THAT IS ROUGHLY 50% HIGHER

THAN IT WAS IN FEBRUARY. JOINING US IS THE FOUNDER AND

EDITOR OF THE SHORT REPORT. I WOULD START WITH THIS IDEA OF

THE EQUITY MARKET GOING BACK TO LEVELS IT WAS PRETTY MUCH AT,

THE S&P 500, BEFORE THE START OF THIS WAR.

YET OIL PRICES ARE SO MUCH HIGHER THAN THEY WERE BEFORE

THE START OF THE WAR. IS THIS THE FLOOR, OR DO YOU

THINK I'M IN THE NEXT FEW MONTHS, WE COULD SEE $65 A

BARREL AGAIN?

>> I DON'T. IT IS A PROBLEM. THE RESUMPTION OF FLOWS THROUGH

THE STRAIT OF HORMUZ AND THE DAMAGED INFRASTRUCTURE AROUND

THE GULF NATIONS WILL NOT BE SOLVED.

WHAT WE ARE LOOKING AT IS A MARKET THAT HAS IRRATIONAL

EXUBERANCE. THEY WANT BELIEVE -- TO BELIEVE

THIS WAR WILL BE OVER. I HOPE IT IS.

I HOPE THERE IS A POSITIVE RESOLUTION.

ABOUT WHAT WE DO NOT HAVE A RESOLUTION TO IS THE AMOUNT OF

DAMAGE TO INFRASTRUCTURE THAT HAS BEEN INFLICTED UPON THE

MARKET. WE ARE LOOKING AT THE FUTURES

MARKET. THESE ARE CONTRACTS DERIVED

FROM A PHYSICAL MARKETS. BUT THERE IS A MASSIVE

DISCONNECT BETWEEN THE PHYSICAL MARKET AND THE FUTURES MARKET

THAT YOU JUST REFERENCED.

FOR INSTANCE, NYMEX WTI IS TRADING ABOUT $95 A BARREL, TO

YOUR POINT. THAT'S 50% HIGHER THAN WHERE IT

WAS IN FEBRUARY. BUT WHEN WE LOOK AT THE

PHYSICAL MARKET, ONE BLEND OF NORTH SEA CRUDE OIL IS TRADING

AT A $40 PREMIUM TO WHERE THE SCREEN IS TRADING.

SO THE FUTURES MARKET ARE PRICING IN SOME KIND OF HOPE.

AND HOPE IS NOT A TRADING PLAN. THE PHYSICAL MARKET IS TELLING

US WE ARE A LONG WAY FROM SEEING SOME SORT OF RESOLUTION,

THAT IS A RESOLUTION -- RESUMPTION OF IS WHERE THEY

WERE BEFORE THE CONFLICT. TIM: YOU MENTIONED THE PHYSICAL

INFRASTRUCTURE. WE JUST SPOKE ABOUT THE STRAIT

OF HORMUZ AND THAT BEING A CHOKEPOINT.

LET'S SAY THE STRAIT OF HORMUZ DOES RESUME NORMAL TRAFFIC,

120, ROUGHLY, SHIPS A DAY MOVING THROUGH IT AT SOME POINT

IN THE NEAR FUTURE. IS THAT ENOUGH TO BRING PRICES

DOWN? OR IS THE DAMAGE TO PHYSICAL

INFRA-STRUCTURE CREATING THIS FLOOR UNTIL THAT PHYSICAL

INFRASTRUCTURE IS FIXED? STEPHEN:

IT IS MORE SO AN ISSUE IN THE NATURAL GAS MARKET THAN THE OIL

MARKET.

LET'S SAY WE DO GET THAT RESUMPTION, WITH THE

INFRASTRUCTURE, WE ARE STILL AT LEAST ONE QUARTER AWAY FROM

SEEING ANY SORT OF RETURN TO NORMALIZATION.

THAT IS A CONCERN. WHAT HAPPENED -- AND THIS

DISRUPTION OCCURRED BEGINNING TOWARDS THE END OF THE FIRST

QUARTER, THIS IS THE WEAKEST PART OF THE CALENDAR FOR CRUDE

OIL. REFINERIES IN EUROPE AND UNITED

STATES IN THE MIDDLE EAST ARE DOING TURNAROUNDS, THEIR

MAINTENANCE SEASON. SO THEY RAMPED DOWN OPERATIONS

TO GET READY FOR THE SUMMER PEAK SEASON.

SO DEMAND FROM THE PEOPLE WHO CONSUME CRUDE OIL, THE REFINER,

WAS AT THE LOWEST POINT IN THE YEAR.

WE ARE NOW WELL INTO THE SECOND QUARTER, TRENDS ISSUING INTO

SUMMER, WHERE DEMAND WILL SPIKE. EVEN IF, BEST OF ALL WORLDS, WE

GET A RESUMPTION OF FLOWS, THERE WILL STILL BE A LAG.

THAT LAG WILL RUN UP AGAINST THE DEMAND THAT WILL HIT THE

MARK IN THE NEXT MONTH, MONTH AND A HALF.

WE ARE LOOKING AT A VERY VOLATILE SUMMER COMING IN.

NOW THE NATURAL GAS MARKET -- AND WE ARE TALKING NOT JUST GAS

TO HEAT HOMES AND STOVE TOPS, BUT THE KNOCK-ON TO WHAT WE ARE

SEEING IN THE FERTILIZER MARKET. NATURAL GAS IS SUCH A BIG PRICE

DRIVER IN FERTILIZER AND UREA AND HELIUM AND SO ON.

WE ARE TALKING 44% OF THE WORLD'S LNG SUPPLY HAS BEEN

SIDELINED AND WILL REMAIN SIDELINED FOR THE NEXT THREE TO

FIVE YEARS, ACCORDING TO QATAR.

WE ARE WATCHING HISTORY IN REAL TIME RIGHT NOW, BECAUSE THE

ENTIRE GLOBAL NATURAL GAS MARKET HAS BEEN TURNED ON ITS

HEAD, AND IT WILL NOT RETURN TO ANYTHING BEFORE WHAT IT WAS

LIKE PRIOR TO THE CONFLICT. CHRISTINA:

SOME OF THE QATARIS I HAVE BEEN TALKING TO SAY IT WILL BE A

MINIMUM OF THREE YEARS BEFORE THEY GET THE LNG NETWORK BACK

UP TO CURRENT PRODUCTION. BUT IT ALSO IMPACTS THINGS LIKE

HELIUM PRODUCTION. BEFORE YOU MOVE OFF THE OIL, I

WANT TO GO BACK TO SOMETHING YOU'RE TALKING ABOUT, AND THAT

IS SEEING THE SURGE FOR OIL RIGHT BEFORE SUMMER.

EVERYONE WANTS TO TRAVEL. WHERE WILL YOU SEE THE

DOWNSTREAM EFFECTS, AND WHERE WILL NORMAL PEOPLE SEE THIS

IMPACT THE MOST? STEPHEN: THEY WILL SEE IT, OF COURSE, AT

THE PUMP AT THIS POINT. WHEN WE LOOK AT WHAT WE SAW IN

THE WHOLESALE MARKET, A SIGNIFICANT RISE, MORE THAN $1

A GALLON, STATISTICALLY, THERE IS AN 80% PASS-THROUGH THAT

HITS FROM WHOLESALE TO RETAIL LEVEL.

CURRENTLY, WE ARE RIGHT NOW IN A POSITION OF TWO FACTORS.

YOU HAVE THE WAR HIT. THAT IS ADDING A SIGNIFICANT

HIT TO THE PUMP FOR THE CONSUMER.

AND WE ARE NOW IN THE MIDST OF A TRANSITION TO A SUMMER BLEND,

A DIFFERENT TYPE OF GASOLINE. THE GASOLINE WE PUT IN OUR CARS

IN THE MONTHS OF JUNE, JULY, AUGUST, IS NOT THE SAME

GASOLINE WE PUT IN OUR CARS IN JANUARY, FEBRUARY, MARCH.

THAT GASOLINE, SUMMER GRADE, COMES AT A PREMIUM, BECAUSE IT

IS A HARDER BLEND OF GASOLINE TO MANUFACTURER.

WE WOULD NORMALLY GET A $.17 TO 20SHIFT THEN YOU ADD WHAT WE

SEE WITH THE WAR PREMIUM, WE ARE LOOKING AT ONE POINT IN

DOLLARS ADDITIONAL HIT. RIGHT NOW THE NATIONAL GAS

PRICES, RIGHT AROUND $14, REMODELED IT WEEKS AGO ON THE

TYPICAL PASS THROUGH YOU SEE THREE TO FIVE WEEKS AFTER A

SIGNIFICANT SPIKE. WE MODELED OUR PRICE ACCORDING

TO THE NATIONAL AVERAGE. THAT IS AN ASSUMPTION THAT

PRICES REMAIN HERE. I DON'T THINK THEY WILL REMAIN

HERE. THE KNOCK ON TO THE CONSUMER

WILL CERTAINLY BE HIGHER MORE TOWARDS AND I WOULD NOT BE

SURPRISED IF WE GO AND CHALLENGE THE $5 PREMIUM.

CHRISTINA: YOU ARE TELLING ME I NEED TO

FIND A WALKABLE SUMMER VACATION. TIM:

JUST STAY IN NEW YORK STEPHEN: THE WHOLE TIME. EXACTLY.

I'M GOING TO HAVE TO DRIVE. TIM: ONE THING COMMODITY TRADERS

TALK ABOUT IS THE CURE FOR HIGH PRICES IS HIGH PRICES.

WHEN PRICES MOVE HIGHER, OTHER PRODUCERS PROFIT FROM THAT.

HAVE WE STARTED TO SEE THAT WHEN IT COMES TO DRILLING IN

THE UNITED STATES OR PRODUCTION IN THE UNITED STATES?

IS THIS ENOUGH FOR AMERICAN PRODUCERS TO DO WHAT THE

PRESIDENT WANTS THEM TO DO AND THAT IS DRILL, BABY, DRILL?

STEPHEN: CERTAINLY. WHEN OIL WAS $65 PER BARREL WE

WERE SEEING RECORD U.S. PRODUCTION.

I WAS PERPLEXED BY THAT. RIGHT NOW AT $100 PER BARREL,

CERTAINLY PRICES ARE HIGH ENOUGH.

WHAT ARE THEY GOING TO REMAIN HIGH? THAT'S THE ISSUE.

WE ARE SEEING SOME HINTS PARTICULARLY WHEN WE LOOK AT

THE CFTC DATA, WHEN WE LOOK AT THE REPORT THAT SERVES AS A

PROXY FOR EP HEDGERS, WE ARE SEEING A SIGNIFICANT AMOUNT OF

FUTURES MARKETS FALL FORWARD. PRODUCERS ARE SELLING THIS

CONFLICT. ARE THEY SELLING IT AND THEN

THEY ARE GOING TO MEET THAT WITH FUTURE PRODUCTION WHICH

WOULD BE THE IMPLICATION? THAT REMAINS TO BE SEEN.

TYPICALLY YOU WANT TO SEE MONTHS OF A NEW PRICING REGIME

THAT WE ARE IN RATHER THAN JUST A SHORT-LIVED THIS IS A FUTURES

MARKET TRADING WITH EVERY WHIM, EVERY SOCIAL MEDIA POST THAT

COMES OUT THERE. THAT IS NOT A FUNDAMENTAL PLAY

RIGHT NOW.

WE DO KNOW THAT I WILL REITERATE A LOT OF OIL HAS BEEN

SOLD FORWARD BY THE PRODUCER CLASS.

IT COULD BE SPECULATIVE BUT IT'S NOT.

THE LIKELIHOOD IS WE WILL START TO SEE PRODUCTION RAMP-UP TO

MEET THIS BUT THE QUESTION IS CAN WE GET PRODUCTION FROM

WHERE IT IS TO WHERE IT NEEDS TO BE IN THE AMOUNT OF TIME

THAT WE NEED AND THAT IS, THE ANSWER TO THAT IS NO.

FROM A LONGER-TERM PERSPECTIVE WE MIGHT SEE, THE INDICATIONS

ARE THERE BUT WILL IT MAKE ENOUGH OF A DIFFERENCE TO

IMPACT PRICE WITHOUT OTHER FACTORS BEING ADDRESSED FOR

THIS SUMMER, A LIKELY NO. CHRISTINA:

WE ONLY HAVE 30 SECONDS LEFT. I WANT YOU TO TALK ABOUT

FERTILIZER. YOU SAY IT IS BREAKING.

HELIUM, HOW THAT WILL IMPACT A.I. EXPANSION.

WHAT ARE THE RED FLAGS OUTSIDE OF LOUISVILLE? STEPHEN:

FOR THE NATURAL GAS MARKET OF COURSE IT IS FERTILIZER WHICH

MEANS FOOD INFLATION. OUR TWO BIGGEST COMPONENTS,

INFLATION IS NOT A PROBLEM IF YOU DON'T HAVE TO TURN YOUR

LIGHTS ON BECAUSE FOOD AND ENERGY ARE EXCLUDED FROM THE

OFFICIAL CPI NUMBERS. THAT IS THE HIT THAT WE ARE

GOING TO SEE. WE ARE SEEING IT FRONTLOADED IN

THE ENERGY COMPLEX AND IF THIS PERSISTS, AND IT WILL, WE WILL

SEE FOOD INFLATION DOWN THE ROAD.

MORE FERTILIZER, HIGHER PRICES TO PUT THE SEED IN THE GROUND,

HIGHER PRICES TO GET THE FOOD OUT OF THE GROUND, HIGHER AT

THE KITCHEN TABLE. CHRISTINA: MAYBE YOU CAN COME BACK AND

GIVE US MORE GOOD NEWS. TIM: IT IS GOING TO TAKE A YEAR

BEFORE WE GET GOOD NEWS? CHRISTINA:

I'M READING THIS REPORT. THAT'S MY UNINFORMED ANALYSIS.

TIM: HELIUM QUESTION IS SUCH AN IMPORTANT ONE.

IT GOES INTO EVERYTHING INCLUDING CHAIR PRODUCTION.

CHRISTINA: IT IS CRITICAL ESPECIALLY FOR

ALL THESE THINGS WE ARE TRYING TO DO RIGHT NOW.

COMING, THE TOUGHEST POLITICAL CHALLENGER IN 16 YEARS IN

OFFICE. OLIVER CROOK JOINS US FROM

BUDAPEST ON BLOOMBERG THIS WEEKEND.

>> LET'S GET YOU UP-TO-DATE ON TODAY'S TOP STORIES.

FORMER NEW YORK CITY MAYOR HAS BEEN GRANTED ALBANIAN

CITIZENSHIP. THE COUNTRY'S PRESIDENT SAYS

ADAMS RECEIVED THE CITIZENSHIP AT HIS REQUEST. HE HAS BEEN

LOOKING TO LEAVE POLITICS BEHIND FOR A LIFE ABROAD, ONCE

DESCRIBING HIMSELF AS AN INTERNATIONAL MAYOR.

HE LAST VISITED THE COUNTRY IN OCTOBER AS PART OF SEVERAL

TRIPS TAKEN IN HIS FINAL MONTHS OF OFFICE.

THERE IS A FUN FACT, HIS SON ACTUALLY LIVED IN THE COUNTRY

WELL COMPETING IN ALBANIAN AMERICAN IDOL.

SHAQUILLE O'NEAL IS PARTNERING WITH THE RETAIL EXPERIENCE IN

TIMES SQUARE TOMORROW. HE SPOKE ABOUT IT ALONGSIDE THE

CEO ON "THE CLOSE."

>> I HAVE ALWAYS BEEN INTO TECHNOLOGY.

WHEN I FIRST MET MY BEAUTIFUL BOSS LADY HERE, I WAS IN THE

STORE FOR FOUR HOURS.

ROBOTS, HOLOGRAMS, HEADPHONES, GLASSES, META-GLASSES.

A BEAUTIFUL PLACE TO BE. IF YOU ARE EVER IN TIMES

SQUARE, YOU SHOULD CHECK IT OUT. LISA:

HE SAID THE COMPANY IS LIKE SHARPER IMAGE ON PEPTIDES.

RORY MCILROY IS FOLLOWED BY SAM BURNS AND PATRICK REED IS A SIX

UNDER. THE TIMES BEGAN JUST AFTER 9:30.

RURAL AMERICA ROY TEES OFF THIS AFTERNOON.

NASA IS CELEBRATING THE RETURN OF FOUR ASTRONAUTS TO EARTH.

THE CREW SPLASHED DOWN LAST NIGHT, HUMANITY'S FIRST RETURN

TO THE MOON IN MORE THAN 50 YEARS. CHRISTINA:

WERE YOU GUYS HERE WHEN SHAQUILLE O'NEAL WAS HERE? TIM:

I WAS HERE. LISA: WAS IT CRAZY? TIM:

LET'S JUST SAY A LOT OF PEOPLE WANTED TO STAY HIGH. CHRISTINA:

I'M SURE. HE IS SO TALL COMPARE TO

EVERYBODY. TIM: HE WAS AND STILL IS.

LISA: I MISS DAVID GUERRA. TIM: THANKS, LISA.

THE HUNGARIAN PRIME MINISTER IS FACING THE BIGGEST CHALLENGE TO

HIS 16 YEAR RULE. LEADERS FROM THE FAR RIGHT

INCLUDING THE PRESIDENT OF POLAND HAVE ALL VISITED

RECENTLY TO LEND THEIR SUPPORT. TIM: HE IS FACING A YOUNGER

CHALLENGER WHO WANTS TO SHIFT HUNGARY BACK TO EUROPE'S

MAINSTREAM AND AWAY FROM CLOSE TIES WITH RUSSIA.

WE HAVE OLIVER CROOK JOINING US BUDAPEST. WE HAD JD VANCE VISIT

AND ENDORSE HIM. WE HAVE SOME SOUND AND I WANT

YOU TO COMMENT.

>> WHAT HAS HAPPENED IN THE MIDST OF THIS ELECTION CAMPAIGN

IS ONE OF THE WORST EXAMPLES OF FOREIGN ELECTION INTERFERENCE I

HAVE EVER SEEN. THE BUREAUCRATS IN BRUSSELS

HAVE TRIED TO DESTROY THE ECONOMY OF HUNGARY.

THEY HAVE TRIED TO MAKE HUNGARY LESS ENERGY INDEPENDENT.

THEY HAVE TRIED TO DRIVE UP COSTS FOR HUNGARIAN CONSUMERS

AND THEY HAVE DONE IT ALL BECAUSE THEY HATE THIS GUY.

CHRISTINA: FIRST OF ALL THERE IS NO

EVIDENCE OF ELECTION INTERFERENCE.

EU OFFICIALS HAVE NOT CAMPAIGN FOR HIS OPPOSITION CANDIDATE.

WAS THIS HELPFUL?

IF ORBAN IS LOSING, IS HAVING THE ADMINISTRATION DOUBLED DOWN

GOING TO HELP HIM? OLIVER: THERE ARE A LOT OF THREATS FROM

JD VANCE. LET'S START WITH THE PRONOUNCEMENTS OF THE VICE

PRESIDENT SAYING HE WAS SHOCKED AND APPALLED BY THE

INTERFERENCE FROM THE EUROPEAN UNION.

NOT VERY CLEAR WHAT HE WAS REFERRING TO.

HE SAID THE EUROPEANS ARE TRYING TO ARTIFICIALLY RAISE

ENERGY PRICES IN HUNGARY. WE SHOULD KNOW THAT EU HAS DONE

THE OPPOSITE. HUNGARY IS ONE OF THE ONLY

NATIONS THAT HAS STILL BEEN ALLOWED TO BUY RUSSIAN CRUDE

OIL TO KEEP THOSE PRICES DOWN BECAUSE THEY ARE A LANDLOCKED

COUNTRY AND DO NOT HAVE ACCESS TO THE CRUDE OIL COMING FROM

THE EXTERIOR. HE IS SAYING THIS WHILE AT THE

SAME TIME CAMPAIGNING ALONGSIDE THE INCUMBENT PRIME MINISTER

HUNGARY TELLING PEOPLE I AM NOT TELLING YOU HOW TO VOTE BUT YOU

SHOULD VOTE FOR ORBAN WHICH ECHOES WHAT WE HEARD FROM MARCO

RUBIO, THE U.S. SECRETARY OF STATE WHO WAS HERE

AFTER THE MUNICH SECURITY CONFERENCE.

WE HEARD DONALD TRUMP ON A VIDEO MESSAGE BASICALLY SAYING

WE LOVE VIKTOR ORBAN AND THINGS WILL GO BETTER FOR HUNGARY IF

HE IS REELECTED. EVERYBODY FEELS THAT THERE ARE

INTERVENTIONS OF SOME KIND. WE HAD THE TRANSCRIPT OF A CALL

BETWEEN PUTIN AND ORBAN BACK IN OCTOBER THAT WE PUT OUT THIS

WEEK IN WHICH VIKTOR ORBAN WAS SAYING I'M HERE TO SERVE YOU

AND I AM AT YOUR SERVICE. A LOT OF ATTENTION IS ON THIS.

THERE IS A QUESTION ABOUT HOW EFFECTIVE THIS IS THE VICE

PRESIDENT COMING TO HUNGARY. A LOT OF PEOPLE IN HUNGARY DO

NOT KNOW WHO JD VANCE IS FEARED THERE IS QUESTION ABOUT HOW

MUCH INFLUENCE DONALD TRUMP HAS OVER THE FAR RIGHT OF EUROPE.

THE GREENLAND MOMENT, THE WAR IN IRAN CAUSING A LOT OF PRICE

SHOCKS IN EUROPE, THIS IS INTENSELY UNPOPULAR UNIVERSALLY

ACROSS EUROPE EVEN WITH THE FAR RIGHT. TIM:

BRUSSELS HAS FROZEN SOME $20 BILLION IN AID FOR HUNGARY OVER

CONCERNS. THE COUNTRY RANKS AS THE MOST

CORRUPT IN THE EU ACCORDING TO TRANSPARENCY INTERNATIONAL.

WHY IS THIS ADMINISTRATION SO ALIGNED WITH HUNGARY?

WHY IS IT SO SUPPORTIVE OF VIKTOR ORBAN? OLIVER:

THERE ARE A COUPLE OF ISSUES. THEY SEE THEMSELVES AS IN TERMS

OF THE GOVERNMENTS THAT ARE IN POWER WITHIN THE EUROPEAN UNION

VIKTOR ORBAN IS ON THE SAME SIDE AS THIS CULTURE WAR AND

MAGA MOVEMENT. THIS ANTI-WOKE ANTIDEMOCRATIC

AND THAT IS SOMETHING THAT OBVIOUSLY THE MAGA MOVEMENT

FINDS APPEALING, SOMEBODY ON THEIR TEAM.

A LOT OF THIS COMES DOWN TO A PERSONAL RELATIONSHIP, ONE

DIRECTLY BETWEEN VIKTOR ORBAN AND DONALD TRUMP.

ORBAN GOT ON TEAM TRUMP VERY EARLY ON.

HE VISITED TRUMP BEFORE HE WAS REELECTED PRESIDENT AND HAS

BEEN OUTSPOKEN VERY POSITIVE ABOUT THE PRESIDENT.

AS WE KNOW FOR DONALD TRUMP THESE INDIVIDUAL RELATIONSHIPS

ARE VERY HELPFUL. ALSO HELPFUL TO TRY TO SLOW

THINGS DOWN AT THE EUROPEAN LEVEL.

YOU HEARD IT FROM JD VANCE. THIS IS AN OPPORTUNITY NOT JUST

TO ENDORSE VIKTOR ORBAN BUT TO TAKE NUMEROUS SHOTS AT THE

SO-CALLED BUREAUCRATS FROM BRUSSELS WHICH THEY SEE AS

ANTI-MAGA, THAT MULTILATERAL LIST APPROACH IS SOMETHING THAT

THE U.S. STANDS AGAINST. CHRISTINA:

I ALSO WANT TO ASK YOU. I DON'T WANT TO GET AHEAD OF

THINGS BUT WHEN WE LOOK AT THE NUMBERS THAT WE HAVE SO FAR,

ORBAN HAS 10 POINTS DOWN GOING INTO TOMORROW.

WHAT THIS MEANS A LARGER PICTURE FOR NATO BECAUSE THOSE

OF US WHO HAVE COVERED THIS FOR A WHILE KNOW THAT THERE IS

ALWAYS ONE OUTLIER. SOMETIMES TWO.

TWO OUTLIERS IN NATO AND EU NEGOTIATIONS.

IT IS ALMOST ALWAYS EITHER HUNGARY OR TURKEY.

IF THERE IS A MOOD CHANGE IN HUNGARY AND YOU GET SOMEONE WHO

IS MORE EU FOCUSED, WHAT THAT MEANS FOR THOSE ALLIANCES AND

IF THEY WILL BE MORE EFFECTIVE ESPECIALLY WHEN THEY ARE TRYING

TO BECOME MORE INDEPENDENT FROM THE UNITED STATES. OLIVER:

I THINK IT IS VERY SIGNIFICANT WHO GETS ELECTED HERE IN

HUNGARY. OBVIOUSLY IT IS VERY SIGNIFICANT TO THE 10 MILLION

PEOPLE LIVING HERE. IN TERMS OF IMMEDIATE EFFECT

WILL YOU HAVE SITTING AS PRIME MINISTER OF HUNGARY WILL HAVE

AN IMMEDIATE EFFECT ON GEOPOLITICS.

THAT EXISTS AT THE NATO LEVEL. HUNGARY IS BENEFITING FROM

BEING AT THE TABLE OF THE EUROPEANS BEING INTENSELY

CRITICAL OF THE EUROPEANS BUT STILL BENEFITING FROM EU MONEY

UNTIL FAIRLY RECENTLY AND THE SECURITY ALLIANCE AND THE

UMBRELLA THAT NATO PROVIDES WHILE AT THE SAME TIME MANAGING

TO BE VERY CLOSE TO PRESIDENT PUTIN GAINING A LOT OF SUPPORT.

AT LEAST SEE ORBAN GET SUPPORT FROM PRESIDENT PUTIN.

THERE IS A REAL QUESTION ABOUT HOW DIFFERENT PETER IS GOING TO

BE. HE STATES THIS SPECTACULAR CAMPAIGN OVER THE LAST TWO

YEARS AND WE SHOULD SAY HOW DIFFICULT IT IS TO GET A 10

POINT LEAD IN A ORG AREA -- HUNGARIAN ELECTION. CHRISTINA:

16 YEARS. GO AHEAD.

OLIVER: IT IS SPECTACULAR. YOU LOOK AT EVERY SINGLE LARGE

BILLBOARD ON THE HIGHWAYS AND IN BUDAPEST YOU HAVE LITTLE

ELECTION POSTERS FROM THE PARTIES BUT EVERY SINGLE

BILLBOARD IS EITHER A PICTURE OF VIKTOR ORBAN GAZING OUT INTO

THE DISTANCE OR BASICALLY A MUGSHOT OF VOLODYMYR ZELENSKYY

PETER MAGYAR WITH DANGER WRITTEN ACROSS SAYING YOU

BASICALLY NEED TO STOP THEM FROM TAKING OVER HUNGARY.

THAT IS WHAT HE IS UP AGAINST AND HE HAS STAGED A SPECTACULAR

CAMPAIGN WHICH HAS REALLY BEEN GOING CITY TO CITY SHAKING

HANDS AND VERY PHYSICALLY PRESENT ACROSS HUNGARY. TIM:

LET'S END WITH UKRAINE AND THE EFFECT OF THIS ELECTION ON

UKRAINE'S SECURITY. OLIVER: I THINK IT IS THE MOST

SIGNIFICANT ELECTION YOU ARE GOING TO GET IN EUROPE

CERTAINLY IN THE NEXT 12 MONTHS FOR UKRAINIAN DEFENSE.

VIKTOR ORBAN IS THE ONLY PERSON THAT IS BLOCKING A $90 BILLION

YEAR ALONE AT THE EUROPEAN LEVEL.

THIS ELECTION IS GOING TO BE WATCHED CLOSELY HERE IN

BUDAPEST AND ACROSS BUT EVEN MORE INTENTLY FROM KYIV.

CHRISTINA: THANK YOU SO MUCH AND WE WILL

TALK TO YOU AGAIN TOMORROW TO KEEP TRACK OF THESE CRITICAL

ELECTIONS. THAT IS A SMART MAN. I HAVE NEVER TALKED TO HIM

BEFORE. AWESOME. TIM: HE HAS A GREAT JOB.

HE JUMPS AROUND EUROPE AND LEARNS EVERYTHING YOU NEED TO

KNOW ABOUT WHAT IS HAPPENING. CHRISTINA: CLEARLY. TIM:

IT'S VERY COOL. CHRISTINA: COMING UP, BUZZ BALLS. TIM:

I WAS WAITING FOR THAT. CHRISTINA: WE COVER IT ALL.

WE BRING YOU SOME OF THE MOST READ STORIES. TIM:

THAT'S NEXT ON "BLOOMBERG THIS WEEKEND."

CHRISTINA: WELCOME BACK TO "BLOOMBERG THIS

WEEKEND."

OR AS WE LIKE TO CALL IT, BT DUBS. TIM: BTW.

IT WORKS PERFECTLY. CHRISTINA:

WE WILL CALL THIS SEGMENT BTW.WE WILL GO TO LISA WHO WILL

CATCH A US UP ON THE STORIES WE MISSED. LISA:

THE MASTERS PICKS UP AGAIN TODAY FROM THE LAST ROUND BUT

THERE IS A LITTLE GUY WHO HAS BEEN THE FOCUS.

THIS IS FROM THE WASHINGTON POST. THE HEADLINE IS HE IS

CUTE, HE IS RARE AND HE IS THE BIGGEST STAR OF THIS YEAR'S

MASTERS AND IT IS THE LITTLE GARDEN GNOME.

HE HAS COFFEE IN ONE HAND, AN UMBRELLA IN THE OTHER HAND.

HE IS 13 INCHES TALL. ABOUT $60. PEOPLE LINED UP FOR HOURS.

CHRISTINA: I MEAN HE'S CUTE, BUT -- LISA:

THIS IS THE ONLY PLACE YOU CAN GET IT.

YOU CANNOT JUST GO OR LINE -- ONLINE AND ORDER ONE UNLESS IT

IS THROUGH EBAY. TIM: DOES THIS GO IN THE HALLWAY OF

THEIR APARTMENT BUILDING? LISA: I DON'T KNOWLISA:.

THERE ARE ALSO A LOT OF DOGS IN OUR APARTMENT BUILDING. TIM:

WHO KNOWS. LISA: THE REASON IT IS SO BIG NOW IS

BECAUSE THERE ARE RUMORS THAT HE IS DISAPPEARING SO THIS

MIGHT BE THE LAST TIME THAT YOU CAN GET YOUR HANDS ON A GARDEN

GNOME. CHRISTINA: MAGICALLY OR MANUFACTURING? .

LISA: IT IS A RUMOR. NOW PEOPLE ARE SELLING THEM

ONLINE AND EBAY FOR $800, A PACKAGE DEAL FOR $40,000.

IT'S CRAZY. TIM:

I DON'T NEED ONE BUT MICHAEL MCKEE WHO WORKS FOR BLOOMBERG

NEWS, HE IS IN AUGUSTA RIGHT NOW. CHRISTINA:

HE CAN GET US A GARDEN GNOME. TIM: MIKE, IF YOU ARE WATCHING,

LISTENING. LISA: CALL ME.

THIS NEXT ONE IS FROM THE NEW YORK TIMES.

HERE IS THE HEADLINE, THE HIGH ALCOHOL DRINK TAKING OVER GEN Z.

WE ARE TALKING ABOUT THIS DRINK CALLED BUZZ BALLS.

IT IS THIS PREMIXED COCKTAIL IN THIS COLORFUL PACKAGING IN THE

SHAPE OF A BILLIARD BALL. IT IS FOUNDED BY A FORMER HIGH

SCHOOL TEACHER IN TEXAS.

IT IS OWNED BY A SPIRITS COMPANY.

THEY ARE FOUR DOLLARS APIECE. THEY PACK A PUNCH. CHRISTINA:

THAT IS WHAT THE HEADLINE WAS. I DID NOT UNDERSTAND IT. LISA:

15% ALCOHOL IN THAT TINY LITTLE BALL. TIM:

I'M CONFUSED BECAUSE I THOUGHT THE KIDS WERE NOT DRINKING

ANYMORE. LISA: HERE IS THE THING, THE YOUNGS

LIKE THE CHEAP DRINKS BECAUSE THEY CANNOT AFFORD THE LOCALE

FANCY SELTZER'S. CHRISTINA: THEY JUST DRINK TRASHY VODKA

LIKE WE HAD TO. LISA: THEY GET MORE BANG FOR THEIR

BUCK. THE LEGAL GEN Z LOVE THESE.

THAT IS THE PROBLEM THEY ARE SAYING. THEY LIKED THESE THINGS.

THERE ARE BIGGER ONES. THEY HAVE THE BOULDER WHICH IS

A HUGE ONE THAT KIDS TAKE TO PARTIES BECAUSE THEY SAY IT'S

CHEAP, THEY GET A QUICK BUZZ AND IT TAKES YOU BACK TO

COLLEGE DAYS WHEN IT WAS MAD DOG 2020. TIM:

NOW YOU ARE SPEAKING MY LANGUAGE. CHRISTINA:

IT IS LIKE AFFORDABLE TRASHCAN PUNCH. TIM:

WHATEVER HAPPENED TO NATTY LIGHT? LISA:

YOU SHOULD HAVE TO SUFFER TO DRINK. IT SHOULD NOT BE FUN.

THIS ONE IS FOR HOMEOWNERS. WE ARE TALKING ABOUT

AFFORDABILITY. THIS IS FROM THE WALL STREET

JOURNAL. THE HEADLINE IS SURGING HOA

FEES IS PUSHING HOMEOWNERS TO THE BRINK.

RISING HOA, CONDO FEES, INSURANCE, MAINTENANCE,

AMENITIES LIKE SWIMMING POOLS AND GOLF COURSES.

THIS IS WHAT THE HOA FEES COVERED.

BUT THEY HAVE BEEN GETTING HIGHER. EXACTLY HOW MUCH?

THE MEDIAN MONTHLY CONDO FEE OF 29% FROM 2019 TO $420 IN 2025,

SOME ARE PAYING AS MUCH AS $1500 PER MONTH FOR HOA FEES TO

GET ALL THE GOOD THINGS. CHRISTINA:

THAT'S A GOOD THING BECAUSE YOU OWN YOUR HOUSE BUT CONDO FEES

ARE ALSO REALLY HIGH. IT IS ALMOST LIKE ANOTHER RENT

PAYMENT. TIM: THE CHALLENGE WHEN PEOPLE THINK

ABOUT AFFORDABILITY, WHAT IS MY INSURANCE GOING TO COST, MY

HOMEOWNERS INSURANCE, MY MORTGAGE RATE, NOW WHAT IS MY

HOA GOING TO COST. THE HOA FEE CAN BE VARIABLE.

IT COULD GO UP SO MUCH AND THAT MAKES THINGS UNAFFORDABLE. LISA:

IF THESE PLACES HAVE A BIG PROJECT, IT IS GOING TO SPIKE

SIGNIFICANTLY. CHRISTINA: THE PLACE I LIVED IN

WASHINGTON, D.C. THEY HAD TO REDO THE ROOF AND

EVERYBODY WAS GOING TO GET $20,000 ON THEIR BILL.

THEY HAD TO SPLIT THE COST. TIM: THAT'S WHY YOU MOVED HERE.

CHRISTINA: THAT'S THE REASON. I AM STILL RENTING. LISA:

THIS LAST ONE IS FROM "BLOOMBERG THIS WEEKEND."

THE HEADLINE, YOU ARE GOING TO LIKE THIS.

I KNOW YOU ARE PART OF A BOOK CLUB.

PEOPLE ARE PAYING $1000 TO READ AMONG STRANGERS.

THINK OF IT AS THIS TRAVELING BOOK CLUB.

THEY ARE GATHERING AT A COUNTRY HOUSE, A HOTEL.

THEY ARE WORKING THROUGH THEIR PERSONAL READING LIST. IT IS

BIG IN THE U.S., BIG IN THE U.K..

WE READ IN SILENCE BUT YOU ALSO DO DIFFERENT THINGS.

YOU CAN HIKE AND GO TO YOGA CLASS.

YOU CAN HAVE A FIELD TRIP TO A BOOKSTORE. CHRISTINA: I LIKE IT.

I AM THINKING IT OVER. TIM: I READ IN SILENCE EVERY DAY ON

MY COMMUTE. CHRISTINA: BUT YOU DON'T WANT TO GO TO A

FRENCH COUNTRY HOUSE AND SIT WITH PEOPLE. LISA:

DOESN'T THAT SOUND GREAT. $1000, THAT IS USUALLY THE COST

OF THESE TRIPS. SOME OF THEM ARE A LITTLE BIT

MORE. SOME PEOPLE SAY GET BACK TO

SOCIALIZING BECAUSE SO MANY PEOPLE ARE ON THEIR PHONES.

YOU SAY YOU READ ON THE TRAIN AND A LOT OF PEOPLE ARE ON

THEIR PHONE ON THE TRAIN. TIM: AND YOU HAVE PEOPLE ON THE

TRAIN WITH THEIR BOOKS BUT THE PHONE IS RIGHT THERE.

I AM GUILTY OF IT TOO. NO READING ON THE WAY HOME,

JUST THE PHONE. CHRISTINA: WE CAN NO LONGER SEE WHEN A

PRETTY GIRL IS READING ON THE SUBWAY BECAUSE PEOPLE DON'T

HAVE BOOKS ANYMORE. TIM: I THINK THEY ARE BACK.

I WILL GO BACK TO THE GEN Z FOLKS WHO LOVE BUZZ BALLS.

THEY ARE READING. THEY ARE READING ACTUAL BOOKS.

CHRISTINA: COMING UP ON 8:00 A.M.

STILL A LOT MORE HEADLINES AHEAD.

NO CHANGES ARE UNDERWAY IN ISLAMABAD.

THE NEXT HOUR OF "BLOOMBERG THIS WEEKEND" STARTS RIGHT NOW.

>> WELCOME TO "BLOOMBERG THIS WEEKEND."

LIVE FROM NEW YORK WITH DAVID GURA, CHRISTINA RUFFINI AND

LISA MATEO. THE LATEST HEADLINES, KEY

ANALYSIS, BIG INTERVIEWS AND THE STORIES THAT HIT HOME ON

YOUR DAYS OFF.

CHRISTINA: WELCOME BACK TO BLOOMBERG THIS

WEEKEND. IT'S JUST ABOUT 8:00 A.M.

IN NEW YORK AT BLOOMBERG'S GLOBAL HEADQUARTERS.

I AM CHRISTINA RUFFINI WITH LISA MATEO AND TIM STENOVEC.

TIM: WE ARE WATCHING THE LATEST ON

PAKISTAN BECAUSE THE LATEST

STORY HAS TO DO WITH EVERYTHING WITH POTENTIAL NEGOTIATIONS

BETWEEN THE U.S. AND IRAQ. CHRISTINA:

FIRST, WE WILL GO TO LISA -- LISA MATEO FOR THE HEADLINES.

LISA: JD VANCE HAS ARRIVED IN PAKISTAN FOR PEACE TALKS WITH

IRAN. HE MET WITH PAKISTAN'S PRIME

MINISTER. HE'S JOINED BY THE U.S.

SPECIAL ENVOY TO THE MIDDLE EAST, STEVE WITKOFF.

HE'S ALSO WITH JARED KUSHNER. YESTERDAY, VANCE SPOKE WITH

REPORTERS OUTSIDE OF AIR FORCE TWO.

>> THE PRESIDENT GAVE US SOME PRETTY CLEAR GUIDELINES.

WE ARE GOING TO SEE. LISA:

YESTERDAY, PRESIDENT TRUMP SAID HE HAD FAITH IN VANCE.

HE ALSO TALKED ABOUT THE STRAIT OF HORMUZ. PRES. TRUMP:

I WISH HIM LUCK, HE HAS A BIG THING.

WE WILL FIND OUT WHAT IS GOING ON.

THEY ARE MILITARILY DEFEATED. AND NOW WE ARE GOING TO OPEN UP

THE GULF, WITH OR WITHOUT THEM. BUT THAT WILL BE OPENED.

OR THE STRAIT, AS THEY CALL IT. LISA:

TRUMP'S COMMENTS COME AS HE WARNS THE U.S.

WILL RESUME MILITARY ACTION WITH EVEN MORE INTENSITY IF A

DEAL IS NOT REACHED. BOTH SIDES SAID AN AGREEMENT

SHOULD INCLUDE LIFTING THE SANCTIONS ON IRAN. THE U.S.

HAS A 15 POINT PLAN AND IRAN HAS A PROPOSED 10 POINT PLAN

THAT INSISTS THEY MAINTAIN CONTROL OF THE STRAIT OF HORMUZ.

MASSES ARTEMIS CREW OF FOUR ASTRONAUTS BACK ON EARTH AFTER

SPLASHING DOWN IN THE PACIFIC OCEAN LAST NIGHT.

IT WAS HUMANITY'S FIRST RETURN FROM THE MOON IN MORE THAN --

RETURN TO THE MOON IN MORE THAN 50 YEARS.

IT BROKE HUMAN SPACEFLIGHT DISTANCE RECORDS.

ORION'S PROGRAM MANAGER, HOW ARE YOU, SAID IT IS A HUGE

MOMENT FOR EVERYBODY -- HOWARD YHUGH SAID IT IS A HUGE MOMENT

FOR EVERYBODY.

>> 252,756 MILES.

THAT IS A FANTASTIC FEET. WE HAVE A LOT MORE TO DO. LISA:

PRESIDENT TRUMP SAID HE LOOKS FORWARD TO SEEING THE

ASTRONAUTS AT THE WHITE HOUSE AND SAID NEXT STEP, MARS.

RORY MCELROY STANDS AT 12 UNDERPAR FOLLOWED BY SAM BURNS

AND PATRICK REED AT SIX UNDER.

RORY MCELROY TEES OFF AT 2:50 THIS AFTERNOON.

TIM: A COUPLE OF HOURS AGO, JD VANCE, STEVE WITKOFF AND JARED

KUSHNER MET WITH PAKISTAN'S PRIME MINISTER AHEAD OF HIGHLY

ANTICIPATED PEACE TALKS BETWEEN THE U.S. AND IRAN.

JOINING US NOW IS ETHAN BRONNER AND CATHERINE LUCY.

ETHAN, I WANT TO START WITH YOU. IN PAKISTAN, WE HAVE

REPRESENTATIVES FROM IRAN AND THE UNITED STATES.

BUT NOT THERE AND NOT REPRESENTED IS ANYONE FROM

ISRAEL. IS IT POSSIBLE FOR THIS WAR TO

END WITHOUT ISRAEL'S PARTICIPATION IN PEACE TALKS?

>> SURE.

I THINK ISRAEL IS BEING INFORMED BY THE UNITED STATES

ON A SORT OF SIDE CHANNEL. THAT'S NOT A PROBLEM.

IT WOULD HAVE BEEN SURPRISING IF ISRAEL SHOWED UP IN PAKISTAN.

THERE WOULD HAVE BEEN NO DIPLOMATIC RELATIONS, IT WOULD

HAVE BEEN COMPLICATE IT. I DON'T THINK THAT IS THE

BIGGEST PROBLEM, NO. CHRISTINA: WHAT IS THE BIGGEST PROBLEM?

THERE ARE QUITE A FEW. ETHAN:

THERE ARE MANY, MANY PROBLEMS. ISRAEL'S PRESENCE AT THE TABLE

IS NOT A HIGH ONE ON THE LIST. THE UNITED STATES AND ISRAEL

LAUNCHED THIS WAR SIX WEEKS AGO AND THOUGHT THEY COULD

EFFECTIVELY TAKE APART THAT REGIME AND FORCE CHANGE AND

FOUND THE REGIME WAS FAR MORE RESISTANT THAN THEY EXPECTED

AND THE REGIME'S SURVIVAL AND ABILITY TO THRIVE HAS ALLOWED

IT TO TAKE CONTROL OF THE STRAIT OF HORMUZ.

TO HAVE A STRANGLEHOLD OVER THAT PART OF THE WORLD ECONOMY.

AND HAS, YOU KNOW, CAUSED ENORMOUS POLITICAL PROBLEMS FOR

PRESIDENT TRUMP. HE WOULD LIKE TO FIND A WAY TO

WRAP THIS UP. ASSUMING YOU TAKE SERIOUSLY THE

GOALS HE SET FOR THIS WAR, ALONG WITH ISRAEL, THOSE HAVE

NOT BEEN MET. SO, TO END IT AND NOT REACH

THOSE GOALS, WHAT DOES THAT MEAN FOR THE SECURITY ISSUES

THAT HE RAISED ON THE OTHER HAND IT NOT END THIS WAR AND

ALLOW OIL AND FERTILIZER AND THE OTHER ISSUES WE WERE FACING

TO GO FORWARD WHEN MOST PEOPLE DID NOT CONSIDER THIS A

NECESSARY WAR, IT ALSO SEEMS UNLIKELY.

I WOULD SAY IT IS A VERY GLOOMY PICTURE FOR THE UNITED STATES.

CHRISTINA: I THINK I KNOW THE ANSWER TO

THIS BUT I'M GOING TO ASK IT ANYWAY.

DO WE HAVE MORE INFORMATION FROM THE WHITE HOUSE ABOUT WHEN

THESE TALKS WILL START? IT'S GETTING LATE IN THE

AFTERNOON IN PAKISTAN. WHAT THE FORMAT IS GOING TO BE

AND HOW LONG WE PLAN TO STAY THERE?

ARE WE STILL ONLY PLANNING ON ONE DAY OF TALKS REGARDLESS OF

THE OUTCOME? CATHERINE:

WE DON'T HAVE A LOT OF INFORMATION ABOUT HOW THIS IS

GOING TO UNFOLD. VICE PRESIDENT VANCE IS THERE

TO LEAD THIS WITH STEVE WITKOFF AND JARED KUSHNER.

THEY HAVE HAD THIS MEETING WITH PAKISTAN BUT WE ARE WAITING FOR

MORE INFORMATION ON HOW THIS IS GOING TO UNFOLD.

HOW THIS WILL PROCEED. THIS IS A VERY HIGH MOMENT FOR

THE VICE PRESIDENT. WE HAVE NEVER SEEN HIM PLAY

THIS KIND OF ROLE ON THE WORLD STAGE BEFORE.

A SIGN OF A CLASSIC VICE PRESIDENT ASSIGNMENT, WHICH IS

HIGH-RISK RISK BUT POTENTIALLY SOME REWARD.

IT WOULD HELP HIM IF HE COULD BROKER SOME KIND OF DEAL HERE

AS HE LOOKS AHEAD TO 2020 EIGHT. BUT, HE COULD GET SADDLED WITH

A LOT OF BLAME IF THERE ARE NO WINDS OUT OF THESE TALKS TODAY.

TIM: I WANT TO TALK ABOUT THAT AND

JD VANCE'S ROLE. THERE WAS THE REPORTING EARLIER

THIS WEEK ABOUT WHAT HAPPENED IN THE SITUATION ROOM AND WHO

FELT WHAT ABOUT THIS WAR. AND JD VANCE WAS SORT OF ALONE

IN HIS OPPOSITION TO THIS. HE SERVED IN THE MILITARY AND

IS AGAINST FOREVER WARS. HE IS OPPOSED AND HAS BEEN

OPPOSED TO DIFFERENT CONFLICTS. I'M JUST CURIOUS WHAT THAT

MEANS TO SEND HIM AS THE LEAD NEGOTIATOR.

SOMEBODY WHO, BASED ON REPORTING AND WHAT WE HAVE

READ, DID NOT WANT TO BE ATTACKING IRAN IN THE FIRST

PLACE. CATHERINE:

WE KNOW IN THE PRIVATE CONVERSATIONS, JD VANCE WAS

AMONG THE MORE SKEPTICAL OR CERTAINLY SOMEBODY WHO WANTED

TO HAVE A MORE ROBUST DEBATE AND BRING MORE INFORMATION TO

THE PRESIDENT. AND YES, HE HAS A HISTORY OF

RAISING CONCERNS AND EXPRESSING ANXIETY ABOUT FOREVER WARS.

THAT IS A KEY DYNAMIC GOING INTO THIS.

THE PRESIDENT WAS INFLUENCED BY A LOT OF FOLKS OUTSIDE OF THE

WHITE HOUSE AS HE MADE THE DECISION TO DO THIS.

HE WAS WITH HIM, HE HAS DEFENDED IT.

HE HAS BEEN VOCAL ABOUT THAT AND THAT HE IS PART OF THIS

TEAM. THE THING IS THAT SENDING HIM

OVER THEIR SADDLES HIM WITH IT. IT PUTS IT AROUND HIS NECK AS

WELL. AND THERE NO WAY FOR HIM TO

DISTANCE HIMSELF FROM THIS WAR NOW, GIVEN THAT HE'S TAKING A

LEADING ROLE IN THE DIPLOMACY HERE. CHRISTINA:

I WANT TO ASK YOU ABOUT THE ROLE OF NATIONALISM, ETHAN.

THIS IS SOMETHING WE HAVE SEEN TIME AND TIME AGAIN WHERE

COUNTRIES WHO MAY NOT LIKE THEIR LEADER GO INTO A CONFLICT

AND WAR AND CLOSE RANKS BEHIND THEM.

WHAT I'M HEARING FROM IRANI -- IRANIAN FRIENDS, MANY OF THEM

HATED THIS REGIME. MANY DID NOT LIKE THE AYATOLLAH

AND THEY ARE HAPPY TO SEE THEM GO BUT THE WAY THE U.S.

IS GOING ABOUT THIS CONFLICT IS NOT MAKING FRIENDS AND IRANIANS

ARE STARTING TO CLOSE RANKS. DO YOU THINK THE SCORCHED-EARTH

TACTIC FROM THE U.S. HAS MADE IT HARDER FOR A

MODERATE REGIME TO COME IN AND TAKE HOLD IN TEHRAN? ETHAN:

I DO. THE THINGS YOU'VE SAID ARE VERY

LIKELY TO BE TRUE. THIS WAS EVEN A YEAR PLUS AGO,

IN THE 12 DAY WAR OF JUNE OF 2025, THE QUESTION RAISED HERE

IN THE UNITED STATES AND GENERALLY IS THAT THIS IS AN

UNPOPULAR REGIME. THEY WERE BARELY ABLE TO KEEP

THE LIGHTS ON IN IRAN. THERE WERE DROUGHTS.

THIS IS A COUNTRY THAT IS OIL RICH AND SPENT LAST -- VAST

AMOUNT -- AMOUNTS OF MONEY. IF AN OUTSIDE FORCE STARTS TO

BOMB THE PLACE, THE NATIONAL REACTION IS TO GATHER AROUND

YOUR OWN PEOPLE. AND IT LOOKS LIKE THAT'S KIND

OF WHAT'S HAPPENED. IT'S ALSO TRUE THAT THIS

GOVERNMENT IN IRAN WAS FAR MORE SKILLED AT DECENTRALIZING ITS

COMMAND STRUCTURE. 90 PLUS MILLION PEOPLE.

THIS WAS NOT A VENEZUELA MARK TO SITUATION.

PRESIDENT TRUMP SEEMED TO HOPE THAT IT MIGHT BE.

I THINK YOU ARE RIGHT. ALL KINDS OF THINGS THAT HAVE

-- ALL KINDS OF THINGS HAVE HAPPENED THAT THEY WERE NOT

EXPECTING. WE DON'T HAVE ANY POLES, JUST

IMPRESSIONS THAT YOU'VE LAID OUT, THAT THEY ARE ANGRIER AT

THE OUTSIDERS THAN THEY ARE AT THEIR OWN GOVERNMENT. TIM:

WE'VE SPOKEN TO YOU QUITE A BIT OVER THE LAST 2.5 YEARS AND WE

KNOW YOU SPEND MORE TIME IN YOUR BOX SHELTER THEN YOU WOULD

HAVE LIKED TO. ESPECIALLY IN THE LAST THREE

WEEKS. I'M WONDERING IF THAT IS CHANGED AND HOW MUCH IT HAS

CHANGED SINCE TUESDAY AND THIS FRAGILE CEASE-FIRE.

ETHAN: IT HAS COMPLETELY CHANGED.

YOU ARE LOOKING AT ME IN MY BOMB SHELTER BECAUSE IT HAPPENS

TO BE MY STUDY. AFTER THE CEASE-FIRE HAS BEEN

ANNOUNCED, THERE WAS VERY LITTLE.

THERE WAS A HEZBOLLAH MISSILE THAT REACHED TEL AVIV THE NIGHT

BEFORE LAST. BUT GENERALLY, PEOPLE ARE BLOG.

-- PEOPLE ARE OUT. I JUST CAME FROM THE SEA SIDE

WHERE I HAD LUNCH AND LOTS AND LOTS OF PEOPLE ARE OUT.

THERE IS GENERALLY A SENSE OF SECURITY NOW IN THIS MOMENT OF

CEASE-FIRE, FOR SURE. CHRISTINA: THE PRESIDENT, WHO WAS

DISPATCHED -- WHO DISPATCHED THE VICE PRESIDENT WAS NOT IN

WASHINGTON. HE WAS IN FLORIDA FOR, I

BELIEVE A UFC FIGHT. WE HAD SOME COMMENTS FROM HIM

BEFORE HE GOT ON HIS PLANE TO VIRGINIA, FRIDAY NIGHT.

PRES. TRUMP: THE STRAIT WILL OPEN UP.

THE STRAIT WILL OPEN UP, IF WE JUST LEFT.

OTHERWISE, THEY WILL MAKE NO MONEY.

WHAT WE HAVE IS NO NUCLEAR WEAPON BUT WE WILL OPEN THE

STRAIT ANYWAY.

WE DON'T USE THE STRAIT, OTHER COUNTRIES DO. WE DON'T USE IT.

IT WON'T BE EASY. I WOULD SAY THIS.

WE WILL HAVE THAT OPEN FAIRLY SOON. CHRISTINA:

DO YOU THINK THE PRESIDENT HAS ESSENTIALLY MOVED ON FROM THIS?

HE SEEMS TO THINK IT WILL RESOLVE ITSELF. CATHERINE:

HE HASN'T MOVED ON. ONE TINY THING, HE WAS IN

VIRGINIA AT THIS EVENT. HE WENT TO THE WHITE HOUSE LAST

NIGHT AND IS EXPECTED TO GO DOWN TO FLORIDA TODAY.

HE'S SUPPOSED TO ATTEND A UFC FIGHT IN MIAMI TONIGHT.

THAT'S THE EXPECTATION. AND THEN BE HERE FOR PART OF

THE WEEKEND.

I THINK HE HAS MADE VERY CLEAR THAT HE WOULD LIKE TO MOVE

FORWARD. HE ALSO SAID IN COMMENTS TO

REPORTERS THAT THEY HAD DEFEATED IRAN AND THEY ARE

BASICALLY DONE AND YOU HAVE SEEN HIM LAY THAT KIND OF

RHETORICAL GROUNDWORK FOR SOME TIME.

HE TALKED ABOUT HOW THIS MISSION IS BASICALLY

ACCOMPLISHED AND HOW THEY HAVE DONE WHAT THEY WANTED TO DO.

WHETHER OR NOT THAT IS THE CASE. I THINK WHAT IS HAPPENING, HE'S

UNDER AN IMMENSE AMOUNT OF PRESSURE ABOUT DOMESTIC GAS

PRICES, PUBLIC OPINION POLLING AND ABOUT THE MIDTERM ELECTIONS

WHICH WERE EXPECTED TO BE CHALLENGING FOR REPUBLICANS AND

ARE NOW LOOKING INCREASINGLY DIRE.

THE PUBLIC IS NOT SOLD ON THIS WAR.

AND THE RISE IN GAS PRICES IS ONLY DEDUCING FRUSTRATION THAT

WAS ALREADY THERE OVER THE COST OF LIVING AND PRICES. TIM:

I WANT TO BRING IN PHILIP GRAU BER. WE WILL GET BACK TO THE

AMERICAN PART OF THIS AS DEMOCRATS AND REPUBLICANS GO

INTO MIDTERMS IN A FEW MONTHS. SINCE YOU ARE IN ISLAMABAD,

BRING US UP-TO-DATE ON WHAT'S HAPPENING WITH NEGOTIATORS.

WHAT'S THE LATEST YOU ARE HEARING ON THE GROUND FROM THE

U.S., IRAN AND PAKISTAN.

>> WE HAVE TO START TALKING ABOUT WHAT DIRECT AND INDIRECT

TALKS ARE BETWEEN THE U.S. AND IRAN. THAT IS WHY WE ARE IN

ISLAMABAD. THAT'S WHY THERE IS A MEDIATOR

BETWEEN IRAN AND THE UNITED STATES.

WHAT PAKISTAN IS DOING RIGHT NOW IS MEETING THROUGH ITS

PRIME MINISTER.

IRAN REPRESENTED BY ITS PARLIAMENT SPEAKER AND FOREIGN

MINISTER. AS YOU KNOW, ON THE U.S.

SIDE, IT'S JD VANCE, THE VICE PRESIDENT AND STEVE WITKOFF,

THE CHIEF NEGOTIATOR AND JARED KUSHNER AS WELL.

THEY HAVE ALSO MET WITH THE PAKISTANI PRIME MINISTER.

THAT'S HOW THESE TALKS TEND TO WORK. THE UNITED STATES AND IRAN

OBVIOUSLY DON'T SEE I TIED TOGETHER AND DON'T TEND TO BE

SEEN IN THE SAME ROOM TOGETHER, EITHER. THAT'S WHAT HAPPENS WITH

WARRING FACTIONS, YOU NEED A MEDIATOR IN THE MIDDLE.

THE HOPE IS THAT EVENTUALLY, AFTER THOSE MEETINGS ARE DONE,

THERE MIGHT BE A -- BETWEEN IRAN AND THE UNITED STATES.

AND THAT THEY WILL BE ABLE TO SIT, NOT NECESSARILY

SIDE-BY-SIDE BUT OPPOSITE EACH OTHER AND NEGOTIATE IN THE

PAKISTANI CAPITAL. IT'S IMPORTANT TO NOTE THAT

THERE ARE OBVIOUSLY HUGE DIFFERENCES BETWEEN THESE TWO

SIDES WHEN IT COMES TO EXTENDING THIS VERY TENUOUS

CEASE-FIRE AND MAY BE REACHING SOME KIND OF A PEACE AGREEMENT.

THAT STARTS WITH IRAN SETTING SOME CONDITIONS TO ME IN THE

FIRST PLACE WITH THE AMERICAN DELEGATION.

THE IRANIANS SAY THEY WANT FROZEN ASSETS RELEASED IN QATAR

AND THEY WANT A CEASE-FIRE THAT IS VERY TENUOUS RIGHT NOW TO

ALSO INCLUDE ISRAELI ATTACKS ON HEZBOLLAH TARGETS IN LEBANON.

THAT CLEARLY HAS NOT HAPPENED OVER THE LAST 24 HOURS.

THERE IS A QUESTION MARK OVER WHETHER WE GET TO SEE THESE

ACTUAL FACE-TO-FACE MEETINGS BETWEEN THE U.S.

AND IRANIAN DELEGATIONS. IF THEY DON'T, THERE CAN STILL

BE A SUCCESSFUL OUTCOME.

IT IS A SIGN HOW THESE TWO SIDES, EVEN THOUGH THEY ARE

USED TO NEGOTIATING WITH EACH OTHER, THEY DON'T SEE I TIED

WITH EACH OTHER. CHRISTINA: I'VE BEEN TRYING TO EXPLAIN TO

FOLKS THAT JUST BECAUSE THEY ARE IN THE SAME CITY DOESN'T

MEAN THEY ARE IN THE SAME ROOM. EVEN IF YOU SEE A PHOTO OF

THEM, THAT DOESN'T MEAN THAT'S WHERE NEGOTIATIONS ARE TAKING

PLACE. THEY HAVE BEEN DOING WHAT PHILIP WAS SAYING, PASSING

NOTES BACK AND FORTH AND DELIVERING TERMS. THAT TAKES A

LONG TIME. WHEN I INTERVIEWED HIGH-PROFILE

DIPLOMATS WHO FACILITATE THESE TALKS, THEY EXPRESSED

FRUSTRATION ABOUT HOW LONG INDIRECT TALKS TAKE.

IT'S GETTING LATE THERE AND THEY ARE NOT EVEN GOING WITH

THIS. WHAT ARE THEY GETTING DONE IN

THE DAY THAT THEY LAID OUT? DO YOU THINK THEY WILL GET

SOMETHING DONE OR DO YOU THINK THEY WILL SAY LET'S TRY TO GET

SOMETHING DONE NEXT WEEK?

>> IT DEPENDS WHAT YOU WOULD CONSIDER A MEASURE OF SUCCESS

FROM THESE TALKS. THE PAKISTANI SIDE ARE ALREADY

VERY PROUD THEY ARE HOSTING THESE TALKS IN THE FIRST PLACE.

AND THEY ARE SEEN AS THE COUNTRY RESPONSIBLE FOR

BRINGING THE CEASE-FIRE TO A REALITY IN THE FIRST PLACE.

SO, FOR THE ORGANIZERS HERE, MAYBE A SIGN OF SUCCESS WOULD

BE FOR THESE TWO DELEGATIONS TO MEET, MAYBE INDIRECTLY, MAY BE

DIRECTLY AT A VERY HIGH LEVEL AND FOR THEM TO GET ALONG JUST

ABOUT ENOUGH FOR THERE TO BEAT FURTHER TECHNICAL TALKS AS THEY

ARE CALLED. THIS MEANS THAT LOWER RANK

DELEGATIONS MIGHT STILL REMAIN HERE IN ISLAMABAD OR SOME MIGHT

BE FLOWN IN FROM TEHRAN AND THEY WILL BE ABLE TO HASH OUT

SOME OF THE CRUCIAL DIFFERENCES. HOW DOES ONE COME TO AN

UNDERSTANDING WHEN THE UNITED STATES WANTS THE NUCLEAR

PROGRAM IN IRAN CURVED OR ALMOST HALTED ENTIRELY AND IRAN

SAYS IT HAS A RIGHT TO A NUCLEAR PROGRAM.

HOW DO THEY GET TO AN ACTUAL AGREEMENT ON HOW THE STRAIT OF

HORMUZ MIGHT BE REOPENED, WHEN THE UNITED STATES HAS TO BE

REOPENED TO ALL OR THE UNITED STATES MIGHT WANT TO MAKE SOME

MONEY WITH IT? AND IRAN SAYS IT WANTS CONTROL

OVER THE STRAIT AND WANTS TO MAKE SOME MONEY WITH IT AS IT

HAS BEEN DOING IN THE LAST FEW WEEKS IN THE FIRST PLACE.

HUGE DIFFERENCES BETWEEN THESE COUNTRIES, OBVIOUSLY.

THAT DOESN'T MEAN THERE CAN'T BE SOME KIND OF A SUCCESSFUL

OUTCOME. THAT IS DIPLOMATIC SPEAK AS

WELL. YOU MAY NOT COME TO A HUGE SIGNED AGREEMENT BUT YOU MIGHT

SEE THE DELEGATIONS SAY WE HAVE ENOUGH OF AN UNDERSTANDING TO

KEEP ON MEETING AND KEEP ON WORKING ON THIS WHOLE THING.

TIM:

I WANT TO GO BACK TO CATHERINE LUCEY AND BRING YOU INTO THE

CONVERSATION ABOUT SUCCESS. WE HEARD FROM PHILIP JUST NOW

ABOUT WHAT SUCCESS COULD LOOK LIKE TO PAKISTAN FROM A

DIPLOMATIC ANGLE. BUT HOW DOES JD VANCE RETURN

FROM THIS TRIP AND SAY IT WAS SUCCESSFUL?

WHAT DOES THAT LOOK LIKE? CATHERINE:

THERE IS A LOT OF WHAT IF'S TO THAT QUESTION.

ONE THING PRESIDENT TRUMP COULD EXTEND HERE IS HE'S VERY GOOD

AT PICKING THE THINGS HE WANTS TO EMPHASIZE AND TRYING TO

DECLARE WINS WHEN HE CAN. IF THERE IS PROGRESS, I THINK

THAT IS WHAT THEY WILL POINT TO. IF THEY CAN SAY WE'VE MOVED

FORWARD ON THIS AND TALKS CONTINUED, THIS WAS A GOOD

FIRST DAY.

IF THERE IS MORE, IF THEY REACH A FULL DEAL, THAT'S OBVIOUSLY A

BIG WIN FOR THEM. BUT I THINK AS LONG AS THEY CAN

CITE THAT THIS IS MOVING FORWARD, I THINK THEY COULD TRY

AND ARGUE THAT THAT WAS A GOOD DAY. CHRISTINA:

ETHAN, QUICKLY, BEFORE WE HAVE TO LET YOU GO, DOES BENJAMIN

NETANYAHU WANT THESE NEGOTIATIONS TO BE SUCCESSFUL?

ETHAN: I GUESS IT DEPENDS ON HOW YOU

DEFINE SUCCESS. IF SUCCESS MEANS THE AMERICAN

DEMANDS AND THE PROGRAM THEY

PUT FORWARD, THE ENDING OF THE NUCLEAR PROGRAM AND THE

BALLISTIC PROGRAM, THE CUT OFF FROM THE PROXIES, THEN I THINK

HE WOULD BE DELIGHTED. HE SAID SO FROM THE BEGINNING,

IF THE DIPLOMATIC SOLUTION CAN DO IT, GREAT.

BUT THE LIKELIHOOD IS THOSE THINGS WILL NOT EMERGE FROM

THIS. AND IN ESSENCE, I WOULD SAY YOU

ARE RIGHT TO ASK THE QUESTION THAT HE REMAINS SKEPTICAL.

AND OF COURSE FOR HIM, FOR ISRAELI'S, IT IS A MUCH MORE

IMMEDIATE DANGER FROM THEIR PERSPECTIVE TO HAVE IRAN BACK

ON THE HORSE AND AGREEING TO

MAKE MONEY ON THE STRAIT AND SO ON.

THERE IS CONCERN IN THAT THIS MAY HAPPEN IN A WAY THAT IS NOT

GOOD FOR THAT COUNTRY. CHRISTINA:

THANK YOU BOTH SO MUCH. TIM: LET'S GO TO LISA MATEO, WHO IS

STANDING BY FOR A LITTLE BIT OF NEWS. LISA:

WE WILL UPDATE YOU ON TODAY'S TOP STORIES.

A NATIONAL ACTION NETWORK CONVENTION CONTINUES IN NEW

YORK CITY TODAY. YESTERDAY, REVEREND AL SHARPTON

ASKED FORMER VICE PRESIDENT KAMALA HARRIS THE QUESTION

EVERYONE IN THE ROOM IS WAITING FOR.

>> ARE YOU GOING TO RUN AGAIN IN 2028?

>> I MIGHT. I'M THINKING ABOUT IT. LISA:

AMONG THOSE SPEAKING TODAY, WE HAVE ANDY BESHEAR AND

DEMOCRATIC SENATOR MARK KELLY OF ARIZONA.

WALL STREET BANKS ARE STARTING TO TEST ANTHROPIC'S LATEST

MODEL INTERNALLY.

JPMORGAN CHASE IS PART OF THE INITIATIVE, SOURCES TELL

BLOOMBERG. OTHER INSTITUTIONS LIKE GOLDMAN

SACHS, CITIGROUP, BANK OF AMERICA AND MORGAN STANLEY ARE

TESTING THAT TECHNOLOGY. SCOTT BESSENT AND JAY POWELL

HAVE ENCOURAGED BANKS TO USE THE MODEL, WARNING THEM TO TAKE

IT SERIOUSLY. SAN FRANCISCO POLICE ARRESTED A

MAN THROWING A MOLOTOV COCKTAIL AT SAM ALTMAN'S HOUSE.

NOBODY WAS INJURED. HE POSTED A BLOG ENTRY THAT HE

INCLUDED A PHOTO OF HIS HUSBAND AND HIS YOUNG CHILD.

HE ADDRESSED CONCERNS ABOUT ITS LEADERSHIP.

HE SAID I BELIEVE TECHNOLOGICAL PROGRESS AND MAKE THE FUTURE

UNBELIEVABLY GOOD FOR YOUR FAMILY AND MINE.

AND THE 90TH MASTERS TOURNAMENT TEES OFF AGAIN TODAY.

RORY MCILROY HAS A SIX SHOT LEAD. HE'S 12 UNDERPAR.

IF YOU HOLD ON, HE WILL BE THE FOURTH PLAYER TO WIN BACK TO

BACK AT THE MASTERS. JOINING JACK NICHOLAS, NICK AND

TIGER WOODS.

NASA CELEBRATING THE RETURN OF FOUR ASTRONAUTS TO THE EARTH.

THE ASTRONAUTS CREW SPLASHED DOWN IN SAN DIEGO.

IT'S THE FIRST RETURN TO THE MOON IN OVER 50 YEARS. TIM:

I LIKE HOW PEOPLE WERE WATCHING THIS YESTERDAY, WATCHING --

LISA: YOU ARE A HUGE FAN OF SPACE SO

THIS MUST HAVE BEEN YOUR SUPER BOWL.

>> YOU MADE YOUR KIDS WATCH IT. TIM:

THE SEVEN-YEAR-OLD WAS INTO IT. THE THREE-YEAR-OLD, NOT SO MUCH.

CHRISTINA: THAT'S FAIR. TIM:

I TRY TO GET HIM TO WATCH THE RETURN AND HE WANTED TO WATCH

BASKETBALL.

>> THE THREE-YEAR-OLD WANTED TO WATCH BASKETBALL? TIM:

NO, THE SEVEN-YEAR-OLD. THE THREE-YEAR-OLD WAS IN BED.

THE S&P 500 GAINED THREE POINT 5% FOLLOWING THE PRESIDENT'S

ANNOUNCEMENT OF A CEASE-FIRE. THERE ARE QUESTIONS, WARNING

SIGNS ABOUT THE WAR'S EFFECT ON INFLATION GOING FORWARD.

>> WE HAVE BAILEY LIPSCHULTZ JOINING US.

YOU KNOW WHAT I'M GOING TO SAY TO YOU. CHRISTINA:

WHY ARE YOU NOT HEAR AT THE TABLE?

I SAW YOU ON SET WITH ALL OF MY COLLEAGUES THIS WEEK, CLEARLY

YOU LOVE THEM BETTER THAN US.

WE REALLY DO APPRECIATE THAT YOU ARE JOINING US. BAILEY:

I'M HAPPY YOU ARE JOINING US. I DID NOT REALIZE TIM WAS

COHOSTING. I DO HAVE PLANS, THAT'S WHY I

CAN'T BE IN THE STUDIO. BUT NEXT TIME, I WILL DO BETTER.

I PROMISE. CHRISTINA: IF YOU ARE GOING TO COME IN FOR

TIM AND NOT ME, WE WERE GOING TO HAVE A FIGHT. TIM:

THERE'S ALWAYS TOMORROW. CHRISTINA:

WE HAD A HUGE JUMP FOR THE DOW, NASDAQ AND S&P MIDWEEK.

AND THEN IT LEVELED OFF. WHAT WE MAKE OF THAT? TIM:

IT'S EXPECTATION AND -- BAILEY: IT'S EXPECTATION AND LEVEL

SETTING.

INVESTORS WHO HAD TAKEN BEARISH BETS ON THE EXPECTATION THE

CEASE-FIRE WOULD NOT BE ANNOUNCED OR MAYBE THERE WOULD

BE MORE DIRE ATTACKS IN IRAN AS THE PRESIDENT HAD THREATENED

AND MAY BE JUST KIND OF WERE PREPARING FOR POTENTIAL

DOOMSDAY TYPE SCENARIOS, WHICH OBVIOUSLY WAS NOT THE CASE THIS

WEEK. THAT'S WHY YOU SAW THE BIG JUMP.

THEN THERE WAS A MIXTURE OF ECONOMIC DATA AND REALLY JUST

PREPARATIONS FOR WHAT THIS WEEKEND'S TALKS WOULD BRING.

IT'S HARD TO GET MORE OPTIMISTIC FROM AN INVESTING

STANDPOINT, THAN WHERE WE ARE RIGHT NOW UNLESS POSITIVE NEWS

COMES OUT OF THIS WEEKEND BECAUSE WE HAVE CRITICAL

EARNINGS PICKING UP AND KICKING OFF NEXT WEEK.

THAT WILL GET SOME FUNDAMENTAL NEWS TO WHAT WE CALL MARCH IS

AN EARNINGS GAP OR WINDOW FOR NOTHING REALLY HAPPENS AT SO IT

IS A BIT OF A VACUUM FROM THE FUNDAMENTAL STANDPOINT. TIM:

I WANT TO TALK ABOUT THE EARNINGS IN JUST A MINUTE,

ESPECIALLY THE BIG BANKS. WE WILL BE DOING A PREVIEW OF

THOSE EARNINGS. I WANT TO KNOW, BAILEY, IF WE

LOOK AT THE EQUITY MARKET, THE S&P 500 BOUGHT THE IDEA THAT

THIS CONFLICT COULD BE ENDING SOON.

IT DOES NOT SEEM LIKE THE BOND MARKET HAS BOUGHT IT.

THE OIL MARKET HAS BOUGHT IT.

WHAT ARE THE SIGNALS IN WHAT THESE -- ONE OF THE

SIGNIFICANCES IN WHAT THESE DIFFERENT SIGNALS ARE SENDING?

BAILEY: I TRACKED EQUITIES. SO, THAT IS A SELF OWN RIGHT

THERE. [LAUGHTER] THE BIG THING IS WE HAVE BEEN

TRACKING EQUITY MARKETS MOVING IN LINE, OPPOSITE OF THE OIL

MARKET. REALLY, THAT'S BEEN THE BIG

DRIVER IN UNCERTAINTY AROUND INFLATION.

WHEN YOU LOOK AT THE BOND MARKET, IT'S NOT BUYING THE

EXPECTATION THAT WE ARE IN AN ALL CLEAR SCENARIO.

BUT IT DOES SEEM LIKE THERE IS A LOT OF CASH THAT WANTS TO

ROTATE INTO EQUITIES. THERE HAS BEEN A PUSH TO MOVE

HIGHER. I'VE TALKED TO A NUMBER OF

PEOPLE ON WALL STREET WHO HAVE BEEN CAUTIOUS ON THIS AND POINT

TO THE FACT THE S&P 500 IS BACK WITHIN 1% OF WHERE IT STARTED

THE YEAR. BUT, ALL THINGS CONSIDERED, YOU

HAVE PRIVATE CREDIT ISSUES AND SOFTWARE STOCKS DOWN SHARPLY,

BROADLY SPEAKING. YOU ARE LOOKING AT THE

COMPANIES, DOWN 30%, 40%, 50% IN THE LAST YEAR OR SO.

AND THERE IS STILL UNCERTAINTY UNDERNEATH THE SURFACE WHEN YOU

LOOK AT THE S&P 500, ARE WE STILL BEING DRIVEN BY SEVEN TO

NINE COMPANIES? THAT IS PROVIDING A BIT OF A

BAND-AID OR COVER FOR WHAT IS STILL A CHOPPY ENVIRONMENT FROM

A STOCKPICKING PERSPECTIVE UNDERNEATH THE SURFACE.

CHRISTINA: WE HAD STEPHEN ON EARLIER WHO

SAID HOPE IS NOT A METRIC AND HE THINKS SOME OF THESE NUMBERS

ARE BEING RUN BY HOPE. YOU'VE COVERED THIS LONGER THAN

I HAVE. IT SEEMS UNREALISTIC, SOME OF

THESE MARKET SWINGS UP, COMPARED TO MORE TANGIBLE

COMMODITIES THAT SEEM MORE GROUNDED IN WHAT'S GOING ON.

ARE PEOPLE JUST WILLFULLY NOT LOOKING AT THE DATA OR DO THEY

REALLY BELIEVE THIS WILL TURN AROUND? TIM:

YOU ARE LOOKING AT ME WHEN YOU ASK THIS QUESTION, BAILEY IS

THE ONE WHO NEEDS TO ANSWER THIS. [LAUGHTER] BAILEY:

THE QUESTION COMES BACK TO WHAT'S THE ULTIMATE MARKET

DRIVER? IF YOU LOOK AT A PERCENTAGE OF

EARNINGS IN CORPORATE AMERICA, IS DRIVEN BY BUSINESSES.

AS MUCH AS WE HAVE TALKED AD NAUSEAM ABOUT THE K-SHAPED

ECONOMY AND HOW U.S. CONSUMERS HAVE STRUGGLED,

CORPORATE EARNINGS LOOK PRETTY GOOD.

IF YOU BUY THE IDEA THAT AI AND INVESTMENTS CAN ULTIMATELY

BRING THE NEXT KIND OF INFLECTION POINT AND DRIVES

EARNINGS EVEN HIGHER IN PRODUCTIVITY, SIMILAR TO WHAT

WE SAW WITH THE ADVENT OF THE INTERNET OR IF YOU ARE JAMIE

DIMON, GOING BACK FURTHER TO THINGS LIKE RAILROADS, THE

QUESTION IS IS THE INVESTMENT WORTH?

AND MONEY IS BEING SPENT BY THESE COMPANIES AND THESE ARE

COMPANIES THROWING OFF PLENTY OF CASH.

THERE IS A FUNDAMENTAL ARGUMENT THAT THINGS ARE STILL BETTER

THAN FEAR BUT THERE IS THE CONTRASTING POINT WHERE WAR IS

GOING ON. THERE IS INFLATION UNCERTAINTY

AND IS MUCH AS WE WANT TO TALK ABOUT ONE OR TWO THERE ARE

KNOCK ON EFFECTS THAT ARE REALLY GOING TO IMPACT THE

ULTIMATE END CONSUMER HERE IN THE U.S.

AND GLOBALLY AND HAVE IMPACTS ON THE ECONOMY. TIM:

LET'S PUSH THE CONVERSATION NEXT WEEK INTO EARNINGS AND

TALK ABOUT THE BIG BANKS. I THINK ONE OF THE REASONS THAT

WE LIKE TO HEAR FROM THEM IS BECAUSE WE GET A GOOD IDEA WHAT

THE CONSUMER IS DOING IN REAL TIME, WITH THEIR DEBIT CARDS

AND WITH THEIR SPENDING AND HOW MUCH IS GOING INTO THEIR

ACCOUNTS AND HOW MUCH IS GOING OUT.

BANK OF AMERICA HAS SUCH A GOOD READ ON THE CONSUMER.

IS THIS GOING TO TELL US -- ARE THESE BANKS GOING TO BE ABLE TO

TELL US TO WHAT EXTENT THE INFLATION THAT WE HAVE SEEN AS

A RESULT OF HIGHER ENERGY PRICES IS ACTUALLY CHANGING

CONSUMER SPENDING? BAILEY: THEY SHOULD BE ABLE TO GIVE US

MORE OF A LEADING INDICATOR. IT HAS BEEN THE DEBATE WITH

ECONOMIC DATA. AT THIS POINT YOU ARE LOOKING

BACK AT FEBRUARY OR MARCH DATA AND IT IS A BIT STALE.

YOU ARE GETTING MORE LIVE COMMENTARY FROM CEOS -- AS YOU

MENTIONED, BANK OF AMERICA, -- THEY CAN TELL US WHAT IS GOING

ON WITH THEIR CUSTOMERS. THEY CAN PROVIDE THEIR VIEW ON

THINGS LIKE PRIVATE CREDIT, M&A, AND INVESTMENT BANKING

FEES, AND AREAS THAT HELP DRIVE NOT ONLY THE U.S.

CONSUMER AND HOW CONSUMERS ARE FEELING, BUT ULTIMATELY KIND OF

THE ECONOMIC ENGINE THAT IS WALL STREET AND ARE THESE

FINANCIAL INSTITUTIONS. SO, THEY DO HAVE THE

OPPORTUNITY TO GIVE A BETTER PERSPECTIVE, A MORE HOLISTIC

PERSPECTIVE, HAVING COVERED THESE MARKETS, WHAT COULD BE

GOING ON AND WHAT IS GOING ON IN DIFFERENT POCKETS.

THAT IS WHY PEOPLE ZERO IN ON THE EARNINGS CALLS FROM THE

CEOS AND LOOK AT SOME OF THE LETTERS THAT CAN BE PUBLISHED

WITH QUARTERLY UPDATES. CHRISTINA:

I WANT TO ASK YOU ABOUT THE CPI. GOT THE MARCH NUMBERS YESTERDAY

AND IT SHOWED A NEARLY 1% INCREASE IN FEBRUARY.

WHEN I WAS ON YOUR SHOW A MONTH AGO OR SO THOSE NUMBERS, THE

CPI HAD STARTED TO GO DOWN FOR THE FIRST TIME.

NOW WE ARE HAVING A REVERSE OF THAT.

HOW LONG DO YOU THINK IT IS GOING TO TAKE FROM THESE

PRICES, WHICH WE ARE AT STILL-ELEVATED LEVELS? BAILEY:

THE BIG DRIVERS WITH THIS PRINT WAS ENERGY COSTS.

WE SPOKE TO SOME FOLKS OVER THE LAST FEW DAYS AND THEY SAID, IF

YOU WALK OUTSIDE AND LOOK AT YOUR GAS STATION PRICES ARE UP

A DOLLAR OR MORE DEPENDING ON WHERE YOU ARE IN AMERICA.

THAT IS WHAT WE SAW WITH THIS CPI PRINT.

IS IT GOING TO TAKE MUCH LONGER THAN INITIALLY EXPECTED OR

HOPED FOR? TO YOUR POINT, IT IS A LOT OF

UNCERTAINTY AND IT PRETTY MUCH IS PREDICATED ON WHAT GOES ON

IN IRAN. THE LONGER THAT CRISIS, THE

LONGER THAT WAR DRAGS ON THE KNOCK ON EFFECTS CAN BECOME

GREATER AND CAN REACH FURTHER. IT ULTIMATELY IS THE BIG

UNCERTAINTY IN QUESTION FOR FOLKS LIKE CENTRAL BANKERS, WHO

ARE TRYING TO BUILD FORECASTS WHEN YOU KIND OF HAVE TO PUT

YOUR FINGER IN THE AIR AND GAS IF YOU ARE TRYING TO EASE OUT

OR GAME OUT WHEN THIS CONFLICT AND WAR WILL END AND HOW

QUICKLY THE ECOSYSTEM AND HOW QUICKLY THE ENTIRE OIL MARKET

CAN GET TO WHERE IT WAS, CALL IT LATE FEBRUARY. TIM:

WE TALKED ABOUT THE STOCK MARKET, OIL MARKET, AND BOND

MARKET. I WANT TO TALK ABOUT THE IPO

MARKET AND TO WHAT ASKED AND -- TO WHAT EXTENT THE DISRUPTIONS

WE HAVE SEEN IN THE MARKETS, DOES THAT AFFECT PLANS FOR

COMPANIES THAT ARE SITTING ON THE SIDELINES RIGHT NOW TO GO

PUBLIC? BAILEY:

WE SAW, REALLY, A SHARP DROP-OFF IN MARCH,

UNDERSTANDABLY. WE DO HAVE A BIG WEEK AHEAD.

WE HAVE MEDICINE AIR, WHICH WORKS IN THE VENTILATION SPACE.

ARTIX IS LOOKING TO RAISE MORE THAN A BILLION DOLLARS.

WE ARE SEEING CRITICAL ACTIVITY. IT WILL BE A CRITICAL WEEK ON

HOW THESE PRICE ENTRY. WE HAVE HAD A NUMBER OF

COMPANIES FILE ON FRIDAY. EVERYTHING IS SHIPPING UP

AROUND JUNE, WHEN WE EXPECT SPACEX TO GO PUBLIC. TIM:

THAT IS WHERE WE WANT TO END TOO.

TICKER SPX IS WHAT WE THINK IT IS GOING TO BE? BAILEY:

IT IS A LOT OF GAME THEORY THERE. TIM:

MAYBE IT GOES TO THE HIGHER BETTER. SPCX.

YOU CAN BID FOR THE TICKER. CHRISTINA:

I WILL BID FIVE DOLLARS. THANK YOU FOR COMING IN, EVEN

REMOTELY, ON A SATURDAY. WE DO HAVE A HEADLINE CROSSING

THE TERMINAL.

IRAN'S NEWS AGENCY, A SEMI-OFFICIAL GOVERNMENT

OUTLET, IS SAYING THE NEGOTIATIONS HAVE STARTED IN

ISLAMABAD. THAT IS A HEADLINE CROSSING THE

TERMINAL. WE WILL HAVE MORE ON THAT WHEN

WE RETURNED SHORTLY. MUCH MORE ON "BLOOMBERG THIS

WEEKEND" IS STRAIGHT AHEAD.

♪

CHRISTINA: I'M CHRISTINA RUFFINI HERE WITH

TIM STENOVEC. TIM HAS BEEN LISTENING TO A

PROJECT WE HAVE BEEN WORKING ON WITH A FRIEND OF YOURS ALL WEEK.

TIM: YOU APPARENTLY GOT TO GO TO THE

INTERNATIONAL AUTO SHOW WITH MATT MILLER I'M A WHICH, BY THE

WAY -- CHRISTINA: THIS IS MY FIRST MATT MILLER

EXPERIENCE. TIM: ANYONE WHO KNOWS MATT MILLER OR

EXPERIENCES MATT MILLER, THEY SHOULD OPTION THAT EXPERIENCE

OFF. TO WALK THE FLOOR WITH A GUY

WHO KNOWS THAT MUCH ABOUT CARS, KNOWS ALL OF THESE PEOPLE, AND

IS FUN TO HANG OUT WITH. CHRISTINA:

I KNEW HIM FROM AROUND THE NEWSROOM AND I KNEW HE DID

CARS, BUT HIS DEPTH OF KNOWLEDGE WAS INSANE.

IT WAS LIKE HAVING A WALKING ENCYCLOPEDIA MIXED WITH A

REALLY EXCITED CHILD AND -- IN A TOY STORE.

HE KNEW EVERY CAR, HE KNEW EVERY PERSON. TIM:

HOW MANY OF THESE HAS HE DRIVEN? OR THE EARLIER VERSIONS OF

THESE? HIS DRIVEWAY ALWAYS HAS TWO

BRAND-NEW CARS HE IS DRIVING FOR ONE OR TWO WEEKS AT A TIME.

CHRISTINA: HE DROVE US OVER IN THIS BIG

KIA SUV HE WAS TESTING OUT. A COUPLE OF THEM HE DOESN'T FIT

IN WELL, INCLUDING THE ONE WE STARTED WITH, AND THAT IS THE

NISSAN ROADSTER. TAKE A LOOK.

I ACTUALLY KNOW THIS CAR, BECAUSE WHEN I WAS A

16-YEAR-OLD SOMEBODY IN MY NEIGHBORHOOD HAD THIS CAR AND

IT WAS THE COOLEST CAR. I DIDN'T KNOW THEY BROUGHT THIS

BACK. MATT: THEY BROUGHT IT BACK.

I THINK IT IS A FANTASTIC CAR. FOR THE MONEY, ALSO.

IT IS AFFORDABLE AND ONE OF THE FEW SPORTS CARS YOU CAN GET

WITH THREE PETALS. IT HAS A STICK SHIFT.

YOU SIT IN THE DRIVER'S SEAT BECAUSE I'M A LITTLE TOO TALL

FOR THIS CAR. CHRISTINA: REALLY? SO YOU COULDN'T OWN ONE OF

THESE? MATT: I TEST DROVE IT FOR A WEEK AND

HAD A BLAST. CHRISTINA: HAVE YOU CONSIDERED TAKING OFF

THE HAT AND THEN MAYBE YOU WOULD FIT? MATT:

I WILL TAKE OFF THE HAT TO GET IN, BUT IT IS A LITTLE CRAMPED

IF YOU ARE 6'3". LOOK AT THIS. CHRISTINA:

OUR SPORTS CARS NOT MANUALS ANYMORE? MATT: MOST ARE NOT.

CARMAKERS THAT OFFER THE MANUAL AND AUTOMATIC TRANSMISSION

FOUND THE AUTOMATIC TRANSMISSIONS WERE SELLING MUCH

MORE. KIDS THESE DAYS CAN'T DRIVE A

STICK SHIFT. CHRISTINA: I CAN'T DRIVE A STICK SHIFT.

MATT: AUTOMAKERS ARE KILLING IT ON

THIS BECAUSE CONSUMERS WANT THE ROOF TENT. CHRISTINA: WHY? MATT:

BECAUSE IT IS SO COOL. IT IS LIKE, $3000.

MAYBE A LITTLE LESS. EVEN IF YOU ARE NOT GOING TO

USE IT YOU'RE STILL GOING TO BUY IT, BECAUSE YOU WANT, LIKE,

THE IMAGE OF SOMEONE WHO HAS A ROOF TENT. CHRISTINA:

I COULD BE THIS PERSON. WHAT ELSE HAVE WE GOT? MATT:

WE SHOULD LOOK AT THE MUSTANG.

CHRISTINA: THE AMOUNT OF NICETIES AND

FLIRTING I HAVE DONE IT RENTAL DESK COUNTERS TO GET A MUSTANG

FOR UPGRADE IS A LITTLE EMBARRASSING. MATT:

AND IT MAKES SENSE. IT IS ONE OF THE MOST CLASSIC

AMERICAN CARS. IT IS ALSO REALLY A DYING BREED.

IN THE MUSTANG YOU GET A V-8, WHICH IS THE MOST AMERICAN OF

MOTORS POSSIBLE, AND A STICK SHIFT.

AND THERE WERE ALMOST NO CARS TODAY, NO MANUFACTURERS WHO

OFFER A V-8 WITH A STICK SHIFT ANYMORE.

THEY SELL THEM FROM $40,000 TO START, THEN YOU CAN BUY THEM

FOR $400,000 IF YOU WANT ONE LIKE THIS. CHECK THIS OUT.

I DON'T KNOW IF WE CAN GET A SHOT OF THIS.

YOU CAN ACTUALLY SEE THE EXPOSED SUSPENSION IF YOU LOOK

IN THE BACK WINDOW. YOU CAN SEE THE MULTI-MATIC

SHOCKS. CHRISTINA: WHAT IS THAT? MATT: THAT IS AN EXPEDITION.

CHRISTINA: $96,000 FOR THIS CAR. MATT: LOOK AT THAT.

ROLLS-ROYCE RATE. IT IS THE ULTIMATE FASTBACK.

I LOVE HOW BIG IT IS IN THE BACK. SUICIDE DOORS.

THEY ARE THE ONLY OPTION. CHRISTINA:

IT LOOKS LIKE YOU TOOK YOUR CAR FROM DOWNTON ABBEY AND

STRETCHED IT OUT. MATT: I DON'T MIND THAT AT ALL.

I LOVE DOWNTON ABBEY. THIS IS ONE OF THE MOST

POWERFUL VEHICLES YOU CAN BUY WITH MONEY.

THAT IS NOT JUST A CORVETTE. IT IS A ZR1X.

I BELIEVE THE X MEANS IT IS A HYBRID VERSION OF THEIR TWIN

TURBOCHARGED. CHRISTINA: HOW ARE THE CORVETTES DOING?

MATT: EVERYBODY IS PIVOTING TO BUILD

MORE HYBRIDS. CHRISTINA: AWAY FROM FULL ELECTRIC? MATT:

YEAH, BECAUSE THAT IS WHAT CONSUMERS WANT.

IN THIS CASE IT IS FOR PERFORMANCE BENEFITS, NOT GREEN

BENEFITS. AN EIGHT-LITER DIESEL. CHRISTINA:

YOU ARE AGGRESSIVELY EXCITED ABOUT THIS. MATT:

YOU ALWAYS NEED MORE POWER. CHRISTINA:

RACECAR DRIVERS, THEY ARE GETTING YOUNGER AND YOUNGER.

MATT: IT IS A GREAT TRUCK. THIS IS A ZR2.

HAS THIS FANTASTIC TAILGATE. CHRISTINA: I AM A COLORADO GIRL.

I LOVE A GOOD TAILGATE. MATT:--

MATT: I THINK CHEVY DOES IT BEST.

CHRISTINA: THAT ONCE COOL, I LIKE THAT ONE.

MATT: WHAT DOES THAT MEAN, POPULAR?

YOU SOLD 10 OF THEM?

>> THERE'S ONLY 25 MAY BE THE WORLD. MATT: HOW MUCH ARE THEY?

>> $25 MILLION. CHRISTINA:

WE'VE PLAYED A FUN GAME CALLED KEN MATT MILLER FIT IN THE

FANCY CAR. DO YOU THINK MATT MILLER CAN

FIT IN THE FANCY CAR?

>> YES.

MATT: NOT EVERYBODY HAS THE LOGO TATTOOED ON THEIR HEADS.

I'M TRYING TO VISIT EVERY CAR THAT HAS A STICK SHIFT.

IN THIS ENTIRE SHOW, WE HAD THREE.

THE NISSAN Z, THE MUSTANG AND THE SUBARU BRZ.

CHRISTINA: WE ARE NEVER GETTING OUT OF

HERE. MATT: THE HYUNDAI BOULDER. THAT IS SO COOL.

CHRISTINA: IT'S TOO BIG FOR ME. TOO MUCH BACKEND. MATT:

I LIKE A LOT OF JUNK IN THE TRUNK.

CHRISTINA, I WANT TO SHOW YOU ONE THING ON THIS.

WEEKLY LOOK AT THIS MERCEDES OVER HERE.

IF I HAD THE MONEY, THIS IS ONE OF MY FAVORITE SPORTS CARS.

THE GT 63 COUPE. CHRISTINA: $181,000.

IN COMPARISON TO THE OTHER CARS, THIS IS A BARGAIN.

WHAT'S THIS? MATT: THE IONIC FIVE.

IT'S A PERFORMANCE VERSION. YOU KNOW WHAT'S COOL ABOUT THIS?

CHRISTINA: THE SEATS MOVE. MATT: I HATE ELECTRIC SEATS.

CHRISTINA: I LIKE THE BAR THAT SLIDES BACK.

MATT: EVERYBODY IS SHORTER THAN ME.

I HAVE TO USE THIS ELECTRIC THING AND IT TAKES FOREVER TO

MOVE IT BACK. WITH THE HANDLE, I CAN PULL UP

AND IT'S LIGHTER AND THERE'S NOTHING TO BREAK.

IT IS CHEAP TO REPAIR.

CHRISTINA: WHY DID I HAVE TO PUT MY

MICROPHONE BACK ON? MATT: IT'S AN INFAMOUS VEHICLE.

IT WAS ENVIRONMENTALLY OFFENSIVE. WE WERE GOING GREEN.

BUT THEN DONALD TRUMP WON AND THEY WERE LIKE LET'S BRING BACK

THE HEMI AND THROW A SUPERCHARGER ON IT. CHRISTINA:

SO IT'S THE LEAST EFFICIENT, WORSE FOR THE ENVIRONMENT?

MATT: I DON'T KNOW IF IT'S THE WORST

BUT IT MAKES A LOT OF CARBON FOOTPRINT. CHRISTINA:

IT'S KIND OF FUN. MATT: IT'S THE MOST AMERICAN TRUCK

YOU COULD POSSIBLY GET. PEOPLE IN FRANCE ARE OFFENDED

BY THIS CAR. CHRISTINA: I DON'T EVEN KNOW WHAT TO DO

WITH THAT. GET OUT OF MY WAY. I WANT YOU TO FOCUS ON THE EXIT.

JUST LOOK ONLY AT THE EXIT. MATT:

THERE'S THE HEAVY DUTY VERSION, THE POWER WAGON.

IT'S THE HIGH OUTPUT VERSION.

CHRISTINA: GIVE ME YOUR MICROPHONE.

THANK YOU SO MUCH. DON'T STOP. STRAIGHT AHEAD.

KEEP GOING, MATT.

♪ HE'S NOT GOING TO MAKE IT. HE'S NOT GOING TO MAKE IT. GO.

[LAUGHTER] THAT WAS NOT A STICK, THAT WAS

THE SECOND TIME WE TRIED TO LEAVE.

WE HAD TAKEN OFF OUR MIKE'S AND HE WAS LIKE GUYS, WE HAVE TO

TALK ABOUT THE HEMI. HE'S LIKE A KID IN A CANDY

STORE. THIS IS HIS THING. TIM: BEING ABLE TO GO WITH MATT

MILLER IS SUCH AN EXPERIENCE THAT THEY SHOULD AUCTION IT OFF

FOR CHARITY.

CHRISTINA: I ASKED HIM ABOUT IT LATER AND

HE WAS TRYING TO EXPLAIN TO HIS WIFE WHY HE NEEDED A HEMI AND

MATT WAS GOING TO BACK HIM UP AND HE DECIDED HE SHOULD MOVE

ON. TIM: THE AVERAGE COST OF A CAR IS

ABOUT $55,000. THE EXPEDITION WAS CLOSE TO

$95,000. A LOT OF THEM ARE STICK SHIFT.

CHRISTINA: THERE WERE THREE CARS IN THE

ENTIRE AUTO SHOW YOU COULD GET WITH A STICK.

IF YOU WANT MORE MATT MILLER, AND WE ALL DO, TUNE INTO HIS

HOT PURSUIT PODCAST. TIM: WE TALKED ABOUT THE RISING

PRICE OF OIL. UP NEXT, HOW AIRLINES ARE

RESPONDING. THAT IS COMING UP NEXT ON

BLOOMBERG THIS WEEKEND. CHRISTINA:

WATCH US, STREAM US OR LISTEN TO US ON THE RADIO.

WE WILL BE BACK IN JUST A SECOND. ♪

CHRISTINA: WELCOME BACK TO BLOOMBERG THIS

WEEKEND. I AM CHRISTINA RUFFINI. TIM: AND I AM TIM STENOVEC.

CHRISTINA: IT IS SO EXPENSIVE AND I HATE

FLYING AND I'M TOO CHEAP TO DO IT.

AS MUCH AS I TRAVEL, I'VE BEEN TO 50 PLUS COUNTRIES, I HATE

FLYING. TIM: WE ARE GOING TO HAVE TO WORK ON

THAT. I FEEL LIKE THERE IS A LOT OF

TRAVEL IN YOUR FUTURE. CHRISTINA:

I WANT TO UPGRADE BUT IT'S TOO EXPENSIVE TO DO THAT. TIM:

WE ARE BRINGING KATIE IN. WE ARE TALKING ABOUT NOT JUST

RISING ENERGY PRICES BUT WHAT AIRLINES ARE DOING AS A RESULT

OF THESE RISING ENERGY PRICES. WE HEARD FROM JETBLUE AND DELTA.

THEY ARE NOT JUST RAISING TICKET PRICES TO DEAL WITH THIS

BUT RAISING BAG FEES TO DO WITH THIS. -- DEAL WITH THIS.

AIRLINE TICKETS ARE SO DYNAMIC TO BEGIN WITH.

WHY ARE THEY RAISING FEES?

>> TWO THINGS CAN BE TRUE AT ONCE.

THE PRICE OF AIRFARE CAN RISE BUT THAT DOES NOT MEAN THAT IS

WORKING FOR AIRLINES. AIRLINES ARE FEELING THE

PRESSURE FROM THIS ADDITIONAL COST AND THEY ARE LOOKING FOR

WAYS TO PROTECT THEIR MARGINS. THEY ARE LOOKING TO BE CREATIVE.

ONE OF SUCH WAYS IS LOOKING AT BAG FEES.

IT IS A WIN-WIN FOR THE AIRLINES IN THIS STAGE.

BECAUSE YES, THEY ARE GETTING EXTRA REVENUE FROM THESE BAG

FEES BUT THEY ARE ALSO NOT SUBJECT TO A TAX THEY PUT ON

BASE FARES THAT THEY ARE SUBJECT TO.

THAT'S MORE MONEY IN THE POCKET, AS WELL AS THEY HAVE

THIS FRAMING AND JUSTIFICATION OF HIGHER JET FUEL PRICES AND

THEY CAN ALWAYS PUSH BACK AND SAY YOU DON'T HAVE TO CHECK A

BAG, EVEN THOUGH THE PRICES HAVE RISEN. BUT, DO TRAVELERS

-- CAN THEY DECIDE NOT TO CHECK A BAG? WE ASK THAT QUESTION FOR

FAMILIES WHO ARE HAVING THE PRESSURE OF HAVING OR NEEDING

TO CHECK A BAG. IT'S A WIN-WIN FOR AIRLINES AND

A LOSE-LOSE FOR TRAVELERS, ESPECIALLY WHEN BASE PAIRS HAVE

INCREASED.

INTERNATIONAL FARES ARE UP 7.5%. UNFORTUNATELY, THIS SUMMER

SPECIFICALLY, IS REALLY GOING TO BE CHALLENGING FOR THE

COST-CONSCIOUS TRAVELER. CHRISTINA:

I'M GETTING MAD AT DAVID GURA, WHO IS TAKING HIS VACATION NOW

AND SMARTLY PLANNED WHILE I WAITED UNTIL THE END OF SUMMER.

MY CONCERN IS WHEN WE SEE INDUSTRIES RAISE THESE PRICES,

THEY DON'T TEND TO GO BACK DOWN. CONSUMERS GET USED TO IT.

DO YOU THINK THESE INCREASED BAG FEES WILL STAY AT THIS

LEVEL?

>> I REALLY HOPE I'M WRONG BUT I AM NOT A BETTING WOMAN.

BUT I WOULD BET THAT THESE FEES ARE HERE TO STAY.

THEY ARE PRETTY STICKY. HISTORICALLY, WE HAVE SEEN BAG

FEES RISEN EVERY FEW YEARS. AND IT'S LIKELY THAT THIS WAS

IN AIRLINES PLAYBOOK ALL ALONG. BUT, WE HAVE THIS PERFECT TIME

FRAME NOW TO RAISE FEES AND HAVE A JUSTIFICATION TO DO SO.

AS WELL AS JETBLUE STARTED THE TREND AND UNITED JOINED.

IF ONE AIRLINE DOES IT, IT'S A GREEN LIGHT FOR EVERYBODY ELSE.

AND UNFORTUNATELY AGAIN, TRAVELERS ARE LOOKING AT THIS

TO BE THE NEW NORM. TIM: IS IT A WAY TO GET US TO BUY

THE MORE EXPENSIVE TIER OF TICKET TOO?

IF YOU LOOK AT IT FROM THE PERSPECTIVE OF THESE AIRLINES,

THEY HAVE DIFFERENT TIERS OF SERVICE.

EVEN THE BIG THREE HAVE THESE BASIC ECONOMY FARES TO COMPETE

WITH COST CARRIERS. IF YOU ARE IN BASIC ECONOMY,

MAYBE YOU DON'T GET TO CHOOSE A SEAT OR CHECK A BAG, YOU HAVE

TO PAY TO CHECK A BAG BUT IF YOU GET ONE TIER HIGHER, YOU

CAN GET SOME OF THOSE THINGS AND MAYBE THOSE MARGINS ARE

BETTER?

>> IT'S UNFORTUNATELY FEELING LIKE YOU ARE BEING PUNISHED FOR

JUST TRYING TO GET A BASE FARE. WE CALL IT BASIC ECONOMY, JUST

THE BASE FARE. IT'S BASICALLY JUST A SEAT AT

THIS POINT. WE WANT TRAVELERS NOT TO FEEL

LIKE THERE ARE NO OPTIONS BECAUSE ACTUALLY THERE ARE

OPTIONS WHEN YOU DO BUY UP. YOU ARE GIVING YOURSELF THE

FLEXIBILITY OF TAKING ADVANTAGE OF PRICE DROPS WHEN AND IF THEY

OCCUR. THAT IS ONE TIP WE WOULD IMPART

ON ANYBODY THAT IS LOOKING TO FLY IN THE NEAR FUTURE WHO IS

WORRIED ABOUT COSTS. WHEN YOU BOOK THE MAIN ECONOMY

FARE, YOU HAVE THE FLEXIBILITY TO TAKE ADVANTAGE OF A

NOTIFICATION WHEN IT COMES IN. WHATEVER TRACKING YOU HAVE,

THEY REPRICE YOU AND THEN YOU GET A CREDIT FOR THE DIFFERENCE

SO YOU NEVER ARE ACTUALLY LOSING OUT WHEN YOU BOOK THE

HIGHER FARE CLASS. HOWEVER YES, IT IS A MORE

EXPENSIVE TICKET ON THE UPFRONT. CHRISTINA:

IT'S NOT JUST FLIGHTS, IT'S IMPACTING CRUISES AS WELL.

THAT'S THE FAMILY BARGAIN-BASEMENT TRAVEL.

SO MANY PEOPLE SAY THEY ARE NOT CRUISE PEOPLE AND THEN THEY

HAVE TO DO A VACATION. THEY WENT ON A CRUISE AND SAID

IT WAS PERFECT BUT IT WAS AFFORDABLE.

>> CRUISES, ALWAYS A FAMILY FAVORITE BECAUSE YOU KNOW WHAT

YOUR BOTTOM LINE COST IS GOING TO BE.

HOWEVER, WRITTEN INTO CRUISE CONTRACTS IS A LITTLE

STIPULATIONS SURROUNDING THAT THERE MAY BE FEES AFTER THE

FACT, EVEN AFTER YOU PAY. IT VARIES ACROSS CRUISE LINES

BUT THAT IS SOMETHING TRAVELERS REALLY NEED TO BE AWARE OF.

AND UNFORTUNATELY AGAIN, IT'S LOOKING TO BE A CHALLENGE FOR

COST-CONSCIOUS TRAVELERS. TIM:

IS THERE A BEST TIME TO BUY AN AIRLINE TICKET?

A BEST DAY OF THE WEEK TO DO IT OR HAVE THEY GOTTEN SO SMART?

SHE'S JUST SHAKING HER HEAD.

>> COMPLETE MYTH THAT 2:00 P.M. ON A TUESDAY IS THE BEST TIME.

YOUR BOOKING WINDOW OF HOW AHEAD OF YOUR FLIGHT THAT YOU

BOOK IS THE BEST STRATEGY YOU CAN IMPORTANT.

DON'T WAIT UNTIL THE LAST MINUTE BUT DON'T HOOK SUPER

EARLY. SOMEWHERE IN THE MIDDLE.

CHRISTINA: ARE YOU ON A TRIP?

>> I BOOKED A TRIP TO SEOUL, SOUTH KOREA. $459, ROUND-TRIP.

CHRISTINA: THANK YOU SO MUCH FOR JOINING

US. HAVE AN EXCELLENT TRIP. WE ARE COMING UP ON 9:00 A.M.

IN NEW YORK. WE HAVE SERIOUS NEWS TRACKING

NEGOTIATIONS IN PAKISTAN AND THE NEXT HOUR OF BLOOMBERG THIS

WEEK AND STARTS RIGHT NOW.

CHRISTINA: COMING UP ON BLOOMBERG "THIS

WEEKEND."

SIX WEEKS INTO THE WAR WITH IRAN VICE PRESIDENT JD VANCE

ARRIVES IN PAKISTAN FOR ROUND OF NEGOTIATIONS.

WHAT IS ON THE LINE AS PRESIDENT TRUMP UPS THE

PRESSURE TO REOPEN THE STRAIT OF HORMUZ. PRES. TRUMP:

THEY ARE MILITARILY DEFEATED AND NOW WE ARE GOING TO OPEN UP

THE GULF, WITH OR WITHOUT THEM.

>> A NEW CHAPTER IN THE EXPLORATION OF OUR CELESTIAL

NEIGHBOR IS COMPLETE. TIM:

NASA'S 10-DAY ARTEMIS II MISSION ENDS WITH A SPLASHDOWN

IN THE PACIFIC OCEAN. ASTRONAUTS MAKING HISTORY AND

PAVING THE WAY FOR THE FUTURE OF SPACE EXPLORATION. CHRISTINA:

AND, FINDING PURPOSE. ARTHUR BROOKS ON THE SCIENCE OF

HAPPINESS AND THE ONE THING WE CAN ALL DO TO STAY POSITIVE.

>> YOU CANNOT FOOL YOUR BRAIN. YOU CAN SIMULATE ALL KINDS OF

EXPERIENCES BUT YOU CANNOT SIMULATE THE MEANING OF LIFE.

♪ CHRISTINA: WELCOME BACK TO BLOOMBERG "THIS

WEEKEND." COMING AT YOU LIVE FROM NEW

YORK, I'M CHRISTINA RUFFINI. TIM:

AND I'M TIM STENOVEC, IN FOR DAVID GURA, ALONG WITH LISA

MATEO. WE ARE GOING TO HEAD TO

PAKISTAN TO GET THE LATEST ON THESE NEGOTIATIONS BETWEEN THE

U.S. AND IRAN. CHRISTINA: WE WILL HAVE SOME LIVE REPORTS

ON THE GROUND, BUT FIRST WE WANT TO GET TO LISA MATEO FOR

THE HEADLINES. LISA:

NEGOTIATIONS HAVE BEGUN IN PAKISTAN.

ICE PRESIDENT JD VANCE TOUCHED DOWN IN ISLAMABAD TODAY.

HE WAS GREETED BY PAKISTANI OFFICIALS.

HE LATER MET WITH PAKISTAN'S PRIME MINISTER.

STEVE WITKOFF IS THERE, ALONG WITH JARED KUSHNER.

IT IS NOT CLEAR HOW LONG THOSE TALKS WILL GO ON.

YESTERDAY OUTSIDE OF AIR FORCE TWO THE PRESIDENT SAID HE WAS

LOOKING FOR TO NEGOTIATIONS. VICE PRES. VANCE:

AS THE PRESIDENT SAID, IF THE IRANIANS ARE WILLING TO

NEGOTIATE IN GOOD FAITH WE ARE WILLING TO EXTEND THE OPEN HAND.

IF THEY ARE TRYING TO PLAY AS THEY ARE GOING TO FIND THE

NEGOTIATING TEAM IS NOT THAT RECEPTIVE. LISA:

YESTERDAY PRESIDENT TRUMP SAID HE HAS FAITH IN VANCE.

PRES. TRUMP: I'M GOING TO FIND OUT WHAT IS

GOING ON. THEY ARE MILITARILY DEFEATED

AND NOW WE ARE GOING TO OPEN UP THE GULF, WITH OR WITHOUT THEM.

THAT WILL BE OPEN. THE STRAIT, AS THEY CALL IT.

LISA: TWO CHINESE SUPERTANKERS APPEAR

TO BE TRANSITING THE STATE OF HORMUZ AFTER A GREEK VESSEL

MOVED THROUGH THE WATERWAY, BUT SHIPPING REMAINS SEVERELY

DISRUPTED. ISRAEL CONTINUES TO EXCHANGE

FIRE WITH HEZBOLLAH DURING ITS INVASION OF HEZBOLLAH.

NASA'S ARTEMIS CREW IS BACK ON EARTH AFTER SPLASHING DOWN IN

THE PACIFIC OCEAN LAST NIGHT. THE 10-DAY MISSION HAD TO SEND

THE ASTRONAUTS AROUND THE WORLD AND BROKE HUMANS PLACE FLIGHT

-- SPACEFLIGHT DISTANCE RECORDS. NASA HOPES TO LAND ON THE MOON

AS SOON AS 2028.

JARED ISAACMAN SAID IT IS A HUGE MOMENT FOR EVERYBODY.

>> SENDING ASTRONAUTS TO THE MOON, BRINGING THEM BACK SAFETY

-- SAFELY, THIS IS NOT A ONCE-IN-A-LIFETIME -- WOULD YOU

HEAR SOMETIMES AROUND HERE. NO IT'S NOT.

THIS IS JUST THE BEGINNING. LISA:

ON SOCIAL MEDIA PRESIDENT TRUMP SAYS HE LOOKS FORWARD TO SEEING

THE ASTRONAUTS AT THE WHITE HOUSE, ADDING THAT "NEXT STEP,

MARS." ROUND THREE OF THE MASTERS

CONTINUES AT AUGUSTA NATIONAL.

RORY MCILROY STANDS AT 12 UNDER PAR. FOLLOWED BY SAM BURNS AND

PATRICK READ. TIMES BEGIN ABOUT A HALF HOUR

FROM NOW. RORY MCILROY TEES OFF AT 2:50

THIS AFTERNOON. CHRISTINA:

TIM, AS YOU KNOW WITH ANY OF THESE NEGOTIATIONS, IT CAN BE

HARD TO KNOW WHAT IS GOING ON AS IT IS HAPPENING.

THAT IS WHY WE HAVE A WHOLE TEAM THERE.

THERE ARE SOME REPORTS COMING IN FROM IRANIAN STATE MEDIA

THAT THE PIECE -- PEACE TALKS HAVE STARTED.

AXIOS IS REPORTING SEVERAL U.S. NAVY SHIPS HAVE CROSSED THE

STRAIT OF HORMUZ TODAY. WE WANT TO GO BACK TO ISLAMABAD

TO JOIN BUREAU CHIEF FASEEH MANGI.

ARE THESE TWO TALKING TO EACH OTHER?

HAVE THEY DELIVERED TALKING POINTS?

ARE THEY IN THE SAME ROOM? WHAT DO WE KNOW? FASEEH:

THANK YOU SO MUCH.

WHAT WE KNOW FOR NOW IS THAT THE PAKISTAN PRIME MINISTER HAS

HAD DISCUSSIONS SEPARATELY WITH BOTH JD VANCE AND THE IRANIAN

DELEGATION. NOW WE ARE HEARING FROM IRANIAN

MEDIA THAT TALKS HAVE BEGUN BETWEEN THE TWO COUNTRIES AFTER

SIX WEEKS OF CONFLICT. SO, THAT IS A POSITIVE SIGN, I

WOULD SAY. TIM: NO QUESTION THAT IS A POSITIVE

SIGN, BUT TO CHRISTINA'S POINT, WHAT DOES PROGRESS LOOK LIKE

HERE? WHAT COULD THE U.S. WALK AWAY WITH AND IRAN WALK

AWAY WITH AT THE END OF THIS NEGOTIATION TO SAY, AS ARE

MOVING IN THE RIGHT DIRECTION? -- THINGS ARE MOVING IN THE

RIGHT DIRECTION? FASEEH: WHAT WE ARE UNDERSTANDING FROM

PAKISTANI OFFICIALS IS, PAKISTANI OFFICIALS ARE VERY

OPTIMISTIC ABOUT A PEACE DEAL BEING AGREED ON IN ISLAMABAD.

THAT IS THE LATEST WE HAVE FROM THE PAKISTANI OFFICIALS, THAT

THEY ARE VERY OPTIMISTIC THAT A PEACE DEAL WILL BE ACHIEVED.

AND ANOTHER THING TO POINT OUT IS, THIS IS IN ITSELF A

INFORMATICS WHO FOR PAKISTAN, FOR HOLDING THESE TALKS.

A VICE PRESIDENT FOR THE UNITED STATES IS VISITING -- FOR THE

FIRST TIME IN A DECADE. IT IS A VERY HIGH-LEVEL VISIT.

PAKISTAN HAS TURNED INTO A COUNTRY THAT HAS THE TRUST OF

ALL SIDES OVER HERE. IT HAS BEEN QUITE NEUTRAL.

IT DOESN'T HAVE AN AMERICAN BASE OVER HERE.

IRANIANS ARE QUITE OK WITH IT. THE AMERICANS, WE HAVE HAD

GROWING RELATIONS WITH THEM OVER THE PAST YEAR.

OTHER THAN THAT WE HAVE THE CONFIDENCE OF CHINA, THE GULF

COUNTRIES, AND THINGS LOOK GOOD MOVING FORWARD. CHRISTINA:

I'M GOING TO WAIT UNTIL THAT LOUD MOTOR PASSES BEHIND YOU.

IF YOU HEARD ANY INDICATION FROM THE HOST COUNTRY, FROM

PAKISTAN, IF THEY ARE WILLING TO FACILITATE THIS FOR LONGER

THAN THAT DAY? IF IT SEEMS LIKE TALKS ARE

PROGRESSING? IS PAKISTAN IN IT FOR THE LONG

HAUL IF THESE TWO ARE COMMUNICATING WITH EACH OTHER?

FASEEH: YES. PAKISTAN IS ON BOARD TO

FACILITATE TALKS AS LONG AS NEEDED.

BUT THE ISLAMABAD TALKS, AS WE UNDERSTAND, WILL LAST ONE DAY

OR TWO DAYS AT THE MAXIMUM. AFTER THAT THERE WILL BE A

STATEMENT, THERE WILL BE AN ANNOUNCEMENT OF WHAT HAS BEEN

ACHIEVED OR WHAT PROGRESS HAS BEEN MADE IN THESE TWO DAYS.

CHRISTINA: FASEEH MANGI, THANK YOU SO MUCH

FOR JOINING US. I HOPE YOU GET TO TAKE A BREAK

AT SOME POINT TODAY I'M A BUT WE APPRECIATE YOU SAYING --

STAYING ON THE STORY. TIM: A FORMER PAKISTANI AMBASSADOR

TO THE UNITED STATES ABOUT WHY PAKISTAN BECAME THE COUNTRY FOR

THESE PEACE TALKS.

>> THERE REALLY WASN'T ANY OTHER COUNTRY.

THE ARAB COUNTRIES WERE RULED OUT. OMAN HAD HAD THEIR FINGERS

BURNED, SO ALMON -- OMAN CANNOT EMERGE. DID NOT WANT TO.

THERE WAS ONLY PAKISTAN AND TURKEY I THINK PAKISTAN,

BECAUSE OF THE MISSILE FACTOR, TURKEY DIDN'T ENJOY THAT SORT

OF CLOSENESS WITH THE TRUMP ADMINISTRATION. TIM:

JOINING US NOW IS THE ATLANTIC STAFF WRITER VIVIAN SALMA.

I WANT TO START WITH YOU AND POSE THE SAME QUESTION TO YOU I

POSED JUST NOW IN ISLAMABAD. THAT IS ABOUT WHAT SUCCESS

LOOKS LIKE HERE AND WHAT WE CAN LOOK AT HERE IN THE U.S.

AND WHAT THE REST OF THE WORLD CAN LOOK AT AS MEANINGFUL

PROGRESS TOWARD THE END OF THIS WAR.

OVER THAT LOOK LIKE AFTER THESE NEGOTIATIONS?

>> IT DEPENDS WHO YOU ASK, RIGHT? U.S.

HAS A DIFFERENT DEFINITION OF WHAT SUCCESS LOOKS LIKE.

ALREADY GOING INTO THE TALKS DOES NOT GO THAT WELL.

THERE IS A LOT OF DAYLIGHT BETWEEN THEM ON A NUMBER OF

ISSUES, IN PARTICULAR ONE THAT WAS RAISED ABOUT WHETHER OR NOT

LEBANON, ISRAEL'S BOMBARDMENT OF LEBANON SHOULD BE INCLUDED

AS PART OF A CEASE-FIRE. THE U.S.

SAID THAT IS NOT THE CASE AND IRAN IS INSISTING.

WHETHER OR NOT THEY FIND SOME SORT OF AGREEMENT ON THAT.

LISA LEE THE BIG ONE IS THE STRAIT OF HORMUZ.

WHO CONTROLS IT. THERE ARE NOT THERE IS A TOLL.

HOW MANY SHIPS PASSING DAY. ALL OF THAT STUFF HAS BEEN

HAMMERED OUT IN A PRELIMINARY PROPOSAL FROM BOTH SIDES, BUT

THEY HAD NOT REACHED AN AGREEMENT LEADING UP TO THIS

MEETING. WANT TO HIGHLIGHT THAT THE FACT

THAT THE VICE PRESIDENT IS THERE, OBVIOUSLY VERY

SIGNIFICANT FOR SIMILAR

REASONS, BUT TYPICALLY WHEN YOU HAVE SOMEONE LIKE THE VICE

PRESIDENT OR PRESIDENT ATTENDING, EVERYTHING IS A DONE

DEAL AND THEY ARE JUST THERE TO GIVE THEIR BLESSINGS AND MOVE

ON. THAT IS NOT THE CASE HERE. THEY STILL HAVE A LOT OF

NEGOTIATING TO DO. THE POTENTIAL THAT THE VICE

PRESIDENT WALKS AWAY AND THERE IS STILL NO DEAL IS POSSIBLE,

BUT, YOU KNOW, HE OFFERED THAT CAUTIOUSLY OPTIMISTIC TONE.

THE PAKISTANIS ARE ALSO GIVING US CAUTIOUSLY OPTIMISTIC

FEEDBACK. WE WILL SEE HOW IT GOES.

TWO DAYS IS NOT A LOT OF TIME, GIVEN THE DIFFERENCES THEY HAVE

WALKING INTO THIS NEGOTIATION TODAY. CHRISTINA:

AND ESPECIALLY AS THERE HAVE NOT BEEN ANY WORKING MEETINGS

WORKING UP TO THIS. NORMALLY THE VICE PRESIDENT

ROLLS IN WHEN EVERYTHING IS BASICALLY DONE BUT NOT

ANNOUNCED TODAY AND SAY, LOOK, WE HAVE THIS GREAT DEAL.

ONE OF THE THINGS THAT SEEMS LIKE IT SHOULD HAVE BEEN TALKED

ABOUT BEFORE THESE WERE ANNOUNCED AND HAS BEEN A BIT OF

A SCRAMBLE IS ISRAEL AND THE LEBANESE FRONT.

WHERE DO WE STAND ON THAT? HOW HAVE THOSE TALKS BEEN GOING?

HOW MUCH COMMUNICATION AND PRESSURE HAS THE WHITE HOUSE

BEEN PUTTING ON THE ISRAELIS TO SCALE THAT BACKS OF THESE TALKS

CAN GO FORWARD? ETHAN: LIKE EVERYTHING ELSE IN THIS

CONFLICT, THIS HAS BEEN A MASSIVE MESS AND A VERY

DIFFICULT TO SORT OUT WHAT EXACTLY WAS SAID AND AGREED.

BUT WHAT WE UNDERSTAND IS THAT WHEN THE PRESIDENT ANNOUNCED

THE CEASE-FIRE AND TOLD PRIME MINISTER NETANYAHU ABOUT IT

ISRAELIS SAID THIS CANNOT INCLUDE LEBANON.

AND SOMEHOW IT SEEMS THE AMERICANS SAID, THAT'S RIGHT,

IT CAN'T, EVEN THOUGH THE PAKISTANIS AND IRANIANS THOUGHT

IT DID. THE NEXT DAY ISRAEL CARRIED OUT

ONE OF ITS VERY BIGGEST ATTACKS IN SOUTHERN LEBANON AND BEIRUT

IN A COUPLE OF YEARS. AT WHICH POINT PRESIDENT TRUMP

APPARENTLY DID SAY -- HE TOLD THEM, PLEASE HOLD BACK ON THAT.

I THINK LOW-KEY WAS HIS PHRASE. AND THEN THE ISRAELIS AGREED TO

AN OFFER FROM THE LEBANESE GOVERNMENT TO HOLD NEGOTIATIONS

BEGINNING ON TUESDAY IN WASHINGTON, AIMED AT, IN

THEORY, SOME KIND OF PEACE DEAL, AS WELL AS SOME KIND OF

RELATIONSHIP BETWEEN THE TWO COUNTRIES, WHICH DOESN'T EXIST.

THAT IS BECAUSE THE CURRENT LEBANESE GOVERNMENT, LIKE THE

UNITED STATES AND ISRAEL, WANTS TO SEE HEZBOLLAH DISARMED AND

DEFANGED. IT IS JUST NOT CAPABLE OF DOING

SO. ISRAEL HAS THEREFORE BEEN DOING

IT ON HIS OWN -- ITS OWN. THAT HAS CAUSED SUFFERING AND

THE QUESTION IS, IS THERE SOME OTHER WAY FOR THIS TO HAPPEN?

TIM: I'M WONDERING ABOUT THE URANIUM

ENRICHMENT AND THIS BEING A POINT. CHRISTINA:

I THINK A LOT OF US ARE WONDERING ABOUT THAT. TIM:

THIS HAS BEEN AN ISSUE BETWEEN THE UNITED STATES AND IRAN AND

THE REST OF THE WORLD FOR MANY YEARS.

AND I'M WONDERING IF IRAN STILL THINKS IT HAS THE RIGHT TO

ENRICH URANIUM? THE UNITED STATES DOES NOT

THINK IT HAS THE RIGHT. I DID THESE TWO COME TO AN

AGREEMENT ON THAT? ETHAN: EXACTLY.

THAT IS WHY YOU -- EVERY TIME YOU HAVE ASKED EVERYONE HOW

COULD THIS SUCCEED EVERYONE IS GOING, WELL.

THAT IS A GREAT QUESTION BECAUSE THIS HAS BEEN THE CORE

ISSUE FOR ISRAEL AND THE UNITED STATES AND OTHERS, WHICH IS THE

CONCERN THAT THIS IS NOT A CIVILIAN PROGRAM, THAT IRAN IS

WORKING ITS WAY TOWARD BUILDING A NUCLEAR WEAPON.

WITH THE AIM OF USING IT PERHAPS ON ISRAEL OR SOMEWHERE

ELSE AS PART OF A POWER GRAB. NOW, THE IRANIANS SAY THIS IS

NOT TRUE, BUT THEY DID COME OF COURSE, ENRICH A BUNCH OF

URANIUM, SOME 450 KILOGRAMS, TO 60%, WHICH IS JUST SHY OF

WEAPONS GRADE. THERE IS ENORMOUS CONCERN ABOUT

THIS. I DON'T KNOW WHAT TO TELL YOU.

IN THEORY A SUCCESS, AS YOU ASK HOW IT COULD BE DEFINED HERE?

IN THEORY MAY BE THAT 440 KILOGRAMS GETS PUT ASIDE

SOMEWHERE IN SAFEKEEPING AND THERE IS SOME VERY LOW

PERCENTAGE THEY ARE ALLOWED TO CONTINUE WITH.

I THINK FROM ISRAEL'S PERSPECTIVE THAT WOULD STILL

NOT BE A SUCCESS. BUT IT MIGHT BE FOR THE UNITED

STATES AND IT MIGHT BE FOR MOST PEOPLE OBSERVING.

I THINK ONE OF THE PROBLEMS IS, WHAT WAS THE DANGER THAT IRAN

POSED TO THE UNITED STATES, TO THE WORLD, TO THE REGION BEFORE

THIS WAR? THERE IS DISAGREEMENT ABOUT

THAT. ISRAEL HAS A STRONG VIEW, HELD

BY PRESIDENT TRUMP AS WELL, THAT THEY WERE OPPOSING AN

IMMINENT DANGER. THAT THEY HAD DEEPLY AGGRESSIVE

DESIGNS. I DON'T THINK MOST PEOPLE HAVE

BEEN PERSUADED OF THAT. THAT DOESN'T MAKE IT NOT TRUE,

BUT WAS NOT SOLD TO THE AMERICAN PUBLIC, THAT IS FOR

SURE. CHRISTINA: NOT TO SAY THAT IT DIDN'T POSE

A THREAT, BUT EVERY EXPERT WE HAVE SPOKEN TO SAID THAT IRAN'S

BREAKOUT TIME HAD NOT CHANGED SIGNIFICANTLY FROM WHEN THE

U.S.-MADE THESE ATTACKS ON THEIR NUCLEAR SITES LAST SUMMER.

TIM: THAT'S EXACTLY WHAT I WAS GOING

TO SAY. ETHAN: THE ARGUMENT WAS NOT SO MUCH

THE BREAKOUT TIME HAD CHANGED. IT WAS ABOUT -- IT WAS THEY

WERE ABOUT TO BURY THEM IN AN UNDERGROUND AREA WHERE IT WOULD

NOT BE GETTABLE BY B-52S. I DON'T KNOW IF IT IS TRUE BUT

IT IS WHAT PRESIDENT TRUMP AND THE ISRAELIS ASSERTED.

CHRISTINA: IT IS A GOOD CLARIFICATION, BUT

IT ALSO COUNTERACT'S THE PRESIDENT'S ASSERTION THAT

THOSE PROGRAMS WERE OBLITERATED. WE ALSO HAVE SOME TRUE

SOCIALING BY THE PRESIDENT WHILE WE ARE ON AIR.

AFTER GOING ON A BIT ABOUT THE FAKE NEWS MEDIA, THE PRESIDENT

SAYS, "WE ARE NOW STARTING THE PROCESS OF CLEARING OUT THE

STRAIT OF HORMUZ AS A FAVOR TO COUNTRIES ALL OVER THE WORLD,

INCLUDING CHINA, JAPAN, SOUTH KOREA, FRANCE, GERMANY, AND

MANY OTHERS.

INCREDIBLY, THEY DON'T HAVE SANKEY WAS GOING TO GET HELP

AND NOW APPARENTLY THE U.S. IS GOING TO DO IT THEMSELVES.

DOING WE KNOW THIS MEANS? VIVIAN:

NO, THIS JUST CAME OUT AND OFTEN TIMES WE HAVE TO GO BACK

TO THE WHITE HOUSE FOR CLARITY ON WHAT THE PRESIDENT IS

TALKING ABOUT. HE'S ON HIS WAY TO THE GOLF

COURSE. THAT COINCIDES WITH THAT TIMING.

HE HAS BEEN EXPRESSING DEEP FRUSTRATION WITH NATO IN

PARTICULAR AND OTHER ALLIES, JAPAN AND OTHERS, ON THEIR

HESITANCE TO GET INVOLVED IN THE WAR.

SECRETARY GENERAL -- THE NATO SECRETARY-GENERAL WAS AT THE

WHITE HOUSE THIS WEEK TRYING TO EASE THE TENSION.

HE SAID THE PRESIDENT IS CLEARLY VERY FRUSTRATED WITH

NATO BECAUSE OF ITS REFUSAL TO GET MORE INVOLVED IN HELPING TO

SECURE THE SAFE PASSAGE THROUGH THE STRAIT.

THE PRESIDENT DID NOT THREATEN TO LEAVE NATO.

HE HAS NOT GONE OFF THE LEDGE ON THAT YET.

HE'S DEEPLY FRUSTRATED AND BELIEVES THE U.S. DOES MORE.

HE CONSTANTLY CITES UKRAINE AS AN EXAMPLE.

MORE FOR EUROPE THAN FOR HIM. HE GOES BACK AND FORTH BETWEEN

SAY THE U.S. WAS IN A TIME OF NEED AND HE

INSISTS ALSO THE U.S. NEEDS NO HELP AT ALL IN THE U.S.

DID A SUPERIOR JOB ON ITS OWN. IT IS HARD TO TELL WHERE HE

STANDS IN THAT REGARD BUT HE'S DEFINITELY FRUSTRATED.

THE THING IS THAT, YOU KNOW, MARK RUTA SAID HE ACKNOWLEDGES

THAT NATO HAS AN ULTIMATUM HERE TO DO MORE STRAIT WITH THE --

TO DO MORE WITH THE STRAIT BECAUSE IT IMPACTS THE GLOBAL

ECONOMY IN EUROPE IS NOT ISOLATED FROM THAT.

IT REMAINS TO BE SEEN WHETHER OR NOT NATO TRIES TO

COLLECTIVELY INVOLVE ITSELF MORE, AT LEAST IN OPERATIONS TO

GET TRAFFIC THROUGH THE STRAIT. FRANCE AND THE HAVE SPEARHEADED

SOME EFFORTS AND TALKS TO SEE WHAT CAN BE DONE -- FRANCE AND

THE U.K. IT WILL BE TELLING ON THAT

FRONT. CHRISTINA:

VIVIAN SALAMA, I AM SAD WE ARE NOT IN PAKISTAN WAITING FOR

PEOPLE TO TALK TO US. ETHAN BRONNER JOINING US FROM

TEL AVIV. THANK YOU SO MUCH. YOU CAN COME HANG OUT IN

HALLWAYS WITH ME AND VIV. TIM: I WILL BE HERE ON SET.

CHRISTINA: I STOLE THE GOOD SEAT ON THE

HELICOPTER FROM HER. TIM:

YOU BETTER START TO ADJUST -- CHRISTINA:

MAKE MY PEACE WITH ECONOMY TRAVEL.

NASA PROMISES MORE TO COME NOW THAT FOUR ASTRONAUTS HAVE

SAFELY SPLASHED DOWN IN THE PACIFIC ON FRIDAY, HAVING

HUMANITY'S FIRST RETURN TO THE MOON AND MORE THAN 50 YEARS.

THAT IS STRAIGHT AHEAD ON "BLOOMBERG THIS WEEKEND."

STICK WITH US.

♪

LISA: LET'S UPDATE YOU ON TODAY'S TOP

STORIES. ERIC ADAMS HAS BEEN GRANTED

ALBANIAN CITIZENSHIP.

THE COUNTRY'S PRESIDENT SAYS HE RECEIVED THE CITIZENSHIP AT HIS

REQUEST. HE ONCE DESCRIBED HIMSELF AS AN INTERNATIONAL

MAYOR. HE LAST VISITED THE COUNTRY IN

OCTOBER AS PART OF SEVERAL INTERNATIONAL TRIPS TAKEN IN

HIS FINAL MONTHS IN OFFICE. SHAQUILLE O'NEAL IS MAKING

OTHER BUSINESS DEAL. HE'S PARTNERING WITH THE RETAIL

EXPERIENCE IN TIMES SQUARE CALLED TOMORROW.

HE SPOKE ABOUT IT ON BLOOMBERG'S "THE CLOSE."

>> I'VE ALWAYS BEEN INTO TECHNOLOGY.

THE BEAUTIFUL BOSS LADY HERE.

ROBOTS, DOG ROBOTS, HOLOGRAMS, HEADPHONES, GLASSES.

IT'S A BEAUTIFUL PLACE TO BE. IF YOU ARE EVER IN TIMES

SQUARE, YOU SHOULD DEFINITELY CHECK IT OUT. LISA:

HE SAID THE COMPANY IS LIKE SHARPER IMAGE ON PEPTIDES.

ROUND THREE OF THE MASTERS CONTINUES TODAY AT AUGUSTA

NATIONAL. RORY MCELROY'S AT 12 UNDER PAR,

FOLLOWED BY SAM BURNS, PATRICK REED. TEATIME BEGINS JUST A FEW

MINUTES -- TEE TIME BEGINS IN JUST A FEW MINUTES.

NASA SALUTING THE RETURN OF THOSE FOUR ASTRONAUTS TO EARTH.

THE ART OF HIS DOWN LAST NIGHT. IF HUMANITY'S FIRST RETURN TO

THE MOON AND MORE THAN 50 YEARS. CHRISTINA. CHRISTINA:

IT IS A WEEKEND AND THAT MEANS IT IS TIME TO TACKLE REALLY

SIMPLE QUESTIONS LIKE, WHAT IS THE MEANING OF LIFE AND HOW DO

WE FIND EXISTENTIAL HAPPINESS? LISA:

THOSE ARE LOADED QUESTIONS.

OUR NEXT GUEST IS A HEARTH OR DOES HARVARD PROFESSOR AND THE

AUTHOR OF A NEW BOOK. IT IS THE MEANING OF YOUR LIFE,

FINDING PURPOSE IN THE AGE OF EMPTINESS.

THAT IS A TOUGH ONE IN ITSELF. CHRISTINA:

AND ARTHUR JOINS US IN THE STUDIO. LISA:

YOU TALK TO A LOT OF PEOPLE.

IN THIS BOOK YOU UNCOVERED THIS SIMILAR THEME.

PEOPLE WHO FELT LIKE THEY WERE STUCK IN A SIMULATION.

THERE WAS A QUOTE. "LIFE FELT UNREAL, FULL OF

FALSE REWARDS, EMPTY ACCOMPLISHMENTS, THERAPEUTIC

TALK, FAKE EXPERIENCES, ALL CURATED TO PASS THE TIME AS

PAINLESSLY AS POSSIBLE." DOES LIFE FEEL LIKE THIS FOR SO

MANY PEOPLE? ARTHUR:

A LOT, ESPECIALLY YOUNG ADULTS. I TEACH YOUNG ADULTS AND A LOT

OF PEOPLE WHO WATCH US HERE ON BLOOMBERG WENT TO THE HARVARD

BUSINESS SCHOOL. THEY REMEMBER THEIR TIME AS ONE

OF REAL LIFE AND REAL RELATIONSHIPS.

A LOT OF STUDENTS TODAY ARE NOT HAVING THAT EXPERIENCE.

THEIR LIVES ARE MEDIATED BY TECHNOLOGY.

WHEN YOU PUT TECHNOLOGY BETWEEN YOU AND THE REST OF THE WORLD,

WHAT HAPPENS IS YOU GET A SIMULATED LIFE.

WHAT I SHOW IN THE BOOK AND RESEARCH IS THAT SIMULATION --

YOU LOOK AT YOUR PHONE AND YOU SCROLL AND YOU EAT BREAKFAST.

YOU GO TO WORK ON ZOOM. YOU DATE ONLINE.

YOU GAME AFTER WORK. YOU LOSE THE SENSE OF REAL LIFE.

IT CHANGES THE FUNCTIONING OF YOUR BRAIN AND YOU LOSE THE

MOST IMPORTANT THING IN LIFE, WHICH IS THE UNDERSTANDING AND

THE MEANING OF YOUR LIFE. I TALKED ABOUT THE SCIENCE

BEHIND THAT AND HOW YOU CAN FIX IT. CHRISTINA:

IS IT THAT THEY ARE HOLDING THEMSELVES OF THE FALSE IDEALS

ONLINE?

THAT THEY ARE DULLING THEIR ABILITY TO INTERACT BECAUSE

THEY ARE USED TO SEEING IT THROUGH A SCREEN? ARTHUR:

IT IS ALL OF THE ABOVE. WHEN YOU HAVE A REAL LIFE

EXPERIENCE, COMPLEX EMOTIONS IF YOU HAVE WITH OTHER PEOPLE, YOU

ARE USING THE RIGHT HEMISPHERE OF YOUR BRAIN, THE WHY SIDE,

THE MEANING SIDE OF YOUR BRAIN. TECHNOLOGY USES THE LEFT SIDE,

THE ENGINEERING SIDE OF YOUR BRAIN.

YOU CAN'T FOOL YOUR BRAIN. YOU CAN SIMULATE A LOT AND