Jack Lew, former US Treasury Secretary, joins Scarlet Fu and Tom Keene on “Bloomberg Money.” Projections in the latest annual Social Security Trustees says there could be severe shortfalls in funding by 2032. Lew says that’s unacceptable and government can’t wait to fix the problems.
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“Balance of Power: Late Edition” focuses on the intersection of politics and global business. On today’s show, Gary Gensler, former Chair of the Securities and Exchange Commission, says SpaceX’s blockbuster IPO is part of a new era of mega-IPOs, raising questions about valuation, governance and what future AI debuts could look like. Tommy Pigott, US State Department spokesperson, talks about the diplomatic progress between the US & Iran, and the expirations of key FISA surveillance tools. Jen Gavito, Senior Advisor at The Cohen Group, says there is “a long way to go” even if the US and Iran sign a memorandum of understanding.

Chapters:
00:00:00 – Balance of Power: Late Edition Starts
00:01:56 – Romaine Bostick and Ed Ludlow Discuss SpaceX Closing 19% Higher After Biggest IPO Ever
00:07:46 – Gary Gensler, Fmr. Chair of Securities and Exchange Commission, on Elon Musk Becomes World’s First Trillionaire, SpaceX IPO
00:17:35 – Courtney Subramanian on US Sees 80-85% Chance of Iran Deal Being Signed
00:20:20 – Tommy Pigott, US State Department Spokesperson, on US-Iran Talks and FISA
00:28:24 – Jen Gavito, Cohen Group SR. Advisor, Latest Talks on US-Iran Deal
00:34:59 – Bloomberg’s Annmarie Hordern Talks to Secretary of Energy Chris Wright on Oil, Strait of Hormuz
00:37:40 – Bloomberg’s Annmarie Hordern Talks to Chevron CEO Mike Wirth on Impact of US-Iran War
00:41:16 – Joe Mathieu Breaks Down the White House’s UFC Arena
00:44:37 – Political Panel Reacts to White House UFC Event, US-Iran Deal, SpaceX IPO
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US stocks and bonds extend their rally as G7 officials say the US and Iran are nearing a deal around the G7 meeting next week. SpaceX prepares for its public debut after making history with a $75 billion IPO. Laura Cooper of Nuveen discusses the market impact of the US and Iran coming closer to an agreement. Rebecca Walser of Walser Wealth Management looks ahead to the public debut of SpaceX.

Chapters:
00:00:00 – Bloomberg Brief
00:00:48 – Global Market Check
00:04:07 – First Look Movers
00:13:57 – Laura Cooper, Nuveen Head of Macro Credit
00:18:23 – Wall Street Week: Soaring Ticket Prices for World Cup Matches
00:23:29 – First Look Movers
00:28:48 – Rebecca Walser, Walser Wealth Management
00:34:47 – Trending on the Terminal
00:41:13 – What to Watch
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The European Central Bank raised interest rates for the first time in almost three years, concluding it can no longer ignore the upswing in inflation caused by the Iran war. The deposit rate was lifted to 2.25% from 2%. Bloomberg’s Oliver Crook reports from Frankfurt.
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Elon Musk said he only gave SpaceX a less than 10% chance of succeeding. He spoke from Starbase, Texas via livestream and addressed SpaceX employees.
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