Episode summary
Trump Calls on Allies to Seize Hormuz as Frustration Mounts | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 34 min · Hosts: Carol Massar, Tim Stenovec · Guests: Jennifer Welch, Peter Atwater, Loren Grush, Stew Leonard Jr.
Summary
Trump’s push for other countries to seize the Strait of Hormuz framed the day’s market discussion, with the hosts tying the war in Iran to falling oil prices, a rally in stocks, and speculation that the conflict may be nearing an exit. Jennifer Welch said the war is still live and intense, and argued that Tehran’s peace language still leaves major conditions unresolved, including demands the U.S. will not accept.
The conversation then widened to the economic fallout. Welch said Asian economies are more exposed to Middle East energy supply, while the U.S. is somewhat cushioned as a net energy producer, though higher gasoline prices are already hitting household income. Peter Atwater took an even darker view, arguing that the crisis will worsen an already fragile affordability picture, push food prices higher, and leave lower-income consumers feeling powerlessness rather than uncertainty.
The episode also looked at practical pricing pressure at the grocery level. Stu Leonard said he is holding prices where possible even as energy, chocolate, beef and produce costs rise, and he expects a temporary blip rather than a lasting surge. Later, Bloomberg’s space coverage shifted to NASA’s Artemis program, where Lauren Grush described the moon mission as both a technology test and a high-stakes effort to justify years of cost overruns and set up future Mars ambitions.
Key takeaways
- Jennifer Welch said the Iran war remains active, and Tehran’s peace offer still hinges on conditions the U.S. is unlikely to accept.
- Welch said the U.S. is somewhat cushioned as a net energy producer, but higher gasoline prices are already reducing household income.
- Peter Atwater argued the bigger risk is a prolonged cost-of-living shock that hits the bottom of the economy hardest and could worsen food insecurity.
- Atwater said he would not buy U.S. stocks because global investors may increasingly blame America for higher living costs.
- Stu Leonard said his stores are absorbing some costs for now, but beef, chocolate and some produce prices are still rising.
Notable quotes
“if certain conditions are met and those conditions are the same terms Iran laid out last week”
“I think she's absolutely right. Um, and I'm particularly concerned for those countries that have K-shaped economies that are even more distorted than the United States”
“I think that it's not about putting off a vacation uh which some of the media suggests is the choice that's being made”
“No. And the reason I wouldn't be buying is I don't think yet that investors have fully appreciated what I think is today the biggest consequence of the war”
“we don't want to raise prices. And one of the things we're doing is is holding our prices”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. — This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenc on Bloomberg Radio.
Hey, when you want to speak to President Trump, some might say you go on networks that the president is believed to watch a lot. — Reminds me of um — Makes sense. — About a year ago. — Yeah. — Jamie Diamond did that interview with Maria Bard Romo on Fox Business just around the tariff time.
That's right. — Trying to get a message to the president. — Yeah. And it I don't know, maybe that happened again today. Um, and maybe that was what was behind what JP Morgan Chase CEO Jamie Diamond had to say. Um, obviously very closely watched individual on Wall Street. We know this. And here's what he said earlier today on Fox.
Markets are unpredictable and it's hard to for me to tell you exactly what, but I think they're just looking at is there a chance something can go wrong? Now, we should all hope nothing goes wrong. We should all hope that these bad people are, you know, that we win this thing and clean up the straits and that Iran is no longer a threat to everybody and uh uh but there, you know, the markets will be concerned until it's over.
Yep. And the read on the markets right now feels like, well, maybe we are closer to it being over, but who says? We've got to watch. Devil's in the details. As we said that, of course, Jamie Diamond, CEO of Morgan, uh JP Morgan Chase earlier today on Fox News.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- iran negotiations
- stratioh hormuz
- oil and gas prices
- consumer pressures grocery
- artemis ii launch
Companies and tickers mentioned
- Stew Leonard's
- Financial Insights
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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