Bloomberg News Now: Charlie Kirk Investigation, Boston Mayor Race, US-China Trade, Fed Tensions

Charlie Kirk Investigation Update

• FBI has released surveillance video of a suspect in the shooting of conservative activist Charlie Kirk at Utah Valley University.
• Authorities have recovered the rifle used and identified a person of interest, with over 7000 leads received from the public.
• Utah Governor Spencer Cox is pursuing the death penalty and accuses China, Russia, and other adversaries of spreading disinformation about the case.
• President Trump plans to attend Kirk's funeral and will award him a posthumous Presidential Medal of Freedom.
• A Bloomberg geoeconomic analysis indicates a record surge in political violence in the U.S., with five assassinations or attempted assassinations since 2021.

Boston Mayoral Race Developments

• Josh Kraft, son of Patriots owner Robert Kraft, is dropping out of the Boston mayoral race after losing to incumbent Michelle Wu.
• Kraft stated he can make a better impact outside the race, citing the country's vitriol and political fighting.
• Kraft secured only 23% of the vote compared to Wu's 72%, despite record fundraising and outspending.

US-China and US-India Trade Relations

• Treasury Secretary Scott Bessent is scheduled to meet with Chinese Vice Premier Li Fang in Madrid to discuss trade, economic, and national security issues.
• Discussions will also cover TikTok's status and efforts to combat money laundering, as a 90-day tariff truce between the US and China nears expiration.
• President Trump's envoy indicates that the US and India are close to resolving trade differences, though India's purchases of Russian oil remain a point of tension.

Federal Reserve Tensions and Market Update

• The Trump administration is seeking to fast-track its bid to oust Fed Governor Lisa Cook, asking a federal appeals court to pause a lower court decision blocking the attempt.
• The administration wants the case expedited to the Supreme Court, requesting a ruling by Monday, the day before the Fed's meeting on interest rates.
• Futures are lower following a record close on Wall Street, with Microsoft shares rising after an agreement with OpenAI on their partnership structure.
• OpenAI is reportedly facing opposition to its restructuring from Elon Musk, who accuses the startup of defrauding investors.