Bloomberg News Now: East Hollywood Crash, Epstein Transcripts, Fed Rates, and Crypto Regulation

East Hollywood Vehicle Incident

• 🚗 A vehicle drove into a crowd in East Hollywood early this morning, injuring over 30 people.
• 🚨 Multiple victims were sent to local hospitals, with some in critical and serious condition.
• ❓ The cause of the incident is under investigation, with preliminary indications suggesting the driver may have lost consciousness.

Epstein Transcripts and Legal Battles

• ⚖️ The Justice Department is seeking to unseal grand jury transcripts in the Jeffrey Epstein sex trafficking case.
• 📄 This move comes after the administration initially stated it would not release additional files, despite prior pledges.
• 📰 Separately, President Trump is filing a $100 billion lawsuit against The Wall Street Journal over a story alleging he sent a fake suggestive birthday letter.

FDA and Gene Therapy Concerns

• ⚕️ The FDA has requested Sarepta to pause shipments of its gene therapies following three deaths linked to the treatments.
• 💔 Two teenage boys died of acute liver failure after receiving the gene therapy for Duchenne muscular dystrophy.
• ⚠️ A 51-year-old patient also died of acute liver failure in an early-stage trial for limb girdle muscular dystrophy.

Economic and Trade Developments

• 📈 Japan's top trade negotiator is aiming to visit Washington to seek tariff concessions amidst ongoing U.S. trade war discussions.
• 🏦 Federal Reserve Governor Chris Waller suggested the Fed should cut interest rates soon, citing signs of weakness in the labor market.
• 🏛️ President Trump's pressure on Fed Chair Jay Powell regarding renovations at Federal Reserve headquarters is highlighted, with details emerging that Trump appointees requested marble finishes.

Cryptocurrency and Financial Markets

• 🪙 President Trump signed the first federal bill to regulate stablecoins, aiming for U.S. dominance in crypto.
• 🏦 The new measure requires firms to hold dollar-for-dollar reserves in short-term government debt.
• 📈 Jack Dorsey's Bloc is set to join the S&P 500 index, reflecting the growing influence of digital payments and crypto in mainstream finance.
• 🥣 W.K. Kellogg will remove synthetic dyes from its cereals by the end of 2027, responding to concerns linking artificial colors to health issues in children.