Supreme Court Thwarts Trump Bid to Oust Fed’s Cook

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

• Former Watergate prosecutor Nick Akerman joins to discuss the day’s Supreme Court decisions. A divided US Supreme Court expanded the president’s power to fire top government officials in a blockbuster decision that puts the White House firmly in control of potentially dozens of agencies that have long operated independently. The 6-3 decision overturns a 1935 precedent that laid the legal groundwork for the modern administrative state. The ruling lets President Donald Trump fire Democratic Federal Trade Commission member Rebecca Kelly Slaughter despite a law that says commissioners can be removed only for specified reasons. 
• Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence, breaks down the latest in energy markets. Oil rose as traders assessed upcoming peace talks between the US and Iran following a weekend of flare-ups over the Strait of Hormuz, including an attack on a supertanker laden with crude. West Texas Intermediate pared earlier losses, trading above $70 a barrel. Brent was nearly $73 a barrel. Both Tehran and Washington will stand down on their tit-for-tat attacks for now and vessels can move freely through Hormuz, according to a US official who spoke on condition of anonymity. US President Donald Trump said the two sides are set to resume peace talks in Doha on Tuesday. 
• John Butler, Senior Industry Anaylst for Bloomberg Intelligence, discusses the latest headlines in the telecom space. SpaceX could advance its plan to compete directly with incumbent operators after Bloomberg News reported it held talks with Charter to use the latter’s terrestrial network to offer broader coverage. A Charter deal would help SpaceX address a key constraint of current satellite technology: insufficient capacity to support dense urban and suburban traffic. 
• Nathan Dean, Senior US Policy Analyst for Bloomberg Intelligence, joins for a look at the fate of the revised 21st Century ROAD to Housing Act, which passed Congress with overwhelming bipartisan support. BI expects the bill will likely still become law despite President Trump canceling a signing ceremony on June 24 until the SAVE America Act is passed. Presidents have 10 days to veto legislation -- with some exceptions -- or a bill automatically becomes law.

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