(Bloomberg) -- Ford Motor Co. Chief Executive Officer Jim Farley accused the United Auto Workers of holding talks hostage over issues not governed by their contract, as tensions rose between the union and two of Detroit’s biggest carmakers. Most Read from BloombergWhy a US Recession Is Still Likely — and Coming SoonOnce Unthinkable Bond Yields Now the New Normal For MarketsCongress Averts US Government Shutdown Hours Before DeadlineMcCarthy to Face Far-Right Attempt to Oust Him as House SpeakerS
Autoworkers have expanded their strikes against General Motors (GM) and Ford (F). The strike against Stellantis (STLA) continues, but it was not expanded because progress has been made in negotiations. Willett Advisors Chairman and CEO Steve Rattner, who also served as the head of former President Obama's Auto Task Force, says this strike may be "tougher" to resolve than others that have been seen in the past. Rattner gave two reasons why: that it's being played out in public and that the UAW has some demands that are "not possible for the companies to comply with." Some of those demands that may be hard for the automakers to deliver, Rattner says, are working 32 hours/week but being paid for 40 hours, the return of defined benefit pension plans, and improving retiree health care benefits. Both President Joe Biden and former President Donald Trump visited the Detroit area this week. Rattner says those visits hurt the ability to get a deal done, saying it "enflames" the situation." Rattner argues that Biden was "egged on" by Trump to visit the striking workers. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Autoworkers have expanded their ongoing strike against Ford (F) and General Motors (GM). The strike against Stellantis (STLA) was not expanded due to progress being made in negotiations. United Airlines (UAL) has successfully negotiated a deal with its pilot union, securing a pay raise of up to 40% over four years. United is the last of the major airlines to reach a deal with pilots amid the industry shortages. A flood watch is in effect for 23 million people in New Jersey, New York, and Connecticut. Ongoing rain and flash floods are causing closures of various roads and subways in New York City. Yahoo Finance's Julie Hyman breaks down today's top stories.