Ed Kalecki

This is Bloomberg.

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I'm Ed Kalecki.

The Senate this evening passed a government spending package aimed at averting a long U.S.

government shutdown as the White House continues to negotiate with Democrats on placing new limits on immigration raids that have provoked a national outcry.

Several government agencies are still headed for at least a short lapse in funding, with House Speaker Mike Johnson not planning to hold a vote on the legislation until Monday.

Funding for those agencies, which include the Treasury, Defense, Homeland Security, Transportation, Health and Human Services and Labor Departments, expires at midnight.

The partial government shutdown is not expected to have widespread effects on government operations if it is resolved by early next week.

Kevin Warsh waited almost a decade before finally clinching President Trump's nomination to be chair of the Federal Reserve.

He won't need to wait as long before his first big test in the job.

Having won the race with a promise of regime change of the Fed, suggesting he would make significant changes, Warsh has pledged to shrink the Fed's balance sheet and argued that a productivity boom driven by artificial intelligence will keep inflation low.

While that prognosis was enough to convince Trump, his Fed pick will now need to convince

fellow policymakers and investors.

Democrat Senator Elizabeth Warren has concerns about the nomination.

Warren spoke with Joe Matthew on Bloomberg's balance of power.

Federal Reserve Governor Stephen Myron tells Bloomberg News that Warsh will prove effective in his leadership of the Fed's Monetary Policy Committee.

French Hill, chairman of the House Ways and Means Committee, tells Bloomberg the Justice Department investigation of Federal Reserve Chairman Jay Powell stands in the way of a speedy confirmation of Kevin Warsh.

Gold suffered its biggest slide in four decades, and silver posted a record intraday decline and a stark reversal of the rally that lifted prices to all-time highs.

Gold fell more than 12 percent to slump below $5,000 an ounce in its biggest daily decline since the early 1980s.

Silver plunged more than 36 percent, a record intraday decline as the sell-off swept through the broader metals markets.