700 Fed Agents Leaving Minneapolis, Trump and Xi Talk Iran, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Amy Morris. The Department of Homeland Security will immediately reduce its enforcement presence in Minneapolis by 700 agents. Trump administration border czar Tom Holman says they'll refocus those efforts on more targeted immigration operations at local jails.
More officers taking custody of criminal aliens directly from the jails means less offers on the street. doing criminal operations. This is smart law enforcement, not less law enforcement.
About 2,000 federal immigration agents remain in Minnesota. The drawdown follows weeks of uproar over tactics in Minnesota after immigration agents shot and killed two U.S. citizens. President Trump spoke with Chinese President Xi Jinping by phone today ahead of a meeting expected in the coming months in China. Trump posted on social media they discussed Russia's war in Ukraine and Iran and that China is considering buying more agricultural products from the U.S., including 20 million tons of soybeans this season, plus oil and gas. China also says it has no intention of stepping away from its long-term plans of reunification with Taiwan. Trump and Xi are slated to hold multiple meetings this year, with a summit potentially coming as soon as April.
Treasury Secretary Scott Besant today warned lawmakers that excessive regulation could lead to stagnation in the economy.
Too often in the past, we've seen regulation by reflex. Rather than preempting crises, regulators have frequently reacted to them after the fact.
And tempers flared as Democratic Congressman Gregory Meeks of New York asked about a UAE company's massive investment in the Trump family's World Liberty Financial Crypto Project as the president was dealing with the UAE on foreign policy.
Stop covering for the president! Well, stop being his flunky. Gentlemen, gentlemen.
He's talking to me.
I'm responding back to him.
Stop covering for the president. Don't be a flunky. Work for the American people.
Besant appeared before the House Financial Services Committee to discuss the Financial Stability Oversight Council's annual report.
Why are 700 federal agents leaving Minneapolis?
Fulton County, Georgia has filed a motion in federal court. They want the return of all documents from the 2020 election that were seized by the FBI. That's about 700 boxes of election files. County Chairman Rob Pitts defended the county's election practices, saying that they've conducted elections since 2020 and there have been no issues.
We will fight. They're using all resources against those who seek to take over our elections.
What strategies will the Trump administration use for immigration enforcement?
Our Constitution itself is at stake in this fight.
Pitt believes his county is a test case for other actions nationwide ahead of this year's midterms and the 2028 elections. Earlier this week, President Trump called for Republicans to, quote, take over and nationalize elections. Wall Street traders drove a rotation out of tech giants into a broader category of firms that are more attuned to improving growth prospects. We check the markets for you all day long here at Bloomberg. The S&P 500 down 0.25%, NASDAQ down 1.1%, the Dow is up 0.8%. The 10-year Treasury yield at 4.27% and the 2-year yield at 3.56%. Advanced micro-devices shares have tumbled now as much as 16%. It is their biggest intraday drop since October of 2018. after the chipmaker's sales forecast was seen as weak.
The Bureau of Labor Statistics will release its January employment report on February 11th. That's next Wednesday. The CPI report comes out on the 13th, next Friday. And Jolt's data is expected tomorrow. The delay was caused by the brief partial shutdown of the federal government. So for now, we'll rely on the ADP report, which shows U.S. companies added fewer jobs than expected in January, pointing to a continued slowdown in the labor market.
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