Chapter 1: What is the main topic discussed in this episode?
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Find us on Apple, Spotify, or anywhere you listen. News when you want it with Bloomberg News Now. I'm Nathan Hager. Treasury Secretary Scott Besant is trying to cool down speculation that's caused a stir in the currency markets.
Are we intervening in the currency market right now, strengthening the yen? Is that happening?
Absolutely not. Secretary Besant spoke on CNBC a day after President Trump told reporters he's OK with the dollar's recent slide. We get more from Bloomberg's Tyler Kendall in Washington.
We just heard from the Treasury Secretary Scott Besant maintaining that the U.S. has a strong dollar policy, but a rather relaxed tone from President Trump last night. And the president himself going back has had concerns. competing views before, right?
He's previously signaled that a strengthening could help in bilateral trade negotiations, but he has also long maintained that a weaker currency could be better when it comes to boosting some of those industries that he has been focused on, particularly domestic.
It's Bloomberg's Tyler Kendall in the nation's capital. President Trump's comments helped send the Bloomberg Dollar Spot Index down more than 1% yesterday, but after Besson's remarks on strong dollar policy, the index is higher by six-tenths of 1%. More geopolitical comments from President Trump are getting attention.
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Chapter 2: What is the latest on the U.S. dollar policy from Treasury Secretary Scott Bessent?
Minnesota Governor Tim Walz spoke to ABC this morning. I'm not so interested in a shifted tone. We just need them out of here. We need accountability. for what's happened. Minnesota Governor Tim Walz says tensions remain over the federal agent killings of Renee Goode and Alex Preddy.
At a town hall last night, a man squirted a liquid at Minnesota Democrat Ilhan Omar as she called for ICE to be abolished and for Homeland Security Secretary Kristi Noem to be impeached. Secretary of State Marco Rubio is defending the strike on Venezuela that led to Nicolas Maduro's capture.
We are much further along on this project than we thought we would be given the complexities of it going into it. And I recognize that it won't be easy. I mean, look, at the end of the day, we are dealing with people over there that have spent most of their lives living in a gangster paradise.
In a hearing before the Senate Foreign Relations Committee, Secretary Rubio also said NATO needs to be reimagined. He predicted something positive will get done when it comes to Greenland. Predictions are building for another major winter storm this weekend. The question is where? Bloomberg meteorologist Craig Allen has the latest track.
This would be another serious snowfall if it's going to come on up the coast. Now, I have some very high confidence right now in big snows falling across the Carolinas, believe it or not.
But Bloomberg meteorologist Craig Allen says the latest models aren't clear on whether the storm will continue through D.C., New York into New England or push out to sea. If it does move up the East Coast, he says it'll bring even more snow than last weekend's winter storm and blizzard-like wind gusts of 30 to 40 miles per hour. Back to the markets now.
Stocks are beginning to hold steady now, though the S&P 500 briefly crossed 7,000 for the first time as the Fed gets ready to make its first rate decision of the year. And big tech earnings come our way this afternoon from Microsoft, Meta Platforms and Tesla. Bloomberg's Michael McKee reports Fed Chair Jay Powell and company are widely expected to keep rates on hold.
But there is one big question mark. What does Chris Waller do? Bloomberg Economics is making a kind of big deal out of this. They say if he does not dissent, then his chances to become Fed chair disappear. But Bloomberg's Michael McKee says if Governor Waller dissents and votes for a cut, Bloomberg Economics says his star could rise with President Trump.
Our coverage of the Fed decision and Chairman Powell's press conference begins at 1.30 Wall Street time on a special edition of Bloomberg Surveillance. The Fed decides on Bloomberg Radio and Television and the Bloomberg podcast page on YouTube. Ahead of that right now, the S&P 500 is little changed to the downside.
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Chapter 3: What did President Trump say about the dollar and its impact on the economy?
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