Bloomberg News Now
Congress Facing Shutdown, Trump to Name New Fed Chair Next Week, More
29 Jan 2026
Chapter 1: What is the main topic discussed in this episode?
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News when you want it. With Bloomberg News Now, I'm Amy Morris. President Trump and Senate Democrats are closer to a deal to avert a government shutdown. Democrats want to place new limits on immigration raids. Senate Democratic Leader Chuck Schumer has insisted Republicans agree to remove long-term homeland security funding from a massive spending bill to keep the government open past Friday.
Americans do not support ICE terrorizing our streets, operating outside the law, killing American citizens. If Republicans refuse to work with us to rein in ICE and to end the violence, they're telling the American people they're choosing to protect ICE over choosing to protect people's safety.
Senate Majority Whip John Barrasso says they'll keep working to keep the government open.
Republicans are going to keep working with Democrats to keep the government open. This nation deserves safety and security, not another government shutdown.
Well, that procedural vote to move forward with those six spending bills failed in the Senate. Majority Leader John Thune says DHS would get stopgap funding under a deal that's emerging from talks between Senate Democrats and the White House.
President Trump's border czar, Tom Holman, says the administration will draw down the number of immigration enforcement officers in Minnesota after it gets more cooperation from state officials.
This is common sense cooperation that allows us to draw down on the number of people we have here. Yes, I said it. Draw down the number of people here.
The priority is to turn over more immigrants from the state's prisons and jails. Governor Tim Walz says the state already does that. Holman seemed to suggest a renewed focus on what ICE calls targeted operations, focusing on apprehending immigrants who've committed crimes. And he says there's zero tolerance for protesters who assault officers or impede their work.
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Chapter 2: What are the latest developments regarding the government shutdown?
But we have a guy that doesn't want to do it because he's, I think he's politically biased.
Fed Chair Jay Powell's term expires in May, but he could stay on at the Fed through 2028. The Fed decided to hold rates steady during their meeting this week. President Trump announced during a cabinet meeting that Venezuelan airspace is about to reopen.
I've instructed Sean Duffy and everybody else concerned, including the military, that if you would, by the end of today, I'd like you to add up the Airspace over Venezuela. Planes can go to Venezuela opened up.
Chapter 3: How are Democrats and Republicans negotiating immigration issues?
Okay? Yes. Thank you very much.
President Trump says he's had, when he calls, a very productive telephone conversation with Mexico's president, Claudia Scheinbaum. The president says they'll talk more very soon and will set up meetings with Scheinbaum in both the U.S. and Mexico. Meanwhile, Russian attacks have killed six people in central and southern Ukraine.
These attacks come as Ukraine is grappling with its toughest winter since the start of the war. with Russian strikes cutting heating and power to millions as temperatures linger well below freezing. President Trump says he has asked Russia to temporarily stand down.
And because of the cold, extreme cold, they have the same that we do. I personally ask President Putin not to fire on Kiev and the cities and towns for a week. And he agreed to do that.
Diplomatic efforts to end the nearly four-year war have accelerated in recent weeks. Though both sides remain at odds over the key issue of territorial control once the war is over. Next talks are expected to take place on Sunday in Abu Dhabi. A tech sell-off has dragged down stocks amid no signs of easing up on artificial intelligence spending.
We do check the markets for you all day long here at Bloomberg. The S&P 500 is down just about 1%, NASDAQ is down 1.7%, and the Dow is down 0.4%. The 10-year Treasury yield at 4.24% and the 2-year yield at 3.54%. Microsoft shares are down 12% after reporting record spending and slowing cloud sales growth, fueling investor concerns about the return on that spending.
Bloomberg Tech co-host Caroline Hyde.
We're seeing Microsoft having its worst day since March 2020. You have got $400 billion more than wiped off of its market capital expenditure, and it beat... But it's spending a lot to get growth and the growth isn't showing up fast enough, particularly in the cloud part of the equation.
Meta shares are more than 9% higher after a revenue outlook that was stronger than expected. Tesla shares more than 2% lower after reporting sales below estimates and the company announcing a $2 billion investment in XAI. The U.S. trade deficit has bounced back in a big way after shrinking to its lowest level in nearly two decades. Bloomberg's Michael McKee.
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