CPI Fuels Fed Cut Bets, US Briefly Lists Alibaba as Aiding China Military, More
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News when you want it with Bloomberg News Now, I'm Dan Schwartzman. In a bizarre move, the Pentagon added Alibaba, BYD, Baidu, and TP-Link Technologies to a list of companies that aid the Chinese military, but then withdrew it minutes later without explanation. The companies rejected the inclusion on the list, with Alibaba and Baidu stating they are not military companies and will take legal action to correct the designation. The move roiled the shares of some of the affected companies, with Alibaba down 2% and Baidu down around 3%. Consumer prices rose just two tenths of a percent in January, the lowest gain since July, while the core reading that leaves out food and energy came in where economists expected.
Money markets priced in 63 basis points worth of Fed reductions in 2026, bolstering bets for as many as three rate cuts this year. Despite Republican Senator Tom Tillis holding firm in his vow to block any vote for Fed chair until the Justice Department's probe into the Fed's renovation of its headquarters is completed, Treasury Secretary Scott Bestin said he expects a hearing on former Fed Governor Kevin Warsh's nomination to lead the central bank to still take place. Tillis, speaking to Bloomberg TV at the Munich Security Conference, says he isn't going to allow a vote to happen.
I have no intention of allowing any Fed board nominee to move forward out of committee and to be confirmed until this matter is settled. Look, this is foundational to Fed independence, and I, for one, am going to stand on the side of certainty, and Fed independence is what delivers certainty in our markets.
That's Republican Senator Tom Tillis speaking to Bloomberg TV from the Munich Security Conference. Goldman Sachs top lawyer Kathy Rumler is leaving her position on June 30th after a months-long saga over her previous association with Jeffrey Epstein. In documents released by the Department of Justice, it was revealed that Rumler had accepted tens of thousands of dollars in gifts from Epstein and had used affectionate nicknames in their interactions. Goldman Sachs CEO David Solomon continued to staunchly defend Rumler.
You know, we've worked very closely with Kathy over the last six years. The management teams worked very, very closely with her. We know her as a professional and we know her as a human being. And I think that's lost sometimes in some of the dialogue and some of the media reporting around all this. I'm disappointed that it got to this, but I respect your decision and we're moving on.
That's Goldman Sachs CEO David Solomon. Meanwhile, DP World Chief Executive Officer Sultan Ahmed bin Suleiman resigned due to his involvement with Epstein. Bin Suleiman's relationship with Epstein was recently revealed in the series of emails, which showed the two men exchanging intimate messages, contacts in business and politics, and attempting to broker deals for one another. At least two government-linked investment funds have now suspended business with DP World since the link came to light. As many await a Supreme Court ruling on President Trump's signature tariffs, the court has scheduled February 20th as its next opinion day. A ruling against Trump would deliver his biggest legal defeat since beginning his second term.
According to federal government data, the tariffs are currently costing importers more than $16 billion every month. In the latest legal clash between the Trump administration and Harvard, the Justice Department has sued the Ivy League University for allegedly failing to hand over documents related to investigations into racial discrimination in admissions. The suit alleges that Harvard for 10 months has failed to hand over the necessary documents and other information to the government.
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