Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£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 Ed Kalecki. 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, 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.
Donald Trump has made clear he does not want an independent Fed. He wants a Fed that acts like a sock puppet for him. He has threatened to fire Jerome Powell. He started a bogus investigation, a bogus investigation of another member of the Fed, Lisa Cook. And he has said openly he will not name anyone to be Fed chair who does not agree with Donald Trump.
Donald Trump wants to be calling the shots.
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.
Chairman-designate Warsh has a long and illustrious career in history as a very insightful thinker on monetary policy. I think he's a fantastic pick from the president. I think he's got enormous credibility. I think he's got enormous gravitas. I think he's got enormous respect from financial markets, from economists, from everyone. I think he's going to do just a knockout job.
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.
I think that's a distraction. I don't think that's a topic that deserves a DOJ investigation. It's going to potentially delay getting his choice confirmed in the Senate and could delay President Trump's own macroeconomic agenda.
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Chapter 2: What are the implications of Kevin Warsh's nomination for the Federal Reserve?
House and Senate leaders have agreed to a spending deal to keep the government open, but funding runs out at midnight tonight. And it could take until Monday for both chambers to pass the bill and send it to President Trump, as the House will not vote until Monday evening on any funding bills passed tonight by the Senate.
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.
Copper fell 3.4 percent in London, retreating from Thursday's record high. A down Friday for the U.S. equity market. We get a wrap-up from Bloomberg's Charlie Pellett.
The dollar rose against all major currencies as President Trump announced his pick for the Fed's top job, Kevin Warsh, who is seen as less supportive of deep rate cuts and more worried about inflation. A drop in commodity and tech shares dragged down the S&P 500, which still notched its best month since October, up 1.4%. For the week, the S&P 500 index gained 3 tenths of 1%.
The Dow fell for a third week down 4 tenths of 1%. NASDAQ on the week down 2 tenths of 1%. In New York, Charlie Pellett, Bloomberg Radio.
President Trump plans to nominate economist Brett Matsumoto to head the Bureau of Labor Statistics, this according to people familiar with the matter.
The choice elevates a career staffer to run the federal government's leading agency for economic statistics, which has been without a commissioner since Trump fired its previous chief in August out of frustration with numbers that showed bad news about the job market. The Justice Department on Friday released many more records from its investigative files on Jeffrey Epstein.
Resuming disclosures under a law intended to reveal what the government knew about the millionaire financier's sexual abuse of young girls and his interactions with the rich and powerful. Deputy Attorney General Todd Blanch said the department was releasing more than 3 million pages of documents in the latest Epstein disclosure, as well as more than 2,000 videos and 180,000 images.
The files posted to the department's website include some of the several million pages of records. that officials said were withheld from an initial release of documents in December. Congressional Democrats, who have been key to pushing for the release of case files on Epstein, are arguing that Friday's release is only about half of the files that have been collected.
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Chapter 3: What concerns does Elizabeth Warren have about Warsh's nomination?
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As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.