FAA Lifts El Paso Closure, Trump Pushes Fed After Jobs Blowout
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What caused the FAA to lift the airspace closure over El Paso?
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What security concerns led to the airspace closure in El Paso?
A flight disruption that had been planned for 10 days turned out to last only about 10 hours. The Federal Aviation Administration's reopened the airspace around El Paso, Texas. Transportation Secretary Sean Duffy posted on X that the FAA and Pentagon neutralized a threat from Mexican cartel drones. Bloomberg's Sid Phillip reports the FAA only mentioned special security reasons when it announced the 10-day closure last night.
It is sort of very unusual for a large airspace closure like this to happen at very short notice.
Sid Phillip is Bloomberg's chief aviation correspondent. Mexican President Claudia Sheinbaum says her country will look into the FAA's airspace closure. She says she has no information on the use of drones at the border. President Trump is once again calling for lower interest rates after a surprisingly strong January jobs report. 130,000 positions added in the month, twice as many as economists expected. The unemployment rate ticked down to 4.3 percent. Acting White House economic advisor Pierre Yard says there could be room for the Fed to cut rates on the inflation side.
If you look at three-month inflation rates, it's very low. It's within the normal ranges. And if you look at the trend lines, it's been low. Now, I don't know where it's going to come out on Friday. It could be that there's some seasonal adjustments because of a very cold January. But overall, you see inflation trending down.
Acting Council of Economic Advisers Director Pierre Yard appeared on Bloomberg Television. But after today's jobs report, markets are shifting bets on the next rate cut from June to July. And an initial rally off the back of the report has reversed. The S&P 500 right now is down three-tenths of one percent. The Dow Jones Industrial Average is four-tenths of a percent lower. The Nasdaq Composite leading the declines down seven-tenths of one percent. Attorney General Pam Bondi is on Capitol Hill this morning facing questions about the Justice Department's handling of the Jeffrey Epstein files. It is the first time Bondi's appeared before Congress since a hearing in October in which she repeatedly deflected questions and countered Democrats' criticism with her own political attacks.
Bloomberg News has learned President Trump is privately asking about walking away from the USMCA. That's the trade agreement with Canada and Mexico that he struck in his first term. We get more from Bloomberg's Lauren Dozenski in Washington.
Trump has been critical of Canada and of Mexico, and this isn't too surprising. However, this is so significant to this core and key trade agreement between the U.S. and Canada, this trade relationship rather that.
It really, really does matter. Bloomberg's Lauren Dozenski in the nation's capital. The House could vote as soon as today on whether to repeal some of President Trump's tariffs. Three Republicans sided with Democrats to block Speaker Mike Johnson's latest effort to delay the vote through at least July. Bloomberg's Tyler Kendall is in Washington with more.
This is expected to be the first in what is likely going to be a series of votes over the next few weeks and months targeting the president's tariff policies and really marks a defeat for House Speaker Mike Johnson, who has spent the last year trying to prevent his members from taking politically fraught votes on the tariff issue.
Bloomberg's Tyler Kendall reports the vote is likely to be symbolic. It would take a two-thirds majority to override a likely presidential veto. Canadian Prime Minister Mark Carney's ordered flags in his country lowered to half staff after one of the worst mass shootings in years.
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Chapters
4 chapters
1
What caused the FAA to lift the airspace closure over El Paso?
0:00–0:32
2
What security concerns led to the airspace closure in El Paso?
0:32–5:54
3
How did President Trump's job report impact interest rate discussions?
5:54–6:56
4
What were the implications of the January jobs report on the Fed's rate decisions?
6:56–7:11
Speakers
9 identifiedMore from Bloomberg News Now
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