Fed Chair Interviews Done, Trump JPM Debanking Claims, More
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I'm Barry Ritholtz, inviting you to join me for the Masters in Business podcast. Every week, we bring you fascinating conversations with the people who shape markets, investing, and business. CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market, whether you own stocks, bonds, real estate, commodities, crypto, you really need... I'll see you next time.
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What updates did President Trump provide about Fed Chair interviews?
President Trump says he has completed interviews with candidates to succeed Jay Powell as Fed chairman. Trump reiterated he has someone in mind and an announcement is coming soon. Here is Trump speaking to reporters aboard Air Force One.
I'll be telling you soon. I have somebody that I think will be very good, but I'm not going to reveal it.
Someone from Wall Street? That's very respected, very well known, and will do, I think, a very good job.
Now, Treasury Secretary Scott Besson previously said Trump could announce his pick for Fed chair as soon as next week. Also today, President Trump sued JPMorgan Chase and its CEO, Jamie Dimon, for at least $5 billion. Trump is alleging the lender stopped offering him and his businesses banking services for political reasons.
No, I haven't spoken to him. He banked me. So we'll see if that means anything, but I think it should. He should be banked. In a statement, J.P.
Morgan said the suit has no merit. The bank also said it closes accounts because they create legal or regulatory risk for the company. In business news, the struggling chipmaker Intel issued a lackluster forecast for the current quarter. Now, in recent months, the market has bet on new products from Intel, further boosting the company's finances. However, Intel says supply shortages are making it harder to meet customer demand. We got reaction from Ivan Feinseth of Tigris Financial Partners.
The stock ran up a lot. It went from 20 to 55. Even if it pulls back to 45, you know, it's a buying opportunity because I think that long term, they are going to be back. I mean, I don't think even be back to their former glory. I think they are going to be one of the world's leading semiconductor developers, designers, and manufacturers.
Ivan Feinseth from Tigris Financial Partners. Now, Intel has recently attracted some high-profile investments from the U.S. government as well as Nvidia and SoftBank Group. Right now, shares in Intel are down 12% in late U.S. trading. We're hearing a bit more on that framework deal for Greenland reached on Wednesday between President Trump and NATO. Following the announcement, Trump said he would not impose tariffs on certain European countries that were set to begin February 1st. The president's pivot on Greenland has left many European allies scratching their heads. However, Commerce Secretary Howard Lutnick says the U.S. relationship with the EU is perfectly fine.
The framework is a national security-based framework. That's what the United States cares about. We care about our national security and we care about the shipping lanes. So let's talk about the national security and shipping lanes and let's see if we can't figure out a framework to do that together.
U.S. Commerce Secretary Howard Lutnick speaking to Bloomberg at the World Economic Forum in Davos. In Minnesota, there have been confrontations between protesters and immigration agents following the shooting of Renee Good, the woman killed by an ICE agent earlier this month. Today, Vice President J.D. Vance spoke in Minnesota in an effort to, quote, lower the temperature.
When federal law enforcement officers violate the law, that is typically something that federal officials would look into. We don't want these guys to have kangaroo courts. We want them to actually have real due process, real investigation, because again, Sometimes they're accused of wrongdoing, and it turns out when you learn the context, they didn't actually do anything wrong.
Vice President Vance also defended the Trump administration's deportation raids, saying they are trying to enforce the law.
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