Bloomberg News Now
Gold & Silver Plunge, Reaction to Warsh, Senate to Vote on Funding, More
30 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. Spot gold continues its decline. It's now down about 9% after falling as much as 12% earlier in this trading day. Now trading at less than $5,000 per ounce, exceeding the largest intraday drops seen during the 2008 global financial crisis and the biggest daily decline it's seen since the early 1980s. Silver now down more than 27%.
Earlier today, it had fallen as much as 36%. We bring you the closing numbers each day here at Bloomberg. The S&P lost 30 points. NASDAQ down 223. The Dow lost 179 points. The 10-year Treasury yield at 4.24 percent. The two-year yield at 3.52 percent. All of this triggered by the dollar rebounding after President Trump nominated Kevin Warsh to be the next Federal Reserve chairman.
Trump says Warsh wants to cut interest rates, but that he won't pressure him to do it.
I want to keep it nice and pure. But he certainly wants to cut rates. I've been watching him for a long time.
Warsh, who served on the U.S. Central Bank's Board of Governors from 2006 to 2011, would succeed Jay Powell when his term ends in May. Fed Governor Stephen Myron says Warsh was the right choice.
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.
Fed Governor Stephen Myron on Bloomberg TV. St. Louis Fed President Alberto Musalem says he's known Warsh a long time and he's qualified.
I look forward to working with him once he is confirmed by the Senate.
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Chapter 2: What caused the recent plunge in gold and silver prices?
I look forward to learning more about his policy priorities and his vision for the Fed.
Ms. Allum spoke at the University of Arkansas. Now, Republican Senator Tom Tillis says he will continue to oppose the confirmation of any Fed nominee until the Justice Department's inquiry into the current Fed chair, Jay Powell, is resolved. He tells Bloomberg surveillance that the Fed can still do its job even if they don't have a chair.
We all need to understand we still have a working... quorum of members, whether or not they have an acting chair is a decision that the president and I assume the Treasury Secretary and others can look at. But that's not my problem. We're here because of them. We're not here because of me.
Trump says if Tillis doesn't lift that block, he'll wait him out. Tillis isn't running for re-election. House Ways and Means Committee Chair French Hill says the DOJ investigation could backfire.
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.
Representative French Hill on Bloomberg's balance of power. And President Trump reportedly plans to nominate economist Brett Matsumoto to head the Bureau of Labor Statistics. Sources tell the Wall Street Journal the move would elevate a career staffer to run the federal government's leading agency for economic statistics.
The BLS has been without a commissioner since Trump fired its previous chief in August. The Justice Department is releasing millions more pages of documents in connection with the late disgraced financier Jeffrey Epstein in the government's latest move to comply with a new law ordering those files to be made public. Deputy Attorney General Todd Blanch.
The 2,000 videos and 180,000 images are not all videos and images taken by Mr. Epstein or someone around him. They include large quantities of commercial pornography and images that were seized from Epstein's devices
The release follows earlier tranches that included thousands of pages of pictures, phone records, correspondence and notes. And Blanche says the Justice Department has also opened a federal civil rights investigation into the death of Alex Preddy, the Minneapolis resident killed by Border Patrol officers. DHS officials say the FBI will lead that federal probe.
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Chapter 3: How did Kevin Warsh's nomination impact the markets?
She was one of the creators of the sketch comedy show SCTV. Her agency released a statement saying that she died at home in Los Angeles after a brief illness. Catherine O'Hara was 71 years old. That's news when you want it with Bloomberg News Now. I'm Amy Morris, and this is Bloomberg.
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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.