Gold, Silver Plunge, Trump: Warsh Wants Rate Cuts, More Epstein Files Released, More
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News when you want it. With Bloomberg News Now, I'm Amy Morris. Gold continues its decline, now down 9% after falling as much as 11% earlier in the trading day. Now trading at less than $5,000 per ounce, exceeding the largest intraday drop seen since the 2008 global financial crisis and the biggest daily decline since the early 1980s. Silver is down 27% after it was falling more than 30% earlier in the session. We do check markets for you all day long here at Bloomberg. The S&P 500 down 0.4%. NASDAQ down 0.8%. The Dow down about 0.5%. The 10-year Treasury yield at 4.24%. The 2-year yield at 3.52%. 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 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. Neil Dutta is head of economic research at Renaissance Macro and says Warsh's performance as a Fed governor during the 2008 global financial crisis should be disqualifying.
To be that concerned about inflation at a time when the unemployment rate was rising very rapidly, you know, kind of strange fragility.
Renaissance Macro's Neil Dutta was a guest on Bloomberg Surveillance. St. Louis Fed President Albert Moussalam 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. I look forward to learning more about his policy priorities and his His vision for the Fed.
Musallam spoke at the University of Arkansas. Atlanta Fed President Rafael Bostic tells CNBC he doesn't have much experience with Warsh and that they'll all learn more as they work together.
What recent trends are impacting gold and silver prices?
The Federal Reserve is designed to have a different time horizon for its policy thinking than other policymakers. That creates tension. That is going to inherently lead to people having different views about what is important and how things should be weighted.
This week was Bostick's last as a policymaker. He's retiring at the end of February. Republican Senator Tom Tillis says he'll continue to oppose the confirmation of any Federal Reserve nominee until the Justice Department's inquiry into the current Fed chair, Jay Powell, is resolved. He tells Bloomberg Surveillance Kevin Warsh is qualified, but that doesn't change his stance.
I am pleased with the nominee. I think that by most accounts he's well regarded, but we still have to clear the current matter.
Trump says if Tillis doesn't lift the block, he'll wait him out. Tillis is not running for re-election. House Ways and Means Committee Chair French Hill says the Justice Department 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. Fed Governor Christopher Waller was considered for the Fed chair position. He's speaking out now about why he dissented at this week's Fed meeting. Waller, for months, has pointed to warning signs in the employment outlook along with his benign inflation forecast. The Justice Department is releasing millions more pages of documents in connection with the late disgraced financier Jeffrey Epstein and the government's latest move to comply with a new law, ordering those files be made public. Deputy Attorney General Todd Blanch says the latest trove of documents being released today is in response to legislation passed by Congress in November.
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