Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Doug Krisner. And we begin in Washington where a band of House Republicans bucked party leaders to join Democrats in passing a measure to restore those expired subsidies under the Affordable Care Act for three years.
Chapter 2: What are the implications of the House passing the ACA subsidies extension?
Now, the House vote was 230 to 196. This measure will now go to the Senate. In the city of Minneapolis, tensions remain high after the fatal shooting of a woman by an ICE agent on Wednesday. Homeland Security officials and President Trump say the agent acted in self-defense. Here is Homeland Security Secretary Kristi Noem.
This is an experienced officer who followed his training, and we will continue to let the investigation unfold into the individual and continue to follow the procedures and policies that happen in these use-of-force cases.
Homeland Security Secretary Kristi Noem, now the head of Minnesota's Investigations Agency, says the U.S. Attorney's Office has prevented it from taking part of the investigation. Here is Minnesota Governor Tim Walz.
It feels very, very difficult that we will get a fair outcome. And I say that only because people in positions of power have already passed judgment.
Minnesota Governor Tim Walz. President Trump said today he is directing the purchase of $200 billion in mortgage bonds. On Truth Social, Trump said the move will drive mortgage rates down, monthly payments down and make the cost of owning a home more affordable, although it's unclear how these buys would occur or which parties would make them.
This is Trump's latest effort to bring down housing costs ahead of the November midterm elections. Meantime, the president's proposal to keep institutional investors from buying single-family homes in the U.S. would be forward-looking and not result in a forced sale of current holdings. U.S.
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Chapter 3: What events led to heightened tensions in Minneapolis?
Treasury Secretary Scott Besson told Fox Business, the idea is bygones are bygones. At the same time, Besson said he anticipates the president will decide on a successor to Fed Chair Jay Powell this month. Here is Besson speaking at the Economic Club of Minnesota.
I would expect presidents going to Davos, I think, in two weeks. So I don't know whether it'll be right before or right after.
U.S. Treasury Secretary Scott Besant. Financial markets are pricing in about two rate cuts from the Fed this year. However, Fed Governor Stephen Myron is penciling in at least six. Myron sees underlying inflation running at an annual rate of 2.3%. Now, that is lower than the current reading of the Fed's preferred measure of inflation, which is 2.8%.
Shelter inflation really, really lags a lot. And because average tenant rents have caught up to new tenant rents, because market rents have been running at a 1% rate for a couple of years now, I think it's appropriate to sort of think about underlying inflation as abstracting from that a little bit.
Myron went on to say the American economy could add about a million jobs without adding to price pressures. Incidentally, you can hear the full conversation with Fed Governor Stephen Myron on the Bloomberg podcast page on YouTube. The Senate voted to advance legislation opposing further military action in Venezuela.
Five Republicans crossed party lines to join all Democrats on this procedural vote. And President Trump reacted, saying Republicans should be ashamed of these senators who broke rank. And Trump added they should never be elected again. Here is Kentucky Republican Senator Rand Paul.
The debate in our country has really been going on really since World War II, the debate over whether or not the president has the power to take the country to war. In fact, many people argue that's why the debate is moot, because the presidents all ignore Congress and do it.
That is Kentucky Republican Senator Rand Paul. Meantime, more than a dozen oil executives are slated to meet with President Trump and other top officials at the White House tomorrow. Thank you very much. Separately, the White House excluded Tulsi Gabbard, the director of national intelligence, from months of planning to oust Nicolas Maduro.
We are told it's due to Gabbard's previous opposition to military action in Venezuela. Now, Gabbard's exclusion highlights tension over her position in the administration, along with skepticism over the role of director of national intelligence. Some say the job should be abolished. The Supreme Court is set to hand down some major decisions tomorrow.
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