Huge Storm Hits East Coast, Bessent Slams Canada on Trade, 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 weather events are impacting the East Coast?
More than a dozen states are still under states of emergency this morning, bracing for a dangerous mix of heavy snow, ice and frigid cold.
We want anybody that can to stay home because we know that these conditions can be dangerous.
That's Memphis Mayor Paul Young. But it's also the consensus in states like Texas and Louisiana, where power operators are scrambling to conserve electricity and avoid more blackouts. In New York, MTA Chief Jano Lieber says thousands of workers spent hours overnight prepping trains, buses and subways.
10,000 subway employees ready to go. And we're also very much preparing on the Long Island River to Metro North, which are part of the MTA system as well.
Parts of New York and New Jersey could get up to a foot of snow over the next few hours, making it tough to travel and go to school tomorrow.
This is Mayor Zahran Mambani. I'm calling to let you know that due to the winter storm, New York City public school buildings are closed tomorrow, January 26th.
That message from the New York City mayor went out to parents and guardians this morning. It means thousands of kids will go to remote learning instead. Price spikes are rocking gas traders who made bad winter bets. We get more on that from Bloomberg's Ed Kalecki.
Natural gas, fuel for home furnaces and power plants alike, jumped 70% in the U.S. over a wild week of trading, as forecasts for deep cold grew steadily worse. The previous week, prices rose 30% in Europe, where a cold snap combined with geopolitical jitters to drive up the market. Before the sudden surge, many traders on both sides of the Atlantic had been betting prices would fall instead. Temperatures in gas-producing parts of the U.S. could drop low enough in coming days to freeze pipelines. Potentially choking off supplies just as demand for the fuel soars. Ed Kolegi, Bloomberg Radio.
Treasury Secretary Scott Besson just suggested Canadian Prime Minister Mark Carney did a quote about face by striking a deal with China. It's a deal that lowers tariffs on some Chinese electric vehicles to help rebuild ties with Beijing.
The Canadians a few months ago joined the U.S. in putting high steel tariffs on China because the Chinese are dumping. The Europeans also have done the same thing. And it looks like that Prime Minister Carney may have done some kind of about-face.
Besson on ABC's This Week. He warned Canada could now face 100 percent tariffs from the U.S. if it follows through with that agreement with China and allows itself to become a place where cheap goods can enter the U.S. supply chain. Overnight, a federal judge granted an emergency order blocking the Trump administration from destroying evidence in yesterday's shooting in Minneapolis. It's the second deadly shooting in as many weeks involving federal agents. And in each case, the Trump administration says the shootings were justified. Minnesota Governor Tim Walz spoke to the White House and says he made it clear.
The federal government cannot be trusted to lead this investigation. The state will handle it, period.
Trump has lashed out at protesters and leaders in Minnesota, calling them insurrectionists. And he threatened to invoke the Insurrection Act, which would allow the president to use regular military troops for law enforcement, effectively overriding a state governor's authority. Meantime, Senate Democrats say they plan to block spending bills that fund homeland security this week in Washington. Virginia Senator James Walkinshaw.
Unfortunately, to date, our Republican colleagues haven't demonstrated the courage to take on Donald Trump.
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