ICE Raids Complicate House Vote, US Factories Bounce Back, More
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What is the current status of the House committee bill to reopen the federal government?
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News when you want it with Bloomberg News Now. I'm Nathan Hager. A House committee is set to vote this afternoon on a bill to reopen the federal government from a partial shutdown that began over the weekend. House Speaker Mike Johnson says he's hopeful the full bill can pass tomorrow, but that would set the stage for a longer fight over immigration and customs enforcement funding following the deaths of two Americans in Minneapolis. Bloomberg's Lauren Dozenski has more from Washington.
Democrats really are concerned and dug in about trying to step really pushed the administration and the government really away from funding Department of Homeland Security. And Mike Johnson sounded confident about the two week runway to negotiate immigration issues. But the Senate would certainly beg otherwise. They spent months trying to hash out a deal years ago, and that was scuttled entirely.
Bloomberg's Lauren Dozenski reports if the shutdown were to persist, this Friday's jobs report could be delayed, tax filing season could be hampered, and non-essential government workers would be furloughed. There is no end to the fallout from the Justice Department's latest Jeffrey Epstein release. Deputy Attorney General Todd Blanch says last week's release of about three and a half million pages is essentially the end of the review. But Bloomberg's Alexander Pearson reports that leaves about two and a half million pages still under wraps.
The department says for their part that They are withholding documents that contain sensitive information about victims and or that are related to ongoing federal investigations. And they've given no indication that they are anytime soon going to releasing some of these files.
Bloomberg's Alexander Pearson reporting. Meantime, The Wall Street Journal's reporting the latest batch of documents includes the names of about 43 Epstein victims. Those names were supposed to be redacted under the transparency law. And former U.K. ambassador to the U.S. Peter Mandelson has resigned from the Labor Party over his Epstein ties. The latest documents show he leaked sensitive government information to Epstein when he was a cabinet minister in 2009. The Trump administration is set to make a big move in rare earth minerals. Bloomberg News has learned President Trump is set to launch a strategic stock market. pile along the lines of the Strategic Petroleum Reserve. This one's dubbed Project Vault.
How are immigration and customs enforcement funding issues affecting the House vote?
It would be seeded with $1.2 billion in private capital and a $10 billion loan from the U.S. Export-Import Bank. The goal would be to buy and store critical minerals and reduce reliance on Chinese rare earths. The news has USA Rare Earth rising by 9.5%. Critical Metals, another U.S.-based rare earth company, is up nearly 4%. As for the broader market, we got some new economic data from the Institute for Supply Management that show manufacturing bounced back in January at its fastest pace since 2022. Bloomberg's Michael McKee has the numbers.
Manufacturing PMI at 52.6, that's up from 47.9. We were expecting a 48.5 reading, so expecting contraction and getting expansion there. New orders is 57.1 from 47.4, so that's a big change. Production, 55.9 from 50.9. Employment still contracting, 48.1, but that's up from 44.8, so not as bad.
Bloomberg's Mike McKee. And the market reaction looks like this. The S&P 500 is higher by a half percent. The Dow Jones Industrial Average and the Nasdaq Compositor both up seven-tenths of one percent. Ten-year Treasury yield is up more than four basis points to 4.27 percent. Stock buyers had been coming back with a sell-off in gold and silver that began last Friday. Cooling. Right now, COMEX Gold is down just a half percent.
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