January CPI Slows, Alibaba Falls on Report US to Add to China List, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Stocks are starting to take a bit of a turn now after the latest read on inflation. It came in a little late due to the last government shutdown, but the January consumer price index came in softer than expected. Bloomberg's Michael McKee has the numbers.
The two-tenths rise in the CPI headline, which puts us at 2.4%, down from 2.7% on an annual basis. The 2.7% was for December. Remember, there's some things you've got to think about with these numbers because of the fact that we didn't have any October numbers, and that biases all of this. Core CPI comes in up three-tenths. That's more than the December two-tenths, but it's what the market had forecast.
And Bloomberg's Mike McKee says it puts the yearly core CPI at 2.5%. And traders are now pricing in 50-50 odds that the Fed will cut rates more than just twice this year and deliver a third interest rate cut. Right now, S&P, Dow, and Nasdaq futures are little changed to the downside, and the 10-year Treasury yield is down about a basis point to 4.08%. Shares of Alibaba traded in the U.S. are down 4%. Reuters is reporting that the Pentagon... plans to add the tech giant to the list of companies it accuses of aiding China's military. We got reaction from Republican Senator Tom Tillis of North Carolina.
Any business that's domiciled in China, does anybody really believe that there's separation between the CCCP and the state-owned enterprises and other... supposedly independent businesses.
Republican Tom Tillis joined Bloomberg surveillance from the Munich Security Conference. The Pentagon announcement on Alibaba could come as soon as today. German Chancellor Friedrich Merz is also speaking at the Munich conference. He is calling for a reordering of the transatlantic relationship in the age of President Trump. Merz says Germany and Europe need to bolster their independence and security together, but he says leaders need to recognize that the world has changed. And he says he's begun talks already with French President Emmanuel Macron about the future of Europe's nuclear deterrent. The Trump administration may be looking to narrow its steel and aluminum tariffs.
What insights does the January CPI report provide on inflation trends?
Bloomberg News has learned the U.S. Trade Representative's office is scrambling to resolve complications from the Commerce Department's rollout of those duties. Bloomberg Global Trade Editor Brendan Murray has more.
If you recall, the president put 25% tariff on steel and aluminum in March of last year. Then he raised it to 50% in June of last year. And then he added about 400 products that have steel and aluminum in them. in August. So that captured a lot of imports and created some collateral damage from companies that use steel and aluminum.
That's Bloomberg's Brendan Murray. Treasury Secretary Scott Besson told CNBC that any changes would be clarification on some incidental objects. He says the final decision is up to President Trump. The president says he is ending a landmark finding that underpins federal auto emission standards and a host of other environmental regulations. It's the Obama-era endangerment finding that greenhouse gases threaten human health. The president says his message to Americans? Don't worry about it because it has nothing to do with public health. This was all a scam, a giant scam. Former EPA scientist Matthew Davis says not so.
As there's more air pollution, smog and soot in the air, we see more heart attacks, strokes, asthma attacks, all of these things.
Matthew Davis served at the EPA during Republican and Democratic administrations. President Trump says ending the endangerment finding will eliminate $1.3 trillion in regulatory costs.
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