Mangione Death Penalty Charge Dropped, Trump Picks Warsh for Fed, More
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What is the main topic discussed in this episode?
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Find out more at business.gov.uk A federal judge in New York has ruled that prosecutors cannot seek the death penalty against Mangione. The judge says the case can still proceed on other counts that carry a maximum sentence of life without parole. We are seeing a cautious market reaction to President Trump making it official, naming former Fed Governor Kevin Warsh to succeed Jay Powell as chair. Right now, the S&P 500 and the Dow Jones Industrial Average are both down two-tenths of one percent. The Nasdaq Composite is lower by three-tenths. The 10-year Treasury yield is up about a basis point to 4.24 percent. And the dollar is strengthening. The Bloomberg Dollar Spot Index is up about a half percent.
Bloomberg's Michael McKee reports Kevin Warsh has gone through a bit of a conversion since he served on the Fed board in the Bush and Obama years. He is a hard worker.
Fed critic, and he has a hawkish reputation. But recently, he's been talking about how AI and the big spending on capital equipment, along with the president's deregulatory efforts, will make it possible to have faster growth with lower inflation. So he may be able to sell the president on interest rates coming down because of that. He does want the Fed to concentrate on inflation, and he does want a smaller balance sheet. So I don't think we're going to get QE from him to affect the long
That's Bloomberg's Mike McKee reporting. New Century Advisors Chief Economist Claudia Somm worked at the Fed when Warsh was a governor.
He got the nomination. He's not the Fed chair yet. He needs to go before the Senate. And I think the hearing, his confirmation hearing, should be a pretty difficult one. Because right now, the big conversation is about the independence of the Fed.
Former Fed economist Claudia Somm. And to that point, Republican Senator Tom Tillis says he will still oppose President Trump's Fed picks until Chair Powell's criminal investigation is resolved, even if that runs past Powell's term.
We all need to understand we still have a working... quorum of members, whether or not they have an acting chair is a decision of the president and I assume the treasury secretary and others can look at. But that's not my problem. We're here because of them. We're not here because of me.
Senator Tom Tillis and economist Claudia Sommer both guests on Bloomberg Surveillance. White House economic advisor Kevin Hassett says he's not disappointed that he did not get the Federal Reserve chair position. In an interview on CNBC, he says Governor Warsh should be confirmed quickly. Former CNN anchor Don Lemon has been arrested in connection with an anti-immigration enforcement protest that disrupted a church service in St. Paul, Minnesota nearly two weeks ago. Attorney General Pam Bondi posted on X that Lemon and three others were taken into custody at her direction.
What recent legal decision impacted the Mangione death penalty case?
Lemon's attorney, Abby Lowell, says federal agents arrested him in Los Angeles, where he was covering the Grammys. Robin Nunn is an attorney and legal analyst in New York.
This case turns on whether the government can show probable cause the line into criminal conduct. These are serious federal rights, civil rights charges, but they hinge on conduct.
Not speak. Attorney Robin Nunn. Lemon has said he is not affiliated with the protesters and was covering them as a journalist. Deputy Attorney General Todd Blanch is set to hold a news conference this morning. NBC News is reporting that that event will be related to the Jeffrey Epstein files. President Trump and Senate Democrats have reached a tentative deal to avoid a government shutdown over aggressive immigration enforcement in Minneapolis, but it might not pass in time before the funds lapse tonight. Republican Senator Lindsey Graham has placed a hold on the bill, and House Speaker Mike Johnson says his lawmakers aren't in town to vote on it, even if the Senate passes it in time.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:21
2
What recent legal decision impacted the Mangione death penalty case?
3:21–4:25
3
What are the market reactions to Trump's Fed chair nomination?
4:25–6:08
4
How has Kevin Warsh's perspective on the Fed changed since his tenure?
6:08–6:54
Speakers
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