Chapter 1: What are the implications of Kevin Warsh's Fed chair nomination?
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Stocks are falling. Treasury yields are mixed as President Trump's pick for a new Fed chair sinks in. Right now, the S&P 500 is down 0.5%. The Dow Jones Industrial Average is 0.8% lower. The Nasdaq composite's down six-tenths of a percent. The 10-year yield is up a basis point, while the two-year is down two.
The president named former Fed Governor Kevin Warsh to the job. In a social media post this morning, Bloomberg's Michael McKee reports Warsh has been a tough critic of the central bank.
He says the Fed's guilty of mission creep, thinks they do too much, and he thinks Fed officials over-communicate.
Chapter 2: How does the market react to Kevin Warsh's views on interest rates?
He has praised Mickey Bowman and her deregulatory efforts, but is willing to give up bank regulation, at least most of it, if he becomes Fed chair. And that may be what appeals to the president.
Bloomberg's Michael McKee reporting Warsh has also argued for higher interest rates, and that may be where the market's focused, as we hear from Bloomberg macro strategist Michael Ball.
Let's be clear. We don't know really where Kevin is going to go with things. He's kind of pivoted a little as he's interviewed and some of his stuff post-Fed has been a little bit critical of the Fed mission creep, talking about balance sheet too large. Obviously, there's things now that he needs to clarify. And the street, as we're seeing from the initial price reaction, is unclear.
ball, and Warsh's Senate confirmation could take a while. Republican Tom Tillis says he still plans to keep blocking the president's Fed picks until criminal investigations against Chair Jay Powell and Fed Governor Lisa Cook are resolved.
I'm not an attorney. I watch a lot of crime shows, but it doesn't look like There was any criminal intent here. They have to determine whether or not it's worth grinding this out.
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Chapter 3: What new information has the DOJ released about Jeffrey Epstein?
Republican Senator Tom Tillis was a guest on Bloomberg Surveillance. The Justice Department has released many more of its files on late sex offender Jeffrey Epstein. Here's Deputy Attorney General Todd Blanch.
Today we are producing more than three million pages, including more than 2,000 videos and 180,000 images. In total, that means that the department produced approximately three and a half million pages in compliance with the act.
Deputy Attorney General Todd Blanch is speaking at a Washington news conference more than a month after the December 19th deadline in the Epstein Files Transparency Act for DOJ to release all its files. The department put out tens of thousands of pages then, many of them either already public or heavily redacted.
The case against accused UnitedHealthcare killer Luigi Mangione has taken a setback for the federal government. A federal judge in Manhattan's dropped a murder charge that could have carried the death penalty against Luigi Mangione. The 27-year-old is still facing a state murder count in the death of UnitedHealthcare CEO Brian Thompson.
The remaining federal charges carry a maximum of life without parole. Former CNN anchor Don Lemon has been arrested in Los Angeles in connection with an anti-ICE protest in Minnesota that disrupted a church service earlier this month. Attorney General Pam Bondi confirmed the arrests of Lemon and three others in a post on X saying they were in a coordinated attack.
Legal analyst Robin Nunn says prosecutors tried to charge Lemon before, but the top federal judge in Minnesota found no probable cause.
Although a judge can say that this should not move forward, there are other mechanisms in the law where the GOJ can still proceed, and they are choosing to do so in this case.
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Chapter 4: What are the details surrounding the charges against Luigi Mangione?
Attorney Robin Nunn, Lemon has said he was not protesting but was covering the activists as a journalist. L.A. Mayor Karen Bass put out a statement saying Lemon was arrested, quote, simply for doing his job. In Washington, the federal government is headed for a short shutdown. Congress is unlikely to meet a midnight deadline to clear a spending bill through both the House and Senate.
The House is not in session until Monday, and Speaker Johnson told me yesterday that they would have some trouble trying to get people back before then over the weekend, although that doesn't mean that they won't try. So we're looking at probably a shutdown until, you know, at least Monday evening.
Government's Maeve Sheehy reports President Trump and Senate Democrats did reach a deal to fund the government and keep up negotiations on new limits for immigration raids. Iran says it's prepared for talks with the U.S. if President Trump ends his threats against the country. Speaking in Istanbul, Foreign Minister Abbas Arakci accused Israel of encouraging the president to attack.
He says Iran is as ready for war as it is to engage in negotiations. Tensions have been rising after President Trump ordered a carrier strike group to the Middle East. He's threatened to attack Iran over a brutal protest crackdown and to try to get a new nuclear deal. That's news when you want it with Bloomberg News Now.
Chapter 5: What are the latest developments regarding Don Lemon's arrest?
I'm Nathan Hager. This is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth.
Chapter 6: How is the U.S. government preparing for a potential shutdown?
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