Millions Brace for Storm, Rieder’s Market Support for Fed Job, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Ed Kalecki. Snow and dangerously bitter cold have begun to spread from the Rocky Mountains to the Great Lakes as a massive storm pushes toward the U.S. Northeast, disrupting travel and threatening power outages for much of the nation. The storm is expected to span nearly 1,500 miles, bringing heavy snow, crippling ice and sub-zero wind chill to some of the biggest U.S.
What impact is the massive storm having across the U.S.?
cities. Natural gas prices surged on concern iced over equipment will choke supplies. Airlines have already canceled more than 3,000 flights. Amtrak has pulled dozens of trips from its schedule. Chicago schools were closed Friday as the third largest U.S. district braced for wind chills of 30 below, while ski resorts in Michigan took the unusual step of shutting slopes because of the extreme cold. New York City Mayor Zoran Mamdani told residents in the nation's largest city... that snow removal efforts have been prepared and that a decision will be made by 12 noon Sunday as to whether schools will be open Monday or if it will be a virtual learning day. Former FEMA Director Deanne Criswell tells Bloomberg the first step now is to get people in the storm-threatened areas to prepare for the worst.
They can take the steps right now to make sure that they can keep themselves and their families safe. We worked with Texas and we worked with the power companies to put mitigation measures in place to reduce the impact, to get the power restored to those critical infrastructure facilities first, and then get everything else back online. But it does take time.
Former FEMA Director Deanne Criswell. According to people familiar with the White House deliberations, Rick Reeder's Wall Street bona fides and openness to making changes at the Federal Reserve have bolstered his candidacy for the central bank's top job. The BlackRock executive is seen as looking the part of a central banker and has also grabbed President Trump's attention with his myriad of ideas for overhauling the Fed. Reeder, one of four contenders to be Trump's pick to lead the central bank, has elicited positive reaction from bond market participants as Trump administration officials have sought investor views on the shortlist of Fed chair candidates. Intel shares plunged 17 percent after Chief Executive Officer Lipu Tan gave a lackluster forecast and warned that the chipmaker was struggling with manufacturing problems.
First quarter projections for revenue and earnings both fell well short of Wall Street estimates. At a conference call with analysts where Tan said it would take time and resolve to turn around the company, sent the shares down further. Production snags have hampered the comeback bid, a disappointment for investors who anticipated more of a boost from new products.
How are cities and transportation systems preparing for the storm?
A New York judge has approved a state gerrymander that redrew the congressional district represented by the city's only Republican, Congresswoman Nicole Meliotakis. She talked about it in a Bloomberg interview.
We fought this battle in 2022 and 2024 successfully. Here we are again. And this is because the Democrats simply can't beat me on merit, on policy, on debate. And we're gonna fight it tooth and nail. And if we have to take it all the way to the US Supreme Court, we will.
New York Republican Nicole Malliotakis. Attorney General Pam Bondi says former Olympic snowboarder Ryan Wenning, who was on the FBI's most wanted list for allegedly running one of the world's largest cocaine networks, has been arrested. Wenning, who competed for Canada in the 2002 Winter Olympics, was being sought for allegedly helping to orchestrate a billion-dollar drug enterprise with Mexico's Sinaloa cartel. In November, the U.S. placed a $15 million bounty on Wedding. The Justice Department said Wedding's organization imported about 60 metric tons of cocaine a year into Los Angeles by semi-truck from Mexico, roughly the weight of 40 standard cars, before shipping it north to Canada. On Wall Street, we're getting a fresh look at how consumers are feeling from the University of Michigan.
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