More Epstein Files Released, Gold’s Historic Plunge, Wall Street Reacts to Warsh, More
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News When You Want It with Bloomberg News Now. I'm Amy Morris. The Justice Department is releasing millions more pages of documents in connection with the late disgraced financier Jeffrey Epstein and the government's latest move to comply with a new law that orders those files be made public. Deputy Attorney General Todd Blanch says the latest trove of documents is being released today in response to that legislation passed by Congress in November.
Today we are producing more than three million pages of including more than 2,000 videos and 180,000 images. In total, that means that the department produced approximately 3.5 million pages in compliance with the Act.
The release follows earlier tranches that include thousands of pages of pictures, phone records, correspondence and notes. And Blanche also announced that the Justice Department has opened a federal civil rights investigation into the death of Alex Preddy, the Minneapolis resident killed by Border Patrol officers. DHS officials say the FBI will lead that federal probe. President Trump has nominated Kevin Warsh to be the next chair of the Federal Reserve, and we've got reaction from Capitol Hill to Wall Street. Spot gold is down more than 11 percent, now trading at less than $5,000 an ounce, exceeding the largest intraday drop seen since the 2008 global financial crisis and the biggest daily decline since the early 1980s.
Silver now down more than 32%, a record intraday decline as that sell-off swept through the broader metals markets. The dollar, though, three-quarters of a percent higher. We do check markets for you all day long here at Bloomberg. The S&P 500 down six-tenths of a percent. NASDAQ down nine-tenths of a percent. The Dow down seven-tenths of a percent. The 10-year Treasury yield at 4.24%. The two-year yield at 3.52%. President Trump says Warsh has not committed to cutting interest rates, but he knows he wants to.
But we talk about it and I've been following them and I don't want to ask him that question. I think it's inappropriate, probably.
Neil Dutta is head of economic research at Renaissance Macro and has harsh words for the president's nominee.
Criticism I have of Kevin Warsh. is lack of judgment, okay? Because the performance, his performance during the financial crisis was not a particularly good one. And I think you could say, arguably, that it is disqualifying.
What new documents have been released regarding Jeffrey Epstein?
Renaissance Macro's Neil Dutta says Warsh was too concerned about inflation as employment was rising rapidly after the 2008 crisis. Atlanta Fed President Rafael Bostic tells CNBC he doesn't really have a lot of experience with Warsh.
We'll just have to see how Mr. Warsh is in the role. It's very interesting. So when I was becoming, getting ready to become Atlanta Fed president, I had one set of thoughts. And then when I became the president, you get to see things in a different way and different perspectives. So I actually expect that'll be exactly the same, maybe even magnified as a chair of Federal Reserve. And we'll just have to see how things play out.
This week was Bostick's last as a policymaker. He will retire at the end of February. Republican Senator Tom Tillis says he'll continue to oppose the confirmation of any Federal Reserve nominee until the Justice Department's inquiry into the current Fed chair, Jay Powell, is resolved. He tells Bloomberg Surveillance the Fed can still do its job, even without a chair.
We all need to understand we still have a working... quorum of members, whether or not they have an acting chair is a decision that 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.
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