Chapter 1: What is the main topic discussed in this episode?
Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients.
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Key Republican lawmakers are speaking out against a grand jury investigation of Fed Chair Jay Powell. On Sunday night, Powell said the Fed had been subpoenaed by the DOJ with threats of a criminal indictment. Powell said the action was related to his congressional testimony in June on renovations of the Fed's headquarters.
But he also said this should be seen in the broader context of the Trump administration's threats and ongoing pressure. Well, immediately, Senator Tom Tillis, a key Republican on the Banking Committee who is not running for re-election, vowed to oppose any Trump nominees to the Fed until this matter is resolved.
At the same time, Senate Majority Leader John Thune said the allegations against Powell better be real and serious. Here is Bloomberg's Tyler Kendall.
It does appear that Powell is talking with these senators in real time. Senator Lisa Murkowski, a Republican from Alaska, confirmed she spoke with him earlier this morning, and she is now suggesting that Congress could launch its own investigation into the Department of Justice's investigation. And, Joe, I'll leave you with this one.
The House Financial Services Chair, French Hill, saying that this is an unnecessary distraction, in his words, appearing to take the side of the Fed chair.
That is Bloomberg's Tyler Kendall. Meantime, the U.S. attorney for the District of Columbia, Jeanine Pirro, said tonight she did not seek a sign-off from her bosses at the Department of Justice before issuing a subpoena to the Fed. In a post on X, Pirro also said she does not plan to back down from this investigation.
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Chapter 2: What concerns do GOP lawmakers have regarding the Powell probe?
Now, in a post on Truth Social today, President Trump said he will impose a 25 percent tariff on any country that trades with Iran effective immediately. The Danish energy firm Orsted can resume a wind farm project off the coast of Rhode Island while the company challenges a stop-work order from the government.
This is after a federal judge concluded the order may have been arbitrary and capricious and in violation of the Administrative Procedures Act. Bloomberg's Amy Morris has more from Washington.
The Trump administration had ordered a 90-day suspension of five East Coast wind farm projects, citing national security concerns. During a meeting with oil executives on Friday, the president says he's not a fan of windmills.
We have not approved one windmill. since I've been in office, and we're going to keep it that way.
Chapter 3: What are the implications of the DOJ's investigation into the Fed Chair?
My goal is to not let any windmill be built.
They're losers. The judge ruled the Revolution Wind project, intended to power hundreds of thousands of homes in Rhode Island and Connecticut, would be irreparably harmed unless work was allowed to continue during the legal fight with the Trump administration over renewable energy. In Washington, Amy Morris, Bloomberg Radio.
In sports, Brooks Koepka is returning to the PGA Tour just five weeks after leaving Live Golf. Koepka has agreed to a one-time program for elite players that comes with a financial penalty. And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner, and this is Bloomberg.
Bloomberg.
Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients.
We're talking top-grade products across the board of over 80 bond funds. actively managed by a 200-person global squad of sector specialists, analysts, and traders. These folks live and breathe fixed income.
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Sign in to access all 6 segments of this chapter and more.
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Chapter 4: How are lawmakers responding to the allegations against Powell?
So if you're looking to give your clients consistent results year in and year out, go see the record for yourself at Vanguard.com slash audio. That's Vanguard.com slash audio. All investing is subject to risk. Vanguard Marketing Corporation Distributor.
I'm Barry Ritholtz, inviting you to join me for the Masters in Business podcast. Every week, we bring you fascinating conversations with the people who shape markets, investing, and business. CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market, whether you own stocks, bonds, real estate, commodities, crypto,
You really need to hear these conversations. Sometimes it's behaviorists like Dick Thaler or Bob Schiller. Sometimes it's fund managers like Peter Lynch, Bill Miller, Ray Dalio. Sometimes it's authors, Michael Lewis, author of The Big Short and Moneyball. Regardless of the conversation, these are the folks that move markets each week.
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