Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Amy Morris. President Trump faced rare opposition from key Republican lawmakers after Fed Chair Jay Powell accused the Department of Justice of launching a grand jury investigation to pressure and intimidate the central bank.
Republican Senators Lisa Murkowski and Kevin Cramer expressed opposition to the investigation, Murkowski calling it an attempt at coercion. Bloomberg's Tyler Kendall.
It does appear that Powell is talking with the senators in real time. Senator Lisa Murkowski, a Republican from Alaska, confirmed she spoke with him earlier this morning. And she's now suggesting that Congress could launch its own investigation into the Department of Justice's investigation.
Senate Majority Leader John Thune said the threat of a legal battle with the Fed could make confirming Fed nominees challenging. And he warned the allegations against Powell, quote, better be real and they better be serious. Republican Representative French Hill of Arkansas released a statement calling the charges against Powell a distraction.
Three former heads of the Federal Reserve and four former Treasury secretaries decried the investigation, saying it would undermine the U.S. central bank's independence. That statement was signed by former Fed chairs Janet Yellen, Ben Bernanke, and Alan Greenspan, and former Treasury Secretaries Tim Geithner, Jacob Lew, Henry Paulson, and Robert Rubin.
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Chapter 2: What recent actions have raised concerns among GOP lawmakers regarding Fed Chair Powell?
And I said, let's go. I'm ready. And where's President Trump been? Missing in action. All of a sudden, Trump is starting to wake up to the fact that people across this country are more alarmed about their economic circumstances than they were a year ago.
Senator Warren is a guest tonight on Balance of Power. The state of Minnesota and the twin cities of Minneapolis and St. Paul are suing the federal government to stop an enforcement surge by Immigration and Customs Enforcement. Minnesota Attorney General Keith Ellison.
The deployment of thousands of armed mass DHS agents to Minnesota has done our state serious harm. This is, in essence, a federal invasion of the Twin Cities and Minnesota, and it must stop.
The lawsuit alleges Operation Metro Surge violates federal law because it's arbitrary and capricious, and that the federal government is really targeting Minnesota over politics.
Chapter 3: How are Republican senators reacting to the investigation into the Federal Reserve?
This comes after the shooting death of a Minneapolis woman by an ICE officer. Stocks, bonds and the dollar bounced from session lows, but caution prevailed after the Trump administration escalated its attack on the Federal Reserve. We bring you the closing numbers each day here at Bloomberg. S&P gained 11 points. NASDAQ gained 63. The Dow gained 86 points.
The 10-year Treasury yield at 4.18 percent and the two-year yield at 3.53 percent. Layoffs are reportedly coming to Meta as soon as tomorrow.
The New York Times reports the cuts to Reality Labs, which has roughly 15,000 employees, would be a fraction of Meta's total workforce of 78,000, but are set to disproportionately affect those in the Metaverse unit, who work on virtual reality headsets and a VR-based social network. Citigroup is set to cut about 1,000 jobs.
It's part of chief executive Jane Frazier's plan to keep a lid on costs and improve returns. The company culling its ranks as part of a plan announced two years ago to eliminate 20,000 jobs by the end of this year. Apple has reportedly entered a multi-year partnership with Google's Gemini to run its AI-powered Siri later this year.
CNBC reports Apple determined that Google's technology is the best foundation for Apple Foundation models. Bloomberg reported in November that Apple and Google were getting closer to making a deal. Bloomberg's Mandeep Singh.
The trend is more towards specialization. What Anthropic has shown is you can focus on a particular area and really improve the model to the point that you can gain a lead. So that's where I think OpenAI will do well, as will Gemini, Grok, and all these frontier models.
Bloomberg's Mandeep Singh. Paramount Skydance taking another step in its hostile takeover bid of Warner Bros. Discovery. Paramount says it will name its own slate of directors before the next shareholder meeting. And Paramount is suing to compel Warner Brothers to disclose to shareholders how it values its bid and the competing offer from Netflix.
A judge has ruled that Orsted can resume development of a wind farm project off the coast of Rhode Island while it challenges the government's latest work stop order. During a meeting with oil executives on Friday, the president said 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. My goal is to not let any windmill be built. They're losers. They lose money. They destroy your landscape. They kill your birds.
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Chapter 4: What implications does the investigation into Powell have for the Federal Reserve's independence?
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