Power Grid Pressure in Winter Storm, MN Shooting Latest, More
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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... Listen on Apple, Spotify or wherever you get your podcasts.
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What impact does the winter storm have on the eastern U.S.?
We begin with a massive winter storm spreading ice, snow, and sleet across the eastern U.S. Several locations are reporting between four to six inches of snow, with more to come over the next few hours. In New York City, MTA Chief Jano Lieber says the transit system will be able to handle the storm.
We have our own snow fighting equipment to supplement what the city's Department of Sanitation does with their 2,000 plows and 4,000 workers who are working around the clock to make sure that the bus system is ready to go. Shoveling away 10,000 subway employees ready to go. And we're also very much preparing on the Long Island River to Metro North, which are part of the MTA system as well.
That's MTA Chief Jano Lieber. This storm is also straining electric grids and grounding thousands of flights. It's also presenting a test for New York City's new mayor, Zoran Mamdani. He spoke this afternoon at a press briefing.
Our administration has opened 10 warming centers in school buildings across the city, two in each borough, and they will be operational through at least tomorrow evening. Food will be provided at each of these sites. That is in addition to the 126 shelters, over 50 hospitals, and 35 safe havens where people in need can come in and get warm. A code blue remains in effect.
Now, New York City schools will be closed on Monday with students resorting to remote learning. We go to Minneapolis next, where people braved freezing temperatures last night for protests and vigils following a second fatal shooting by federal agents. It was on Saturday Border Patrol agents shot and killed Alex Preddy, a 37-year-old ICU nurse, after he was subdued and on his hands and knees. Now, Preddy had a permit to carry a weapon, which the agents found on him before the killing. Minnesota Governor Tim Walz spoke at a press conference.
President Trump, you can end this today. Pull these folks back. Do humane, focused, effective immigration control. You've got the support of all of us to do that. Let our law enforcement continue to do what they do, making Minnesota one of the safest states in the country, one of the best places to live.
That's Minnesota Governor Tim Walz. Meantime, Senate Democratic Leader Chuck Schumer is vowing to block a spending package this week unless Republicans strip funding for the Department of Homeland Security. Now, that will increase the risk of a partial U.S. government shutdown. We heard today from Democratic Senator Amy Klobuchar of Minnesota. She spoke on ABC's This Week.
Somehow, 50,000 peaceful protesters in 10 below weather, I was there with them marching, were able to march without any problems. And then the next day, a half a dozen ICE and border control agents couldn't handle a guy with a cell phone taking video of them and shot him. So I think it's pretty obvious what's going on here. And what needs to happen is they need to leave.
That is Minnesota Senator Amy Klobuchar on ABC's This Week. On Wednesday, we'll get a rate decision from the Federal Reserve. However, the latest Bloomberg survey shows we may not see a change until June. Bloomberg's Michael McKee has a preview.
It's going to be an interesting meeting because they're not going to do anything right now. There's just a three and a half percent chance, according to futures, that they do any kind of rate move. There's no dot plot. There's no economic forecast. Everybody will be looking to Jay Powell for guidance on the future. But what's the first question going to be?
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