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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 Doug Krisner. 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. Bloomberg's Craig Allen is tracking the storm.
The Northeast is really getting smacked now by this winter storm and it will last through the day. The snow now encompasses the whole 95 corridor from D.C. to New York City to Boston and for hundreds of miles all around. Heavy snow, whiteout conditions, they'll continue for areas along and west of 95 with totals upwards of 6 to 12 inches near the coast. and 12 to 18 inches or more inland.
That is Bloomberg's Craig Allen. Power grids are facing tough conditions as demand for electricity climbs. Natural gas prices soared. By the way, nearly 933,000 homes and businesses across the U.S., most of them in Tennessee, Mississippi, and Louisiana, were without electricity as of 12.30 p.m. ET. And in Texas, the power grid will be facing tight conditions through Monday.
It was on Friday, Texas Governor Greg Abbott issued disaster declarations for more than half the counties in the state as the storm became the toughest test of the electric grid since a deadly collapse back in 2021. And the U.S. Department of Energy is ordering the state grid operator in Texas to use backup features at data centers in periods of extreme stress.
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.
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Chapter 2: What impact does the winter storm have on the eastern U.S.?
Meantime, the CEOs of more than 60 Minnesota-based companies are calling for an immediate de-escalation of tensions between state, local, and federal authorities. In New York City, Mayor Zoran Mamdani says he will do everything in his power to prevent horrific actions and keep ICE out of New York City. More from Bloomberg's Monica Ricks.
New York Mayor Zoran Mamdami condemned the federal tactics that have now gotten two Americans killed in Minneapolis.
These ICE raids, they are cruel. They are inhumane. They do nothing to serve the interests of public safety.
Mamdami is an immigrant himself, and he tells ABC's This Week the city has a number of tools to dissuade President Trump from ordering a similar ICE operation in the Big Apple. including the utilization of courts and sanctuary city policies, which allow cities like New York to limit their cooperation with federal agencies that seek to deport undocumented immigrants.
He didn't give details, but Mamdami says he has been in touch with Trump since their meeting in November. Monica Ricks, Bloomberg Radio.
Ukrainian President Volodymyr Zelensky said that two days of trilateral talks involving Ukraine, Russia, and the U.S. were constructive. These talks focused on the possible parameters for ending Russia's full-scale invasion. The teams included military representatives from all three sides, as well as U.S. Special Envoy Steve Witkoff and Jared Kushner.
A list of issues for a potential next meeting was also discussed. Economists are now expecting we'll have to wait until June before the Fed cuts interest rates again. We have more from Bloomberg's Karen Moskow.
Just last month, economists had forecast the first rate cut of the year to come in March. But with inflationary pressures lingering and signs of stabilization in the labor market, the latest Bloomberg monthly survey shows the timeline has moved further out.
After lowering borrowing costs three straight times to close out 2025, Fed officials are widely expected to hold rates steady at their meeting next week. And economists in our survey predict the second and final reduction of this year will come in September, unchanged from last month's survey. Karen Moscow, Bloomberg Radio.
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Chapter 3: How are power grids responding to increased electricity demand?
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