Rieder's Plans Seen as Boon for Fed Chair, Storm Cancels Flights, More
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news when you want it. With Bloomberg News Now, I'm Amy Morris. Rick Rader's candidacy for the Federal Reserve's top job has been bolstered by his Wall Street experience and openness to making changes at the Fed. He is seen as looking the part of a central banker and has grabbed the president's attention with his ideas for overhauling the Fed. President Trump says he is done interviewing candidates for Fed chair and that an announcement could come as soon as next week. Ryan Wedding's been arrested. The former Olympic snowboarder was among the FBI's most wanted fugitives. FBI Director Kash Patel.
This individual and his organization and the Sinaloa cartel poured narcotics into the streets of North America and killed too many of our youth and corrupted too many of our citizens.
And that ends today. Wedding is accused of running one of the world's largest cocaine networks and was sought for allegedly helping orchestrate a billion dollar drug enterprise with Mexico's Sinaloa cartel. Wedding competed for Canada in the 2002 Winter Olympics. He now faces charges related to drug trafficking and the killing of a federal witness. At least 170 million people are on alert for a storm that's expected to bring a lot of winter weather, sleet, freezing rain, snow and ice. Bloomberg meteorologist Rob Carolin tells us ice is really the big concern, making travel hazardous and increasing the risk for power outages in sub-freezing temperatures.
Not only is much of the country under winter weather advisories or winter storm warnings, but also cold weather advisories and cold weather warnings. Many locations in the Ohio River Valley, the mid-Mississippi River Valley, mid-Atlantic, and also the Northeast will wake up tomorrow to wind chills that are anywhere from 10 to 20 below. And this cold air looks to remain in place through the upcoming weekend.
And prices for electricity and natural gas have already started rallying. Natural gas up more than 7 percent. More than 1,800 flights are canceled. Amtrak canceling some trains. And FEMA is staging resources ahead of this storm. Former FEMA Director Deanne Criswell.
FEMA has the ability to have these centralized stockpiles of equipment to pre-position where you can, but they only do that at the request of the state.
And at least 14 states have declared states of emergency. Chinese officials have told the country's largest tech firms, including Alibaba, that they can prepare orders for NVIDIA's H200 AI chips.
What is Rick Rader's significance for the Federal Reserve chair position?
More on this with Bloomberg's Isabel Lee.
You know, Beijing is close to formally approving imports of components essential to running AI. That's according to people familiar with the matter. And this means Beijing will encourage companies to buy a certain amount of domestic chips as a conditional approval. So the government is obviously prioritizing the needs of major Chinese hyperscalers.
Bloomberg's Isabel Lee Nvidia shares nearly 2% higher. Intel shares are 18% lower now after the chipmaker CEO said gave a lackluster forecast and warned of continuing struggles with manufacturing issues. Bloomberg's Neil Campling with more.
Back in the day, Intel was the largest semiconductor company in the world. Today, NVIDIA, in market cap terms, is 17 times larger than Intel. And I think that sums it quite nicely as to where they are on the tech curve. And Intel are continuing to struggle with that technology footprint.
Bloomberg's Neil Campling. Wall Street ending a jittery week on a relatively quiet note with traders digesting the rally of the past two days in the run-up to the Federal Reserve decision and the start of the mega-cap earnings season.
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