SCOTUS Appears Wary of Trump Fed Argument, Denmark Rejects Trump Bid to Take Greenland, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. Supreme Court justices suggested they are wary of President Trump's efforts to fire Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud. They say the move could upend the Fed's independence and rattle markets. Justice Brent Kavanaugh expressed skepticism of there being no judicial review of the actions of the president.
Your position that there's no judicial review, no process required, no remedy available, very low bar for cause that the president alone determines. That would weaken, if not shatter, the independence of the Federal Reserve.
The case is testing the Supreme Court's commitment to the independence of the central bank. The court so far has helped shield the Fed from Trump's efforts to seize control. This Cook case presents a new set of legal issues. President Trump says NATO should allow the U.S. to acquire Greenland. He told the World Economic Forum at Davos that it is, in his words, a small ask.
I'm seeking immediate negotiations to once again discuss the acquisition of Greenland by the United States.
Trump says NATO owes it to the U.S. to grant it full rights to the Arctic territory, something he says the U.S. needs to deploy its Golden Dome missile defense system.
I don't have to use force. I don't want to use force. I won't use force.
And now Denmark has rejected any talks over a takeover of Greenland. The government is already putting in preparations for an invasion, although that is considered not likely. But the move has postponed a ratification vote on a trade deal between the U.S. and the EU indefinitely. Bernd Lange is chair of the European Parliament's Committee on International Trade.
We were quite clear we will hold on the procedure with the two files. until there is a clarity regarding Greenland and its threats.
What concerns did the Supreme Court justices express regarding Trump’s actions towards the Federal Reserve?
So we formulated quite clear until the threats are over.
Lange says the European Parliament will not proceed with the trade deal until the U.S. decides to re-engage on a path of cooperation rather than confrontation. And Republican Senator Tom Tillis has been more vocal in his criticism of President Trump, including on this latest focus.
Greenland. The what makes a lot of sense to me, project power in Greenland. Why would any fiscal conservative want to spend billions of dollars to buy something that we already have access to?
Republican Senator Tom Tillis spoke to Bloomberg surveillance from the sidelines of the World Economic Forum in Davos. Jamie Dimon is speaking out against President Trump's proposal to cap credit card interest rates.
It would be an economic disaster. And I'm not making up because our business, you know, we would survive it, by the way. In the worst case, you'd have to have a drastic reduction of the credit card business.
Diamond says his firm will give a real analysis of the proposal to the government and that banks have argued an interest rate cap. would force lenders to drastically pull back on credit they provide to consumers. Wall Street's holding steadier after President Trump says he won't be using force to take Greenland. We'll check the markets for you. We do it all day long here at Bloomberg. The S&P 500 up 6 tenths of a percent. NASDAQ up 6 tenths of a percent. The Dow up 7 tenths of a percent. Ten-year Treasury yield at 4.27 percent. The two-year yield at 3.59 percent. And check out Netflix. Shares more than 4 percent lower. as spending is mounting amid its deal to buy Warner Brothers Discovery. Pending home sales plunged the most since the start of the pandemic.
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