Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Karen Moscow. A powerful winter storm has wreaked havoc on a large part of the country and for the very latest we bring in Bloomberg meteorologist Craig Allen.
The winter storm is now a couple hundred miles off the New England coast. It's continuing to move away in the steady snow, sleet and ice.
Chapter 2: How has the winter storm affected travel across the U.S.?
It's long over but there still may be some snow showers around during the day. No significant accumulations are expected but one or two of them may dust the ground all over again. This after a solid 5 to 10 inches of snow in and around D.C., 10 to 15 inches around the New York City area, and 15 to 20 around Boston.
But there were some locales that measured close to 2 feet, especially up I-91, deeper into New England. A dangerous layer of ice has capped that snow in many areas, and the problem is none of this is going to melt on its own. Bitterly cold temperatures will remain through the week, and so will the snow.
And that's Bloomberg meteorologist Craig Allen. Of course, travel, particularly through the air, continues to be a major headache this morning. And Bloomberg's Lisa Mateo continues our team coverage. Good morning, Lisa.
Those airlines, they certainly have their work cut out for them this morning. Extremely cold air, icy conditions at airports. Along with the roads and highways, it's really making travel difficult. But they are getting there. According to FlightAware, more than 3,600 flights were canceled as of this morning. That's down from the roughly 11,600 cancellations on Sunday. U.S. power grids.
Also being put to the test, you have more than 800,000 homes and businesses nationwide have been without electricity. Now, you have the PJM interconnection grid that stretches from Chicago to Washington, D.C., and the Electric Reliability Council of Texas.
They're taking that unusual step of paying some major customers to curb power used to also help them prevent the need for those rolling residential blackouts. In New York, Lisa Mateo, Bloomberg Radio.
Lisa, thank you. We also saw U.S. natural gas prices jump by almost 20 percent as this freezing weather swept across much of the country. It, of course, as you said, boosted heating demand and disrupted supplies. Well, there are competing narratives emerging from Minneapolis after a federal agent shot and killed a U.S. citizen for the second time this month during immigration enforcement.
Minnesota Governor Tim Walz says the Trump administration has already made up its mind about the scuffle. that killed ICU nurse Alex Preddy on Saturday.
That this was a domestic terrorist, crazed, running at... law enforcement with the intent to kill massive numbers of them, sullying his name within minutes of this event happening.
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Chapter 3: What impact did the winter storm have on airline operations?
Gold smashing through $5,000 an ounce. Right now, $51.21 an ounce. It has pushed even higher, extending that breakneck rally. Silver also spiked earlier to a record above $110 an ounce, gaining for a third day. Erratic policymaking and attacks in the Federal Reserve, combined with increasing public debt, all fueling the surge. Call it the debasement trade.
As one portfolio manager puts it, gold is the inverse of confidence. And the dollar continues to weaken. There are signs the U.S. is going to join Japan in a coordinated foreign exchange intervention. Investors debated how any joint intervention to support Japan might further worsen sentiment toward the dollar. The U.S. currency just experienced its worst week since May.
And if that's not enough to absorb this morning, Wall Street also looking to tech earnings this week. Meta, Apple, Tesla, and Microsoft all reporting. In New York, I'm John Tucker, Bloomberg Radio.
All right, John, thank you. And sports Super Bowl 60 is set, and it's a rematch. The New England Patriots versus the Seattle Seahawks. The Patriots will seek their NFL record seventh Super Bowl victory when they face the Seahawks on February 8th at Levi's Stadium in Santa Clara, California. And S&P futures, they're now down less than a tenth of a percent, so trimming their declines.
Dow futures, little change. NASDAQ futures down two-tenths of a percent. Ten-year Treasury yield at 4.21%. And COMEX Gold now at $5,129 an ounce. That's news when you want it with Bloomberg News Now. I'm Karen Moscow, and this is Bloomberg.
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