Supreme Court Hears Trump Fed Argument, Trump Doubles Down on Greenland, More
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News when you want it with Bloomberg News Now, I'm Amy Morris. The Supreme Court seems inclined to keep Federal Reserve Governor Lisa Cook in her job, casting doubt on President Trump's bid to wrest control of the nation's central bank. Cook's attorney, Paul Clement, argued that firing Cook would set a bad precedent.
What is the Supreme Court's stance on President Trump's control over the Federal Reserve?
No procedural due process before removal, no judicial review after removal, no preliminary injunction to preserve the status quo in a conception of cause so capacious that apparent misconduct or gross negligence suffices.
But Solicitor General John Sauer argues the president has broad discretion in the Cook case.
A statutory language cause without further qualification is itself, in its plain language, a broad, you know, conferral of authority on the president himself.
Fed Governor Cook released a statement after the hearing saying that Congress chose to insulate the Federal Reserve from political threats while holding it accountable, and that as long as she serves at the Federal Reserve, she will uphold the principle of political independence. President Trump is calling for immediate negotiations to allow the U.S. to take over Greenland, he says, for security purposes.
It's the United States alone that can protect this giant mass of land, this giant piece of ice.
But while Trump seemingly ruled out the use of military force, he insinuated that he would weigh Europe's response to his demands when considering the U.S. commitment to the alliance moving forward.
They have a choice.
What arguments are presented regarding the removal of Fed Governor Lisa Cook?
You can say yes, and we will be very appreciative, or you can say no. And we will remember.
Denmark has rejected any talks over a takeover of Greenland. But the move has indefinitely postponed a ratification vote on a trade deal between the U.S. and the EU. Bernd Lange is chair of the European Parliament's Committee on International Trade. He expects the European Commission to launch an anti-coercion instrument on Monday.
Yes, I expect that the coordinators will decide to Request to start the investigation, the procedure of the ACI. Of course, now between now and Monday, there's a lot of time and we will see what will happen.
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 geopolitical focus.
Ostensibly, it's about projecting power in the Arctic. And the best way to project power in the Arctic is through NATO forces using their Arctic skills.
Republican Senator Tom Tillis spoke to Bloomberg surveillance from the sidelines of the World Economic Forum in Davos. Jamie Dimon says President Trump's proposal to cap credit card interest rates would spell economic disaster for the U.S.
In the worst case, you'd have to have a drastic reduction of the credit card business. I mean drastic. I mean like 10 percent. I mean like 80 percent. It would remove credit from 80% of Americans.
Diamond said 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 that they provide to consumers. Tentative calm was restored to Wall Street after the worst day for markets since April, as President Trump said he would not use force to acquire Greenland. We do check those markets for you all day long here at Bloomberg. The S&P 500 up 4 tenths of a percent. NASDAQ up 0.1%, the Dow up 0.4%, the 10-year Treasury yield at 4.26%, and the 2-year yield at 3.58%. And Netflix shares more than 4% lower as spending mounts amid its deal to buy Warner Bros. Discovery. Pending home sales plunged the most since the start of the pandemic.
The National Association of Realtors says pending sales fell by 1.3 percent from the year before. That's a decline that was regionally broad and well below the lowest estimate in a Bloomberg survey of economists. It is not clear whether these numbers are a one-off.
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