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 Karen Moscow. Sources tell Bloomberg the State Department will suspend processing visas for people from dozens of countries. It marks one of the Trump administration's most extreme moves yet in its immigration crackdown. A department memo says the U.S.
is freezing visa processing indefinitely for 75 countries, including Afghanistan, Iran, Russia and Somalia. However, what may be more surprising to some is other nations on the list, which include Brazil. The U.S. Supreme Court did not rule on challenges to President Trump's tariffs today, leaving the world to wait until at least next week to learn the fate of his signature economic policy.
We get more with Bloomberg's Anne-Marie Hordern.
We don't have an opinion yet again today. The president spoke about this last night in Detroit. He was saying, could you believe, could you imagine the Supreme Court is trying to rule that my tariffs are illegal? But then he did say, we'll find another way. So for financial markets concerns, although everyone does want to know whether or not This is going to be deemed illegal.
There's going to be a time period, if it is deemed illegal, where your companies are going to line up for refunds. About 75 percent of Trump's tariffs are tethered to IEPA. So they're going to have to find different avenues to legally have these justification for some of these tariffs. So that is why everyone is so concerned.
But, yes, the Supreme Court really leaving us in the dark once again, unclear how they're going to rule on this.
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Chapter 2: What recent changes have been made to U.S. visa processing?
The comments came after Citigroup posted an 84 percent surge in financial advisory fees in the fourth quarter, capping a year in which the firm's revenue from handling mergers rose by more than half to a record. Meanwhile, Bank of America Chief Financial Officer Alistair Borthwick was also asked about the credit card cap in a call with reporters today. And here's Bloomberg's Danny Berger.
As you would assume, it was the very first question. How do you feel about this proposed or attempted enforcement of a 10% credit card cap for interest rates? CFO Borthwick goes on to say we're supportive of what the administration is doing around affordability.
Chapter 3: How is the Trump administration impacting immigration policies?
He goes through the Bank of America history saying that we do things like trying to limit overdraft fees. We have various product suites to help Americans exactly with this, with affordability. And we are standing by the administration to help them.
On this specific issue of credit card caps on interest rates, they say it is firmly in the public debate arena and that the issues are well understood and nothing more to add.
And that's Bloomberg's Danny Berger. Bank of America's equity traders posted their best fourth quarter ever as the company reaped the benefits of volatile markets and net interest income topped analyst estimates. Wells Fargo missed analyst profit estimates as severance costs drove up expenses and shares slumped the most in six months. We did have some breaking economic news with U.S.
previously owned home sales climbing in December at the fastest pace since 2023, a welcome sign for a housing market that has lacked momentum for several years. Contract closing rose 5.1% last month, the highest since February 2023. Borrowing costs have been easing and price growth has slowed, helping to fuel home purchases in all major regions of the U.S.
US retail sales rose in November by the most since July. It was fueled by a rebound in auto purchases and resilient holiday shopping. US wholesale inflation picked up slightly in November from a month earlier on a jump in energy costs, even as prices for services were unchanged.
A slide in tech mega caps is driving stocks lower amid an uneventful round of economic data and earnings from big banks with geopolitical risks keeping a lid on the market while lifting oil and gold.
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Chapter 4: What are the implications of the visa suspension on international relations?
The S&P 500 down 0.6%, the Dow Jones Industrial Average down 0.25%, NASDAQ down 0.9%, the 10-year Treasury yield is at 4.14%. And we do have more breaking news with Attorney General Pam Bondi writing on X that a Defense Department contractor who allegedly leaked information to a Washington Post journalist is currently behind bars.
Bondi says the Justice Department carried out a search warrant at the journalist's home after she allegedly obtained and reported classified information from the defense contractor. and she says the warrant was carried out at the request of the Defense Department. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow, and this is Bloomberg.
Chapter 5: What was the Supreme Court's decision regarding Trump's tariffs?
Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients.
We're talking top-grade products across the board of over 80 bond funds. actively managed by a 200-person global squad of sector specialists, analysts, and traders. These folks live and breathe fixed income. So if you're looking to give your clients consistent results year in and year out, go see the record for yourself at Vanguard.com slash audio. That's Vanguard.com slash audio.
All investing is subject to risk. Vanguard Marketing Corporation Distributor.
Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, head of government and economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond.
Listen to new episodes every Wednesday and follow Trumponomics wherever you listen.
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