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Traders Adjust Bets On Jobs Data, Bondi Faces Epstein Questions, More
11 Feb 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What surprising jobs data has traders reacted to?
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News when you want it with Bloomberg News Now. I'm Amy Morris. Traders are adjusting their bets on the Fed's next move after a big surprise from the January jobs report. 130,000 new jobs added in the month, twice as many as economists expected, and the unemployment rate ticked down to 4.3 percent. Claudia Somm is a former Fed economist now with New Century Advisors.
My base case is still two rate cuts this year, but we're going to get a lot more information and the Fed is going to watch the labor market extremely carefully.
Diane Swonk is chief economist at KPMG and says those jobs numbers are even better the more you dig.
That underemployment rate where you get discouraged workers and those having to cut part-time, that fell to 8% from 8.4% in December. What we're starting to see is some of the ice melt in the labor market now and things beginning to shift a bit. We need to keep up that momentum.
The report also included benchmark revisions to 12 months of jobs numbers through last March, and that erased 862,000 jobs more than expected.
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Chapter 2: How are economists interpreting the latest job numbers?
Markets are now pushing back bets on the next Fed rate cut from June to July, and that's moved Treasuries lower. We do check markets for you all day long here at Bloomberg. The S&P 500 is up a quarter percent. NASDAQ little changed on the upside. The Dow little changed on the upside. Ten-year Treasury yield at 4.15 percent. The two-year yield at 3.49 percent.
Checking Bitcoin now, it's down 3 percent, hovering around $66,000. Shares of Kraft Heinz slightly higher after CEO Steve Cahillane says plans to split in two are on hold indefinitely. He says the company will invest $600 million in marketing, research and development, improving its products and reducing some prices, and they plan to launch healthier options.
The Congressional Budget Office is warning the U.S. is on an unsustainable fiscal path, increasing its estimate of deficits for the coming decade by $1.4 trillion because of President Trump's 2025 tax law and immigration policies.
The CBO projects the increased revenue from tariffs will reduce deficits by about $3 trillion, but that still won't be enough to cover the cost of the administration's immigration enforcement actions and the extension of Trump's 2017 tax cuts. Attorney General Pam Bondi was reprimanded by Democratic lawmakers for the release of files on disgraced financier Jeffrey Epstein.
Critics claiming that redactions were excessive and mishandled, including the failure to redact victims' information.
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Chapter 3: What impact do recent job figures have on Fed rate cuts?
Democratic Representative Pramila Jayapal.
Will you apologize for what your Department of Justice has put them through with the absolutely unacceptable release of the Epstein files and their information?
Merrick Garland sat in this chair twice. Attorney General Bondi. I'm not going to get in the gutter for her theatrics.
Bondi, backed by Republicans on the panel, touted her department's record on enforcement against undocumented immigrants who've been accused of committing crimes. President Trump's energy chief has arrived in Venezuela to meet with the nation's new leader and assess its energy infrastructure. Energy Secretary Chris Wright tells Bloomberg's Anne-Marie Hordern there's more on the agenda.
The agenda is meet the leaders, most importantly. Meet the leaders and meet other humans that are leading the businesses here in Caracas and in Venezuela.
Build personal relationships and connections so we can communicate better. Energy Secretary Chris Wright speaking with Bloomberg's Anne-Marie Hordern in Venezuela. The Trump administration plans to appeal a series of court rulings blocking efforts to stop construction of offshore wind farms. Interior Secretary Doug Burgum says offshore wind farms are expensive and pose a national security threat.
If you've got massive radar interference just off our huge population centers, if you wanted to attack America, you would launch autonomous drones through those things, or you'd launch autonomous submarines because of the sonar interference.
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Chapter 4: What controversies surround Attorney General Bondi's handling of Epstein files?
And so we just have to wake up. Warfare has changed in the last four years, and we have to be ready to respond to it.
Interior Secretary Burgum tells Bloomberg surveillance offshore wind farms are unreliable and expensive. Supporters of wind energy say the claims are bogus. President Trump is meeting at the White House with Israeli Prime Minister Benjamin Netanyahu, who arrived this morning.
Netanyahu is pushing for expanded Iran talks, including limits on Iran's ballistic missile system and support for militant groups. Ukrainian President Volodymyr Zelensky says he's accepted an offer with the U.S. to host another round of talks to end Russia's war, with negotiators likely to discuss the issue of territory. A U.S.
proposal to set up a free economic zone as a buffer in the eastern Donbass region is on the agenda, but Zelensky says both Ukraine and Russia are skeptical about that. Zelensky says the war could end within months if negotiations proceed in good faith. and that Ukraine will need to approve any peace proposal, either in a parliamentary vote or a national referendum.
Mexican President Claudia Scheinbaum says she does not believe President Trump will withdraw his country from the USMCA trade deal. Scheinbaum made those remarks during a press conference today. Sources tell Bloomberg Trump is privately considering whether to exit the trade pact between the U.S., Mexico and Canada, which is set for a mandatory review July 1st.
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Chapter 5: What are the implications of the Congressional Budget Office's warnings?
The FAA has reopened airspace around El Paso, Texas, after announcing a 10-day closure that grounded flights in the city. The FAA made that decision in response to drones that the Defense Department is flying in the area, part of an operation against Mexican drug cartels. FAA determined there's no threat to commercial travel, so all flights have resumed as normal.
The Winter Olympics are underway in Italy. We're watching the medal count. Norway has the most at 13, Italy has 11, and the U.S. has 10. That's news when you want it with Bloomberg News Now. I'm Amy Morris.
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Chapter 6: What is the latest on U.S.-Venezuela energy discussions?
It all adds up to greater growth.
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