Bloomberg News Now
Trump, Dems Work on ICE Deal, Trump to Name Fed Chair Next Week, More
29 Jan 2026
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 Amy Morris. President Trump and Senate Democrats are nearing a deal to avert a U.S. government shutdown as the White House negotiates with Democrats to place new limits on immigration rates. Now, Senate Democrats are holding up six major spending bills unless there are changes made to immigration enforcement policy.
Senate Minority Leader Chuck Schumer.
They are operating effectively outside the law every day, every minute. You recoil. It's not America. It's thugs roaming our streets. We need to end ISIS indiscriminate patrols. We need the masks to come off and we need the body cameras to stay on.
Senate Majority Whip John Barrasso says even if there is a shutdown, it won't impact ICE nor DHS.
The Democrat shutdown does not change the immigration law, nor will it halt immigration law enforcement. That's because Republicans already put into law the largest investment in border security and immigration enforcement in the history of this nation.
The deadline for a deal is Friday. President Trump's border czar, Tom Homan, seemed to suggest a renewed focus on what ICE calls targeted operations, focusing on apprehending immigrants who have committed crimes.
We will conduct targeted enforcement operations, targeted strategic enforcement operations.
Homan says they'll draw down the number of immigration enforcement officers in Minnesota after cooperation from state officials. The priority is to turn over more immigrants from the state's prisons and jails. But Governor Tim Walz says the state already hands over immigrants who've completed their sentences for serious crimes.
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Chapter 2: What deal are Trump and Senate Democrats negotiating regarding immigration?
Trump reiterated his expectation the new Fed chair will lower interest rates. Fed Chair Jay Powell's term expires in May, but he could stay on at the Fed through 2028. The Fed decided to hold rates steady during their meeting this past week. President Trump announced during a cabinet meeting that Venezuelan airspace is about to reopen.
I just spoke to the president of Venezuela and informed her that we're going to be opening up all commercial airspace over Venezuela. American citizens will be Very shortly able to go to Venezuela and they'll be safe there.
And the president says he has had what he calls a productive telephone conversation with Mexico's president, Claudia Scheinbaum. President Trump says they'll talk more soon and will set up more meetings between Scheinbaum and Trump in both the U.S. and Mexico.
Ukraine is dealing with its toughest winter since the start of the war, with Russian strikes cutting heating and power to millions as those temperatures linger well below freezing. President Trump says he has asked Russia to temporarily stand down.
I personally asked President Putin not to fire into Kiev and the various towns for a week. And he agreed to do that. And I have to tell you, it was very nice. A lot of people said, don't waste the coal. You're not going to get that. And he did it. And we're very happy that they did it.
Diplomatic efforts to end the nearly four-year war have accelerated in recent weeks, though both sides remain at odds over the key issue of territorial control once that war ends. The next talks are expected to take place in Abu Dhabi on Sunday. Stocks are rattled by a tech rout. We check the markets for you all day long here at Bloomberg. The S&P 500 down 0.6%. NASDAQ down 1.4%.
The Dow down about 0.25%. The 10-year Treasury yield at 4.24%. And the 2-year yield at 3.54%. Microsoft heading for the worst market loss since DeepSeek hit NVIDIA. Microsoft shares now 12% lower after reporting record spending and slowing cloud sales growth, fueling investor concerns about the return on that spending.
Bloomberg Tech co-host Caroline Hyde explains why tech right now is getting hammered.
People have still got this underlying anxiety that a lot of these older school business models cannot hang on in the age of competitive threats and the unwinding of some of these B2B software that we've been so used to and so ingrained in our every day.
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