Trump on Fed Chair Interviews, Intel Manufacturing Snags, More
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What are President Trump's thoughts on the next Fed Chair?
President Trump says he has completed interviews with candidates to succeed Jay Powell as chairman of the Fed. Today, Trump reiterated that he has someone in mind and an announcement is coming soon. The struggling chipmaker Intel issued a lackluster forecast for the current quarter. Now, in recent months, the market has been betting on new products from Intel, further boosting the company's finances. However, Intel says supply shortages are making it harder to meet customer demand. We got reaction from Matt Bryson of Wedbush Securities.
I think there's been a whole lot of optimism around Intel potentially turning a corner. You have their new 18A products out. And that really is going to define what Intel looks like moving forward. Do they get these new process nodes to work? And hearing that yields are difficult, that's not a great start.
That is Matt Bryson from Wedbush Securities. Now, Intel has recently attracted high-profile investments from the U.S. government, as well as Nvidia and SoftBank Group. Shares in Intel right now down by more than 10% in late U.S. trading. President Trump is suing JPMorgan Chase and its CEO, Jamie Dimon, for at least $5 billion. Trump alleges the lender stopped offering him and his businesses banking services for political reasons. Now, Dimon previously denied rejecting business on ideological grounds.
we don't do you think people could have a political religious affiliations what's your message to your but there are a lot of things to be fixed and we should fix them there are the rules the requirements are so onerous and it does cause people to be deep into my opinion should not be in a statement jp morgan said the suit has no merit
The bank also said it closes accounts because they create legal or regulatory risk for the company. President Trump is demanding credit card companies cap their interest rates at 10 percent for one year. Now, Bank of America and Citigroup are trying to figure out how they can do that or come close. We are told each bank is considering offering cards with a 10 percent interest rate as one potential solution. Here is Bloomberg's Michael McKee.
I think the general feeling is it could reduce credit availability because it's not in the financial interest of the banks to do that. And so it could be a problem for the economy. I saw a note that some of the banks are considering it. But really what it is, is who's going to get the card? Is it the people who pay their bills off every month, in which case it doesn't matter? But if you're a low-income person, you're not going to get 10 percent.
That is Bloomberg's Michael McKee. Today, President Trump said the U.S. can do anything it wants in the Greenland framework deal, and that would include actions related to the military. Trump said he will announce more in two weeks. Earlier today, NATO Secretary General Mark Rutte said the framework was secured without discussing the territory's sovereignty. Rutte said that he and Trump discussed the broader issue of security in the Arctic region.
President Trump has been clear from when he was in Office Trump 45, also when he came back into Office Trump 47, that when it comes to the protection of the Arctic with a priority on Greenland, we have to spend more energy, more time, more focus on this, because we know the sea lanes are opening up, the Chinese and the Russians are more and more active.
That is NATO Secretary-General Mark Rutte speaking during a conversation with Bloomberg's Editor-in-Chief John Micklethwaite on the sidelines of the World Economic Forum in Davos, Switzerland.
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