Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Karen Moscow and President Trump said he intends to nominate Kevin Warsh to be the next chair of the Federal Reserve. Posting on Truth Social this morning, the president said, I have known Kevin for a long period of time and have no doubt that he will go down as one of the great Fed chairman, maybe the best.
We get more with Bloomberg's Michael McKee.
He has experience, a monetary policy experience, because he was on the Fed from 2006 to 2011. He's also well known on Wall Street. He's been working for Stan Druckenmiller at Duquesne Capital since he left the Fed.
But what really probably appeals to the president is that Warsh has been a strident critic of the Fed, accusing the Fed of mission creep, of doing too much instead of just focusing on monetary policy and controlling inflation. He's a critic of QE. He wants a much smaller balance sheet for the Fed. He thinks the Fed could probably give up bank supervision. And he thinks officials over communicate.
So if he can get control of the committee, he will probably make a lot of changes at the Fed. And that is something I assume that Donald Trump would be happy with.
And that's Bloomberg's Michael McKee. Now, Warsh served on the U.S. Central Bank's Board of Governors from 2006 to 2011 and has previously advised Trump on economic policy. He would succeed Jerome Powell when his term at the helm ends in May. Warsh would still need to be confirmed by the Senate. This comes as North Carolina Republican Tom Tillis, who sits on the banking committee.
has vowed to block any of President Trump's Fed nominees until the U.S. Justice Department resolves an investigation into the central bank's renovation of its Washington headquarters. And taking a look at market reaction, U.S. stock index futures and treasuries are parrying their losses after the announcement that Kevin Warsh will be the president's pick for the next Federal Reserve chair.
Right now, S&P futures are down 0.5%. Dow futures are down 0.5%. NASDAQ futures down 0.7%. And the 10-year Treasury yield at 4.24% this morning.
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Chapter 2: What are the implications of Trump's nomination of Kevin Warsh for the Federal Reserve?
We did get some earnings of note. ExxonMobil and Chevron surpassing profit expectations as higher oil production helped to offset the blow from lower crude prices. For Exxon, full-year production hit a 40-year high. while Chevron benefited from the integration of its $48 billion takeover of Hess.
President Trump and Senate Democrats have reached a tentative deal to avoid a government shutdown over the aggressive immigration enforcement in Minneapolis. But there might not be time to pass it before funds lapse tonight.
Republican Senator Lindsey Graham is placed to hold on the bill, and House Speaker Mike Johnson says his lawmakers are not in town to vote on the bill, even if the Senate does pass it in time.
We've got some logistical challenges, but we'll do it as quickly as we can and get everybody back. And if there is a short-term shutdown, I think we'll get it reopened quickly.
House Speaker Mike Johnson spoke on Capitol Hill. The deal would fund the Homeland Security Department for two weeks to allow for negotiations on body camera requirements, removal of masks, and other Democratic demands for ICE agents. Other agencies would be funded for the full year. President Trump is making a new trade threat against Canada.
In a social media post, the president said he would decertify and impose a 50% tariff on Canadian airplanes until the country approves certain Gulfstream jets. The White House says the tariff would only affect new planes, but it's unclear how the U.S. would decertify them. That move is usually tied to safety.
American and Delta Airlines operate several hundred Global Express jets made by Bombardier based in Quebec. President Trump is suing the U.S. Treasury and Internal Revenue Service for at least $10 billion. He says it's over an unauthorized disclosure of his tax returns to the press during his first term in office.
The lawsuit by a sitting president against the government he leads puts Trump in a highly unusual position in the case.
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Chapter 3: How has Warsh's past experience shaped his views on the Federal Reserve?
Loyal administration officials at the Justice Department could ultimately decide whether to move to settle the case and for how much. Apple delivered record sales on a better-than-expected forecast in its latest earnings report, but the iPhone maker is warning that rising memory costs could crimp its margins in the short term.
Deepwater Asset Managing Partner Gene Munster says the future is still bright for Apple.
Customers are just loving the products. And this conversation about AI having a negative impact, there really is nothing going on on the hardware side to get people to change their behavior.
And Gene Munster is with Deepwater Asset Management. Apple shares, they're down about nine-tenths of a percent this morning. American Express reported higher than expected transaction volume and said it will boost its dividends 16 percent, even as higher costs wait on quarterly profit. A big payday for the boss of Wells Fargo.
The bank boosted chief executive officer Charlie Scharf's pay by 28 percent of 40 million dollars for 2025. And that is the highest level for a top leader of the bank in decades. And again, U.S. stock index futures and treasuries are pairing losses after President Trump nominated Kevin Warsh as the next Federal Reserve chair with traders debating. how far he would cut interest rates.
S&P futures again down half percent this morning. That's news when you want it with Bloomberg News Now. I'm Karen Moscow and this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.
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