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 want to bring you breaking news this morning. President Trump says he intends to nominate Kevin Warsh to be the next chair of the Federal Reserve. Posting on Truth Social moments ago, the president said quote 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 chairmen, maybe the best. We get more with Bloomberg's Michael McKee, who says Warsh has been in close contact with the president since he was passed over as Fed president in 2017.
Warsh has stayed in close contact with the president ever since, and of course his family, not him as much, but his family has been big donators to the Republican Party. So Warsh and the president have a relationship. The biggest issue has been whether Warsh would be too hawkish, given that the president wants extremely low interest rates.
Warsh has made some comments recently to the effect that AI and the massive capital spend we've seen and the deregulation of the Trump administration would mean faster growth with lower inflation. So that may have made him acceptable as a final choice.
And that's Bloomberg's Michael McKee. And Warsh served on the U.S. Central Bank's Board of Governors from 2006 to 2011. He's previously advised President Trump on economic policy. He would succeed Jerome Powell, whose term at the helm ends in May.
Meanwhile, a key senator, Tom Tillis, a North Carolina Republican 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, until it sees that as an attack on central bank independence. Looking at markets now, U.S.
stock index futures are falling with treasuries after the president nominated Warsh as the next Federal Reserve chair. It's a pick investors again view as less supportive of deep interest rate cuts. S&P futures down a quarter percent, Dow futures down two-tenths of a percent, Nasdaq futures down four-tenths of a percent, and the 10-year Treasury yield at 4.24 percent.
Looking at the Bloomberg Dollar Spot Index, it's up two-tenths of a percent. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow, and this is Bloomberg.
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Chapter 2: What are the implications of Trump's nomination of Kevin Warsh for the Federal Reserve?
Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.
I'm Barry Ritholtz, inviting you to join me for the Masters in Business podcast. Every week, we bring you fascinating conversations with the people who shape markets, investing, and business. CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market, whether you own stocks, bonds, real estate, commodities, crypto,
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