Trump Picks Warsh to Lead Fed, Producer Prices Rise, More
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News when you want it with Bloomberg News Now. I'm Karen Moscow, and we have the latest look at inflation in just a moment. But first, reaction to President Trump's plans to nominate Kevin Warsh to lead the Federal Reserve continues to come in. Warsh would replace current chair Jerome Powell when his term expires in May. Trump chose Powell to lead the Fed in 2017, but this year has relentlessly assailed him for not cutting interest rates quickly enough. Brian Gardner is chief Washington policy strategist at Stifel.
I think you have to tip your hat to Kevin Warsh. I think the politics that went into this, there was a campaign, basically. I think he ran a very good campaign to get the job.
And that's Brian Gardner of Stiefel. Now, the appointment amounts to a return trip for Warsh, who was a member of the Fed's board from 2006 to 2011. His nomination will also require Senate confirmation, which could be complicated by a recently announced Department of Justice probe into the central bank. Republican Senator Tom Tillis has pledged to withhold support for any Fed nominee until the legal matter was settled. He reiterated that stand this morning while appearing as a guest on Bloomberg Television.
I am pleased with the nominee. I think that by most accounts he's well regarded, but we still have to clear the current matter.
And North Carolina Senator Tom Tillis is a member of the Senate Banking Committee. Now to that breaking economic news. Crossing the Bloomberg U.S. wholesale inflation increased in December by more than forecast, reflecting higher costs for services. The producer price index rose half percent after a two-tenth percent gain in the prior month. And excluding food and energy, the PPI jumped seven-tenths of a percent. President Trump has reached a tentative deal with Senate Democrats to avert a government shutdown over the aggressive immigration enforcement in Minneapolis, but it probably will not pass before a funds lapse tonight. Bloomberg Government's Maeve Sheehy reports lawmakers are not too worried.
When there's a shutdown, a partial shutdown over the weekend, it usually doesn't have so much impact. So lawmakers aren't as worried as they would be if it were during a week.
Bloomberg government's Maeve Sheehy reports the deal would fund Homeland Security two weeks to allow time for more talks on restrictions for federal immigration agents. Employment records of at least two Minneapolis-area businesses are being audited by the Department of Homeland Security in what state and local officials describe as retaliation over the fallout from the Trump administration's immigration crackdown in Minnesota. Hennepin Healthcare, which operates the state's largest safety net hospital, and Mischief Toy Store, a smaller retailer in St. Paul, both got notices from DHS demanding records to verify their employees are authorized to work in the U.S. Meanwhile, former CNN anchor Don Lemon has been arrested after he entered a Minnesota church and recorded anti-immigration enforcement protesters who disrupted his service.
It's an incident that increased tensions between residents and the Trump administration.
What are the implications of Trump's nomination of Kevin Warsh to lead the Federal Reserve?
It was not immediately clear what charge or charges Lemon was facing in the January 18th protest, and the arrest came after a magistrate judge last week rejected prosecutors' initial bid to charge the journalist. Israel said it will reopen Gaza's border crossing with Egypt in both directions over the weekend. The move announced today will allow Palestinians to enter and leave the territory after nearly two years of near-complete closure. In earnings, ExxonMobil and Chevron surpassed profit expectations as higher oil production helped offset the blow from lower crude prices.
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