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 £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 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.
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Chapter 2: 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.
For Exxon, full-year production hit a 40-year high, while Chevron benefited from the integration of its $48 billion takeover of Hess. Apple delivered record sales and 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. Dan Ives is global head of tech research at Wedbush Securities.
These are staggering numbers in terms of iPhone, especially what they saw in China. Look, I think this stock should be up 5% to 8% at least. And I think part of it, we go back to a year ago. Look at Google. No one would touch it. New York City cab driver is bearish on it. Apple will be Google in 2026.
Dan Ives with Wedbush Securities was a guest on Bloomberg Daybreak. Apple shares, they're down three-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 weighed on quarterly profit. And U.S.
stock index futures and treasuries pairing their losses as President Trump nominated Kevin Warsh as the next Federal Reserve chair, with traders debating how far he would cut interest rates. S&P futures now down 0.6%. Dow futures down 0.5%. NASDAQ futures down 0.7%. 10-year treasury yield 4.24%. And 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 £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.
Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moscow.
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Chapter 3: How does the Senate confirmation process affect Warsh's nomination?
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