US Hunkers Down Ahead of Storm, Thousands of Flights Cancelled, More
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What winter weather alerts are in place across the U.S.?
News when you want it with Bloomberg News Now, I'm Amy Morris. At least 170 million people on alert for a storm that is expected to bring a lot of winter weather. Sleet, freezing rain, snow and ice. Bloomberg meteorologist Rob Carolin tells us it's the ice that's the really big concern, making travel hazardous, increasing the risk for power outages and sub-freezing temperatures.
Not only is much of the country under winter weather advisories or winter storm warnings, but also cold weather advisories and cold weather warnings. Many locations in the Ohio River Valley, the mid-Mississippi River Valley, mid-Atlantic, and also the Northeast will wake up tomorrow to wind chills that are anywhere from 10 to 20 below. And this cold air looks to remain in place through the upcoming weekend.
The storm begins today in the southwestern U.S. It makes its way across the country to the East Coast. Prices for electricity and natural gas have already started to rally.
How is the storm expected to impact travel and power outages?
Natural gas now more than 5.5% higher. Wheat is surging on fears that plants will be damaged by the record low temperatures and freezing rain. More than 3,000 flights are already canceled for tomorrow. Amtrak has pulled dozens of trips from its schedule. And FEMA is staging resources ahead of the storm. Former FEMA Director Deanne Criswell FEMA has the ability to have these centralized stockpiles of equipment to pre-position where you can, but they only do that at the request of the state. And at least 14 states have declared states of emergency. In addition, planned layoffs at FEMA are now on pause. An internal email instructed FEMA leaders to cease off-boarding certain employees effective immediately.
BlackRock's Rick Reeder has plans to make changes at the Federal Reserve. That's caught President Trump's attention. Sources tell Bloomberg Reeder has bolstered his candidacy for Fed chair and, unlike the other three finalists, has never worked for the Fed before. That plays in his favor. He is not seen as being beholden to the institution. President Trump has said he's done interviewing candidates for Fed chair and that an announcement could come as soon as next week. PIMCO Global economic advisor Richard Clarida says Fed independence is crucial.
I think an important factor that supports Fed independence is the financial markets and the bond market. And in particular, politicians who want low interest rates would not be getting low interest rates if the markets lost confidence in the Fed's inflation credibility.
Former Fed Vice Chair Richard Clarida on Bloomberg TV. And Goldman Sachs CEO David Solomon now getting a financial boost for 2025. His compensation will be $47 million. That's up from $39 million in 2024. Ryan Wedding, a former Canadian Olympic snowboarder, has been arrested in Mexico. He's accused of running a drug trafficking operation and orchestrating several killings to further those crimes and was on the FBI's 10 Most Wanted Fugitives list. FBI Director Kash Patel.
He went from an Olympic snowboarder to the largest narco-trafficker in modern times. He is a modern-day El Chapo. He is a modern-day Pablo Escobar.
Wedding was being transported to the U.S. after being apprehended last night in Mexico, where authorities believe he had been hiding for more than a decade. Chinese officials have told the country's largest tech firms, including Alibaba, they can prepare orders for NVIDIA's H200 AI chips. That suggests Beijing is close to formally approving imports of components essential to running AI. We get more with Bloomberg's Isabel Lee.
The government is obviously prioritizing the needs of major Chinese hyperscalers. But what does this mean for NVIDIA? It's definitely a major win because NVIDIA has been angling for years to resume business with a world's largest semiconductor. We have CEO Jensen Huang saying that the AI chip segment alone could generate $50 billion in the coming years. So that's definitely an eye-popping number.
Isabelle Lee, NVIDIA gained 1.5% in regular trading. Intel lost 17% in the regular session, closing down the most in more than 17 months after CEO Liv Bhutan gave a lackluster forecast and warned that the chipmaker was struggling with manufacturing problems.
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