Chapter 1: What is the main topic discussed in this episode?
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. The government of Venezuela has started to release prisoners with U.S. citizenship. We are told at least one U.S. citizen has already left the country. This is the first known release of a U.S.
citizen since authorities in Caracas began freeing detainees, and it's part of an effort to meet Washington's demands following the capture of Nicolas Maduro. Iran has experienced more than two weeks of deadly nationwide protest, and the Oslo-based Iran Human Rights Group is now warning the death toll could be more than 6,000. Today, President Trump urged Iranians to keep up their protest.
Keep protesting. Take over your institutions if possible. And save the name of the killers and the abusers that are abusing you. You're being very badly abused.
President Trump speaking earlier at an event in Detroit. Now, earlier this week, Trump told reporters the U.S. was looking at some very strong options on Iran. Meantime, we were told SpaceX is now offering free Starlink satellite service in Iran after a days-long Internet blackout. Also today, President Trump said he would cut off federal funding to sanctuary cities at the end of the month.
His administration has given 90-day notices to states like California that bill the federal government. Here is Trump.
Starting February 1st, we're not making any payments to sanctuary cities or states having sanctuary cities because they do everything possible to protect criminals at the expense of American citizens. And it breeds fraud and crime and all of the other problems that come. So we're not making any payment to anybody that supports sanctuary cities.
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Chapter 2: What recent developments occurred in Venezuela regarding US citizens?
Trump recently demanded credit card lenders cap interest rates at 10 percent for a year, and today he called on lawmakers to support legislation known as the Credit Card Competition Act. It's a bipartisan measure that targets the nearly $200 billion banks and payment companies collect from merchants each year whenever consumers swipe their credit cards at checkout.
We are told that banks are privately fuming over Trump's plans. Here is Cheryl Pate, Senior Portfolio Manager at Angel Oak Capital.
I think it's difficult to make that profitability work on some cohorts of the consumer and you risk losing access to consumers who may most need that product. I think there's also some other offsets. Does that get moved into higher annual fees, less credit card rewards and sort of changes the landscape of the business in its entirety?
Cheryl Pate there from Angel Oak Capital. The latest reading on U.S. retail inflation was a bit cooler than forecast. Core CPI rose two-tenths of one percent in December compared with the prior month, and on an annual basis, Core CPI advanced at a rate of 2.6 percent, matching a four-year low. Here is Troy Lutka, senior U.S. economist at SMBC NICO Securities.
Yeah, a bit surprised here that it's core CPI, which misses expectations here at 0.2%. Considering the fact that gasoline prices were down nearly 5% on a month-over-month basis, you would expect that it was headline that would be weak.
But the fact that core is actually a bit softer is a profoundly strong signal, at least to us, that inflation is coming down, inflationary pressures are dissipating, and the Fed is going to be cutting this year.
That is Troy Lutka. He is the senior U.S. economist at SMBC NICO Securities. Incidentally, money markets continue to project the next Fed rate cut in mid-2026. The CEO of Sachs Global Enterprises, Richard Baker, is departing less than two weeks after taking over the top job. We were told Baker had been finalizing his exit over the past few days.
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Chapter 3: What is the current situation of the protests in Iran?
His departure comes as Sachs is close to filing for Chapter 11 bankruptcy protection and to address mounting losses and a substantial debt load. In sports, Mike Tomlin is stepping down as coach of the Pittsburgh Steelers after 19 seasons. His announcement came one day after the Steelers ended their season with a loss in the wild-card playoffs. And that is news when you want it.
With Bloomberg News Now, I'm Doug Krisner, and this is Bloomberg.
Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple flashy funds your way and call it a day.
Chapter 4: What message did President Trump convey to Iranian protesters?
But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients. We're talking top-grade products across the board of over 80 bond funds. actively managed by a 200-person global squad of sector specialists, analysts, and traders. These folks live and breathe fixed income.
So if you're looking to give your clients consistent results year in and year out, go see the record for yourself at Vanguard.com slash audio. That's Vanguard.com slash audio. All investing is subject to risk. Vanguard Marketing Corporation Distributor.
Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, head of government and economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond.
Listen to new episodes every Wednesday and follow Trumponomics wherever you listen.