Wall Street Reacts to Warsh, Millions of Epstein Files Released, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. President Trump says he'll nominate Kevin Warsh to be the next chair of the Federal Reserve. Warsh served on the U.S. Central Bank's Board of Governors from 2006 to 2011 and would succeed Jay Powell when his term ends in May. In April of last year, Warsh addressed the International Monetary Fund, saying the Fed's, quote, current wounds are largely self-inflicted.
The Fed has acted more as a general purpose agency. of our government than a narrow central bank. Institutional drift has coincided with the Fed's failure to establish and achieve an essential part of its statutory remit, price stability.
Fed Governor Stephen Myron says he expects Warsh to be persuasive in his leadership role. Neil Dutta is head of economic research at Renaissance Macro and has harsh words for the president's nominee.
Criticism I have of Kevin Warsh. is lack of judgment, okay? Because his performance during the financial crisis was not a particularly good one. And I think you could say arguably that it is disqualifying.
Renaissance Macro's Neil Dutta says Warsh was too concerned about inflation as unemployment was rising rapidly after the 2008 crisis. Atlanta Fed President Rafael Bostic tells CNBC he doesn't have a lot of experience with Warsh.
We'll just have to see how Mr. Warsh is in the role. It's very interesting. So when I was getting ready to become Atlanta Fed President, I had one set of thoughts. And then when I became the president... you get to see things in a different way and different perspectives. So I actually expect that'll be exactly the same, maybe even magnified as a chair of Federal Reserve. And we'll just have to see how things play out.
This week was Bostick's last as a policymaker. He's retiring at the end of February. Republican Senator Tom Tillis says he'll continue to oppose the confirmation of any Fed nominee until the DOJ's inquiry into the current Fed chair, Jay Powell, is resolved. He tells Bloomberg Surveillance Kevin Warsh is qualified, but that won't change his stance.
What are the implications of Kevin Warsh's nomination for the Federal Reserve?
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.
The matter is the Justice Department investigation into Tara Powell based on committee testimony that, in Tillis' words, quote, no reasonable person could construe as possessing criminal intent. Fed Governor Christopher Waller, who was considered for the Fed chair spot, is speaking out about why he dissented at this week's Fed meeting. The board voted to keep rates steady, but Waller says economic data signals more cuts are needed. The dollar surged toward its best day since July. We do check markets for you all day long here at Bloomberg. The S&P 500 is down three quarters of a percent. NASDAQ down nine tenths of a percent. The Dow down more than one percent. The 10-year Treasury yield at 4.24 percent.
The two-year yield at 3.54 percent. The Bloomberg Dollar Spot Index now six-tenths of a percent higher. Spot gold more than 8 percent lower. And Apple shares are more than 1 percent lower after Apple delivered record quarterly sales in a better-than-anticipated forecast for the current period, even with the warning that rising costs are threatening to squeeze margins. The Justice Department is releasing millions more pages of documents in connection with the late disgraced financier Jeffrey Epstein and the government's latest move to comply with a new law ordering those files be made public. Deputy Attorney General Todd Blanch.
Today we are producing more than three million pages, including more than 2,000 videos and 180,000 images. In total, that means that the department produced approximately three and a half million pages in compliance with the act.
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