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Chapter 1: What was the outcome of the War Powers Vote on Venezuela?
News when you want it with Bloomberg News Now, I'm Doug Krisner. President Trump's pressure campaign to unify his party behind the U.S. action in Venezuela has succeeded. All but three Senate Republicans voted today to block a resolution to oppose further military action in that country. Here is Senate Minority Leader Chuck Schumer.
Americans tonight are wondering how they're going to pay their bills and Republicans in the Senate abdicated their responsibility and said, if you want to go to war in South America, go ahead. How does that look?
That was Senate Minority Leader Chuck Schumer. Now, the legislation was not expected to become law since Trump has said he would veto it.
Chapter 2: How are recent tensions affecting Iran's airspace?
Nonetheless, Vice President J.D. Vance broke a tie and defeated the resolution. Also today, President Trump said he has been assured that Iran would stop killing protesters. Trump said he was informed by very important sources.
We've been told that the killing in Iran is stopping. It's stopped. It's stopping. And there's no plan for executions and execution or executions. So I've been told that a good authority will find out about it.
Crude oil declined after President Trump's remarks.
Chapter 3: What is the significance of Greenland's stance on U.S. relations?
Meantime, Iran has temporarily closed airspace around its capital, Tehran. As tensions with the U.S. rise and nationwide protests continue, the so-called notice-to-air missions is in effect for about two hours until 4 a.m. local time on Thursday.
Now, this will only allow exemptions for international flights arriving and departing from Tehran with prior permission from Iran's civil aviation authority. The prime minister of Greenland has categorically ruled out joining the U.S. He said the Arctic territory prefers to be in union with Denmark. Now, these remarks came as diplomats from both Denmark and Greenland met with U.S.
officials, and they agreed to create a working group to discuss ways to work through their differences. Here is Danish Foreign Minister Lars-Luka Rasmussen.
We have decided to form a high-level working group to explore if we can find a common way forward. The group, in our view, should focus on how to address the American security concerns while at the same time respecting the red lines of the kingdom of Denmark.
Now, for his part, President Trump said he is not going to give up on acquiring Greenland.
If we don't go in, Russia is going to go in and China is going to go in.
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Chapter 4: What are the implications of the Fed's recent actions and investigations?
And there's not a thing that Denmark can do about it, but we can do everything about it.
Meantime, Germany said it's sending military personnel to Greenland as European nations respond to those U.S. threats. A congressional committee is working with Fed Chair Jay Powell on scheduling his next appearance before lawmakers.
We know the Fed was recently served grand jury subpoenas from the Department of Justice related to Powell's congressional testimony last June on renovations of the Fed's headquarters. Today, the head of the Minneapolis Fed, Neel Kashkari, said the investigation is a pretext for putting more pressure on the central bank to cut interest rates.
I think we all believe very strongly that the U.S. economy is best served by having an independent Federal Reserve making monetary policy decisions based on data and analysis and nothing else.
That is Neil Kashkari, the head of the Minneapolis Fed, speaking at the Wisconsin Bankers Association. Kashkari went on to say the Fed's independence would remain protected even after President Trump replaces Powell, whose term as chair ends in May. The Fed's latest survey on the American economy shows activity picked up since mid-November at a slight to modest pace in most parts of the U.S.
Here is Bloomberg's Charlie Pellett.
The Fed's page book surveys regional contacts, and it's showing an improvement over the last three report cycles, where a majority of districts reported little change. Officials say employment levels were mostly unchanged in eight of the Fed's 12 regional districts.
According to the report, wages grew at, quote, a moderate pace, with multiple contacts reporting that wage growth had returned to normal levels.
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Chapter 5: How are banking shares reacting to quarterly results?
In New York, Charlie Pellett, Bloomberg Radio.
Banking shares fell today after reporting quarterly results. Wells Fargo missed profit estimates. The stock was down 4.6%. Bank of America slid 3.8% given concern about the bank's outlook for expenses. And Citigroup posted a surge in financial advisory fees. However, the bank also trimmed guidance on its efficiency ratio. Shares in Citigroup were down 3.3% today. Here is Bloomberg's Kat Doherty.
It's all about the future. It's not so much about the figures that they reported today. Yes, those were under scrutiny. Yes, a lot of the numbers that we saw were above expectations. So the negative reaction that you're seeing is about what is going to happen in 2026.
And we'll get more earnings from big banks tomorrow before the opening bell.
Chapter 6: What financial forecasts are analysts making for Goldman Sachs and Morgan Stanley?
Here is Bloomberg's Tom Busby.
Goldman Sachs expected to report a surge in investment banking fees as a backlog of corporate deals and IPOs start to come to market right now. Shares of Goldman up 62% in just the past year. Bloomberg Consensus calls for revenue of $13.9 billion on adjusted earnings per share of $11.48.
Investors will also be looking at how much fees Morgan Stanley collected from the pickup in IPOs and mergers and acquisitions. And with equities trading expected to be strong, Bloomberg Consensus calls for net revenue of $17.62 billion on adjusted earnings per share of $2.41. Tom Busby, Bloomberg Radio.
And that is news when you want it with Bloomberg News Now. I'm Doug Krisner and this is Bloomberg.