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 Nathan Hager.
And I'm Karen Moscow.
Karen, we begin with President Donald Trump's choice to lead the Federal Reserve. The announcement is expected this morning. Bloomberg's John Tucker joins us with the very latest. What are we expecting, John?
Yeah, Kevin Warsh, the Trump administration's pick to be the next chairman of the Federal Reserve. Nathan, this is according to our sources. Without mentioning Warsh, the president last night said an announcement would come this morning.
Just an outstanding person and a person that won't be too surprising to people.
The 55-year-old Warsh served on the Central Bank's Board of Governors from 2006 to 2011, and he's advised the president on economic policy. This would mark a comeback for Warsh, whom the president passed over for the top job back in 2017 when he selected Jerome Powell. Now, for the moment, investors see Warsh as less supportive of deep interest rate cuts.
In the past, he's warned of inflation risks and delivered more recent calls for the Fed to reduce its balance sheet. And the confirmation at this point, and that's not going to be smooth sailing.
One of the key senators, Tom Tillis, a North Carolina Republican who sits on the banking committee, has vowed to block any of President Trump's Fed nominees until the Justice Department resolves an investigation into the central bank renovation of the Washington headquarters in New York. I'm John Tucker, Bloomberg Radio.
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Chapter 2: What is the significance of Kevin Warsh's nomination for the Federal Reserve?
It may not be possible. We have a rule of a 72-hour notice for a return, and I can try to truncate that, but I've got people literally spread around the world right now, and we have a snowstorm.
And along with those comments from House Speaker Mike Johnson, Republican Senator Lindsey Graham has placed a hold on the bill. The agreement would fund the Department of Homeland Security for two weeks to allow time to negotiate on Democrats' demands. They want DHS agents to wear body cameras, obtain warrants, take off masks, and no longer conduct broad immigration sweeps.
Well, Karen, White House borders are Tom Holman says broad sweeps will no longer be the strategy when it comes to immigration enforcement in Minneapolis.
Target enforcement operations the way we've always done it. I think we've got to wait for a little bit, and we're going to make sure we do target enforcement operations. And look, I will say it again, you know, we are not surrendering our mission at all.
Sporters are Tom Holman spoke at a news conference heard live on Bloomberg Radio after President Trump put him in charge of the operation in a bid to de-escalate tensions. Democratic Governor Gavin Newsom of California is blasting the move.
If Tom Holman, who was accused of a $50,000 bribe, where charges disappeared, speaking of disappearing, cash, FBI, is the adult in the room. We are in more trouble than any of you think.
California Governor Gavin Newsom has clashed with President Trump over National Guard deployments in Los Angeles. He spoke at a Bloomberg Newsmakers event in San Francisco. Catch the full conversation on the Bloomberg podcast page on YouTube.
Nathan, let's turn to the weather where it'll be another frigid weekend with the possibility of another winter storm. And we get the latest with Bloomberg meteorologist Craig Allen. Craig, good morning.
All right, Karen. Yes, the cold that stays with us as we go through the rest of the day today and into the weekend. Temperatures right now up and down the Northeast Corridor from Washington to New York to Boston right around 10. And the wind chills are zero to 10 below zero at the current time. So it's a bitter morning once again.
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