White House Defends DOJ Fed Probe, Paramount Sues Warners, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Nathan Hager. Markets are under pressure this morning with the Fed facing new legal pressure. Chair Jay Powell says the Justice Department has served grand jury subpoenas against the central bank over his congressional testimony about the Fed's building renovations.
What recent legal pressures is the Fed facing?
White House economic advisor and Fed chair nominee Kevin Hassett says markets should welcome the probe. I'd think that it's really important to understand where the taxpayer money goes and to understand why it goes this way or that. But Bloomberg's Alexander Pearson reports this only adds to President Trump's pressure on the central bank.
He's long been a very vehement critic of Jay Powell and also the Federal Reserve's pace of cutting rates last year.
Bloomberg's Alex Pearson reports President Trump denied any knowledge of the DOJ probe in an interview with NBC News. But the new pressure on the Fed is fueling a sell America trade in markets led by the Dow Jones Industrial Average. It is lower by a half percent right now. The S&P 500 is down a tenth of one percent. The Nasdaq composite is little changed, but the 10-year Treasury is down 3.30 seconds, bringing the yield close to 4.18 percent. The Bloomberg Dollar Spot Index is down a quarter of one percent. and gold is trading in record territory.
How does the White House view the DOJ probe into the Fed?
It's up 2.7%, trading above $4,600 an ounce. Warner Brothers Discovery is down nearly 2%. Paramount Skydance is suing the studio's board and promising to nominate directors who will vote against its merger with Netflix. Bloomberg Intelligence media analyst Geetha Ranganathan says Paramount may ultimately have to sweeten its offer.
The $30 per share bid, I mean, the reason why Paramount is really standing by its offer is because of this whole controversy around what the stub value of the global networks business is, the TV networks business.
Geetha Ranganathan with Bloomberg Intelligence says Paramount has called those networks worthless. Right now, Netflix shares are up 0.8% of 1%. Paramount is up 0.4%. Secretary of State Marco Rubio is meeting with his German counterpart today as Europe tries to address President Trump's designs on Greenland. Bloomberg's Oliver Crook has more from Brussels.
But the Germans are proposing, and this is to deal with that concern that basically NATO and European NATO is not able to manage the security of the Arctic. The Germans, the UK and some others are putting forward this idea. of putting forward a sort of joint operation in the Arctic that's led by NATO and a number of different NATO troops in order to sort of beef up the security apparatus within Greenland. We should say the Danes have also been very open to the Americans coming in, having more of a military presence in Greenland, having a much larger presence in either more bases across Greenland or having more troops there. That is something that the Danes have said that they're very open to.
Bloomberg's Ollie Crook reports the Danish and Greenlandic foreign ministers have their turn with Secretary Rubio on Wednesday. President Trump says he's weighing options on Iran as violent protests in that country enter a third week. Golnar Motavali is head of Bloomberg's Iran coverage.
Earlier this morning, we had Iran's foreign minister make quite a long statement where he said that security forces now had complete control over the country. He said that process of gaining control and wresting control from protesters over the security of the country started on Saturday.
Bloomberg's Gulnar Motavali reports more than 540 people have been reported killed, more than 10,000 others placed under arrest since the protests began late last month. There's new evidence Russia ramped up attacks on Ukrainian civilians after President Trump began his efforts to end the war. A European government analysis seen by Bloomberg shows about 2,400 civilians were killed in Russian attacks last year. Another nearly 12,000 were injured. That all amounts to a near 30 percent increase over 2024. The report says those deaths include more than 750 Ukrainian children.
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