White House Preps Warsh Fed Nomination, Apple Results, More
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Bloomberg understands that the Trump administration is preparing for the president to nominate Kevin Walsh as the next chair of the Federal Reserve. Donald Trump says he plans to announce his pick for the job later today. According to one source, the former Fed governor visited the White House yesterday. Speaking last night, President Trump teased his impending announcement without giving the name away.
Roger was saying tomorrow, but just an outstanding person and a person that won't be too surprising to people. A lot of people, a lot of people think that this is somebody that could have been there a few years ago. It's going to be somebody that is very respected, somebody that's known to everybody in the financial world. And I think it's going to be a very good choice. I hope so.
Donald Trump speaking there. Sources who spoke to Bloomberg on the basis of anonymity warned that the selection is not final until the announcement is made.
Kevin Walsh served on the US Central Bank's Board of Governors from 2006 until 2011 and has advised Trump on economic policy. If nominated and confirmed, he would succeed Jerome Powell, whose term ends in May. Stocks fell and Treasury yields pushed higher on bets Walsh will become the next Fed chair. Mike McKee is Bloomberg's international economics and policy correspondent.
The thing about Warsh, and the reason you're seeing markets react the way they are at the moment, is that he was very, very hawkish when he was on the Fed before. Even when inflation was low, he wasn't ready to cut interest rates. And obviously, that's completely contrary to what President Trump wants. So how does he handle that, and how does he see the role of interest rates in keeping the economy afloat and bringing inflation down?
Mike McKee speaking there as Warsh has aligned himself with the President in recent months. He's notably been arguing publicly for lower interest rates and going against his long-standing reputation as an inflation hawk.
Now, to other news, the arrival of a US aircraft carrier strike group in the Middle East means President Donald Trump has new options to carry out his threats to attack Iran. The group of ships has about 45 aircraft. But President Trump's goals remain unclear, with his message shifting from removing Iran's leaders... to punishing the regime for its deadly crackdown on protesters or extracting a new nuclear agreement. The New York Times is also reporting that the US president has been presented with an expanded list of potential military options by the Pentagon.
What is the significance of Kevin Walsh's nomination for the Federal Reserve?
According to the newspaper, the current set of options includes the potential for American forces to carry out raids on sites inside Iran. And that officials say Trump is taking a similar approach to Iran as he did to Venezuela.
Apple has delivered record quarterly sales and a better-than-expected forecast for the current period. Sales at the tech giant trounced Wall Street estimates, jumping 16% to just under $144 billion in the final three months of last year. Bloomberg's chief technology correspondent Mark Gurman says it's hard to put into words how good the results are.
Massive, massive quarter. This is a home run. Their greatest quarter ever by... orders of magnitude. It's a gigantic beat on overall revenue. China is back. You have a big beat on the iPhone in particular. Eighty five billion dollar quarter is just insane. The installed base two and a half billion. The numbers are just beyond excellent.
Bloomberg's Mark Gurman setting out the positive results there driven by the iPhone 17 as Apple also warns that rising component costs are threatening to squeeze margins in news that clouded the record quarter.
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