Winter Storm Chaos, Feds Blocked From Destroying Evidence, More
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What is the main topic discussed in this episode?
Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, Head of Government and Economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond. Listen to new episodes every Wednesday and follow Trumponomics wherever you listen.
News when you want it with Bloomberg News Now. I'm Monica Ricks. More than a dozen states are still under states of emergency this morning, bracing for a dangerous mix of heavy snow, ice and frigid cold.
We want anybody that can to stay home because we know that these conditions can be dangerous.
That's Memphis Mayor Paul Young. But it's also the consensus in states like Texas and Louisiana, where power operators are scrambling to conserve electricity and avoid more blackouts. In New York, MTA Chief Jano Lieber says thousands of workers spent hours overnight prepping trains, buses and subways.
10,000 subway employees ready to go. And we're also very much preparing on the Long Island River to Metro North, which are part of the MTA system as well.
The weather's also impacting airports nationwide. Airlines have canceled more than 13,000 flights so far this weekend. Price spikes are rocking gas traders who made bad winter bets. We get more on that from Bloomberg's Ed Kalecki.
Futures prices for natural gas, fuel for home furnaces and power plants alike, jumped 70% in the U.S. over a wild week of trading, as forecasts for deep cold grew steadily worse. The previous week, prices rose 30% in Europe, where a cold snap combined with geopolitical jitters to drive up the market. Before the sudden surge, many traders on both sides of the Atlantic had been betting prices would fall instead. Temperatures in gas-producing parts of the U.S. could drop low enough in coming days to freeze pipelines. Potentially choking off supplies just as demand for the fuel soars. Ed Kolegi, Bloomberg Radio.
Overnight, a federal judge granted an emergency order blocking the Trump administration from destroying evidence in yesterday's shooting in Minneapolis. It's the second deadly shooting in as many weeks involving federal agents. And in each case, the Trump administration says the shootings were justified. Minnesota Governor Tim Walz spoke to the White House and says he made it clear.
The federal government cannot be trusted to lead this investigation. The state will handle it, period.
Trump has lashed out at protesters and leaders in Minnesota, calling them insurrectionists. And he threatened to invoke the Insurrection Act, which would allow the president to use regular military troops for law enforcement, effectively overriding a state governor's authority. Meantime, Senate Democrats say they plan to block spending bills that fund homeland security this week in Washington.
What impact is the winter storm having across multiple states?
Virginia Senator James Walkinshaw.
Unfortunately, to date, our Republican colleagues haven't demonstrated the courage to take on Donald Trump. I hope, I don't believe, but I hope that will change.
Last week, the House passed a spending bill that includes about $10 billion for ICE. A U.S. envoy, including Steve Witkoff and Jared Kushner, met with Israeli Prime Minister Benjamin Netanyahu last night, urging him to advance the ceasefire in Gaza. Details weren't disclosed, but the U.S. is pushing for the Trump-brokered deal to move forward, which would mean reopening the Rafah border crossing between Gaza and Egypt.
How are local officials responding to the winter storm crisis?
All eyes are on the Federal Reserve this week as policymakers weigh in on interest rates. Bloomberg's Karen Moscow takes a look at the economic calendar.
We get a look at consumer confidence on Tuesday, and Wednesday we hear from the Federal Reserve, with policymakers expected to hold rates steady in a target range of 3.5 to 3.75 percent. Chair Jerome Powell will hold a news conference after the announcement. We also get earnings from companies including Meta, Microsoft and Tesla.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:49
2
What impact is the winter storm having across multiple states?
2:49–3:25
3
How are local officials responding to the winter storm crisis?
3:25–6:05
4
What are the implications of recent flight cancellations due to severe weather?
6:05–7:47
Speakers
10 identifiedMore from Bloomberg News Now
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