Winter Storm Hits East Coast, Dems to Fight DHS Funding, More
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I'm Barry Ritholtz, inviting you to join me for the Masters in Business podcast. Every week, we bring you fascinating conversations with the people who shape markets, investing, and business. CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market, whether you own stocks, bonds, real estate, commodities, crypto, you really need... I'll see you next time.
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What impact is the winter storm having on the East Coast?
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 Jono 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.
Senate Democrats say they plan to block spending bills that fund homeland security this week in Washington following the second deadly shooting of a U.S. citizen this month by federal agents in Minneapolis. Virginia's James Walkinshaw sits on the Homeland Security and Government Oversight Committees.
What's happening right now in this country is the Trump administration has assembled a large paramilitary force and they are executing American citizens. First, Rene Good, now the latest shooting in Minneapolis.
Minnesota authorities say Alex Preddy had a license to conceal Kerry. Homeland Security claims agents shot him in self-defense. 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. 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. Howell will hold a news conference after the announcement. We also get earnings from companies including Meta, Microsoft and Tesla. Thursday we'll hear from Apple and we get the weekly report on initial jobless claims as well as a look at the trade balance. Friday the December producer price index is out and we get earnings from Exxon and Chevron. Karen Moscow, Bloomberg Radio.
Focusing a little more on that Fed decision Wednesday, the latest Bloomberg survey shows economists don't expect policymakers to cut interest rates now till June. Fiona Sincotta is a senior analyst at Forex.com.
The Fed's still also trying to sort of get through that haze of U.S. government shutdown and clear data.
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