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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 4: Karen, we begin this morning with President Trump's attacks on

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Speaker 4: Federal Reserve Chairman Jerome Powell. The President is not letting

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Speaker 4: up despite pushback from Republicans, Democrats, business leaders, and central

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Speaker 4: bankers around the world. Let's get the update this morning

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Speaker 4: from Bloomberg's John Tucker. John, Good morning, Good morning, Nathan.

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Speaker 5: President Trump had this to say about Powell as he

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Speaker 5: left the White House yesterday.

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Speaker 6: He's billions of dollars over budget.

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Speaker 7: So he either is a competent or his crook it.

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Speaker 8: I don't know what he is, but he does it.

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Speaker 6: Certainly he doesn't do a very good job.

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Speaker 5: And Trump doesn't seem too concerned with pushback from lawmakers

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Speaker 5: like Republican Tom Tillis, who bound to oppose any Trump

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Speaker 5: nominees to the Fed after the Central Bank was subpoenaed.

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Speaker 9: Well, that's why Tom's not going to be a senator

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Speaker 9: any longer.

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Speaker 2: I guess right, But I like Tom.

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Speaker 10: Josie's a nice guy, but look, he's not going to

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Speaker 10: be a senator any longer.

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Speaker 5: Because of views like that, Trump said he would announce

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Speaker 5: his nomination to replace Powell within the next few weeks.

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Speaker 5: Despite the backlash, The President also dismissed Jamie Diamond's criticism

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Speaker 5: over the Justice Department probe into the FED. He says

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Speaker 5: the CEO of JP, Morgan Chase, is wrong to suggest

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Speaker 5: he's attacking FED independence. This all comes as the blowback

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Speaker 5: he gets more intense. Three former heads of the Federal

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Speaker 5: Reserve and four former Treasury secretaries in both Republican and

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Speaker 5: Democratic administrations issued a statement saying this type of investigation

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Speaker 5: has quote no place in the United States. It is

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Speaker 5: more characteristic of emerging markets with weak institutions. In New York.

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Speaker 5: I'm John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, thank you well. President Trump also has

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Speaker 3: ran on his mind. In his speech in Detroit, heard

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Speaker 3: alive on Bloomberg Radio, the President urged ir Radiance to

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Speaker 3: continue protesting against Supreme leader Toola, a league Howmanese regime.

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Speaker 9: I've canceled all meetings with the Iranian officials until the

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Speaker 9: senseless killing of protesters stops, and all I say to

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Speaker 9: them is help is on its way. You saw that

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Speaker 9: I put tariffs on anybody doing business with Iran.

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Speaker 3: The President says he'll act accordingly once he gets a

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Speaker 3: sense of how many demonstrators have been killed. Reuters is

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Speaker 3: reporting some personality a US air base in Qatar have

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Speaker 3: been told to leave by tonight. The US based human

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Speaker 3: rights activist news Agency reports more than twenty five hundred

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Speaker 3: people have died, making it the deadliest protest wave and

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Speaker 3: Iran in decades.

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Speaker 4: Been staying with US Foreign Policy Karen Top diplomats from

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Speaker 4: Greenland and Denmark are in Washington today. They'll meet with

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Speaker 4: Secretary of State Marco Rubio and Vice President j D Vance,

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Speaker 4: hoping to convince them to back off on demands for

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Speaker 4: the Arctic territory. The meeting comes a day after Greenland's

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Speaker 4: prime minister ruled out the possibility of becoming part of

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Speaker 4: the US.

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Speaker 11: Menie tingsk one thing that everyone must understand, and Greenland

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Speaker 11: will not be owned by the United States. Greenland will

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Speaker 11: not be governed by the United States. Greenland will not

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Speaker 11: be part of the United States. We choose the Greenland

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Speaker 11: we know today and which is part of the Kingdom

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Speaker 11: of Denmark.

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Speaker 4: Greenland's Prime Minister, Jens Frederick Nielsen spoke there through an interpreter.

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Speaker 4: President Trump has declined to rule out the use of

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Speaker 4: military force to get Greenland. He says the US needs

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Speaker 4: the island for national defense.

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Speaker 3: Well Nathan, turning back here to home, President Trump says

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Speaker 3: he'll cut off federal funding for so called sanctuary cities

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Speaker 3: at the end of the month.

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Speaker 2: It's the latest move.

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Speaker 3: To crack down on immigration, as an enforcement search continues

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Speaker 3: in Minneapolis, a week after a federal officer shot and

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Speaker 3: killed a woman there. President Trump addressed Renee Goods's death

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Speaker 3: in an interview with CBS Evening News.

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Speaker 6: You know, when you look at that tape, it could

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Speaker 6: be viewed two ways, I guess. But when you look

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Speaker 6: at the way that was that car was pulled away,

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Speaker 6: there are a couple of versions of that tape that

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Speaker 6: are very.

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Speaker 3: Very President Trump spoke with CBS News in Detroit. Meantime,

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Speaker 3: a group of anti ice protesters in Minneapolis urged a

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Speaker 3: federal judge to restrict officers use of force at a

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Speaker 3: hearing yesterday that demonstrators filed their lawsuit last month before

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Speaker 3: Rene goods death. The judge said she'll issue a ruling

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Speaker 3: by Friday.

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Speaker 4: Back in Washington, care and the Republican led House Overside

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Speaker 4: Committee is threatening to hold former President Bill Clinton in

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Speaker 4: contempt of Congress. That's after he failed to appear for

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Speaker 4: a deposition as part of the Panels probe into late

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Speaker 4: convicted sex offender Jeffrey Epstein.

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Speaker 2: Here's House Oversight Chaired James Comber.

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Speaker 10: No one's accusing Bill Clinton of any wrong doing.

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Speaker 3: We just have questions, and that's why the Democrats voted

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Speaker 3: along with Republicans to subpoena Bill Clinton.

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Speaker 4: House Oversight Chaired James Comber says the committee will not

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Speaker 4: attempt to compel testimony from President Trump, saying it can't

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Speaker 4: force a sitting president to testify. Bill and Hillary Clinton

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Speaker 4: are accusing the committee of mounting a bipe or a

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Speaker 4: partisan campaign to hide the truth about Jeffrey Epstein and

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Speaker 4: his powerful connections.

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Speaker 3: Let's stay in Washington, Nathan. About one point four million

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Speaker 3: fewer people have signed up for Obamacare plans so far

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Speaker 3: compared to last year, as a federal tax credit expires.

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Speaker 3: Through early January, twenty two point eight million people had

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Speaker 3: signed up for Obamacare plans. That's down about six percent

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Speaker 3: from last year's total enrollment. Eksperts more and more attrition

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Speaker 3: is likely and the coming months Esse, consumers face premiums

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Speaker 3: that are on average more than doubling. Consumers have until

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Speaker 3: tomorrow to elect new Obamacare plans for the year.

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Speaker 2: S turn of the markets now.

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Speaker 4: Karen Metals are extending their dramatic start to the year. Gold, silver, copper,

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Speaker 4: and ten are all trading at record highs this morning.

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Speaker 4: Geopolitical tensions, hopes for more FED rate cuts, and a

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Speaker 4: revival in sentiment across Chinese markets are all being credited

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Speaker 4: for the commodities surge. Looking at some company news outside

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Speaker 4: the financials, Bloomberg News has learned Netflix is working on

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Speaker 4: revised terms for its Warner Brothers Discovery acquisition. Bloomberg's Chris

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Speaker 4: Paul Mary says the streamers to discussing an all cash

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Speaker 4: offer for Warner's studios and streaming businesses.

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Speaker 10: There was a component about four dollars out of the

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Speaker 10: twenty seven seventy five that was going to be in

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Speaker 10: Netflix stock. Netflix stock has taken a beating since this

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Speaker 10: whole takeover war began, lost about quarter of its value,

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Speaker 10: and Netflix sees this as an opportunity to really just

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Speaker 10: sort of strengthen the terms because they're competing against an

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Speaker 10: all cash offer from.

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Speaker 4: Paramount then Bloomberg's Chris Paul Mary says Netflix's offer is

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Speaker 4: also faced opposition from politicians.

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Speaker 2: Along with paramount sky Dance.

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Speaker 3: Well over nine Nath and sax Global Holdings filed for bankruptcy.

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Speaker 3: The bankruptcy filing from Sachs, which traces its roots back

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Speaker 3: more than one hundred and fifty years, marks a dramatic

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Speaker 3: fall for the luxury retailer that just a year ago

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Speaker 3: embarked in a major turnaround plan involving acquiring Neiman Marcus.

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Speaker 2: I'm reiterating the breaking news this morning, Karen.

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Speaker 4: Japanese Prime Minister Sona At Takaichi has told her ruling

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Speaker 4: party she will dissolve parliament for an election soon. The

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Speaker 4: co leader of the Japan Innovation Party says take and

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Speaker 4: she says she'll give more details on Monday.

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Speaker 1: Time.

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Speaker 3: Now for a look at some of the other stories

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Speaker 3: making news in New York and around the world, and

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Speaker 3: for that we joined by a Bloomberry smuggle bar Michael.

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Speaker 12: Good morning, Good morning, Karen. It's day three if a

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Speaker 12: nurse's strike in New York City. They're striking to seek

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Speaker 12: higher pay. New York State Nurses Association President Nancy Hagen's

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Speaker 12: with a message.

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Speaker 3: And vest a million, and to have medical benefit invest

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Speaker 3: a million, and to work by violence protection.

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Speaker 12: The union says that none of the hospitals have agreed

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Speaker 12: to additional bargaining sessions. President Trump went to the Detroit

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Speaker 12: area to tell everyone the economy is booming under his administration,

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Speaker 12: but not everyone gave him a warm welcome at the

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Speaker 12: Ford f one to fifty plant Tuesday. As he toured

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Speaker 12: the factory, President Trump was heckled by a man who

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Speaker 12: shouted pedophile protector, the President responding with what seemed to

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Speaker 12: be an exploitive and then appearing to give the man

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Speaker 12: the finger. New York Governor Kathy Hockel unveiled proposals to

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Speaker 12: tackle the state's affordability crisis during her State of the

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Speaker 12: State address yesterday. The governor also received a standing ovation

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Speaker 12: when she criticized the recent ice arrests in several cities.

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Speaker 13: We will not allow massed ICE agents to storm our schools,

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Speaker 13: our daycare centers, our hospitals, our houses of worship with

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Speaker 13: civil immigration rates unless they have a judicial warrant and

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Speaker 13: guess what that means, signed.

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Speaker 2: By a judge.

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Speaker 12: Governor Heckle's proposals also aim to address insurance and utility costs.

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Speaker 12: Global news twenty four hours a day and whenever you

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Speaker 12: want it with Bloomberg News Now, Michael Barran, this is

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Speaker 12: Bloomberg back to Karen Well. Thanks Michael.

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Speaker 3: Time now for our Bloomberg Sports Update, and for that

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Speaker 3: you bring in John stash Hour.

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Speaker 2: Thanks Darren.

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Speaker 7: A crazy NFL off season coaching carousel with now nine

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Speaker 7: teams looking for a new coach after Mike Tomlin, just

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Speaker 7: fifteen hours after the Steelers season ended with that playoff

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Speaker 7: lost at Houston, resigned. He was in Pittsburgh for nineteen years.

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Speaker 7: Nolan Aronado traded by Saint Louis to arizona'spen fine season

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Speaker 7: with the Cardinals after nine with Colorado an eight time

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Speaker 7: All Star at ten time Gold Glove winning third baseman.

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Speaker 7: Good news from snowboarding Chloe Clym. Her shoulder injury will

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Speaker 7: not prevent her from competing the upcoming Olympics. She'll be

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Speaker 7: going for a third straight gold medal. That's to Bloomberg

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Speaker 7: Sports Update.

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Speaker 3: Stay with us more from Bloomberg Day Break coming up

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Speaker 3: after this.

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Speaker 1: Coast to coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 4: President Donald Trump says he is still on track to

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Speaker 4: name a new FED chair, even with a bipartisan and

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Speaker 4: global pushback over the Justice Department's probe into current chair

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Speaker 4: Jay Powell. The President says, for him, it's very simple.

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Speaker 9: I want somebody that when the market doing great, interest

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Speaker 9: rates can go down because our country becomes stronger. See

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Speaker 9: you view it differently, Our country becomes stronger, and therefore

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Speaker 9: interest rates you go down.

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Speaker 4: Nadau And that was the President speaking at the Detroit

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Speaker 4: Economic Club this morning. We're joined once again by Bloomberg

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Speaker 4: News senior editor Alistair Ball. But despite the President's comments, Alistair,

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Speaker 4: it really does seem like there is pretty significant pressure

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Speaker 4: against the Trump administration over this prob what's the latest?

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Speaker 2: Good morning, Good.

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Speaker 8: Morning, Nathan, Thanks for having me back on. So you know,

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Speaker 8: the President is insitled to his opinion about interest rates,

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Speaker 8: but Congress designed the Federal Reserve to insulate it from

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Speaker 8: the pressure of presidents who always want lower interest rates.

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Speaker 8: And the latest is really you know what the Congress

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Speaker 8: does next. You've had significant pushback from Republican sentences. They

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Speaker 8: have agency here. They can block President Trump's nominations to

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Speaker 8: the FED board, effectively saying, you can't have the FED

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Speaker 8: you want. You cannot have a FED will just give

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Speaker 8: you the low interest rates you think the economy deserves.

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Speaker 8: And when he does name his pick for the FED chair,

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Speaker 8: that's when that shoe drops. The second thing that's going

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Speaker 8: to happen in the next few weeks is the Supreme

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Speaker 8: Court's going to begin hearing arguments in the case of

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Speaker 8: fake Governor Lisa Cook, who the President has tried to

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Speaker 8: far for cause and she's fighting that. So the FED

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Speaker 8: was designed to be independent, those guard rails, those checks

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Speaker 8: are now going to be tested.

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Speaker 4: We should say that the Justice Department DC Attorney US

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Speaker 4: Attorney Janine Piro has said this is an investigation into

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Speaker 4: Chairman Powell's comments about the FED building renovations, denying this

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Speaker 4: is an attack on FED independence. But hearing some of

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Speaker 4: the commentary surrounding this, it seems like a lot of

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Speaker 4: people disagree with that, including JP Morgan Chase or CEO

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Speaker 4: Jamie Diamond in the comments just yesterday.

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Speaker 8: No, absolutely, I mean they are siding with the FED here.

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Speaker 8: The FED came out and j Power came out and said,

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Speaker 8: this is an assault on the independence of a central bank.

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Speaker 8: Make no mistake, you know, reporting suggests that the Justice

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Speaker 8: Department send them a couple of emails over the Christmas holidays,

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Speaker 8: no suggestion of any urgencies, and then nine days later

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Speaker 8: slap them with a subpoena. There's no other way to

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Speaker 8: view that other than an assault on the independence of a

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Speaker 8: central bank. I don't blame the Justice Department wanting to

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Speaker 8: pivot the narrative that we're just asking for information, but

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Speaker 8: bringing these cases is pretty easy, Winning them and getting

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Speaker 8: a conviction is extremely hard. What's really going on is

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Speaker 8: just holding the thread of legal action, which ties up

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Speaker 8: the target in costly, expensive lawsuits. And that's a significant

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Speaker 8: that's a significant peril for the institution and for US

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Speaker 8: monetary policy.

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Speaker 4: Raises The question, doesn't it, of whether the Justice Department

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Speaker 4: will continue with this investigation when we are seeing this

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Speaker 4: kind of significant pushback. Is that the next step you're

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Speaker 4: looking for here, alistair whether the Justice Department does continue

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Speaker 4: to pursue this.

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Speaker 8: Well, so, yes, we're looking for assigns of an offer amp,

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Speaker 8: but we've not seen it yet. The other facts are

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Speaker 8: here is the bomb market. Now, if the bomb market

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Speaker 8: starts to really freak out, if you see yields rising,

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Speaker 8: that's going to be an incredibly powerful test because that

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Speaker 8: will go to the core of what Trump administration is

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Speaker 8: trying to achieve, which is lowering mortgage trades, but the

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Speaker 8: mortgage market prices of the bomb market. And so far

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Speaker 8: the bomb market's been a bit mere. I mean, the

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Speaker 8: tenure treasury yield is a little bit higher, but maybe

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Speaker 8: not much. And you had a soft CPI print yesterday.

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Speaker 8: If investors start focusing on a genuine threat to the

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Speaker 8: independence of the Central Bank and the integrity of US

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Speaker 8: monetary policy, that's going to change in a hurry. Those

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Speaker 8: yields are going to rise, and that's going to undermine

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Speaker 8: the Trump administration's goals of improving housing affordability in times

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Speaker 8: for the midterm elections.

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