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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today here, and.

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Speaker 2: We begin with politics. The world's richest person, Elon Musk,

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Speaker 2: is going to join entrepreneur Vivek Ramswami to lead a

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Speaker 2: new Department of Government Efficiency in the new Donald Trump administration.

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Speaker 2: We get details from Bloomberg's Doug Prisner.

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Speaker 3: The two have been tasked by the President elect with

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Speaker 3: slashing excess regulations, cutting wasteful expenditures, and restructuring federal agencies.

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Speaker 3: The effort abbreviates to doge and is a play on

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Speaker 3: one of Musk's favorite Internet memes. He's been an advocate

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Speaker 3: of the digital token doge Coin, and the structure of

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Speaker 3: the department may allow Musk to avoid resigning from his

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Speaker 3: companies and avoid federal conflict of interest rules. Trump said

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Speaker 3: doge would partner with the Office of Management and Budget

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Speaker 3: and their work would conclude no later than July fourth,

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Speaker 3: twenty twenty six, the nation's two hundred and fiftieth anniversary

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Speaker 3: in New York. I'm Doug Krisner, Bloomberg Radio.

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Speaker 1: All right, Doug, thank you well. Trump has made some

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Speaker 1: more appointments. He is nominating Pete Hegseth, host of Fox

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Speaker 1: News Channel's weekend morning program, as his defense secretary. We

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Speaker 1: get more on the controversial pick from Bloomberg Managing editor

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Speaker 1: Derek Wallbank.

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Speaker 4: Donald Trump wants loyalists, right. He wants people that he knows,

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Speaker 4: that he likes that he thinks. There's a phrase that's

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Speaker 4: used often about someone who looks like they're out of

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Speaker 4: central casting. Pete Hegseth looks like he's out of central

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Speaker 4: casting for a role like this, some might say, but

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Speaker 4: this is somebody who has had Trump's back for quite

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Speaker 4: a while. He does have military experience of his own,

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Speaker 4: but the primary way that most people know of him

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Speaker 4: is through his media role with Fox News.

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Speaker 1: Bloomberg Managing editor Derek Wallbank says, if confirmed, heg Sith

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Speaker 1: would be in charge of more than his seven hundred

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Speaker 1: and seventy thousand employees and two million men women in uniform.

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Speaker 2: Then, along with those choices Karen, President elect Trump has

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Speaker 2: named his former National Intelligence Director John Ratcliffe to be

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Speaker 2: Director of the CIA. Ratcliffe is likely to bring a

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Speaker 2: heavy focus on countering China and to iron If confirmed

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Speaker 2: by the Senate, he would take over an agency that

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Speaker 2: Trump often butted heads with in his first term, Well Nathan.

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Speaker 1: Later this morning, President elect Trump will had to Capital

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Speaker 1: Hill to meet with House Speaker Mike Johnson and address

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Speaker 1: House Republicans. Hill appear before a caucus that's on the

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Speaker 1: verge of maintaining its slim majority in Congress, but two

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Speaker 1: hundred and eighteen seats needed to take control. Right now,

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Speaker 1: Republicans hold two hundred and sixteen to Democrats two hundred

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Speaker 1: and seven. Among the latest races to be called, two

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Speaker 1: Democrats and one Republican one reelection to their districts. In California,

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Speaker 1: Republican Gabe Evans defeated Democratic incumbent Yadira Caravello in Colorado

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Speaker 1: forty nine percent to forty eight percent, and Republican Dan

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Speaker 1: Neuhouse was re elected to his seat in Washington State,

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Speaker 1: beating Trump back Republican Jared Sessler fifty three percent to

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Speaker 1: forty seven percent. There are two twelve House seats still undecided.

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Speaker 2: And you Republican Senators Karen are gathering behind closed doors

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Speaker 2: today to decide who will replace longtime Senate leader Mitch

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Speaker 2: McConnell and lead their new majority next year. South Dakota's

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Speaker 2: John Thune, John Cornyn of Texas, and Florida's Rick Scott

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Speaker 2: have been scrambling to win the most votes in the

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Speaker 2: secret ballot. It will be the first test of Trump's

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Speaker 2: relationship with congress On Nathan.

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Speaker 1: A morning meeting is planned today at the White House

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Speaker 1: between Trump and President Biden, and Bloomberg's Nancy Lyons has

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Speaker 1: the details from Washington.

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Speaker 5: President Biden offered the invitation last week following Donald Trump's

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Speaker 5: election victory. It's something Trump never offered to Biden after

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Speaker 5: the twenty twenty election. Trump's wife, Milania, has also been invited.

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Speaker 5: The face to face is part of the formal transition process,

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Speaker 5: but Trump has not always followed tradition in this time around.

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Speaker 5: He's failed to sign a required memorandum of understanding that

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Speaker 5: would grant him access to resources from the federal government

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Speaker 5: to assist with the handover. Has vowed there will be

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Speaker 5: a peaceful transfer of power in January.

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Speaker 6: In Washington.

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Speaker 5: Nancy Lyons Bloomberg Radio.

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Speaker 2: Nancy, thank you as the President continues filling his cabinet.

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Speaker 2: Former Treasury Secretary Larry Summers, who sounded alarms early on

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Speaker 2: inflation during the Biden administration now says inflation's toxicity could

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Speaker 2: also work against Trump.

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Speaker 7: This is a more inflationary policy by far than what

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Speaker 7: President Biden talked about and did in twenty twenty one,

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Speaker 7: so we've implemented. It will violate the hippocratic oath of

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Speaker 7: first do no harm and will be damaging to our

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Speaker 7: national economy, and I suspect very damaging to a president

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Speaker 7: who authors and supports such policies.

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Speaker 2: Former Treasury Secretary Larry Summers discussed Trump's economic proposals on

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Speaker 2: a recent edition of the Bloomberg Wall Street Week podcast.

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Speaker 2: You can find it wherever you get your podcasts.

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Speaker 1: Well, Natha, let's turn to the markets. Futures are lower

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Speaker 1: following ye Today's declines on Wall Street. It was the

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Speaker 1: first drop for stocks since the election. However, Mike Wilson,

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Speaker 1: chief US equity strategist in Morgan Stanley, says Trump's economic strategy,

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Speaker 1: if executed, could be bullish for stocks.

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Speaker 8: It's a mix of policy we haven't seen in quite

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Speaker 8: a long time, which is shrinking government spending potentially and

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Speaker 8: actually reducing taxes in other ways, maybe not just payroll taxes,

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Speaker 8: but other taxes, and actually paying down the deficit. That's

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Speaker 8: sort of the holy grail they can get there. I mean,

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Speaker 8: my goodness, that would be a structural bull market in

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Speaker 8: many ways, but that's going to take time.

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Speaker 2: And that was Morgan Stanley, chief u I equity strategist.

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Speaker 2: Mike Wilson. Now, today's trade could be impacted by a

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Speaker 2: key economic report.

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Speaker 9: Let's get the latest done that with Bloomberg's John Tucker. John,

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Speaker 9: good morning, Nathan An. That's at a thirty Wall Street time.

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Speaker 9: We're gonna get the latest reading on inflation, the consumer

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Speaker 9: price index. It may reinforce concerns about the acceleration and inflation,

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Speaker 9: with analysts predicting the overall consumer price index probably increased

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Speaker 9: two tenths of a percent for a fourth month, and

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Speaker 9: with a new Trump administration expected to pursue inflationary policies

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Speaker 9: like tariffs, a trader is now pricing in fewer interest

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Speaker 9: rate cuts by the Federal Reserve next year. FED Minneapolis

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Speaker 9: President Neil cash Curry said he'll be watching the inflation

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Speaker 9: data closely to determine whether another rate cut is appropriate.

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Speaker 9: At the Central Banks December meeting, traders are pricing in

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Speaker 9: about two US rate cuts through June, compared with almost

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Speaker 9: four seen at the startup last week in New York.

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Speaker 9: I'm John Tucker, Bloomberg Radio.

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Speaker 1: All right, John, thank you. Stay with Bloomberg for full

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Speaker 1: coverage of the CPI data and a conversation with Minneapolis

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Speaker 1: Fed President Neil cashcarry at eight thirty Wall Street Time

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Speaker 1: on Bloomberg Radio Television and the Bloomberg Podcast page on YouTube.

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Speaker 1: And it's time now for look at some of the

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Speaker 1: other stories making news in New York and around the world.

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Speaker 1: And for that we're joined by Bloomberg's Amy Morris Aamy,

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Speaker 1: Good morning.

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Speaker 6: Good morning, Karen.

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Speaker 10: And the Biden administration has decided not to cut off

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Speaker 10: weapons to Israel, despite that country not meeting the thirty

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Speaker 10: day deadline to provide more humanitarian aid to the Gaza Strip.

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Speaker 10: Pentagon spokesman Major General Pat Rider says, the US assessment

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Speaker 10: is that Israel has taken steps to make some improvements.

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Speaker 3: We also believe that had that letter not been sent,

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Speaker 3: had those conversations not been had we wouldn't have seen

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Speaker 3: the kind of progress that we're seeing now.

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Speaker 10: Pentagon spokesman Major General Pat Ryder. Aid groups including Oxfam

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Speaker 10: and Save the Children dispute the US findings of improved AID,

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Speaker 10: saying that Israel failed to address specific criteria laid out

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Speaker 10: in an adjoint letter from Secretary of State Anthony Blincoln

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Speaker 10: and Defense Secretary Lloyd Austin.

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Speaker 6: Senator Elizabeth Warren.

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Speaker 10: Of Massachusetts it's said to become the top Democrat on

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Speaker 10: the Banking Committee, a prominent position for a top critic

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Speaker 10: of Federal Reserve Chairman J Powell, America's biggest banks in

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Speaker 10: the crypto industry. She succeeds Senator Shared Brown of Ohio

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Speaker 10: after he lost reelection.

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Speaker 6: Last week, business.

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Speaker 10: Leaders gathered at COP twenty nine and Azerbaijan to share

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Speaker 10: their views on the future of global climate policy with

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Speaker 10: the incoming Trump administration.

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Speaker 6: Exon Mobile CEO Darren Woods.

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Speaker 9: We don't set our business plans based on the political

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Speaker 9: agendas or who's in who's in the White House, or

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Speaker 9: what parties in the control.

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Speaker 10: As the summit gets underway, the primary focus is establishing

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Speaker 10: rules for a global carbon market to help countries meet

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Speaker 10: their emissions targets by trading carbon credits. The conference runs

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Speaker 10: through November twenty second. After agreeing to a deal and

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Speaker 10: ending their two month long strike, it's back to airplane

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Speaker 10: factories for Boeing workers this week.

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Speaker 6: Boeing manager Brian Ball.

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Speaker 1: They've been trickling in more and more every day.

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Speaker 6: There's also I'll be.

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Speaker 10: Back today machinists and other workers flooding back to the

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Speaker 10: factory floors to meet a return to work deadline that

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Speaker 10: was imposed by Boeing. Global News twenty four hours a

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Speaker 10: day and whenever you want it with Bloomberg News Now.

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Speaker 10: I'm Amy Morrison. This is Bloomberg Karen s.

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Speaker 1: All right, Amy, thank you, and it's time now for

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Speaker 1: the Bloomberg Sports Update, brought to you by Trying State Houdy.

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Speaker 1: And here's John Stanshawer.

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Speaker 11: John, good morning, Good morning here in the Nicks in Philadelphia,

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Speaker 11: where they took out the Sixers in last year's playoffs.

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Speaker 11: Jalen Brunson torched the Sixers in that series. He was

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Speaker 11: rather quiet in this one, but O g Onanobi scored

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Speaker 11: twenty four points. Karl Anthony Town's ad at twenty one.

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Speaker 11: Josh Hard had a triple double the nixt one one

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Speaker 11: eleven ninety nine to get to five and five. Celtics

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Speaker 11: blew a fifteen point lead, lost by one to Atlanta.

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Speaker 11: Warriors beat the MAVs. Spoiling Clay Thompson's return to the

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Speaker 11: Bay Area, where he spent thirteen years at the Garden Rangers,

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Speaker 11: and the Winnipeg Jets, who showed why they are fifteen

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Speaker 11: and one. Jets scored opening minute, never trailed, won six

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Speaker 11: to three. They're off to the best start in NHL history.

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Speaker 11: The Devil's won four to one at Florida Islanders lost

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Speaker 11: in overtime at Edmonton. Early season college hoops doubleheader in Atlanta,

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Speaker 11: top rank Kansas beat Michigan State, Kentucky beat Duke.

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Speaker 6: Giants.

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Speaker 11: Fans saw and heard plenty from the general manager, Joe

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Speaker 11: Shane if they watched HBO's Hard Knocks about the Giants

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Speaker 11: off season. He had not met the media since the

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Speaker 11: season began, but in the Giants bye week he did yesterday.

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Speaker 12: We're sitting here at two and eight and not where

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Speaker 12: we want to be. Nobody's happy about it. Ownership, dabs me, coaches,

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Speaker 12: people in the building, the fans, and I understand that

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Speaker 12: what we're going to do the rest of the week is,

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Speaker 12: you know, do self evaluation on the roster personnel and

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Speaker 12: you know, try to find solutions as we move forward.

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Speaker 12: You know, these last seven games.

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Speaker 11: Dane asked about a possible Ben Jeane of Daniel Jones,

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Speaker 11: he said they'd play the quarterback that gave them the

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Speaker 11: best chance to win.

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Speaker 6: John Stanshtey. We're Bloomberg Sports County Nathan.

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Speaker 13: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 13: and around the world on Bloomberg dot Com and the

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Speaker 13: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 13: Nathan Hager.

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Speaker 2: President elect Donald Trump is sending a clear message about

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Speaker 2: the new direction he plans to take Washington after January twentieth.

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Speaker 2: He has made it official for Elon Musk, tapping the

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Speaker 2: world's richest man to lead a government efficiency effort along

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Speaker 2: with former Trump primary rival entrepreneur of Vivek Ramaswami. The

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Speaker 2: President elect has also named Fox News host and Army

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Speaker 2: veteran Pete Hegseth to be the next Secretary of Defense.

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Speaker 2: For more on this and more, we're joined by Lindsay Newman,

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Speaker 2: geopolitical risk expert and columnist at G zero Media. Lindsay,

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Speaker 2: good morning. We know Elon Musk was gunning for this

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Speaker 2: government efficiency job under this new Department of Government Efficiency

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Speaker 2: known as Doge. He said he can cut two trillion

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Speaker 2: dollars from the federal budget. Is that realistic? Good morning, Good.

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Speaker 14: Morning, Nathan, thanks for having me on again. Yes, the

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Speaker 14: big announcement has come that the Department of Government Efficiency

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Speaker 14: is a real thing. Elon Musk, as he said in VIVEC,

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Speaker 14: will be overseeing that. It's interesting. They are going to

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Speaker 14: be overseeing it as a panel so that Elon Musk

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Speaker 14: does not have to step down from any of his

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Speaker 14: private sector roles, which would have been difficult for him

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Speaker 14: to have done because of any conflict of interest concerns.

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Speaker 14: And we're also hearing that Trump wants all of this

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Speaker 14: wrapped up by July fourth, twenty twenty six, at the

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Speaker 14: two hundred and fiftieth anniversary of the founding in the US.

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Speaker 14: So in terms of what he can actually do, you know,

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Speaker 14: this is uncharted territory. But I think what's critical Here's

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Speaker 14: two things. The first is that this will be if

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Speaker 14: if we see developments out of it, a real potential

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Speaker 14: legacy for Trump. I mean the formation of an entirely

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Speaker 14: new Department of Government Efficiency. And the second is this

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Speaker 14: is just part and parcel of the word of the

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Speaker 14: day here, Nathan which is loyalty. Both Musk and Vivek

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Speaker 14: Ramismoni were quite loyal to Trump, and we're seeing this

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Speaker 14: just across the board with his appointments.

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Speaker 2: And to the point of loyalty, what do you make

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Speaker 2: of the president elect nominating Pete Hegseth, the Fox News host,

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Speaker 2: to be Defense Secretary.

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Speaker 14: So when we look across these appointments, you know, I

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Speaker 14: don't think there are any surprises, except for, as you say,

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Speaker 14: when we get to Pete Hegseth, I think this is

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Speaker 14: the one big surprise we've seen thus far. This is

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Speaker 14: a very prominent role heading up the Department of Defense.

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Speaker 14: It's prominent both domestically but also on foreign policy, and

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Speaker 14: it has an enormous budget, in fact, the biggest budget

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Speaker 14: for a department in the US. Europe for one, is

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Speaker 14: deeply on edge about what the US plans under Trump,

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Speaker 14: for NATO, for future of Ukraine. The selection of Hegseth,

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Speaker 14: a veteran, But as you say, a television host will

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Speaker 14: not ease those anxieties.

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Speaker 2: And when we see these kinds of figures coming into

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Speaker 2: the government, people with obvious track records of very strong opinions.

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Speaker 2: To put it lightly, with Pete Hegseth on Fox News

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Speaker 2: and Elon Musk putting things out there on his ex

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Speaker 2: platform almost hourly. What does that say about the way

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Speaker 2: government could actually be run in Washington DC?

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Speaker 14: What I come back to here is that these candidates,

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Speaker 14: these individuals, they have been friends of the campaign, They

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Speaker 14: have been friends of Donald Trump for years. So the

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Speaker 14: signal here is that the policy is going to be

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Speaker 14: coming from the very top, and these these appointees are

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Speaker 14: going to be expected to execute the President's planned Sure,

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Speaker 14: we're going to hear noise on X certainly from Elon Musk,

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Speaker 14: and he said in fact on the Department of Governor efficiency,

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Speaker 14: he wants maximal transparency. He's gonna let everybody know and

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Speaker 14: they can weigh in how they feel on it. But

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Speaker 14: this the policy direction is coming from the top, and

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Speaker 14: he's making clear that those top issues, immigration, deregulation, and

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Speaker 14: the economy are the direction of travel. These are going

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Speaker 14: to be the priorities for him.

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Speaker 2: As we've been speaking, we've just gotten a report from

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Speaker 2: The New York Times across the Bloomberg terminal that Special

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Speaker 2: counsel Jack Smith reportedly plans to wrap up his work

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Speaker 2: and resign before President Elect Trump takes office. What's your

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Speaker 2: reaction to that.

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Speaker 14: I think that's very unsurprising, no surprise there. Once Trump

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Speaker 14: won this very significant mandate for the next presidency, Jack

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Speaker 14: Smith and the office realize that that was the you know,

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Speaker 14: that was the writing on the wall, and there's it's

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Speaker 14: only going to provoke the possibility of further counter investorations,

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Speaker 14: and so I'm sure he's looking forward to wrapping those

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Speaker 14: up in returning to whatever the next chapter in his

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Speaker 14: life will be.

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Speaker 2: Can we expect any new developments to come from the

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Speaker 2: investigations into twenty twenty election interference and the keeping of

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Speaker 2: classified documents at mar A Lango?

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Speaker 6: Do you think it's hard.

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Speaker 14: To see how that continues on The oxygen has been

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Speaker 14: sucked from those investigations, and the Democratic Party for instance

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Speaker 14: themselves has a lot of internal soul searching to be

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Speaker 14: doing and to focus in on rather than outward focusing

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Speaker 14: on those investigations.

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Speaker 2: And one more piece of breaking news as we spoke,

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Speaker 2: Elizabeth Warren has been tapped to take over for Senate

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Speaker 2: Banking now that Shared Brown has lost his election. Elizabeth

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Speaker 2: Warren coming to lead banking.

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Speaker 14: Yeah, it's a remarkable, it's a remarkable turn of events

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Speaker 14: to see. She obviously has very strong views and experience

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Speaker 14: in that space, and we're going to be watching today

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Speaker 14: as we on the other across the aisle, who ends

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Speaker 14: up being selected to lead the Senate Republican We know

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Speaker 14: that's a close race between Center John Thune, Senator John Cornin,

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Speaker 14: and Rick Scott, who has emerged as the sort of

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Speaker 14: MAGA candidate there. So that's a very tight race and

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Speaker 14: will be a very key indicator of the direction of

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Speaker 14: travel for the Senate.

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