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

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Speaker 2: Good morning, I'm John.

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

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Speaker 1: following today.

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Speaker 2: And Karen, let's begin with politics. President of Like Donald

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Speaker 2: Trump has named his White House chief of staff. Let's

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Speaker 2: get the tales this morning from Bloomberg's Doug Prisoner.

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Speaker 3: Susie Wiles will be the first ever female White House

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Speaker 3: Chief of staff. She was one of the top architects

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Speaker 3: of Trump's twenty twenty four presidential campaign. Wiles was widely

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Speaker 3: credited with bringing order and discipline to the chaotic world

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Speaker 3: that Trump often cultivates. In a statement, Trump called her tough, smart, innovative,

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Speaker 3: and universally admired and respected. Wiles is the daughter of

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Speaker 3: famed NFL broadcaster Pat Summarole. She's been in politics since

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Speaker 3: nineteen eighty, when she worked on Ronald Reagan's presidential campaign

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

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Speaker 1: All right, Doug, thanks, So when of Trump's most highly

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Speaker 1: anticipated cabinet picks will be treasure Secretary. We get more

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Speaker 1: with Bloomberg Senior editor Bill Ferries.

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Speaker 4: There's a lot of names out there that'll be familiar

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Speaker 4: to people. Scott Bessant of Key Square Capital Management. He

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Speaker 4: has been a big, big advocate for Trump on the

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Speaker 4: campaign trail, a big fundraiser, and a big critic of

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Speaker 4: treasure current Treasury Secretary Janet Yellen. But there's also people

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Speaker 4: like Jay Clayton, who was Trump's sec chair. There's Tennessee

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Speaker 4: Senator Bill Haggerty and former US Trade Representative Bob Leitthheiser.

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Speaker 4: John Paulson is out there. So it's a huge number

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Speaker 4: of names. I should also mention Canner FitzGeralds Howard Lutnik.

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Speaker 1: And Bloomberg senior editor Bill Ferries notes that Trump's first

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Speaker 1: Treasury Secretary, Steve Minuchen, was one of the few in

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Speaker 1: his cabinet who served out the full term.

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Speaker 2: Hey, Donald Trump says he has spoken with Ukraine's President

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Speaker 2: Vladimir Zelenski since the result, but not with Vladimir Putin.

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Speaker 2: Speaking at a gathering associate the Russian president here at

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Speaker 2: his hopes for working with a new US administrations.

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Speaker 5: I do not want to comment now on what was

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Speaker 5: said consciously during the election campaign. I think it was

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Speaker 5: said deliberately in the fight for votes, but it does

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Speaker 5: not matter what was said in the desire to restore

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Speaker 5: relations with Russia to help end the Ukrainian crisis, in

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Speaker 5: my opinion, seems to deserve at least attention. I would

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Speaker 5: like to take this opportunity to congratulate him on his

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Speaker 5: election as President of the United States of America.

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Speaker 2: Vladimir Putin's speaking through an interpreter on the campaign trail,

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Speaker 2: Trump predicted he could end the Russia Ukraine conflict. The

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Speaker 2: day after his election.

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Speaker 1: Well, John Trump has received a phone call from current

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Speaker 1: President Joe Biden. Biden spoke yesterday at the Rose Garden

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Speaker 1: at the White House.

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Speaker 6: Yesterday, I spoke with President elect Trump to congratulate him

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Speaker 6: on his victory, and I assured him if I direct

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Speaker 6: my tired administration to work with his team to ensure

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Speaker 6: a peaceful and orderly transition.

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Speaker 1: President Biden also praised Vice President Kamala Harris, saying she

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Speaker 1: showed great character and should be proud of her campaign.

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Speaker 2: And shock up another battleground state win for Donald Trump.

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Speaker 2: He has defeated Kamala Harris in Nevada, flipping a state

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Speaker 2: that previously backed Democrats in twenty sixteen and twenty twenty,

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Speaker 2: and that brings the electoral count to two hundred and

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Speaker 2: ninety five for Trump and two hundred and twenty six.

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Speaker 1: For Harris and John. Control of the House is expected

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Speaker 1: to be decided by races. In the Western US, Republicans

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Speaker 1: hold two hundred eleven House seats to the Democrats one

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Speaker 1: hundred ninety nine. Democrats hope to flip seats and races

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Speaker 1: across California, Arizona, and possibly Oregon, but Republicans are showing

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Speaker 1: leads and enough races to take a narrow majority. Back

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Speaker 1: eastern Pennsylvania, the GOP flipped two key races. Rob Abresnahan

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Speaker 1: defeated incumbent Democrat Matt Cartwright fifty one to forty nine

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Speaker 1: percent in District eight, and Democrats Susan Wilde lost this

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Speaker 1: seventh district to the GOP's Ryan Mackenzie fifty point seven

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Speaker 1: percent to forty nine point three percent, And in the

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Speaker 1: tenth district, Republican Scott Perry held on to defeat Democrat

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Speaker 1: Janelle Stellson fifty to forty nine percent. Control of the

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Speaker 1: House likely won't be called until next week.

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Speaker 2: And meanwhile, in New York, Karen all House races they

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Speaker 2: have been called, with a couple of districts flipping in

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Speaker 2: democrats favor. Loren Gillen defeated the incumbent Republican Anthony de

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Speaker 2: Esposito in New York's fourth district fifty point nine percent

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Speaker 2: to forty nine point one percent. A Democrat, Josh Riley,

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Speaker 2: secured victory in the state's nineteenth district, defeating Republican incumbent

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Speaker 2: Mark Bolanaro fifty point five percent of forty nine point

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Speaker 2: five percent.

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Speaker 1: Meanwhile, in the GOP controlled Senate, john Republicans widen their

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Speaker 1: majority to fifty three seats, as former Bridgewater executive David

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Speaker 1: McCormick defeated a longtime incumbent Democrat, Bob Casey in Pennsylvania

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Speaker 1: forty nine to forty eight point five percent. Casey, who

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Speaker 1: sald the seats since two thousand and seven, is Pennsylvania's

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Speaker 1: longest serving Democrat ever in the Senate. It was one

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Speaker 1: of the most expensive Senate races this cycle.

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Speaker 2: And there's other election cent Levi's air. Daniel Lourie is

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Speaker 2: set to become the mayor of San Francisco after spending

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Speaker 2: more than eight million dollars of his own money to

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Speaker 2: position himself as a political outsider who could best tackle

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Speaker 2: the city's homelessness, drug and crime problems. A winner hasn't

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Speaker 2: been officially called, but incumbent London Breed did concede the

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Speaker 2: election last night.

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Speaker 7: I palled Daniel Lurie earlier today to congratulate him and

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Speaker 7: made it very clear that my team and I stand

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Speaker 7: ready to support him during his transition.

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Speaker 2: The preliminary results showed LORI had one about fifty six

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Speaker 2: percent of the vote under the city's ranked choice voting system,

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Speaker 2: compared with breeds forty four percent and a disclaimer. Michael Bloomberg,

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Speaker 2: the founder of majority owner Bloomberg LP, donated one point

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Speaker 2: four to five million dollars in support of Breed's re

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Speaker 2: election campaign.

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Speaker 1: Well John Federal Reserve chair J Powell has made clear

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Speaker 1: he's ready to defend the Central Bank from political pressure

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Speaker 1: after the reelection of Donald Trump. Following the FED unanimous

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Speaker 1: decision to cut rates by a quarter point, Powell was

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Speaker 1: repeatedly asked in his press conference about his position under

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Speaker 1: the incoming administration.

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Speaker 7: Some of the president's elects advisors have suggested that you

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Speaker 7: should resign. If he asked you to leave, would you go?

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Speaker 1: No?

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Speaker 2: Can you follow up on do you think that legally

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Speaker 2: you're not required to leave.

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Speaker 8: No, do you believe the president has the power to

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Speaker 8: fire or demote you? And it has the FED determined

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Speaker 8: the legality of a president demoting at will any of

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Speaker 8: the other governors with leadership positions.

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Speaker 2: Not permitted under the law. Not what not permitted under

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Speaker 2: the law?

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Speaker 1: Not. Trump told Bloomberg and June that he might want

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Speaker 1: more of us, say in interest rates, though he added

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Speaker 1: he let Powell serve out his current term, which ends

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Speaker 1: in twenty twenty six.

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Speaker 2: Let's turn to the markets. The futures right now, they

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Speaker 2: are mixed to little change following another record close on

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Speaker 2: Wall Street gues some P five hundred gained seven tenths

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Speaker 2: of a percent, the Nasdaq one hundred climbed one and

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Speaker 2: a half percent at the closest today. Amanda Gotti, the

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Speaker 2: chief investment officer P and C, says the market rally

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Speaker 2: is going to continue.

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Speaker 9: Typically post election results, we tend to get some nice

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Speaker 9: talwins out of the market because there's just some certainty

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Speaker 9: out of what happened with the election. But the reality

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Speaker 9: is there isn't going to be that much that gets

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Speaker 9: done over the next six weeks.

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Speaker 10: It's just this idea that.

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Speaker 9: The Trump trade or the Trump bump is going to

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Speaker 9: be very focused on the potential for cutting corporate tax rates,

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Speaker 9: rolling back regulations, and so on and so forth, and

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Speaker 9: so the market is just really excited, if not giddy,

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Speaker 9: about that.

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Speaker 2: P and C Chief investment Officer Amanda Gotti notes the

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Speaker 2: S and P five hundred finished with its forty ninth

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Speaker 2: record this year.

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Speaker 1: Well, John investors are not too impressed with China's latest

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Speaker 1: attempt to support the economy. There shiny is stocked and

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Speaker 1: the yuana kline after authorities announced a one point for

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Speaker 1: a trillion dollar program to refinance local government debt. Beijing

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Speaker 1: is rolling out more measures to support a slowing economy

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Speaker 1: facing new risks from the reelection of Donald Trump. And

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

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Speaker 1: 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 Any.

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Speaker 1: Good morning.

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Speaker 7: Leaders of Israel and the Netherlands are condemning what they

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Speaker 7: called anti Semitic attacks on fans of soccer club Makibi

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Speaker 7: Tel Aviv before and after a Europa League soccer match.

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Speaker 7: The violence erupted despite a ban on a pro Palestinian

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Speaker 7: demonstration near the soccer stadium. Five people are hospitalized, more

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Speaker 7: than sixty are detained. Declared's details are not clear, but

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Speaker 7: Israel ordered two planes be sent to the Dutch capital

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Speaker 7: to bring those Israelis home. A rapidly growing brush fire

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Speaker 7: in the LA area has burned out of control, destroying

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Speaker 7: homes and triggering evacuations northwest of Malibu. Ventura County Sheriff

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Speaker 7: Jim Freihoff.

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Speaker 11: To date, we've evacuated over four hundred homes, two hundred

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Speaker 11: and fifty residents choosing to stay and protect their homes,

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Speaker 11: and there were eight hundred homes no one was home still,

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Speaker 11: assuming they had either left before we arrived, were at work,

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Speaker 11: or otherwise out of town.

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Speaker 7: Hundreds of firefighters of battling the blaze. More than fourteen

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Speaker 7: thousand evacuation orders are sent. The FBI says it's in

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Speaker 7: touch with the Justice Department over racist text messages sent

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Speaker 7: to block Americans across the country. The texts, which were

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Speaker 7: sent anonymously, addressed the recipients by name and told them

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Speaker 7: they'd be selected for quote cotton picking. Some of the

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Speaker 7: messages referenced President elect Donald Trump. His spokespeople say they

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Speaker 7: have nothing to do with that. A Detroit resident named

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Speaker 7: Renee received one of the texts a plantation to send

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Speaker 7: us back to a plantation.

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Speaker 10: Great uncalled.

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Speaker 7: And now CBS News is reporting some of those texts

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Speaker 7: were sent to a voicemail identifying them as users of

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Speaker 7: text Now, a provider that allows users to create phone

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Speaker 7: numbers for free. The service says it has shut down

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Speaker 7: those accounts. Global News twenty four hours a day and

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Speaker 7: whenever you want it with Bloomberg News Now, I'm Amy

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Speaker 7: Morris and this is Bloomberg.

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Speaker 2: Let's get the sports update. And for that, here is

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Speaker 2: John Stasher at John Good morning, all right, good morning.

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Speaker 12: John Wild Thursday night game to kick off Week ten

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Speaker 12: Bengals Ravens and AFC North battle in Baltimore that saw

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Speaker 12: Cincinnati go up by two touchdowns. Baltimore rallied second half,

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Speaker 12: had a Lamar Jackson eighty four yard TV pass and

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Speaker 12: then a Joe Burrow seventy yard and a Jamar chase.

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Speaker 12: Those two hooked up with thirty eight seconds that since

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Speaker 12: he decided to go for a game winning two point conversion,

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Speaker 12: but rather than the extra point in overtime incomplete pass

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Speaker 12: Baltimore one thirty five thirty four. Both the QBS through

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Speaker 12: four TV passes. Three of burrows went to Chase who

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Speaker 12: had two hundred and sixty four yards in reception.

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Speaker 10: Jackson now ten.

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Speaker 12: In one lifetime against Cincinnati. Next game up Sunday morning,

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Speaker 12: New York Times Giants and Carolina in Munich. Giants flew

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Speaker 12: out yesterday, and before they did, Daniel Jones recalled his

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Speaker 12: previous trip to Europe.

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Speaker 13: We're excited to go over there. I think, you know,

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Speaker 13: just the one experience I have to look back on

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Speaker 13: as the London trip and just you know how how

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Speaker 13: much energy and excitement there was in that stadium and

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Speaker 13: the fans and how into it they are. You know,

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Speaker 13: that was a really really cool experience.

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Speaker 12: Giants won that game two years ago with the Packers.

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Speaker 12: That was part of a six and one start to

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Speaker 12: that season. Since then, the Giants had twelve wins twenty

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Speaker 12: five losses. That the Garden very much an off night

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Speaker 12: three gor says Turk, and gave it five goals midway

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Speaker 12: through the game, got pulled Buffalo all over the Rangers

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Speaker 12: six to one, Islanders beat out of a four to

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Speaker 12: two Devil's beat Montreal five to three Bruins and overtime

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Speaker 12: win over Calgary. Nick to Night hosts Milwaukee Nets are

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Speaker 12: in Boston, and the seven to one Warriors visit nine

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Speaker 12: in Old Cleveland. Johns Stasheward Bloomberg.

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Speaker 10: Sports Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 10: and around the world on Bloomberg dot Com and the

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Speaker 10: Bloomberg Business at This is Bloomberg Daybreak.

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Speaker 2: Hey, good morning, I'm John Tucker. Of course, the battle

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Speaker 2: for control of the House still hasn't concluded, but a

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Speaker 2: red sweep does look more and more likely after Donald

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Speaker 2: Trump's election victory, and also Trump picks his chief of staff.

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Speaker 2: Let's get around up with the late election related stories

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Speaker 2: this morning. Stephanie Baker, Bloomberg News senior writer, is joining

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Speaker 2: us this morning. Always a pleasure, Stephanie. If there is

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Speaker 2: a red sweep in the House, what kind of majority

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Speaker 2: are we looking at right now? If it is a

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Speaker 2: slim majority, does that actually narrow the scope of what

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Speaker 2: can pass?

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Speaker 10: Really good question.

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Speaker 14: It does look like of the remaining uncalled seats, the

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Speaker 14: majority are leaning Republican.

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Speaker 10: We'll see how that shakes out.

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Speaker 14: That they could have at least a handful of seats

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Speaker 14: for the Republicans. A slim majority, but enough to get

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Speaker 14: their agenda passed. And let's face it, this is a

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Speaker 14: huge sweep by the Republicans control of the Senate, likely

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Speaker 14: control of the House, and a Supreme Court where Donald

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Speaker 14: Trump has chosen and picked several of the judges. So

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Speaker 14: I think this is going to give Trump quite a

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Speaker 14: wide mandate and quite sweeping powers to get his agenda across.

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Speaker 2: Just for the tally so far, the GOP holds a

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Speaker 2: two hundred and eleven to one ninety nine edge in

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Speaker 2: a House races that those of that have been called

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Speaker 2: so far to eighteen is the majority. There are a

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Speaker 2: number of people, including Speaker Johnson, who says he's a

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Speaker 2: free trade proponent. Back to the agenda, is it really

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Speaker 2: clear sailing for the Trump agenda if this pans out.

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Speaker 14: I think what Trump has said he wants to do

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Speaker 14: is going to be harder to do in practice. He

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Speaker 14: said he wants to deport a million immigrants on day one.

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Speaker 14: I think that's going to be very hard just practically

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Speaker 14: to carry out. He wants to impose sweeping tariffs. Now

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Speaker 14: you know, under the Constitution, the Congress has a mandate

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Speaker 14: to control tariffs, but they are also statutory regulations that

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Speaker 14: give the president authority to do that. Under the International

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Speaker 14: Economic Powers Act, which is the Act that the Biden

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Speaker 14: administration has used to roll out sanctions against Russia, Trump

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Speaker 14: could use AIPA at this Act to roll out tariffs.

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Speaker 14: Whether or not he will face opposition from Republicans in

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Speaker 14: Congress for his tariffs that in a way that would

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Speaker 14: stop him from going ahead with this, I don't know.

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Speaker 14: I think we're going to definitely see tariffs on some level,

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Speaker 14: whether or not they'll be as sweeping as Trump has

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Speaker 14: talked about remains to be seen.

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Speaker 2: As Chief of Staff, is Susie Wiles's calming, reasonable voice

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Speaker 2: in this administration.

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Speaker 14: It's a really interesting pick. She's the first woman to

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Speaker 14: hold that position. She's been a very quiet figure. She's

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Speaker 14: not on social media much, she's not a regular on

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Speaker 14: Fox News, and she's not a Washington insider, So that

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Speaker 14: could spell trouble for her going forward. With Republicans likely

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Speaker 14: in control of both houses of Congress, that might not

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Speaker 14: matter as much as it would in the past. She

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Speaker 14: has remained as Trump's campaign chairman throughout the campaign, which

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Speaker 14: was not the case last time around, which shows that

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Speaker 14: she does have staying power, and she was applauded for

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Speaker 14: having brought order to the Trump campaign. She may not

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Speaker 14: have been able to control Trump the candidate and his messaging,

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Speaker 14: but she ran a very tight operation, and I think

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Speaker 14: that's indicative of what she'll bring to the White House.

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Speaker 2: Way too short of visit, Stephanie Baker, Bloomberg News Senior writer,

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Speaker 2: Thank you very much, Karen well John.

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Speaker 1: We now want to bring you our discussion with our

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Speaker 1: investment CEO, Kathy Wood. She joined Tim Stenoveek on Bloomberg

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Speaker 1: Business Week discussing what a second Trump term means for

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Speaker 1: investors and how it could reshape the financial industry. They

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Speaker 1: began with a question on the regulatory environment in the US.

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Speaker 15: Let's listen in the regulations that have been creeping into

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Speaker 15: the system. Actually they started to creep in. They've just

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Speaker 15: flooded the system and really gummed it up. So the

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Speaker 15: first the biggest regulatory issues have been around the SEC,

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Speaker 15: especially when it comes to digital assets or crypto legislation

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Speaker 15: and the FTCs as it relates to M and A activity,

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Speaker 15: I think both they are going to be big changes

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Speaker 15: there and that is going to be the beginning. I

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Speaker 15: think of a lot of regulatory changes. In his first administration,

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Speaker 15: President Trump basically said for every regulation you want to

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Speaker 15: introduce anyone in my administration, you must get rid of too.

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Speaker 15: I think it's going to be maybe more dramatic than

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Speaker 15: that this time around. And I also think having having

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Speaker 15: Elon Musk, who I think today announced that he'd like

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Speaker 15: to name a new department, the Department of Government Efficiency.

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Speaker 15: Get that, Doge doage he I think he's going to

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Speaker 15: come into the administration. I don't think he'll be a

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Speaker 15: formal part of the administration. He'll be more in an

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Speaker 15: oversight role the more as I understand.

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Speaker 16: Yeah, well, hey, Kathy, I want to jump in here

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Speaker 16: because you mentioned a few things that I want to

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Speaker 16: follow up on. What is Elon Musk? Have you talked

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Speaker 16: to Elon since the election?

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Speaker 1: No?

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Speaker 15: I have not talked to him since the election. I

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Speaker 15: did see on X that he was part of the

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Speaker 15: family as they were taking the picture around President Trump's

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Speaker 15: acceptance speech, So you know, I know he's obviously had

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Speaker 15: a tremendous impact on.

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Speaker 11: The election.

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Speaker 15: I think he had X made a big difference, and

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Speaker 15: his ideas around government efficient, which will revolve importantly around technology.

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Speaker 15: Artificial intelligence is doing wonders for the most bureaucratic organizations

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Speaker 15: out there. We know from Pallunteer that it is having

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Speaker 15: a tremendous impact on insurance companies, underwriting process timelines dropping

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Speaker 15: from two weeks to three hours. And even in the

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Speaker 15: military MAVEN pallunteers working on MAVEN with the DoD for

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Speaker 15: targeting the enemy, they have shrunk that department. They don't

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Speaker 15: need as many people. They've gone from twenty to twenty people,

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Speaker 15: which it's pretty amazing what's going on. And I think

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Speaker 15: we'll see a lot of attrition. Any employee leaving the

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Speaker 15: government probably will not be replaced. I don't think he'll

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Speaker 15: I just I don't think he'll do two trillion dollars

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Speaker 15: in government spending savings in one year. That might be

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Speaker 15: a five to ten year And I think between technology

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Speaker 15: and attrition and lower regulations, maybe the abolition of certain

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Speaker 15: departments that they'll go a long way.

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Speaker 16: So you don't see him serving a formal role, but

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Speaker 16: still overseeing some sort of department of government efficiency in

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Speaker 16: an informal way. Help me understand what you see him

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Speaker 16: doing and whether or not it could be some sort

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Speaker 16: of threat to you know, he's a very busy man.

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Speaker 15: He is the inventor of our age, and he comes

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Speaker 15: into a problem, assesses it with first principles thinking, doesn't

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Speaker 15: care how things have been done, and comes back with,

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Speaker 15: you know, ingenious solutions to big problems, whether it's autonomous mobility,

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Speaker 15: in the autonomous taxi space.

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Speaker 16: Or in.

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Speaker 15: The healthcare neuralink. He's in the social network space X

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Speaker 15: in AI XAI, and a lot of people say and

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Speaker 15: SpaceX of course the entire exploration going to Mars. I

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Speaker 15: think a lot of people are I can't believe he

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Speaker 15: can do this, But again, he cuts to the quick,

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Speaker 15: first principles thinking and surrounds himself with brilliant people, people

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Speaker 15: who really want to solve the hardest problems in the world.

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Speaker 15: And that's part of the secret to his success. Very

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Speaker 15: high standards and people who want to be held accountable

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Speaker 15: to very high standards and want to really transform the world.

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Speaker 16: Hey, we're going to get back to Elon and specifically

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Speaker 16: Tesla in a few minutes, but I want to go

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Speaker 16: back to something that you mentioned at the top of

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Speaker 16: our interview, Kathy, and that's the idea of some of

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Speaker 16: the regulatory challenges that you said have cropped up over

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Speaker 16: the last couple of years and during the Biden administration

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Speaker 16: specifically with regard to the FTC and the SEC not

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Speaker 16: being present the second Trump administration, how do you think

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Speaker 16: the Trump regime will approach financial regulation given that he's

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Speaker 16: bound to replace SEC Chair Gary Gensler, What does that

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Speaker 16: look like?

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Speaker 15: I think, first, as it relates to crypto or digital

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Speaker 15: asset regulation, they're going to replace Gary Gensler with someone

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Speaker 15: who is much more open minded, I would say, and

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Speaker 15: will let the legislative process work go to work. And

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Speaker 15: the SEC is supposed to regulate and force laws. They're

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Speaker 15: not supposed to create laws by enforcement, which is what

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Speaker 15: Gary Gensler was doing. So I think that's going to

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Speaker 15: be important. I also think if you look at the

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Speaker 15: public equity markets, I think the number of public companies

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Speaker 15: out there right now has been cut in half in

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Speaker 15: the last fifteen twenty years. The regulatory nightmare of being

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Speaker 15: a public company has kept people, has kept leaders of

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Speaker 15: companies basically saying if I don't have to go public,

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Speaker 15: I am not going public. And so I think we're

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Speaker 15: going to see a lot more work in that regard

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Speaker 15: to give you the average investor a shot at some

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Speaker 15: of these moonshots, so I think that's going to become

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Speaker 15: very important.

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Speaker 1: This is Bloomberg Daybreak, your morning podcast on the stories

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