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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the ongoing search for the next

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Speaker 3: Treasury secretary. The debate over who President elect Donald Trump

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Speaker 3: will select as his chief economic policymaker spiraled into uncertainty

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Speaker 3: over the weekend. Sources say Elon Musk spoke to potential

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Speaker 3: pick Scott Bessent after already publicly endorsing another candidate, Howard Ludnik.

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Speaker 3: Bescent declined to comment on the reports. Musk did not

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Speaker 3: immediately respond, but he did post on X over the

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Speaker 3: weekend that his view is Besent is a business as

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Speaker 3: usual choice, while Ludnick would actually enact change. Bloomberg's Pretty

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Speaker 3: Goodta says the Trump transition team is not any closer

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Speaker 3: to making a selection, is now considering alternatives.

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Speaker 4: Did feel like Scotpissett was going to be the no

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Speaker 4: brainer choice, and now it feels like that has been unseated.

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Speaker 4: But Howard ludle like coming back to the same issue,

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Speaker 4: the question of tariffs and how tough you can go.

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Speaker 4: Of course, it's not the only players in the kind

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Speaker 4: of race to be the.

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Speaker 5: Next Treasury Secretary.

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Speaker 4: It's Roberty Lighthei as the former US Trade Representative, Bill Haggerty,

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Speaker 4: a Senator out of Tennessee, and even Mark Rowan, the

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Speaker 4: CEO of A.

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Speaker 3: Paul Bloomberg's Gritty Goodta says. Among other duties, the Treasury

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Speaker 3: Secretary oversees the twenty eight trillion dollar treasuries market and

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Speaker 3: economic sanctions and Nathan.

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Speaker 2: President elect Trump continues to fill out his incoming cabinet

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Speaker 2: at a rapid pace, making nominations for a couple key posts.

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Speaker 2: This weekend, Trump chose Brendan Carr as the new chair

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Speaker 2: of the Federal Communications Commission.

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Speaker 1: Cars served at the FCC.

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Speaker 2: Since twenty twelve and has been a strong advocate for

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Speaker 2: free speech, limited regulation, and reigning in big tech. Trump

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Speaker 2: also picked Chris Wright, who runs a Colorado based fracking

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Speaker 2: services company, to leave the US Energy Department. Additionally, Trump

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Speaker 2: announced that his attorney, William Owen Sharp, would be his

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Speaker 2: staff secretary, and he backed Republican and National Committee CoA

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Speaker 2: chair Michael Wantley for another term.

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Speaker 3: Turned out of South America, Karen World gathering there for

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Speaker 3: the Group of twenty summit. Bloomberg's David Gura is in

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Speaker 3: Brazil with a preview.

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Speaker 5: On the formal agenda are conversations about sustainability and climate change,

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Speaker 5: and the future of development financing. There'll be some hard

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Speaker 5: conversations among world leaders about the future of major conflicts

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Speaker 5: in the Middle East and Ukraine. This meeting comes on

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Speaker 5: the heels of another smaller gathering of heads of state

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Speaker 5: in Peru. It hosted the Apex Summit, and while President

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Speaker 5: Biden was there, he sat down with his Chinese counterpart

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Speaker 5: Cheshin Ping. Biden took credit for improving the relationship between

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Speaker 5: the US and China after four frosty years when Donald

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Speaker 5: Trump was the president. Of course, Trump has been re

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Speaker 5: elected and Biden's term is almost over, and that is

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Speaker 5: looming large as the G twenty Leader Summit gets under way.

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Speaker 5: David Gura, Bloomberg Radio, Rio de Janeiro.

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Speaker 2: All right, David, thanks, And as David just mentioned in

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Speaker 2: that meeting between President Biden and Sheshin Ping and Lima Peru,

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Speaker 2: China's leader Tom Biden, the country is ready to work

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Speaker 2: with Donald Trump to boost relations, but it comes to

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Speaker 2: the warning. Bloomberg's executive editor for Greater China, John Lewis,

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Speaker 2: says she outlined four red lines in China's relationship with

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Speaker 2: the US that are targeted at Trump.

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Speaker 6: One that the US should not seek to contest the

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Speaker 6: Communist Party's grip on power in China. That the United

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Speaker 6: States should not try to push China to become a democracy.

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Speaker 6: That the United States should not try to contain China's

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Speaker 6: economic rise. And lastly, and probably most importantly, that the

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Speaker 6: United States should not support Taiwan's independence. And so it

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Speaker 6: did seem President she ahead of a new Trump administration

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Speaker 6: trying to put some guardrails bumpers around where this relationship

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Speaker 6: could go Bloomberg.

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Speaker 2: John Lewis President Delight Trump has tapped several hardliners on

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Speaker 2: China to lead his foreign policy team, having campaigned on

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Speaker 2: hitting Beijing with tariffs of sixty percent.

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Speaker 3: In Europe, Karen President Biden is giving Ukraine the green

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Speaker 3: light to use Western made missiles for long range strikes

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Speaker 3: on on Russian territory. This major shift in policy is

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Speaker 3: thought to be motivated by North Korean troops appearing on

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Speaker 3: the battlefield alongside Russian forces. Speaking through an interpreter, Ukraine's

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Speaker 3: President Vladimir Lensky said any strikes on Russia would not

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Speaker 3: be telegraphed in advance Blanc.

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Speaker 4: Postula and Ukraine. It's a plank permot.

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Speaker 7: Today. There's a lot of talk in the media about

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Speaker 7: US receiving permission for respective actions, but strikes are not

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Speaker 7: carried out with words. Such things are not announced. Missiles

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Speaker 7: will speak for themselves.

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Speaker 3: Ukrainian President Vladimir Lensky spoke after another massive Russian aerial

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Speaker 3: attack on Ukraine's energy infrastructure.

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Speaker 2: Well, Nathan leuchshift now to the economy and markets. Traders

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Speaker 2: will watch a couple of key earnings reports this week,

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Speaker 2: first Tomorrow, where investors will get a gauge on consumer

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Speaker 2: health when Walmart reports, and the possible big market moving

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Speaker 2: event will come on Wednesday when chip giant Invidia releases

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Speaker 2: its latest earnings. Ahead of those key earnings, the information

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Speaker 2: is reporting in Vidia has asked suppliers to change his

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Speaker 2: sign for server racks in recent months for its new

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Speaker 2: Blackwell graphics processing unit due to an overheating problem. It's

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Speaker 2: leading to worries about delays. The company already hit engineer

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Speaker 2: snags in the development of its Blackwell chip lineup, slowing

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Speaker 2: the release by at least a quarter.

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Speaker 8: Well.

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Speaker 3: Meanwhile, Karen wall Street's strategists remain focused on how high

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Speaker 3: equities will go in a second Trump term. Notable Wall

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Speaker 3: Street bear Mike Wilson of Morgan Stanley wrote in a

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Speaker 3: recent note that his team now thinks the S and

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Speaker 3: P five hundred will end the year of twenty twenty

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Speaker 3: five at sixty five hundred points. That's up eleven percent

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Speaker 3: from Friday's close. Bloomberg's Mark Cutmore says market uncertainty is

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Speaker 3: what's on traders' minds.

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Speaker 9: Market's the moment. The only thing they care about is

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Speaker 9: everything Trump. That may slowly fade over time. But if

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Speaker 9: everything between who Trump's picks are, what that means for

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Speaker 9: likely policy, and then of course there's the secondary step

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Speaker 9: of actually analyzing how that policy will interact with each.

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Speaker 5: Other with markets.

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Speaker 3: Bloomberg's Mark Cutmore says traders are still trying to determine

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Speaker 3: how much tariffs will impact the economy and markets in

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Speaker 3: a second Trump term.

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Speaker 2: However, nath In the path for an extended rally could

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Speaker 2: be quelled by Fed policy and slower than expected interest

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Speaker 2: rate cuts as the Central Bank moves toward its neutral rate.

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Speaker 2: Chicago Fed President Austin Goulesby spoke to Bloomberg about what

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Speaker 2: he sees as the current path for interest rates.

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Speaker 8: I think we're going to be looking at rates coming

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Speaker 8: down over the next year along the lines of what

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Speaker 8: the dot plot said.

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Speaker 5: So I still think we.

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Speaker 8: Have a long way to go down with rates. There's

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Speaker 8: some dispute about what is the neutral rate at which

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Speaker 8: we're going to settle down.

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Speaker 5: If there's disagreement.

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Speaker 8: About that, that we don't just charge right to it,

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Speaker 8: that we slow the pace as we get toward it.

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Speaker 2: Chicago Fed President Austin goules Bey added that interest rates

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Speaker 2: remain restrictive, so there's still room to cut borrowing costs

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Speaker 2: to a more neutral level. Here the full conversation on

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Speaker 2: the Bloomberg Talks podcast feed on Apples, Spotify or anywhere

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Speaker 2: you get your podcasts.

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Speaker 3: And Karen's strategistic Goldman's baks for telling investors go for gold.

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Speaker 3: Analysts of the banks say they expect bullion to rally

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Speaker 3: to a record three thousand dollars an ounce in about

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Speaker 3: a year from now, due to Central bank buying and

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Speaker 3: Federal reserve interest rate cuts. They also cite increased trade

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Speaker 3: tensions and potential tariffs as reasons for gold to rise.

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Speaker 3: Spot Gold was lasted about twenty five to eighty four

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Speaker 3: announce at peaked just below twenty eight hundred last month.

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Speaker 2: Turning to the tri state now Nathan, The crowded race

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Speaker 2: for New Jersey's governor is heating up, with US Rep.

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Speaker 2: Josh Gothheimer announcing his run. He joins four other Democrats

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Speaker 2: jockeying to succeed term limited Governor Phil Murphy next November.

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Speaker 2: North Jersey dot com or porus. At at least four other

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Speaker 2: Republicans plan to run.

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Speaker 3: Thank Karen, we have this breaking headline crossing the Bloomberg

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Speaker 3: terminal on the airline industry. Spirit Airlines has filed for

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Speaker 3: bankruptcy protection in the wake of greater competition from rival

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Speaker 3: carriers and financial troubles following its scuttled merger with Jet Blue.

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Speaker 3: Spirit filed for Chapter eleven in New York Work, according

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Speaker 3: to a court document.

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Speaker 2: Any time now for a look at some many o

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Speaker 2: their stories making news in New York and around the world.

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Speaker 2: For that, we're joined by Bloomberg's John Tucker.

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Speaker 10: John Good Morning, Good morning, Karen. New York City's congestion

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Speaker 10: pricing op for a vote by the Metropolitan Transportation Authority today.

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Speaker 10: Supporters say The program will help alleviate some of the

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Speaker 10: gridlock on Manhattan streets and generate desperately needed funding for

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Speaker 10: mass transit. However, opponents are out in forests, including New

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Speaker 10: York State Assembleman David Wepron.

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Speaker 11: The financial burdens associated with congestion pricing will shut down

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Speaker 11: businesses across New York City, will force them to pass

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Speaker 11: on the added cost to consumers.

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Speaker 10: Governor Kathy Hokel trying to push it through before President

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Speaker 10: like Trump takes office. Trump is found to kill it.

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Speaker 10: The initiative is the first of its kind in the US.

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Speaker 10: As President Biden gathers with world leaders for his final

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Speaker 10: G twenty summit in Brazil, he's considering fossil fuel finance

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Speaker 10: curbs that could outlast the Trump administration. Let's get more

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Speaker 10: in this report from Bloomberg's Denise Pellegrini.

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Speaker 1: The Biden administration is weighing a last ditch push for

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Speaker 1: an international agreement that would restrict financial support for foreign

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Speaker 1: oil and gas projects. Just as critical talks start in Paris,

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Speaker 1: it sleeps a little time before today's negotiations among members

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Speaker 1: of the Organization for Economic Cooperation and Development. At issue

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Speaker 1: is a proposal to expand an existing three year old

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Speaker 1: man on Export Credit Agency support for autobated coal fire

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Speaker 1: power plants. Under the proposal, export Credit Agency financing would

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Speaker 1: be off limits for most oil and gas projects. Denise Pellegrity,

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Speaker 1: Bloomberg Radio.

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Speaker 10: National average gasoline prices are set to fall below three

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Speaker 10: dollars a galon just in time for Thanksgiving. That's when

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Speaker 10: holiday travel is expected to climb back to pre pandemic levels.

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Speaker 10: The national average retail fuel price already has fallen to

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Speaker 10: the lowess since January, floating just a few cents above

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Speaker 10: it's twenty twenty one level, and prosecutors say our Chagos

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Speaker 10: Capital Management founder Bill Wong should serve twenty one years

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Speaker 10: behind bars for fraud and market manipulation that led to

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Speaker 10: his firm's massive twenty twenty one collapse. Scheduled be sentenced

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Speaker 10: this week. Wang was found guilty in July of misleading

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Speaker 10: Wall Street banks into helping him inflate the value of

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Speaker 10: Archigos's highly concentrated portfolio and authorities in India's capital, she

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Speaker 10: had schools, halted construction and banned non essential trucks from

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Speaker 10: entering the city. Today, every air pollution shot up to

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Speaker 10: its worst level this season, residents of New Delhy woke

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Speaker 10: up to thick, toxic smog enveloping the city of some

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Speaker 10: thirty three million as the air quality became increasingly hazardous.

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Speaker 10: Global News twenty four hours Day and whatever you wanted

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Speaker 10: with Bloomberg News Now, I'm John Tucker and this is

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Speaker 10: Bloomberg Karen and Nathan.

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Speaker 1: Right, John, thank you.

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Speaker 2: Time now for the Bloomberg Scores update, brought to you

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Speaker 2: by Tri State. Here's John stash Hour, John, Good morning.

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Speaker 12: Good morning, Karen. Jets hosted the colts lot of Booze

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Speaker 12: casscadadut of met Life for much of the first half

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Speaker 12: of Jets' first five possessions, four punts, a fourth down stop,

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Speaker 12: a total of one first down, but the Jets did

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Speaker 12: come alive. Reese Hall scored late first half. In early

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Speaker 12: second Jets drabbed a one point lead. They were up

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Speaker 12: by five in the final minute.

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Speaker 3: It's just an out of the gun's second off left

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Speaker 3: heads take to five cuts into the.

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Speaker 13: Insist away into the exode touchdown. Anthony Richardson this second

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Speaker 13: nothing touchdown. Today they end the Cults with the score

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Speaker 13: right there, lead twenty eight to twenty seven with forty

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Speaker 13: six seconds.

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Speaker 12: To go Colt Radio. They end the three game losing streak.

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Speaker 12: The Jets are three and eight. They're one and five

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Speaker 12: since the firing and coach Rob Sala. The Chiefs are

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Speaker 12: now nine and one. Last team to lose it came

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Speaker 12: in Buffalo thirty one to twenty. The Bills are nine

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Speaker 12: and two. They won six in a row. The Steelers

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Speaker 12: fifth straight win eighteen sixteen over Baltimore, who got stopped

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Speaker 12: on a game time two point conversion with just over

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Speaker 12: a minute left. Pittsburgh won one without scoring a touchdown.

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Speaker 12: Every ninety years, the Detroit Lions start a season nine

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Speaker 12: to one. It happened in nineteen thirty four, and now again.

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Speaker 12: The Lions overwhelmed Owley Jacksonville fifty two to six, the

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Speaker 12: worst loss in Jaguars history. The Patriots lost with the

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Speaker 12: Rams twenty eight twenty two. Matthew Stafford had four touchdown passes.

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Speaker 10: Last night.

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Speaker 12: The Chargers blew a three touchdown lead but scored with

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Speaker 12: eighteen seconds left. Beat Cincinnati thirty four to twenty seven

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Speaker 12: at the Garden. Next, beat the Nets as they did Friday,

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Speaker 12: this one not as close, one fourteen to one, oh

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Speaker 12: four to four. Knicks scored twenty or more. Minnesota beat

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Speaker 12: Phoenix on a Julius Randall three pointer at the buzzer

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Speaker 12: of the ex Knicks scored thirty five. Cleveland beat Charlotte,

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Speaker 12: the Cavs with a fourth team in NBA history to

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Speaker 12: begin a season. Fifteen to oh Rangers began a four

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Speaker 12: game road trip with a two nothing winning Seattle to

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Speaker 12: shout out for Jonathan Quick. Saint John's now four to

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Speaker 12: oh Red Storm had all five starters and double figures

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Speaker 12: in eighty five to seventy one win over New Mexico,

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Speaker 12: which met Rick Patino beat his son John Steshawer Bloomberg Sports,

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Speaker 12: Karen and Nathan.

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Speaker 14: Cohost on Bloomberg Radio nationwide on Sirius XM, and around

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Speaker 14: the world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 14: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. The

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Speaker 14: rapid transition.

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Speaker 3: President elect Trump's been looking force hit a bit of

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Speaker 3: a ball when it comes to the Treasury Secretary. Public

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Speaker 3: jockeying has led to behind the scenes disarray, but the

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Speaker 3: President elect's son, Donald Trump Junior, is sounding confident that

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Speaker 3: all his father's cabinet picks will get through.

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Speaker 5: We have control of the Senate because of my father.

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Speaker 8: John Thune's able to be the majority leader because of

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Speaker 8: my father, because he got a bunch of other people

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Speaker 8: over the line.

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Speaker 3: It was Donald Trump Junior over the weekend. On Fox

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Speaker 3: News this morning, we are joined by Bloomberg's Critty Gupta.

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Speaker 3: So Critty, we were expecting a Treasury Department announcement as

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Speaker 3: soon as last week.

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Speaker 5: Last week is come and gone. What's happening now?

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Speaker 14: Good morning, Good.

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Speaker 1: Morning, Nathan.

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Speaker 4: Well, looks like we even more contenders have kind of

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Speaker 4: entered the race, or at least been considered a little

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Speaker 4: bit more seriously, because really it felt like this was

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Speaker 4: a neck and neck race between Howard Lutnick and Scott Pissent.

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Speaker 4: And there's already some kind of internal dynamics there with

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Speaker 4: Elon Musk very publicly threw his weight behind Howard Lutnik,

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Speaker 4: basically saying that scott descent was more of the same

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Speaker 4: that those comments on his platform X. But then you

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Speaker 4: have a couple of others as well, the former Trade

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Speaker 4: representative Leittheiser being considered as well, even Mark Rowan, the

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Speaker 4: CEO of Apollo and a Senator from Tennessee, Bill Haggerty

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Speaker 4: also in the mix or names at least that have

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Speaker 4: been floated for this particular position. But Nathan, I think

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Speaker 4: you've got it right there, which is that we thought

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Speaker 4: we were getting closer and now it feels less so.

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Speaker 3: And it's such an important decision, isn't it. Because the

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Speaker 3: Treasury Department has control over all the economic sanctions we've

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Speaker 3: seen over the last several years under Janet Yellen, as

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Speaker 3: well as implementing Donald Trump's strategy when it comes to

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Speaker 3: potentially imposing.

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Speaker 4: Tariffs, it is it's a really crucial one. And look,

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Speaker 4: twenty eight trillion of the treasuries market is also under

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Speaker 4: this person's control. U mesh economic sanctions one hundred percent

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Speaker 4: on Russia, on members of China, the Chinese Communist Party

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Speaker 4: as well. Another piece I think a lot of people

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Speaker 4: don't realize intuitively is that on the campaign trail, Donald

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Speaker 4: Trump has been very vocal about saying that the reason

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Speaker 4: that the deficit is not a concern for his economic

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Speaker 4: plan is because tariffs would offset tax cuts. That tax

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Speaker 4: policy falls under the Treasury Secretary's role as well. And Nathan,

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Speaker 4: a little bit of a fun fact for our global

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Speaker 4: audience as well is that the Treasury Secretary is also

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Speaker 4: fifth in line in the presidential succession. Of course, we've

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Speaker 4: never gotten to the fifth in line, but it's important

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Speaker 4: to kind of point out that that's where they rank

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Speaker 4: in terms of importance in Washington, in terms of that administration.

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Speaker 4: But yes, this is absolutely a crucial role, and at

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Speaker 4: the core of it is this concept of loyalty of

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Speaker 4: kind of the vision aligning with Donald Trump as well.

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Speaker 4: And that's really where it seems to be that Howard

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Speaker 4: Lutnik and Scott Pissent are differing in terms of Scott

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Speaker 4: Piscent maybe perhaps not be as tough as Howard Lutnik

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Speaker 4: would be, at least as a claim that Elon Musk

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Speaker 4: is making the context crucial Nathan, as you'll remember, Stephen

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Speaker 4: Minuchin was a favorite of Wall Street and was a

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Speaker 4: favorite under the Trump administration as well, but kind of

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Speaker 4: fell into some hot water there when it came to

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Speaker 4: the idea that he wasn't as strong and as four

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Speaker 4: some of the tougher tear policies that Donald trumpet put forward.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 2: making news from Wall Street to Washington and beyond.

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Speaker 10: Dave Ray