WEBVTT - Treasury Secretary Uncertainty; Xi's Warning to Biden

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin with the ongoing search for the next

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<v Speaker 3>Treasury secretary. The debate over who President elect Donald Trump

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<v Speaker 3>will select as his chief economic policymaker spiraled into uncertainty

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<v Speaker 3>over the weekend. Sources say Elon Musk spoke to potential

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<v Speaker 3>pick Scott Bessent after already publicly endorsing another candidate, Howard Ludnik.

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<v Speaker 3>Bescent declined to comment on the reports. Musk did not

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<v Speaker 3>immediately respond, but he did post on X over the

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<v Speaker 3>weekend that his view is Besent is a business as

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

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<v Speaker 3>Goodta says the Trump transition team is not any closer

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<v Speaker 3>to making a selection, is now considering alternatives.

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<v Speaker 4>Did feel like Scotpissett was going to be the no

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<v Speaker 4>brainer choice, and now it feels like that has been unseated.

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<v Speaker 4>But Howard ludle like coming back to the same issue,

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<v Speaker 4>the question of tariffs and how tough you can go.

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<v Speaker 4>Of course, it's not the only players in the kind

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<v Speaker 4>of race to be the.

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<v Speaker 5>Next Treasury Secretary.

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

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<v Speaker 4>a Senator out of Tennessee, and even Mark Rowan, the

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<v Speaker 4>CEO of A.

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

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<v Speaker 3>Secretary oversees the twenty eight trillion dollar treasuries market and

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<v Speaker 3>economic sanctions and Nathan.

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<v Speaker 2>President elect Trump continues to fill out his incoming cabinet

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<v Speaker 2>at a rapid pace, making nominations for a couple key posts.

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<v Speaker 2>This weekend, Trump chose Brendan Carr as the new chair

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<v Speaker 2>of the Federal Communications Commission.

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<v Speaker 1>Cars served at the FCC.

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<v Speaker 2>Since twenty twelve and has been a strong advocate for

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<v Speaker 2>free speech, limited regulation, and reigning in big tech. Trump

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<v Speaker 2>also picked Chris Wright, who runs a Colorado based fracking

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<v Speaker 2>services company, to leave the US Energy Department. Additionally, Trump

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<v Speaker 2>announced that his attorney, William Owen Sharp, would be his

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<v Speaker 2>staff secretary, and he backed Republican and National Committee CoA

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<v Speaker 2>chair Michael Wantley for another term.

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<v Speaker 3>Turned out of South America, Karen World gathering there for

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<v Speaker 3>the Group of twenty summit. Bloomberg's David Gura is in

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<v Speaker 3>Brazil with a preview.

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<v Speaker 5>On the formal agenda are conversations about sustainability and climate change,

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<v Speaker 5>and the future of development financing. There'll be some hard

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<v Speaker 5>conversations among world leaders about the future of major conflicts

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<v Speaker 5>in the Middle East and Ukraine. This meeting comes on

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<v Speaker 5>the heels of another smaller gathering of heads of state

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<v Speaker 5>in Peru. It hosted the Apex Summit, and while President

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<v Speaker 5>Biden was there, he sat down with his Chinese counterpart

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<v Speaker 5>Cheshin Ping. Biden took credit for improving the relationship between

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<v Speaker 5>the US and China after four frosty years when Donald

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<v Speaker 5>Trump was the president. Of course, Trump has been re

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<v Speaker 5>elected and Biden's term is almost over, and that is

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<v Speaker 5>looming large as the G twenty Leader Summit gets under way.

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<v Speaker 5>David Gura, Bloomberg Radio, Rio de Janeiro.

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<v Speaker 2>All right, David, thanks, And as David just mentioned in

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<v Speaker 2>that meeting between President Biden and Sheshin Ping and Lima Peru,

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<v Speaker 2>China's leader Tom Biden, the country is ready to work

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<v Speaker 2>with Donald Trump to boost relations, but it comes to

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

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<v Speaker 2>says she outlined four red lines in China's relationship with

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<v Speaker 2>the US that are targeted at Trump.

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<v Speaker 6>One that the US should not seek to contest the

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<v Speaker 6>Communist Party's grip on power in China. That the United

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<v Speaker 6>States should not try to push China to become a democracy.

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<v Speaker 6>That the United States should not try to contain China's

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<v Speaker 6>economic rise. And lastly, and probably most importantly, that the

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<v Speaker 6>United States should not support Taiwan's independence. And so it

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<v Speaker 6>did seem President she ahead of a new Trump administration

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<v Speaker 6>trying to put some guardrails bumpers around where this relationship

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<v Speaker 6>could go Bloomberg.

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<v Speaker 2>John Lewis President Delight Trump has tapped several hardliners on

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<v Speaker 2>China to lead his foreign policy team, having campaigned on

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<v Speaker 2>hitting Beijing with tariffs of sixty percent.

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<v Speaker 3>In Europe, Karen President Biden is giving Ukraine the green

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<v Speaker 3>light to use Western made missiles for long range strikes

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<v Speaker 3>on on Russian territory. This major shift in policy is

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<v Speaker 3>thought to be motivated by North Korean troops appearing on

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

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<v Speaker 3>President Vladimir Lensky said any strikes on Russia would not

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<v Speaker 3>be telegraphed in advance Blanc.

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<v Speaker 4>Postula and Ukraine. It's a plank permot.

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<v Speaker 7>Today. There's a lot of talk in the media about

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<v Speaker 7>US receiving permission for respective actions, but strikes are not

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<v Speaker 7>carried out with words. Such things are not announced. Missiles

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<v Speaker 7>will speak for themselves.

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<v Speaker 3>Ukrainian President Vladimir Lensky spoke after another massive Russian aerial

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<v Speaker 3>attack on Ukraine's energy infrastructure.

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<v Speaker 2>Well, Nathan leuchshift now to the economy and markets. Traders

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<v Speaker 2>will watch a couple of key earnings reports this week,

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<v Speaker 2>first Tomorrow, where investors will get a gauge on consumer

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<v Speaker 2>health when Walmart reports, and the possible big market moving

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<v Speaker 2>event will come on Wednesday when chip giant Invidia releases

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<v Speaker 2>its latest earnings. Ahead of those key earnings, the information

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<v Speaker 2>is reporting in Vidia has asked suppliers to change his

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<v Speaker 2>sign for server racks in recent months for its new

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<v Speaker 2>Blackwell graphics processing unit due to an overheating problem. It's

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<v Speaker 2>leading to worries about delays. The company already hit engineer

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<v Speaker 2>snags in the development of its Blackwell chip lineup, slowing

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<v Speaker 2>the release by at least a quarter.

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<v Speaker 8>Well.

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<v Speaker 3>Meanwhile, Karen wall Street's strategists remain focused on how high

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<v Speaker 3>equities will go in a second Trump term. Notable Wall

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<v Speaker 3>Street bear Mike Wilson of Morgan Stanley wrote in a

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<v Speaker 3>recent note that his team now thinks the S and

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<v Speaker 3>P five hundred will end the year of twenty twenty

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<v Speaker 3>five at sixty five hundred points. That's up eleven percent

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<v Speaker 3>from Friday's close. Bloomberg's Mark Cutmore says market uncertainty is

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<v Speaker 3>what's on traders' minds.

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<v Speaker 9>Market's the moment. The only thing they care about is

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<v Speaker 9>everything Trump. That may slowly fade over time. But if

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<v Speaker 9>everything between who Trump's picks are, what that means for

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<v Speaker 9>likely policy, and then of course there's the secondary step

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<v Speaker 9>of actually analyzing how that policy will interact with each.

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<v Speaker 5>Other with markets.

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<v Speaker 3>Bloomberg's Mark Cutmore says traders are still trying to determine

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<v Speaker 3>how much tariffs will impact the economy and markets in

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<v Speaker 3>a second Trump term.

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<v Speaker 2>However, nath In the path for an extended rally could

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<v Speaker 2>be quelled by Fed policy and slower than expected interest

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<v Speaker 2>rate cuts as the Central Bank moves toward its neutral rate.

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<v Speaker 2>Chicago Fed President Austin Goulesby spoke to Bloomberg about what

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<v Speaker 2>he sees as the current path for interest rates.

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<v Speaker 8>I think we're going to be looking at rates coming

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<v Speaker 8>down over the next year along the lines of what

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<v Speaker 8>the dot plot said.

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<v Speaker 5>So I still think we.

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<v Speaker 8>Have a long way to go down with rates. There's

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<v Speaker 8>some dispute about what is the neutral rate at which

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<v Speaker 8>we're going to settle down.

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<v Speaker 5>If there's disagreement.

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<v Speaker 8>About that, that we don't just charge right to it,

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<v Speaker 8>that we slow the pace as we get toward it.

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<v Speaker 2>Chicago Fed President Austin goules Bey added that interest rates

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<v Speaker 2>remain restrictive, so there's still room to cut borrowing costs

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<v Speaker 2>to a more neutral level. Here the full conversation on

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<v Speaker 2>the Bloomberg Talks podcast feed on Apples, Spotify or anywhere

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<v Speaker 2>you get your podcasts.

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<v Speaker 3>And Karen's strategistic Goldman's baks for telling investors go for gold.

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<v Speaker 3>Analysts of the banks say they expect bullion to rally

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<v Speaker 3>to a record three thousand dollars an ounce in about

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<v Speaker 3>a year from now, due to Central bank buying and

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<v Speaker 3>Federal reserve interest rate cuts. They also cite increased trade

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<v Speaker 3>tensions and potential tariffs as reasons for gold to rise.

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<v Speaker 3>Spot Gold was lasted about twenty five to eighty four

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<v Speaker 3>announce at peaked just below twenty eight hundred last month.

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<v Speaker 2>Turning to the tri state now Nathan, The crowded race

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

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<v Speaker 2>Josh Gothheimer announcing his run. He joins four other Democrats

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<v Speaker 2>jockeying to succeed term limited Governor Phil Murphy next November.

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<v Speaker 2>North Jersey dot com or porus. At at least four other

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<v Speaker 2>Republicans plan to run.

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<v Speaker 3>Thank Karen, we have this breaking headline crossing the Bloomberg

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<v Speaker 3>terminal on the airline industry. Spirit Airlines has filed for

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<v Speaker 3>bankruptcy protection in the wake of greater competition from rival

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<v Speaker 3>carriers and financial troubles following its scuttled merger with Jet Blue.

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<v Speaker 3>Spirit filed for Chapter eleven in New York Work, according

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<v Speaker 3>to a court document.

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<v Speaker 2>Any time now for a look at some many o

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<v Speaker 2>their stories making news in New York and around the world.

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<v Speaker 2>For that, we're joined by Bloomberg's John Tucker.

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<v Speaker 10>John Good Morning, Good morning, Karen. New York City's congestion

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<v Speaker 10>pricing op for a vote by the Metropolitan Transportation Authority today.

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<v Speaker 10>Supporters say The program will help alleviate some of the

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<v Speaker 10>gridlock on Manhattan streets and generate desperately needed funding for

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<v Speaker 10>mass transit. However, opponents are out in forests, including New

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<v Speaker 10>York State Assembleman David Wepron.

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<v Speaker 11>The financial burdens associated with congestion pricing will shut down

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<v Speaker 11>businesses across New York City, will force them to pass

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<v Speaker 11>on the added cost to consumers.

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<v Speaker 10>Governor Kathy Hokel trying to push it through before President

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<v Speaker 10>like Trump takes office. Trump is found to kill it.

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<v Speaker 10>The initiative is the first of its kind in the US.

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<v Speaker 10>As President Biden gathers with world leaders for his final

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<v Speaker 10>G twenty summit in Brazil, he's considering fossil fuel finance

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<v Speaker 10>curbs that could outlast the Trump administration. Let's get more

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<v Speaker 10>in this report from Bloomberg's Denise Pellegrini.

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<v Speaker 1>The Biden administration is weighing a last ditch push for

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<v Speaker 1>an international agreement that would restrict financial support for foreign

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<v Speaker 1>oil and gas projects. Just as critical talks start in Paris,

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<v Speaker 1>it sleeps a little time before today's negotiations among members

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<v Speaker 1>of the Organization for Economic Cooperation and Development. At issue

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<v Speaker 1>is a proposal to expand an existing three year old

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<v Speaker 1>man on Export Credit Agency support for autobated coal fire

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<v Speaker 1>power plants. Under the proposal, export Credit Agency financing would

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<v Speaker 1>be off limits for most oil and gas projects. Denise Pellegrity,

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<v Speaker 1>Bloomberg Radio.

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<v Speaker 10>National average gasoline prices are set to fall below three

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<v Speaker 10>dollars a galon just in time for Thanksgiving. That's when

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<v Speaker 10>holiday travel is expected to climb back to pre pandemic levels.

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<v Speaker 10>The national average retail fuel price already has fallen to

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<v Speaker 10>the lowess since January, floating just a few cents above

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<v Speaker 10>it's twenty twenty one level, and prosecutors say our Chagos

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<v Speaker 10>Capital Management founder Bill Wong should serve twenty one years

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<v Speaker 10>behind bars for fraud and market manipulation that led to

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<v Speaker 10>his firm's massive twenty twenty one collapse. Scheduled be sentenced

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<v Speaker 10>this week. Wang was found guilty in July of misleading

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<v Speaker 10>Wall Street banks into helping him inflate the value of

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<v Speaker 10>Archigos's highly concentrated portfolio and authorities in India's capital, she

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<v Speaker 10>had schools, halted construction and banned non essential trucks from

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<v Speaker 10>entering the city. Today, every air pollution shot up to

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<v Speaker 10>its worst level this season, residents of New Delhy woke

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<v Speaker 10>up to thick, toxic smog enveloping the city of some

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<v Speaker 10>thirty three million as the air quality became increasingly hazardous.

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<v Speaker 10>Global News twenty four hours Day and whatever you wanted

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<v Speaker 10>with Bloomberg News Now, I'm John Tucker and this is

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<v Speaker 10>Bloomberg Karen and Nathan.

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<v Speaker 1>Right, John, thank you.

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<v Speaker 2>Time now for the Bloomberg Scores update, brought to you

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<v Speaker 2>by Tri State. Here's John stash Hour, John, Good morning.

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<v Speaker 12>Good morning, Karen. Jets hosted the colts lot of Booze

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<v Speaker 12>casscadadut of met Life for much of the first half

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<v Speaker 12>of Jets' first five possessions, four punts, a fourth down stop,

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<v Speaker 12>a total of one first down, but the Jets did

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<v Speaker 12>come alive. Reese Hall scored late first half. In early

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<v Speaker 12>second Jets drabbed a one point lead. They were up

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<v Speaker 12>by five in the final minute.

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<v Speaker 3>It's just an out of the gun's second off left

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<v Speaker 3>heads take to five cuts into the.

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<v Speaker 13>Insist away into the exode touchdown. Anthony Richardson this second

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<v Speaker 13>nothing touchdown. Today they end the Cults with the score

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<v Speaker 13>right there, lead twenty eight to twenty seven with forty

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<v Speaker 13>six seconds.

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<v Speaker 12>To go Colt Radio. They end the three game losing streak.

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<v Speaker 12>The Jets are three and eight. They're one and five

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<v Speaker 12>since the firing and coach Rob Sala. The Chiefs are

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<v Speaker 12>now nine and one. Last team to lose it came

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<v Speaker 12>in Buffalo thirty one to twenty. The Bills are nine

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<v Speaker 12>and two. They won six in a row. The Steelers

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<v Speaker 12>fifth straight win eighteen sixteen over Baltimore, who got stopped

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<v Speaker 12>on a game time two point conversion with just over

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<v Speaker 12>a minute left. Pittsburgh won one without scoring a touchdown.

0:12:01.720 --> 0:12:04.640
<v Speaker 12>Every ninety years, the Detroit Lions start a season nine

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<v Speaker 12>to one. It happened in nineteen thirty four, and now again.

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<v Speaker 12>The Lions overwhelmed Owley Jacksonville fifty two to six, the

0:12:11.600 --> 0:12:14.599
<v Speaker 12>worst loss in Jaguars history. The Patriots lost with the

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<v Speaker 12>Rams twenty eight twenty two. Matthew Stafford had four touchdown passes.

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<v Speaker 10>Last night.

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<v Speaker 12>The Chargers blew a three touchdown lead but scored with

0:12:20.840 --> 0:12:24.319
<v Speaker 12>eighteen seconds left. Beat Cincinnati thirty four to twenty seven

0:12:24.559 --> 0:12:26.840
<v Speaker 12>at the Garden. Next, beat the Nets as they did Friday,

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<v Speaker 12>this one not as close, one fourteen to one, oh

0:12:28.840 --> 0:12:31.400
<v Speaker 12>four to four. Knicks scored twenty or more. Minnesota beat

0:12:31.400 --> 0:12:34.560
<v Speaker 12>Phoenix on a Julius Randall three pointer at the buzzer

0:12:34.600 --> 0:12:37.600
<v Speaker 12>of the ex Knicks scored thirty five. Cleveland beat Charlotte,

0:12:37.640 --> 0:12:39.600
<v Speaker 12>the Cavs with a fourth team in NBA history to

0:12:39.600 --> 0:12:42.120
<v Speaker 12>begin a season. Fifteen to oh Rangers began a four

0:12:42.160 --> 0:12:44.120
<v Speaker 12>game road trip with a two nothing winning Seattle to

0:12:44.120 --> 0:12:46.880
<v Speaker 12>shout out for Jonathan Quick. Saint John's now four to

0:12:46.880 --> 0:12:49.160
<v Speaker 12>oh Red Storm had all five starters and double figures

0:12:49.160 --> 0:12:52.040
<v Speaker 12>in eighty five to seventy one win over New Mexico,

0:12:52.120 --> 0:12:56.360
<v Speaker 12>which met Rick Patino beat his son John Steshawer Bloomberg Sports,

0:12:56.400 --> 0:12:57.319
<v Speaker 12>Karen and Nathan.

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<v Speaker 14>Cohost on Bloomberg Radio nationwide on Sirius XM, and around

0:13:04.280 --> 0:13:07.880
<v Speaker 14>the world on Bloomberg dot Com and the Bloomberg Business app.

0:13:08.120 --> 0:13:11.440
<v Speaker 14>This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. The

0:13:11.559 --> 0:13:12.439
<v Speaker 14>rapid transition.

0:13:12.520 --> 0:13:14.439
<v Speaker 3>President elect Trump's been looking force hit a bit of

0:13:14.480 --> 0:13:17.840
<v Speaker 3>a ball when it comes to the Treasury Secretary. Public

0:13:17.960 --> 0:13:21.080
<v Speaker 3>jockeying has led to behind the scenes disarray, but the

0:13:21.080 --> 0:13:24.120
<v Speaker 3>President elect's son, Donald Trump Junior, is sounding confident that

0:13:24.200 --> 0:13:26.480
<v Speaker 3>all his father's cabinet picks will get through.

0:13:26.760 --> 0:13:29.640
<v Speaker 5>We have control of the Senate because of my father.

0:13:30.080 --> 0:13:32.600
<v Speaker 8>John Thune's able to be the majority leader because of

0:13:32.640 --> 0:13:34.760
<v Speaker 8>my father, because he got a bunch of other people

0:13:35.120 --> 0:13:36.120
<v Speaker 8>over the line.

0:13:36.240 --> 0:13:38.360
<v Speaker 3>It was Donald Trump Junior over the weekend. On Fox

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

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<v Speaker 3>So Critty, we were expecting a Treasury Department announcement as

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<v Speaker 3>soon as last week.

0:13:46.720 --> 0:13:49.200
<v Speaker 5>Last week is come and gone. What's happening now?

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<v Speaker 14>Good morning, Good.

0:13:50.440 --> 0:13:51.079
<v Speaker 1>Morning, Nathan.

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<v Speaker 4>Well, looks like we even more contenders have kind of

0:13:53.440 --> 0:13:55.559
<v Speaker 4>entered the race, or at least been considered a little

0:13:55.559 --> 0:13:57.880
<v Speaker 4>bit more seriously, because really it felt like this was

0:13:57.920 --> 0:14:02.720
<v Speaker 4>a neck and neck race between Howard Lutnick and Scott Pissent.

0:14:02.960 --> 0:14:05.720
<v Speaker 4>And there's already some kind of internal dynamics there with

0:14:05.760 --> 0:14:10.000
<v Speaker 4>Elon Musk very publicly threw his weight behind Howard Lutnik,

0:14:10.040 --> 0:14:12.440
<v Speaker 4>basically saying that scott descent was more of the same

0:14:12.520 --> 0:14:15.520
<v Speaker 4>that those comments on his platform X. But then you

0:14:15.559 --> 0:14:18.080
<v Speaker 4>have a couple of others as well, the former Trade

0:14:18.120 --> 0:14:22.440
<v Speaker 4>representative Leittheiser being considered as well, even Mark Rowan, the

0:14:22.440 --> 0:14:26.360
<v Speaker 4>CEO of Apollo and a Senator from Tennessee, Bill Haggerty

0:14:26.640 --> 0:14:28.640
<v Speaker 4>also in the mix or names at least that have

0:14:28.680 --> 0:14:31.480
<v Speaker 4>been floated for this particular position. But Nathan, I think

0:14:31.480 --> 0:14:33.120
<v Speaker 4>you've got it right there, which is that we thought

0:14:33.120 --> 0:14:36.040
<v Speaker 4>we were getting closer and now it feels less so.

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

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<v Speaker 3>Treasury Department has control over all the economic sanctions we've

0:14:43.440 --> 0:14:46.480
<v Speaker 3>seen over the last several years under Janet Yellen, as

0:14:46.480 --> 0:14:49.720
<v Speaker 3>well as implementing Donald Trump's strategy when it comes to

0:14:49.920 --> 0:14:51.280
<v Speaker 3>potentially imposing.

0:14:50.880 --> 0:14:53.640
<v Speaker 4>Tariffs, it is it's a really crucial one. And look,

0:14:53.680 --> 0:14:57.120
<v Speaker 4>twenty eight trillion of the treasuries market is also under

0:14:57.120 --> 0:14:59.840
<v Speaker 4>this person's control. U mesh economic sanctions one hundred percent

0:14:59.880 --> 0:15:03.280
<v Speaker 4>on Russia, on members of China, the Chinese Communist Party

0:15:03.320 --> 0:15:05.960
<v Speaker 4>as well. Another piece I think a lot of people

0:15:06.000 --> 0:15:09.280
<v Speaker 4>don't realize intuitively is that on the campaign trail, Donald

0:15:09.320 --> 0:15:12.720
<v Speaker 4>Trump has been very vocal about saying that the reason

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<v Speaker 4>that the deficit is not a concern for his economic

0:15:15.440 --> 0:15:19.160
<v Speaker 4>plan is because tariffs would offset tax cuts. That tax

0:15:19.240 --> 0:15:23.200
<v Speaker 4>policy falls under the Treasury Secretary's role as well. And Nathan,

0:15:23.240 --> 0:15:25.040
<v Speaker 4>a little bit of a fun fact for our global

0:15:25.080 --> 0:15:27.560
<v Speaker 4>audience as well is that the Treasury Secretary is also

0:15:27.600 --> 0:15:30.920
<v Speaker 4>fifth in line in the presidential succession. Of course, we've

0:15:30.920 --> 0:15:32.720
<v Speaker 4>never gotten to the fifth in line, but it's important

0:15:32.720 --> 0:15:35.560
<v Speaker 4>to kind of point out that that's where they rank

0:15:35.760 --> 0:15:38.920
<v Speaker 4>in terms of importance in Washington, in terms of that administration.

0:15:39.320 --> 0:15:41.440
<v Speaker 4>But yes, this is absolutely a crucial role, and at

0:15:41.480 --> 0:15:44.440
<v Speaker 4>the core of it is this concept of loyalty of

0:15:44.760 --> 0:15:47.640
<v Speaker 4>kind of the vision aligning with Donald Trump as well.

0:15:47.680 --> 0:15:50.280
<v Speaker 4>And that's really where it seems to be that Howard

0:15:50.360 --> 0:15:53.920
<v Speaker 4>Lutnik and Scott Pissent are differing in terms of Scott

0:15:53.920 --> 0:15:56.960
<v Speaker 4>Piscent maybe perhaps not be as tough as Howard Lutnik

0:15:57.000 --> 0:15:59.000
<v Speaker 4>would be, at least as a claim that Elon Musk

0:15:59.080 --> 0:16:02.000
<v Speaker 4>is making the context crucial Nathan, as you'll remember, Stephen

0:16:02.040 --> 0:16:04.280
<v Speaker 4>Minuchin was a favorite of Wall Street and was a

0:16:04.320 --> 0:16:07.120
<v Speaker 4>favorite under the Trump administration as well, but kind of

0:16:07.160 --> 0:16:09.240
<v Speaker 4>fell into some hot water there when it came to

0:16:09.280 --> 0:16:13.080
<v Speaker 4>the idea that he wasn't as strong and as four

0:16:13.280 --> 0:16:17.240
<v Speaker 4>some of the tougher tear policies that Donald trumpet put forward.

0:16:18.280 --> 0:16:21.720
<v Speaker 2>This is Bloomberg Daybreak, your morning podcast on the stories

0:16:21.800 --> 0:16:24.800
<v Speaker 2>making news from Wall Street to Washington and beyond.

0:16:25.080 --> 0:16:27.480
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0:16:31.120 --> 0:16:33.960
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0:16:34.000 --> 0:16:36.720
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0:16:39.680 --> 0:16:43.680
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0:16:43.840 --> 0:16:45.400
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<v Speaker 2>platform to stay informed all day long. I'm Karen Moscow.

0:17:04.560 --> 0:17:07.080
<v Speaker 3>And I'm Nathan Hager. Join us again tomorrow morning for

0:17:07.160 --> 0:17:09.080
<v Speaker 3>all the news you need to start your day right

0:17:09.080 --> 0:17:10.120
<v Speaker 3>here on Bloomberg.

0:17:10.200 --> 0:17:10.560
<v Speaker 10>Dave Ray