Musk Picked to Cut Government Spending; Inflation Report on Tap

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:10.840 --> 0:00:13.800 Hager and I'm Karen Moscow. Here are the stories we're 0:00:13.840 --> 0:00:15.120 following today here, and. 0:00:15.120 --> 0:00:19.040 We begin with politics. The world's richest person, Elon Musk, 0:00:19.200 --> 0:00:22.119 is going to join entrepreneur Vivek Ramswami to lead a 0:00:22.200 --> 0:00:26.520 new Department of Government Efficiency in the new Donald Trump administration. 0:00:26.760 --> 0:00:28.800 We get details from Bloomberg's Doug Prisner. 0:00:29.160 --> 0:00:31.520 The two have been tasked by the President elect with 0:00:31.600 --> 0:00:37.240 slashing excess regulations, cutting wasteful expenditures, and restructuring federal agencies. 0:00:37.640 --> 0:00:40.600 The effort abbreviates to doge and is a play on 0:00:40.600 --> 0:00:43.879 one of Musk's favorite Internet memes. He's been an advocate 0:00:43.920 --> 0:00:47.000 of the digital token doge Coin, and the structure of 0:00:47.000 --> 0:00:49.800 the department may allow Musk to avoid resigning from his 0:00:49.880 --> 0:00:54.000 companies and avoid federal conflict of interest rules. Trump said 0:00:54.040 --> 0:00:56.760 doge would partner with the Office of Management and Budget 0:00:57.000 --> 0:00:59.720 and their work would conclude no later than July fourth, 0:00:59.760 --> 0:01:03.280 twenty twenty six, the nation's two hundred and fiftieth anniversary 0:01:03.600 --> 0:01:05.680 in New York. I'm Doug Krisner, Bloomberg Radio. 0:01:05.840 --> 0:01:08.360 All right, Doug, thank you well. Trump has made some 0:01:08.400 --> 0:01:12.279 more appointments. He is nominating Pete Hegseth, host of Fox 0:01:12.319 --> 0:01:16.160 News Channel's weekend morning program, as his defense secretary. We 0:01:16.280 --> 0:01:19.520 get more on the controversial pick from Bloomberg Managing editor 0:01:19.640 --> 0:01:20.480 Derek Wallbank. 0:01:20.840 --> 0:01:24.240 Donald Trump wants loyalists, right. He wants people that he knows, 0:01:24.280 --> 0:01:26.880 that he likes that he thinks. There's a phrase that's 0:01:26.959 --> 0:01:29.800 used often about someone who looks like they're out of 0:01:29.840 --> 0:01:34.120 central casting. Pete Hegseth looks like he's out of central 0:01:34.160 --> 0:01:37.240 casting for a role like this, some might say, but 0:01:37.400 --> 0:01:41.400 this is somebody who has had Trump's back for quite 0:01:41.400 --> 0:01:44.720 a while. He does have military experience of his own, 0:01:44.880 --> 0:01:48.160 but the primary way that most people know of him 0:01:48.360 --> 0:01:51.120 is through his media role with Fox News. 0:01:51.400 --> 0:01:55.320 Bloomberg Managing editor Derek Wallbank says, if confirmed, heg Sith 0:01:55.360 --> 0:01:57.480 would be in charge of more than his seven hundred 0:01:57.520 --> 0:02:01.200 and seventy thousand employees and two million men women in uniform. 0:02:01.400 --> 0:02:04.440 Then, along with those choices Karen, President elect Trump has 0:02:04.520 --> 0:02:07.720 named his former National Intelligence Director John Ratcliffe to be 0:02:07.840 --> 0:02:10.520 Director of the CIA. Ratcliffe is likely to bring a 0:02:10.520 --> 0:02:13.600 heavy focus on countering China and to iron If confirmed 0:02:13.600 --> 0:02:15.360 by the Senate, he would take over an agency that 0:02:15.400 --> 0:02:18.919 Trump often butted heads with in his first term, Well Nathan. 0:02:18.960 --> 0:02:21.480 Later this morning, President elect Trump will had to Capital 0:02:21.560 --> 0:02:24.120 Hill to meet with House Speaker Mike Johnson and address 0:02:24.120 --> 0:02:27.080 House Republicans. Hill appear before a caucus that's on the 0:02:27.160 --> 0:02:30.240 verge of maintaining its slim majority in Congress, but two 0:02:30.320 --> 0:02:32.960 hundred and eighteen seats needed to take control. Right now, 0:02:32.960 --> 0:02:36.320 Republicans hold two hundred and sixteen to Democrats two hundred 0:02:36.320 --> 0:02:38.919 and seven. Among the latest races to be called, two 0:02:38.960 --> 0:02:42.760 Democrats and one Republican one reelection to their districts. In California, 0:02:43.120 --> 0:02:48.200 Republican Gabe Evans defeated Democratic incumbent Yadira Caravello in Colorado 0:02:48.360 --> 0:02:51.359 forty nine percent to forty eight percent, and Republican Dan 0:02:51.480 --> 0:02:54.440 Neuhouse was re elected to his seat in Washington State, 0:02:54.760 --> 0:02:58.120 beating Trump back Republican Jared Sessler fifty three percent to 0:02:58.200 --> 0:03:03.240 forty seven percent. There are two twelve House seats still undecided. 0:03:02.800 --> 0:03:06.160 And you Republican Senators Karen are gathering behind closed doors 0:03:06.160 --> 0:03:09.200 today to decide who will replace longtime Senate leader Mitch 0:03:09.280 --> 0:03:13.120 McConnell and lead their new majority next year. South Dakota's 0:03:13.160 --> 0:03:16.800 John Thune, John Cornyn of Texas, and Florida's Rick Scott 0:03:16.800 --> 0:03:18.880 have been scrambling to win the most votes in the 0:03:19.160 --> 0:03:22.040 secret ballot. It will be the first test of Trump's 0:03:22.080 --> 0:03:24.240 relationship with congress On Nathan. 0:03:24.280 --> 0:03:26.560 A morning meeting is planned today at the White House 0:03:26.560 --> 0:03:30.240 between Trump and President Biden, and Bloomberg's Nancy Lyons has 0:03:30.240 --> 0:03:31.600 the details from Washington. 0:03:32.040 --> 0:03:35.840 President Biden offered the invitation last week following Donald Trump's 0:03:35.840 --> 0:03:39.560 election victory. It's something Trump never offered to Biden after 0:03:39.600 --> 0:03:43.800 the twenty twenty election. Trump's wife, Milania, has also been invited. 0:03:44.320 --> 0:03:47.920 The face to face is part of the formal transition process, 0:03:48.000 --> 0:03:51.400 but Trump has not always followed tradition in this time around. 0:03:51.720 --> 0:03:54.840 He's failed to sign a required memorandum of understanding that 0:03:54.880 --> 0:03:57.880 would grant him access to resources from the federal government 0:03:57.960 --> 0:04:01.760 to assist with the handover. Has vowed there will be 0:04:01.840 --> 0:04:04.200 a peaceful transfer of power in January. 0:04:04.640 --> 0:04:05.320 In Washington. 0:04:05.400 --> 0:04:07.400 Nancy Lyons Bloomberg Radio. 0:04:07.320 --> 0:04:10.720 Nancy, thank you as the President continues filling his cabinet. 0:04:10.760 --> 0:04:14.480 Former Treasury Secretary Larry Summers, who sounded alarms early on 0:04:14.520 --> 0:04:18.880 inflation during the Biden administration now says inflation's toxicity could 0:04:18.880 --> 0:04:20.360 also work against Trump. 0:04:20.839 --> 0:04:25.320 This is a more inflationary policy by far than what 0:04:25.480 --> 0:04:30.400 President Biden talked about and did in twenty twenty one, 0:04:30.640 --> 0:04:34.960 so we've implemented. It will violate the hippocratic oath of 0:04:35.120 --> 0:04:39.000 first do no harm and will be damaging to our 0:04:39.120 --> 0:04:43.680 national economy, and I suspect very damaging to a president 0:04:44.080 --> 0:04:47.560 who authors and supports such policies. 0:04:47.800 --> 0:04:51.600 Former Treasury Secretary Larry Summers discussed Trump's economic proposals on 0:04:51.640 --> 0:04:54.480 a recent edition of the Bloomberg Wall Street Week podcast. 0:04:54.560 --> 0:04:56.640 You can find it wherever you get your podcasts. 0:04:57.000 --> 0:04:59.440 Well, Natha, let's turn to the markets. Futures are lower 0:04:59.480 --> 0:05:02.000 following ye Today's declines on Wall Street. It was the 0:05:02.000 --> 0:05:05.480 first drop for stocks since the election. However, Mike Wilson, 0:05:05.560 --> 0:05:09.760 chief US equity strategist in Morgan Stanley, says Trump's economic strategy, 0:05:09.800 --> 0:05:12.640 if executed, could be bullish for stocks. 0:05:13.120 --> 0:05:15.240 It's a mix of policy we haven't seen in quite 0:05:15.240 --> 0:05:20.279 a long time, which is shrinking government spending potentially and 0:05:20.400 --> 0:05:24.960 actually reducing taxes in other ways, maybe not just payroll taxes, 0:05:24.960 --> 0:05:28.280 but other taxes, and actually paying down the deficit. That's 0:05:29.320 --> 0:05:32.960 sort of the holy grail they can get there. I mean, 0:05:33.120 --> 0:05:36.200 my goodness, that would be a structural bull market in 0:05:36.240 --> 0:05:37.960 many ways, but that's going to take time. 0:05:38.760 --> 0:05:41.440 And that was Morgan Stanley, chief u I equity strategist. 0:05:41.480 --> 0:05:44.200 Mike Wilson. Now, today's trade could be impacted by a 0:05:44.279 --> 0:05:45.600 key economic report. 0:05:45.720 --> 0:05:48.240 Let's get the latest done that with Bloomberg's John Tucker. John, 0:05:48.520 --> 0:05:50.960 good morning, Nathan An. That's at a thirty Wall Street time. 0:05:50.960 --> 0:05:53.440 We're gonna get the latest reading on inflation, the consumer 0:05:53.520 --> 0:05:57.839 price index. It may reinforce concerns about the acceleration and inflation, 0:05:57.960 --> 0:06:02.279 with analysts predicting the overall consumer price index probably increased 0:06:02.279 --> 0:06:05.560 two tenths of a percent for a fourth month, and 0:06:05.600 --> 0:06:09.320 with a new Trump administration expected to pursue inflationary policies 0:06:09.600 --> 0:06:12.640 like tariffs, a trader is now pricing in fewer interest 0:06:12.720 --> 0:06:15.640 rate cuts by the Federal Reserve next year. FED Minneapolis 0:06:15.720 --> 0:06:18.839 President Neil cash Curry said he'll be watching the inflation 0:06:18.920 --> 0:06:22.760 data closely to determine whether another rate cut is appropriate. 0:06:22.839 --> 0:06:25.840 At the Central Banks December meeting, traders are pricing in 0:06:25.920 --> 0:06:29.400 about two US rate cuts through June, compared with almost 0:06:29.480 --> 0:06:32.200 four seen at the startup last week in New York. 0:06:32.200 --> 0:06:33.760 I'm John Tucker, Bloomberg Radio. 0:06:34.000 --> 0:06:36.520 All right, John, thank you. Stay with Bloomberg for full 0:06:36.560 --> 0:06:40.320 coverage of the CPI data and a conversation with Minneapolis 0:06:40.360 --> 0:06:43.440 Fed President Neil cashcarry at eight thirty Wall Street Time 0:06:43.480 --> 0:06:51.200 on Bloomberg Radio Television and the Bloomberg Podcast page on YouTube. 0:06:51.760 --> 0:06:53.080 And it's time now for look at some of the 0:06:53.120 --> 0:06:55.640 other stories making news in New York and around the world. 0:06:55.720 --> 0:06:58.240 And for that we're joined by Bloomberg's Amy Morris Aamy, 0:06:58.240 --> 0:06:59.080 Good morning. 0:06:59.000 --> 0:06:59.919 Good morning, Karen. 0:07:00.000 --> 0:07:02.839 And the Biden administration has decided not to cut off 0:07:02.880 --> 0:07:06.000 weapons to Israel, despite that country not meeting the thirty 0:07:06.040 --> 0:07:09.600 day deadline to provide more humanitarian aid to the Gaza Strip. 0:07:09.800 --> 0:07:13.640 Pentagon spokesman Major General Pat Rider says, the US assessment 0:07:13.680 --> 0:07:17.440 is that Israel has taken steps to make some improvements. 0:07:17.720 --> 0:07:20.760 We also believe that had that letter not been sent, 0:07:21.040 --> 0:07:24.000 had those conversations not been had we wouldn't have seen 0:07:24.040 --> 0:07:25.680 the kind of progress that we're seeing now. 0:07:25.760 --> 0:07:29.840 Pentagon spokesman Major General Pat Ryder. Aid groups including Oxfam 0:07:29.960 --> 0:07:33.360 and Save the Children dispute the US findings of improved AID, 0:07:33.720 --> 0:07:37.240 saying that Israel failed to address specific criteria laid out 0:07:37.240 --> 0:07:40.120 in an adjoint letter from Secretary of State Anthony Blincoln 0:07:40.320 --> 0:07:41.920 and Defense Secretary Lloyd Austin. 0:07:42.400 --> 0:07:44.040 Senator Elizabeth Warren. 0:07:43.800 --> 0:07:46.640 Of Massachusetts it's said to become the top Democrat on 0:07:46.680 --> 0:07:49.800 the Banking Committee, a prominent position for a top critic 0:07:49.840 --> 0:07:53.560 of Federal Reserve Chairman J Powell, America's biggest banks in 0:07:53.600 --> 0:07:57.120 the crypto industry. She succeeds Senator Shared Brown of Ohio 0:07:57.200 --> 0:07:58.480 after he lost reelection. 0:07:58.640 --> 0:08:00.760 Last week, business. 0:08:00.560 --> 0:08:03.480 Leaders gathered at COP twenty nine and Azerbaijan to share 0:08:03.520 --> 0:08:06.680 their views on the future of global climate policy with 0:08:06.760 --> 0:08:08.400 the incoming Trump administration. 0:08:08.840 --> 0:08:11.480 Exon Mobile CEO Darren Woods. 0:08:11.320 --> 0:08:13.880 We don't set our business plans based on the political 0:08:13.880 --> 0:08:16.880 agendas or who's in who's in the White House, or 0:08:16.880 --> 0:08:18.000 what parties in the control. 0:08:18.200 --> 0:08:21.160 As the summit gets underway, the primary focus is establishing 0:08:21.240 --> 0:08:24.200 rules for a global carbon market to help countries meet 0:08:24.240 --> 0:08:28.120 their emissions targets by trading carbon credits. The conference runs 0:08:28.120 --> 0:08:31.160 through November twenty second. After agreeing to a deal and 0:08:31.280 --> 0:08:34.160 ending their two month long strike, it's back to airplane 0:08:34.200 --> 0:08:36.000 factories for Boeing workers this week. 0:08:36.240 --> 0:08:37.800 Boeing manager Brian Ball. 0:08:37.960 --> 0:08:40.080 They've been trickling in more and more every day. 0:08:40.120 --> 0:08:41.120 There's also I'll be. 0:08:41.080 --> 0:08:44.120 Back today machinists and other workers flooding back to the 0:08:44.120 --> 0:08:46.960 factory floors to meet a return to work deadline that 0:08:47.040 --> 0:08:50.120 was imposed by Boeing. Global News twenty four hours a 0:08:50.200 --> 0:08:52.440 day and whenever you want it with Bloomberg News Now. 0:08:52.679 --> 0:08:55.480 I'm Amy Morrison. This is Bloomberg Karen s. 0:08:55.440 --> 0:09:01.959 All right, Amy, thank you, and it's time now for 0:09:02.000 --> 0:09:05.520 the Bloomberg Sports Update, brought to you by Trying State Houdy. 0:09:05.600 --> 0:09:06.920 And here's John Stanshawer. 0:09:07.040 --> 0:09:09.800 John, good morning, Good morning here in the Nicks in Philadelphia, 0:09:09.800 --> 0:09:12.120 where they took out the Sixers in last year's playoffs. 0:09:12.160 --> 0:09:14.839 Jalen Brunson torched the Sixers in that series. He was 0:09:14.920 --> 0:09:17.240 rather quiet in this one, but O g Onanobi scored 0:09:17.520 --> 0:09:20.000 twenty four points. Karl Anthony Town's ad at twenty one. 0:09:20.080 --> 0:09:22.600 Josh Hard had a triple double the nixt one one 0:09:22.640 --> 0:09:25.199 eleven ninety nine to get to five and five. Celtics 0:09:25.240 --> 0:09:27.520 blew a fifteen point lead, lost by one to Atlanta. 0:09:27.920 --> 0:09:31.440 Warriors beat the MAVs. Spoiling Clay Thompson's return to the 0:09:31.440 --> 0:09:34.720 Bay Area, where he spent thirteen years at the Garden Rangers, 0:09:34.720 --> 0:09:37.840 and the Winnipeg Jets, who showed why they are fifteen 0:09:37.880 --> 0:09:41.120 and one. Jets scored opening minute, never trailed, won six 0:09:41.200 --> 0:09:43.760 to three. They're off to the best start in NHL history. 0:09:43.800 --> 0:09:46.280 The Devil's won four to one at Florida Islanders lost 0:09:46.280 --> 0:09:50.079 in overtime at Edmonton. Early season college hoops doubleheader in Atlanta, 0:09:50.200 --> 0:09:53.800 top rank Kansas beat Michigan State, Kentucky beat Duke. 0:09:54.120 --> 0:09:54.640 Giants. 0:09:54.679 --> 0:09:57.640 Fans saw and heard plenty from the general manager, Joe 0:09:57.640 --> 0:10:00.360 Shane if they watched HBO's Hard Knocks about the Giants 0:10:00.400 --> 0:10:03.040 off season. He had not met the media since the 0:10:03.080 --> 0:10:06.760 season began, but in the Giants bye week he did yesterday. 0:10:07.400 --> 0:10:10.480 We're sitting here at two and eight and not where 0:10:10.520 --> 0:10:15.680 we want to be. Nobody's happy about it. Ownership, dabs me, coaches, 0:10:15.760 --> 0:10:18.920 people in the building, the fans, and I understand that 0:10:19.559 --> 0:10:22.000 what we're going to do the rest of the week is, 0:10:22.240 --> 0:10:26.000 you know, do self evaluation on the roster personnel and 0:10:26.160 --> 0:10:28.600 you know, try to find solutions as we move forward. 0:10:29.080 --> 0:10:30.840 You know, these last seven games. 0:10:30.520 --> 0:10:33.360 Dane asked about a possible Ben Jeane of Daniel Jones, 0:10:33.360 --> 0:10:35.360 he said they'd play the quarterback that gave them the 0:10:35.360 --> 0:10:36.320 best chance to win. 0:10:36.559 --> 0:10:38.960 John Stanshtey. We're Bloomberg Sports County Nathan. 0:10:41.120 --> 0:10:45.240 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:10:45.360 --> 0:10:48.240 and around the world on Bloomberg dot Com and the 0:10:48.280 --> 0:10:52.360 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:10:52.400 --> 0:10:53.080 Nathan Hager. 0:10:53.120 --> 0:10:56.160 President elect Donald Trump is sending a clear message about 0:10:56.160 --> 0:10:59.679 the new direction he plans to take Washington after January twentieth. 0:10:59.679 --> 0:11:02.560 He has made it official for Elon Musk, tapping the 0:11:02.559 --> 0:11:05.920 world's richest man to lead a government efficiency effort along 0:11:05.920 --> 0:11:10.040 with former Trump primary rival entrepreneur of Vivek Ramaswami. The 0:11:10.120 --> 0:11:13.480 President elect has also named Fox News host and Army 0:11:13.559 --> 0:11:16.880 veteran Pete Hegseth to be the next Secretary of Defense. 0:11:17.040 --> 0:11:20.040 For more on this and more, we're joined by Lindsay Newman, 0:11:20.120 --> 0:11:24.600 geopolitical risk expert and columnist at G zero Media. Lindsay, 0:11:24.600 --> 0:11:27.200 good morning. We know Elon Musk was gunning for this 0:11:27.320 --> 0:11:31.160 government efficiency job under this new Department of Government Efficiency 0:11:31.280 --> 0:11:35.000 known as Doge. He said he can cut two trillion 0:11:35.040 --> 0:11:39.000 dollars from the federal budget. Is that realistic? Good morning, Good. 0:11:38.880 --> 0:11:41.400 Morning, Nathan, thanks for having me on again. Yes, the 0:11:41.440 --> 0:11:44.920 big announcement has come that the Department of Government Efficiency 0:11:45.000 --> 0:11:47.280 is a real thing. Elon Musk, as he said in VIVEC, 0:11:47.440 --> 0:11:50.640 will be overseeing that. It's interesting. They are going to 0:11:50.640 --> 0:11:53.960 be overseeing it as a panel so that Elon Musk 0:11:54.040 --> 0:11:55.800 does not have to step down from any of his 0:11:55.960 --> 0:11:59.840 private sector roles, which would have been difficult for him 0:11:59.880 --> 0:12:02.720 to have done because of any conflict of interest concerns. 0:12:02.960 --> 0:12:05.000 And we're also hearing that Trump wants all of this 0:12:05.040 --> 0:12:07.439 wrapped up by July fourth, twenty twenty six, at the 0:12:07.480 --> 0:12:10.160 two hundred and fiftieth anniversary of the founding in the US. 0:12:11.080 --> 0:12:13.240 So in terms of what he can actually do, you know, 0:12:13.280 --> 0:12:16.160 this is uncharted territory. But I think what's critical Here's 0:12:16.160 --> 0:12:18.600 two things. The first is that this will be if 0:12:19.040 --> 0:12:22.040 if we see developments out of it, a real potential 0:12:22.120 --> 0:12:24.480 legacy for Trump. I mean the formation of an entirely 0:12:24.559 --> 0:12:27.440 new Department of Government Efficiency. And the second is this 0:12:27.520 --> 0:12:29.199 is just part and parcel of the word of the 0:12:29.280 --> 0:12:32.440 day here, Nathan which is loyalty. Both Musk and Vivek 0:12:33.440 --> 0:12:36.680 Ramismoni were quite loyal to Trump, and we're seeing this 0:12:36.800 --> 0:12:38.800 just across the board with his appointments. 0:12:39.240 --> 0:12:41.920 And to the point of loyalty, what do you make 0:12:42.120 --> 0:12:46.920 of the president elect nominating Pete Hegseth, the Fox News host, 0:12:47.360 --> 0:12:48.520 to be Defense Secretary. 0:12:49.679 --> 0:12:52.800 So when we look across these appointments, you know, I 0:12:52.800 --> 0:12:55.199 don't think there are any surprises, except for, as you say, 0:12:55.240 --> 0:12:57.240 when we get to Pete Hegseth, I think this is 0:12:57.320 --> 0:13:00.199 the one big surprise we've seen thus far. This is 0:13:00.360 --> 0:13:02.760 a very prominent role heading up the Department of Defense. 0:13:02.800 --> 0:13:06.520 It's prominent both domestically but also on foreign policy, and 0:13:06.559 --> 0:13:08.840 it has an enormous budget, in fact, the biggest budget 0:13:08.880 --> 0:13:11.760 for a department in the US. Europe for one, is 0:13:11.800 --> 0:13:15.000 deeply on edge about what the US plans under Trump, 0:13:15.040 --> 0:13:18.199 for NATO, for future of Ukraine. The selection of Hegseth, 0:13:18.360 --> 0:13:21.040 a veteran, But as you say, a television host will 0:13:21.080 --> 0:13:22.480 not ease those anxieties. 0:13:23.120 --> 0:13:26.160 And when we see these kinds of figures coming into 0:13:26.160 --> 0:13:31.160 the government, people with obvious track records of very strong opinions. 0:13:31.200 --> 0:13:33.720 To put it lightly, with Pete Hegseth on Fox News 0:13:33.720 --> 0:13:37.719 and Elon Musk putting things out there on his ex 0:13:37.920 --> 0:13:41.920 platform almost hourly. What does that say about the way 0:13:42.000 --> 0:13:44.760 government could actually be run in Washington DC? 0:13:46.240 --> 0:13:50.000 What I come back to here is that these candidates, 0:13:50.000 --> 0:13:52.960 these individuals, they have been friends of the campaign, They 0:13:52.960 --> 0:13:55.920 have been friends of Donald Trump for years. So the 0:13:56.000 --> 0:13:58.000 signal here is that the policy is going to be 0:13:58.000 --> 0:14:01.240 coming from the very top, and these these appointees are 0:14:01.280 --> 0:14:04.080 going to be expected to execute the President's planned Sure, 0:14:04.080 --> 0:14:06.720 we're going to hear noise on X certainly from Elon Musk, 0:14:07.080 --> 0:14:09.400 and he said in fact on the Department of Governor efficiency, 0:14:09.400 --> 0:14:12.120 he wants maximal transparency. He's gonna let everybody know and 0:14:12.160 --> 0:14:14.360 they can weigh in how they feel on it. But 0:14:14.679 --> 0:14:17.480 this the policy direction is coming from the top, and 0:14:17.559 --> 0:14:21.240 he's making clear that those top issues, immigration, deregulation, and 0:14:21.320 --> 0:14:24.640 the economy are the direction of travel. These are going 0:14:24.720 --> 0:14:26.320 to be the priorities for him. 0:14:26.920 --> 0:14:29.080 As we've been speaking, we've just gotten a report from 0:14:29.080 --> 0:14:31.640 The New York Times across the Bloomberg terminal that Special 0:14:31.680 --> 0:14:35.560 counsel Jack Smith reportedly plans to wrap up his work 0:14:35.640 --> 0:14:39.800 and resign before President Elect Trump takes office. What's your 0:14:39.840 --> 0:14:40.440 reaction to that. 0:14:41.600 --> 0:14:46.200 I think that's very unsurprising, no surprise there. Once Trump 0:14:46.320 --> 0:14:50.600 won this very significant mandate for the next presidency, Jack 0:14:50.600 --> 0:14:53.120 Smith and the office realize that that was the you know, 0:14:53.160 --> 0:14:56.440 that was the writing on the wall, and there's it's 0:14:56.600 --> 0:15:00.520 only going to provoke the possibility of further counter investorations, 0:15:00.560 --> 0:15:03.640 and so I'm sure he's looking forward to wrapping those 0:15:03.680 --> 0:15:05.760 up in returning to whatever the next chapter in his 0:15:05.800 --> 0:15:06.280 life will be. 0:15:06.480 --> 0:15:09.000 Can we expect any new developments to come from the 0:15:09.080 --> 0:15:14.120 investigations into twenty twenty election interference and the keeping of 0:15:14.160 --> 0:15:15.800 classified documents at mar A Lango? 0:15:15.800 --> 0:15:17.920 Do you think it's hard. 0:15:17.680 --> 0:15:21.680 To see how that continues on The oxygen has been 0:15:21.720 --> 0:15:25.200 sucked from those investigations, and the Democratic Party for instance 0:15:25.240 --> 0:15:28.600 themselves has a lot of internal soul searching to be 0:15:28.640 --> 0:15:31.760 doing and to focus in on rather than outward focusing 0:15:31.800 --> 0:15:33.080 on those investigations. 0:15:33.440 --> 0:15:35.600 And one more piece of breaking news as we spoke, 0:15:35.880 --> 0:15:39.680 Elizabeth Warren has been tapped to take over for Senate 0:15:39.720 --> 0:15:44.560 Banking now that Shared Brown has lost his election. Elizabeth 0:15:44.600 --> 0:15:46.040 Warren coming to lead banking. 0:15:47.040 --> 0:15:50.200 Yeah, it's a remarkable, it's a remarkable turn of events 0:15:50.240 --> 0:15:53.120 to see. She obviously has very strong views and experience 0:15:53.160 --> 0:15:55.720 in that space, and we're going to be watching today 0:15:55.840 --> 0:15:57.960 as we on the other across the aisle, who ends 0:15:58.040 --> 0:16:00.440 up being selected to lead the Senate Republican We know 0:16:00.480 --> 0:16:03.720 that's a close race between Center John Thune, Senator John Cornin, 0:16:03.880 --> 0:16:06.480 and Rick Scott, who has emerged as the sort of 0:16:06.520 --> 0:16:09.400 MAGA candidate there. So that's a very tight race and 0:16:09.440 --> 0:16:11.760 will be a very key indicator of the direction of 0:16:11.800 --> 0:16:12.760 travel for the Senate. 0:16:12.920 --> 0:16:16.320 This is Bloomberg Daybreak, your morning podcast on the stories 0:16:16.400 --> 0:16:19.440 making news from Wall Street to Washington and beyond. 0:16:19.680 --> 0:16:22.080 Look for us on your podcast feed by six am 0:16:22.120 --> 0:16:25.560 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:25.720 --> 0:16:28.600 You can also listen live each morning starting at five 0:16:28.640 --> 0:16:31.240 am Wall Street time on Bloomberg eleven three to zero 0:16:31.360 --> 0:16:34.240 in New York, Bloomberg in ninety nine to one in Washington, 0:16:34.320 --> 0:16:38.240 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:38.440 --> 0:16:40.160 XM Channel one twenty one. 0:16:40.400 --> 0:16:43.120 Plus listen coast to coast on the Bloomberg Business app 0:16:43.200 --> 0:16:46.440 now with Apple CarPlay and Android Atto interfaces, and. 0:16:46.360 --> 0:16:49.320 Don't forget to subscribe to Bloomberg News Now. It's the 0:16:49.360 --> 0:16:52.520 latest news, whenever you want it in five minutes or less. 0:16:52.800 --> 0:16:55.880 Search Bloomberg News Now on your favorite podcast platform to 0:16:55.880 --> 0:16:57.400 stay informed all day long. 0:16:57.760 --> 0:16:59.400 I'm Karen Moscow. 0:16:59.200 --> 0:17:01.720 And I'm Nathan Hay. Join us again tomorrow morning for 0:17:01.760 --> 0:17:03.680 all the news you need to start your day right 0:17:03.720 --> 0:17:04.760 here on Bloomberg. 0:17:04.840 --> 0:17:05.199 Dabreak