Trump Picks RFK Jr. For Health Secretary; Traders Pare Back Fed Cut Bets

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:09.760 --> 0:00:12.920 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:12.920 --> 0:00:14.680 are the stories we're following today. 0:00:14.920 --> 0:00:17.919 Karen, we begin with the latest on Donald Trump's transition. 0:00:18.079 --> 0:00:21.079 The President elect has made another controversial choice to fill 0:00:21.120 --> 0:00:24.400 his cabinet, naming Robert F. Kennedy Junior to lead the 0:00:24.440 --> 0:00:27.440 Department of Health and Human Services. Trump made it official 0:00:27.480 --> 0:00:29.320 at a mar A Lago gala last night. 0:00:29.760 --> 0:00:32.480 We want you to come up with things and ideas 0:00:32.560 --> 0:00:35.240 and what you've been talking about for a long time. 0:00:35.320 --> 0:00:38.000 And I think you're going to do some unbelievable thing. 0:00:38.040 --> 0:00:40.080 Nobody's going to be able to do it like you. 0:00:40.479 --> 0:00:43.960 President Elect Trump's decision puts a prominent vaccine skeptic and 0:00:44.040 --> 0:00:47.440 critic of the pharmaceutical industry in charge of federal health policy. 0:00:47.560 --> 0:00:50.400 We get more from Bloomberg's Wendy Benjaminson in Washington. 0:00:50.800 --> 0:00:54.520 His tremendous power over all Americans' day to day lives. 0:00:54.760 --> 0:00:57.960 I mean, there was talk that he might get an 0:00:58.040 --> 0:01:01.800 advisory role, something like on Musk and Vive Gramaswami got 0:01:01.840 --> 0:01:05.680 some sort of off the book you project to work on. Instead, 0:01:05.720 --> 0:01:10.120 he put him right at the heart of Americans' health 0:01:10.280 --> 0:01:10.840 and diet. 0:01:11.040 --> 0:01:15.080 Bloomberg's Wendy Benjamins says Kennedy's views on vaccines and support 0:01:15.160 --> 0:01:18.000 for things like raw milk and removing fluoride from water 0:01:18.160 --> 0:01:20.399 could set him up for a tough Senate confirmation. 0:01:20.920 --> 0:01:24.120 Well Nathan, The President elect also gave a sneak preview 0:01:24.120 --> 0:01:26.959 of a cabinet Peggy plans to announce today. Trump says, 0:01:26.959 --> 0:01:30.160 I'll name North Dakota Governor Doug Burgham to be Secretary 0:01:30.160 --> 0:01:30.920 of the Interior. 0:01:31.480 --> 0:01:34.279 We're going to do things with energy and with land 0:01:34.840 --> 0:01:38.200 interior that is going to be incredible, and so I 0:01:38.240 --> 0:01:40.720 look forward to doing the formal announcement. 0:01:41.200 --> 0:01:45.560 Donald Trump's decision would give Burgham significant influence over his 0:01:45.680 --> 0:01:48.280 plans to ramp up sales of oil and gas leases, 0:01:48.320 --> 0:01:51.320 including in the Gulf of Mexico, that have been cententailed 0:01:51.400 --> 0:01:52.520 under President Biden. 0:01:52.760 --> 0:01:55.520 Along with all that, Karen Trump has also chosen Jay 0:01:55.560 --> 0:01:58.480 Clayton to be the US Attorney for Manhattan. We get 0:01:58.480 --> 0:02:00.760 more on that from Bloomberg's Stay Prisner. 0:02:00.840 --> 0:02:04.440 The Manhattan US Attorney's Office is famous for tackling complex 0:02:04.480 --> 0:02:09.160 financial cases. Appointees are historically veterans of the office. Clayton 0:02:09.240 --> 0:02:12.560 led the Securities and Exchange Commission in the first Trump administration, 0:02:12.800 --> 0:02:16.280 and in that role he focused on protecting smaller investors 0:02:16.320 --> 0:02:21.240 from fraud and financial industry abuses, rather than waging ideological fights. 0:02:21.720 --> 0:02:24.160 Trump has also tapped two of his own criminal defense 0:02:24.160 --> 0:02:28.360 attorneys for powerful positions in the Justice Department. Todd Blanche 0:02:28.400 --> 0:02:32.000 has been selected as Deputy Attorney General and Emil Beauvet 0:02:32.040 --> 0:02:35.600 as Principal Associate Attorney General in New York. I'm Doug Prisner, 0:02:35.600 --> 0:02:36.400 Bloomberg Radio. 0:02:36.639 --> 0:02:39.200 All right, Doug, thank you well. Donald Trump still has 0:02:39.400 --> 0:02:42.680 not announced his pick to be the next Treasury Secretary, 0:02:42.760 --> 0:02:46.720 but one name that's not on his list is Jamie Diamond. 0:02:46.760 --> 0:02:49.720 The President elect ruled out the JP Morgan Chase CEO 0:02:50.160 --> 0:02:53.400 in a truth social post, saying he respects Dimond greatly, 0:02:53.760 --> 0:02:57.519 but he won't be invited into the Trump administration. Diamond, 0:02:57.600 --> 0:02:59.880 for his part, says he's okay with that, and JP 0:03:00.080 --> 0:03:03.920 Morgan CEO Jamie Diamond told that to Bloomberg's Lisa Abramowitz 0:03:04.000 --> 0:03:07.680 at the APEX CEO summit in Peru. Trump's team is 0:03:07.760 --> 0:03:12.160 considering Key Square Group founder Scott Bessant, Candor Fitzgerald CEO 0:03:12.280 --> 0:03:16.520 Howard Lutnik and former US Trade Representative Robert Leiinheiser for 0:03:16.560 --> 0:03:19.839 the Treasury role. The decision could come as soon as 0:03:19.840 --> 0:03:20.600 this week. 0:03:20.520 --> 0:03:23.280 Well before Trump takes office, Karen. New York Governor Kathy 0:03:23.320 --> 0:03:26.520 Hokeel is seeking to push through a new congestion pricing 0:03:26.600 --> 0:03:29.520 plan for drivers into large parts of Manhattan. 0:03:30.240 --> 0:03:34.320 The MTA will implement a congestion pricing plan with a 0:03:34.360 --> 0:03:38.600 reduced daytime toll of nine dollars beginning in January. 0:03:39.280 --> 0:03:40.280 You heard that correctly. 0:03:40.640 --> 0:03:44.440 It was fifteen dollars before and now it is nine dollars. 0:03:44.720 --> 0:03:46.880 That is a forty percent reduction. 0:03:47.320 --> 0:03:50.000 New York Governor Kathy Hockel says the MTA will vote 0:03:50.000 --> 0:03:52.520 on the new tolling structure at its monthly board meeting 0:03:52.680 --> 0:03:56.640 on Monday. The plan faces opposition from President elect Trump, 0:03:56.880 --> 0:03:59.960 he is vowed to terminate congestion pricing, as well as 0:04:00.160 --> 0:04:03.120 lawsuits from New Jersey Governor Phil Murphy and other groups. 0:04:03.400 --> 0:04:05.760 Well, Nathan, let's turn to the markets, and we continue 0:04:05.760 --> 0:04:09.040 to see weakness in the equity markets following yesterday's drop 0:04:09.080 --> 0:04:12.280 on Wall Street. The declines come after j. Powell indicated 0:04:12.320 --> 0:04:15.040 the FED was in no rush to cut interest rates. 0:04:15.320 --> 0:04:17.880 The economy is not sending any signals that we need 0:04:17.920 --> 0:04:20.120 to be in a hurry to lower rates. The strength 0:04:20.120 --> 0:04:22.560 we're currently seeing in the economy gives us the ability 0:04:22.560 --> 0:04:24.360 to approach our decisions carefully. 0:04:24.680 --> 0:04:28.000 Powell's re Marx prompted traders to pair back expectations for 0:04:28.080 --> 0:04:31.040 a December rate cut. It now stands at less than 0:04:31.080 --> 0:04:34.080 sixty percent. It was roughly eighty percent on Wednesday. 0:04:34.240 --> 0:04:37.360 Well, despite yesterday's stock drop on Wall Street, Karen ed 0:04:37.440 --> 0:04:41.080 yard Denny, president of yard Denny Research, remains very bullish 0:04:41.200 --> 0:04:41.880 on the markets. 0:04:42.120 --> 0:04:45.320 The reality is we haven't been bullish enough, and we've 0:04:45.360 --> 0:04:47.400 been among the most bullish. But so now we're looking 0:04:47.440 --> 0:04:49.680 for sixty one hundred by the end of the year 0:04:49.680 --> 0:04:52.960 on the S and P five hundred, that's almost a layup, 0:04:53.839 --> 0:04:56.880 and then I think we're then we're looking for seven 0:04:56.960 --> 0:05:00.080 thousand by the end of next year, and eight one 0:05:00.080 --> 0:05:04.360 thousand by the end of twenty twenty six, and eight 0:05:04.400 --> 0:05:06.799 to ten thousand by the end of the decade, probably 0:05:06.839 --> 0:05:08.320 closer to ten than to today. 0:05:09.480 --> 0:05:11.520 I was at yard Anny of yard Denny Research. The 0:05:11.560 --> 0:05:14.680 SMP five hundred closed at fifty nine forty nine yesterday. 0:05:15.080 --> 0:05:17.719 Well, Nathan. Bitcoin is higher this morning. Right now, the 0:05:17.760 --> 0:05:20.560 digital asset is up one percent. It's at eighty nine 0:05:21.120 --> 0:05:24.680 one hundred dollars. It has jumped about thirty percent since 0:05:24.720 --> 0:05:26.680 Trump's selection victory ten days ago. 0:05:26.920 --> 0:05:29.679 Well, let's check some stocks on the move this morning, Karen. 0:05:29.680 --> 0:05:32.840 We're watching shares of Applied Materials right now. They are 0:05:32.880 --> 0:05:36.560 down about six percent. The largest maker of US chip 0:05:36.600 --> 0:05:40.680 manufacturing equipment gave a disappointing revenue forecast, and we get 0:05:40.680 --> 0:05:42.200 more from Bloomberg's Charlie Pellett. 0:05:42.240 --> 0:05:45.480 Applied Materials said fiscal first quarter sales will be around 0:05:45.600 --> 0:05:48.839 seven point one five billion. That compares with a seven 0:05:48.880 --> 0:05:52.560 point twenty five billion dollar average of analyst estimates. Massive 0:05:52.640 --> 0:05:56.839 spending on artificial intelligence computing has fueled demand for the 0:05:56.839 --> 0:06:00.240 most advanced chips, and in turn the machines need to 0:06:00.279 --> 0:06:03.719 produce some but other sectors of the industry are slowing down. 0:06:04.080 --> 0:06:07.800 SAW makers of chips for industrial equipment and vehicles, for instance, 0:06:07.839 --> 0:06:12.480 have reported sluggish demand in New York. Charlie Pellett Bloomberg Radio. 0:06:12.720 --> 0:06:16.240 All right, Charlie, thank you well. Domino's delivering for investors 0:06:16.240 --> 0:06:19.360 this morning. That's thanks to Warren Buffett, as Berkshire Hathaway 0:06:19.400 --> 0:06:22.240 about one point three million shares of the pizza chain 0:06:22.279 --> 0:06:24.839 in the third quarter, and that brings a conglomerate stake 0:06:25.240 --> 0:06:28.559 to three point six percent. Dominos is up about seven 0:06:28.560 --> 0:06:31.200 and a half percent this morning, but it also bought 0:06:31.240 --> 0:06:34.440 Pool Corporation during the third quarter. That stock is up 0:06:34.480 --> 0:06:35.719 more than six percent. 0:06:36.000 --> 0:06:38.840 On the economic front, this morning, Karen. A busy week 0:06:38.880 --> 0:06:41.479 of data wraps up with retail sales for the month 0:06:41.520 --> 0:06:44.120 of October. Economists are looking for a gain of three 0:06:44.200 --> 0:06:47.440 tenths of one percent. We get more from Bloomberg's Michael McKee. 0:06:47.680 --> 0:06:50.320 The old saying may still be true, never stand between 0:06:50.320 --> 0:06:54.360 an American and a cash register. Analysts anticipate retail sales 0:06:54.520 --> 0:06:58.120 rose nicely in October as consumers continue to power the economy. 0:06:58.680 --> 0:07:01.520 It's a semi cautious view. Sales won't be quite as 0:07:01.560 --> 0:07:04.919 strong as September is back to school spending and gasoline 0:07:04.920 --> 0:07:08.440 prices fell during the month. Retail sales are denominated in dollars, 0:07:08.880 --> 0:07:11.000 but it should be strong enough to raise more doubts 0:07:11.040 --> 0:07:13.720 about the path of Fed rate cuts if the economy 0:07:13.760 --> 0:07:17.040 continues to grow faster than the Central Bank expects. Michael 0:07:17.080 --> 0:07:18.440 McKee Bloomberg Radio. 0:07:18.600 --> 0:07:21.160 And Mike Thanks well. Over in Europe, the UK economy 0:07:21.160 --> 0:07:24.080 cooled faster than expected in the third quarter, the first 0:07:24.120 --> 0:07:27.360 quarter under the new labor government. GDP rows one ten 0:07:27.440 --> 0:07:30.760 percent last quarter compared to the previous quarter, falling short 0:07:30.760 --> 0:07:36.920 of economists forecasts. Time now for a look at some 0:07:36.920 --> 0:07:38.600 of the other stories making news in New York and 0:07:38.600 --> 0:07:40.680 around the world. And for that we're joined by Bloomberg's 0:07:40.720 --> 0:07:42.600 John Tucker. John, Good Morning, Good. 0:07:42.440 --> 0:07:45.760 Morning, Karen. Senate Democrats plan to use their last weeks 0:07:45.760 --> 0:07:48.239 of the majority to try to make public a House 0:07:48.320 --> 0:07:51.840 sexual misconduct probe in the back Gates President loc Donald 0:07:51.880 --> 0:07:55.320 Trump's controversial pick for Attorney General. Let's get more this 0:07:55.360 --> 0:07:56.800 morning from Bloomberg. 0:07:56.480 --> 0:07:59.840 Scott car Chair of the Senate Judiciary Committee, Dick Durbin, 0:07:59.880 --> 0:08:02.240 is you to statement calling on the House Ethics Committee 0:08:02.280 --> 0:08:04.920 to preserve and share the report on Gates, who's been 0:08:04.960 --> 0:08:08.160 the subject of an ongoing House investigation into allegations of 0:08:08.200 --> 0:08:12.440 sexual misconduct, illicit drug use, and misuse of campaign funds. 0:08:12.720 --> 0:08:16.480 Republican representative from Kentucky, Andy Bartel's Bloomberg he thinks the 0:08:16.520 --> 0:08:17.880 committee needs to release it. 0:08:18.000 --> 0:08:20.160 Yeah, I think the Senate will demand that I think 0:08:20.200 --> 0:08:23.600 the Senate will need that information in order to work 0:08:23.640 --> 0:08:26.400 its will in the advice and consent process. 0:08:26.720 --> 0:08:29.480 So far, Director of the House Ethics Panel Tom Rust 0:08:29.520 --> 0:08:33.560 has declined to comment. In Washington, I'm Scott Carr Bloomberg Radio. 0:08:33.720 --> 0:08:36.960 Meantime, the incoming Senate majority leader John Thunn is telling 0:08:37.000 --> 0:08:40.280 Fox all options are on the table to clear President 0:08:40.280 --> 0:08:43.880 elect Trump's nominees, including allowing them to take their jobs 0:08:44.040 --> 0:08:48.480 without Senate confirmation. Iran has offered written assurances to the 0:08:48.520 --> 0:08:52.400 Biden administration it wasn't seeking to kill Donald Trump. The 0:08:52.400 --> 0:08:55.280 Wall Street Journal reports the Iranian message was delivered on 0:08:55.320 --> 0:08:59.960 the October fourteenth, and not previously reported. The Justice Department 0:09:00.240 --> 0:09:04.120 last week outlined allegations that Iranian agents plotted to assassinate 0:09:04.160 --> 0:09:08.199 Trump before he was re elected. Elon Moss Social Media 0:09:08.240 --> 0:09:11.640 platform Acts sue to block a California law aimed at 0:09:11.640 --> 0:09:16.719 curbing AI generated deceptive election content on social media. They 0:09:16.720 --> 0:09:19.960 claim the measure is an unconstitutional affront to free speech. 0:09:20.400 --> 0:09:24.080 The law requires large online platforms to remove content deemed 0:09:24.400 --> 0:09:29.000 materially deceptive. X claims it will lead to widespread censorship 0:09:29.280 --> 0:09:32.920 of political speech, and New York in the Northeast in 0:09:32.960 --> 0:09:35.640 the midst of the worst fire season in more than 0:09:35.679 --> 0:09:38.559 a decade, with little relief in signed for weeks as 0:09:38.640 --> 0:09:41.160 drought and high winds threatened to raise the threat again. 0:09:41.679 --> 0:09:43.720 Several blazes have broken out in New York in the 0:09:43.720 --> 0:09:46.880 past few days, a rare site this late in the year. 0:09:47.440 --> 0:09:50.160 Global news twenty four hours a day and whenever you 0:09:50.200 --> 0:09:53.040 want it with Bloomberg News Now. I'm John Tucker, and 0:09:53.200 --> 0:09:54.560 this is Bloomberg Karen. 0:09:54.920 --> 0:10:02.040 All right, John, thank you time now for the Bloomberg 0:10:02.080 --> 0:10:04.800 Sports Update, brought to you by Tri State Outye. We 0:10:04.840 --> 0:10:06.440 say good morning to John stash Hour. 0:10:06.559 --> 0:10:09.200 Hi John, Hi, care and the Philadelphia Eagles went to 0:10:09.240 --> 0:10:11.840 the Super Bowl two years ago. They began last season 0:10:11.920 --> 0:10:14.760 ten and one, but finished going one and six, beating 0:10:14.800 --> 0:10:17.160 only the Giants. Slow start to twenty twenty four to 0:10:17.160 --> 0:10:20.320 two and two after September, the Eagles have not lost 0:10:20.360 --> 0:10:22.880 sins in the big reason why their new running back 0:10:22.960 --> 0:10:27.400 to former Giant see the coal is on the ground 0:10:27.679 --> 0:10:32.560 and a first down and a ton more Berkley fusdown 0:10:32.559 --> 0:10:35.160 Amazon prom for Saquon bark The one hundred and forty 0:10:35.160 --> 0:10:38.360 six yards rushing fifty two more, receiving two touchdowns in 0:10:38.400 --> 0:10:40.720 a twenty second spin of the fourth quarter, the Eagles 0:10:40.720 --> 0:10:44.160 fell behind the Commanders and then scored twenty three straight points. 0:10:44.160 --> 0:10:46.440 They made it six wins in a row twenty six 0:10:46.480 --> 0:10:49.600 to eighteen over Washington Philly at eight and two, takes 0:10:49.640 --> 0:10:52.600 control of the Nfseas. Giants said Sunday, off Jets home 0:10:52.640 --> 0:10:55.080 to play the Colts. Their last home game was an 0:10:55.160 --> 0:10:58.000 impressive win over Houston, but then a dud last week 0:10:58.040 --> 0:11:01.520 at Arizona. And yet Jeff Olbrich does not sound like 0:11:01.559 --> 0:11:03.240 the coach of a three and seventeen. 0:11:03.920 --> 0:11:07.160 I'm just so fortunate that the group that we have, 0:11:07.360 --> 0:11:11.320 the DNA, the character of them is is so unique 0:11:11.320 --> 0:11:13.480 and so different than most teams and locker rooms out there, 0:11:13.520 --> 0:11:16.160 in my opinion. The fact that you know, we've had 0:11:16.160 --> 0:11:19.440 struggles and we haven't lived up expectations to this point 0:11:19.440 --> 0:11:21.679 of the season, but they have stayed together and they 0:11:21.720 --> 0:11:23.000 continue to work their butts off. 0:11:23.080 --> 0:11:26.199 Quarterbacks Sunday, Aaron Rodgers, a month shy of his forty 0:11:26.240 --> 0:11:29.120 first birthday, against twenty two year old Anthony Richardson at 0:11:29.120 --> 0:11:31.199 the Garden. Rangers scored three times second period, all three 0:11:31.200 --> 0:11:33.840 in the span of four minutes. Forty seconds. They beat 0:11:33.880 --> 0:11:36.320 San Jose three to two. Devil's a second straight win 0:11:36.360 --> 0:11:38.439 at Florida six to two, and the Islanders won five 0:11:38.480 --> 0:11:42.000 to two at Vancouver. Winnipeg finally lost at Tampa. Bay. 0:11:42.080 --> 0:11:45.840 Jets are now fifteen and two. Nixon Nets at MSG tonight. 0:11:45.880 --> 0:11:48.679 They'll also play there on Sunday. Sampa Bay Rays are 0:11:48.679 --> 0:11:51.600 homeless through the Tropic Canda Field being damaged by Hurricane Milton. 0:11:51.600 --> 0:11:54.439 They'll play their games next season in Tampa, but at 0:11:54.440 --> 0:11:58.200 eleven thousand seats Steinrunner Field. The Yankee spring training on 0:11:58.240 --> 0:12:00.920 the Rays will pay the Yanks fifth teen million dollars. 0:12:00.920 --> 0:12:03.360 That's will more than they pay any of their players. 0:12:03.640 --> 0:12:06.400 Lindsey Vaughn hung up with skis six years ago. Now 0:12:06.480 --> 0:12:09.520 at age forty, the winner of eighty two World Cup races, 0:12:09.720 --> 0:12:12.960 coming out of retirement. John Stashawa Bloomberg Sports. 0:12:14.640 --> 0:12:18.680 Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:12:18.880 --> 0:12:21.760 and around the world on Bloomberg dot Com and the 0:12:21.800 --> 0:12:26.120 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:12:26.160 --> 0:12:26.840 Nathan Hager. 0:12:27.000 --> 0:12:27.320 JP. 0:12:27.480 --> 0:12:31.559 Morgan Chase Chief executive Officer Jamie diamond says companies will 0:12:31.559 --> 0:12:35.680 look to pursue acquisitions more In the wake of Donald 0:12:35.720 --> 0:12:41.800 Trump's election victory, regulation had chilled deal activity. Jamie Diamond, 0:12:41.920 --> 0:12:45.320 JP Morgan Chase spoke with Bloomberg's Lisa Abramowitz at the 0:12:45.360 --> 0:12:49.560 APEX CEO summit, and Lisa started by asking about President 0:12:49.600 --> 0:12:50.840 elect Donald Trump. 0:12:51.320 --> 0:12:53.760 You had a big sea change that took place in 0:12:53.760 --> 0:12:55.800 that vogue the other day, and some people were prepared 0:12:55.920 --> 0:12:59.160 somewhere and prepared, But I think the most important thing 0:12:59.320 --> 0:13:03.080 is who ever had been elected, And this is my belief. 0:13:03.280 --> 0:13:05.680 They are entering and could be responsible for the most 0:13:05.720 --> 0:13:11.240 complicated geopolitical, military, and geoeconomic situation that the world is 0:13:11.280 --> 0:13:11.920 faced since. 0:13:11.720 --> 0:13:12.360 World War Two. 0:13:12.840 --> 0:13:14.559 And of course I wish him all the best. I 0:13:14.600 --> 0:13:17.280 think people try to help get through this. It could 0:13:17.280 --> 0:13:19.680 be a difficult thing with a lot of unknowns and uncertainties, 0:13:20.280 --> 0:13:21.880 and so policy is going to matter, and you know, 0:13:21.920 --> 0:13:24.760 of course who runs the government will be determined of there. 0:13:25.040 --> 0:13:27.720 President elect Donald Trump sends a message to you. 0:13:28.160 --> 0:13:31.160 That he respects you greatly, but you. 0:13:31.120 --> 0:13:33.240 Will not be part of the Trump administration as a 0:13:33.280 --> 0:13:38.960 Treasury secretary. If that were something that we're interested interesting 0:13:38.960 --> 0:13:39.160 to you. 0:13:40.280 --> 0:13:42.480 First of all, I wish the President. Well, and thank you. 0:13:42.480 --> 0:13:44.920 It's a very nice note. But I just want to 0:13:44.920 --> 0:13:46.640 tell the President I've never haven't had a boss with 0:13:46.720 --> 0:13:49.240 twenty five years, and I'm not about ready to start. 0:13:55.160 --> 0:14:00.400 Only I want to start by also talking about the 0:14:00.440 --> 0:14:03.120 response in markets in the US, which has very much 0:14:03.200 --> 0:14:05.520 been this is going to be a pro growth shock, 0:14:05.960 --> 0:14:08.160 with companies that are going to be investing much more, 0:14:08.520 --> 0:14:12.280 deploying cash aggressive in terms of US expansion. Have you 0:14:12.360 --> 0:14:14.760 seen any signs that that's truly the case. 0:14:15.240 --> 0:14:18.240 Well, yeah, you know you've seen, you've already seen the 0:14:18.240 --> 0:14:21.240 markets have responded quite well, and you know, I think 0:14:21.280 --> 0:14:24.720 America needs a growth strategy. So I literally applaud that. 0:14:25.080 --> 0:14:27.680 I think collaboration between government and business is the way 0:14:27.720 --> 0:14:30.400 to have growth. You know, they've always spoken about a 0:14:30.480 --> 0:14:33.400 deregulatory environment. I want to point out I'm not talking 0:14:33.440 --> 0:14:36.960 about just getting rid of regulations or the regulatory environment 0:14:37.080 --> 0:14:39.920 most countries has become stifling and in a lot of countries, 0:14:39.960 --> 0:14:42.360 including Peru, it's why you're growing maybe two and a 0:14:42.400 --> 0:14:44.640 half percent, not four or five. And in America is 0:14:44.640 --> 0:14:46.440 why we've been going to two percent for twenty years 0:14:46.440 --> 0:14:48.400 and maybe not three. So I do think it's a 0:14:48.440 --> 0:14:51.280 reasonable thing to have that kind of reform, and that 0:14:51.320 --> 0:14:54.400 reform has to go deeper than just regulations which can 0:14:54.600 --> 0:14:56.960 leash capital and investment and banking and stuff like that. 0:14:57.160 --> 0:14:59.960 It's got to be permitting and all the related things 0:15:00.080 --> 0:15:02.040 to come with that, where people, you know, you would 0:15:02.080 --> 0:15:03.960 just mentioning your mind that you know, someone bought that 0:15:04.000 --> 0:15:06.680 could do rare earths. In the United States, it's ten 0:15:06.760 --> 0:15:09.480 years they haven't gone their permise yet. I mean, it's 0:15:09.520 --> 0:15:11.360 a shame and we're doing this to ourselves and it's 0:15:11.400 --> 0:15:13.920 a mistake. So I deployed any government that says I'm 0:15:13.920 --> 0:15:16.560 going to make government more efficient, and I think inefficient 0:15:16.560 --> 0:15:19.080 government is one of the reasons that people are frustrated. 0:15:19.320 --> 0:15:21.760 You know that why have some populism because they may 0:15:22.040 --> 0:15:24.160 blame you know, they may look at big companies, but 0:15:24.200 --> 0:15:26.680 they also know their government isn't spending their money wisely. 0:15:27.120 --> 0:15:29.720 And that was the CEO of JP Morgan Chase Jamie 0:15:29.720 --> 0:15:32.800 Diamond speaking with Bloomberg's Lisa Abramowitz at the APEX CEO 0:15:32.920 --> 0:15:35.720 summit in Lima, Peru. Hear more of their conversation on 0:15:35.720 --> 0:15:38.280 the Bloomberg Talks podcast feed. You can find it on 0:15:38.320 --> 0:15:42.080 Apple Spotify or anywhere you get your podcasts, and for 0:15:42.240 --> 0:15:45.400 more on the Trump transition and how it's being received 0:15:45.440 --> 0:15:48.120 around the world. We're joined by Bloomberg News senior writer 0:15:48.560 --> 0:15:52.240 Stephanie Baker. Stephanie, good morning. It's interesting to start off 0:15:52.280 --> 0:15:56.640 with that perspective from the CEO of JP, Morgan Chase, 0:15:56.680 --> 0:15:59.840 putting something of an optimistic spin on what a Trump 0:16:00.200 --> 0:16:05.480 administration could mean for markets. How are world leaders, how 0:16:05.520 --> 0:16:10.480 are global CEOs receiving what they're seeing so far from 0:16:10.480 --> 0:16:11.360 the Trump transition. 0:16:12.600 --> 0:16:15.400 Well, obviously, the markets have been on quite a ride 0:16:15.400 --> 0:16:18.320 since Trump's reelection, and there's a lot of optimism about 0:16:18.320 --> 0:16:21.080 growth in the United States. But I think outside the 0:16:21.200 --> 0:16:24.360 United States, a lot of world leaders and CEOs are 0:16:24.440 --> 0:16:27.840 really worried about these sweeping tariffs that Trump has vowed 0:16:27.840 --> 0:16:30.640 to put on goods, you know, not only from China 0:16:30.800 --> 0:16:34.359 but from Europe, and what that will do to European 0:16:34.440 --> 0:16:38.800 economies that are still somewhat fragile after the COVID pandemic. 0:16:39.880 --> 0:16:43.400 So I think there is a lot of nervousness and uncertainty. 0:16:43.880 --> 0:16:47.600 We don't know how if the Trump tariffs will indeed 0:16:47.640 --> 0:16:50.560 be implemented and at what level, So it remains to 0:16:50.560 --> 0:16:53.360 be seen, and of course whoever he picks his Treasury 0:16:53.400 --> 0:16:56.120 secretary could have you know, wide influence on that. 0:16:56.680 --> 0:17:02.280 Obviously, Jamie Diamond ruled out of the Treasury secretary shortlist. 0:17:02.320 --> 0:17:05.240 Where do you see things leaning right now? We've seen 0:17:05.320 --> 0:17:09.040 some pretty public jockeying for this position, from the likes 0:17:09.080 --> 0:17:12.320 of Howard Lutnik at Canter Fitzgerald and of course Scott 0:17:12.320 --> 0:17:13.560 Bestent of Key Square Group. 0:17:14.600 --> 0:17:18.400 Right, so, Scott Bessant was seen as the leading candidate. 0:17:18.440 --> 0:17:21.760 But I've been reading some doubts about his candidacy. I 0:17:21.800 --> 0:17:26.080 think some people in the Trump camp questioning his background 0:17:26.119 --> 0:17:29.200 having worked for the for Soros Fund Management. Of course, 0:17:29.640 --> 0:17:33.000 Trump and George Soros are not great friends, to put 0:17:33.040 --> 0:17:36.639 it mildly, so whether or not that would really impact 0:17:37.080 --> 0:17:39.720 his candidacy or not. And as you mentioned that, Howard 0:17:39.800 --> 0:17:45.359 Lutnik excuse me, was also considered a potential candidate. So 0:17:45.720 --> 0:17:49.800 you know, this is part of the sort of reality 0:17:49.840 --> 0:17:53.080 TV show we're seeing with Trump rolling out these announcements 0:17:53.359 --> 0:17:55.640 in a way that's not very traditional. You know, he's 0:17:55.680 --> 0:17:59.440 not really making the most of them, having these candidates 0:17:59.480 --> 0:18:02.280 come out and make speeches, et cetera. That's sort of 0:18:02.320 --> 0:18:06.680 being rolled out by press releases and you know, in 0:18:07.000 --> 0:18:08.399 quick succession. 0:18:08.240 --> 0:18:11.400 And gala announcements at mar Lago, as we heard last 0:18:11.480 --> 0:18:15.159 night with the President elect announcing Robert F. Kennedy, Junior, 0:18:15.600 --> 0:18:19.480 the vaccine skeptic, is his choice to be Health and 0:18:19.560 --> 0:18:24.280 Human Services Secretary. We've seen a number of eye opening decisions, 0:18:24.320 --> 0:18:26.879 to say the least, and this seems to be another 0:18:26.920 --> 0:18:30.600 one of those, certainly for a more traditional public health perspective. 0:18:31.760 --> 0:18:35.960 Absolutely, I mean he has he's obviously a vaccine skeptic. 0:18:36.000 --> 0:18:40.760 He's been very vocal about that. He's criticized fluoride and 0:18:40.920 --> 0:18:44.360 water supplies traditionally a very local issue in the United States. 0:18:45.560 --> 0:18:49.280 But you know, some of his ideas on food policy 0:18:49.400 --> 0:18:54.600 and nutrition I think will gain more support and more consensus, 0:18:55.240 --> 0:18:58.800 and you know, perhaps he can forge us some new 0:18:58.880 --> 0:19:04.040 ideas to clean up public health measures in terms of 0:19:04.080 --> 0:19:07.280 things like he's complained about food dies being allowed and 0:19:08.440 --> 0:19:11.600 you know, us food products. So it may not be 0:19:11.720 --> 0:19:14.600 all negative. Whether or not he'll get confirmed is a 0:19:14.640 --> 0:19:18.480 major question. He has to be confirmed by both the 0:19:18.520 --> 0:19:21.240 Senate Health Committee as well as the Senate Finance Committee, 0:19:21.280 --> 0:19:24.840 because Health and Human Services oversees Medicare and Medicaid, So 0:19:25.359 --> 0:19:27.199 you know, it remains to be seen whether or not 0:19:27.280 --> 0:19:28.160 this can get through. 0:19:28.880 --> 0:19:32.080 If he does get through those Stephanie, I mean president 0:19:32.160 --> 0:19:36.080 like Trump had talked about RFK Junior going wild on 0:19:36.359 --> 0:19:39.080 government health agencies. I mean, how much power would he 0:19:39.200 --> 0:19:41.879 have to wield over public health? 0:19:43.080 --> 0:19:46.800 Well a lot, And I think this is this is 0:19:46.800 --> 0:19:51.040 going to come right up against you know, Congress. 0:19:51.080 --> 0:19:52.000 The House. 0:19:53.480 --> 0:19:57.480 Controls the purse strings, so there there there are limits 0:19:57.480 --> 0:20:01.840 as to how much he can just eliminate as the 0:20:01.880 --> 0:20:06.120 head of Health and Human Services that it is congressionally mandated, 0:20:06.800 --> 0:20:10.119 but he could just fire a whole load of people 0:20:10.480 --> 0:20:12.920 and let programs with her on the vine, and that's 0:20:13.000 --> 0:20:17.520 one way of doing it. What's notable is he wasn't 0:20:17.640 --> 0:20:20.840 actually angling for this job. He had been talked about 0:20:20.840 --> 0:20:24.040 as a health czar, a position that wouldn't have required 0:20:24.400 --> 0:20:28.680 any confirmation process. So this is a twist. And whether 0:20:28.760 --> 0:20:31.439 or not perhaps he runs into trouble in the Senate 0:20:31.480 --> 0:20:34.000 and ends up being that health star in the end 0:20:34.440 --> 0:20:35.280 remains to be seen. 0:20:36.200 --> 0:20:41.080 And when you speak of difficulties with Senate confirmations, there's 0:20:41.080 --> 0:20:43.840 still a lot of question around whether Matt Gates is 0:20:43.880 --> 0:20:46.600 going to make it through that process to lead the 0:20:46.680 --> 0:20:49.239 Justice Department. Where do you see things going When it 0:20:49.320 --> 0:20:54.520 comes to the House ethics investigation that was set to 0:20:54.560 --> 0:20:58.760 be released today before he resigned his seat as a 0:20:58.800 --> 0:21:01.800 congressman from Florida got him in the left right. 0:21:01.840 --> 0:21:03.720 They were due to vote on whether to release that 0:21:03.800 --> 0:21:07.120 report today. I woke up this morning thinking, God, someone, 0:21:07.280 --> 0:21:09.439 some enterprising journalist must have gotten their hands on this 0:21:09.960 --> 0:21:13.520 by now. That hasn't happened yet. There's a huge pressure 0:21:13.520 --> 0:21:16.200 for that report to be released, and that is going 0:21:16.400 --> 0:21:18.960 to have a huge influence on whether he gets through 0:21:19.359 --> 0:21:22.680 the Senate confirmation process. And I think the whole question 0:21:22.720 --> 0:21:25.240 of whether or not Trump can get these recess appointments 0:21:25.280 --> 0:21:29.080 through is a huge question. Both a majority of the 0:21:29.119 --> 0:21:32.240 Senate and the House have to vote to call a recess, 0:21:33.080 --> 0:21:36.760 so they basically be voting to remove their control over 0:21:36.800 --> 0:21:37.760 these confirmations. 0:21:38.240 --> 0:21:41.200 This is Bloomberg day Break, your morning podcast on the 0:21:41.280 --> 0:21:44.800 stories making news from Wall Street to Washington and beyond. 0:21:45.040 --> 0:21:47.440 Look for us on your podcast feed by six am 0:21:47.480 --> 0:21:50.879 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:21:51.119 --> 0:21:54.240 You can also listen live each morning starting at five am. 0:21:54.280 --> 0:21:56.760 Wall Street Time on Bloomberg eleven three to zero in 0:21:56.840 --> 0:21:59.919 New York, Bloomberg ninety nine to one in Washington, bloom 0:22:00.280 --> 0:22:04.080 ninety two nine in Boston, and nationwide on serious XM 0:22:04.160 --> 0:22:05.360 Channel one twenty one. 0:22:05.760 --> 0:22:08.480 Plus. Listen coast to coast on the Bloomberg Business app 0:22:08.560 --> 0:22:11.360 now with Apple CarPlay and Android auto interfaces. 0:22:11.560 --> 0:22:14.600 And don't forget to subscribe to Bloomberg News Now. It's 0:22:14.600 --> 0:22:17.359 the latest news whenever you want it in five minutes 0:22:17.440 --> 0:22:20.560 or less. Search Bloomberg News Now on your favorite podcast 0:22:20.600 --> 0:22:24.760 platform to stay informed all day long. I'm Karen Moscow. 0:22:24.560 --> 0:22:27.080 And I'm Nathan Hager. Join us again tomorrow morning for 0:22:27.119 --> 0:22:29.040 all the news you need to start your day right 0:22:29.080 --> 0:22:30.560 here on Bloomberg Day Ray