Markets Cheer Trump's Treasury Secretary Pick; Israel and Hezbollah Truce Talks

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 --> 0:00:14.640 following today. 0:00:14.880 --> 0:00:17.280 Karen, we begin with the latest on President ELEC. Donald 0:00:17.280 --> 0:00:20.840 Trump's cabinet picks. Hedge fund chief Scott Bessant is his 0:00:20.960 --> 0:00:23.239 nominee to become the next Treasury secretary. 0:00:23.480 --> 0:00:25.439 We get more from Bloomberg's Doug Prisner. 0:00:25.960 --> 0:00:29.120 Bessant runs the macro hedge fund Key Square Group, and 0:00:29.280 --> 0:00:33.320 he has deep familiarity with global financial systems and currency markets. 0:00:33.680 --> 0:00:36.960 Many of Besson's views are well known, particularly his three 0:00:37.120 --> 0:00:40.920 three three policy cutting the budget deficit to three percent 0:00:40.960 --> 0:00:44.920 of GDP by twenty twenty eight, spurring GDP growth of 0:00:45.000 --> 0:00:49.519 three percent through deregulation and producing an additional three million 0:00:49.560 --> 0:00:52.920 barrels of US crude oil per day. He's also talked 0:00:52.960 --> 0:00:56.680 about a phased end approach to tariffs and extending Trump's 0:00:56.680 --> 0:00:59.840 tax cuts in New York. I'm Doug Prisner, Bloomberg Radio. 0:01:00.080 --> 0:01:02.400 All Right, Doug, thanks with a market reaction to Donald 0:01:02.400 --> 0:01:05.600 Trump's pick of Scott Besson for Treasury secretary has been 0:01:05.600 --> 0:01:06.520 a positive one. 0:01:06.680 --> 0:01:08.560 Stocks and treasuries are rising. 0:01:08.240 --> 0:01:10.880 And currencies around the world are gaining against the dollar. 0:01:11.160 --> 0:01:14.080 As Bloomberg's Kevin Whitelaw reports, investors believe the best in 0:01:14.200 --> 0:01:17.800 choice will inject more stability into the economy and financial markets. 0:01:18.000 --> 0:01:20.039 As a hedge fund manager, he's sort of deep in 0:01:20.120 --> 0:01:22.479 that sort of Wall Street world and has a pretty 0:01:22.520 --> 0:01:25.280 good reputation among his colleagues for someone who understands how 0:01:25.319 --> 0:01:27.280 markets work. And so I do think that there is 0:01:27.400 --> 0:01:30.399 a pretty big sigh of relief from investors to say, 0:01:30.400 --> 0:01:32.200 at least there's going to be, you know, someone in 0:01:32.240 --> 0:01:34.640 the room who can speak for the markets. And the 0:01:34.959 --> 0:01:38.280 pick also suggests that Trump is eager to find ways 0:01:38.319 --> 0:01:40.559 to make sure that the markets approve of what he's doing. 0:01:41.000 --> 0:01:43.960 Bloomberg's Kevin Whitelaw adds that Besson has called for a 0:01:44.000 --> 0:01:48.000 gradual approach to implementing trade restrictions and has appeared open 0:01:48.080 --> 0:01:51.120 to negotiating on the exact size of tariffs. Well. 0:01:51.200 --> 0:01:53.800 Karen Bested himself says he's going to focus on following 0:01:53.840 --> 0:01:56.600 through on Trump's tax cut in tariff pledges once he 0:01:56.680 --> 0:01:59.640 takes office. The hedge fund manager tells the Wall Street Journal, 0:01:59.640 --> 0:02:02.920 putting tariffs in place and reducing spending will also be 0:02:02.960 --> 0:02:03.520 a focus. 0:02:04.240 --> 0:02:07.480 Scott Besson at Treasury was part of a flurry of 0:02:07.560 --> 0:02:10.760 cabinet announcement to end the week. Nathan the president elect 0:02:10.840 --> 0:02:14.720 named Oregon Congressman Laurie Chavez de Riemer as Labor Secretary. 0:02:15.040 --> 0:02:18.160 Former NFL player Scott Turner is his choice to lead 0:02:18.200 --> 0:02:21.760 the deperman of Housing and Urban Development. Marty McCarey is 0:02:21.800 --> 0:02:24.280 getting the nod to leave the Food and Drug Administration. 0:02:24.680 --> 0:02:27.400 Dave Weldon is Trump's pick to direct the Centers for 0:02:27.560 --> 0:02:32.160 Disease Control, and Fox News contributor Jeanette Najawat is in 0:02:32.240 --> 0:02:34.520 line to be the next Surgeon General Well Karen. 0:02:34.560 --> 0:02:36.560 Some of Trump's other cabinet picks could be in line 0:02:36.560 --> 0:02:40.240 for tough scrutiny on Capitol Hill. Republican Senator James Langford 0:02:40.240 --> 0:02:43.520 says he has questions about his Director of National Intelligence, 0:02:43.639 --> 0:02:44.560 Telsey Gabbart. 0:02:44.720 --> 0:02:46.480 She met with Mishiro Sad. We'll want to know what 0:02:46.520 --> 0:02:48.760 the purpose was and what the direction for that was. 0:02:48.919 --> 0:02:50.919 As a member of Congress, will want to get a 0:02:51.000 --> 0:02:52.760 chance to talk about past comments. 0:02:52.400 --> 0:02:54.160 That she's made and get them into full context. 0:02:54.400 --> 0:02:57.520 Senator Langford appeared on CNN's State of the Union. Democratic 0:02:57.600 --> 0:03:01.480 Senator Tammy Duckworth says she's concerned about Defense Secretary Designate 0:03:01.520 --> 0:03:04.600 Pete Hegsett's view that women should not serve in combat 0:03:05.040 --> 0:03:06.480 piece is flat out wrong. 0:03:06.800 --> 0:03:08.840 Our military could not go to war without the women 0:03:09.240 --> 0:03:12.200 who were at this uniform, and frankly, America's daughters are 0:03:12.280 --> 0:03:14.840 just as capable of defending liberty and freedom as her sons. 0:03:14.960 --> 0:03:17.880 Senator Duckworth is a wlmptee from her service in the 0:03:17.880 --> 0:03:20.480 war in Iraq. She appeared on CBS's Face the Nation 0:03:20.680 --> 0:03:22.640 Heard Sundays on Bloomberg. 0:03:22.280 --> 0:03:25.959 Radio Nathan while the incoming Trump administration staffs up that 0:03:26.040 --> 0:03:29.160 Biden administrations trying to clinch a ceasefire in the Middle 0:03:29.200 --> 0:03:31.280 East before it leaves office. 0:03:31.440 --> 0:03:32.920 Now. Israel's ambassador to the. 0:03:33.040 --> 0:03:35.240 US says his country is close to an agreement with 0:03:35.280 --> 0:03:39.840 Hezbola and Lebanon. Michael Herzog told Israel's Army Radio it 0:03:39.880 --> 0:03:42.920 could happen within days. It's unclear whether Hesbelo would accept 0:03:42.960 --> 0:03:45.200 a deal. The AROUND backed militant group fired at least 0:03:45.200 --> 0:03:48.960 two hundred and fifty rockets and drones into Israel yesterday alone. 0:03:49.240 --> 0:03:52.960 White House Middle East Envoy Almos Hogstein was in Lebanon 0:03:53.040 --> 0:03:57.000 and Israel last week on another round of Shuttle diplomacy. 0:03:56.640 --> 0:03:59.520 Turin the markets now, Karen, As we mentioned, stock futures 0:03:59.560 --> 0:04:02.640 are higher, fueled by President Elect Trump's of Scott Bessen 0:04:02.720 --> 0:04:03.880 to the choice there as. 0:04:03.800 --> 0:04:05.720 The next Treasury Secretary. Natti A. 0:04:05.760 --> 0:04:09.560 Levell, senior US equity strategist for Global Wealth Management at UBS, 0:04:09.600 --> 0:04:11.960 says the environment remains positive for stocks. 0:04:12.360 --> 0:04:13.160 You have a. 0:04:13.200 --> 0:04:15.120 Change in of the guard in terms of the government 0:04:15.120 --> 0:04:18.520 with the red sweep. There is some uncertainty around government 0:04:18.560 --> 0:04:20.880 policy and the risks that it could post to markets, 0:04:21.040 --> 0:04:24.040 but fundamentally, the economy still remains quite strong. We have 0:04:24.120 --> 0:04:26.280 in the economy that's grown above trend two and a 0:04:26.320 --> 0:04:30.040 half percent pasting in the current quarter. Consumer that's so strong, 0:04:30.360 --> 0:04:33.760 and a fact that's also now reducing interest rates, and 0:04:33.760 --> 0:04:35.760 now all of that should be supportive to the market. 0:04:36.200 --> 0:04:38.200 UBS is Natty A level expects the S and P 0:04:38.320 --> 0:04:40.840 five hundred to hit sixty six hundred by the end 0:04:40.880 --> 0:04:41.719 of twenty twenty five. 0:04:41.760 --> 0:04:44.160 That's a more than ten percent gain from current levels. 0:04:44.680 --> 0:04:47.080 Well, Nathan wall Street is looking at a holiday shortened 0:04:47.080 --> 0:04:50.400 trading week, with several tech companies and retailers scheduled to report, 0:04:50.440 --> 0:04:52.520 we get a preview with Bloomberg's Charlie Pillard. 0:04:52.960 --> 0:04:55.279 The S and P five hundred index begins the week 0:04:55.320 --> 0:04:58.479 close to a record A strategists release their forecast for 0:04:58.560 --> 0:05:03.279 twenty twenty five and Phil Orlandos, chief equity market strategists 0:05:03.279 --> 0:05:04.960 at Federated Armies. 0:05:04.800 --> 0:05:10.160 Ultimately share prices reflect stronger earnings and we could see 0:05:10.160 --> 0:05:13.640 the S and P five hundred, you know, from six thousand. Now, 0:05:13.720 --> 0:05:18.200 let's call it up into the seventy five hundred neighborhood 0:05:18.440 --> 0:05:20.400 as we look out over the next couple of years. 0:05:20.480 --> 0:05:24.400 This week's tech earnings reports include crowd Strike, HPNC, and 0:05:24.480 --> 0:05:29.239 Dell Technologies. Among retailers, best Buy and Macy's will provide 0:05:29.279 --> 0:05:33.080 further insight into the health of US consumers in New 0:05:33.160 --> 0:05:35.719 York Charlie Pellett Bloomberg Radio, Thank. 0:05:35.600 --> 0:05:36.039 You, Charlie. 0:05:36.080 --> 0:05:38.400 And in Europe, UniCredit has made a ten point six 0:05:38.440 --> 0:05:42.320 billion dollar all share bid for domestic rival Bunco BPM. 0:05:42.520 --> 0:05:46.720 The acquisition would make UniCredit Italy's largest lender by total assets. 0:05:47.000 --> 0:05:49.719 The offer comes during the lull in Unicredits efforts to 0:05:49.720 --> 0:05:53.440 by its German rival, Commerce Bank, which faces stiff opposition 0:05:53.600 --> 0:05:55.000 from the government In Berlin. 0:05:58.680 --> 0:06:00.200 It is time now for a look at so many 0:06:00.200 --> 0:06:02.640 of their stories making news in New York and around 0:06:02.640 --> 0:06:05.279 the world, and for that we're joined by Bloomberg's John Tucker. 0:06:05.360 --> 0:06:06.599 John, Good morning, Yeah, Good. 0:06:06.440 --> 0:06:09.640 Morning, Karen. The International Climate Summit has ended. After a 0:06:09.680 --> 0:06:13.200 bitter fight, there is a deal on climate finance. I's 0:06:13.240 --> 0:06:16.760 goid more this morning. In this report from Bloomberg's Genis Cervetti. 0:06:16.680 --> 0:06:19.479 Nearly two hundred countries agreed to triple the amount of 0:06:19.520 --> 0:06:23.840 money available to help developing countries confront rapidly warming temperatures. 0:06:23.960 --> 0:06:25.839 But the deal reached at the close of the two 0:06:25.839 --> 0:06:29.839 week COP twenty nine summit in Azerbaijan, resulted from fractious 0:06:29.920 --> 0:06:33.760 and at times openly hostile negotiations, producing an agreement that 0:06:33.880 --> 0:06:37.840 even its supporters may see as insufficient and disappointing. Rich 0:06:37.880 --> 0:06:40.599 countries have pledged to provide at least three hundred billion 0:06:40.680 --> 0:06:44.359 annually by twenty thirty five through a wide variety of sources, 0:06:44.440 --> 0:06:48.560 including public finance as well as bilateral and multilateral deals. 0:06:48.960 --> 0:06:50.960 Genus Cervetti Bloomberg Radio. 0:06:51.360 --> 0:06:54.360 Hearing is said today for the Menendez brothers as they 0:06:54.400 --> 0:06:56.880 try to convince a court to let them go free 0:06:57.040 --> 0:07:00.359 thirty five years after they've murdered their parents, going in 0:07:00.360 --> 0:07:02.000 front of a judge for the first time in their 0:07:02.120 --> 0:07:04.800 new attempt to go free. The Menandez brothers are expected 0:07:04.839 --> 0:07:08.520 to attend today's hearing, but remotely from prison. The brothers 0:07:08.560 --> 0:07:11.440 claimed they should go free because they've been model prisoners, 0:07:11.520 --> 0:07:14.080 and in a separate argument, they claimed there's new evidence 0:07:14.400 --> 0:07:17.960 that their convictions should be vacated. A little known pro 0:07:18.040 --> 0:07:20.480 Russian candidate was sent to win the first round of 0:07:20.600 --> 0:07:27.080 Romania's presidential election after an unprecedented backlash against establishment candidates. 0:07:27.560 --> 0:07:31.160 Caylin Georgescu, who ran as an independent and promoted himself 0:07:31.160 --> 0:07:34.640 on TikTok, secured twenty three percent of the vote. The 0:07:34.680 --> 0:07:37.840 result amounts to a sharp repudiation of established parties in 0:07:37.880 --> 0:07:41.960 the Eastern European Union and NATO member state. The United 0:07:42.040 --> 0:07:44.880 Nations says the deadliest place for women is at home, 0:07:45.360 --> 0:07:47.640 and one hundred and forty women and girls on average 0:07:47.640 --> 0:07:50.760 were killed by an intimate partner or family member per 0:07:50.880 --> 0:07:54.240 day last year. The report released today on the International 0:07:54.320 --> 0:07:57.240 Day for the Elimination of Violence against Women. So the 0:07:57.320 --> 0:08:01.400 increase was largely the result of more data available. If 0:08:01.400 --> 0:08:03.200 the game show Giant has died. 0:08:03.880 --> 0:08:06.680 Good morning, Toddy, all Welcome to Wheel of Fortson. 0:08:06.920 --> 0:08:10.440 Chuck Wilry was eighty three. His decades long career included 0:08:10.440 --> 0:08:14.160 hosting Love Connections, Scrabble, even taking his spinet Wheel of 0:08:14.200 --> 0:08:17.640 Fortune in nineteen seventy, five years before Pat and Vanna. 0:08:18.160 --> 0:08:21.440 Later in life, he hosted a right wing podcast, Global 0:08:21.480 --> 0:08:23.280 News twenty four hours a day and Whatever you wanted 0:08:23.320 --> 0:08:26.320 with Bloomberg News. Now, I'm John Tucker, and this is Bloomberg. 0:08:26.400 --> 0:08:26.679 Karen. 0:08:26.960 --> 0:08:28.400 All right, John Tucker, thank you. 0:08:33.280 --> 0:08:35.360 Time now for the Bloomberg Sports Update, brought to you 0:08:35.400 --> 0:08:36.559 by Tri State Outy. 0:08:36.640 --> 0:08:37.840 Here's John stash Hour. 0:08:37.960 --> 0:08:40.200 John, Good morning, Good morning Karen. For the Giants, things 0:08:40.240 --> 0:08:43.760 have gone from bad to worse. Welcomed into MetLife Tampa Bay, 0:08:43.760 --> 0:08:46.920 who had lost its last four. By halftime, the Bucks 0:08:47.000 --> 0:08:49.640 led twenty three to nothing, had two hundred and forty 0:08:49.679 --> 0:08:52.480 five more yards of offense. The final was thirty to seven. 0:08:52.840 --> 0:08:55.800 The quarterbacks switched to Tommy DeVito. Hardly matter, not with 0:08:55.840 --> 0:08:58.440 the way the Giants defense played. Giants are two and nine. 0:08:58.840 --> 0:09:00.200 They've lost six in a ro o, their h one 0:09:00.280 --> 0:09:02.680 sixth at home. He coaches Brian day Ball. 0:09:03.720 --> 0:09:07.840 You know get down twenty three and nothing, no changes 0:09:07.880 --> 0:09:09.720 a complexion of the game. Some had a good drive 0:09:09.800 --> 0:09:14.240 coming out of half turned the football over, So just 0:09:14.240 --> 0:09:16.120 just not good enough and that all starts with me. 0:09:16.400 --> 0:09:18.360 The way things are going, Honor, John Marray is gonna 0:09:18.360 --> 0:09:20.520 have to at least consider firing day Ball, who two 0:09:20.600 --> 0:09:23.080 years ago as Coach of the Year. Mara famously said 0:09:23.080 --> 0:09:26.240 that if Saquon Barkley leaves the Giants and signs with Philadelphia, 0:09:26.600 --> 0:09:28.960 he'll have a hard time sleeping. How'd his sleep go 0:09:29.080 --> 0:09:31.880 last night? After the Giants tobacco, Barkley rushed for two 0:09:32.040 --> 0:09:34.960 hundred and fifty five yards. The Eagles won their seventh 0:09:35.000 --> 0:09:37.280 in a row, thirty seven to twenty all over the 0:09:37.320 --> 0:09:40.600 Rams and Washington Wild fourth quarter with Dallas Commanders had 0:09:40.600 --> 0:09:43.480 an eighty six yard touchdown with twenty one seconds left, 0:09:43.520 --> 0:09:45.160 just needed the extra. 0:09:44.840 --> 0:09:46.080 Point for overtime. 0:09:46.840 --> 0:09:54.120 Cyberc's got to have butterflies here for the tie blow snap. 0:09:54.679 --> 0:10:02.160 It is good for the last sessial teams history. Dous 0:10:02.200 --> 0:10:03.160 A thirteen. 0:10:02.920 --> 0:10:04.520 Furnish FOP Sports. 0:10:04.520 --> 0:10:07.480 They missed three kicks and had two kickoffs returned for 0:10:07.520 --> 0:10:09.880 a touchdown, Alice doing it after an on side kick 0:10:09.880 --> 0:10:12.960 at Tampa Cowboys one thirty four to twenty six to 0:10:13.040 --> 0:10:15.120 end of five game losing three. Then that's one. In 0:10:15.120 --> 0:10:18.320 Sacramento one o eight to one oh three. Geno Thitko, 0:10:18.400 --> 0:10:20.880 the twenty one year old from Thailand, rallied late to 0:10:20.960 --> 0:10:23.680 win the women's golf in Naples, Florida. She won the 0:10:23.840 --> 0:10:27.640 historically large first place prize of four million dollars. John 0:10:27.640 --> 0:10:29.280 Stashie were Bloomberg Sports County. 0:10:29.360 --> 0:10:36.000 Nathan Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:10:36.120 --> 0:10:39.000 and around the world on Bloomberg dot Com and the 0:10:39.040 --> 0:10:40.319 Bloomberg Business app. 0:10:40.520 --> 0:10:44.599 This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Investors 0:10:44.600 --> 0:10:47.240 appear to be cheering President of like Donald Trump's choice 0:10:47.280 --> 0:10:50.920 of Scott Bessant to lead the Treasury Department. Patrick Armstrong, 0:10:51.000 --> 0:10:53.839 Chief Investment Officer Plorimiwald, says Trump could have gone in 0:10:53.880 --> 0:10:54.960 a much different direction. 0:10:55.240 --> 0:10:58.200 It could have been somebody who was very pro tariffs, 0:10:58.679 --> 0:11:02.720 very much cutting town, but no offsetting fiscal discipline. And 0:11:02.720 --> 0:11:04.920 those are the worries that Wall Street had. 0:11:05.080 --> 0:11:08.439 Patrick Armstrong of Plury Me Wealth spoke on Bloomberg Television 0:11:08.480 --> 0:11:11.280 this morning and joining us now is Bloomberg News Senior 0:11:11.400 --> 0:11:15.240 editor Bill Ferries. So, Bill is Scott Bessant, the Key 0:11:15.280 --> 0:11:18.640 Square Group founder, seen as the market safe choice compared 0:11:18.679 --> 0:11:20.440 to what President Electrump could have done. 0:11:20.520 --> 0:11:23.080 Good morning, Hey, good morning, Nathan. 0:11:23.200 --> 0:11:23.880 Yeah. I think so. 0:11:24.000 --> 0:11:26.280 I mean, when you look at the whole panopoly of 0:11:27.160 --> 0:11:30.640 people that President elect Trump has chosen for his cabinet, 0:11:30.640 --> 0:11:34.640 there are some that have much more unconventional backgrounds. Scott 0:11:34.679 --> 0:11:37.560 Bessant is not one of those. You know, he was 0:11:37.640 --> 0:11:42.120 a chief investment officer for the George Soros, one of 0:11:42.160 --> 0:11:45.240 George Soros's funds. He's been running the macro hedge fund 0:11:45.320 --> 0:11:46.160 Key Square Group. 0:11:46.440 --> 0:11:46.720 Listen. 0:11:46.760 --> 0:11:51.400 He's someone who has both feet firmly planted in Wall Street. 0:11:51.480 --> 0:11:55.520 He's a known quantity on the street. He has international connections, 0:11:55.720 --> 0:12:00.240 and he was also a big supporter of President Electrum 0:12:00.440 --> 0:12:04.120 throughout the campaign and so speaks to those issues that 0:12:04.720 --> 0:12:06.240 Trump has said he cares about. 0:12:06.720 --> 0:12:08.920 But he's not an unknown quantity. 0:12:08.960 --> 0:12:11.360 And I think there was some concerns, is this process 0:12:11.440 --> 0:12:14.000 dragged out over the last two weeks, that. 0:12:14.400 --> 0:12:16.720 There might be a wild card thrown into the mix. 0:12:16.800 --> 0:12:19.720 In the end, Trump came back to I think what 0:12:19.920 --> 0:12:23.360 was his first instinct the guy who's been helping him 0:12:23.480 --> 0:12:26.240 with his economic agenda all along during this campaign. 0:12:26.760 --> 0:12:29.840 So what can we expect from Scott Bessett when it 0:12:29.880 --> 0:12:33.640 comes to implementing the economic agenda that President Elect Trump 0:12:33.720 --> 0:12:37.000 had talked about so much on Capitol Hill, particularly when 0:12:37.000 --> 0:12:38.280 it comes to tariffs. 0:12:39.679 --> 0:12:41.720 Well, so he is, you know, he's been a supporter 0:12:41.960 --> 0:12:44.679 of tariffs, but you know the way. I think it's 0:12:44.720 --> 0:12:47.800 the way he's talked about them that has eased some 0:12:47.880 --> 0:12:50.600 of the concern and markets. You know, he talked about 0:12:50.960 --> 0:12:56.000 he's talked about the sixty percent tariffs on China as 0:12:56.040 --> 0:12:59.680 being kind of a maximalist position. So when you describe, 0:12:59.760 --> 0:13:02.000 when you describe it that way, people start to see 0:13:02.000 --> 0:13:03.880 a little bit more room for negotiation. 0:13:04.320 --> 0:13:05.079 I think there's this. 0:13:05.120 --> 0:13:09.280 Feeling that tariffs will be a tool for leverage over 0:13:09.400 --> 0:13:14.160 other countries, whether they're allies or rivals like China, but 0:13:14.160 --> 0:13:16.679 that there, you know, there is potentially room. 0:13:16.559 --> 0:13:17.560 To make a deal here. 0:13:18.080 --> 0:13:22.599 And that's so I think the market reaction. We've seen currencies, 0:13:22.600 --> 0:13:25.520 a lot of currencies around the world gaining against the 0:13:25.559 --> 0:13:27.800 dollar today. I think all of that is a reflection 0:13:28.000 --> 0:13:30.720 that this is someone you can do business with. 0:13:31.080 --> 0:13:34.280 Is this a reflection as well, Bill about potential limits 0:13:34.320 --> 0:13:38.000 to Elon Musk's influence over President elect Trump. I mean, 0:13:38.040 --> 0:13:41.839 he very publicly went for Howard Lutnick for this role. 0:13:41.920 --> 0:13:45.080 Of course, Lutnick will ended up going to the Commerce Department. 0:13:46.360 --> 0:13:50.280 Yeah, I mean I think, listen, Donald Trump, in the 0:13:50.400 --> 0:13:57.280 end takes Donald Trump's advice more than anyone else's. I think, yeah, 0:13:56.080 --> 0:14:00.280 there was a push not just by Elon muss but 0:14:00.400 --> 0:14:03.520 some by some other Trump supporters to go with Lutnick. 0:14:03.600 --> 0:14:07.079 He was kind of a late arrival, uh to the 0:14:07.559 --> 0:14:11.640 the Treasury debate, and that kind of sparked this this 0:14:11.880 --> 0:14:14.800 more almost two week delay really in uh in Trump 0:14:14.920 --> 0:14:17.880 arriving at a candidate. But yeah, and I think, listen, 0:14:17.920 --> 0:14:20.920 I think it also speaks to the importance of the 0:14:20.960 --> 0:14:23.640 Treasury pick to a person like Donald Trump. I mean, 0:14:24.080 --> 0:14:26.560 he's a New Yorker, He's been around Wall Street his 0:14:26.600 --> 0:14:29.280 whole life. He did not want to make a choice 0:14:29.640 --> 0:14:33.960 that resulted in a bad day for the markets. So 0:14:34.000 --> 0:14:35.720 I think, you know, he was hearing from a lot 0:14:35.720 --> 0:14:37.680 of people who said, you know, this guy has a 0:14:37.720 --> 0:14:41.080 lot of credibility with us, and will uh you know, 0:14:41.480 --> 0:14:44.760 I think that's that's the reaction the President elect has 0:14:44.760 --> 0:14:47.360 seen today. But yes, I do think it you know, 0:14:47.440 --> 0:14:50.160 in the end, it shows that Donald Trump really does 0:14:50.240 --> 0:14:53.840 make his own decisions, particularly on these these appointments that 0:14:53.880 --> 0:14:54.920 are so important to him. 0:14:55.320 --> 0:14:57.800 So in our last minute bill, how can we expect 0:14:57.960 --> 0:15:04.120 Scott Besson to lead TREY differently than Trump's first Treasury 0:15:04.160 --> 0:15:07.680 Secretary Steve mnushin dead Well. 0:15:07.480 --> 0:15:09.960 I think you know, you're going to see perhaps a 0:15:10.000 --> 0:15:14.960 little less pushback by Scott Bessent than than you saw 0:15:15.080 --> 0:15:18.720 by Steve Mnuchin. I think, you know, Besson is a 0:15:18.760 --> 0:15:22.720 little more in tune with some of Trump's views. I 0:15:22.720 --> 0:15:26.200 mean we talked about we talked about tariffs. Bessett has 0:15:26.240 --> 0:15:31.080 proposed that there potentially be some kind of a shadow 0:15:31.200 --> 0:15:34.880 fed chief and that would be, you know, basically someone 0:15:34.960 --> 0:15:37.400 lurking behind Jay Powell for the rest of his I 0:15:37.440 --> 0:15:38.880 think a year and a half. 0:15:39.240 --> 0:15:40.080 Term in office. 0:15:40.840 --> 0:15:43.800 And remember Steve Manuchin was a big backer of Powell 0:15:43.920 --> 0:15:46.240 during Trump's first term and that's something that I think 0:15:46.480 --> 0:15:49.280 President Elect Trump came to regret eventually. 0:15:49.360 --> 0:15:51.200 So I think we'll see. 0:15:51.320 --> 0:15:54.240 I think we'll see bestt trying to find someone for 0:15:54.320 --> 0:15:57.200 that post who was perhaps more in line with President 0:15:57.200 --> 0:15:58.040 elect Trump's use. 0:15:58.360 --> 0:16:01.280 This is Bloomberg day Break, your morning podcast on the 0:16:01.360 --> 0:16:04.880 stories making news from Wall Street to Washington and beyond. 0:16:05.120 --> 0:16:07.520 Look for us on your podcast feed by six am 0:16:07.560 --> 0:16:10.960 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:11.160 --> 0:16:14.000 You can also listen live each morning starting at five 0:16:14.040 --> 0:16:16.760 am Wall Street Time on Bloomberg eleven three to zero 0:16:16.760 --> 0:16:19.680 in New York, Bloomberg in ninety nine to one in Washington, 0:16:19.760 --> 0:16:23.680 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:23.880 --> 0:16:25.440 XM Channel one twenty one. 0:16:25.840 --> 0:16:28.560 Plus listen coast to coast on the Bloomberg Business app 0:16:28.600 --> 0:16:31.400 now with Apple CarPlay and Android auto interfaces. 0:16:31.640 --> 0:16:34.680 And don't forget to subscribe to Bloomberg News Now. It's 0:16:34.680 --> 0:16:37.440 the latest news whenever you want it in five minutes 0:16:37.520 --> 0:16:40.640 or less. Search Bloomberg News Now and your favorite podcast 0:16:40.680 --> 0:16:42.840 platform to stay informed all day long. 0:16:43.200 --> 0:16:44.840 I'm Karen Moscow. 0:16:44.640 --> 0:16:45.600 And I'm Nathan Hager. 0:16:45.760 --> 0:16:47.800 Join us again tomorrow morning for all the news you 0:16:47.840 --> 0:16:50.600 need to start your day right here on Bloomberg Daybreak.