Treasury Secretary Uncertainty; Xi's Warning to Biden

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:09.720 --> 0:00:12.840 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:12.920 --> 0:00:14.640 are the stories we're following today. 0:00:15.080 --> 0:00:17.320 Karen, we begin with the ongoing search for the next 0:00:17.320 --> 0:00:20.599 Treasury secretary. The debate over who President elect Donald Trump 0:00:20.600 --> 0:00:25.040 will select as his chief economic policymaker spiraled into uncertainty 0:00:25.200 --> 0:00:28.479 over the weekend. Sources say Elon Musk spoke to potential 0:00:28.520 --> 0:00:32.760 pick Scott Bessent after already publicly endorsing another candidate, Howard Ludnik. 0:00:33.000 --> 0:00:35.680 Bescent declined to comment on the reports. Musk did not 0:00:35.800 --> 0:00:38.720 immediately respond, but he did post on X over the 0:00:38.720 --> 0:00:41.879 weekend that his view is Besent is a business as 0:00:42.000 --> 0:00:46.240 usual choice, while Ludnick would actually enact change. Bloomberg's Pretty 0:00:46.240 --> 0:00:48.960 Goodta says the Trump transition team is not any closer 0:00:49.000 --> 0:00:52.320 to making a selection, is now considering alternatives. 0:00:52.800 --> 0:00:55.280 Did feel like Scotpissett was going to be the no 0:00:55.440 --> 0:00:58.760 brainer choice, and now it feels like that has been unseated. 0:00:58.960 --> 0:01:01.520 But Howard ludle like coming back to the same issue, 0:01:01.640 --> 0:01:03.400 the question of tariffs and how tough you can go. 0:01:03.440 --> 0:01:05.920 Of course, it's not the only players in the kind 0:01:05.920 --> 0:01:07.200 of race to be the. 0:01:07.160 --> 0:01:08.800 Next Treasury Secretary. 0:01:08.880 --> 0:01:12.720 It's Roberty Lighthei as the former US Trade Representative, Bill Haggerty, 0:01:12.760 --> 0:01:15.280 a Senator out of Tennessee, and even Mark Rowan, the 0:01:15.319 --> 0:01:16.000 CEO of A. 0:01:16.120 --> 0:01:20.520 Paul Bloomberg's Gritty Goodta says. Among other duties, the Treasury 0:01:20.560 --> 0:01:24.280 Secretary oversees the twenty eight trillion dollar treasuries market and 0:01:24.520 --> 0:01:26.720 economic sanctions and Nathan. 0:01:26.840 --> 0:01:29.920 President elect Trump continues to fill out his incoming cabinet 0:01:29.920 --> 0:01:33.360 at a rapid pace, making nominations for a couple key posts. 0:01:33.400 --> 0:01:36.560 This weekend, Trump chose Brendan Carr as the new chair 0:01:36.600 --> 0:01:38.400 of the Federal Communications Commission. 0:01:38.720 --> 0:01:40.720 Cars served at the FCC. 0:01:40.560 --> 0:01:42.920 Since twenty twelve and has been a strong advocate for 0:01:42.959 --> 0:01:46.880 free speech, limited regulation, and reigning in big tech. Trump 0:01:46.959 --> 0:01:49.960 also picked Chris Wright, who runs a Colorado based fracking 0:01:50.040 --> 0:01:53.960 services company, to leave the US Energy Department. Additionally, Trump 0:01:53.960 --> 0:01:56.920 announced that his attorney, William Owen Sharp, would be his 0:01:57.160 --> 0:02:00.840 staff secretary, and he backed Republican and National Committee CoA 0:02:00.880 --> 0:02:03.120 chair Michael Wantley for another term. 0:02:03.440 --> 0:02:06.520 Turned out of South America, Karen World gathering there for 0:02:06.560 --> 0:02:10.160 the Group of twenty summit. Bloomberg's David Gura is in 0:02:10.200 --> 0:02:12.079 Brazil with a preview. 0:02:12.080 --> 0:02:16.000 On the formal agenda are conversations about sustainability and climate change, 0:02:16.040 --> 0:02:18.519 and the future of development financing. There'll be some hard 0:02:18.560 --> 0:02:21.639 conversations among world leaders about the future of major conflicts 0:02:21.680 --> 0:02:24.280 in the Middle East and Ukraine. This meeting comes on 0:02:24.320 --> 0:02:26.720 the heels of another smaller gathering of heads of state 0:02:26.760 --> 0:02:30.040 in Peru. It hosted the Apex Summit, and while President 0:02:30.040 --> 0:02:32.720 Biden was there, he sat down with his Chinese counterpart 0:02:32.800 --> 0:02:36.360 Cheshin Ping. Biden took credit for improving the relationship between 0:02:36.400 --> 0:02:39.560 the US and China after four frosty years when Donald 0:02:39.600 --> 0:02:41.760 Trump was the president. Of course, Trump has been re 0:02:41.840 --> 0:02:45.720 elected and Biden's term is almost over, and that is 0:02:45.800 --> 0:02:48.960 looming large as the G twenty Leader Summit gets under way. 0:02:49.240 --> 0:02:51.640 David Gura, Bloomberg Radio, Rio de Janeiro. 0:02:52.040 --> 0:02:54.600 All right, David, thanks, And as David just mentioned in 0:02:54.639 --> 0:02:58.120 that meeting between President Biden and Sheshin Ping and Lima Peru, 0:02:58.440 --> 0:03:01.079 China's leader Tom Biden, the country is ready to work 0:03:01.120 --> 0:03:03.600 with Donald Trump to boost relations, but it comes to 0:03:03.680 --> 0:03:07.240 the warning. Bloomberg's executive editor for Greater China, John Lewis, 0:03:07.240 --> 0:03:10.760 says she outlined four red lines in China's relationship with 0:03:10.800 --> 0:03:13.120 the US that are targeted at Trump. 0:03:13.800 --> 0:03:17.360 One that the US should not seek to contest the 0:03:17.400 --> 0:03:20.200 Communist Party's grip on power in China. That the United 0:03:20.240 --> 0:03:23.080 States should not try to push China to become a democracy. 0:03:23.440 --> 0:03:26.160 That the United States should not try to contain China's 0:03:26.200 --> 0:03:29.920 economic rise. And lastly, and probably most importantly, that the 0:03:30.040 --> 0:03:33.200 United States should not support Taiwan's independence. And so it 0:03:33.240 --> 0:03:37.000 did seem President she ahead of a new Trump administration 0:03:37.160 --> 0:03:42.080 trying to put some guardrails bumpers around where this relationship 0:03:42.120 --> 0:03:43.240 could go Bloomberg. 0:03:43.280 --> 0:03:47.080 John Lewis President Delight Trump has tapped several hardliners on 0:03:47.200 --> 0:03:50.680 China to lead his foreign policy team, having campaigned on 0:03:50.760 --> 0:03:53.400 hitting Beijing with tariffs of sixty percent. 0:03:53.680 --> 0:03:56.400 In Europe, Karen President Biden is giving Ukraine the green 0:03:56.480 --> 0:03:59.800 light to use Western made missiles for long range strikes 0:03:59.840 --> 0:04:03.400 on on Russian territory. This major shift in policy is 0:04:03.440 --> 0:04:06.240 thought to be motivated by North Korean troops appearing on 0:04:06.280 --> 0:04:10.600 the battlefield alongside Russian forces. Speaking through an interpreter, Ukraine's 0:04:10.600 --> 0:04:13.760 President Vladimir Lensky said any strikes on Russia would not 0:04:13.840 --> 0:04:16.160 be telegraphed in advance Blanc. 0:04:15.880 --> 0:04:18.040 Postula and Ukraine. It's a plank permot. 0:04:18.360 --> 0:04:21.039 Today. There's a lot of talk in the media about 0:04:21.120 --> 0:04:25.440 US receiving permission for respective actions, but strikes are not 0:04:25.520 --> 0:04:29.760 carried out with words. Such things are not announced. Missiles 0:04:29.800 --> 0:04:30.960 will speak for themselves. 0:04:31.320 --> 0:04:35.240 Ukrainian President Vladimir Lensky spoke after another massive Russian aerial 0:04:35.279 --> 0:04:37.680 attack on Ukraine's energy infrastructure. 0:04:38.080 --> 0:04:41.080 Well, Nathan leuchshift now to the economy and markets. Traders 0:04:41.080 --> 0:04:43.400 will watch a couple of key earnings reports this week, 0:04:43.480 --> 0:04:46.720 first Tomorrow, where investors will get a gauge on consumer 0:04:46.800 --> 0:04:50.599 health when Walmart reports, and the possible big market moving 0:04:50.640 --> 0:04:53.960 event will come on Wednesday when chip giant Invidia releases 0:04:54.000 --> 0:04:57.080 its latest earnings. Ahead of those key earnings, the information 0:04:57.200 --> 0:04:59.800 is reporting in Vidia has asked suppliers to change his 0:05:00.000 --> 0:05:03.600 sign for server racks in recent months for its new 0:05:03.640 --> 0:05:08.279 Blackwell graphics processing unit due to an overheating problem. It's 0:05:08.400 --> 0:05:11.200 leading to worries about delays. The company already hit engineer 0:05:11.279 --> 0:05:15.080 snags in the development of its Blackwell chip lineup, slowing 0:05:15.120 --> 0:05:16.880 the release by at least a quarter. 0:05:17.080 --> 0:05:17.240 Well. 0:05:17.240 --> 0:05:20.520 Meanwhile, Karen wall Street's strategists remain focused on how high 0:05:20.600 --> 0:05:24.880 equities will go in a second Trump term. Notable Wall 0:05:24.920 --> 0:05:28.000 Street bear Mike Wilson of Morgan Stanley wrote in a 0:05:28.040 --> 0:05:30.240 recent note that his team now thinks the S and 0:05:30.240 --> 0:05:32.440 P five hundred will end the year of twenty twenty 0:05:32.440 --> 0:05:35.920 five at sixty five hundred points. That's up eleven percent 0:05:36.000 --> 0:05:40.320 from Friday's close. Bloomberg's Mark Cutmore says market uncertainty is 0:05:40.320 --> 0:05:41.520 what's on traders' minds. 0:05:41.920 --> 0:05:44.479 Market's the moment. The only thing they care about is 0:05:44.520 --> 0:05:48.400 everything Trump. That may slowly fade over time. But if 0:05:48.480 --> 0:05:51.279 everything between who Trump's picks are, what that means for 0:05:51.400 --> 0:05:54.239 likely policy, and then of course there's the secondary step 0:05:54.240 --> 0:05:57.279 of actually analyzing how that policy will interact with each. 0:05:57.120 --> 0:05:58.239 Other with markets. 0:05:58.320 --> 0:06:01.160 Bloomberg's Mark Cutmore says traders are still trying to determine 0:06:01.160 --> 0:06:04.000 how much tariffs will impact the economy and markets in 0:06:04.040 --> 0:06:05.200 a second Trump term. 0:06:05.600 --> 0:06:08.000 However, nath In the path for an extended rally could 0:06:08.040 --> 0:06:10.799 be quelled by Fed policy and slower than expected interest 0:06:10.880 --> 0:06:13.640 rate cuts as the Central Bank moves toward its neutral rate. 0:06:13.960 --> 0:06:16.880 Chicago Fed President Austin Goulesby spoke to Bloomberg about what 0:06:16.920 --> 0:06:19.080 he sees as the current path for interest rates. 0:06:19.560 --> 0:06:23.000 I think we're going to be looking at rates coming 0:06:23.040 --> 0:06:26.800 down over the next year along the lines of what 0:06:26.880 --> 0:06:27.960 the dot plot said. 0:06:28.279 --> 0:06:29.520 So I still think we. 0:06:29.520 --> 0:06:32.040 Have a long way to go down with rates. There's 0:06:32.040 --> 0:06:34.680 some dispute about what is the neutral rate at which 0:06:34.680 --> 0:06:35.760 we're going to settle down. 0:06:36.279 --> 0:06:38.000 If there's disagreement. 0:06:37.400 --> 0:06:40.600 About that, that we don't just charge right to it, 0:06:40.760 --> 0:06:43.680 that we slow the pace as we get toward it. 0:06:44.680 --> 0:06:47.800 Chicago Fed President Austin goules Bey added that interest rates 0:06:47.839 --> 0:06:50.840 remain restrictive, so there's still room to cut borrowing costs 0:06:50.880 --> 0:06:53.440 to a more neutral level. Here the full conversation on 0:06:53.440 --> 0:06:56.600 the Bloomberg Talks podcast feed on Apples, Spotify or anywhere 0:06:56.640 --> 0:06:58.479 you get your podcasts. 0:06:58.160 --> 0:07:02.400 And Karen's strategistic Goldman's baks for telling investors go for gold. 0:07:02.520 --> 0:07:05.839 Analysts of the banks say they expect bullion to rally 0:07:05.880 --> 0:07:08.160 to a record three thousand dollars an ounce in about 0:07:08.160 --> 0:07:10.800 a year from now, due to Central bank buying and 0:07:11.200 --> 0:07:14.160 Federal reserve interest rate cuts. They also cite increased trade 0:07:14.160 --> 0:07:17.960 tensions and potential tariffs as reasons for gold to rise. 0:07:17.960 --> 0:07:20.840 Spot Gold was lasted about twenty five to eighty four 0:07:20.880 --> 0:07:23.960 announce at peaked just below twenty eight hundred last month. 0:07:24.440 --> 0:07:27.560 Turning to the tri state now Nathan, The crowded race 0:07:27.600 --> 0:07:31.000 for New Jersey's governor is heating up, with US Rep. 0:07:31.200 --> 0:07:35.360 Josh Gothheimer announcing his run. He joins four other Democrats 0:07:35.440 --> 0:07:39.520 jockeying to succeed term limited Governor Phil Murphy next November. 0:07:39.720 --> 0:07:42.280 North Jersey dot com or porus. At at least four other 0:07:42.320 --> 0:07:43.800 Republicans plan to run. 0:07:44.000 --> 0:07:46.320 Thank Karen, we have this breaking headline crossing the Bloomberg 0:07:46.400 --> 0:07:50.480 terminal on the airline industry. Spirit Airlines has filed for 0:07:50.520 --> 0:07:53.720 bankruptcy protection in the wake of greater competition from rival 0:07:53.720 --> 0:07:57.520 carriers and financial troubles following its scuttled merger with Jet Blue. 0:07:57.960 --> 0:08:00.720 Spirit filed for Chapter eleven in New York Work, according 0:08:00.720 --> 0:08:01.600 to a court document. 0:08:05.680 --> 0:08:07.120 Any time now for a look at some many o 0:08:07.120 --> 0:08:09.440 their stories making news in New York and around the world. 0:08:09.440 --> 0:08:11.520 For that, we're joined by Bloomberg's John Tucker. 0:08:11.640 --> 0:08:14.760 John Good Morning, Good morning, Karen. New York City's congestion 0:08:14.880 --> 0:08:18.960 pricing op for a vote by the Metropolitan Transportation Authority today. 0:08:19.320 --> 0:08:21.880 Supporters say The program will help alleviate some of the 0:08:21.920 --> 0:08:25.920 gridlock on Manhattan streets and generate desperately needed funding for 0:08:26.040 --> 0:08:29.560 mass transit. However, opponents are out in forests, including New 0:08:29.680 --> 0:08:31.440 York State Assembleman David Wepron. 0:08:31.760 --> 0:08:36.040 The financial burdens associated with congestion pricing will shut down 0:08:36.080 --> 0:08:39.880 businesses across New York City, will force them to pass 0:08:40.000 --> 0:08:42.400 on the added cost to consumers. 0:08:42.760 --> 0:08:45.680 Governor Kathy Hokel trying to push it through before President 0:08:45.800 --> 0:08:48.400 like Trump takes office. Trump is found to kill it. 0:08:48.480 --> 0:08:51.400 The initiative is the first of its kind in the US. 0:08:52.040 --> 0:08:55.200 As President Biden gathers with world leaders for his final 0:08:55.240 --> 0:08:59.480 G twenty summit in Brazil, he's considering fossil fuel finance 0:08:59.600 --> 0:09:03.800 curbs that could outlast the Trump administration. Let's get more 0:09:03.840 --> 0:09:06.040 in this report from Bloomberg's Denise Pellegrini. 0:09:06.440 --> 0:09:09.760 The Biden administration is weighing a last ditch push for 0:09:09.800 --> 0:09:13.840 an international agreement that would restrict financial support for foreign 0:09:13.840 --> 0:09:17.439 oil and gas projects. Just as critical talks start in Paris, 0:09:17.640 --> 0:09:20.720 it sleeps a little time before today's negotiations among members 0:09:20.720 --> 0:09:24.720 of the Organization for Economic Cooperation and Development. At issue 0:09:24.760 --> 0:09:27.600 is a proposal to expand an existing three year old 0:09:27.640 --> 0:09:31.880 man on Export Credit Agency support for autobated coal fire 0:09:32.000 --> 0:09:36.360 power plants. Under the proposal, export Credit Agency financing would 0:09:36.360 --> 0:09:40.120 be off limits for most oil and gas projects. Denise Pellegrity, 0:09:40.120 --> 0:09:40.920 Bloomberg Radio. 0:09:41.240 --> 0:09:44.480 National average gasoline prices are set to fall below three 0:09:44.559 --> 0:09:47.480 dollars a galon just in time for Thanksgiving. That's when 0:09:47.520 --> 0:09:50.960 holiday travel is expected to climb back to pre pandemic levels. 0:09:51.320 --> 0:09:54.600 The national average retail fuel price already has fallen to 0:09:54.679 --> 0:09:57.800 the lowess since January, floating just a few cents above 0:09:58.000 --> 0:10:03.120 it's twenty twenty one level, and prosecutors say our Chagos 0:10:03.200 --> 0:10:06.760 Capital Management founder Bill Wong should serve twenty one years 0:10:06.760 --> 0:10:10.400 behind bars for fraud and market manipulation that led to 0:10:10.440 --> 0:10:14.560 his firm's massive twenty twenty one collapse. Scheduled be sentenced 0:10:14.600 --> 0:10:17.559 this week. Wang was found guilty in July of misleading 0:10:17.559 --> 0:10:20.080 Wall Street banks into helping him inflate the value of 0:10:20.200 --> 0:10:25.559 Archigos's highly concentrated portfolio and authorities in India's capital, she 0:10:25.640 --> 0:10:29.400 had schools, halted construction and banned non essential trucks from 0:10:29.559 --> 0:10:32.520 entering the city. Today, every air pollution shot up to 0:10:32.559 --> 0:10:36.000 its worst level this season, residents of New Delhy woke 0:10:36.080 --> 0:10:38.800 up to thick, toxic smog enveloping the city of some 0:10:38.960 --> 0:10:42.840 thirty three million as the air quality became increasingly hazardous. 0:10:43.200 --> 0:10:45.520 Global News twenty four hours Day and whatever you wanted 0:10:45.520 --> 0:10:48.400 with Bloomberg News Now, I'm John Tucker and this is 0:10:48.440 --> 0:10:49.720 Bloomberg Karen and Nathan. 0:10:50.240 --> 0:10:51.240 Right, John, thank you. 0:10:56.200 --> 0:10:58.600 Time now for the Bloomberg Scores update, brought to you 0:10:58.679 --> 0:11:02.839 by Tri State. Here's John stash Hour, John, Good morning. 0:11:02.600 --> 0:11:05.479 Good morning, Karen. Jets hosted the colts lot of Booze 0:11:05.480 --> 0:11:07.720 casscadadut of met Life for much of the first half 0:11:07.760 --> 0:11:12.079 of Jets' first five possessions, four punts, a fourth down stop, 0:11:12.120 --> 0:11:14.080 a total of one first down, but the Jets did 0:11:14.160 --> 0:11:16.760 come alive. Reese Hall scored late first half. In early 0:11:16.840 --> 0:11:18.960 second Jets drabbed a one point lead. They were up 0:11:18.960 --> 0:11:20.880 by five in the final minute. 0:11:21.000 --> 0:11:24.040 It's just an out of the gun's second off left 0:11:24.040 --> 0:11:25.480 heads take to five cuts into the. 0:11:25.440 --> 0:11:31.400 Insist away into the exode touchdown. Anthony Richardson this second 0:11:31.480 --> 0:11:34.880 nothing touchdown. Today they end the Cults with the score 0:11:35.000 --> 0:11:38.959 right there, lead twenty eight to twenty seven with forty 0:11:39.040 --> 0:11:40.120 six seconds. 0:11:39.760 --> 0:11:42.600 To go Colt Radio. They end the three game losing streak. 0:11:42.640 --> 0:11:44.559 The Jets are three and eight. They're one and five 0:11:44.640 --> 0:11:46.720 since the firing and coach Rob Sala. The Chiefs are 0:11:46.760 --> 0:11:49.080 now nine and one. Last team to lose it came 0:11:49.080 --> 0:11:51.120 in Buffalo thirty one to twenty. The Bills are nine 0:11:51.160 --> 0:11:53.240 and two. They won six in a row. The Steelers 0:11:53.480 --> 0:11:56.560 fifth straight win eighteen sixteen over Baltimore, who got stopped 0:11:56.559 --> 0:11:58.839 on a game time two point conversion with just over 0:11:58.880 --> 0:12:01.640 a minute left. Pittsburgh won one without scoring a touchdown. 0:12:01.720 --> 0:12:04.640 Every ninety years, the Detroit Lions start a season nine 0:12:04.679 --> 0:12:07.720 to one. It happened in nineteen thirty four, and now again. 0:12:07.800 --> 0:12:11.600 The Lions overwhelmed Owley Jacksonville fifty two to six, the 0:12:11.600 --> 0:12:14.599 worst loss in Jaguars history. The Patriots lost with the 0:12:14.640 --> 0:12:18.080 Rams twenty eight twenty two. Matthew Stafford had four touchdown passes. 0:12:18.160 --> 0:12:18.520 Last night. 0:12:18.559 --> 0:12:20.800 The Chargers blew a three touchdown lead but scored with 0:12:20.840 --> 0:12:24.319 eighteen seconds left. Beat Cincinnati thirty four to twenty seven 0:12:24.559 --> 0:12:26.840 at the Garden. Next, beat the Nets as they did Friday, 0:12:26.840 --> 0:12:28.760 this one not as close, one fourteen to one, oh 0:12:28.840 --> 0:12:31.400 four to four. Knicks scored twenty or more. Minnesota beat 0:12:31.400 --> 0:12:34.560 Phoenix on a Julius Randall three pointer at the buzzer 0:12:34.600 --> 0:12:37.600 of the ex Knicks scored thirty five. Cleveland beat Charlotte, 0:12:37.640 --> 0:12:39.600 the Cavs with a fourth team in NBA history to 0:12:39.600 --> 0:12:42.120 begin a season. Fifteen to oh Rangers began a four 0:12:42.160 --> 0:12:44.120 game road trip with a two nothing winning Seattle to 0:12:44.120 --> 0:12:46.880 shout out for Jonathan Quick. Saint John's now four to 0:12:46.880 --> 0:12:49.160 oh Red Storm had all five starters and double figures 0:12:49.160 --> 0:12:52.040 in eighty five to seventy one win over New Mexico, 0:12:52.120 --> 0:12:56.360 which met Rick Patino beat his son John Steshawer Bloomberg Sports, 0:12:56.400 --> 0:12:57.319 Karen and Nathan. 0:13:00.000 --> 0:13:04.280 Cohost on Bloomberg Radio nationwide on Sirius XM, and around 0:13:04.280 --> 0:13:07.880 the world on Bloomberg dot Com and the Bloomberg Business app. 0:13:08.120 --> 0:13:11.440 This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. The 0:13:11.559 --> 0:13:12.439 rapid transition. 0:13:12.520 --> 0:13:14.439 President elect Trump's been looking force hit a bit of 0:13:14.480 --> 0:13:17.840 a ball when it comes to the Treasury Secretary. Public 0:13:17.960 --> 0:13:21.080 jockeying has led to behind the scenes disarray, but the 0:13:21.080 --> 0:13:24.120 President elect's son, Donald Trump Junior, is sounding confident that 0:13:24.200 --> 0:13:26.480 all his father's cabinet picks will get through. 0:13:26.760 --> 0:13:29.640 We have control of the Senate because of my father. 0:13:30.080 --> 0:13:32.600 John Thune's able to be the majority leader because of 0:13:32.640 --> 0:13:34.760 my father, because he got a bunch of other people 0:13:35.120 --> 0:13:36.120 over the line. 0:13:36.240 --> 0:13:38.360 It was Donald Trump Junior over the weekend. On Fox 0:13:38.440 --> 0:13:41.120 News this morning, we are joined by Bloomberg's Critty Gupta. 0:13:41.240 --> 0:13:45.079 So Critty, we were expecting a Treasury Department announcement as 0:13:45.120 --> 0:13:46.560 soon as last week. 0:13:46.720 --> 0:13:49.200 Last week is come and gone. What's happening now? 0:13:49.280 --> 0:13:50.680 Good morning, Good. 0:13:50.440 --> 0:13:51.079 Morning, Nathan. 0:13:51.120 --> 0:13:53.320 Well, looks like we even more contenders have kind of 0:13:53.440 --> 0:13:55.559 entered the race, or at least been considered a little 0:13:55.559 --> 0:13:57.880 bit more seriously, because really it felt like this was 0:13:57.920 --> 0:14:02.720 a neck and neck race between Howard Lutnick and Scott Pissent. 0:14:02.960 --> 0:14:05.720 And there's already some kind of internal dynamics there with 0:14:05.760 --> 0:14:10.000 Elon Musk very publicly threw his weight behind Howard Lutnik, 0:14:10.040 --> 0:14:12.440 basically saying that scott descent was more of the same 0:14:12.520 --> 0:14:15.520 that those comments on his platform X. But then you 0:14:15.559 --> 0:14:18.080 have a couple of others as well, the former Trade 0:14:18.120 --> 0:14:22.440 representative Leittheiser being considered as well, even Mark Rowan, the 0:14:22.440 --> 0:14:26.360 CEO of Apollo and a Senator from Tennessee, Bill Haggerty 0:14:26.640 --> 0:14:28.640 also in the mix or names at least that have 0:14:28.680 --> 0:14:31.480 been floated for this particular position. But Nathan, I think 0:14:31.480 --> 0:14:33.120 you've got it right there, which is that we thought 0:14:33.120 --> 0:14:36.040 we were getting closer and now it feels less so. 0:14:36.600 --> 0:14:39.320 And it's such an important decision, isn't it. Because the 0:14:39.360 --> 0:14:43.400 Treasury Department has control over all the economic sanctions we've 0:14:43.440 --> 0:14:46.480 seen over the last several years under Janet Yellen, as 0:14:46.480 --> 0:14:49.720 well as implementing Donald Trump's strategy when it comes to 0:14:49.920 --> 0:14:51.280 potentially imposing. 0:14:50.880 --> 0:14:53.640 Tariffs, it is it's a really crucial one. And look, 0:14:53.680 --> 0:14:57.120 twenty eight trillion of the treasuries market is also under 0:14:57.120 --> 0:14:59.840 this person's control. U mesh economic sanctions one hundred percent 0:14:59.880 --> 0:15:03.280 on Russia, on members of China, the Chinese Communist Party 0:15:03.320 --> 0:15:05.960 as well. Another piece I think a lot of people 0:15:06.000 --> 0:15:09.280 don't realize intuitively is that on the campaign trail, Donald 0:15:09.320 --> 0:15:12.720 Trump has been very vocal about saying that the reason 0:15:12.840 --> 0:15:15.400 that the deficit is not a concern for his economic 0:15:15.440 --> 0:15:19.160 plan is because tariffs would offset tax cuts. That tax 0:15:19.240 --> 0:15:23.200 policy falls under the Treasury Secretary's role as well. And Nathan, 0:15:23.240 --> 0:15:25.040 a little bit of a fun fact for our global 0:15:25.080 --> 0:15:27.560 audience as well is that the Treasury Secretary is also 0:15:27.600 --> 0:15:30.920 fifth in line in the presidential succession. Of course, we've 0:15:30.920 --> 0:15:32.720 never gotten to the fifth in line, but it's important 0:15:32.720 --> 0:15:35.560 to kind of point out that that's where they rank 0:15:35.760 --> 0:15:38.920 in terms of importance in Washington, in terms of that administration. 0:15:39.320 --> 0:15:41.440 But yes, this is absolutely a crucial role, and at 0:15:41.480 --> 0:15:44.440 the core of it is this concept of loyalty of 0:15:44.760 --> 0:15:47.640 kind of the vision aligning with Donald Trump as well. 0:15:47.680 --> 0:15:50.280 And that's really where it seems to be that Howard 0:15:50.360 --> 0:15:53.920 Lutnik and Scott Pissent are differing in terms of Scott 0:15:53.920 --> 0:15:56.960 Piscent maybe perhaps not be as tough as Howard Lutnik 0:15:57.000 --> 0:15:59.000 would be, at least as a claim that Elon Musk 0:15:59.080 --> 0:16:02.000 is making the context crucial Nathan, as you'll remember, Stephen 0:16:02.040 --> 0:16:04.280 Minuchin was a favorite of Wall Street and was a 0:16:04.320 --> 0:16:07.120 favorite under the Trump administration as well, but kind of 0:16:07.160 --> 0:16:09.240 fell into some hot water there when it came to 0:16:09.280 --> 0:16:13.080 the idea that he wasn't as strong and as four 0:16:13.280 --> 0:16:17.240 some of the tougher tear policies that Donald trumpet put forward. 0:16:18.280 --> 0:16:21.720 This is Bloomberg Daybreak, your morning podcast on the stories 0:16:21.800 --> 0:16:24.800 making news from Wall Street to Washington and beyond. 0:16:25.080 --> 0:16:27.480 Look for us on your podcast feed by six am 0:16:27.520 --> 0:16:30.920 Eastern each morning on Apple, Spotify, or anywhere else you listen. 0:16:31.120 --> 0:16:33.960 You can also listen live each morning starting at five 0:16:34.000 --> 0:16:36.720 am Wall Street Time on Bloomberg eleven three to zero 0:16:36.720 --> 0:16:39.640 in New York, Bloomberg ninety nine to one in Washington, 0:16:39.680 --> 0:16:43.680 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:43.840 --> 0:16:45.400 XM Channel one twenty one. 0:16:45.800 --> 0:16:48.520 Plus listen coast to coast on the Bloomberg Business app 0:16:48.560 --> 0:16:51.359 now with Apple CarPlay and Android Atto interfaces. 0:16:51.600 --> 0:16:54.600 And don't forget to subscribe to Bloomberg News Now. It's 0:16:54.640 --> 0:16:57.360 the latest news whenever you want it in five minutes 0:16:57.440 --> 0:17:00.600 or less. Search Bloomberg News Now in your favorite podcast 0:17:00.600 --> 0:17:04.760 platform to stay informed all day long. I'm Karen Moscow. 0:17:04.560 --> 0:17:07.080 And I'm Nathan Hager. Join us again tomorrow morning for 0:17:07.160 --> 0:17:09.080 all the news you need to start your day right 0:17:09.080 --> 0:17:10.120 here on Bloomberg. 0:17:10.200 --> 0:17:10.560 Dave Ray