Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump and Iranian officials offered disparate views on the next stage of the war, casting uncertainty over whether the two sides would meet for peace talks with a ceasefire set to expire in the coming days. Tensions in the war ratcheted up over the weekend as the US Navy fired upon and boarded an Iranian-flagged cargo ship in the Gulf of Oman, the first seizure in the US blockade of the Strait of Hormuz. That critical waterway for energy shipments remained closed early Monday after confusion over the weekend about whether tankers could transit the strait. Iran had initially said ships could pass before abruptly stopping traffic through the waterway less than 24 hours later. At a weekly press conference Monday, Iran’s Foreign Ministry spokesman Esmail Baghaei said there are "no plans for the next round of negotiations, and no decision has been made in this regard.”
2) Oil jumped, pushing US stocks and Treasuries lower after a turbulent weekend in the Middle East cast doubt on the prospects for peace talks ahead of a looming ceasefire deadline. Brent rose 5.4% above $95 a barrel as the US Navy carried out its first seizure of an Iranian vessel in the Strait of Hormuz. Futures for the S&P 500 fell 0.5%, with the benchmark poised to snap a five-day winning streak during which it notched a succession of highs. European stocks declined 1%, while the technology sector drove gains in Asia. The dollar was little changed. Bond yields rose sharply in Europe, whereas moves in Treasuries were more modest. Gold dropped below $4,800 an ounce.
3) A man in Louisiana killed eight children, including seven of his own, in a domestic shooting that unfolded across two homes in Shreveport early Sunday, leaving a community in shock and prompting a large police response. The gunman, identified as Shamar Elkins, 31, also critically wounded two women before being killed by officers after a pursuit. Police said the victims, ages 3 to 11, were found in a single residence, with at least one child attempting to escape from the roof. Authorities said the case appears to stem from a domestic dispute and remains under investigation. It is the deadliest U.S. mass shooting in more than two years.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.   

On today's podcast:   

1) President Donald Trump claimed Iran has made key concessions in an ongoing negotiation to end the seven-week war, while a ceasefire between Israel and Hezbollah in Lebanon increased the prospect of a broader peace.Trump said it may not be necessary to renew an April 7 truce with the Islamic Republic before it expires next week, defying expectations that an extension will be needed to allow more time for diplomacy.   

2) Some leaders in Arab states in the Persian Gulf and Europe expect it will take about six months to agree to a peace accord and that the ceasefire should be extended to cover that period, according to officials familiar with the matter, who asked not to be identified discussing private talks. That’s in part to allow for a reopening of the critical Strait of Hormuz waterway, they said.   

3) Netflix Inc. gave a forecast for the second quarter that fell short of analysts’ expectations, sending the shares tumbling in extended trading.The streaming pioneer also announced that Chairman and co-founder Reed Hastings is stepping down from the board at the company’s annual meeting after 29 years to pursue philanthropy and personal interests.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter, reducing the risk of renewed fighting despite an intensifying standoff over the Strait of Hormuz. With the initial truce due to expire next week, mediators are seeking technical talks to overcome the most contentious issues preventing a longer-term agreement, said the person, who asked not to be identified discussing sensitive matters. Those include reopening Hormuz and the future of Iran’s nuclear program. Tensions remain high over the strait, a critical waterway for oil and gas that’s been effectively shuttered since the start of the war almost seven weeks ago. The US has set up a naval blockade to cut off Iranian shipments, and said Wednesday that 10 vessels have been forced to turn around. Tehran is keeping the strait closed to most other traffic. The US hasn’t “formally requested an extension of the ceasefire,” White House Press Secretary Karoline Leavitt told reporters Wednesday. But she acknowledged “we remain very much engaged in these negotiations.”
2) Stocks set new highs as an upbeat forecast from Taiwan Semiconductor Manufacturing Co. added fuel to technology shares amid rising optimism that the US and Iran are seeking more time to negotiate a peace deal. Futures for the S&P 500 rose 0.2% after the benchmark closed above the 7,000 mark for the first time. Nasdaq 100 contracts rose 0.4% as TSMC’s raised revenue outlook highlighted the resilience of AI chip demand. Adding to the upbeat mood in tech, Elon Musk’s lieutenants have sought quotes and delivery times for chipmaking equipment for his envisioned Terafab. Meanwhile, Brent fluctuated around $95 a barrel as the US and Iran considered a two-week ceasefire extension. Global bonds rose, led by gains in Europe where central bank policymakers signaled they’re in no rush to raise interest rates. The dollar was little changed while gold rose toward $4,825 an ounce. Wall Street veteran Ed Yardeni says investors are looking past the war in the Middle East and focusing on market fundamentals.
3) Live Nation Entertainment Inc.’s loss in a landmark antitrust trial follows years of regulatory scrutiny of its dominance in the live events business and sets the stage for a possible breakup of the largest US concert promoter and ticket seller. After a six-week trial in Manhattan, which featured testimony from high-profile figures in the music industry and Live Nation Chief Executive Officer Michael Rapino, a federal jury on Wednesday ruled the company illegally monopolized the live events industry and overcharged fans for tickets to music performances. The verdict marked a major win for a coalition of 33 states and Washington DC that pursued the case despite the US Justice Department’s decision to pull out after the first week of the trial, with a surprise settlement allowing Live Nation to keep its Ticketmaster unit. But jurors concluded the company illegally monopolized ticketing and tied Live Nation venues to its promotion business, leading concert goers to overpay by $1.72 per ticket.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump indicated he may be preparing to wind down the war with Iran, boosting market optimism and restoring some stability to global energy prices. Peace talks with the Islamic Republic might restart “over the next two days,” the New York Post cited the president as saying. In a separate interview with ABC News, he said extending a two-week ceasefire that was clinched last week after nearly six weeks of fighting may not be necessary, hinting at significant near-term progress without elaborating. There are signs Tehran is also trying to avoid escalation, with authorities considering a pause in shipments through the strategic Strait of Hormuz to avoid testing a US blockade and jeopardizing fresh negotiations. The shift in the narrative from Washington — from announcing a total blockade of Hormuz to expectations of a possible breakthrough — has left many questions unanswered, including the fate of Iran’s enriched uranium.
2) Former Treasury Secretary and ex-Federal Reserve Chair Janet Yellen said she still sees prospects for a US interest-rate cut later this year, though the unfolding oil shock caused by the war in Iran clouds the outlook. “This is really a broad supply shock,” spreading from pump prices to LNG, fertilizers, food, shipping costs, and semiconductors, Yellen said at the HSBC Global Investment Summit in Hong Kong on Wednesday. While the need to raise rates can’t be ruled out, stable long-run inflation expectations suggest that scenario remains unlikely for now, Yellen said. Minutes of the Fed’s March 17-18 meeting, released last Wednesday in Washington, showed a growing number of officials worried the Iran war could further stoke inflation and wanted to make clear that the central bank may have to consider raising interest rates. In projections released after that meeting, policymakers had signaled an expectation for one interest-rate cut in 2026, unchanged from their December forecasts.
3) President Trump’s tariffs may be restored by July to the levels in place before the Supreme Court struck down many of his levies, Treasury Secretary Scott Bessent said. The Treasury secretary said because the Section 301 tariff authority has already been tested in the courts, business leaders are able to start planning and making decisions around capital expenditures. Trump is seeking to restore his tariff wall using different authorities after the high court ruled that his use of emergency powers to impose those earlier duties was unconstitutional. After the Supreme Court struck down many of his global tariffs, Trump imposed a temporary 10% tariff that covers many imports. That levy is set to expire on July 24.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran are weighing further negotiations to extend a two-week ceasefire as President Trump presses ahead with a naval blockade to curb the Islamic Republic’s oil exports, a step aimed at extracting concessions in peace talks. The objective is to hold fresh discussions before the truce announced April 7 expires next week, according to people familiar with the matter. “We’ve been called this morning by the right people, the appropriate people, and they want to work a deal,” Trump said at the White House on Monday, hours after the US Navy began implementing the blockade of the strategic Strait of Hormuz to cut off vessels transiting to and from Iranian ports and coastal areas. The latest push shows the two sides haven’t given up on diplomacy after their first round of direct negotiations in Pakistan failed to produce an agreement. The war, which began when the US and Israel launched a bombing campaign against Iran on Feb. 28, has left thousands dead, damaged infrastructure and disrupted energy flows beyond the Persian Gulf, rattling markets and triggering a global price spike.
2) Chinese President Xi Jinping lamented a world in “disarray,” using some of his strongest language yet to describe a collapse of the Western-led international order as he vowed to play a constructive role in the Middle East. “The international order is crumbling into disarray,” Xi told Spanish Prime Minister Pedro Sánchez on Tuesday in Beijing, using a Chinese phrase indicating not only chaos but also moral decay. The comments, part of Xi’s first public statements on the Iran war since the conflict began more than a month ago, followed a flurry of visits by world leaders to Beijing and fresh economic data on Tuesday showing the war took a sharp toll on Chinese exports in March. Xi has framed his country as a stabilizing force in a world thrown into turmoil by President Trump’s erratic approach to trade and foreign policy. In an earlier meeting with Abu Dhabi Crown Prince Sheikh Khaled bin Mohammed, Xi reiterated that China would continue to play a “constructive role” in the Middle East.
3) Democrat Eric Swalwell and Republican Tony Gonzales said they plan on leaving their congressional seats in the wake of allegations of sexual misconduct. “I am deeply sorry to my family, staff, and constituents for mistakes in judgment I’ve made in my past,” Swalwell said in a post on X on Monday announcing his intent to resign. He vowed to “fight the serious, false allegations made against me,” but also said he “must take responsibility and ownership for the mistakes I did make.” Shortly after, Republican Representative Tony Gonzales of Texas said in a separate said in a separate social media statement that he planned on filing his retirement from office “when Congress returns tomorrow.” Gonzales faced calls to resign after allegations that he had an affair with a staffer who later died by suicide. A growing number of lawmakers had called for the resignation of both men, arguing the allegations against them tarnished their ability to remain in Congress, with some calling for their expulsion. The resignations leave the Republicans’ slim majority in the US House of Representatives unchanged.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said the US will begin a full naval blockade of the strategic Strait of Hormuz and threatened to retaliate in the event of Iranian resistance, escalating a standoff that has already brought the waterway to a near standstill and disrupted global energy supplies. The president’s announcement came hours after the US and Iran failed to reach a deal in direct talks in Pakistan, jeopardizing hopes of turning a fragile ceasefire into a lasting end to a war that has claimed thousands of lives. The negotiations collapsed because of differences over the nuclear issue, Trump said in a Truth Social posting on Sunday. The US military said Sunday that it would begin the blockade at 10 am New York time on Monday.
2) Peter Magyar, Hungary’s next prime minister, outlined sweeping changes after ending Viktor Orban’s 16-year rule in a landslide election victory that will redefine the country’s ties with the European Union, Russia and the US administration of President Trump. Magyar, a 45-year-old former insider of Orban’s nationalists, said the overwhelming victory for his Tisza party — translating into a two-thirds parliamentary majority — gave him a mandate to dismantle Orban’s increasingly authoritarian system and bring Hungary back into the European fold. Orban conceded the defeat, telling supporters that the result was “painful” for him. Magyar, whose conservative-leaning party has sought to unite disgruntled voters, called on the country’s president, top justices and chief prosecutor to all hand in their resignations during his victory speech in front of a cheering crowd in Budapest on Sunday. Magyar said they had put their political allegiance to Orban’s authoritarian system above their office’s responsibilities.
3) US Representative Eric Swalwell suspended his bid for governor of California after a series of sexual assault allegations threw his campaign into turmoil and prompted backers to flee. “I am suspending my campaign for governor,” Swalwell said in a post on social media on Sunday evening. He apologized to his supporters, adding “I will fight the serious, false allegations that have been made — but that’s my fight, not a campaign’s.” Swalwell’s exit upends a competitive and crowded race to lead the most populous US state. The 45-year-old, seven-term congressman from the San Fransisco Bay area, had been polling among the top Democrats to succeed Gavin Newsom, who is barred from seeking re-election because of term limits.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump demanded Iran reopen the Strait of Hormuz, raising pressure on Tehran before talks to turn a fragile ceasefire into lasting peace. The truce remains shaky, with Kuwait reporting large-scale drone attacks on “vital” facilities overnight into Friday and accusing Iran and its proxy groups of violating the ceasefire announced by Washington and Tehran two days earlier. The war has already killed thousands of people and damaged energy infrastructure across the oil-rich Persian Gulf. US and Iranian delegations are set to meet in Pakistan on Saturday, with shipping through Hormuz — which handled about a fifth of the world’s oil and liquefied natural gas before the war — a central sticking point.
2) Israeli Prime Minister Benjamin Netanyahu said he agreed to hold direct talks with Lebanon about the conflict, with the focus on disarming Hezbollah. Trump called the Israeli leader on Wednesday and asked him to scale back strikes to ensure the success of negotiations with Iran, NBC reported, citing an unidentified senior administration official. Iranian President Masoud Pezeshkian said Israel’s strikes in Lebanon are a “clear violation” of the ceasefire and “will render negotiations meaningless.”
3) Oil rose a second day after Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, but futures remain on track for their biggest weekly loss since June. Saudi Arabia’s press agency said the nation’s production capacity has been cut by around 600,000 barrels a day due to attacks on energy infrastructure. That figure accounts for roughly 10% of the kingdom’s normal crude exports, according to Bloomberg calculations. Meanwhile, strikes on a pumping station serving the East-West pipeline — which Saudi Arabia has been using to export crude via the Red Sea — crimped daily throughput by 700,000 barrels this week, according to the report. Kuwait also said it was intercepting drone attacks and that some vital facilities were targeted.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump vowed to keep US troops in the Persian Gulf ahead of talks with Iran that are planned to firm up a fragile truce, while Tehran warned there may be mines in a strategic waterway Washington wants reopened. Both sides accused each other of violating the truce that was announced Tuesday after six weeks of fighting, with a disagreement over whether the ceasefire extends to Lebanon emerging as a key flashpoint that could unravel the accord. Despite the escalating rhetoric, there were signs the ceasefire was largely holding, with a notable decline in attacks across Arab states in the Persian Gulf. Vice President JD Vance said Washington never suggested that fighting between Israel and Tehran-aligned Hezbollah in Lebanon would cease. But Iran’s Parliament Speaker Mohammad-Bagher Ghalibaf said continued attacks on Hezbollah — along with what Tehran described as an Israeli drone strike on its territory overnight — amounted to clear violations of the agreement.
2) President Trump lashed out at NATO after meeting with the military alliance’s secretary general, Mark Rutte, making clear that his anger over the organization’s stance on the Iran war remained acute. “NATO WASN’T THERE WHEN WE NEEDED THEM, AND THEY WON’T BE THERE IF WE NEED THEM AGAIN. REMEMBER GREENLAND, THAT BIG, POORLY RUN, PIECE OF ICE!!!” the president wrote in a post on his Truth Social platform on Wednesday evening. Rutte, a former Dutch prime minister, was in the US on a mission to temper Trump’s public displeasure after NATO allies refused to help him protect commercial ships in the Strait of Hormuz or let the US use some of their bases to attack Iran during the war that began on Feb. 28. Trump has also revived his grievance that NATO countries wouldn’t give him Greenland, a Danish territory.
3) A growing number of Federal Reserve officials worried the Iran war could further stoke inflation and wanted to make clear following their March meeting that the central bank may have to consider raising interest rates. Minutes of the Federal Open Market Committee’s March 17-18 meeting, released Wednesday in Washington, showed policymakers wrestled with starkly differing scenarios for the US economy following the outbreak of the Iran war, and the policy reactions that might follow. Most officials worried a protracted war could hurt the labor market and warrant lower interest rates. At the same time, many policymakers highlighted the risk to inflation that might ultimately warrant rate increases.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz, a last-ditch deal that averted President Trump’s threatened escalation of the war. Trump announced the agreement on social media Tuesday, hours after mediator Pakistan implored him to back off his deadline to unleash massive devastation on Iran if it didn’t meet his demands. The deal buys time for the two sides to reach a longer agreement to end the six-week conflict, which has killed thousands of people and sparked a global energy crisis.
2) Oil and gas prices both plummeted after the US and Iran's announced ceasefire. Brent fell as much as 16% before trading around $95 a barrel, while European natural gas futures posted their biggest decline in more than two years, shedding as much as 20%. Prices of refined fuels such as diesel and jet fuel — which had been the biggest threats to global inflation — also tumbled. Much will now depend on how quickly transit through Hormuz can resume. It’s the route for about a fifth of global oil and liquefied natural gas supplies, and the near-halt of traffic has pushed prices for real-world crude to a record. Faced with an unprecedented disruption to flows, the world is rapidly running down supply buffers to offset the loss. 
3) Republican Clay Fuller is projected to win a US House seat in a deeply conservative Georgia district even as Democratic gains serve as an early warning for Republican lawmakers navigating President Trump’s threats of a widening war in Iran and voters’ growing economic unease. With 83% of the votes counted, Fuller had 57% compared to 43% for the Democratic candidate, Shawn Harris, according to Decision Desk HQ. That would keep the seat vacated by conservative firebrand Marjorie Taylor Greene in Republican hands, but by a narrower margin than in recent elections. Trump had carried the district by 37 percentage points in 2024.

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The US and Iran agreed to a two-week ceasefire that’s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz.

President Donald Trump announced the agreement Tuesday on social media hours after Pakistan, a mediator in talks, implored the US leader to back off his deadline to unleash massive devastation on Iran if it did not meet his demands. The deal buys time for the two sides to reach a longer agreement to end the six-week-old war, which has killed thousands of people and sparked a global energy crisis.
Trump said he had agreed “to suspend the bombing and attack of Iran for a period of two weeks” as long as Iran agrees to “the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”

For instant reaction and analysis, Bloomberg Radio host Doug Krizner speaks with:

Bloomberg State Department and Foreign Policy Reporter Eric Martin
Bloomberg This Weekend co-host Christina Ruffini
Bloomberg White House and Washington correspondent Jeff Mason
Terry Haines, founder of Pangea Policy
Daniel Byman, Director of the Warfare, Irregular Threats, and Terrorism Program at the Center

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump’s latest deadline for Iran to agree to a deal is just hours away, and investors are once again finding themselves forced to prepare for a range of possible outcomes. Trump insisted that freedom of navigation through the Strait of Hormuz be part of any deal to end the Middle East war and escalated threats to obliterate key Iranian infrastructure if his terms aren’t met before a Tuesday deadline. Trump said Monday that talks with Iran are “going well” and that reopening the strait is “a very big priority.” The president in recent weeks has said an agreement on the strait wasn’t among his core prerequisites for ending the conflict. Trump laid bare the consequences Iran would face if it doesn’t reach a deal by his Tuesday 8 p.m. Eastern Time cut-off, saying the US military could destroy “every bridge in Iran by 12 o’clock tomorrow night.” Power plants would be rendered “burning, exploding and never to be used again,” he said. Attacking civilian infrastructure is barred by the Geneva Conventions, but Trump said he was “not at all” concerned about committing war crimes.
2) NASA’s four Artemis astronauts swung behind the moon and are headed home, in a journey that shattered space travel distance records and brought people the closest they’ve been to the lunar surface in more than 50 years. At their nearest distance to the moon, the Artemis II’s Lockheed Martin Corp.-built Orion capsule came within an estimated 4,067 miles of the lunar surface, according to calculations by NASA. From the crew’s point of view, the moon would have appeared roughly the size of a basketball in someone’s outstretched hand. The spacecraft reached its maximum distance from Earth minutes later, reaching 252,756 miles, NASA Administrator Jared Isaacman said in a post on X. The astronauts earlier broke the distance record for space travel. Shortly before 2 p.m. New York time on Monday, they surpassed the distance the Apollo 13 crew traveled in 1970 of 248,655 miles (400,170 kilometers) from Earth, NASA said.
3) The University of Michigan Wolverines basketball team its second national title in men's basketball and first since 1989, beating the UConn Huskies by a score of 69-63. Michigan shot just two three-pointers all game, but relied on defense, holding UConn to under 31% shooting. Final Four Most Outstanding Player Elliot Cadeau led with 19 points. UConn’s bid for a third title in four seasons fell short, despite 22 offensive rebounds in the championship match.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) President Trump issued increasingly aggressive threats to destroy Iran’s power plants starting Tuesday and bring “Hell” to the country following the rescue of a US airman more than a day after his fighter jet was shot down. Iran rejected Trump’s latest ultimatum to reopen the Strait of Hormuz, saying it would only fully resume operations when war damage is compensated. Tehran continued striking energy targets in Gulf neighbors, including Kuwait’s oil headquarters. Trump, in renewing his threats to target Iran’s civilian infrastructure, used an expletive in a social media post and told Axios he would be “blowing up everything over there” if Iran doesn’t make a deal. He said he plans a news conference at 1 p.m. on Monday and posted about a Tuesday 8 p.m. deadline, without offering details.

2) Japanese Prime Minister Sanae Takaichi said she is looking to hold talks with Iran’s leader and possibly also a separate call with President Trump, as the clock ticks on the US president’s latest threat to bomb key Iranian infrastructure. “We are currently making preparations for leadership level talks,” Japan’s Takaichi said of talks with Iran during a parliamentary session Monday. “We will continue to do everything in our power to find an off-ramp to this situation and return to peace.” Takaichi’s comments came with Trump warning Tehran that the US will bomb Iranian power plants unless it opens up the Strait of Hormuz, a choke point through which Japan secures over 90% of its oil. Takaichi said that Japan would do what it can ahead of the Tuesday ultimatum set by Trump, suggesting that she was also seeking a phone call with Trump, though nothing has been finalized yet. Whether Japan can help defuse tensions or even play a mediation role remains unclear, but the nation has a key interest in maintaining a working relationship with a country that currently controls passage through the Strait of Hormuz.

3) Saudi Arabia has raised the price of its main oil grade to Asia to a record high premium, as a widening conflict in the Persian Gulf and Iran’s near-closure of the Strait of Hormuz convulse energy markets. State oil producer Saudi Aramco will increase flagship Arab Light crude prices for May sales to a premium of $19.50 over regional benchmarks for refiners in Asia, according to a price list seen by Bloomberg. Still, the level is less than the $40 a barrel premium anticipated by traders and refiners in a Bloomberg survey. The gap with market expectations is in part because of a volatile market, and as prices of some Middle Eastern grades dipped in the last week of March, according to traders. Aramco’s oil is also priced for loading in the Persian Gulf port of Ras Tanura, though all of the company’s exports are currently being shipped from the port of Yanbu on the Red Sea coast. Buyers typically incur additional costs to collect those barrels.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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On this special Good Friday Holiday edition of Bloomberg Daybreak, host John Tucker discusses:

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump finally tried to sell the American public on his Iran war. But his primetime address five weeks into the messy conflict instead underscored the US president’s growing defensive posture, as pressure mounts on global shipping routes, gas prices and his political party. Trump said the US operation was close to completion, in an attempt to reassure a skeptical public. Still, the speech lacked new announcements — most notably a precise timeline for an exit. He also pledged more aggressive actions in the next two to three weeks, including potential strikes on electrical plants. The president also did not present any new arguments or explanations for the war, instead reiterating his desire to destroy Iran’s military and nuclear capabilities. Likewise, there was no concrete plan for reopening the Strait of Hormuz, a vital energy thoroughfare. While he said diplomatic discussions continue, he shared no breakthroughs on ending the conflict. Treasury yields climbed and the dollar pushed higher as Trump’s remarks triggered gains in crude oil. US equity futures retreated.
2) European allies are skeptical President Trump will actually pull the US out of NATO. But they still fear the president’s renewed threats to do so are eroding the military alliance at a precarious moment. Trump on Wednesday capped mounting US critiques of the North Atlantic Treaty Organization with a suggestion that he was strongly considering leaving the alliance. His comments came after Secretary of State Marco Rubio, typically seen as Washington’s NATO defender, chided the alliance for its “very disappointing” response to the war in Iran. While the rhetoric isn’t particularly novel — Trump and his cohort have long bashed NATO allies as free-loaders who don’t help the US — the president’s latest ire is posing a greater risk to the alliance as his war in Iran deepens and he looks for people to blame, according to officials familiar with discussions among allies.
3) NASA’s crew of astronauts launched to space and reached a stable orbit, kicking off a landmark journey that will take them closer to the lunar surface than anyone has been in more than 50 years. The initial phase of the 10-day mission to lap the moon, a multibillion-dollar feat about a decade in the making, clears a major hurdle for NASA and its legacy aerospace contractors as the agency works to establish a base on the lunar surface and ultimately venture to Mars. The crew’s Lockheed Martin Corp.-built Orion capsule, stacked on the shoulders of Boeing Co.’s Space Launch System rocket, thundered off the launchpad at 6:35 p.m. local time at Kennedy Space Center in Florida. The rocket system, taller than the Statue of Liberty, reached speeds of around 17,500 miles per hour as it hurtled to space. It blazed a trail of fire and smoke as it climbed and eventually shed its spent side boosters, which provided extra thrust.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said he foresaw ending the war on Iran within two to three weeks, suggesting the US had largely accomplished its military goals and would leave it to other nations to resolve issues with the Strait of Hormuz. Trump indicated that it was possible that Iran could still reach a deal with the US during that timeframe but said an agreement with Tehran was not necessary for the war to end. Trump added the US would leave when Iran was not able to obtain nuclear weapons and claimed the regime now in power was better than the leadership before the war.
2) Oil tumbled after President Trump again signaled a potential end to the Iran war. Brent crude fell below $100 a barrel, while West Texas Intermediate was around $97. Trump told reporters that the US could leave Iran within two to three weeks, and indicated an agreement with Tehran may be reached but wasn’t necessary for the conflict to end. The president will give an address to the nation at 9 p.m. Eastern time on Wednesday to provide an update, White House Press Secretary Karoline Leavitt said. Trump has regularly vacillated between saying an Iran deal is imminent and warning he’s prepared to ramp up military operations.
3) The Supreme Court is set to hear arguments on President Trump's assertion that the 14th Amendment's citizenship provision was designed to cover only the children of freed slaves, amid his executive order to block citizenship for children of undocumented immigrants and temporary visitors. Trump will attend the oral arguments at 10am ET on Wednesday, according to his official schedule from the White House. Critics say Trump is seeking to rewrite the 14th Amendment, which promises citizenship to "all persons" born in the US and "subject to the jurisdiction thereof", a provision many scholars and public officials say is straightforward in its breadth.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran hit a fully laden Kuwaiti oil tanker off Dubai in a drone attack, a sign it’s willing to escalate strikes on energy sites and infrastructure as the war drags on. Despite the attack, crude prices were steady in early trading, with US benchmark prices trading at about a $102 a barrel. That was partly because of a report in the Wall Street Journal saying US President Donald Trump is willing to wind down hostilities and pressure Tehran diplomatically to reopen the Strait of Hormuz.
2) US gasoline climbed above an average of $4 a gallon for the first time since August 2022, one of the most visible measures of consumer pain in the world’s largest economy resulting from the war in Iran. The nationwide average retail price for regular unleaded gas rose to $4.018 a gallon on Monday, according to the American Automobile Association. Prices have surged by more than $1 since the start of the war, up from $2.98 on the day before the US and Israel launched attacks against Tehran.
3) Unilever Plc said talks to sell most of its food business to McCormick & Co. are advanced and a final deal could be announced later on Tuesday in a historic move that will transform both companies. The Anglo-Dutch maker of Hellmann’s mayonnaise will offload most of its food unit, excluding some parts like its operations in India, for $15.7 billion cash upfront and the rest in McCormick equity, according to a statement Tuesday.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) US and Israeli forces pressed ahead with attacks on Iran while the Islamic Republic launched missiles across the Persian Gulf, sending oil prices higher once again amid no sign of an imminent peace deal. The Israeli military said on Monday that it’s carrying out airstrikes on Iranian military targets a day after attacks resulted in power outages in the capital, Tehran, and nearby areas. The United Arab Emirates issued multiple alerts overnight and Saudi Arabia and Kuwait reported strikes.
2) Treasuries firmed, supporting US stocks, as fears that the war in the Middle East will trigger a sharp economic slowdown prompted traders to dial back bets on higher interest rates. Brent hit $116 a barrel.
3) The Trump administration is planning to let a Russian oil tanker dock in Cuba, alleviating an energy crisis triggered when the US prohibited deliveries to the Communist regime.The shipment of crude is expected to be allowed to arrive in coming days, according to two people familiar with the matter, who asked not to be identified without permission to speak publicly.

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If you want to build a diversified portfolio, you need to assemble assets that respond to different return drivers. Digital assets can play a central role. For starters, cryptocurrencies like bitcoin behave differently than traditional equities or commodities, giving portfolios exposure to unique sources of risk and return. And within the crypto universe, you can find coins, protocols, and equities that all behave differently under different market conditions. By investing in a wide range of digital assets you can potentially both mitigate risk and improve returns. 

This episode is sponsored by Coinbase.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The Senate passed legislation early Friday to fund most of the Department of Homeland Security, forging a path to end a lengthy partial government shutdown that snarled airport security and threatened to ripple through an economy already roiled by the Iran war. The bill, which must still pass the House and be signed by President Donald Trump, marks an abrupt reversal for Republicans, who had blocked similar proposals backed by Democrats to partially fund the department for weeks. The legislation passed the Senate by voice vote.
2) President Donald Trump again pushed back his deadline for Iran to strike a deal with the US or face more attacks, saying talks with the country were going “very well.” Trump said he would extend by 10 days his pledge to refrain from attacks on Iranian energy sites, his second extension since Saturday’s threat to eviscerate Iran’s power plants in the absence of a deal.
3) Anthropic PBC is considering going public as soon as in October, according to people familiar with the matter, as the artificial intelligence company races with rival OpenAI Inc. to hold an initial public offering.The maker of the popular Claude chatbot has had early discussions with Wall Street banks about taking leading roles on a potential listing, the people said, asking not to be identified as the information isn’t public.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The White House has insisted that peace talks with Iran are ongoing, even as Tehran publicly rejected US overtures and issued fresh conditions of its own to end the conflict that’s wreaked havoc across the Middle East and global markets. President Trump claimed Iran was desperate to make a deal to end the nearly month-long hostilities. “They want to make a deal so badly, but they’re afraid to say it,” Trump told congressional Republicans Wednesday night in Washington. The comments ran counter to Iran’s earlier statements through state-run media publicly rejecting Trump’s push for talks. Tehran is also seeking its own guarantees, including that the US and Israel won’t resume their attacks, reparations for war damages and recognition of its authority over the Strait of Hormuz, according to state-owned Press TV.
2) Ticket prices on major routes connecting Asia and Europe have surged up to 560% this month and are likely to stay elevated through the summer and into fall as war-related disruptions ripple through the Persian Gulf, the world’s busiest transit corridor, according to Alton Aviation Consultancy. For June travel, fares across seven popular Asia-Pacific to Europe routes are averaging about 70% higher than a year ago, based on Alton’s analysis of data from analytics firm Cirium and online travel agencies. A Sydney-to-London ticket now averages more than $1,500, roughly double last year’s price. Fares include direct and one-stop flights, as well as transits through Gulf airports. Prices are expected to remain about 30% above last year’s levels even as far out as October.
3) Officials in Germany have started mapping vulnerabilities in US supply chains to identify points where Germany and its European Union partners could apply pressure, according to people familiar with the effort. Their goal is to create a consensus among EU nations on how they can use their leverage, if and when they get drawn into another dispute with the White House. The initial findings suggest ways to target the massive US tech firms with close ties to the White House, the officials said. Other options could aim for the AI investment boom that has helped to drive US stocks to record highs this year or push up drug prices for American voters, an issue the president has already shown he’s sensitive to.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran kept up missiles and drone attacks on Arab Gulf states and Israel overnight, after the US floated a proposal to end a war that’s wreaked havoc across the Middle East and in global markets. Saudi Arabia intercepted a drone in the east of the country, while a strike targeting Kuwait set ablaze a fuel tank at its main airport. Iranian media said more missiles were fired at Israel. There were no reports of casualties in any of the incidents. The US sent Iran a 15-point plan, which Pakistan delivered, according to people familiar with the matter, highlighting the urgency within the Trump administration to resolve the conflict it started as the economic toll mounts. The details remain unclear, though President Trump has publicly signaled that any peace agreement would have to include a prohibition on Iran ever obtaining a nuclear weapon or enriching radioactive material for civilian purposes. Iran has yet to comment on the proposal. Trump, when he first announced talks with the Islamic Republic on Monday, implied he hoped to get an agreement by Friday. That may be difficult given the wide gaps that remain between the sides, with several Iranian officials saying the country isn’t ready to negotiate and that Trump is merely trying to calm markets and push down oil prices.
2) A system designed to help air-traffic controllers monitor vehicles and airplanes on the ground failed to alert personnel at LaGuardia Airport before an Air Canada Express jet collided with a fire truck late Sunday evening, killing the two pilots. An analysis found the system, known as ASDE-X, issued no alert to the two controllers in the tower due to “the close proximity of vehicles merging and unmerging near the runway,” US National Transportation Safety Board Chair Jennifer Homendy said during a press conference on Tuesday. The Port Authority of New York and New Jersey fire truck involved in the crash also wasn’t equipped with a transponder that would have helped pinpoint its location, Homendy said. The Federal Aviation Administration last year encouraged airports with ASDE-X to voluntarily equip their vehicles with special transmitters to “improve airfield safety.”
3) Senate Democrats have rejected the latest offer from President Trump and Republicans to fund most of the Department of Homeland Security and end a lengthy shutdown that has snarled airport security checkpoints and threatened to ripple through an economy already roiled by the Iran war. The Republican plan does not include any of the policy proposals Democrats have insisted on in their fight to overhaul Immigration and Customs Enforcement tactics following the killings of two protesters in Minneapolis by agents earlier this year. Senate Democratic Leader Chuck Schumer told reporters his party would send a counter-offer to Republicans, which would include changes to immigration enforcement.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Fighting between Iran and the US-Israeli alliance continued unabated, even as President Trump claimed talks are under way to end the conflict. Iran launched overnight missile and drone attacks on the Israeli cities of Eilat, Dimona and Tel Aviv, as well as US bases in the Middle East. Saudi Arabia said it intercepted a drone in its eastern region, and Kuwait said some power lines were put out of service after an Iranian attack. Sirens sounded in Bahrain. In Iran, the Fars news agency reported US-Israeli attacks that damaged a gas pressure-regulation plant and an administrative building in the central city of Isfahan. There was also a strike on a pipeline supplying gas to the Khorramshahr Combined Cycle Power Plant in southwestern Iran, according to Fars. The attacks continued after Trump postponed strikes on Iran’s energy infrastructure, citing “productive conversations” with Tehran. The US president’s claims of behind-the-scenes diplomacy were widely denied by Iranian officials, causing confusion over the participants in the talks and the parameters of a potential deal.
2) Saudi Arabia and the United Arab Emirates have taken steps toward joining the Iran war, the Wall Street Journal reported, potentially signaling an escalation of the fighting. Saudi Arabia agreed to give the US military access to King Fahd Air Base, the WSJ reported, citing people familiar with the matter, an apparent reversal after saying its bases couldn’t be used to attack its longtime rival. The newspaper also cited people familiar as saying the United Arab Emirates closed an Iranian-owned hospital and club — undercutting a key source of support for Tehran.
3) Senators in both parties expressed rising optimism late Monday about reaching an agreement to end the five-week partial shutdown of the Department of Homeland Security, which has increasingly snarled air travel across the United States. After Republican senators met at the White House with President Trump on Monday, Senator Katie Britt of Alabama, a key negotiator, said she thought they had a solution to the impasse. On the floor she could be seen talking with members of both parties including Chuck Schumer, the Democrat leader. Schumer said “both sides are working in a serious way” as he left the Capitol after a day that began when Trump soured the talks with demands that Republicans tie passage of the partisan SAVE America Act voting legislation to Homeland Security funding. 

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Stocks and bonds rebounded after President Donald Trump said the US and Iran had “very good” conversations about an end to the conflict in the Middle East.  
President rump said strikes against Iranian energy infrastructure and power plants would be postponed for five days following the start of talks with Iran to end the war.  
For details on this development, Tom Keene and Paul Sweeney speak with Bloomberg Middle East Reporter Joumanna Bercetche, Silvercrest Asset Management Head of Investment Policy & Strategy Robert Teeter, and Veda Partners Co-Founder Henrietta Treyz.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Iran carried out fresh strikes across the Persian Gulf hours before President Trump’s deadline to reopen the Strait of Hormuz expires, as the waterway’s closure continues to rattle global energy markets. The United Arab Emirates reported drone and missile attacks by the Islamic Republic overnight into Monday. Israel launched a wave of airstrikes on infrastructure in Tehran and said it’s preparing to expand ground operations in Lebanon, where it’s fighting Iran-aligned Hezbollah. Trump’s 48-hour ultimatum to “fully open” the vital strait — a conduit for about a fifth of global oil and liquefied natural gas exports — expires at 7:44 p.m. eastern time on Monday, after which he’s threatened strikes on Iran’s power plants. Should such an attack occur, Iran has threatened to hit power and water plants across the region. One senior Iranian official said on social media that the headquarters and assets of financial entities that buy US Treasury bonds are “legitimate targets.”

2) Global bond yields have risen to the highest since May 2024 as a surge in energy costs due to the Middle East conflict leads traders to position for central bank interest-rate hikes. US yields are perched at their highest in months after a third straight week of bond losses on speculation the Federal Reserve may be compelled to raise borrowing costs to combat inflation. Australia’s 10-year yields climbed to the highest level since 2011 on Monday, while those in New Zealand are at the highest since May 2024. India’s 10-year yield rose to a level last seen in January 2025. Japanese and South Korean bond yields also climbed, while European bond futures dropped. 

3) Oil gained from the highest close since mid-2022, as investors assessed President Donald Trump’s two-day ultimatum to Iran to reopen the Strait of Hormuz and Tehran’s threat of reprisals. Brent rose above $113 a barrel, up for a fifth day, while West Texas Intermediate was near $100. Global benchmark Brent has surged by more than 50% since the strikes by the US and Israel on Iran began in late February. The conflict has shown no signs of abating, with key petroleum-product markets rallying even harder than crude. That’s threatened to unleash a wave of global inflation, bringing turmoil to financial markets from commodities to stocks and bonds.

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Bloomberg Daybreak Weekend with Host Alexis Christoforous take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran pressed ahead with attacks on Arab states in the Persian Gulf even after Israel signaled it would refrain from hitting the Islamic Republic’s energy infrastructure, fueling volatility in markets roiled by the war in the oil-rich region.
2) Oil headed for another weekly gain as the war in the Middle East dragged on, with the Strait of Hormuz all-but-closed, strikes continuing across the region, and analysts warning the crisis may deepen.
3) Sanae Takaichi had warned her first summit with Donald Trump in Washington could be “extremely difficult,” after the US asked her to deploy warships to Iran. Instead, she showcased Japan’s deep ties with the US — and her own agility on the world stage. Takaichi smiled politely during the only obvious moment of tension during their Oval Office meeting on Thursday, when Trump referenced the Japanese attack on Pearl Harbor in 1941. Otherwise, the Republican leader praised Takaichi, highlighted new areas of economic cooperation and pledged to speak up for Tokyo when he eventually meets Chinese President Xi Jinping.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump sought to stop attacks on energy facilities in the Middle East after Israel and Iran struck key targets, fueling concern that a prolonged war will cause lasting damage to oil and gas infrastructure. Iran unleashed waves of retaliatory strikes on projects in Arab countries across the Persian Gulf overnight into Thursday after its prized South Pars gas field — part of the world’s largest gas field shared with Qatar — came under Israeli fire, jolting markets.
2) A Qatari complex housing the world’s largest liquefied natural gas export plant suffered “extensive damage” amid a sharp escalation of attacks on energy facilities across the Persian Gulf.
3) Federal Reserve Chair Jerome Powell made it clear the US central bank won’t cut interest rates again until inflation resumes cooling. And that’s before it even starts considering the possible impact of the war in the Middle East.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iranian attacks on Israel and Arab states in the Persian Gulf continued overnight into Wednesday, while President Donald Trump said the US could end the war with the Islamic Republic “in the near future.”Iran launched fresh waves of missile and drone attacks, targeting the United Arab Emirates, Saudi Arabia and Kuwait. It also struck Tel Aviv and killed two people.
2) President Donald Trump is desperate to reopen the Strait of Hormuz to ease a growing global energy crisis. He won’t achieve that easily without a ceasefire in the war on Iran.Iran’s sporadic attacks on vessels and the threat of mines have cut traffic in the vital waterway to a trickle, effectively putting Tehran, not outside naval forces, in charge of the flow. The strait carries about a fifth of the world’s oil supplies, and the disruption has led to production cuts, fuel shortages and price increases from Asia to Europe and Africa.
3) Illinois Lieutenant Governor Juliana Stratton won the Democratic nomination for the state’s US Senate seat on Tuesday, beating a rival who far out-spent her and handing a victory to her boss and potential 2028 presidential candidate, Governor JB Pritzker.With more than 80% of the ballots counted, Stratton garnered 40% while Representative Raja Krishnamoorthi took 33%, according to Decision Desk HQ. Representative Robin Kelly, who some Democrats thought would undercut support for Stratton, trailed with 18%.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran set a massive natural gas field in the United Arab Emirates ablaze as it steps up attacks on key energy sites, while US President Donald Trump appealed to allies and the likes of China to help reopen the Strait of Hormuz.
2) President Donald Trump’s request for a delay to his summit with Chinese leader Xi Jinping is a likely welcome development for Beijing, even as it threatens to inject new uncertainty into ties between the world’s two largest economies.
3) US stocks fell and Treasury yields rose after attacks on key energy infrastructure in the Middle East drove a renewed advance in oil prices.Futures for the S&P 500 dropped 0.3% as optimism from the previous session faded. Brent climbed 3.6% toward $104 a barrel after Iran struck energy facilities around the Persian Gulf. Treasuries declined modestly, with the 10-year yield rising one basis point to 4.23%. The dollar was little changed.The US-Israeli war against Iran continues to reverberate, with traders focused on crude shipments through the Strait of Hormuz. Rising oil prices are fueling inflation concerns ahead of the Federal Reserve and other major central bank meetings, with US diesel topping $5 a gallon for the first time since 2022.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran denied US President Donald Trump’s assertion that it wants ceasefire talks, launching fresh attacks across the Persian Gulf and forcing a suspension of flights at Dubai’s main airport.The United Arab Emirates and Saudi Arabia reported drone and missile attacks overnight into Monday. Dubai halted flights at its main airport following a fire at a fuel tank that it said was caused by an Iranian drone. It announced a gradual resumption a few hours later, though Emirates said some of its scheduled flights for the day would be canceled.
2) As the US-Israeli war on Iran enters its third week, pressure is growing on the person in the best position to end it: Donald Trump. But the US president’s ever-shifting explanations for why he went to war leave friends and adversaries at a loss to forecast when he’ll be ready to stop. And even if he does, Iran has shown little willingness to go along. Trump has gone from declaring the war over soon to calling on European and Gulf allies to help. They’re reluctant, and the likes of Russia are benefiting.
3) President Donald Trump predicted Cuba wants to make a deal with the US, but said he wants to finish the war with Iran before turning his attention to the Communist island nation.“I think we will pretty soon either make a deal or do whatever we have to do,” he told reporters Sunday on Air Force One. “We’re talking to Cuba, but we’re going to do Iran before Cuba.”Under Trump, the US has been tightening the screws on Cuba, imposing an almost total fuel blockade that has exacerbated already hours-long blackouts

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) US President Donald Trump threatened Iran with further attacks after the Islamic Republic’s new leader signaled defiance and suggested there would be no easing of a war that’s upending energy flows and global markets. “We have unparalleled firepower, unlimited ammunition, and plenty of time,” Trump said on Truth Social. “Watch what happens to these deranged scumbags” on Friday, he said, referring to Iran’s leaders.

2) Stocks extended their declines as investors remained wary of risks from the Iran war heading into the weekend, with oil prices holding above $100 a barrel.
Europe’s Stoxx 600 index slumped 0.9% putting the benchmark on course for a second week of losses. US futures retreated 0.4% after the S&P 500 Index slid to its lowest since November. Brent crude edged higher, trading around $102, after rallying 9.2% on Thursday.

3) Investigators worked Friday to determine the exact reason a man with a rifle crashed into a large Michigan synagogue in what federal officials are saying was an attack carried out by a 41-year-old naturalized U.S. citizen born in Lebanon. Ayman Mohamad Ghazali was killed by security after ramming into Temple Israel in West Bloomfield Township near Detroit, Michigan, and driving down a hallway in a vehicle that then caught fire, according to authorities.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Brent briefly jumped back above $100 a barrel after the Iran war led to more shipping turmoil in the Middle East and China tightened fuel export curbs to cope with the fallout from the conflict. The global oil benchmark surged as much as 10% to $101.59 a barrel, while West Texas Intermediate rose to near $96, before paring gains. Two tankers were struck in Iraqi waters and Oman temporarily cleared ships from its key export terminal outside of the Strait of Hormuz, underscoring the widening threats to energy supply and overshadowing a record reserves release by the IEA to try and cool prices. In further signs of strain, Chinese refiners have begun canceling agreed refined fuel export cargoes, including gasoline and diesel. The country’s top processors were told last week to stop signing new contracts, and the latest directive is a step up from the earlier guidance.
2) Goldman Sachs Group Inc. and Citigroup Inc. have told staffers in Dubai to stay away from their offices as Iran’s attacks on Gulf cities continue. Goldman has instructed employees to seek permission before going into its offices across the Middle East, according to people familiar with the matter. Standard Chartered Plc also asked staff in the Dubai International Financial Centre and nearby areas to leave their offices on Wednesday, the people said, declining to be identified discussing confidential information. Several Wall Street banks have already been allowing employees in the United Arab Emirates to work remotely since the war began. Some lenders have also offered staff the option to temporarily leave the country, Bloomberg News has reported.
3) President Trump’s administration started the first of several sweeping trade investigations that set the stage for new tariffs, the centerpiece of a push to replace levies struck down by the US Supreme Court. US Trade Representative Jamieson Greer announced Wednesday that his office would begin a probe into more than a dozen major economies under Section 301 of the Trade Act focused on alleged excess manufacturing capacity. The investigations, which typically take months to complete, are required for the president to unilaterally place duties on imports from specific countries deemed to employ unfair trading practices. Economies that will be subject to the inquiry include some of the US’s largest trading partners: China, the European Union, Mexico, India, Japan, South Korea and Taiwan.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The International Energy Agency is proposing a release of emergency oil reserves, according to a person with knowledge of the matter, as governments seek to contain a spike in energy prices driven by the Middle East war. It was not immediately clear whether the IEA proposal was formal and included specific amounts for member nations. While countries have so far agreed in principle to inject more oil into the market if needed, it is not evident that all believe that the situation is yet urgent enough to make that move. The person, who asked not to be named because discussions are not public, did not provide a figure. The Group of Seven nations said on Wednesday that they supported, in principle, “proactive measures” including the release of strategic reserves, though they did not provide details on the scale of a potential intervention.

2) Energy markets whipsawed for a second consecutive day as investors raced to interpret rapidly shifting comments from the Trump administration over the war in Iran. Oil prices plummeted after Energy Secretary Chris Wright erroneously posted — and then deleted — a message that the US Navy had escorted an oil tanker through the Strait of Hormuz. White House Press Secretary Karoline Leavitt subsequently conceded no such operation had occurred, while adding the US military was “drawing up additional options” to address any attempt by Iran to constrain trade through the vital artery. Later Tuesday, President Trump posted his own flurry of messages on social media. First, he insisted the US had “no reports” of mines being placed, but then urged Iranian forces to remove any explosives they may have laid.

3) Oracle Corp. shares gained in extended trading after the company posted strong results and gave an outlook that suggested there is little letup in demand for AI computing. Revenue in Oracle’s closely watched infrastructure business increased 84% to $4.9 billion in the period ended Feb. 28, the company said Tuesday in a statement. That marked a faster jump than the 79% anticipated by analysts and a 68% sales rise in the previous quarter. The company is working to deliver on massive cloud infrastructure contracts with customers like OpenAI and Meta Platforms Inc. Known for its namesake database software, Oracle has found success with its cloud business by providing chip-filled data centers and other equipment for training and deploying AI models.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump on Monday said the US and Israel were making significant progress in their war on Iran and could end the conflict “very soon,” curtailing an oil-price surge. Trump said he didn’t believe the fighting would be over this week, but insisted the operation was ahead of schedule. The US Navy will escort tankers out of the Middle East to maintain a steady oil supply through the Strait of Hormuz, he added. The effective closure of the strait, vital to the world’s flow of petroleum and to container shipping, has caused oil and natural gas prices to soar, and stoked fears of inflation. Brent crude, having climbed to almost $120 a barrel early Monday, is back down to $91.50, but is still up more than 50% this year on the US-Iran tensions. There’s as yet little sign Hormuz can be opened quickly, with Iran continuing to retaliate with drone and missile strikes across the region.
2) Stocks rose and crude oil fell as President Trump signaled the Iran war may be nearing an end, helping boost sentiment after Monday’s selloff in risk assets. The MSCI Asia Pacific Index climbed 3.1%, with technology shares leading gains. European stocks were also set to advance with contracts indicating a 1.4% jump at the open. However, equity-index futures for the S&P 500 Index slipped 0.2%, indicating the recovery that started on Wall Street on Monday may be running out of steam. The rebound in sentiment for markets came as Trump said the war with Iran would be resolved “very soon.” Even so, from the UAE to Bahrain to Kuwait, several Middle Eastern countries announced missile threats, sounded sirens or intercepted drones on Tuesday. Trump said he didn’t believe the conflict would be over this week.
3) Kevin Warsh will meet with senators this week as he seeks their approval to become chairman of the Federal Reserve, according to three people familiar with the plans. The customary meetings with senators before his expected hearing mark the next stage in Warsh’s quest to replace Jerome Powell as the head of the national monetary system. One of the senators on Warsh’s schedule is Sen. Thom Tillis (R-N.C.), according to two of the people. Tillis has said he likes Warsh as a potential chairman but opposes moving the nomination until the Justice Department halts its investigation of into the Federal Reserve’s $2.5 billion renovation of its headquarters. Tillis has warned the probe amounts to inappropriate pressure on Powell to lower interest rates. Trump formally nominated Warsh last week in hopes of replacing Powell before the incumbent’s term expires May 15. Treasury Secretary Scott Bessent has said he expects Warsh to get a hearing, notwithstanding Tillis’s blockade.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader and President Trump called $100 oil a “small price to pay,” with neither side showing any sign of deescalating a war now entering its 10th day. Mojtaba Khamenei, 56, won a “decisive vote” in Iran’s Assembly of Experts, the semi-official Fars news agency reported Sunday. The Islamic Revolutionary Guard Corps, one of Iran’s most powerful and feared organizations, pledged full obedience to the new leader in a statement. Trump, meanwhile, said the US and Israeli military campaign against the Islamic Republic was worth any near-term pain because it would bring long-lasting benefits.
2) Equities tumbled as deepening turmoil in energy markets sent oil above $100 a barrel for the first time since 2022. Bond losses accelerated while the dollar hit the highes level in nearly two months. Futures for the S&P 500 fell 1.5% as the opposing sides in the US-Israeli war against Iran showed little sign of backing down after more than a week of conflict. Brent soared 15% after Middle Eastern producers cut output, stoking fears of an inflation shock that pushed the 10-year Treasury yield five basis points higher to 4.19%. Selling swept across regions and asset classes as the geopolitical flareup added fresh stress to markets that are already under pressure from AI disruptions and worries about the potential for cracks in credit markets.
3) Authorities are investigating potential terrorism links to two suspects in custody over what New York City Police Commissioner Jessica Tisch said was an improvised explosive thrown near Mayor Zohran Mamdani’s residence, people familiar with the investigation said. While Tisch did not elaborate on the investigation, people familiar with the investigation said the suspects — identified as Emir Balat and Ibrahim Kayumi by the commissioner — told detectives they believed the leader of an anti-Muslim protest near Mamdani’s residence had insulted their religion and described the devices as retaliation. Investigators also found the men had watched Islamic State propaganda videos before the protests, the people said. Authorities on Saturday arrested a total of six people connected to the broader unrest stemming from the anti-Muslim demonstration outside the residence near East End Avenue and East 87th Street starting at about 11 a.m. local time. Mamdani is the city’s first Muslim mayor.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran fired a barrage of missiles and drones targeting countries across the Persian Gulf overnight, while Israel renewed airstrikes on the Islamic Republic in a war that’s entered a seventh day with no end in sight. Saudi Arabia, Kuwait and Bahrain were among those that came under renewed attack from the Islamic Republic, while Israeli airstrikes hit Tehran and Beirut. The war has left at least 1,332 people dead in Iran so far, and dozens of others have been killed elsewhere in the region in retaliatory strikes. The Pentagon said six US troops have been killed, all in the first two days of fighting. President Trump said the US continues to “totally demolish” Iranian forces, telling NBC he wanted to “clean out” Iran’s leadership structure and he had names in mind to take over.
2) The US House voted down legislation to force a halt to US strikes on Iran as a handful of Democrats joined a nearly united Republican party in rejecting the measure. The 219-212 vote Thursday against the war powers resolution was largely symbolic, since it would have had to pass both chambers and the Senate’s version of the measure failed a procedural vote on Wednesday. The outcome allows President Trump to proceed in a conflict with uncertain costs, consequences and economic effects that commands far less initial political support than the US wars in Afghanistan and Iraq. The American public turned against both those wars.
3) President Trump removed Kristi Noem as Homeland Security secretary after months of controversy and announced he would replace her with Oklahoma Senator Markwayne Mullin. Trump posted on social media Thursday that the move would take effect March 31. He said that Noem would take a role as a special envoy for the Western Hemisphere. The change marks the first time Trump has replaced a Cabinet member during his second term. White House Press Secretary Karoline Leavitt said in a social media post that the administration will work to confirm Mullin “as quickly as possible.” A White House official didn’t respond to a question about whether he would also serve in an acting capacity before a possible Senate confirmation.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US-Israeli war on Iran entered a sixth day with no sign of easing, as the Islamic Republic said its retaliation against American strikes would escalate. Arab states across the Persian Gulf reported interceptions of Iranian missiles and drones overnight and into Thursday. Israel is carrying out waves of airstrikes on Tehran, hitting military and intelligence assets, following attacks on Hezbollah militia in Lebanon. President Trump said on Wednesday that the US was “doing very well on the war front.” The White House said American forces had struck more than 2,000 targets and were moving toward “complete and total control of Iranian airspace,” while the Islamic Republic’s regime had been “absolutely crushed.” Iran’s Islamic Revolutionary Guards Corps said retaliatory attacks will intensify in coming days, according to the Nour news agency. Tehran will target Israel’s Dimona nuclear facility if the US seeks regime change, Iran’s semi-official ISNA said.
2) The Senate voted 53 to 47 against a measure that would have required congressional approval for President Trump’s military operations against Iran, and similar war powers resolutions are expected to fail in the House. Most Republicans have backed Trump’s decision to bypass Congress, arguing he is constitutionally authorized, though several have warned that support is not unlimited -- particularly if the conflict becomes prolonged or involves ground troops. Some GOP lawmakers expressed concern privately about oversight and the lack of hearings, while Democrats have pledged to repeatedly force war powers votes despite slim chances of passage.
3) Federal Reserve Governor Stephen Miran said he thinks it’s still appropriate to continue cutting interest rates given that it’s too early to take a stance on the impact of war in the Middle East on the US economy. Oil prices surged after the US and Israel launched attacks across Iran over the weekend, and investors marked down the odds of Fed rate cuts in 2026. Some Fed officials speaking this week have suggested it raises uncertainty over the outlook — a development Fed watchers have interpreted as possibly keeping the central bank on hold for longer.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said the US will ensure safe passage of oil from the Middle East to head off a potential energy crisis caused by the war with Iran, which continues to reverberate across the region and roil markets. The fighting has showed no signs of abating five days after it erupted, with Israel and Iran continuing to exchange airstrikes and missile fire. Hundreds of people have died in Iran and dozens elsewhere in the region, while the US says six of its servicemen have been killed. In all, about a dozen nations have become embroiled in the conflict, with Tehran striking at US bases and embassies across the Middle East, and Israel launching an air and ground offensive against Hezbollah in Lebanon after it came under attack from the Iran-aligned group.
2) Canadian Prime Minister Mark Carney said his support for US military action in Iran came “with regret” because the current conflict is another example of the failure of the international order. Israel and the US acted without engaging the United Nations or allies including Canada, he noted. At the same time, Carney said he agrees with the objective of stopping Iran from obtaining nuclear weapons or further threatening international peace and security through its support of terrorism. Meanwhile, Chancellor of the Exchequer Rachel Reeves said the UK shouldn’t sacrifice its principles for more favorable trading terms with the US, as she stood by the government’s decision to withhold British backup for the American-Israeli assault on Iran.
3) US Senator John Cornyn and Texas Attorney General Ken Paxton are heading for a runoff in the Republican primary for the US Senate in Texas, while state Representative James Talarico defeated Congresswoman Jasmine Crockett in a Democratic race that was marred by legal challenges. In the GOP primary, Cornyn was leading with a little more than 42% support, less than two points over Paxton as of early Wednesday. A third candidate, US Representative Wesley Hunt, won enough votes to deny either a majority, sending Cornyn and Paxton to a two-person race to be decided in May. The runoff sets up more than two months of additional campaigning that will further drain the candidates’ coffers as Republican seek to defend their majority in the Senate in November.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US-Israeli war on Iran reverberated across the Middle East and global markets on Tuesday, as oil and gas prices surged and Tehran vowed to close the Strait of Hormuz, a vital shipping lane. Both the US and Israeli militaries continued to bombard Iran’s capital. The US embassy in Riyadh was attacked by two drones, causing limited damage, and Israel sent soldiers into southern Lebanon, where the Iran-aligned Hezbollah militia is based. The escalation came as the US sent conflicting messages about how long the war might last, and an adviser to Iran’s Islamic Revolutionary Guard Corps commander told state TV that forces “will set fire to any ship attempting to pass through” the Strait of Hormuz. China, which buys most of Iran’s oil, urged “all sides” to ensure the safe passage of ships through the waterway, where traffic has effectively halted.
2) President Trump escalated his criticism of Prime Minister Keir Starmer, in a fresh indication of how strained the two allies’ relationship has become over the US president’s efforts to enlist the UK’s help in its strikes against Iran. Starmer — who declined a US request to use British bases for offensive operations against the Islamic republic — has “not been helpful,” Trump said in an interview with The Sun tabloid. “It’s very sad to see that the relationship is obviously not what it was.” It’s the latest in a series of jibes Trump has made toward the Labour Party leader since he pushed back against Trump’s designs on Greenland earlier in the year. The US president has repeatedly criticized Starmer’s deal ceding sovereignty of the Chagos Islands to Mauritius — something he did again in his Sun interview — and has also dismissed Britain’s role alongside American troops in the Afghanistan war.
3) US and Chinese trade negotiators are slated to meet in mid-March, according to people familiar with the matter, signaling a planned summit between Donald Trump and Xi Jinping is pushing ahead despite American strikes against Iran. US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and China’s Vice Premier He Lifeng are expected to convene in Paris at the end of next week to discuss business deals that could stem from the leaders’ meeting, said the people who requested anonymity to discuss plans that aren’t yet public. Both the timing and location of the meeting could still shift, the people added. Among the issues that could be addressed are a possible Chinese purchase of Boeing Co. planes, commitments to buy US soybeans and Taiwan, the self-ruled island China views as its own, some of the people said. The future of US fentanyl tariffs struck down by the Supreme Court could also be on the agenda, they added.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said the bombing campaign against Iran will continue until its objectives are achieved, calling on the nation’s leaders to capitulate as a report indicated at least one top official in Tehran sought to resume nuclear talks with the US. Trump on Sunday re-confirmed the death of Iran’s supreme leader, Ayatollah Ali Khamenei, and said the US and Israel had struck hundreds of targets in Iran including Revolutionary Guard facilities and air defenses. The US military’s Central Command announced Sunday that three US service members were killed and five “seriously wounded” during operations against the Islamic Republic, but gave no further details. Trump, who campaigned for the presidency on a pledge not to endanger American troops in the Middle East, called their deaths part of “the righteous mission” in a video posted on social media. “There will likely be more before it ends. That’s the way it is.”
2) Saudi Arabia and the United Arab Emirates are stepping up criticism of Iran’s regional attacks, while Gulf states consider coordinating efforts to halt what they’ve called “treacherous” and “heinous” actions by Tehran. Ministers from Gulf Cooperation Council nations held an extraodinary meeting on Sunday to review damages from Iran’s strikes on countries spanning from the UAE to Bahrain, Qatar and Oman, and consider necessary steps to restore stability and peace to the Middle East, according to a statement from state-run Saudi Press Agency. The states affirmed their right to respond to respond to Iran in “self-defense, either individually or collectively” and said GCC members “will take all necessary measures to defend their security and stability and to protect their territories, citizens, and residents, including the option to respond to the aggression.”
3) Oil surged the most in four years as traders gauged the impact of the effective closure of the Strait of Hormuz triggered by US and Israeli strikes against Iran, with hostilities escalating across the region. Global benchmark Brent was more than 9% higher near $80 a barrel, after earlier rallying by as much as 13% to the highest since January 2025. Tanker traffic through the strait — the chokepoint off Iran’s coast that handles a fifth of the world’s oil and large volumes of gas — has largely halted, with a self-imposed pause in place by shipowners and traders as the conflict spreads.

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The US and Israel began striking targets across Iran, with President Donald Trump urging Iranians to overthrow the government in a conflict that threatens to spiral across the oil-rich Middle East.   

“The hour for your freedom is at hand,” Trump said, addressing Iranians in a video posted on Truth Social on Saturday. “When we’re finished, take over your government. It will be yours to take. This will be probably your only chance for generations.”   

The military campaign could be a defining moment for Trump, risking a drawn-out regional war that leads to a surge in energy prices and American casualties ahead of mid-term elections this year. Iran quickly responded by firing missiles on Israel and US bases around the region, and countries in the Persian Gulf closed their airspace.  

Israel’s military said the campaign would target “dozens of military targets,” and Iran media reported strikes on defensive and civilian sites, including more than 50 people dead in a strike on a school in Hormozgan, in the south of the country. Several large explosions were reported in the capital, Tehran.   
Bloomberg's David Gura and Christina Ruffini lead our team coverage in this instant reaction podcast.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) US and Iranian officials ended the latest round of nuclear talks in Geneva on Thursday by agreeing to reconvene as soon as next week, opening the door to further diplomacy even as President Trump masses military forces in the region. With just days to go before Trump’s deadline to reach an agreement, the two sides agreed to resume discussions at a technical level in Vienna. Oil pared gains given the prospect of more talks, though there was no public reaction from the US side, led by special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner. A person familiar with the US position said the Americans were leaving Geneva disappointed with the progress of the talks.
2) Former US Secretary of State Hillary Clinton said she denied any association with disgraced financier Jeffrey Epstein during a “repetitive” hours-long deposition before congressional investigators Thursday. Clinton told reporters after the deposition she is confident her husband, former President Bill Clinton, knew nothing about Epstein’s crimes. Bill Clinton, who is set to face questioning on Friday, will be the first ex-president forced to testify before Congress. Thursday’s closed-door interview, which took place in Chappaqua in upstate New York, also touched on topics ranging from UFOs to the so-called PizzaGate conspiracy theory that took hold during the 2016 presidential campaign, she said.
3) Netflix Inc. dropped out of the fight to buy Warner Bros. Discovery Inc., clearing the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio. The streaming industry leader said that while it believed its deal would have passed muster with regulators and created shareholder value, it didn’t want to keep bidding. “We’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive,” Netflix said Thursday in a statement. Instead, it will keep investing in its business, including about $20 billion this year on films, TV shows and other entertainment offerings.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Cuba says a boat with 10 people near its coast early Wednesday was carrying weapons, and its occupants — Cubans living in the US — were intent on entering the country to fight against the government. Cuban forces killed four people who had opened fire from a speedboat with Florida tags, an incident with the potential to escalate an already tense standoff with the US. The vessel approached within one nautical mile off the coast of Villa Clara early Wednesday, Cuba’s Interior Ministry said in a statement. Six others on the speedboat were wounded and are being provided with medical care. US Secretary of State Marco Rubio told reporters on Wednesday afternoon that the Department of Homeland Security and Coast Guard would be looking into the incident.
2) The US and Iran started a third round of nuclear talks on Thursday with days to go until President Trump’s deadline for a deal. The two parties have been locked in a tense, months-long standoff over the Islamic Republic’s atomic activities and are negotiating through mediator Oman at its embassy in Geneva, the semi-official Iranian Students’ News Agency reported. Trump had given Iran a deadline of March 1-6 to strike a deal and has threatened military action if it fails to do so, sparking fears of a new Middle East war that could embroil Israel and Gulf Arab oil producers.
3) The US vowed to maintain high tariffs on China hours after Beijing warned against any future hikes, as President Trump’s sweeping levies return to the spotlight before his meeting with Xi Jinping. US Trade Representative Jamieson Greer said Wednesday that Trump wants to keep tariffs on China steady at a range of 35% to 50%, while repeating earlier statements that the Supreme Court’s decision to invalidate broad emergency tariffs wouldn’t affect most levies. Earlier the same day, China threatened to take “all necessary measures” if the US imposed fresh tariffs, after Washington signaled a probe into their 2020 trade deal would continue. Beijing reiterated it wants to use the existing consultation mechanism to build consensus.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Addressing one of his biggest audiences at perhaps the lowest moment of his second term, President Trump returned again and again in his State of the Union speech to the same message on the economy: Everything is going great. A resolute Trump was determined to will Americans into a better economic mood, seeking to paint over the affordability concerns at the center of upcoming midterm elections with statistics and self-congratulation. “Inflation is plummeting. Incomes are rising fast. The roaring economy is roaring like never before,” Trump boasted early in the nearly two-hour speech. The US president didn’t even feel compelled to roll out fresh policy ideas to address the cost of living. And where he did allow that voters might have some misgivings about cost of living, he followed his well-worn playbook of pinning blame elsewhere. Ahead of the speech, Trump’s advisers had framed the evening as an opportunity to lay out a forward-looking economic agenda that could serve as a reset ahead of the midterms. But he focused more on touting his signature tax legislation and trade policies than major new cost-of-living proposals — a hint that the issue is still vexing the White House.
2) Four days after deriding the US Supreme Court justices who struck down most of his signature tariffs, President Trump was far milder in his criticism with some of them in the room. Delivering his State of the Union address Tuesday, Trump criticized Friday’s 6-3 ruling against his sweeping global tariffs as “very unfortunate” and “disappointing.” The four justices who attended — Chief Justice John Roberts and Justices Elena Kagan, Brett Kavanaugh and Amy Coney Barrett — sat stoically in their front-row seats. Even in their relatively mild form, Trump’s comments marked a rare instance of high court criticism during a State of the Union address. In 2010, then-President Barack Obama criticized the just-issued Citizens United campaign-finance ruling, accusing the court of ignoring a century of precedent.
3) Nvidia Corp. is facing a high-stakes moment with its latest quarterly results on Wednesday, with the world waiting for fresh evidence that the AI spending boom remains on track. To satisfy investors, Nvidia likely needs to deliver another blockbuster report. That means easily topping the forecasts it gave three months ago and setting new targets that are above current Wall Street estimates. The company has done this repeatedly, but concerns have grown that the AI spending frenzy isn’t sustainable. Nvidia is the dominant supplier of processors used to develop and run AI models, making it the biggest bellwether of the artificial intelligence economy. Chief Executive Officer Jensen Huang has assured investors in public appearances that demand remains high and customers such as Meta Platforms Inc. and Alphabet Inc. have rolled out more aggressive spending plans. Investors also will be looking for additional ways for Nvidia to accelerate growth. That may include pushing further into China, where US export curbs — and Chinese pushback — have limited sales.

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President Donald Trump delivered the longest State of the Union address of the television age Tuesday, declaring “a turnaround for the ages” as he tried to sell Americans on his economic program ahead of crucial midterm elections later this year.

The speech had all the ceremony, confrontation and chaos that have come to define the event in an era of narrow congressional majorities and partisan polarization. Democratic Representative Al Green was ejected from the chamber for disrupting the speech. Trump invited the gold-medal-winning men’s Olympic hockey team into the gallery amid chants of “USA! USA! USA!” He awarded several medals honoring veterans and active-duty service members.

And in more than 1 hour 47 minutes, the longest State of the Union in history, the president delivered a rally-like speech punctuated less by policy proposals than by political attacks.

For instant reaction and analysis, Bloomberg Balance of Power hosts Joe Mathieu and Kailey Leinz speak with:

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) A powerful winter storm started to taper off across the Northeast Monday evening after smashing records and dropping more than a foot of snow in eight states. The impact is expected to linger for days. More than 11,000 flights have been grounded through Tuesday, and more than 500,000 homes and businesses were without power as of 5:45 p.m. local time. Drivers in some parts of Massachusetts have been ordered to stay off the roads as snowplow crews struggle to catch up after whiteout conditions engulfed the state’s South Coast. Manhattan’s Central Park recorded about 20 inches (50 centimeters) of snow from Sunday through Monday. Islip on Long Island received more than 22 inches, according to the National Weather Service. Providence, Rhode Island, broke its record for a single snow storm with 32.8 inches, the National Weather Service said. The old record was set from Feb. 6-7 during the Blizzard of 1978 when 28.6 inches fell.
2) Affordability and tariffs are expected to be two key domestic themes of President Trump's State of the Union address, posing headline risk for credit-card issuers, homebuilders, single-family REITs and retailers exposed to duties. He will likely address the Supreme Court's tariff ruling, reiterating his pledge to keep them in place, while other proposals requiring congressional approval face long odds in 2026. With President Trump's approval rating at 42% according to RealClearPolitics, consumer affordability of goods and services will be a key focus for the administration ahead of the US midterm elections in November. So far in 2026, Trump has proposed measures such as a 10% cap on credit-card interest, regulatory cuts to lower household energy prices, tax relief and prohibiting corporations from purchasing single-family homes. Yet investors should note that presidential authority to drive affordability goals may be limited, especially if congressional approval is required or if tariff policy risks driving higher inflation.
3) President Trump’s new 10% global tariffs went into effect on Tuesday, kicking off a White House effort to preserve the adminstration’s trade agenda after the Supreme Court struck down his original sweeping duties. The president signed an executive order last Friday authorizing the 10% import tax just hours after the ruling. He subsequently threatened to raise the number to 15%, but Trump did not officially issue a directive to increase the rate by Tuesday at 12:01 a.m. Washington time when the 10% levy went into effect. The White House is working on a formal order that will increase the global tariff rate to 15%, according to an administration official. The timeline for implementing that higher levy has not been finalized, said the official, who spoke on the condition of anonymity to discuss private matters.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) A powerful winter storm has isolated New York City and hobbled transport networks, threatening to be among its worst on record, with 41 million people across the US East Coast facing blizzard conditions. The storm shut down the vast majority of flights out of the region’s largest airports on Monday, including in the New York area and in Boston. New York City Mayor Zohran Mamdani declared a state of emergency and closed streets, highways and bridges to most traffic after 9 p.m. Sunday until noon Monday. Major snowfall of as much as 30 inches is expected across the East Coast in some areas, with the heaviest set through Sunday night and into Monday morning, the National Weather Service said, making travel impossible.
2) Senior US officials said President Trump’s tariff defeat at the Supreme Court won’t unravel deals negotiated with US partners as they sought to defend the administration’s assertive trade policies. Those deals — which the administration made with partners including China, the European Union, Japan and South Korea — remain in place, US Trade Representative Jamieson Greer said Sunday on CBS’s Face the Nation. He sought to separate those arrangements from the planned 15% global tariff Trump announced Saturday. Friction over the renewed uncertainty spilled out Sunday as the European Parliament’s trade chief said he’ll propose freezing the EU’s ratification of a trade deal with the US until the Trump administration clarifies its policy. In New Delhi, officials cited similar reasons for India postponing talks in the US this week on finalizing an interim trade deal. The US Supreme Court ruling that struck down Trump’s use of emergency authority to wield tariffs preceded his planned trip next month to China. Greer suggested that alternative US trade tools, including those involving investigations of other countries’ trade practices, would give the US leverage.
3) The US and Iran are set to resume talks Thursday in Geneva, according to Omani mediators. Iranian Foreign Minister Abbas Araghchi said he expects to meet US special envoy Steve Witkoff for the talks and reiterated that Iran won’t be pressured by a US military buildup in the region. Omani Foreign Minister Badr Albusaidi said on X that the US-Iran negotiations “are now set for Geneva this Thursday, with a positive push to go the extra mile towards finalizing the deal.” After talks last week, a US official said Iran was expected to return with proposals in two weeks to bridge remaining gaps. The US has orchestrated a massive military buildup in the Middle East including two aircraft carriers as President Trump presses Tehran for a new nuclear deal. Trump said on Friday he’s considering limited strikes on Iran, risking another destabilizing conflict.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.

Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in.

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with:

- Bloomberg Washington correspondent Tyler Kendall
- Bloomberg Legal Analyst and host of Bloomberg Law June Grasso
- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners
- Dave Townsend, Partner with Dorsey & Whitney

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program. “We’re either going to get a deal, or it’s going to be unfortunate for them,” Trump told reporters Thursday aboard Air Force One. On a deadline, Trump said he thought 10 to 15 days was “pretty much” the “maximum” he would allow for negotiations to continue. The deployment is unlike anything the US has done since 2003, when it amassed forces before the invasion of Iraq. It dwarfs the military buildup that Trump ordered off the coast of Venezuela in the weeks before he ousted President Nicolas Maduro. While the US isn’t likely to deploy ground troops, the buildup suggests Trump is giving himself discretion to launch a sustained campaign lasting many days, in cooperation with Israel.
2) President Trump declared victory in the fight over cost-of-living concerns, signaling a new approach that seeks to deny problems with his economic agenda while touting stock market gains to insist that his tariff plans have been a success. Pocketbook issues have emerged as the central focus of the upcoming November congressional elections with households hit hard by costs for groceries, utilities and housing. Polls show voters have soured on Trump’s economic policies, endangering Republicans’ hold on both chambers of Congress and the future of the president’s legislative agenda. Trump and allies have highlighted slowing inflation and job growth that has come in above expectations, but that has failed to assuage voters, and opened the door for Democrats who have seized on that discontent to boost their midterm prospects.
3) Andrew Mountbatten-Windsor, the brother of the UK’s King Charles, was released under investigation on Thursday after being arrested on suspicion of misconduct in public office. The Thames Valley Police confirmed it had released a Norfolk man in his sixties, without mentioning the former royal by name. Last week, the police force said it was leading the assessment of allegations tied to the US Department of Justice’s publication of files related to convicted sex offender Jeffrey Epstein. King Charles III issued a statement outlining his “deepest concern” about the matter and promising Buckingham Palace’s “full and wholehearted support and co-operation” with the investigating authorities. The arrest of Andrew, who turned 66 on Thursday, heaps further embarrassment on Britain’s royal family following years of lurid allegations about ties with Epstein that the former prince has consistently denied. His arrest appears to be the first of a UK royal since King Charles I in the 17th century following his defeat in the English Civil War.

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On today's podcast:
1) While both the US and Iran have sounded cautiously upbeat about the latest round of diplomatic talks between the nations, analysts believe that strikes on Iranian targets remain a likely possibility. The US has amassed military assets in the Middle East and has dispatched a second aircraft carrier to the region. Concerns of a broader conflict held Brent crude above $70 a barrel. The US also announced new visa restrictions, with the State Department saying it is targeting 18 Iranian officials and telecommunications industry leaders and their immediate family members for the crackdown and communications blackout, blaming them for “inhibiting the right of Iranians to free expression and peaceful assembly.”
2) Billionaire retail tycoon Leslie Wexner told a US House panel Wednesday that he visited Jeffrey Epstein’s private Caribbean island but said at the time he wasn’t aware of any sex trafficking operation involving the disgraced financier. Wexner said he went to the island once with his wife and children “for a few hours” while the family was in the area on their boat, according to his opening statement in a deposition to congressional investigators that was provided to Bloomberg News by his attorney. The House Oversight Committee has been investigating what role Epstein’s broad network of connections may have played in facilitating his enterprise or delaying criminal prosecution. Wexner was questioned behind closed doors by congressional investigators for six hours on Wednesday, a spokesman for the panel said.
3) OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools. As the ChatGPT maker prepares to spend trillions in infrastructure investment, the overall valuation of the company, including the eventual funding, could exceed $850 billion, according to some of the people. That’s higher than the $830 billion initially expected. The company’s pre-money value will remain $730 billion, said one person, all of whom asked not to be identified discussing private information.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran made progress in nuclear talks in Geneva on Tuesday, with Tehran’s negotiators scheduled to return with a new proposal in two weeks, a US official said on Tuesday, a cautiously upbeat assessment that suggests the chances of an imminent military clash are low. The official, who asked not to be named, said Iran would return with detailed proposals to address the remaining gaps between the two sides, but cautioned that there were still a lot of details to discuss. In an earlier statement, Iran said it had reached a “general agreement” with the US on the terms of a potential nuclear deal that would lift sanctions on Tehran and ease the risk of a broader war in the Middle East. But from the outset, there was also confusion between the US and Iranian sides on the scope of the negotiations, with President Trump bringing Tehran to the talks under the threat of US airstrikes.
2) Ukraine and Russia began a second day of US-brokered talks in Geneva after Kyiv’s lead negotiator held separate meetings with American and European allies to coordinate their approach. “Consultations are taking place in groups focusing on specific areas within the political and military blocs,” Ukrainian National Security and Defense Council Secretary Rustem Umerov said Wednesday on Telegram. Russian media also reported that the negotiations had resumed behind closed doors. Umerov on Tuesday said he’d met with representatives of the US, France, the UK, Germany, Italy and Switzerland. “It’s important to maintain a common vision and coordination of actions between Ukraine, the US and Europe,” he said after the meetings in a post on Telegram. “There is an understanding of shared responsibility for the outcome.”
3) Japan plans to invest up to $36 billion in US oil, gas and critical mineral projects, the first tranche of its $550 billion commitment under the trade agreement it struck with President Trump. Japanese Prime Minister Sanae Takaichi said the projects were designed to build resilient supply chains through cooperation in areas crucial for economic security, including critical minerals, energy and artificial intelligence. The most significant investment is a natural gas facility in Ohio that’s expected to generate 9.2 gigawatts of power, according to a statement from US Commerce Secretary Howard Lutnick, a massive project which Trump described as “the largest in History.”

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) The Reverend Jesse Jackson, the civil rights leader who marched alongside Martin Luther King Jr. and later ran for president, has died at 84, according to a statement from his family released early Tuesday. Ordained in 1968, he spent decades fighting for voting rights and economic justice. A longtime advocate for racial and economic justice, Jackson was with King in Memphis in 1968 when King was assassinated. He went on to found the Rainbow PUSH Coalition and became one of the most prominent voices in American civil rights and politics.
2) Iran and the US are set to meet for a second round of nuclear talks in Switzerland on Tuesday morning as they seek to avoid renewed conflict in the Middle East following last year’s attacks on the Islamic Republic. Oman will mediate the negotiations in Geneva almost two weeks after the first round was held on February 6th, Iran’s state broadcaster said. Iranian officials have expressed willingness to discuss their nuclear-enrichment activities, but have tied any concessions to the potential easing of American sanctions. Meanwhile, Washington is increasing its military presence in the Middle East, deploying a second aircraft carrier to the region amid warnings of a possible strike on Iran if talks — which could drag on for weeks — fail to produce a compromise. Iran’s Islamic Revolutionary Guard Corps held drills around the strategic Strait of Hormuz on Monday that were focused on delivering a “decisive” response to security threats.
3) Secretary of State Marco Rubio said Europe’s fate is intertwined with the US while faulting the continent for what he said was a drift away from their shared Western values. “We want Europe to prosper because we’re interconnected in so many different ways, and because our alliance is so critical,” Rubio told Bloomberg News Editor-in-Chief John Micklethwait on the sidelines of the conference on Saturday. “But it has to be an alliance of allies that are capable and willing to fight for who they are and what’s important.”

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On this special President's Day Holiday edition of Bloomberg Daybreak, host Nathan Hager discusses:

-We get another big earnings report ahead of Nvidia. On Thursday, we hear from Walmart. For more, we hear from Bloomberg Intelligence Senior Analysts Jen Bartashas and Poonam Goyal.

- Nvidia reports its latest quarterly numbers next week. So what should we expect from the chip -behemoth? We speak with Mandeep Singh and Kunjan Soubhani of Bloomberg Intelligence.

-The world’s richest man, Elon Musk, is suing OpenAI, a company he co-founded. That trial is set to take place in April. We get details from Bloomberg Intelligence Litigation Analyst Matthew Schettenhelm

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Secretary of State Marco Rubio said Europe’s fate is intertwined with the US while faulting the continent for what he said was a drift away from their shared Western values. 
The double-edged message offered some reassurance to allied leaders gathered at the Munich Security Conference but did little to temper their push for more independence from Washington. 
“We want Europe to prosper because we’re interconnected in so many different ways, and because our alliance is so critical,” Rubio told Bloomberg News Editor-in-Chief John Micklethwait on the sidelines of the conference on Saturday. “But it has to be an alliance of allies that are capable and willing to fight for who they are and what’s important.”
“What is it that binds us together? Ultimately, it’s the fact that we are both heirs to the same civilization, and it’s a great civilization,” he said. “It’s one we should be proud of.”
Rubio’s comments elaborated on a speech he delivered to the event, Europe’s premier annual security gathering, earlier Saturday morning. The speech was the most anticipated of the three-day conference, with fellow leaders eager to hear if he would double down on the contemptuous tone voiced a year earlier by Vice President JD Vance at the same venue.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) The Trump administration is working to narrow its broad tariffs on steel and aluminum products that companies find difficult to calculate and the European Union wants reined in as part of its pending trade deal with the US, a person familiar with the matter said. The US Trade Representative’s Office is scrambling to resolve complications spawned last year by the Commerce Department’s efforts to rush out President Trump’s tariff agenda, the person said. The White House has communicated to companies that adjustments are in the works, but details and timing remain unclear.
2) President Trump said his administration has rescinded the “endangerment finding,” a landmark scientific determination that greenhouse gases pose a threat to human health and welfare. The 2009 finding serves as the legal foundation for a variety of environmental rules, including federal climate standards for cars and trucks. Trump said he’s also repealing those vehicle-related standards. The decision to repeal, which has been telegraphed for months, lays the groundwork for unwinding more federal climate regulations, according to environmental and legal experts. Thursday’s announcement, made alongside Environmental Protection Agency Administrator Lee Zeldin, marks the administration’s most consequential climate rollback, as well as its biggest deregulatory move.
3) A Saturday shutdown of the Department of Homeland Security is all but inevitable after the Senate failed to advance a funding bill and headed out on a week-long recess without a deal regarding new limits on immigration enforcement. The Senate vote to begin debate on a year-long DHS bill without enforcement changes failed 52 to 47. A Republican attempt to get unanimous consent to pass a stopgap DHS bill also failed. Many department employees will be expected to work without pay during a shutdown. But a prolonged fight risks roiling workers like Transportation Security Administration employees at airports. Those carrying out immigration enforcement activities at Immigration and Customs Enforcement and Customs and Border Protection will likely be paid even during a longer shutdown by funds allocated under President Trump’s tax bill.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) President Trump’s tariff policies suffered their strongest political blow yet with the Republican-led US House passing legislation aimed at ending the president’s levies on Canadian imports. Wednesday’s vote represents an increase in political pressure to change course on Trump’s signature economic policy just months before the midterm elections, including by forcing swing-district Republicans affected by the tariffs to weigh when or if to cross the president by voting against his agenda. The vote also signals a growing anxiety over the White House’s economic agenda before elections that are expected to focus heavily on affordability. Democrats were quick to attack the Republicans who voted to protect the tariffs, blaming them for shielding policies that increase the cost of living for their voters. While Trump is almost certain to veto any bill calling for a repeal of his tariff agenda, making it unlikely the measure will ever become law, defections from six Republicans alongside opposition from nearly all Democrats underscore his increasingly tenuous hold on the narrow House majority.
2) Republicans advanced voter ID legislation over the opposition of most Democrats Wednesday as House GOP leaders seek to convince their Senate counterparts to muscle through the bill. Conservatives are touting the measure, which the House passed by 218-213, as necessary to beef up election security ahead of the November midterms and 2028 presidential race. Most Democrats oppose the legislation, dubbed the SAVE America Act, and argue it would amount to voter suppression, especially for marginalized groups. The bill faces steep obstacles in the Senate, where GOP leaders would need 60 votes to overcome the legislative filibuster. House Republicans are urging Senate Majority Leader John Thune (R-S.D.) to change Senate rules to advance the bill, but the measure’s House backers are also looking at opportunities to tack it onto must-pass bills.
3) Democratic lawmakers accused Attorney General Pam Bondi of using the US Justice Department to target enemies of President Donald Trump and bungling the release of files on disgraced financier Jeffrey Epstein during a fiery hearing Wednesday. “You’ve turned the people’s Department of Justice into Trump’s instrument of revenge,” said Jamie Raskin, the top Democrat on the House Judiciary Committee in Washington. “Trump orders up prosecutions like pizza. And you deliver every time.” Raskin cited Justice Department probes of former FBI Director James Comey, New York Attorney General Letitia James and six members of Congress who recorded a video urging military service members to refuse unlawful orders. Prosecutors failed to get grand jury indictments of Comey and James, and the New York Times reported Tuesday that the department also failed to secure indictments of the lawmakers.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) An individual who the authorities described as a person of interest has been taken into custody regarding the disappearance of Nancy Guthrie in Arizona more than a week ago, a person familiar with the matter said on Tuesday night. The case, which has attracted international attention, took a dramatic turn earlier Tuesday when the Federal Bureau of Investigation released photo and video images of the possible suspect outside Guthrie’s home near Tucson. A video posted on X shows a masked individual wearing gloves approaching the front door with what appears to be a handgun in a holster and carrying a large backpack. Meantime, the AP reports the FBI and Pima County Sheriff's Department were conducting a court-authorized search at a location in Rio Rico, Arizona, in connection with the investigation.
2) At least 10 people are dead and 25 injured after a mass shooting in northeastern British Columbia, according to the police. After a report of an active shooter at Tumbler Ridge Secondary School at 1:20 p.m. local time, responders found six people dead in the school, as well as the suspected perpetrator, who appears to have died from a self-inflicted injury, the Royal Canadian Mounted Police said in a statement. Three victims were airlifted to hospital with serious injuries, but one died in transit. Police said they also identified a residence that they believed to be connected to the incident, where they found another two people dead. Investigators are now searching additional properties to determine the scope of the tragic event, which appears to rank as one of the deadliest mass shootings in Canadian history.
3) House lawmakers are set to vote Wednesday on whether to reject some of President Trump’s tariff policies, ahead of a midterm election focused heavily on anxiety over the US cost of living. The votes on the measures — starting with a resolution opposing the president’s tariffs on Canada — are set to come after lawmakers on Tuesday night rejected a last-ditch effort from House Speaker Mike Johnson to prevent them. Johnson, one of Trump’s chief allies in Congress, has led a legislative blockade for months to insulate the tariffs, pushing procedural rules that effectively prevented his chamber from ending the president’s sweeping tariff authority. A fresh Johnson-backed measure would have extended that ban through the end of July.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) The relentless surge in memory chip prices over the past few months has driven a vast divide between winners and losers in the stock market, and investors don’t see any end in sight. Companies from game console maker Nintendo Co. to big PC brands and Apple Inc. suppliers are seeing shares slump on profitability concerns. Memory producers, meanwhile, are soaring to unprecedented heights. Money managers and analysts are now assessing which firms can best navigate the squeeze by locking in supplies, raising product prices or redesigning to use less memory. A Bloomberg gauge of global consumer electronics makers is down 10% since the end of September while a basket of memory makers including Samsung Electronics Co. has surged roughly 160%. The question now is how much is priced in.
2) Alphabet Inc. is selling sterling and Swiss franc-denominated bonds for the first time, including an ultra-rare issue of a 100-year note, following a bumper $20 billion deal in the US. Google’s parent company is offering five tranches each of sterling and Swiss franc notes, according to people familiar with the matter, who asked not to be identified. The 100-year sterling bond is the first sale of such long-dated debt by a technology firm since the dot-com era. The sterling issue includes tenors of three to 32 years as well as the 100 year bond. The Swiss franc deal includes maturities of three, six, 10, 15 and 25-year bonds. Both deals are expected to price later today, the people said.
3) President Trump said his pick to lead the Federal Reserve can stoke the economy to grow at a rate of 15%, an exceedingly rosy target that nonetheless underscores the pressure that Kevin Warsh will face if confirmed to the role. Trump, speaking in an interview with Fox Business, said Warsh was the “runner up” in his last search and that it was a big mistake to pick Fed chair Jerome Powell. It was not fully clear if Trump was referring to year-over-year growth or some other metric. The US economy, which is seen expanding 2.4% this year, has grown at an average annual rate of 2.8% over the past five decades. Gross domestic product has only risen at a 15%-plus pace a few times since the 1950s, including in the third quarter of 2020 as businesses reopened following pandemic-related closures.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The Seattle Seahawks won their second Super Bowl title on Sunday, beating the New England Patriots by a score of 29-to-13 at Super Bowl LX at Levi's Stadium in Santa Clara, CA. The Seahawks' defense came out strong, recording six sacks and forcing two interceptions against Patriots quarterback Drake Maye. Seahawks RB Kenneth Walker III was named Super Bowl MVP for his offensive efforts, becoming the first running back to win the award since the Denver Broncos' Terrell Davis in 1998.
2) Chinese regulators have advised financial institutions to rein in their holdings of US Treasuries, citing concerns over concentration risks and market volatility, according to people familiar with the matter. Officials urged banks to limit purchases of US government bonds and instructed those with high exposure to pare down their positions, the people said, asking not to be identified discussing private deliberations. The directive doesn’t apply to China’s state holdings of US Treasuries. Communicated verbally to some of the nation’s biggest banks in recent weeks, the guidance reflects growing wariness among officials that large holdings of US government debt may expose banks to sharp swings, the people said. The worries echo those made by governments and fund managers elsewhere amid a brewing debate over the safe haven status of US debt and the appeal of the dollar.
3) Japanese Prime Minister Sanae Takaichi secured a historic election triumph, positioning her as the nation’s strongest leader in the postwar era in an outcome that sent stock prices and bond yields soaring. Her ruling Liberal Democratic Party achieved the biggest post-war victory for a single-party in a general election in Japan, an extraordinary transformation of fortunes for a party that was on the ropes last summer before getting behind the nation’s first ever female premier in October. The LDP secured a two-thirds super majority in the 465-seat lower house by itself, according to public broadcaster NHK. A tally of results by NHK early Monday showed that the ruling coalition had won 352 seats in the lower house, expanding its previous razor-thin majority of 233 by a considerable margin. The LDP’s haul of 316 seats gives it a higher proportion of representatives in the lower house than any other party in post-war Japan.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) Amazon.com shares tumbled in premarket trading on Friday after the e-commerce and cloud-computing company’s $200 billion annual capex forecast is much higher than expected, underlining concerns about how much big tech companies are spending on AI-related investments and when they will pay off. The company reported spending roughly $130 billion on property and equipment in 2025. Analysts anticipated those expenses would reach about $150 billion this year. Chief Executive Officer Andy Jassy said the money “predominantly” would go toward the company’s Amazon Web Services cloud unit, and most of that spending would be for AI workloads.
2) Bitcoin whipsawed in a volatile trading session after a selloff that briefly dragged the token to a more than 50% retreat from its October peak. The original cryptocurrency rose as much as 5.8% on Friday and traded around $64,800 at 9 a.m. in London. Earlier in the session, it came close to falling below $60,000 for the first time since October 2024. Cryptocurrencies have been on shaky ground ever since a brutal series of liquidations in October that sapped market confidence. The selling picked up steam this week in line with the unwinding of leveraged bets and broader market turbulence.
3) President Trump called for the creation of a new nuclear arms treaty with Russia, as the existing New START agreement between the two nations expires and fuels concern about the possibility of a new arms race. The pact — formally known as the New Strategic Arms Reduction Treaty — built on efforts to reduce the nuclear weapons arsenals amassed during the Cold War. The deal expired on Thursday, raising the possibility that the US and Russia could potentially pursue new nuclear weapons unhindered by any diplomatic agreement while geopolitical tensions between Washington and Moscow rise.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) The Department of Homeland Security will immediately pull 700 officers from Minneapolis, a reduction of about a quarter, amid efforts to deescalate tensions after federal agents killed two US citizens. White House border czar Tom Homan, who President Trump sent to Minneapolis as part of an effort to ease pressure amid local outrage, emphasized a shift to more targeted enforcement after a surge of immigration agents sparked widespread protests. Homan also said cooperation with local authorities to detain immigrants with criminal records had improved. About 2,000 federal immigration agents will remain, down from the peak of the operation but still much higher than the roughly 150 officers that would be normal, Homan told reporters Wednesday.
2) President Trump sent a fresh warning to Iran’s leaders as US military forces amass in the region, even as diplomatic talks between Washington and Tehran were set for later this week. “I would say he should be very worried, yeah. He should be,” Trump said in an interview with NBC News on Wednesday, when asked about Iran’s supreme leader. Iranian Foreign Minister Abbas Araghchi said in a social media post Wednesday that talks with the US were scheduled to be held in Muscat, Oman on Friday morning. The US and Iran still plan to meet in Oman on Friday to discuss a nuclear deal, according to a White House official.
3) President Trump said he would have passed on Kevin Warsh as his nominee to lead the Federal Reserve if Warsh had expressed a desire to hike interest rates. The president said there was “not much” doubt the Fed would lower rates because “we’re way high in interest” but now “we’re a rich country again.” Trump’s comments could come up during Warsh’s confirmation process, where the Fed’s independence will likely be a central topic. Trump said he believed “in theory” that the central bank was an independent body, while saying he was a “smart guy” whose economic predictions should be considered. Republican Senator Thom Tillis, a member of the Banking Committee, has pledged to block any of Trump’s nominees to the institution until the Justice Department ends an investigation into the central bank’s renovation.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The partial US government shutdown ended late Tuesday after President Trump signed into law a funding deal he negotiated with Senate Democrats, overcoming opposition from both ends of the political spectrum amid a standoff over his administration’s immigration crackdown. Trump applauded the funding package as “a great victory for the American people” and stressed that the legislation continues to fund deportation flights, which have provoked backlash from Democrats. Still, a more limited funding lapse looms within days since the Department of Homeland Security is only funded through Feb. 13 while Trump negotiates with Democrats over their demands for new restraints on immigration enforcement agents. The rest of the government is funded through the Sept. 30 end of the fiscal year.
2) Iran has asked the US to move diplomatic talks originally planned for Turkey to Oman and to limit the agenda to the Islamic Republic’s nuclear program, according to people familiar with the matter. President Trump reiterated that the US and Iran are maintaining talks, even after an earlier skirmish in the Arabian Sea spooked oil markets amid heightened tensions between the two countries. “We are negotiating with them right now” and “they’d like to do something,” Trump told reporters at the White House Tuesday. Earlier Tuesday, a US F-35C warplane shot down a drone in self-defense as the unmanned aircraft “aggressively approached” the USS Abraham Lincoln with “unclear intent,” US Central Command said in a statement. CentCom said no American service members were harmed and no US equipment was damaged.
3) Former President Bill Clinton and his wife, former Secretary of State Hillary Clinton, will appear before a House committee investigating their ties to disgraced financier Jeffrey Epstein on Feb. 26 and 27, the panel confirmed Tuesday. A full House vote had been planned this week to hold the Clintons in criminal contempt if they continued to defy subpoenas in its inquiry into Epstein and his activities. The Clintons “have agreed to appear for transcribed, filmed depositions to face questioning as part of the investigation related to Jeffrey Epstein’s and Ghislaine Maxwell’s crimes,” the committee said in a statement posted on its website.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) Republican opposition to President Trump’s deal with Democrats to end the partial US government shutdown began to crumble late Monday despite the ongoing a standoff over the administration’s immigration crackdown. Trump implored House Republicans in a social media post to pass the spending measure immediately and with no changes. Soon after, two conservative holdouts — Anna Paulina Luna of Florida and Tim Burchett of Tennessee — said they agreed after a talk with the White House to end their threatened blockade, clearing the way to a Tuesday vote on the bipartisan agreement. House Speaker Mike Johnson had faced a tricky path to clear a Senate-passed spending package — the product of a negotiation between Trump and Senate Democratic leader Chuck Schumer. That measure would fund most agencies through Sept. 30, and the Department of Homeland Security through Feb. 13, preserving funding for immigration raids while both parties negotiate changes to enforcement policies.
2) President Trump said he’s seeking $1 billion in “damages” from Harvard University after the New York Times reported that his administration had backed off demands for $200 million to satisfy accusations of wrongdoing by the Ivy League institution. Trump didn’t specify under what authority he would seek the $1 billion. Harvard didn’t immediately respond to a request for comment. In an article earlier Monday, the Times reported that administration officials had dropped their demands for the $200 million “amid sagging approval ratings for Mr. Trump, and as he faces outrage over immigration enforcement tactics and the shooting deaths of two Americans by federal agents in Minnesota.”
3) Former President Bill Clinton and his wife, former Secretary of State Hillary Clinton, will appear before a congressional committee investigating the disgraced financier Jeffrey Epstein, their lawyers said Monday. A full House vote had been planned this week to hold the Clintons in criminal contempt if they continued to defy subpoenas in its inquiry into Epstein and his activities. Bill Clinton has previously said that he parted ways with Epstein many years before his death in a New York jail cell in 2019, and that he had no knowledge of his crimes.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US government stumbled into a partial shutdown Saturday while waiting for the House to approve a funding deal President Trump worked out with Democrats following a national uproar over Border Patrol agents’ killing of a US citizen in Minneapolis. The funding lapse is likely to be short, with the House returning from a week-long break on Monday and the Republican president fully supporting the spending package. Many Americans may not even notice since most federal employees working on weekends, such as military personnel and air traffic controllers, are deemed essential and aren’t furloughed in a shutdown.
2) The Justice Department’s latest release of material related to its investigations into Jeffrey Epstein offers fresh details about the rich and well-connected people who circulated in the orbit of the late disgraced financier. Officials said Friday they were releasing some 3 million pages of material, including more than 2,000 videos and 180,000 images.
3) Gold extended losses, after its biggest plunge in more than a decade on Friday, while silver’s year-to-date gains were wiped out as a record-breaking precious-metals rally unwound at breakneck speed. Spot gold fell as much as 10% on Monday and is now down almost a fifth from an all-time high reached in the last-but-one session. Silver slumped as much as 16%, following on from an intraday loss on Friday that was the steepest on record.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

- Michael McKee, Bloomberg International Economics and Policy Correspondent, to preview the January jobs report in the U.S.
- Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, to preview U.S tech earnings.
- Tommaso Ebhart, Bloomberg’s Milan Bureau Chief, to preview 2026 olympic games.
- Paul Jackson, Bloomberg EcoGov Editor for Japan/Koreas, to preview snap Japan election.
- James McIntyre, Bloomberg Economist for Australia and New Zealand, to preview RBA decision.

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Breaking news from the White House.   

President Donald Trump said he intends to nominate Kevin Warsh to be the next chair of the Federal Reserve, according to a post on his Truth Social platform.   

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote. “On top of everything else, he is ‘central casting,’ and he will never let you down.”    

Warsh, who served on the US central bank’s Board of Governors from 2006 to 2011 and has previously advised Trump on economic policy, would succeed Jerome Powell when his term at the helm ends in May. It marks a comeback for Warsh, 55, whom the president passed over for the top job in 2017 when he selected Powell.   

If confirmed by the Senate, the former Fed governor will take charge of US monetary policy at a time when many economists and investors see its traditional insulation from elected officials as being under threat from the White House. Warsh aligned himself with the president in 2025 by arguing publicly for lower interest rates, going against his longstanding reputation as an inflation hawk.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) The Trump administration is preparing for the president to nominate Kevin Warsh to be the next Federal Reserve chair, according to people familiar with the matter. President Trump said Thursday he plans to announce his pick to lead the US central bank on Friday morning. The people, who requested anonymity to discuss matters not yet public, cautioned that the selection is not final until Trump makes a formal announcement. The White House and Warsh did not immediately respond to requests for comment. Warsh, a former Fed governor and one of the four finalists on Trump’s shortlist to be the next central bank leader, visited the White House on Thursday, one person said.
2) President Trump and Senate Democrats have reached a tentative deal to avert a disruptive US government shutdown as the White House continues to negotiate with the Democrats on placing new limits on immigration raids that have provoked a national outcry. Trump announced that an agreement had been reached and urged both parties to vote for it. However, lawmakers are almost certain to fail to enact the measure before a Friday night deadline. While a short funding lapse and partial government shutdown is now seen as the most likely scenario, the effect on federal operations would be minimal if it’s swiftly resolved within a couple days.
3) The Trump administration is seeking to scale down the number of federal officers in Minneapolis after the killing of two US citizens during immigration raids sparked a nationwide uproar and weeks of protests. Tom Homan, the administration’s “border czar,” said Thursday at a press conference in Minneapolis that officials from Customs and Border Protection and Immigration and Customs Enforcement are working on a “draw down plan” that hinges on cooperation from local, state and federal officials.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:
1) The world’s largest tech firms show no signs of easing up on AI spending, a record wave that’s propelling hardware providers like Samsung Electronics Co. and SK Hynix Inc. That’s even as doubts persist about the staying power of artificial intelligence demand to justify all that capital. Meta Platforms Inc. alone revealed ambitions to spend as much as $135 billion this year — one of the biggest planned outlays of the business sphere. Meta, Microsoft and fellow hyperscalers such as Amazon.com Inc. and Alphabet Inc., are driving a wave of global spending on chips, servers and computers that’s firing up hardware suppliers around the world, particularly in Asia. A procession of industry linchpins’s results this week further underscored how voracious the appetite for AI hardware has grown — and how that’s likely to extend well into 2026.
2) Tesla Inc. has planned $20 billion of spending this year to streamline its electric-vehicle lineup and shift resources toward robotics and AI, part of a sweeping set of changes pushing the company further from its roots as an automobile manufacturer. The capital expenditure plans laid out Wednesday – roughly twice as much as Wall Street was expecting – will support production expansion at multiple factories, scaling up the nascent robotaxi business and building out AI infrastructure. Tesla also revealed plans to discontinue the Model S and X vehicles and devote that plant capacity to building Optimus humanoid robots.
3) Jerome Powell has two more opportunities to adjust interest rates before his term as Federal Reserve chair ends — and he may not need them. After the Fed kept borrowing costs on hold Wednesday, Powell talked up a “clear improvement” in the US outlook and said the job market shows signs of steadying. It signals a cautious optimism: Fed officials delivered three cuts last fall, and see nothing in the latest data to suggest more are needed to prop up the economy. Futures markets expect no shift in rates before June. By then, Powell’s term as chair will have ended and a new one should be in place — likely opening another phase of President Trump’s campaign for lower rates, which has upended the Fed over the past year. In a potential sign of what’s coming, the only two officials who voted for another cut this week were Governor Stephen Miran — on leave at the Fed from his post as a top Trump aide — and Governor Christopher Waller, one of four names on Trump’s shortlist of potential Powell successors.

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On today's podcast:
1) President Trump said he was looking to “de-escalate” in Minnesota with a reshuffle of the leadership running his deportation effort in the state following widespread outcry over the killing of two US citizens by federal agents. Still, the president denied he was pulling back his immigration crackdown and said that Homeland Security Secretary Kristi Noem would remain in her post, as he looked to signal a recalibration rather than a retreat in the aftermath of the Jan. 24 fatal shooting of 37-year-old intensive care nurse Alex Pretti by a Border Patrol agent during an enforcement operation. Meantime, US Representative Ilhan Omar was charged at by a man who appeared to squirt an unknown liquid on her during a town hall gathering in Minneapolis, as she called for consequences for the federal officials overseeing President Trump’s aggressive immigration policies.
2) President Trump’s relaxed tone about the dollar selloff is fueling speculation the US currency is at the start of a longer-term decline. The dollar suffered its deepest one-day drop since last year’s tariff rollout after Trump said on Tuesday he didn’t think the currency had weakened excessively. Bloomberg’s dollar gauge slid as much as 1.2% as the comments sapped the appeal of the greenback and US Treasuries — boosting what has become known as the debasement trade. The dollar’s recent decline is great for US businesses, Trump told reporters in Iowa. While that’s in line with previous commentary from US officials, his remarks moved currency markets late Tuesday, partly because they appeared to validate the steep decline in the greenback in recent sessions.
3) Federal Reserve Chair Jerome Powell may try to direct attention back to the economy this week, with the US central bank widely expected to hold interest rates steady after three straight reductions. But Powell’s first press conference since the Fed was served grand jury subpoenas — and coming days after the Supreme Court heard arguments regarding the attempted removal of another Fed governor — is bound to include questions about political pressure, central bank independence and what the Fed chief plans to do after his term as chair ends in May. A decision to hold rates steady this month is likely to garner broad support from policymakers following a series of contentious cuts. While the majority of officials agreed in those instances to backstop a weakening labor market, another group of policymakers pushed for the focus to remain on elevated inflation.

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On today's podcast:
1) President Trump indicated he’ll make changes to his administration’s deportation crackdown in Minnesota after the killing of two US citizens during immigration raids sparked nationwide uproar. The president said he was sending US border czar Tom Homan — who is seen as relatively measured compared to rivals, including Homeland Security Secretary Kristi Noem — to Minneapolis in a bid to deescalate tensions. Trump also spoke with top Democratic officials in the state. He told Governor Tim Walz, who he has derided as “grossly incompetent,” that he would consider independent investigations into the shootings and reducing the number of federal agents in his state. The president described a subsequent conversation with Jacob Frey as “very good” and said Homan planned to meet with the Minneapolis mayor on Tuesday “in order to continue the discussion.”
2) Prime Minister Keir Starmer said the UK wouldn’t have to choose between the US and China, as he heralded “significant opportunities” for British businesses ahead of his trip to Beijing this week. In an interview with Bloomberg on Monday, Starmer dismissed questions about whether he was seeking stronger ties with China at the expense of the UK’s relationship with its closest allies. Starmer’s trip to China — the first by a British prime minister in eight years — comes on the heels of a similar delegation by Canadian counterpart Mark Carney that drew fresh tariff threats from President Trump. 
3) President Trump threatened to hike tariffs on goods imported from South Korea to 25%, citing what he said was the failure of the country’s legislature to codify the trade deal the two nations reached last year. Trump in a social media post on Monday said the new rate would apply to autos, lumber, pharmaceutical products and “all other Reciprocal TARIFFS.” Under the existing agreement, the president set a 15% levy on South Korean exports. If implemented, the move could have wide-ranging effects on major South Korean companies that export to the US, such as Hyundai Motor Co., which sent 1.1 million vehicles to America in 2024. 

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On today's podcast:
1) US power grids are expected to grapple with unprecedented seasonal demand and the threat of blackouts after a damaging winter storm coated parts of the South and Mid-Atlantic in ice — leaving brutal cold in its wake. More than 800,000 homes and businesses nationwide are currently without electricity as snow and ice wreak havoc on local distribution lines. Grids so far have avoided larger system-level cuts, but frigid wind chills will likely persist all week, testing seasonal power-demand records from New England to Texas. In the New York metropolitan area, commuter lines run by the Metropolitan Transportation Authority will be operating with modified schedules on Monday, while at least one private bus operator, Boxcar, used by New Jersey workers, suspended its service because of the inclement weather.
2) Senate Democratic leader Chuck Schumer vowed to block a massive spending package next week unless Republicans strip funding for the Department of Homeland Security, dramatically increasing the risk for a partial US government shutdown. Schumer’s announcement came on the same day that a Border Patrol agent shot and killed an American intensive care unit nurse in Minnesota during protests over the immigration crackdown in that state. The man was identified by state and local officials as Alex Pretti. Democratic opposition to the funding package potentially affects not just Homeland Security but also the departments of Defense, Labor, Education, State, Treasury and Health and Human Services. The effects would be widespread, including possibly delaying the next Bureau of Labor Statistics report.
3) President Trump threatened Canada with 100% tariffs against all its exports to the US if it makes a trade deal with China, escalating tensions between the US and its northern neighbor. Trump, referring to Prime Minister Mark Carney as “Governor Carney,” said the Canadian leader was “sorely mistaken” for opening up his country to more business from China, including a recent deal allowing an increase in Chinese electric vehicle exports. Trump and key administration officials have denounced that bilateral agreement and warned of potential consequences, including an additional levy for Canadian goods, portending a difficult renegotiation for the US-Mexico-Canada free trade agreement scheduled in the summer.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

See omnystudio.com/listener for privacy information.

On today's podcast:
1) New York City is poised to get pummeled with more than a foot of snow this weekend, a test for new Mayor Zohran Mamdani, as a massive weather system lands on the region threatening power outages, airline delays and transit system problems. New York’s Central Park may get dumped with as much as 16 inches (41 centimeters) of snow starting Sunday morning, the heaviest of the season. That comes as the storm that will hit Southern states with ice moves into the Northeast, said Brian Hurley, a senior branch forecaster with the US Weather Prediction Center. Washington, Philadelphia and Boston are also expected to see snowfall. If the forecast holds, it would be the biggest snowstorm to hit Manhattan since 2021, based on snowfall records at Central Park.
2) The US wants to rewrite its defense agreement with Denmark to remove any limits on its military presence in Greenland, people familiar with the matter said, in what’s become a focal point for negotiators looking to meet President Trump’s demand for control over the territory. The original agreement, signed in 1951 and amended in 2004, says the US must “consult with and inform” Denmark and Greenland before it makes “any significant changes to United States military operations or facilities in Greenland.” The people familiar with the matter, who asked not to be identified discussing private deliberations, said American negotiators want to rework that language to make sure the US faces no restrictions at all as it makes its plans.
3) The Kremlin said the “territorial issue” remains unresolved after President Vladimir Putin held late-night talks with US envoys Steve Witkoff and Jared Kushner on the latest peace plan for ending Russia’s war on Ukraine. There’s “no hope of achieving a long-term settlement” to the war until Russia’s demands for territory in Ukraine are accepted, Putin’s foreign policy aide, Yuri Ushakov, said in an audio recording on Telegram early Friday. That’s even as he characterized the almost four hours of negotiations in the Kremlin as “exceptionally substantive, constructive.” Talks will continue between US, Russian and Ukrainian representatives in the United Arab Emirates on Friday and Saturday. Separately, Witkoff and Putin’s envoy, Kirill Dmitriev, will discuss bilateral Russia-US economic matters in Abu Dhabi.

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On today's podcast:
1) President Trump said he would refrain from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland, citing a “framework of a future deal” he said was reached regarding the island. The decision, which Trump announced Wednesday on social media, marks a stark reversal for a president who has repeatedly attempted to coerce Europe over Greenland. It came after a meeting with North Atlantic Treaty Organization Secretary General Mark Rutte at the World Economic Forum in Davos, Switzerland. Still, Trump did not detail the parameters of the so-called “framework” and it was unclear what the agreement entails, especially since Denmark earlier Wednesday ruled out negotiations over ceding the semi-autonomous island to the US.
2) Russia’s President Vladimir Putin said he is ready to commit Russian assets that remain frozen in the US to rebuild Ukrainian regions damaged during the war after a peace treaty is concluded. Putin also said he could give $1 billion from the US-based assets - frozen to punish Putin for his 2022 full-scale invasion of Ukraine - to President Trump’s proposed Board of Peace. The offer has been discussed with the US, Putin said, and he plans to talk about it more Thursday during a meeting with Trump envoys Steve Witkoff and Jared Kushner in Moscow.
3) US Supreme Court justices suggested they are wary of President Trump’s effort to fire Federal Reserve Governor Lisa Cook over unproven mortgage-fraud allegations, saying the move could upend the Fed’s independence and rattle markets. Hearing arguments in Washington Wednesday, conservative and liberal justices alike sharply questioned US Solicitor General D. John Sauer, who urged the court to let Trump oust Cook for the time being while her lawsuit goes forward. Trump’s own appointees were among the skeptics. Justice Brett Kavanaugh said the president’s position would “weaken if not shatter the independence of the Federal Reserve.” Justice Amy Coney Barrett asked whether the risk to financial markets was reason for “caution on our part,” though she also suggested she wasn’t ready to fully embrace Cook’s position.

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On today's podcast:
1) President Trump expressed confidence that the European Union would continue to invest in the US even if he imposed new tariffs related to his quest to take control of Greenland, a proposal that has angered leaders on the continent. The president’s rare appearance in the White House briefing room came ahead of his departure Tuesday night from Washington for the World Economic Forum in Davos, Switzerland, where he will confront European leaders who are furious over his bid to take over the territory of a fellow NATO ally, Denmark. Earlier Tuesday, European Commission President Ursula von der Leyen said that Trump’s threats were a “mistake” that would violate the deal he forged last year with the bloc. Officials in Europe have begun drafting plans to retaliate, which could set off a tit-for-tat that may scuttle the accord.
2) Treasury Secretary Scott Bessent cautioned European nations against ramping up their military presence on Greenland and assailed France over calls to conduct a NATO exercise as European leaders brace for President Trump’s arrival at Davos. Bessent questioned the message European allies were sending following the recent decision by Denmark and seven other NATO countries to deploy a handful of officers to the island, which Trump has said he wants to make a part of the US.
3) Months after President Trump attempted to fire Federal Reserve Governor Lisa Cook over unproven mortgage fraud allegations, the case will get a hearing before the Supreme Court. The justices are scheduled to consider whether Trump can oust Cook while the legal fight over the allegations proceeds. The case is one element in an effort by Trump to exert more control over the Fed and pressure officials to significantly cut interest rates. Trump has repeatedly attacked Fed Chair Jerome Powell, who has resisted the president’s demands to resign.

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On today's podcast:
1) President Trump said he will meet with several parties over his ambition to take control of Greenland during the upcoming World Economic Forum. Trump said in a Truth Social post early Tuesday morning that he had a “very good telephone call” with Mark Rutte, the secretary general of NATO, concerning the Danish territory. The remarks came shortly after he restated his desire to take over Greenland, which has spooked NATO allies and prompted stern opposition from EU leaders including French President Emmanuel Macron. Meantime, Trump announced a 10% tariff on goods from European countries rallying to Denmark’s side in his pursuit of Greenland, a dramatic escalation in the standoff that sparked strong pushback from some of the US’s closest allies.
2) President Trump’s so-called Board of Peace for Gaza is beginning to take shape, even as Israel voiced rare objections to parts of the US president’s plan to build on the fragile ceasefire in the region. China has been offered to join the proposed Board of Peace, as Trump heads to Davos to advance his plan for the Palestinian enclave. The US president has invited a range of world leaders, including Russia’s Vladimir Putin and Turkey’s Recep Tayyip Erdogan, to become founding members of the board. It’s part of his 20-point plan to ensure a lasting peace and reconstruction of Gaza, following two years of devastating war between Israel and militant group Hamas in the Palestinian territory. President Trump also confirmed that he invited Russian President Vladimir Putin to join the proposed board.
3) Treasury Secretary Scott Bessent said President Trump could announce his pick for the next Federal Reserve chair as soon as next week, amid intense anticipation over the White House’s search for a new central-bank chief. “We have four fantastic candidates — it will be up to the president, and I would imagine that he will have an announcement maybe as early as next week,” Bessent said in remarks at a press conference Tuesday at Davos, where he is attending the World Economic Forum. The process of picking a successor to current Chair Jerome Powell is seen as a four-person race, with BlackRock Inc.’s Rick Rieder, National Economic Council Director Kevin Hassett, Fed Governor Christopher Waller and former governor Kevin Warsh as the final contenders after a long-search that has been led by Bessent.

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On this special MLK Holiday edition of Bloomberg Daybreak, host Nathan Hager discusses:

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:
1) President Trump accepted Venezuelan opposition leader Maria Corina Machado’s Nobel Peace Prize medal at a White House meeting on Thursday as she tries to get back in his good graces while the future of her country is being shaped by the US. Trump, in a social media post hours later, called it a “great honor” to meet Machado, and described her as a “wonderful woman who has been through so much.” Machado, who has been shut out of Venezuela’s leadership transition since US forces ousted President Nicolas Maduro on Jan. 3, said she gave Trump the medal as “a recognition of his unique commitment with our freedom.” 
2) Denmark and Greenland are stepping up lobbying of US lawmakers in an effort to head off President Trump’s push to take control of Greenland. A group of US senators is set to meet members of the Danish parliament in Copenhagen on Friday. The trip follows a week of meetings in Washington by Danish Foreign Minister Lars Lokke Rasmussen with members of Congress on the heels of talks with Vice President JD Vance and Secretary of State Marco Rubio. Greenland’s foreign minister, Vivian Motzfeldt, also participated. High-level talks between Denmark, Greenland and the US earlier this week ended in a stalemate over the future of the world’s largest island, though officials agreed to set up a working group to manage the diplomatic dispute. Trump has repeatedly insisted the US needs to control the territory, an ambition that remains unresolved and has been rejected time and again by both Copenhagen and Nuuk.
3) President Trump threatened to deploy US military forces to Minnesota in order to quell protests in response to violent encounters involving federal immigration agents. The 1807 law allows the president to use regular military troops on US soil for domestic law enforcement. It was last invoked during the 1992 riots in Los Angeles. Trump’s ultimatum could further fray tensions in Minneapolis, where on Wednesday a federal officer shot a man in the leg. The incident occurred one week after the fatal shooting of a local woman who was a US citizen by an ICE agent, which touched off the demonstrations. 

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On today's podcast:
1) Tensions in Minneapolis escalated again Wednesday night after a federal officer shot a man in the leg during an attempted arrest. Homeland Security says the Venezuelan man fled in a vehicle, crashed, and then struck an officer with a shovel as two others joined the struggle. City leaders condemned ICE’s presence, urging the agency to “leave the state immediately,” while Police Chief Brian O’Hara warned of growing unrest. The shooting occurred as tensions between protesters and immigration enforcement officers continued to flare in the city following the fatal shooting of 37-year-old Renee Good last week.
2) Denmark said a “fundamental disagreement” remained after a high-stakes meeting with the US over Greenland as several countries including Germany said they’d send military personnel to the Arctic island. Foreign ministers from Denmark and Greenland met with US Vice President JD Vance and Secretary of State Marco Rubio in Washington, agreeing to establish a working group that’s set to gather within weeks to plot the way forward, while the US refrained from backing down on its demands. On Thursday, Germany’s “exploration mission” will arrive in Nuuk as European nations begin to work out how to ensure security in the region.
3) President Trump faulted Ukraine’s leader Volodymyr Zelenskiy as the main obstacle to an agreement to end the war Russia launched against his country four years ago. Trump, in an interview with Reuters on Wednesday, described Russian President Vladimir Putin as “ready to make a deal,” Reuters reported. When pressed on what was impeding a deal, Trump replied, “Zelenskiy,” Reuters said. Trump has oscillated between blaming Ukraine and Russia for failing to reach an accord, which he had claimed during his 2024 presidential campaign could be easily resolved. The US has prepared further sanctions should Trump decide to act on Russia’s continued rejection of a peace deal. US and Ukrainian officials have said they’ve made significant progress on a 20-point plan to end the fighting, however Kyiv and Moscow remain at an impasse over a number of issues including territorial control of areas Russia claims that remain under Ukrainian control.

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On today's podcast:
1) President Trump dismissed Jamie Dimon’s criticism over the Justice Department probe into the Federal Reserve, saying the JPMorgan Chase & Co. chief executive officer was “wrong” to suggest he was undermining the independence of the central bank. Earlier Tuesday, Dimon expressed concern about the investigation into Fed Chair Jerome Powell over the cost of the central bank’s headquarters renovation and his subsequent congressional testimony about the project. Trump said he would press ahead with plans to announce Powell’s replacement within “the next few weeks” despite the backlash to the probe, which has drawn criticism from Republican lawmakers — including a threat by Senator Thom Tillis, a retiring North Carolina Republican and swing vote on the Senate Banking Committee. Tillis has said he would block new nominations to the Fed until the matter is resolved.
2) More than 2,500 people have been killed in Iranian protests that have swept the nation, activist groups said, as Tehran continued its crackdown despite President Trump’s threat of action over mounting fatalities. The US-based Human Rights Activists News Agency reported 2,571 deaths as of Wednesday, up from about 500 at the start of the week and amid speculation the actual toll could be dramatically higher. On Tuesday, Trump urged Iranians to continue protests against the regime of Supreme Leader Ayatollah Ali Khamenei.
3) Top diplomats from Greenland and Denmark are gearing up for the test of a lifetime as they work to persuade the Trump administration to back off on its demands for the Arctic territory that threaten to break up the NATO defense alliance. Danish Foreign Minister Lars Lokke Rasmussen and his counterpart from Nuuk, Vivian Motzfeldt, will face US Vice President JD Vance and Secretary of State Marco Rubio at the White House on Wednesday, just hours after the island’s prime minister said that if made to choose, Greenland would opt for Denmark.

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On today's podcast:
1) President Trump faced rare opposition from key Republican lawmakers after Federal Reserve Chair Jerome Powell accused the Department of Justice of launching a grand jury investigation to pressure and intimidate the central bank. Senator Thom Tillis, a key Republican on the Banking Committee who isn’t running for reelection, vowed quickly Sunday night to oppose any Trump nominees to the Fed until the matter is resolved. Other Republican senators, including former Bridgewater Associates CEO Dave McCormick, offered more measured pushback on Monday. Tillis’s threat is a potential roadblock to Trump’s plans to bend the bank to his will. Opposition from Tillis would likely deadlock any Fed nominee on the Senate Banking Committee, which is divided 13-11 between the two parties. And under current Senate rules, it takes 60 votes to successfully discharge a contentious nomination from a committee and Democratic senators are highly unlikely to come to Trump’s aid.
2) Minnesota officials are suing over the “unprecedented surge” of US immigration authorities in the state, taking the Trump administration to court days after a federal agent shot and killed a Minneapolis woman. In a lawsuit filed Monday, the state accused the Department of Homeland Security and Secretary Kristi Noem of deploying thousands of officers in Minneapolis and Saint Paul out of a “desire to punish political opponents and score partisan points.” The state is arguing that the deployment unconstitutionally violates its sovereignty and is retaliation against its Democratic-elected leadership. Minnesota officials allege the administration’s policies — such as having officers wear masks — violate state laws and that agents are illegally using excessive force and making warrantless arrests of people they suspect aren’t authorized to be in the US.
3) President Trump said he is imposing a 25% tariff on goods from countries “doing business” with Iran, ratcheting up pressure on the government in Tehran that has been rocked by widespread protests. Trump posted on social media on Monday that the new duty would be “effective immediately,” without providing details about the scope or implementation of the charges. The action has the potential to disrupt major US trading relationships across the globe. Iran’s partners include not only neighboring states, but large economies including India, Turkey and China.

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On today's podcast:
1) Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration’s attacks on the institution. In a forceful written and video statement released Sunday evening, Powell said the action was related to his June congressional testimony on ongoing renovations of the Fed’s headquarters. But he said the move “should be seen in the broader context of the administration’s threats and ongoing pressure.” In an interview with NBC News on Sunday, President Trump denied having any knowledge of the DOJ’s investigation into the central bank.
2) Top diplomats from Denmark and Greenland will meet US Secretary of State Marco Rubio in Washington DC on Wednesday, TV2 reports. Denmark’s Foreign Minister Lars Lokke Rasmussen and his Greenlandic counterpart Vivian Motzfeldt are set to attend the meeting, the Danish broadcaster says, citing a calendar from the US Department of State, which also notes that changes to the schedule may occur. Denmark is banking on the meeting in Washington to defuse President Trump’s renewed push on Greenland and to help reset strained ties with the US over the strategic island.
3) Iran’s Foreign Minister said security forces have “full control” of the country after two weeks of ongoing upheaval, accusing Israel and the US of fomenting the nationwide protests in which hundreds of people have been killed. Abbas Araghchi repeated claims by the Iranian government that “rioters and terrorists” had killed police and civilians and destroyed public property using “daesh-style violence,” referring to the Arabic acronym for Islamic State. Protests in Iran erupted on December 28th after a sudden collapse in the value of the currency. More than 540 have been killed in the protests and over 10,000 arrested, according to the Human Rights Activist News Agency, which is tracking demonstrations in 186 cities across Iran’s 31 provinces.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:
1) The investigation into the killing of a US citizen by an ICE agent in Minneapolis this week is being complicated by clashes between federal and local officials, with the FBI taking control over the objections of Governor Tim Walz. State authorities questioned whether a federal probe could be trusted, especially given comments by Trump administration officials that seemed to exonerate the officer. The Minnesota Bureau of Criminal Apprehension said that after it was invited to participate in the probe of Wednesday’s shooting, federal officials later decided the state wouldn’t get access to evidence or interviews. As tense protests continued for a second day, Walz said he ordered the state National Guard to be “staged and ready” to assist with protecting infrastructure and aiding local law enforcement if needed. 
2) The fate of the majority of President Trump’s tariffs is in the hands of the US Supreme Court, which could rule as soon as today on the legality of the sweeping levies. Lower courts ruled in 2025 that the tariffs were issued illegally, but the import taxes remained in place to allow the Trump administration to make its case before the Supreme Court. At a hearing on November 5th, the justices appeared skeptical that Trump had the authority to unilaterally impose tariffs under a 1977 law that gives the president special powers during emergency situations. The tariffs in question include levies of between 10% and 50% on most imports, imposed by Trump using the International Emergency Economic Powers Act.
3) A band of House Republicans bucked party leaders to join Democrats in passing a measure to restore expired Obamacare subsidies through the end of President Trump’s term, as rising health care costs drive midterm election anxieties. The House voted 230-196 Thursday to send a three-year extension of the expired tax credits to the Senate. Seventeen Republicans supported the measure. The measure is unlikely to overcome Republican opposition in the Senate, but several of the Republican defectors said they hoped a strong showing in the House would increase pressure on the Senate to reach a bipartisan compromise.

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On today's podcast:
1) An Immigration and Customs Enforcement officer fatally shot a woman during a confrontation in Minneapolis, sparking an uproar over the presence of ICE agents in the city and heightening political divisions around the Trump administration’s migrant crackdown. The Wednesday shooting — caught on video and shared widely on social media — happened during what federal officials described as a targeted operation amid a broader immigration effort. President Trump and his allies cast it as an incident of self-defense, a view that the mayor of Minneapolis called a “garbage narrative.” The deadly incident fueled a national debate over Trump’s efforts to send heavily armed federal agents into US cities in his push for mass deportations, with operations ramping up last year from Chicago to Los Angeles.
2) US forces seized two more sanctioned oil tankers as part of its energy quarantine of Venezuela, signaling that the Trump administration will ratchet up its pressure campaign days after capturing President Nicolas Maduro. The first ship, the M/V Bella 1, was seized in the Atlantic south of Iceland after a chase that began weeks ago when the vessel evaded capture near Venezuela and registered under a Russian flag in a bid to protect itself. The Pentagon then announced the seizure of the M/T Sophia, another sanctioned vessel that officials said had been conducting illicit activities in the Caribbean Sea.
3) US officials are rushing to come up with options for business deals and other ways to step up links to Greenland, taken by surprise by President Trump’s renewed demand to take over the island, people familiar with the matter said. Trump has long wanted the territory for what he says are security reasons. But after a flurry of activity on the issue early last year, including a trip there by his vice president, once-urgent efforts to realize the president’s vision moved to the back burner, according to sources. On Tuesday, the White House said it wouldn’t rule out military action, while European leaders issued an unprecedented warning to dissuade Washington from trying to seize territory from a NATO ally.

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On today's podcast:
1) President Trump said Venezuela would relinquish as much as 50 million barrels of oil to the US, worth roughly $2.8 billion at the current market price, announcing the cargoes would be sold with proceeds benefiting both countries. The announcement late on Tuesday, which came with few details, marked a significant step up for the US government as it seeks to extend its economic influence in Venezuela and beyond after the capture of leader Nicolas Maduro over the weekend. It’s also a blow to China, previously the top buyer of the country’s oil and a close partner. The volumes cited by Trump would represent about 30 to 50 days of Venezuelan oil production before the US’s partial blockade of the country — much reduced from historic levels.
2)  President Trump won’t rule out the use of military force to acquire Greenland, the White House said, escalating tension with Denmark, a fellow NATO member, over a dispute that’s surged back into public view following the ouster of Venezuelan strongman Nicolas Maduro. Trump is considering many ways of achieving his goal of acquiring the Arctic island, White House Press Secretary Karoline Leavitt said in a statement. Still, Secretary of State Marco Rubio downplayed the notion of military action in a briefing with lawmakers on Monday, instead signaling that an invasion was not imminent and that the goal was to buy the island from Denmark, the Wall Street Journal reported.
3) President Trump implored Republicans to turn around their political fortunes ahead of November’s midterm elections, warning that if Democrats retake control of Congress, he would be impeached for a third time. Trump offered a familiar blueprint for majority parties, which historically have lost seats in off-year elections: blaming their troubles on messaging problems and insisting that voters just aren’t seeing their achievements. Trump predicted the GOP would pull off an “epic” victory and defy those trends. Yet polls showing Americans’ dissatisfaction with his leadership and the state of the economy bode poorly for Republicans’ chances of keeping control of Congress.

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On today's podcast:
1) Ousted Venezuela President Nicolás Maduro pleaded not guilty on Monday to US charges in a narco-terrorism case against him, kicking off an extraordinary legal battle with major geopolitical ramifications. The US accused Maduro over the weekend of using his positions in government for a quarter of a century to enrich himself and help transport cocaine into the country. The toppling of Maduro reverberated around the world and signaled President Trump’s willingness to reconfigure the global order. 
2) Venezuela’s government is reasserting itself after the capture of Nicolás Maduro, swearing in Delcy Rodríguez as acting president and flashing warning signs that a new wave of repression has begun. As the government continued to churn inside the presidential palace Miraflores, Venezuela’s military counterintelligence officials have been patrolling the streets of Caracas, according to at least two witnesses. At least seven journalists and members of the press were detained on Monday morning and early afternoon, most of them at the National Assembly and its surroundings, according to the national press workers syndicate.
3) President Trump suggested the US may subsidize efforts by energy companies to rebuild Venezuela’s oil industry as his administration seeks to convince firms to invest in the country days after ousting strongman Nicolás Maduro. Trump said the project to have US oil industry companies expand their operations in the country could be “up and running” in less than 18 months, in an interview Monday with NBC News — a timeframe starkly at odds with estimates from energy industry experts, while oil companies have been largely silent about their willingness to reinvest in Venezuela.

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