Trump Denies Plan to Ax Powell After Floating Idea to Lawmakers
Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump denied he is seeking to remove Federal Reserve Chair Jerome Powell, after raising the idea in a closed-door meeting with congressional Republicans that leaked to the media.“No, we’re not planning on doing anything,” Trump told reporters on Wednesday. He later added, “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”A White House official, speaking on the condition of anonymity earlier Wednesday, said they expected Trump to soon move against the Fed chief after his meeting with members of Congress visiting the White House to discuss cryptocurrency legislation. Some lawmakers also left that Tuesday evening meeting with that impression, and Trump acknowledged that he had polled the participants about dismissing Powell.The president’s remarks in the Oval Office left open the possibility of ousting Powell for cause. Trump and his allies have lambasted the Fed chair over the central bank’s decision to hold interest rates steady and the cost of the central bank’s renovations of its Washington headquarters.Today's show features: Lael Brainard, Distinguished Fellow at the Georgetown Psaros Center for Financial Markets and Policy and Former Vice Chair of the Federal Reserve, on President Donald Trump's continued pressure on Fed Chair Jerome Powell Ken Leon, Director of Equity Research at CFRA on bank earnings from Goldman Sachs, Morgan Stanley and Bank of America Simeon Hyman, Global Investment Strategist at ProShares on his firm’s mid-year outlook for markets and the economy Dr. Gracelin Baskaran, Director, Critical Minerals Security Program and Center for Strategic and International Studies on the booming market for rare-earth materials, including Apple’s $500 million deal to buy them from MP Materials See omnystudio.com/listener for privacy information.
President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, a White House official said, and discussed the possible move in a meeting with congressional Republicans on Tuesday night. While the lawmakers voiced support for the move, which would likely roil financial markets and lead to a consequential legal showdown, Trump has not made a final decision and could change his mind, according to the official who requested anonymity to discuss a private conversation. In response to multiple similar reports, President Trump says his administration is “very concerned”, but “not planning on doing anything” about Fed Chair Jerome Powell. Paul Sweeney and Lisa Mateo speak with Bloomberg's Chris Condon about the potential fallout.See omnystudio.com/listener for privacy information.
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ICYMI: The Business of Risk
AXIS is a global specialty commercial insurer that covers risks for businesses that can’t normally obtain standard insurance coverage. The commercial reinsurer boasts customers spanning a range of industries. Examples of the specialty coverage lines at AXIS include property, casualty, cyber, marine, energy, accident & health, sports insurance, terrorism, aviation, as well as coverage for the directors and officers of companies.Vince Tizzio, the president and CEO of AXIS, discusses his company's risk mitigation strategy and how factors such as climate change can impact his business. Vince speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
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Nvidia’s Huang Wins China Reprieve in Rare Trade War Reversal
Watch Bloomberg Businessweek Daily every day on YouTube: http://bit.ly/3vTiACF.Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.Then, very suddenly, that all changed.Late on Monday, the chipmaker said it received assurances that the US government would allow it to export some chips to the Asian nation. Advanced Micro Devices Inc., Nvidia’s chief rival, quickly followed with a similar announcement. These export license approvals could generate billions of dollars in total revenue for the companies this year — and they mark a dramatic reversal after the Trump administration said the issue wasn’t even up for debate.Huang has taken almost every opportunity available to him — from the stage of tech events to Washington visits — to argue that a crackdown on China is counterproductive. During his appearances, he navigated a fine line between praising Trump policies aimed at bringing back chip manufacturing to the US and demanding more freedom to do business in China.Just last week, Huang met with President Donald Trump at the White House.Today's show features: Bloomberg News US Semiconductor & Networking Reporter Ian King on the news that Nvidia and AMD can resume AI chip sales to China Jayati Bharadwaj, Director in FX and EM Strategy at TD Securities on the US dollar’s reaction to June inflation data David George, Senior Research Analyst at Baird on the initial wave of quarterly bank earnings Bloomberg News Health Reporter Madison Muller on her Businessweek feature story on efforts by Hims & Hers Health to cash in on the GLP-1 drug craze See omnystudio.com/listener for privacy information.
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ICYMI: Supreme Court Lets Trump Continue Education Department Purge
A divided US Supreme Court let President Donald Trump resume dismantling the Department of Education, lifting a lower court order that required the reinstatement of as many as 1,400 workers. Granting an emergency request from the administration, the justices put on hold a federal district court ruling that said the Trump purge would leave the department unable to perform duties required under US law. The Supreme Court order will apply while the case continues on appeal. Bloomberg News Supreme Court reporter Greg Stohr breaks down the High Court's decision with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.
Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
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