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January 16, 2025 • 17 mins

On today's podcast: 

1) Israel Says New Demands by Hamas Casting Doubt on Gaza Deal

2) Bessent to Say Dollar’s Global Status Is Critical to US Economy 

3) Big Bank Earnings Continue

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Episode Transcript

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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News.

Speaker 2 (00:10):
Good morning.

Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today, Karen.

Speaker 2 (00:15):
We began in the Middle East. In some late breaking news,
Israeli Prime Minister Benjamin D'atanyahu is accusing Hamas of renegging
on parts of a ceasefire agreement that looked set to
pause more than fifteen months of fighting in Gaza starting Sunday.
Naton Yahu's office says new demands by the Palestinian group
are an effort to extort last minute concessions. We get

(00:36):
more from Bloomberg's Ethan Brunner.

Speaker 4 (00:38):
I mean, there are numerous, numerous details, which prisoners will
be released on, what kind of schedule, all sorts of
things that are not necessarily all written down, And so
it's easy for one side to say suddenly the other
side is making new demands, and fundamentally they have such
different goals. The goal of Israel is for Hamas to
be destroyed and eliminated in any position of power in Gaza,

(01:01):
and the goal of Hamas is to retain its power
and drive Israel out of Gaza. So ultimately they're on
a kind of collision course even though they're theoretically negotiating
a compromise.

Speaker 2 (01:13):
Bloomberg's Eeth and Brunner notes, under the terms of the agreement,
Hamas would release thirty three hostages taken on October seventh,
twenty twenty three, while Israel would pull out of populated
areas in the Gaza Strip and release hundreds of Palestinian prisoners.
Hama says it is committed to the ceasefire deal announced
by the mediators.

Speaker 3 (01:30):
Well, Nathan, we want to turn to Washington now and
a farewell from President Joe Biden. The President took the
cameras in the Oval Office to deliver a final address
to the nation and a warning about the administration to come.

Speaker 5 (01:42):
Today.

Speaker 6 (01:44):
An oligarchy is taking shape in America, of extreme wealth,
power and influence that literally threads our entire democracy.

Speaker 3 (01:51):
President Biden echoed former President Dwight Eisenhower's warning of a
military industrial complex, saying the nation now face is the
threat of a tech industry real complex.

Speaker 2 (02:01):
Trained to politics. North of the US. Karen Canada has
drawn up an initial list of more than one hundred
billion dollars of US manufactured items that would hit with
tariffs if President elect Donald Trump decides to levy tariffs
against Canadian goods. Sources tell us the list is a
draft and would come into play only if the Trump
administration moves First Prime Minister Justin Trudeau and the premiers

(02:21):
of Canada's provinces met yesterday. It's a plot, a strategy
for dealing with US protectionism.

Speaker 3 (02:27):
Well Nathan. Donald Trump's pick for Treasury Secretary is hedge
fund investor Scott Besson. He faces a Senate committee for
his confirmation hearing later this morning, and Bloomberg's Amy Morris
has a preview from Washington.

Speaker 7 (02:39):
Back in October, Besant told Bloomberg TV Donald Trump tends
to be more involved in the financial side of things.

Speaker 5 (02:45):
He has a deep understanding of financial markets as opposed
to most politicians, so he wants to be involved in
the conversation.

Speaker 7 (02:53):
He has very well formed opinions. Bessett has said he
plans to pursue policies that boost the US economic output
whiles flashing budget deficits, and that his priority will be
to deliver on Trump's tax cut proposals. But he's been
known to not be as supportive of tariffs. That will
be a big focus for senators and investors. Scott Besson
still is expected to win approval easily from the Senate

(03:16):
in Washington. Amy Moore as Bloomberg Radio.

Speaker 3 (03:18):
Right, Amy, thank you well and prepared remark set for
later this morning. Besson will say maintaining the dollar as
the world's reserve asset is critical to US economic health
and the nation's future. Stay with Bloomberg for full coverage
of Besson's confirmation hearing starting at ten thirty am Wall
Street Time on Bloomberg Radio and Television.

Speaker 2 (03:36):
And Karen Is. TikTok continues to battle to keep its
app operating in the US after this Sunday. The CEO
of the company is joining the list of tech boguls
attending Trump's inauguration on Monday. The New York Times is
reporting CEO Show Choo has been invited to sit in
a position of honor on the dais where former presidents
and other important guests traditionally are seated. TikTok, which is

(03:58):
owned by China's Bytdance, does face a Sunday deadline to
find a US buyer in order to keep operating in
the country. Politicians from both parties are looking for ways
to keep TikTok accessible in this country despite that impending ban.

Speaker 3 (04:11):
All Nathan, we now want to turn to the latest
developments in the battle if you contain the wildfires in
Los Angeles and Bloomberg. John Tucker joins us for an update. John,
Good morning, and good morning Careen.

Speaker 8 (04:20):
The traumatized region made it through yesterday without another major
fire breaking out, and the last of the red flag
warnings they're expected to end this afternoon. Was fire crews
work to gain control. Officials also speaking to witnesses to
find the cause of the blazes, including the devastating palisades
and eaten fires. Jose Medina is with the ATF.

Speaker 2 (04:41):
We are talking to individuals about not just what they saw,
but what they smelled and they heard.

Speaker 8 (04:47):
The fires have killed twenty five and destroyed more than
twelve thousand structures. The government has yet to release damage estimates,
but private firms expect they'll climb into the tens of
billions and it could become the costliest fire disag yes
in US history. I'm John Tucker, Bloomberg Radio.

Speaker 2 (05:03):
Thanks John. Turning out of Space Blue Origins new flagship
rocket has lifted off for the first time and successfully
reached orbit, all seven engines.

Speaker 4 (05:13):
Of cold product taking the pressures of good people through
the tower.

Speaker 8 (05:19):
Now passing eighteen seconds in the.

Speaker 2 (05:20):
Play, New Glen thundered off the launch padd at Cape Canaveral, Florida,
just after two am Eastern time. This mission is expected
to last several hours. It put the company's Blue Ring
pathfinder test satellite into orbit. That it was the main
objective of the flight, but launch commentators did confirm that
the booster portion of the New Glenn rocket was destroyed

(05:42):
as it attempted to land on a barge in the
Atlantic Ocean. That fell short of the mission's secondary goal.

Speaker 3 (05:48):
Well to the markets now, Nathan where futures are higher
following Wednesday's one point eight percent rally on Wall Street
that was the S and P five hundreds biggest gain
since the aftermath of the election. The rally came out
after core inflation eased for the first time in six months.
Chicago Fed President Austin Goulesby says he's optimistic about the
Fed's inflation battle.

Speaker 9 (06:07):
The trend continues to be improvement in inflation. I'm still
optimistic for twenty twenty five that we can continue growing
and have a soft.

Speaker 3 (06:20):
Landing Chicago Fed President Austin Goulesby. Investors are now betting
the Central Bank is likely to lower itge benchmark interest
rate by half a percentage point this year.

Speaker 2 (06:29):
And bank earnings continue this morning, Karen, They come after
blowout results yesterday from JP Morgan Chase, Goldman, Sachs, City Group,
and Wells Fargo. We get more from Bloomberg Intelligence senior
banking analyst Alison Williams.

Speaker 10 (06:42):
Certainly the bar has been raised for Bank of America
and Morgan Stanley after strong sets of results from the
other four big US banks. We're expecting to see at
Bank of America an interest income growth. We could see
upside to the guidance in the near term. We've also
I've seen good expense control and solid credit trends. We

(07:03):
also expect to see a Bank of America. However, we
note that their first quarter does tend to have seasonally
higher expenses, so we could see that in their guidance.

Speaker 2 (07:14):
Allison Williams of Bloomberg Intelligence says, so far, the big
banks have notched their second most profitable year ever.

Speaker 3 (07:23):
Time. Now for a look at some of the other
stories making news in New York and around the world.
And for that we're joined by Bloomberg's Michael Barr. Welcome back, Michael,
Thank you.

Speaker 5 (07:31):
Very much, Karen. President elect Trump's pick for Attorney General,
Pam Bondy, was in the hot seat on Capitol Hill
yesterday and the latest in the series of confirmation hearings
for the incoming administration. During her confirmation hearing, Bondi refused
to say that Trump lost the twenty twenty election. Democrats
on the Senate Judiciary Committee press Bondy on whether she

(07:53):
will truly be independent from President elect.

Speaker 4 (07:55):
Trump if confirmed.

Speaker 7 (07:57):
I will do everything in my power and it will
be my great responsibility to make America safe again.

Speaker 5 (08:06):
Bondi's confirmation is all but assured, with Republicans praisinger. President
elect Trump has repeatedly expressed interest in either buying Greenland
from Denmark We're taking it by force. During his Senate
confirmation hearing, Senator Marco Rubio explained buying Greenland would be
an important piece of land for the US. Trump has

(08:26):
nominated Rubio as his next Secretary of State. Rubio says
talking about acquiring Greenland isn't new.

Speaker 6 (08:33):
Harry Truman made an effort to try to buy for
one hundred million dollars. He was rebuffed, and then the
US has maintained through a mutual defense agreement, there the
opportunity to base its military bases, and I have them
for a while.

Speaker 5 (08:47):
It's believed the Senate will begin to start voting this
Monday on Inauguration Day to confirm some of Trump's picks.
The US Federal Trade Commission and two states who tractor
giant Deer, alleging the company legally monopolized agricultural equipment repairs.
The FTC and state attorneys general from Illinois and Minnesota

(09:08):
filed a complaint in federal court in Chicago's saying the
tractor manufacturer withheld key information and diagnostic tools from farmers
and independent repair shops. FTC chair Lina Khan spoke to Bloomberg.

Speaker 11 (09:20):
They've been steered into Deer's network of authorized dealers, which
practically means they're paying more, and especially for farmers that
live in rural areas, it means they sometimes have to
drive hours to even get to the nearest dealer.

Speaker 5 (09:33):
Deer's vice president of after market and Customer Supports said
in a statement the lawsuit is meritless. The FDA is
ordering food and drug makers to remove a die called
red number three from the products consumers eat and drink.
The colorant was banned from cosmetics and non oral medications
decades ago because the study showed it cause to cancer

(09:53):
when eaten by rats. Global News twenty four hours a
day and whenever you want it with the Bloomberg News. Now,
I'm Michael Barm, and this is Bloomberg caret all.

Speaker 3 (10:02):
Right, Michael Barr, thank you time now for the Bloomberg
Sports Update, brought to you by Tri State. Howdy. Here's
John Stamshower. John, good morning, Good morning care.

Speaker 12 (10:13):
Nixon Sixers in Philadelphia. Nicks had a sixteen point league,
led by thirteen and a half in a fifty three
minute game. They never once trailed, yet their victory was
anything but easy. Philly made up the deficit in the
third quarter of the game, was tied several times. In
the fourth. It went to overtiming. With Karl Anthony Towns
out with an injured thumb, Jalen Brunson stepped.

Speaker 13 (10:34):
Up Clockett ten Kate Crockett twenty two fronts. It breaks
his inside lead. Jalen Brunson exposure Bronts at thirty points
five rebounds, four assists. You hear the Knicks chance meet
in Philadelphia, bron sits.

Speaker 12 (10:52):
Three stood how E spn Nicks won one twenty five
one nineteen. Brunson scored thirty eight points. Josh Hart had
triple double. The Los Angeles Nets and Clippers tie that
to the first quarter, but LA won the second quarter
by twenty three points and the third by twenty eight.
In the fourth, they were up by sixty four. The
Clippers won one twenty six to sixty seven. It's their

(11:14):
biggest blowout win ever and the most lopsided loss in
Net's history. They had lost by fifty two to Houston
in nineteen seventy eight. Celtics lost at Toronto, won ten
ninety seven. The big East Seaton Hall loss at Butler.
At Fordham's Venerable rose Hill Gym, they celebrated the one
hundredth anniversary of college basketball's oldest still active arena, and
then Fordham lost to UMass in triple overtime. Quinn ewers

(11:37):
the quarterback at Texas the past three seasons going pro,
which means Archie Manning will finally take over as the
Longhorn starting QB at the Australian Open. Taylor Fritz lost
only three games in three sets, but fellow American Francis
Tiafa lost in five sets. Top Seedionic Center playing now
tied one set off. John stash Shower Bloomberg.

Speaker 7 (11:54):
Sports, Jarny Nickols.

Speaker 1 (11:57):
Coast to Coast on Bloomberg Radio, nationwide on Sirius Exam,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.

Speaker 5 (12:08):
Good morning.

Speaker 2 (12:08):
I'm Nathan Hager. Israel and Hamas appeared on the cusp
of a pause to fifteen months of fighting after agreeing
to a six week ceasefire and deferring hostages and moving
in aid to Gaza. But as the deal was announced,
White House National Security spokesman John Kirby sounded a tentative note.

Speaker 14 (12:24):
Now comes the real hard work of putting the modalities
of the plan in place and executing to it over
the course of the weeks and months ahead, and that's
going to be tough work.

Speaker 2 (12:34):
John Kirby's words may be ringing true this morning. Is
Israel now accuses Hamas of renegging on parts of the deal.
For the very latest, we go to Tel Aviv and
check in with Bloomberg News Israel Bureau chief Ethan Bronner. Ethan,
good morning. What is Israel accusing Hamas of? Do we
have a sense of what aspects of the deal that
Hamas is accused of renegging on.

Speaker 4 (12:56):
They haven't specified. Earlier in the day, the Prime Minister's
office complained that Hamas was asserting that it had the
right to choose all of the prisoners that were going
to be released by Israel rather than clearing them with Israel,
and that Israel said that was not part of the agreement.
So that may be more of the same it maybe
other details. There's so many details here that one could

(13:19):
accuse the other side of suddenly changing course on. I
think it's important to say something else, which is that
the deal is facing a fair amount opposition in the
government on the far right of the government. Two parties
that the coalition rely on, relies on to continue to exist,
are threatening to possibly leave the government over this deal.

(13:42):
So these two facts, two phenomena may be related. The
Prime Minister's statement complaining about Hamas and the opposition here
in Israel.

Speaker 2 (13:51):
So then, Ethan, does this mean at this point that
the deal is off or is there still a chance
that this can be salvaged.

Speaker 4 (13:58):
Well, the deal is not yet on. I wouldn't call
it off, I have to. I just don't know the
answer to that. I think that if in theory Hamas responds,
it's already responded and said, that's not true. We're not
doing anything that you're accusing us of. But if they
somehow work out those details, I would imagine that the

(14:19):
cabinet here would pass it. But they have. Prime Minister
has announced that he's not even going to hold a
vote in the cabinet until he solves this Hamas last
minute problem. And it's very hard to know what this
amounts to. I really can't answer you. I don't know, Okay.

Speaker 2 (14:35):
Well, in the speech that President Biden gave last night
his farewell address, he mentioned the Gaza cease fire deal
as one of his accomplishments, saying it was going to
be something that was going to be left to the
next administration to implement. We've talked before about the massive
US pressure that's been put on both sides in these

(14:56):
last few weeks during the transition. What could this mean
for the US in terms of its influence As we
start to see this as you know, sort of tentative
doubt raised about this proposal.

Speaker 4 (15:10):
I think you're right to raise the question, Nathan. I mean,
you know, in theory, everyone was giving a lot of
credit to President Trump in coming President Trump for having
squeezed this out of the nitagne Is and also from
Katar onto Hamas, all those things. I think it's true.
But on the other hand, it's also the circumstances of

(15:32):
the last six months that really made the difference, which
had to do with the neutering Ofbellah and the killing
of a number of Hamas leaders, the collapse of the
Syrian regime under Havas Lasad, and the difficulties that Iran
has faced. So all those things are still here. But
it turned out and so we thought that the circumstances

(15:54):
were ripe for a deal, But it turned out that
inside Israel, and it must be said, on the right
side of the American Jewelry, there is a great concern
that too much is being given to Hamas, that too
many people with so called blood on their hands are
going to be freed, and that this organization that's vowed

(16:15):
to destroy Israel will be reconstituted. That seems to be
what's driving the anger on the right of the opposition,
and it took me a little by surprise this morning
that it has become so powerful. But we are in
a situation where I don't know what's going to be.

Speaker 3 (16:32):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.

Speaker 2 (16:39):
Look for us on your podcast feed by six am
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Speaker 3 (16:45):
You can also listen live each morning starting at five
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Speaker 2 (17:00):
Well us listen coast to coast on the Bloomberg Business
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Speaker 3 (17:05):
And don't forget to subscribe to Bloomberg News Now. It's
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platform to stay informed all day long. I'm Karen Moscow.

Speaker 2 (17:18):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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