February 7, 2025 • 26 mins
On today's podcast:
1) Judge Temporarily Halts Trump, Musk Federal Worker ‘Buyout’ A judge temporarily delayed the deadline for millions of federal workers to decide whether to accept the Trump administration offer to resign with the promise of months of full pay.
2) Amazon, Echoing Microsoft, Says It Can’t Keep Up With AI DemandAmazon.com Inc. warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some $100 billion this year.
3) Alaska Crash Marks Third Air Tragedy in US in Just Two WeeksA plane carrying 10 people that went missing in rural Alaska on Thursday during bad weather looks set to be the third deadly aviation disaster in the US over a span of just two weeks.
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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.
Speaker 2 (00:15):
Karen, we begin in our nation's capital. That's after a
federal judge blocked President Donald Trump's plan to eliminate up
to ten percent of the federal workforce. There was so
called buyout. Bloomberg Zamy Morris reports from Washington. It isn't
really a buyout. It's called a deferred resignation. But hours
before the midnight deadline for workers to apply, the judge
(00:35):
sided with several labor unions that had requested a temporary
restraining order until Monday. Democratic Senator Mark Warner of Virginia
applauds the delay.
Speaker 4 (00:43):
I don't believe it's been funded. I don't believe Donald
Trump has any history of ever paying his bills, and
I fear that federal employees may be marked for riffing,
potentially without any conversation.
Speaker 5 (00:55):
The administration says as many as sixty thousand government workers
have accepted the offer to reside with the promise of
being paid their regular salary through September. In Washington, Amy
Moore as Bloomberg Radio all.
Speaker 3 (01:06):
Right, Amy, thank you well. Treasury Secretary Scott Besson says
he personally vetted the Treasury employees on Elon Musk's Government
Efficiency Team with read only access to federal payment data.
Besson added that there has been no tinkering with the
Department's payment system. We spoke exclusively with Besson on DOGE.
Speaker 6 (01:25):
There's a lot of misinformation out there. First of all,
when you say the DOGE team, these are Treasury employees.
Speaker 7 (01:32):
Are two Treasury.
Speaker 6 (01:33):
Employees, one of whom I personally interviewed in his final round.
There is no tinkering with the system. They are on
read only, they are looking. They can make no changes.
It is an operational program to suggest improvement.
Speaker 3 (01:50):
And that's Treasury Secretary Scott Besson speaking of the Bloomberg
Sila Mosen. You can catch the full interview on the
Bloomberg Big Take podcast. Get it on Apples, Spotify, and
always on the Bloomberg terminal.
Speaker 7 (02:01):
Well, Karen.
Speaker 2 (02:02):
President Trump's laying out more of his tax priorities. He
met with congressional Republicans at the White House to discuss
what he wants to see in a tax bill this year.
White House Press Secretary Caroline Love It says the President
wants to make good on his promises from the campaign.
Speaker 8 (02:15):
No tax on tips, which is obviously a very public
campaign promise that the President made, no tax on seniors
social Security, no tax on overtime pay, renewing President Trump's
twenty seventeen middle class tax cuts.
Speaker 2 (02:29):
White House spokeswoman Caroline Lovit also highlighted two items that
weren't discussed during the campaign, ending the carried interest tax
break that lets private equity managers pay lower rates on
their investments, and ending tax breaks for sports team owners.
The White House says the President also wants to expand
the deduction for state and local taxes. That's a priority
for our Republicans from high tax states.
Speaker 3 (02:49):
One of President Trump's latest efforts to reshape the federal
government is facing high profile resistance. The head of the
Federal Election Commission, Ellen Wintraub, said she was fired in
a letter from their resident, but she's not leaving. Wind
Troub posted a copy of the letter on x and wrote, quote,
there's a legal way to replace FEC commissioners. This isn't it.
(03:09):
Wine Trub was appointed to a six year term more
than twenty years ago under federal law commissioners are allowed
to stay past their terms until a replacement is named.
Speaker 2 (03:19):
Well, Karen, for the first time, I'm sorry. For the
third time in just two weeks, there may be another
deadly disaster over US guys. Bloomberg's John Tucker is here
now with what we know.
Speaker 7 (03:30):
John Nathan.
Speaker 9 (03:31):
A Bearing Air flight has been reported missing as it
was headed to Noel, Alaska, with nine passengers and a
pilot on board. This happened at about four pm local
time yesterday. The rescue crews are scaring the ground for
any sign of the wreckage of this Cessna jet. If
no survivors are found, the tragedy would mark one of
the worst concentrated periods in aviation history in the US.
(03:52):
Americans are still coming to terms with a death of
sixty seven people in Washington after that regional jet in
a military helicopter collided mid air or January twenty ninth.
Just days later, a Metavac playing crash soon after takeoff
in Philadelphia with a sick child and five others on board.
Meantime of that Washington, DC crash, investigators say it was
(04:13):
likely the pilots of the military helicopter We're wearing ninth
vision goggles, which can limit their peripheral vision. I'm John Tucker,
Bloomberg Radio.
Speaker 3 (04:23):
All right, John, thank you.
Speaker 10 (04:24):
Well.
Speaker 3 (04:24):
We now turn to the markets, where mag seven is
in focus once again. Shares of Amazon are down more
than three percent in early trading. The company is warning
investors that it could face capacity constraints in its cloud
computing division. That despite plans to invest about one hundred
billion dollars this year, with most of the money going
toward data centers, homegrown ships, and other equipment to provide
(04:45):
artificial intelligence services here CEO Andy Jasse on the company conference.
Speaker 11 (04:50):
Call, AI represents for sure the biggest opportunity since cloud
and probably the biggest technology shift and opportunity and business
since the Internet, and so well, I think that both
our business, our customers as shareholders will be happy medium
to long term that we're pursuing the capital opportunity and
the business opportunity.
Speaker 3 (05:10):
In AI and Amazon CEO Andy Jasse He says the
AI race will likely way down profits, operating income will
be fourteen billion to eighteen billion dollars, and that's below
analyst estimates.
Speaker 2 (05:20):
Well, soon the focus is going to turn to the economy.
Karen investors are waiting for the January jobs report. Economists
are looking for an edition of one hundred and seventy
five thousand jobs. Let's get a preview from Bloomberg's Michael McKee.
Speaker 12 (05:33):
Perhaps it's reversion to the mean. Economists anticipate we had
much slower job growth in January after December's blowout report.
January also a month when holiday helped leaves payrolls, and
this year there are also likely significant job losses from
the fires in Los Angeles. Unemployment, however, is forecast to
be reassuring no change, indicating that while companies may not
(05:55):
be hiring, they aren't letting workers go. If the labor
market remains solid, it will help the Fed make the
case for leaving interest rates unchanged for longer to keep
the pressure on inflation. Michael McKee, Bloomberg.
Speaker 3 (06:07):
Radio, All right, Mike, thanks, as we await that rapport.
Dallas Fed President Lourie Logan is skeptical that more rate
cuts are necessary. She's spoke at an event in Mexico City.
Speaker 13 (06:17):
I what if inflation comes in close to two percent
in coming months, Well, that would be good news. It
wouldn't necessarily allow the FMC to cut rates soon in
my view, and.
Speaker 3 (06:27):
Dallas FED President Lorie Logan did say the Fed would
likely lower rates if the labor market deteriorated. Time now
over 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.
Speaker 7 (06:41):
Michael, good morning, Good morning, Karen.
Speaker 14 (06:43):
Get ready for another round of winter weather this weekend,
Bloomberg Medeu Religious Rob Carolyn as the.
Speaker 15 (06:49):
Latest, Michael, Yet another winter storm headed towards the mid
Atlantic and Northeast for this weekend. Winter storm watches of
up for the New York City area and for Boston.
Saturday night and into Sunday. We'll see snow, sleet, and
rain developing in the district. Tomorrow afternoon it changes to
rain there not a big deal, but we could see
three to five inches of snow in the city during
Saturday night and into Sunday, and more the same in Boston.
(07:10):
I'm Rob Carolyn, Bloomberg Radio.
Speaker 7 (07:12):
Thanks Ron.
Speaker 14 (07:13):
Panama's president is calling a statement by the US State
Department in absolute falsehood. The department writing American vessels would
no longer have to pay charge fees at the Panama Canal.
The dispute comes days after Secretary of State Marco Rubio's
first overseas trip to the Central American country. Rubio says
(07:34):
he's not confused about the situation.
Speaker 15 (07:36):
I respect very much that Panama has a process. They're
democraticly elected government.
Speaker 7 (07:42):
They have rules, they have laws.
Speaker 15 (07:45):
They're going to follow their process, but our expectations remain
the same.
Speaker 14 (07:48):
Panama's President, Jose Roe Milinos, says that he will speak
with President Trump today. Ron Supreme leader says that negotiations
with America are not in tell gent wise or honorable.
After President Trump floated nuclear talks with tey ron I,
had Toola al Kameni also suggested that there should be
(08:09):
no negotiations with such a government, but stop short of
issuing a direct order not to engage with Washington. Bird
flu has sent the price of eggs skyrocketing, impacting everything
from big chain grocery stores and restaurants to the local
sandwich shops. At Benny's Deli in Queen's, the five dollars
(08:30):
fifty cent bacon, egg and cheese sandwich has been the
mainstay of morning business. However, owner Anthony Bonavita says soon
he may be forced to raise prices.
Speaker 6 (08:39):
I'm trying to hold on, you know, but most I
will go up as a dollar buck.
Speaker 7 (08:44):
I don't even want to do.
Speaker 14 (08:45):
That, Bonavita says. An average case of eggs used to
be sixty to seventy dollars. Now he's paying over two
hundred and twenty dollars. Global News twenty four hours a
day and whenever you want it with Bloomberg News.
Speaker 4 (08:57):
Now.
Speaker 7 (08:57):
I'm Michael Barr, and this is Bloomberg.
Speaker 3 (09:00):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update, brought to you by Trying Staineoudie. Here's
John Stashauer. John, Good morning, gim MONI Karen.
Speaker 10 (09:13):
For the first time ever, brothers will be members of
the Pro Football Hall of.
Speaker 7 (09:16):
Fame, but not the Mannings.
Speaker 10 (09:18):
Many Giants fans were hoping Eli would join Peyton, but
Eli did not get in, and on the first ballot anyway,
former Green Bay whiteout Sterling Sharp was named and he
joined his brother Shannon also named production former Chargers tight
end Antonio Gainton, eight time Pro Bowler, six time Pro
Bowl cornerback Eric Allen, and pass rusher Jared Allen. The
four player class the smallest in twenty years also in
(09:40):
New Orleans. Out of the Super Bowl, Josh Allen named
NFL MVP in the closest votes since two thousand and three.
He edged out Lamar Jackson. The same voters had named
Jackson as the first team All Pro Quarterbacks. SA Kwan
Barkley won Offensive Player of the Year. He's getting ready
for his first Super Bowl. In his six years with
the Giants, Barkley only once even went to the playoffs.
His season affiliate course as far surpass all he went
(10:02):
through in New York.
Speaker 4 (10:04):
Losing or diversities and the injuries that I went through,
you know the reason why I'm able to be at.
Speaker 7 (10:10):
The age I am.
Speaker 4 (10:11):
And after all those injuries, I never gave up.
Speaker 7 (10:13):
I never lost hope.
Speaker 4 (10:15):
You know, I just thought that I always saw this
moment coming. I always saw this success coming. At the time,
I thought it was going to be still in the
New York Giant uniform.
Speaker 10 (10:22):
The Chiefs are one point favorite with the Eagles, so
Super Bowl fifty nine expected to be a close one.
Kansas City's won seventeen straight one score games, and his
three recent Super Bowl wins, Chiefs trailed in the fourth
quarter every time Dallas lost at home to Vegas three
to one. The Capitols won four to three at Philadelphia.
The Celtics lost at home to Dallas one twenty seven
one twenty Anthony Davis yet to play for the MAVs
(10:42):
and Luca Dohnston's yet to play for the Lakers, expecting
to play the Monday Lakers beat Golden State one twenty
to one. Twelve forty year old Lebron James scored forty
two points. Saint Johnson I brings its nine game winnings
straight to Yukon, taking on the two time defending national champs.
Speaker 7 (10:57):
John Stan Shaward Bloomberg Sports carry.
Speaker 1 (11:02):
Coast to coast on Bloomberg Radio, nationwide on Serious XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 7 (11:12):
Good morning.
Speaker 2 (11:13):
I'm Nathan Hager bringing you now our extended conversation with
Treasury Secretary Scott Besson, speaking with Bloomberg Salaiah Mosen from
the cash room of the Treasury Department in Washington, d C.
They talked about Beson's plans for the dollar, tariffs trade
and more, but they began by addressing Elon Musk and
the Government Efficiency Team's involvement with the Treasury's federal payment system.
Speaker 7 (11:35):
Let's go now to that conversation right now.
Speaker 13 (11:38):
There is widespread concern about the DOGE team's access to
sensitive payment systems. Are you worried at all that that
access and that tinkering of the payment systems could affect
the Treasury's market or cause any disruption?
Speaker 6 (11:53):
Good, well, Hilia, thank you for asking me about that,
because there's a lot of misinformation out there. First of all,
when you say the doche team, these are Treasury employees.
Are two Treasury employees, one of whom I personally interviewed
in his final round. There is no tinkering with the system.
They are on read only. They are looking. They can
(12:15):
make no changes. It is an operational program to suggest improvement.
So we make one point three billion payments a year.
And this is two employees who are working with a
group of long standing employees.
Speaker 13 (12:32):
The letter that the Treasure Department sent earlier this week
talked about how the team currently does not have access
to change the system. Have they at any point this
year had the ability to make changes.
Speaker 7 (12:45):
Absolutely not.
Speaker 6 (12:46):
This is no different than you would have at a
private company. And by the way, the ability to change
the system sits over at the Federal Reserve, so it
doesn't even lie in this building. So they could make
suggestions on how to change the system, but we don't
even run the system.
Speaker 13 (13:04):
And if they ask for if they request the ability
to change the system, would you grant that.
Speaker 6 (13:10):
No, again, they have no ability to change the system.
I have no ability to grant that change. That they
can make suggestions, then it would go to the Federal
Reserve and just like any large erp system, there would
be tests. There would be this, there would be that,
and then the FED will determine whether these changes are
(13:31):
robust or not.
Speaker 13 (13:33):
As the Secretary of Treasure, you also oversee the IRS.
Do you know what kind of access the team has
to IRS data or individual taxpayer data?
Speaker 6 (13:42):
Well, I'm glad you asked that too, because look, the RIRs,
the privacy issue is one of the biggest issues, and
over the past four years we've seen a lot of
leaks out of there. The IRS systems are quite poor.
When I started college in nineteen eighty, I learned the
program in Cobyl. I think there are twelve different systems
(14:06):
at the IRS that still run on Cobyl. But as
of now there is no engagement at the IRS, and if.
Speaker 13 (14:14):
They request that access, would you sign off on that request?
Speaker 6 (14:17):
They haven't, so we'll take that when it comes to it.
I think there is a lot to do there, but
the president was elected with a big agenda and to
the extent that getting the IRS in better shape is
part of that. Sure, because look, with the IRS, what
(14:38):
am I concerned about? I am concerned about collections, I'm
concerned about privacy, and I am concerned that the system
is robust. But do you see customer service?
Speaker 13 (14:52):
But do you think that if they ask for access
that is something you would consider signing off on.
Speaker 6 (14:57):
There are a lot of things I'd consider. But look,
we're in the middle of the ex filing season right now.
We even with the government buyouts that are being that
expire at midnight tonight, we have the mandated that the
IRS customer facing employees that they're not eligible for that
until May fifteenth. So I don't imagine anything's going to
(15:19):
go on at the IRS until then or beyond.
Speaker 13 (15:22):
Elon Musk just a few half an hour ago tweeted
out that Treasury needs to stop approving certain payments. Has
your staff tried to block any payments here at Treasury,
we have not and.
Speaker 7 (15:33):
I'm glad you asked that too.
Speaker 6 (15:35):
And just to put in perspective, Elon and I are
completely aligned in terms of cutting waste and increasing accountability
and transparency.
Speaker 7 (15:44):
For the American people.
Speaker 6 (15:46):
I believe that this dose program, in my adult life
is one of the most important audits of government or
changes to government structure.
Speaker 7 (15:56):
We have seen that. When I was in my twenties, we.
Speaker 6 (16:00):
Had the Grace Report, and there's some great suggestions that
came out of that never implemented under Clinton and Gore.
I think it was to government efficiency or reduce government.
Speaker 7 (16:13):
Nothing happened.
Speaker 6 (16:14):
So President Trump came in, there's a big agenda, and
I think that there are gigantic cost savings for the
American people here. And I think it's unfortunate the way
the media wants to lampoon what is going on. These
are highly trained professionals. This is not some roving ban
going around doing things. This is methodical and it is
(16:37):
going to yield big savings.
Speaker 13 (16:39):
At any point, would you heed what Musk just tweeted
and stop payments come from coming through Treasury.
Speaker 6 (16:46):
Well, most of that happens above us, that it comes
from the Department and the agencies. We are doing a
complete review, and I want to emphasize to you and
everyone watching that it is an operational review, It is
not an ideological review. We want to make sure that
(17:07):
the American people are getting the best practices, and I
don't think that's happening right now.
Speaker 13 (17:13):
The systems here at Treasury they're known to be a
little antiquated, but very very sensitive, but also they're working.
I'm hearing Bloomberg. We hear a lot about investors being
concerned that this could hit markets in some way or
start to cause a loss of confidence. What as a
long time hedge fund and investor like, do you have
(17:35):
a response to those concerns.
Speaker 6 (17:38):
People shouldn't be concerned that Treasury we move deliberately.
Speaker 7 (17:43):
And we fix things. That's the way we work.
Speaker 6 (17:47):
So everyone should know that all the payments are going
to be made, they're going to be in good order,
and at the end of this review, they're going to
be substantial savings for the American taxpayer.
Speaker 13 (18:00):
Mister Secretary, you have experienced in currency markets, and now,
as in your new role, you oversee US currency policy.
I'd like to ask you what does a strong dollar mean?
Speaker 3 (18:10):
To you.
Speaker 6 (18:11):
Well, First of all, the strong dollar policy is completely
intact with President Trump, and I am very happy at
his Economic Club of New York speech in August when
he re emphasized the importance of maintaining the dollar reserve
currency status. But let's think about what does a strong
(18:35):
dollar mean. It really means four things. One that when
we think about a fiat currency, a piece of paper
is credibility. So a strong dollar is credibility and a
rule of law that.
Speaker 7 (18:50):
Is backing it up. Too.
Speaker 6 (18:52):
It means a composite price in the screen the Bloomberg
Currency Index, that is the dollar moving up against that. Three,
it is a bilateral price. So what's important to remember
is the dollar is either a week or strong versus
something else. So we want the dollar to be strong.
(19:15):
What we don't want is other countries to weaken their
currencies to manipulate their trade.
Speaker 7 (19:22):
And then, fourth that we want to have.
Speaker 6 (19:25):
The best policies that create the environment for a strong dollar.
Speaker 13 (19:30):
Let's talk about other nations and how they manage their currencies.
The President has asked for a tariff study from several
of his cabinet officers or incoming cabinet officers. Do April first,
and the Treasury piece of that is to assess how
to handle when foreign nations manipulate their currencies. Do you
see any evidence of manipulation in foreign exchange rate markets
(19:52):
right now?
Speaker 6 (19:53):
Well, well, wait till the study comes out. But I
think just intuitively, you and I could agree that when
you see the accumulation of these large surpluses that there
is not a free form trading system that's going. It
could be due to the level of the currency. It
could be due to trade restrictions, it could be due
(20:17):
to some interest rate repression policy.
Speaker 7 (20:20):
So it could be any of those.
Speaker 13 (20:22):
Are there any countries that you're monitoring or watching specifically
right now? I know the President in the past has
labeled China as a currency manipulator. Do you see any
other nations that need to be closely watched?
Speaker 6 (20:33):
Well, I think we'll see on April first. And as
you know that China's the most imbalanced unbalanced economy in
the history of the world, and they are in a
deep recession right now. They're experience in deflation and they're
trying to export their way out of that, and we
can't allow that. We want fair trade, and part of
(20:56):
that is taking a strong position on the currency and
the terms of trade.
Speaker 13 (21:02):
Mister Secretary, you said yesterday in an interview that the
Trump administration is more focused on long term gields than
what the Federal Reserve is doing, which is a bold statement.
I want to ask, how do you plan to keep
a lid on yields considering the deluge of debt issuance
that is coming down the pike and also some of
the inflationary risks that are ahead.
Speaker 6 (21:24):
Well, one of the things I wanted to emphasize is
that we are not focused on the whether the Fed
is going to cut not cut.
Speaker 7 (21:34):
What we are focused.
Speaker 6 (21:35):
On is lowering rates, So we are less focused on
the specific of rate cuts and how do we get
the whole curve down. I mentioned that the tenure I
believe is the important price to focus on its mortgages,
it's long term capital formation. So and look, I think
(21:56):
with the President's policies of energy dominant, it's deregulation and
non inflationary growth, I think that the tenure is going
to naturally come down. And then look on top of it,
what if we do get some big savings on the
spending side from the dose programs like let's think of
(22:17):
a naive formula, government equals spending minus taxes for my
entire career and beyond, maybe even back to pre FDR
government equal spending minus taxes. The s the Republicans we
(22:39):
like spending.
Speaker 7 (22:40):
We just wanted to raise it less.
Speaker 6 (22:42):
The Democrats want to raise it more taxes. Democrats want
tax increases. We want tax cuts. What nobody's singing about
is what if the S actually went down? What if
it actually goes down because of everything we're doing right now?
Speaker 13 (22:57):
But what about the inflation concerns that are stemming from
the tariffs and tariff threats.
Speaker 6 (23:02):
Look that I'm not sure that where this narrative the
tariffs for the country putting on the tariffs is inflationary.
That we could have a small one time price adjustment
that as we saw in Trump one point zero, that
the deregulation and the other policies, we stayed right around
(23:24):
the Fed's target level.
Speaker 7 (23:25):
So I'm unconcerned about that.
Speaker 6 (23:29):
I think especially that China, now given all their excess capacity,
will no matter the level of the tariffs, will end
up eating quite a bit.
Speaker 13 (23:40):
There's a lot of uncertainty around tariffs. We see them
threatened or signaled and that they're taken back. It appears
as if this administration might be unfriendly to businesses.
Speaker 7 (23:53):
Is that right?
Speaker 6 (23:56):
Really, I think it's just the opposite. I think this
is the pro business administration and history and everything we
are doing is going to increase the after tax return
capital and as a result, working Americans will have very
high real wage growth. That what we've seen over the
(24:18):
past four years is the government and government adjacent sectors
providing the employment growth. And why have we experienced a
supportability crisis? First there was a massive spending met by
increased regulation which caused inflation, and then government and government
adjacent jobs do not call real wage growth because they
(24:39):
move up at CPI. So I think that we are
going to not only be business friendly, but very very
friendly for working Americans.
Speaker 13 (24:49):
We're seeing companies already under some stress from the tariff threats,
China is investigating Google, and also, as you know, are
well aware that business is like to be able to
plan ahead. But with so much policy uncertainty, that predictability
factor is gone. That all points to a little bit
of a tougher environment.
Speaker 6 (25:06):
Well, look, I think the best thing we can do
for predictability is make the tax cuts and jobback permanent.
That would be the single best thing we could do
for predictability. We can go back to the one hundred
percent expencing and add some new features that I think
business is going.
Speaker 7 (25:24):
To be very happy with.
Speaker 6 (25:25):
But again the most important thing is that it filters
down to working wages, which is what we saw the
President Trump's first administration.
Speaker 3 (25:35):
This is Bloomberg Daybreak, your morning podcast and the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (25:42):
Look for us on your podcast feed by six am
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Speaker 3 (25:48):
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Speaker 7 (26:21):
And I'm Nathan Hager.
Speaker 2 (26:22):
Join us again tomorrow morning for all the news you
need to start your day, right here on Bloomberg dbreak
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.
Speaker 2 (00:15):
Karen, we begin in our nation's capital. That's after a
federal judge blocked President Donald Trump's plan to eliminate up
to ten percent of the federal workforce. There was so
called buyout. Bloomberg Zamy Morris reports from Washington. It isn't
really a buyout. It's called a deferred resignation. But hours
before the midnight deadline for workers to apply, the judge
(00:35):
sided with several labor unions that had requested a temporary
restraining order until Monday. Democratic Senator Mark Warner of Virginia
applauds the delay.
Speaker 4 (00:43):
I don't believe it's been funded. I don't believe Donald
Trump has any history of ever paying his bills, and
I fear that federal employees may be marked for riffing,
potentially without any conversation.
Speaker 5 (00:55):
The administration says as many as sixty thousand government workers
have accepted the offer to reside with the promise of
being paid their regular salary through September. In Washington, Amy
Moore as Bloomberg Radio all.
Speaker 3 (01:06):
Right, Amy, thank you well. Treasury Secretary Scott Besson says
he personally vetted the Treasury employees on Elon Musk's Government
Efficiency Team with read only access to federal payment data.
Besson added that there has been no tinkering with the
Department's payment system. We spoke exclusively with Besson on DOGE.
Speaker 6 (01:25):
There's a lot of misinformation out there. First of all,
when you say the DOGE team, these are Treasury employees.
Speaker 7 (01:32):
Are two Treasury.
Speaker 6 (01:33):
Employees, one of whom I personally interviewed in his final round.
There is no tinkering with the system. They are on
read only, they are looking. They can make no changes.
It is an operational program to suggest improvement.
Speaker 3 (01:50):
And that's Treasury Secretary Scott Besson speaking of the Bloomberg
Sila Mosen. You can catch the full interview on the
Bloomberg Big Take podcast. Get it on Apples, Spotify, and
always on the Bloomberg terminal.
Speaker 7 (02:01):
Well, Karen.
Speaker 2 (02:02):
President Trump's laying out more of his tax priorities. He
met with congressional Republicans at the White House to discuss
what he wants to see in a tax bill this year.
White House Press Secretary Caroline Love It says the President
wants to make good on his promises from the campaign.
Speaker 8 (02:15):
No tax on tips, which is obviously a very public
campaign promise that the President made, no tax on seniors
social Security, no tax on overtime pay, renewing President Trump's
twenty seventeen middle class tax cuts.
Speaker 2 (02:29):
White House spokeswoman Caroline Lovit also highlighted two items that
weren't discussed during the campaign, ending the carried interest tax
break that lets private equity managers pay lower rates on
their investments, and ending tax breaks for sports team owners.
The White House says the President also wants to expand
the deduction for state and local taxes. That's a priority
for our Republicans from high tax states.
Speaker 3 (02:49):
One of President Trump's latest efforts to reshape the federal
government is facing high profile resistance. The head of the
Federal Election Commission, Ellen Wintraub, said she was fired in
a letter from their resident, but she's not leaving. Wind
Troub posted a copy of the letter on x and wrote, quote,
there's a legal way to replace FEC commissioners. This isn't it.
(03:09):
Wine Trub was appointed to a six year term more
than twenty years ago under federal law commissioners are allowed
to stay past their terms until a replacement is named.
Speaker 2 (03:19):
Well, Karen, for the first time, I'm sorry. For the
third time in just two weeks, there may be another
deadly disaster over US guys. Bloomberg's John Tucker is here
now with what we know.
Speaker 7 (03:30):
John Nathan.
Speaker 9 (03:31):
A Bearing Air flight has been reported missing as it
was headed to Noel, Alaska, with nine passengers and a
pilot on board. This happened at about four pm local
time yesterday. The rescue crews are scaring the ground for
any sign of the wreckage of this Cessna jet. If
no survivors are found, the tragedy would mark one of
the worst concentrated periods in aviation history in the US.
(03:52):
Americans are still coming to terms with a death of
sixty seven people in Washington after that regional jet in
a military helicopter collided mid air or January twenty ninth.
Just days later, a Metavac playing crash soon after takeoff
in Philadelphia with a sick child and five others on board.
Meantime of that Washington, DC crash, investigators say it was
(04:13):
likely the pilots of the military helicopter We're wearing ninth
vision goggles, which can limit their peripheral vision. I'm John Tucker,
Bloomberg Radio.
Speaker 3 (04:23):
All right, John, thank you.
Speaker 10 (04:24):
Well.
Speaker 3 (04:24):
We now turn to the markets, where mag seven is
in focus once again. Shares of Amazon are down more
than three percent in early trading. The company is warning
investors that it could face capacity constraints in its cloud
computing division. That despite plans to invest about one hundred
billion dollars this year, with most of the money going
toward data centers, homegrown ships, and other equipment to provide
(04:45):
artificial intelligence services here CEO Andy Jasse on the company conference.
Speaker 11 (04:50):
Call, AI represents for sure the biggest opportunity since cloud
and probably the biggest technology shift and opportunity and business
since the Internet, and so well, I think that both
our business, our customers as shareholders will be happy medium
to long term that we're pursuing the capital opportunity and
the business opportunity.
Speaker 3 (05:10):
In AI and Amazon CEO Andy Jasse He says the
AI race will likely way down profits, operating income will
be fourteen billion to eighteen billion dollars, and that's below
analyst estimates.
Speaker 2 (05:20):
Well, soon the focus is going to turn to the economy.
Karen investors are waiting for the January jobs report. Economists
are looking for an edition of one hundred and seventy
five thousand jobs. Let's get a preview from Bloomberg's Michael McKee.
Speaker 12 (05:33):
Perhaps it's reversion to the mean. Economists anticipate we had
much slower job growth in January after December's blowout report.
January also a month when holiday helped leaves payrolls, and
this year there are also likely significant job losses from
the fires in Los Angeles. Unemployment, however, is forecast to
be reassuring no change, indicating that while companies may not
(05:55):
be hiring, they aren't letting workers go. If the labor
market remains solid, it will help the Fed make the
case for leaving interest rates unchanged for longer to keep
the pressure on inflation. Michael McKee, Bloomberg.
Speaker 3 (06:07):
Radio, All right, Mike, thanks, as we await that rapport.
Dallas Fed President Lourie Logan is skeptical that more rate
cuts are necessary. She's spoke at an event in Mexico City.
Speaker 13 (06:17):
I what if inflation comes in close to two percent
in coming months, Well, that would be good news. It
wouldn't necessarily allow the FMC to cut rates soon in
my view, and.
Speaker 3 (06:27):
Dallas FED President Lorie Logan did say the Fed would
likely lower rates if the labor market deteriorated. Time now
over 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.
Speaker 7 (06:41):
Michael, good morning, Good morning, Karen.
Speaker 14 (06:43):
Get ready for another round of winter weather this weekend,
Bloomberg Medeu Religious Rob Carolyn as the.
Speaker 15 (06:49):
Latest, Michael, Yet another winter storm headed towards the mid
Atlantic and Northeast for this weekend. Winter storm watches of
up for the New York City area and for Boston.
Saturday night and into Sunday. We'll see snow, sleet, and
rain developing in the district. Tomorrow afternoon it changes to
rain there not a big deal, but we could see
three to five inches of snow in the city during
Saturday night and into Sunday, and more the same in Boston.
(07:10):
I'm Rob Carolyn, Bloomberg Radio.
Speaker 7 (07:12):
Thanks Ron.
Speaker 14 (07:13):
Panama's president is calling a statement by the US State
Department in absolute falsehood. The department writing American vessels would
no longer have to pay charge fees at the Panama Canal.
The dispute comes days after Secretary of State Marco Rubio's
first overseas trip to the Central American country. Rubio says
(07:34):
he's not confused about the situation.
Speaker 15 (07:36):
I respect very much that Panama has a process. They're
democraticly elected government.
Speaker 7 (07:42):
They have rules, they have laws.
Speaker 15 (07:45):
They're going to follow their process, but our expectations remain
the same.
Speaker 14 (07:48):
Panama's President, Jose Roe Milinos, says that he will speak
with President Trump today. Ron Supreme leader says that negotiations
with America are not in tell gent wise or honorable.
After President Trump floated nuclear talks with tey ron I,
had Toola al Kameni also suggested that there should be
(08:09):
no negotiations with such a government, but stop short of
issuing a direct order not to engage with Washington. Bird
flu has sent the price of eggs skyrocketing, impacting everything
from big chain grocery stores and restaurants to the local
sandwich shops. At Benny's Deli in Queen's, the five dollars
(08:30):
fifty cent bacon, egg and cheese sandwich has been the
mainstay of morning business. However, owner Anthony Bonavita says soon
he may be forced to raise prices.
Speaker 6 (08:39):
I'm trying to hold on, you know, but most I
will go up as a dollar buck.
Speaker 7 (08:44):
I don't even want to do.
Speaker 14 (08:45):
That, Bonavita says. An average case of eggs used to
be sixty to seventy dollars. Now he's paying over two
hundred and twenty dollars. Global News twenty four hours a
day and whenever you want it with Bloomberg News.
Speaker 4 (08:57):
Now.
Speaker 7 (08:57):
I'm Michael Barr, and this is Bloomberg.
Speaker 3 (09:00):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update, brought to you by Trying Staineoudie. Here's
John Stashauer. John, Good morning, gim MONI Karen.
Speaker 10 (09:13):
For the first time ever, brothers will be members of
the Pro Football Hall of.
Speaker 7 (09:16):
Fame, but not the Mannings.
Speaker 10 (09:18):
Many Giants fans were hoping Eli would join Peyton, but
Eli did not get in, and on the first ballot anyway,
former Green Bay whiteout Sterling Sharp was named and he
joined his brother Shannon also named production former Chargers tight
end Antonio Gainton, eight time Pro Bowler, six time Pro
Bowl cornerback Eric Allen, and pass rusher Jared Allen. The
four player class the smallest in twenty years also in
(09:40):
New Orleans. Out of the Super Bowl, Josh Allen named
NFL MVP in the closest votes since two thousand and three.
He edged out Lamar Jackson. The same voters had named
Jackson as the first team All Pro Quarterbacks. SA Kwan
Barkley won Offensive Player of the Year. He's getting ready
for his first Super Bowl. In his six years with
the Giants, Barkley only once even went to the playoffs.
His season affiliate course as far surpass all he went
(10:02):
through in New York.
Speaker 4 (10:04):
Losing or diversities and the injuries that I went through,
you know the reason why I'm able to be at.
Speaker 7 (10:10):
The age I am.
Speaker 4 (10:11):
And after all those injuries, I never gave up.
Speaker 7 (10:13):
I never lost hope.
Speaker 4 (10:15):
You know, I just thought that I always saw this
moment coming. I always saw this success coming. At the time,
I thought it was going to be still in the
New York Giant uniform.
Speaker 10 (10:22):
The Chiefs are one point favorite with the Eagles, so
Super Bowl fifty nine expected to be a close one.
Kansas City's won seventeen straight one score games, and his
three recent Super Bowl wins, Chiefs trailed in the fourth
quarter every time Dallas lost at home to Vegas three
to one. The Capitols won four to three at Philadelphia.
The Celtics lost at home to Dallas one twenty seven
one twenty Anthony Davis yet to play for the MAVs
(10:42):
and Luca Dohnston's yet to play for the Lakers, expecting
to play the Monday Lakers beat Golden State one twenty
to one. Twelve forty year old Lebron James scored forty
two points. Saint Johnson I brings its nine game winnings
straight to Yukon, taking on the two time defending national champs.
Speaker 7 (10:57):
John Stan Shaward Bloomberg Sports carry.
Speaker 1 (11:02):
Coast to coast on Bloomberg Radio, nationwide on Serious XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 7 (11:12):
Good morning.
Speaker 2 (11:13):
I'm Nathan Hager bringing you now our extended conversation with
Treasury Secretary Scott Besson, speaking with Bloomberg Salaiah Mosen from
the cash room of the Treasury Department in Washington, d C.
They talked about Beson's plans for the dollar, tariffs trade
and more, but they began by addressing Elon Musk and
the Government Efficiency Team's involvement with the Treasury's federal payment system.
Speaker 7 (11:35):
Let's go now to that conversation right now.
Speaker 13 (11:38):
There is widespread concern about the DOGE team's access to
sensitive payment systems. Are you worried at all that that
access and that tinkering of the payment systems could affect
the Treasury's market or cause any disruption?
Speaker 6 (11:53):
Good, well, Hilia, thank you for asking me about that,
because there's a lot of misinformation out there. First of all,
when you say the doche team, these are Treasury employees.
Are two Treasury employees, one of whom I personally interviewed
in his final round. There is no tinkering with the system.
They are on read only. They are looking. They can
(12:15):
make no changes. It is an operational program to suggest improvement.
So we make one point three billion payments a year.
And this is two employees who are working with a
group of long standing employees.
Speaker 13 (12:32):
The letter that the Treasure Department sent earlier this week
talked about how the team currently does not have access
to change the system. Have they at any point this
year had the ability to make changes.
Speaker 7 (12:45):
Absolutely not.
Speaker 6 (12:46):
This is no different than you would have at a
private company. And by the way, the ability to change
the system sits over at the Federal Reserve, so it
doesn't even lie in this building. So they could make
suggestions on how to change the system, but we don't
even run the system.
Speaker 13 (13:04):
And if they ask for if they request the ability
to change the system, would you grant that.
Speaker 6 (13:10):
No, again, they have no ability to change the system.
I have no ability to grant that change. That they
can make suggestions, then it would go to the Federal
Reserve and just like any large erp system, there would
be tests. There would be this, there would be that,
and then the FED will determine whether these changes are
(13:31):
robust or not.
Speaker 13 (13:33):
As the Secretary of Treasure, you also oversee the IRS.
Do you know what kind of access the team has
to IRS data or individual taxpayer data?
Speaker 6 (13:42):
Well, I'm glad you asked that too, because look, the RIRs,
the privacy issue is one of the biggest issues, and
over the past four years we've seen a lot of
leaks out of there. The IRS systems are quite poor.
When I started college in nineteen eighty, I learned the
program in Cobyl. I think there are twelve different systems
(14:06):
at the IRS that still run on Cobyl. But as
of now there is no engagement at the IRS, and if.
Speaker 13 (14:14):
They request that access, would you sign off on that request?
Speaker 6 (14:17):
They haven't, so we'll take that when it comes to it.
I think there is a lot to do there, but
the president was elected with a big agenda and to
the extent that getting the IRS in better shape is
part of that. Sure, because look, with the IRS, what
(14:38):
am I concerned about? I am concerned about collections, I'm
concerned about privacy, and I am concerned that the system
is robust. But do you see customer service?
Speaker 13 (14:52):
But do you think that if they ask for access
that is something you would consider signing off on.
Speaker 6 (14:57):
There are a lot of things I'd consider. But look,
we're in the middle of the ex filing season right now.
We even with the government buyouts that are being that
expire at midnight tonight, we have the mandated that the
IRS customer facing employees that they're not eligible for that
until May fifteenth. So I don't imagine anything's going to
(15:19):
go on at the IRS until then or beyond.
Speaker 13 (15:22):
Elon Musk just a few half an hour ago tweeted
out that Treasury needs to stop approving certain payments. Has
your staff tried to block any payments here at Treasury,
we have not and.
Speaker 7 (15:33):
I'm glad you asked that too.
Speaker 6 (15:35):
And just to put in perspective, Elon and I are
completely aligned in terms of cutting waste and increasing accountability
and transparency.
Speaker 7 (15:44):
For the American people.
Speaker 6 (15:46):
I believe that this dose program, in my adult life
is one of the most important audits of government or
changes to government structure.
Speaker 7 (15:56):
We have seen that. When I was in my twenties, we.
Speaker 6 (16:00):
Had the Grace Report, and there's some great suggestions that
came out of that never implemented under Clinton and Gore.
I think it was to government efficiency or reduce government.
Speaker 7 (16:13):
Nothing happened.
Speaker 6 (16:14):
So President Trump came in, there's a big agenda, and
I think that there are gigantic cost savings for the
American people here. And I think it's unfortunate the way
the media wants to lampoon what is going on. These
are highly trained professionals. This is not some roving ban
going around doing things. This is methodical and it is
(16:37):
going to yield big savings.
Speaker 13 (16:39):
At any point, would you heed what Musk just tweeted
and stop payments come from coming through Treasury.
Speaker 6 (16:46):
Well, most of that happens above us, that it comes
from the Department and the agencies. We are doing a
complete review, and I want to emphasize to you and
everyone watching that it is an operational review, It is
not an ideological review. We want to make sure that
(17:07):
the American people are getting the best practices, and I
don't think that's happening right now.
Speaker 13 (17:13):
The systems here at Treasury they're known to be a
little antiquated, but very very sensitive, but also they're working.
I'm hearing Bloomberg. We hear a lot about investors being
concerned that this could hit markets in some way or
start to cause a loss of confidence. What as a
long time hedge fund and investor like, do you have
(17:35):
a response to those concerns.
Speaker 6 (17:38):
People shouldn't be concerned that Treasury we move deliberately.
Speaker 7 (17:43):
And we fix things. That's the way we work.
Speaker 6 (17:47):
So everyone should know that all the payments are going
to be made, they're going to be in good order,
and at the end of this review, they're going to
be substantial savings for the American taxpayer.
Speaker 13 (18:00):
Mister Secretary, you have experienced in currency markets, and now,
as in your new role, you oversee US currency policy.
I'd like to ask you what does a strong dollar mean?
Speaker 3 (18:10):
To you.
Speaker 6 (18:11):
Well, First of all, the strong dollar policy is completely
intact with President Trump, and I am very happy at
his Economic Club of New York speech in August when
he re emphasized the importance of maintaining the dollar reserve
currency status. But let's think about what does a strong
(18:35):
dollar mean. It really means four things. One that when
we think about a fiat currency, a piece of paper
is credibility. So a strong dollar is credibility and a
rule of law that.
Speaker 7 (18:50):
Is backing it up. Too.
Speaker 6 (18:52):
It means a composite price in the screen the Bloomberg
Currency Index, that is the dollar moving up against that. Three,
it is a bilateral price. So what's important to remember
is the dollar is either a week or strong versus
something else. So we want the dollar to be strong.
(19:15):
What we don't want is other countries to weaken their
currencies to manipulate their trade.
Speaker 7 (19:22):
And then, fourth that we want to have.
Speaker 6 (19:25):
The best policies that create the environment for a strong dollar.
Speaker 13 (19:30):
Let's talk about other nations and how they manage their currencies.
The President has asked for a tariff study from several
of his cabinet officers or incoming cabinet officers. Do April first,
and the Treasury piece of that is to assess how
to handle when foreign nations manipulate their currencies. Do you
see any evidence of manipulation in foreign exchange rate markets
(19:52):
right now?
Speaker 6 (19:53):
Well, well, wait till the study comes out. But I
think just intuitively, you and I could agree that when
you see the accumulation of these large surpluses that there
is not a free form trading system that's going. It
could be due to the level of the currency. It
could be due to trade restrictions, it could be due
(20:17):
to some interest rate repression policy.
Speaker 7 (20:20):
So it could be any of those.
Speaker 13 (20:22):
Are there any countries that you're monitoring or watching specifically
right now? I know the President in the past has
labeled China as a currency manipulator. Do you see any
other nations that need to be closely watched?
Speaker 6 (20:33):
Well, I think we'll see on April first. And as
you know that China's the most imbalanced unbalanced economy in
the history of the world, and they are in a
deep recession right now. They're experience in deflation and they're
trying to export their way out of that, and we
can't allow that. We want fair trade, and part of
(20:56):
that is taking a strong position on the currency and
the terms of trade.
Speaker 13 (21:02):
Mister Secretary, you said yesterday in an interview that the
Trump administration is more focused on long term gields than
what the Federal Reserve is doing, which is a bold statement.
I want to ask, how do you plan to keep
a lid on yields considering the deluge of debt issuance
that is coming down the pike and also some of
the inflationary risks that are ahead.
Speaker 6 (21:24):
Well, one of the things I wanted to emphasize is
that we are not focused on the whether the Fed
is going to cut not cut.
Speaker 7 (21:34):
What we are focused.
Speaker 6 (21:35):
On is lowering rates, So we are less focused on
the specific of rate cuts and how do we get
the whole curve down. I mentioned that the tenure I
believe is the important price to focus on its mortgages,
it's long term capital formation. So and look, I think
(21:56):
with the President's policies of energy dominant, it's deregulation and
non inflationary growth, I think that the tenure is going
to naturally come down. And then look on top of it,
what if we do get some big savings on the
spending side from the dose programs like let's think of
(22:17):
a naive formula, government equals spending minus taxes for my
entire career and beyond, maybe even back to pre FDR
government equal spending minus taxes. The s the Republicans we
(22:39):
like spending.
Speaker 7 (22:40):
We just wanted to raise it less.
Speaker 6 (22:42):
The Democrats want to raise it more taxes. Democrats want
tax increases. We want tax cuts. What nobody's singing about
is what if the S actually went down? What if
it actually goes down because of everything we're doing right now?
Speaker 13 (22:57):
But what about the inflation concerns that are stemming from
the tariffs and tariff threats.
Speaker 6 (23:02):
Look that I'm not sure that where this narrative the
tariffs for the country putting on the tariffs is inflationary.
That we could have a small one time price adjustment
that as we saw in Trump one point zero, that
the deregulation and the other policies, we stayed right around
(23:24):
the Fed's target level.
Speaker 7 (23:25):
So I'm unconcerned about that.
Speaker 6 (23:29):
I think especially that China, now given all their excess capacity,
will no matter the level of the tariffs, will end
up eating quite a bit.
Speaker 13 (23:40):
There's a lot of uncertainty around tariffs. We see them
threatened or signaled and that they're taken back. It appears
as if this administration might be unfriendly to businesses.
Speaker 7 (23:53):
Is that right?
Speaker 6 (23:56):
Really, I think it's just the opposite. I think this
is the pro business administration and history and everything we
are doing is going to increase the after tax return
capital and as a result, working Americans will have very
high real wage growth. That what we've seen over the
(24:18):
past four years is the government and government adjacent sectors
providing the employment growth. And why have we experienced a
supportability crisis? First there was a massive spending met by
increased regulation which caused inflation, and then government and government
adjacent jobs do not call real wage growth because they
(24:39):
move up at CPI. So I think that we are
going to not only be business friendly, but very very
friendly for working Americans.
Speaker 13 (24:49):
We're seeing companies already under some stress from the tariff threats,
China is investigating Google, and also, as you know, are
well aware that business is like to be able to
plan ahead. But with so much policy uncertainty, that predictability
factor is gone. That all points to a little bit
of a tougher environment.
Speaker 6 (25:06):
Well, look, I think the best thing we can do
for predictability is make the tax cuts and jobback permanent.
That would be the single best thing we could do
for predictability. We can go back to the one hundred
percent expencing and add some new features that I think
business is going.
Speaker 7 (25:24):
To be very happy with.
Speaker 6 (25:25):
But again the most important thing is that it filters
down to working wages, which is what we saw the
President Trump's first administration.
Speaker 3 (25:35):
This is Bloomberg Daybreak, your morning podcast and the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (25:42):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (25:48):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 2 (26:02):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (26:08):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 7 (26:21):
And I'm Nathan Hager.
Speaker 2 (26:22):
Join us again tomorrow morning for all the news you
need to start your day, right here on Bloomberg dbreak
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