Legacy technology has IT and cybersecurity teams feeling overwhelmed. Research shows that 59% of security decision makers feel unprepared for the future with their current tools. What can they do to stand on firmer ground? Learn more later in the podcast. Are you looking for a new podcast about stuff related to money? Well, today's your lucky day. I'm Matt Levine. And I'm Katie Greifel.
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Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin with the ongoing search for the next Treasury Secretary, the debate over who President-elect Donald Trump will select as his chief economic policymaker, spiraled into uncertainty over the weekend. Sources say Elon Musk spoke to potential picks Scott Bessent after already publicly endorsing another candidate, Howard Ludnick. Bessent declined to comment on the reports. Musk did not immediately respond, but he did post on X over the weekend.
that his view is Bessent is a business as usual choice while Lutnik would actually enact change. Bloomberg's Kriti Gupta says the Trump transition team is not any closer to making a selection and is now considering alternatives.
did feel like scoppissette was going to be the no brainer choice and now feels like that has been unseated by Howard Lutt like coming back to the same issue. The question of tariffs and how tough you can go. Of course, it's not the only players in the kind of race to be the next treasury secretary. It's Robert E. Lighthizer former US trade representative Bill Hagerty, a senator out of Tennessee and even Mark Rowe and the CEO of Apollo.
Bloomberg's Kriti Gupta says, among other duties, the Treasury Secretary oversees the $28 trillion Treasury's market and economic sanctions. And Nathan President-elect Trump continues to fill out his incoming cabinet at a rapid pace, making nominations for a couple key posts this weekend. Trump chose Brendan Carr as the new chair of the Federal Communications Commission. Carr's served the FCC since 2012 and has been a strong advocate for free speech, limited regulation, and reigning in big
tech. Trump also picked Chris Wright, who runs a Colorado-based fracking services company, to leave the U.S. Energy Department. Additionally, Trump announced that his attorney, William Owen Sharf, would be his staff secretary, and he backed Republican and National Committee co-chair Michael Watley for another term.
On the formal agenda are conversations about sustainability and climate change and the future of development financing. There will be some hard conversations among world leaders about the future of major conflicts in the Middle East and Ukraine. This meeting comes on the heels of another smaller gathering of heads of state in Peru. It hosted the Apex Summit. And while President Biden was there, he sat down with his Chinese counterpart Xi Jinping.
Biden took credit for improving the relationship between the U.S. and China after four frosty years when Donald Trump was the president. Of course, Trump has been re-elected, and Biden's term is almost over. And that is looming large as the G20 leaders summit gets underway. David Gura, Bloomberg Radio, Rio de Janeiro.
All right, David, thanks. And as David just mentioned in that meeting between President Biden and Xi Jinping and Lima, Peru, China's leader told Biden the country is ready to work with Donald Trump to boost relations. But it comes with a warning. Bloomberg's executive editor for Greater China, John Lu, says she outlined four red lines in China's relationship with the U.S. that are targeted at Trump.
One, that the US should not seek to contest the Communist Party's grip on power in China, that the United States should not try to push China to become a democracy, that the United States should not try to contain China's economic rise. And lastly, and probably most importantly, that the United States should not support Taiwanese independence. And so it did seem, President Xi, ahead of a new Trump administration, trying to put some guardrails, bumpers around where this relationship could go.
Bloomberg's John Lewis, President-elect Trump, has tapped several hardliners on China to lead his foreign policy team, having campaigned on hitting Beijing with tariffs of 60 percent. In Europe, Karen President Biden is giving Ukraine the green light to use Western-made missiles for long-range strikes on Russian territory. This major shift in policy is thought to be motivated by North Korean troops appearing on the battlefield alongside Russian forces.
Speaking through an interpreter, Ukraine's President Vladimir Zelensky said any strikes on Russia would not be telegraphed in advance. Today, there's a lot of talk in the media about his receiving permission for respective actions. But strikes are not carried out with words. Such things are not announced. Missiles will speak for themselves. Ukrainian President Vladimir Zelensky spoke after another massive Russian aerial attack on Ukraine's energy infrastructure.
On Ethan Let's shift now to the economy and markets. Traders will watch a couple of key earnings reports this week. First, tomorrow, where investors will get a gauge on consumer health when Walmart reports. And the possible big market moving event will come on Wednesday when chip giant Nvidia releases its latest earnings. Ahead of those key earnings, the information as reporting Nvidia has asked suppliers to change designs for server racks in recent months for its new Blackwell graphics processing unit due to an overheating problem.
It's leading to worries about delays. The company already hit engineer Snaggs in the development of its Blackwell chip lineup, slowing the release by at least a quarter. Meanwhile, Karen Wall Street strategists remain focused on how high equities will go in a second Trump term. Notable Wall Street bear, Mike Wilson of Morgan Stanley wrote in a recent note that his team now thinks the S&P 500 will end the year of 2025.
At 6,500 points. That's up 11% from Friday's close, but Bloomberg's Mark Cutmore says market uncertainty is what's on traders minds.
Markets the moment, the only thing they care about is everything Trump. That may slowly fade over time, but it's everything between who Trump's picks are, what that means for likely policy. And then, of course, there's the secondary step of actually analyzing how that policy will interact with each other and with markets. Bloomberg's Mark Kudmore says traders are still trying to determine how much tariffs will impact the economy and markets in a second Trump term.
However, Nathan the path for an extended rally could be quelled by Fed policy and slower than expected interest rate cuts as the central bank moves toward its neutral rate. Chicago Fed President Austin Goolsby spoke to Bloomberg about what he sees as the current path for interest rates.
to be looking at rates coming down over the next year along the lines of what the dot plot said. So I still think we have a long way to go down with rates. There's some dispute about what is the neutral rate at which we're going to settle down. If there's disagreement about that, that we don't just charge right to it, that we slow the pace as we get toward it.
Chicago Fed President Austin Goolsbee added that interest rates remain restrictive, so there's still room to cut borrowing costs to a more neutral level. Here's the full conversation on the Bloomberg Talks podcast feed on Apple's Spotify or anywhere you get your podcast. And Karen strategists at Goldman Sachs are telling investors go for gold. Analysts of the banks say they expect bullion to rally to a record $3,000 an ounce in about a year from now.
due to central bank buying and federal reserve interest rate cuts. They also cite increased trade tensions and potential tariffs as reasons for gold to rise. Spide gold was lasted about 2584 an ounce at peak just below 2800 last month.
Turning to the tri-state now, Nathan, the crowded race for New Jersey's governor, is heating up with U.S. Rep. Josh Gautimer announcing his run. He joins four other Democrats jockeying to succeed. Term-limited Governor Phil Murphy next November. North Jersey.com or porous at least four other Republicans plan to run.
We have this breaking headline crossing the Bloomberg terminal on the airline industry. Spirit Airlines has filed for bankruptcy protection in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with JetBlue. Spirit filed for Chapter 11 in New York, according to a court document.
And it's time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's John Tucker, John Good morning. Good morning, Karen. New York City's congestion pricing opt for a vote by the Metropolitan Transportation Authority today. Supporters say the program will help alleviate some of the gridlock on Manhattan streets and generate desperately needed funding for mass transit. However, opponents are out in forest, including New York State Assemblyman David Weppern.
The financial burdens associated with congestion pricing will shut down businesses across New York City or force them to pass on the added costs to consumers. Governor Kathy Hochl trying to push it through before President-elect Trump takes office. Trump has found to kill it. The initiative is the first of its kind in the U.S.
As President Biden gathers with world leaders for his final G-27 in Brazil, he's considering fossil fuel finance curves that could outlast the Trump administration. Let's get more in this report from Bloomberg's Denise Pellegrini.
The Biden administration is weighing a last-ditch push for an international agreement that would restrict financial support for foreign oil and gas projects just as critical talks start in Paris. This leaves little time before today's negotiations among members of the Organization for Economic Cooperation and Development.
An issue is a proposal to expand an existing three-year-old ban on export credit agency support for unabated coal-fire power plants. Under the proposal, export credit agency financing would be off limits for most oil and gas projects. Denise Pellegritti Bloomberg Radio.
The national average gasoline prices are set to fall below $3 a gallon just in time for Thanksgiving. That's when holiday travel is expected to climb back to pre-pandemic levels. The national average retail fuel price already has fallen to the lowest since January, floating just a few cents above its 2021 level.
And prosecutors say Archigos Capital Management founder Bill Wong should serve 21 years behind bars for fraud and market manipulation that led to his firm's massive 2021 collapse. He scheduled his sentence this week. Wong was found guilty in July of misleading Wall Street banks into helping him inflate the value of Archigos' highly concentrated portfolio.
And authorities in India's capital shed schools halted construction and banned non-essential trucks from entering the city today. Every air pollution shot up to its worst level this season. Residents of New Delhi woke up to thick, toxic smog enveloping the city of some 33 million as the air quality became increasingly hazardous. Global news 24 hours day and whenever you want it with Bloomberg News Now, I'm John Tucker and this is Bloomberg. Karen and Nathan.
As criminal ransomware and state-sponsored attacks continue to escalate, a bolted-on approach to cybersecurity isn't cutting it. In fact, the more security tools an organization uses, the more security incidents it has. According to new research from Google, companies that use 10 or more security tools average 14 incidents per year. That's more than double the amount for those that use fewer than 10 tools.
To proactively manage cyber attacks, organizations should invest in productivity tools across email, documents, and video conferencing that are secure by design, hopping off the treadmill of software patching and lightening the load on their embattled IT and cybersecurity teams. To learn more, visit g.co slash workspace slash more secure.
What could you do if your data was working for you, and not against you? With Bloomberg delivering enterprise data directly to your systems, you get easy access to the details you want, optimized for higher-level analysis, and financial data experts committed to helping you maximize your every move. Our data is made for more, so you can show the world what you're made of. Visit Bloomberg.com slash Enterprise Data to learn more.
Time now for the Bloomberg Sports Update brought to you by Tri-State. Howdy. Here's John Stashauer. John, good morning. Good morning, Karen. Jets hosted the Colts. A lot of boos cascaded out of MetLife for much of the first half of Jets' first five possessions. Four punts, a fourth down stop, a total of one first down, but the Jets did come alive. Breeze Hall scored late first half in early second. Jets grabbed a one-point lead. They were up by five in the final minute. It's just an out of the car.
He's going to check it off. Left edge, not the five, cuts into the end zone. Touch all his way into the end zone. Touchdown, Anthony Richardson. His second rushing touchdown today in the pulse with the score right there. Lead, 28 to 27 with 46 seconds to go.
Colts radio, they end the three game losing streak. The Jets are three and eight. They're one in five since the firing of coach Rob Sallow. The Chiefs are now nine in one. Last team to lose. It came in Buffalo 31 20. The Bills are nine and two. They've won six in a row. The Steelers fifth straight win 18 16 over Baltimore. We got stopped in a game time two point conversion with just over a minute left. Pittsburgh won without scoring a touchdown.
down every 90 years and Detroit Lions start a season nine and one and happened in 1934. And now again, the Lions overwhelm Loli Jacksonville 52 to six. The worst loss in Jaguars history. The Patriots lost the Rams 28 22. Matthew Stafford had four touchdown passes last night. The Chargers blew a three touchdown lead with score with 18 seconds left beat Cincinnati 34 to 27.
At the garden next beat, the net says they did Friday. This one not as close, 114 to 104, four Knicks scored 20 or more. Minnesota beat Phoenix on a Julius Randall three pointer at the buzzer. The X Knicks scored 35. Cleveland beat Charlotte. The Cavs are the fourth team in NBA history to begin a season 15 and 0. Rangers began a four game road trip with a 2-0 win in Seattle. They shut out for Jonathan Quick. St. John's now 4-0. Red Storm had all five starters and double figures. And 85 to 71 win over New Mexico, which meant Rick Petino.
Beat his son, John Stashauer, Bloomberg Sports, Karen and Nathan.
Coast to Coast on Bloomberg Radio nationwide on Sirius XM and around the world on Bloomberg.com and the Bloomberg Business app. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager, the rapid transition President-elect Trump's been looking for is hit a bit of a wall when it comes to the Treasury Secretary. Public jockeying has led to behind the scenes disarray, but the President-elect's son, Donald Trump Jr., is sounding confident that all his father's cabinet picks will get through.
We have control of the Senate because of my father. John Thune's able to be the majority leader because of my father because he got a bunch of other people over the line. It was Donald Trump Jr. over the weekend on Fox News. This morning, we are joined by Bloomberg's Critty Gupta. So, Critty, we were expecting a Treasury Department announcement as soon as last week, last week has come and gone. What's happening now? Good morning.
Good morning, Nathan. Well, looks like we even more contenders have kind of entered the race or at least been considered a little bit more seriously because really it felt like this was a a neck and neck race between Howard Lutnik and Scott Bessent. And there's already some kind of internal dynamics there where Elon Musk very publicly through his weight behind Howard Lutnik basically saying that Scott Bessent was more of the same back those comments on his platform X.
But then you have a couple of others as well. The former trade representative Leitheiser being considered as well. Even Mark Rowan, the CEO of Apollo and a senator from Tennessee, Bill Hagerty, also in the mix or names at least that have been floated for this particular position. But Nathan, I think you've got it right there, which is that we thought we were getting closer and now it feels less so.
And it's such an important decision, isn't it? Because the Treasury Department has control over all the economic sanctions we've seen over the last several years under Janet Yellen, as well as implementing Donald Trump's strategy when it comes to potentially imposing tariffs.
It is. It's a really crucial one. And look, 28 trillion of the Treasury's market is also under under this person's control. You mentioned economic sanctions 100% on Russia on members of China, the Chinese Communist Party as well. Another piece that I think a lot of people don't realize intuitively is that on the campaign trail, Donald Trump
has been very vocal about saying that the reason that the deficit is not a concern for his economic plan is because tariffs would offset tax cuts. That tax policy falls under the Treasury Secretary's role as well. And Nathan, a little bit of a fun fact for our global audience as well is that the Treasury Secretary is also fifth in line in the presidential succession. Of course, we've never gotten to the fifth in line, but it's important to kind of
point out that's where they rank in terms of importance in Washington in terms of that administration. But yes, this is absolutely a crucial role and at the core of it is this concept of loyalty of kind of the vision aligning with Donald Trump as well. And that's really where it seems to be that Howard Lutnik and Scott Bissent are differing in terms of Scott Bissent maybe perhaps not being as tough as Howard Lutnik would be. At least that's the claim that Elon Musk is making. The context is crucial, Nathan, as you'll remember,
Stephen Mnuchin was a favorite of Wall Street and was a favorite under the Trump administration as well, but kind of fell into some hot water there when it came to the idea that he wasn't as strong and as for some of the tougher tariff policies that Donald Trump had put forward.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning, starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 929 in Boston and nationwide on Sirius XM channel 121.
Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. 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 and your favorite podcast platform to stay informed all day long. I'm Karen Moscow. 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.
Wings, nuggets, eggs, no matter the form, Americans love their chicken. The chicken industry is one of the largest and most complex supply chains that America has. These birds are big business, and we wanted to get to the bottom of it.
Welcome to Beat Capitalism, brought to you by AWPOS. In this special three-part series from Bloomberg Podcasts, we are going to examine some of the thorniest issues facing the US economy through the medium of this humble bird.
So there's going to be chicken puns. There are definitely going to be chicken puns. We're going to be asking why the chicken industry has evolved the way that it has. And what does it say about the American economy that so many consumers are flocking to poultry? There's another one for you. Listen to beat capitalism from odd lots out now on Apple podcasts, Spotify, or wherever you get your podcasts.
