Wall Street on Edge Amid Fed Angst | Open Interest 1/12/2026

What is discussed, and when

1. 0:00 – 10:00: Bloomberg, Michael McKey, Thom Tillis, Alphabet Inc.
2. 10:00 – 20:00: Bloomberg, Alphabet Inc., Dina McCormick
3. 20:00 – 30:00: Alphabet Inc., American Express, Bloomberg, Capital One
4. 30:00 – 40:00: Bloomberg, Capital One, American Express
5. 40:00 – 50:00: Bloomberg, Eli Lilly, Jessica Nix, Alphabet Inc.
6. 50:00 – 1:00:00: Bloomberg, Capital One, Michael McKee
7. 1:00:00 – 1:10:00: Bloomberg, Citigroup Inc., Eli Lilly
8. 1:10:00 – 1:20:00: Eli Lilly, Alphabet Inc., Bloomberg, Thom Tillis
9. 1:20:00 – 1:27:10: Eli Lilly, Bloomberg

Notable quotes from "Wall Street on Edge Amid Fed Angst | Open Interest 1/12/2026"

• DANI: I’M DANI BURGER. BLOOMBERG OPEN INTEREST STARTS RIGHT NOW.

  about Bloomberg · at 0:05

• I NEED TO LOOK ONE UP. WAL-MART IS MAKING GAINS AS IT WILL REPLACE ASTRAZENECA ON THE NASDAQ00 AND INKED A DEAL WITH ALPHABET TO INTEGRATE GOOGLE’S GEM MY.

  about Alphabet Inc. · at 1:30

• DANI: JOINING US IS MICHAEL MCKEY, BLOOMBERG’S CORRESPONDENT. THIS WAS ONE OF THE MOST BLUNTLY WE HEARD POWELL RESPOND TO ANY OF THE ATTACKS ON THE FED. MICHAEL: IAN CAPS PUT IT WELL THIS MORNING. THE D.O.J. ACTION IS SURPRISING BUT NOT.

  about Michael McKey · at 2:30

• THEY HAVEN’T BEEN VERY GOOD AT GETTING INDICTMENTS AGAINST OFFICIALS LATELY. THOM TILLIS, THE REPUBLICAN SENATOR FROM NORTH CAROLINA SAYS HE’S NOT GOING TO VOTE FOR ANYBODY…

  about Thom Tillis · at 3:44

• AND YOU WERE EXPLAINING ON SURVEILLANCE EARLIER THIS MORNING HOW THAT COULD RESULT IN PHILIP JEFFERSON BEING CHAIR OF THE OPEN MARKET COMMITTEE? OR TAKE SOMEONE WHO IS NOT ON…

  about Philip Jefferson · at 4:40

• AND META IS APPOINTING FORMER TRUMP ADVISOR DINA MCCORMICK TO A NEW SENIOR MENINGMENT -- MANAGEMENT ROLE FOCUSED ON PARTNERING WITH GOVERNMENTS AND INVESTORS ON A.I.

  about Dina McCormick · at 13:44

• MATT: AND PHARMA DEALS ON THE RISE AS THE INDUSTRY SHAKES OFF TRUMP ANXIETY AND GATHERS IN SAN FRANCISCO. WE ARE LIVE WITH THE ELI LILLY CIO LATER THIS HOUR. DANI: NVIDIA…

  about Eli Lilly · at 44:20

• MATT: JOINING US IS MICHAEL MCKEE.

  about Michael McKee · at 47:58

Who and what is mentioned in this episode?

People

• Thom Tillis — Person · 4 mentions · first at 3:47
• Dani Burger — Person · 2 mentions · first at 0:05
  DANI: I’M DANI BURGER. BLOOMBERG OPEN INTEREST STARTS RIGHT NOW.
• Michael McKey — Person · 2 mentions · first at 2:30
• Jessica Nix — Person · 2 mentions · first at 44:49
  THE IDEA IS TO SPEED THE USE OF AI IN THE PHARMACEUTICAL INDUSTRY. JOINING US IS BLOOMBERG'S REPORTER JESSICA NIX. AI IS ALREADY USED QUITE WIDELY IN THE HEALTH CARE INDUSTRY. WHAT WITH THIS PARTNERSHIP DO?
• Michael McKee — Person · 2 mentions · first at 47:58
• Philip Jefferson — Person · 1 mention · first at 4:43
• Dina McCormick — Person · 1 mention · first at 13:44
• Bill Pulte — Person · 1 mention · first at 48:44
  CRITICIZED HIM GREAT THE QUESTION IS THIS AT THE DIRECTION OF THE PRESIDENT OR IS IT SOME OF HIS LOWER RANKING OFFICIALS? BILL PULTE HAS GOTTEN SOME OF THE BLAME FOR THIS. HE…

Companies & orgs

• Bloomberg — Company · 23 mentions · first at 0:05
• Eli Lilly — Company · 12 mentions · first at 44:27
• Alphabet Inc. — Company · 7 mentions · first at 1:43
• Capital One — Company · 5 mentions · first at 0:57
  CAPITAL ONE CITIGROUP, ALSO JPMORGAN, VISA, MASTER CARD, AMERICAN EXPRESS, FOLLOWING THIS MORNING.
• JP Morgan — Company · 5 mentions
• Citigroup Inc. — Company · 3 mentions · first at 0:57
  CAPITAL ONE CITIGROUP, ALSO JPMORGAN, VISA, MASTER CARD, AMERICAN EXPRESS, FOLLOWING THIS MORNING.
• American Express — Company · 3 mentions · first at 0:59
  CAPITAL ONE CITIGROUP, ALSO JPMORGAN, VISA, MASTER CARD, AMERICAN EXPRESS, FOLLOWING THIS MORNING.
• Exxon — Company · 3 mentions

Full transcript with timestamps

0:01 MATT: GOOD MORNING MONDAY MORNING. 30 MINUTES UNTIL THE START OF THE CASH KRAID. I’ MATT MILLER. DANI: I’M DANI BURGER. BLOOMBERG "OPEN INTEREST" STARTS RIGHT NOW. MATT: COMING UP, THE SELL AMERICA TRADE IS CREEPING BACK ON ASTHE TRUMP ADMINISTRATION ESCALATES ITS ATTACKS ON THE FED. POWELL PUSHES BACK. DANI: C.E.O.’S REMAIN ON GUARD AS PRESIDENT TRUMP ONCE GENERATELES STOCKS. THIS TIME CREDIT CARD COMPANIES. MATT: ON THE ENERGY FRONT, THE PRESIDENT SIGNALS HE PLAY MAY EXCLUDE EXXON FROM HIS PLANS TO REBUILD VENEZUELA’S OIL INDUSTRY. DANI: WE NEED TO TOWK TALK ABOUT WHETHER THE SELL AMERICA TRADE IS REALLY BACK ON. MATT: THAT’S WHY I SAID CREEPING BACK ON. DANI: THAT’S FAIR.

0:46 IT IS CREEPING. THE TRADE THAT IS ON, SELL CREDIT CARD COMPANIES AND BUY NOW PAY LATER. CAPITAL ONE CITIGROUP, ALSO JPMORGAN, VISA, MASTER CARD, AMERICAN EXPRESS, FOLLOWING THIS MORNING. PRESIDENT TRUMP SAID THAT CREDIT CARD VENDORS NEED TO CAP INTEREST RATES AT 10% BY JANUARY 20 OR BE IN VIOLATION OF THE LAW. COOL, WE LOVE THAT, THAT IS A GREAT IDEA BECAUSE CREDIT CARDS ARE UNFAIR TO LOW-INCOME PEOPLE. THE ISSUE IS NOT IF YOU CAP CREDIT CARDS MAYBE THEY TAKE ON LESS RISK AND THEY GO ON BUY NOW, PAY LATER. MATT: WHAT’S MORE LIKELY IS SIMPLY LOAN SHARKS.

1:30 I NEED TO LOOK ONE UP. WAL-MART IS MAKING GAINS AS IT WILL REPLACE ASTRAZENECA ON THE NASDAQ00 AND INKED A DEAL WITH ALPHABET TO INTEGRATE GOOGLE’S GEM MY. WAL-MART IS GETTING MORE AND MORE TECHIE AND INVOLVED IN A.I. THIS A.I. COMPANY IS NOW UP 3%. DANI: A LOT OF WORDS THAT WOULD HAVE BEEN MEANINGLESS FIVE YEARS AGO HAD YOU READ THAT OUT LOUD. SO IT’S THE NEW WORLD. TOP STORY 23ED CHAIR JEROME FOUL RELEASED A SHAME AFTER -- JEROME POWELL RELEASED A STATEMENT.

2:08 NO ONE, CERTAINLY NOT THE CHAIR OF THE FEDERAL RESERVE, IS ABOVE THE LAW. BUT THIS UNPRECEDENTED ACTION SHOULD BE SEEN IN THE BROADER CONTEXT OF THE ADMINISTRATION’S THREATS AND ONGOING PRESSURE. THE THREAT OF CRIMINAL CHARGES IS A CONSEQUENCE OF THE FEDERAL RESERVE SETTING INTEREST RATES BASED ON OUR BEST ASSESSMENT OF WHAT WILL SERVE THE PUBLIC. RATHER THAN FOLLOWING THE PREFERENCES OF THE PRESIDENT. DANI: JOINING US IS MICHAEL MCKEY, BLOOMBERG’S CORRESPONDENT. THIS WAS ONE OF THE MOST BLUNTLY WE HEARD POWELL RESPOND TO ANY OF THE ATTACKS ON THE FED. MICHAEL: IAN CAPS PUT IT WELL THIS MORNING. THE D.O.J. ACTION IS SURPRISING BUT NOT STUNNING. POWELL’S RESPONSE IS STUNNING AND SURPRISING. BECAUSE THE FED HAS KEPT A VERY LOW PROFILE IN ALL OF THE POLITICAL DISPUTES WITH THE PRESIDENT UP TO THIS POINT. BUT I GUESS THEY REACHED A BREAKING POINT ON FRIDAY WHEN THEY GOT THE CRIMINAL SUBPOENA.

3:07 THIS IS NOT AN INDICTMENT SO FAR. IT’S JUST A SUBPOENA FOR RECORDS BECAUSE THEY SEEM TO BE INVESTIGATING THE IDEA THAT JAY POWELL DID NOT TELL THE TRUTH TO CONGRESS ABOUT RENOVATIONS TO FED BUILDINGS IN WASHINGTON. NOBODY QUITE KNOWS WHY THIS HAPPENED BECAUSE THE PRESIDENT IS DENYING ANY INVOLVEMENT. HE TOLD NBC LAST NIGHT, I DON’T KNOW ANYTHING ABOUT IT. BUT HE’S CERTAINLY NOT VERY GOOD AT THE FED AND NOT VERY GOOD AT BUILDING BUILDINGS. THE QUESTION IS, WHERE DO WE GO FROM HERE? WE DON’T KNOW IF THERE IS GOING TO BE AN INDICTMENT. IF THERE IS AN INDICTMENT, WHETHER OR NOT IT WOULD EVER ACTUALLY GO TO TRIAL.

3:44 THEY HAVEN’T BEEN VERY GOOD AT GETTING INDICTMENTS AGAINST OFFICIALS LATELY. THOM TILLIS, THE REPUBLICAN SENATOR FROM NORTH CAROLINA SAYS HE’S NOT GOING TO VOTE FOR ANYBODY UNTIL THIS IS CLEARED UP AS THE NEW MEDICARE FOR THE FED. SINCE THERE IS A 13-11 REPUBLICAN-DEMOCRATIC SPLIT, ONE REPUBLICAN DEFECTING WOULD KEEP THE BANKING COMMITTEE FROM MOVING ANYBODY FORWARD. TILL LIST SAYING THAT -- TILLIS SAYING HE NEEDS TO HAVE SOME SORT OF RESOLUTION. WE DON’T KNOW WHAT IT’S GOING TOFNLT POWELL’S CHAIRMANSHIP DOES END IN MAY. BUT HE CAN STAY ON AS GOVERNOR.

4:15 WE TALKED ABOUT THAT A LOT. MAYBE HE’LL DO THAT. IF HE DID, WHO KNOWS, MAYBE HE COULD END UP STAYING ON AS THE CHAIR OF THE OPEN MARKET COMMITTEE, WHICH MAKES INTEREST RATE DECISIONS. THAT WOULD BE COMPLETELY CONTRARY TO WHAT THE PRESIDENT WANTS. MATT: THAT WOULD BE SURPRISING. I THOUGHT THOM TILLIS’ STATEMENT WAS -- IT COULD BE STUNNING IN THE LITERAL SENSE. IT COULD STOP EVERYTHING IN ITS TRACKS. AND YOU WERE EXPLAINING ON SURVEILLANCE EARLIER THIS MORNING HOW THAT COULD RESULT IN PHILIP JEFFERSON BEING CHAIR OF THE OPEN MARKET COMMITTEE? OR TAKE SOMEONE WHO IS NOT ON THE FED? MICHAEL: PHILIP JEFFERSON WOULD BECOME CHAIRMAN OF THE FED BY LAW POWELL’S TERM ENDS AS CHAIRMAN.

4:57 AS VICE CHAIR HE WOULD ASCEND TO THAT JOB. THE OPEN MARKET COMMITTEE WHICH SETS INTEREST RATE POLICY CAN ELECT ITS OWN CHAIRMAN. THEY HAVE ALWAYS CHOSEN THE CHAIR OF THE FED. BUT THEY COULD PICK ANYBODY. EVEN SOMEONE WHO IS NOT AT THE FED. I WOULD ASSUME THEY WOULD RALLY AROUND THE FLAG AND JUST KEEP JAY POWELL IN THAT JOB. THIS IS STILL A LONG WAY DOWN THE ROAD. WE DON’T KNOW WHAT’S GOING TO HAPPEN IN THE NEXT HOUR LET ALONE BY THE TIME WE GET TO THE END OF MAY. MATT: MICHAEL MCKEY, WE’LL HOLD YOU ON STAND BIEVMENT OUR CHIEF ECONOMICS AND POLICY CORRESPONDENT. CREDIT CARD COMPANIES ARE IN THE RED THIS MORNING AFTER PRESIDENT TRUMP SAID LENDERS ARE BREAKING THE LAW IF THEY DON’T CAP INTEREST RATES AT 10% FOR ONE YEAR. JOINING WITH US MORE IS BLOOMBERG CONSUMER FINANCE REPORTER PAIGE SMITH.

5:46 PAIGE, I WANT TO ASK YOU WHICH LAW THEY ARE BREAKING? BECAUSE I DOUBT THERE IS ONE. BUT ARE THEY GOING TO BE COWED INTO LOWERING INTEREST RATES? PAIGE: THANK YOU FOR HAVING ME. I THINK THAT IT IS -- WE ARE CERTAINLY IN A WAIT AND SEE MODE. TO SPEAK TO YOUR FIRST QUESTION I THINK IT IS FAIR TO SAY THAT IT’S UNCLEAR EXACTLY WHICH LAW WOULD BE THE -- THE PRESIDENT WOULD BE RELYING UPON FOR -- TO ENFORCE SUCH A STATEMENT. BUT IT WAS CERTAINLY CAUSE AGO LOT OF FLURRY OVER THE WEEKEND WITH CREDIT CARD COMPANIES SORT OF SCRAMBLING TO RESPOND TO THIS.

6:23 AND THE PRESIDENT CAME OUT WITH THIS STATEMENT LATE ON FRIDAY EVENING, AND BANK LOBBYISTS WHO ARE THE MAJORITY OF WHICH ARE CREDIT CARD ISSUERS, MANY OF WHICH, CAME OUT WITH THEIR OWN RESPONSE TOO. IT WAS MORE THEY STRUCK SOMETHING AFTER MEASURED TONE IN RESPONSE TO THE PRESIDENT’S STATEMENT. HE DOUBLED DOWN ON AIR FORCE ONE LAST NIGHT. IT’S CERTAINLY SOMETHING THAT IS TOP OF MIND FOR THE PRESIDENT AND SOMETHING THE BANKS WILL NEED TO BE MINDFUL OF AHEAD OF BANK EARNINGS. DANI: IS IT A FAIR ASSESSMENT, I SHOULD HAVE ASKED YOU THIS AT THE TOP OF THE SHOW, IF THERE IS A CAP ALL IT MEANS THE CREDIT CARD COMPANIES CAN’T PRICE RISK ON SOW THEY DON’T TAKE IT ON. THAT MEANS LESS CREDIT AVAILABLE TO LESS PEOPLE. PAIGE: THAT’S WHAT ANALYSTS ARE SAYING AT THIS MOMENT IN TIME IF THIS IS SOMETHING THAT IS ENFORCED.

7:15 IF THIS IS SOMETHING THAT COMES TO BE. ALL WE HAVE ARE THESE STATEMENTS FROM THE PRESIDENT. BACK TO MATT’S QUESTION, IN TERMS OF HOW THIS WILL ACTUALLY BE ENFORCED IS STILL QUITE UNCLEAR. DANI: THANK YOU SO MUCH FOR JOINING US. SOMETHING TO FOLLOW. BLOOMBERG’S PAIGE SMITH. IN OTHER COMPANIES THAT ARE BEING JOB OWNED BY THE PRESIDENT THIS MORNING, EXXON, THOSE SHARES ARE DOWN ABOUT 1%. PRESIDENT TRUMP SAID THAT HE MIGHT EXCLUDE IT FROM WORK IN VENEZUELA. BLOOMBERG OIL STRATEGIST JULIAN LEE JOINS US. JULIAN, WOULD EXXON EVEN CARE ABOUT THIS CONSIDERING THE VERY REASON THE PRESIDENT SAID THAT HE WOULD EXCLUDE THEM IS BECAUSE DARREN WOODS CALLED THE COUNTRY UNINVESTIBLE. JEWELIN:00 PRESIDENT TRUMP CAN’T LET ANYBODY ELSE HAVE THE "FINAL WORD."

8:04 IF SOMEBODY DOESN’T TOE THE LINE AND DOESN’T-CHEERLEAD EVERYTHING THAT HE PROPOSES, HE’S GOING TO COME BACK WITH SOMETHING LIKE THIS. I DON’T THINK THIS IS GOING TO MAKE A BIG DIFFERENCE TO EXXON. AS YOU SAID, THEY RECKON THAT VENEZUELA AS IT STANDS IS UNINVESTABLE. GIVEN THEIR EXPERIENCE IN THAT COUNTRY THAT THEIR ASSETS HAVE BEEN APPROPRIATED WITHOUT COMPENSATION, NOT ONCE, BUT TWICE, IT’S DIFFICULT TO ARGUE WITH THAT. I THINK WHAT THE PRESIDENT WILL SAY IS THAT HE’S GOING TO CHANGE ALL THIS AND VENEZUELA’S SUDDENLY GOING TO BECOME WONDERFUL AND EVERYBODY WILL BE PROTECTED AND EVERYONE WILL GET THEIR MONEY BACK AND MAKE HUGE PROFITS.

8:52 EXXONMOBIL WON’T SHARE IN THAT. MATT: I SAW DARREN WOODS’ SPEECH AND I THOUGHT IT WAS INTERESTING. HE’S LOOKING FOR A WIN-WIN-WIN HE WANTS SHAREHOLDERS TO BENEFIT. HE WANTS THE GOVERNMENT TO BENEFIT. AND THE PEOPLE I IMAGINE OF THE HOME COUNTRY, TO BENEFIT AS WELL. IT DOESN’T LOOK LIKE THAT’S THE SETUP FOR ANY OF THE OIL MAJORS HERE. REALLY NOT EVEN CHEVRON. ARE THERE ANY BIG INTEGRATED OIL COMPANIES LINING UP FOR THIS OPPORTUNITY? JULIAN: I DON’T THINK ANYONE IS HAMMERING DOWN THE DOOR TO MAKE MULTIDECADE INVESTMENTS OF TENS OF BILLIONS OF DOLLARS TO REALLY GET IN AND BOOST VENEZUELA’S PRODUCTION BACK TO THE 3.5 MILLION BARRELS DAY IT WAS BEFORE CHAVEZ CAME TO HOW POWER. SURE, YOU’LL GET COMPANIES THAT GO IN. I’M SURE CHEVRON WILL INVEST SMALL AMOUNTS HERE AND THERE. IN CHEVRON’S CASE, TO BOOST THEIR CURRENT PRODUCTION.

10:00 BUT I THINK TO GO INTO THESE BIG GREEN FIELD DEVELOPMENTS THAT WON’T PAY BACK FOR DECADES IS A HUGE ASK AT THE MOMENT. PARTICULARLY AS THERE HASN’T REALLY BEEN ANY REGIME CHANGE IN VENEZUELA. APART FROM THE GUY AT THE TOP, THIS IS STILL THE SAME PEOPLE RUNNING THE COUNTRY WHO WERE RUNNING IT SIX MONTHS AGO. THESE ARE THE SAME PEOPLE WHO CONFISCATED THE ASSETS OF FOREIGN INVESTORS. MATT: I SUPPOSE YOU COULD ASSUME AT LEAST SOME OF THESE PEOPLE ARE ALSO WORKING WITH CARTELS TO GET COCAINE INTO EUROPE. I DON’T KNOW THE DETAILS OF THAT.

10:41 JULIAN LEE, GREAT TO HAVE YOU ON. WE ARE FOCUSED ON THE OIL MARKET NOT THE COKE. IN TERMS OF FUTURES THIS MORNING, WE ARE LOOKING AT A LITTLE BIT AFTER BULL BACK. ALTHOUGH WE DID HIT AN ALL TIME RECORD HIGH ON FRIDAY. ON THE S&P 500, AS WELL AS THE DOW JONES INDUSTRIAL AVERAGE. RIGHT NOW YOU CAN SEE S&P FUTURES DOWN A HALF PERCENT. NASDAQ FUTURES PULLING BACK MORE. DANI: SOME OF THE MOVERS WE ARE LOOKING AT THIS MORNING, UNITED HEALTH IS ONE. THEY ARE DOWN JUST UNDER A PERCENT A REPORT A SENATE COMMITTEE FOUND IT USED AGGRESSIVE TACTICS TO COLLECT PAYMENT BOOSTING DIAGNOSES FOR ITS MEDICARE ADVANTAGE MEMBERS. MATT: SHAKE SHACK PRELIMINARY FOURTH QUARTER SALES WERE BELOW WALL STREET ESTIMATES. AS FAST CASUAL CHAINS FINISH ONE TOUGH YEAR AND KICK OFF ANOTHER.

11:33 YOU CAN SEE THE SHARES DOWN. DANI: THEY BLAMED WEATHER. TOO RAINY IN THE NORTHEAST. SOME OTHER RETAILERS WITH HOLIDAY SALES RESULTS. ABERCROMBIE KRU78BLEING DOWN 7.7%. AS URBAN OUTFITTERS AND LULU LEMON. IT REPORTED SALES THAT BEAT EXPECTATIONS BY NOT BY ENOUGH. INVESTORS ARE NOT IMPRESSED. MATT: BREAKING NEWS HERE, PARAMOUNT SAYING IT PLANS TO NOMINATE DIRECTORS FOR ELECTION TO THE WARNER BROTHERS BOARD. PARAMOUNT SAYS ITS PERPLEXED THAT WARNER BROTHERS DIDN’T RESPOND TO ITS DECEMBER FOURTH OFFER. AND IT FILED SUIT THIS MORNING IN DELAWARE. WE’LL CONTINUE TO BRING YOU NEWS OF PAYMENT’S ATTEMPT TO TAKE OVER WARNER BROTHERS DISCOVERY. PARAMOUNT SHARES UP MARGINALLY IN THE PREMARKET. WARNER BROTHERS AND NETFLIX SHARES ARE DOWN. COMING UP, WAL-MART IS JOINING THE NASDAQ 100 AS IT BECOMES AN A.I. COMPANY?

12:36 INCLUDING ITS PUSH TO GET INTO CHATBOTS. IT HAS A NEW DEAL WITH GOOGLE’S GEM NIEVMENT WE’LL TELL YOU MORE ABOUT THAT IN THIS PROGRAM. THIS IS “BLOOMBERG’S OPEN INTEREST”♪ MATT: GO TO HIGH INTEREST. LOOK WHAT’S MAKING HEADLINES AROUND THE WORLD. IRAN’S FOREIGN MINISTER SAYS SECURITY FORCES HAVE FULL CONTROL OF THE COUNTRY AFTER TWO WEEKS OF VIOLENT UNREST. PROTESTS ERUPTED ON DECEMBER 28 AFTER A SUDDEN COLLAPSE IN THE VALUE OF THE CURRENCY. ACCORDING TO THE HUMAN RIGHTS ACTIVIST NEWS AGENCY. MORE THAN 540 PEOPLE HAVE BEEN KILLED.

13:17 OVER 10,000 HAVE BEEN ARRESTED. MOODIES SAYS AT LEAST $3 TRILLION IS SET TO FLOW INTO DATA CENTER RELATED I VESTMENTS -- INVESTMENTS OVER THE NEXT FIVE YEARS. ACCORDING TO THE REPORT MUCH OF THE CAPITAL WILL COME FROM BIG TECH COMPANIES THEMSELVES. MICROSOFT, AMAZON, ALPHABET, ORACLE, META, AND CORE WEAVE ARE ON TRACK TO HIT $500 BILLION IN DATA CENTER INVESTMENTS THIS YEAR. AND META IS APPOINTING FORMER TRUMP ADVISOR DINA MCCORMICK TO A NEW SENIOR MENINGMENT -- MANAGEMENT ROLE FOCUSED ON PARTNERING WITH GOVERNMENTS AND INVESTORS ON A.I.

13:55 THE FORMER GOLDMAN SACHS EXECUTIVE IS SET TO JOIN THE COMPANY THIS WEEK AS PRESIDENT AND VICE PRESIDENT. PREVIOUSLY SHE SERVED ON THE BOARD OF DIRECTORS FOR EIGHT MONTHS BEFORE UNEXPECTEDLY RESIGNING. DANI: [BACK TO THE BREAKING NEWS. PARAMOUNT SUIT SUING FOR THE DISCLOSURE OF BASIC INFORMATION TO ENABLE WARNER BROTHERS DISCOVERY SHAREHOLDERS MAKE MORE INFORMED DECISIONS. IT’S A LAWSUIT. THEY PLAN TO NOMINATE DIRECTORS FOR THE ELECTION TO THE WARNER BROTHERS DISCOVERY BOARD. AND A WHOLE LOT ELSE. JOINING US IS CAROLINE HYDE WHO HAS BEEN DIGGING THROUGH THE HEADLINES.

14:29 I KNOW THESE ARE FRESH, IT DOES SEEM MORE AGGRESSIVE, THE POSTURE THAT PARAMOUNT’S TAKING. CAROLINE: THE HOSTILE TAKEOVER IS GOING WHO IS TIME. THEY ARE TRYING TO PULL OUT ALL THE STRINGS. WHAT THEY ARE WORRIED ABOUT THE SHAREHOLDERS WON’T GET THE ULTIMATE SAY. THEY ARE TRYING TO CONVINCE THEY ARE UNCHANGED, $30 OFFER, IS STILL MORE TANTALIZING THAN THAT OF NETFLIX. THEY ARE TRYING TO ATTRIBUTE SAYING THERE IS A ZERO DOLLAR EQUITY VALUE FOR NOBLE NETWORKS. THAT’S -- GLOBAL NETWORKS. THAT’S THE MAIN THESIS. WARNER BROTHERS HAS PROVIDED INCREASINGLY NOVEL REASONS FOR AVOIDING A TRANSACTION WITH PARAMOUNT T HAS NEVER SAID BECAUSE IT CANNOT. THE NETFLIX TRANSTRANGS ACTION IS SUPERIOR. THE FACT NETFLIX ONLY WANTS THE STREAMING AND STUDIOS, THE FACT THERE WILL BE EQUITY VALUE GIVEN TO INVESTORS BY SPINNING OFF GLOBAL NETWORKS, THAT ULTIMATELY IS BETTER AT THE MOMENT TO SHAREHOLDERS.

15:25 THAT’S WHAT WARNER BROTHERS DISCOVERY HAS BEEN TRYING TO SAY. EVER MORE NUCLEAR. MATT: THE BASICS ARE -- WE ARE TALKING ABOUT $100 BILLION TAKEOVER. NETFLIX IS A $400 BILLION COMPANY T SEEMS DIGESTIBLE. PARAMOUNT IS WORTH $14 BILLION, $15 BILLION MAX? CAROLINE: GOT VERY WEALTHY -- MATT: NO ONE HAS THAT MUCH MONEY YET ASIDE FROM ELON MUSK SOMETIMES. THEY ARE STRETCHING THEMSELVES, PARAMOUNT, EVEN TO TAKE THE $30 A SHARE OFFER. HOW MUCH HIGHER CAN THEY ACTUALLY AFFORD TO GO? CAROLINE: THAT’S WHAT INVESTORS HAVE COME ON AND SAID TIME AND TIME AGAIN.

16:08 WE THINK THEY’LL COME BACK WITH A HIGHER OFFER. THE FACT THEY HAVEN’T BUT BEEN TRYING TO VINDICATE HOW GOOD FOR THE MONEY THEY ARE, THE FACT THAT THERE IS A REVOCABLE -- NONREVOCABLE AMOUNT THAT BASICALLY COMMITMENT BY THE FATHER OF DAVID ELLISON, THE C.E.O. OF PARAMOUNT, SAYING I WILL BE THERE TO BACK. YOU ARE GOOD FOR THE MONEY BECAUSE I’M ONE OF THE MOST WEALTHY INDIVIDUALS IN THE ENTIRE WORLD. THAT IS WHAT THEY ARE TRYING TO GET TO GRIPS WITH HOW MUCH THAT STRETCHES. A LOT OF INVESTORS ARE SAYING PARAMOUNT NEEDS THIS DEAL FAR MORE THAN NETFLIX DOES.

16:41 IF IT’S GOING TO BE ABLE TO SHOW THE BREADTH IT IS, AND GO HEAD-TO-HEAD AGAINST SOME THESE COMPETITORS IN THE HOLLYWOOD SPACE, THEY NEED TO SOLIDIFY THIS DEAL. MORE THAN NETFLIX. DANI: ONE OF THE OTHER STORIES YOU HAVE BEEN CLOSELY TRACK SOMETHING THAT OF WAL-MART. AT FIRST BLUSH WOULD SEEM ODD. WHY WOULD "BLOOMBERG TECH" BE LOOKING AT A CONSUMER COMPANY. THEY MADE MOVES TODAY, THEY ARE BEING INCLUDED IN THE NASDAQ 100 BECAUSE THEY HAVE GROWN IN SIZE. THEY HAVE A DEAL WITH ALPHABET THIS. IS A COMPANY THAT’S TRYING TO BE FUTURED ON YOUR SHOW MORE OFTEN. CAROLINE: HAS BEEN HANDING THAT OVER.

17:18 FAREWELL, GOOD LUCK, I HAVE BEEN AT THIS BUSINESS MORE THAN 30 YEARS. HE HANDS OVER THE C.E.O. ROLE WITH THE CLEAR INTENTION TO SIGNAL THIS IS A BUSINESS THAT PIVOTED TO TECH. BACK IN DECEMBER THEY DECIDED AFTER FIVE DECADES OR SO, THREE DECADES ON THE NEW YORK STOCK EXCHANGE THEY WERE COMING ON THE NASDAQ BECAUSE THEY ARE A TECH COMPANY AND GOING TO BE ON THE NASDAQ 100. THAT MEANS THERE IS AUTOMATIC PURCHASING. DRIVING SHARES HIGHER. SO, TOO, EVER DEEPENING INTERTWINED WITH OPENAI, THEY ALREADY HAVE A DEAL YOU CAN MAKE DIRECT PURCHASES OF WAL-MART STUFF. BUT N.O.W.

17:57 ON -- IT’S THE FEDERATION, RETAIL FEDERATION EVENT THAT HAPPENED OVER THE COURSE OF THE WEEKEND. THAT’S WHY THE ANNOUNCEMENT ON SUNDAY. THEY ARE ALSO GOING IN WITH DEMOCRAT NIGH, GOOGLE, HAS BEEN -- GEMINI, GOOGLE AS HAN HELPING. THEY WON’T LOSE RETAILERS COME IN OUST ON TO THEIR CHATBOT SO YOU CAN GO ON SHOPPA PHI, WAL-MART, AND MAKE DIRECT PURCHASES VIA THAT CHATBOT. WE SPOKE WITH A GUY LEADING THE ENTIRE A.I. INNOVATION CHARGE, HE’S COME FROM INSTACART. THEY ARE SO CALL IN IN THE ARTIFICIAL INTELLIGENCE AREA AND TRYING TO FOCUS AND PIVOT.

18:32 WE’LL MEET OUR RETAILERS, CONSUMERS WHERE THEY ARE AT. GENERALLY THAT’S ON A CHATBOT. MATT: THERE WILL BE A DAY WHEN CAROLINE AND ED BID FOR THE C.E.O. OF INTERNATIONAL PAPER THAT. BECOMES A "BLOOMBERG TECH" SPOTLIGHT. CAROLINE HYDE, CO-HOST "BLOOMBERG TECH" KICKS OFF AT 11 A.M. REBECCA PATTERSON JOINS THE SHOW AS TRADERS WEIGH THREATS TO FED INDEPENDENCE. THIS IS BLOOMBERG "OPEN INTEREST." ♪

19:13 THIS NEW THREAT IS NOT ABOUT MY TESTIMONY LAST JUNE. IT IS NOT ABOUT CONGRESS’ OVERSIGHT ROLE. THIS IS ABOUT WHETHER THE FED WILL BE ABLE TO CONTINUE TO SET INTEREST RATES BASED ON EVIDENCE OR WHETHER INSTEAD, MONETARY POLICY WILL BE DIRECTED BY POLITICAL PRESSURE OR INTIMIDATION. DANI: JEROME POWELL’S RESPONSE TO THE JUSTICE DEPARTMENT’S SUBPOENAS. JOINING US IS SENIOR FELLOW REBECCA PATTERSON. DID YOU HAVE A WEEKEND? PROBABLY NOT. REBECCA: NOT SO MUCH. LOTS OF READING. LOTS OF ANALYZING THINGS. DANI: THAT SEEMS TO BE THE WAY THAT THIS YEAR IS GOING. WITH THIS, THERE WERE THESE RENEWED CALLS IT’S GOING TO CREATE SELL AMERICA AGAIN.

19:50 AIM LOOKING AT A MARKET RESPONSER WHERE U.S. STOCKS ARE UNDERPERFORMING. DOLLAR’S WEAKEST IN TWO WEEKS. 30-YEAR YIELDS ARE HIGHEST IN ONE WEEK S THIS A TRADABLE EVENT? REBECCA: IT IS A RESPONSE. DIRECTIONALLY IT MAKES SENSE. IF THERE IS GREATER RISK THAT THE FED LOSES SOME MEASURE OR INDEPENDENCE OR PERCEIVED TO BE POLITICIZED YOU WOULD EXPECT THAT IN THE MARKETS. WHAT WE HAVE SEEN TODAY MAKES SENSE. FOR THIS TO BECOME SOMETHING MORE THAN THAT WE PROBABLY NEED MORE OF THIS. WHICH WHO KNOWS IS THE UNFORTUNATE ANSWER. I WORRY MORE ABOUT NOT SELL AMERICA BUT KEEP HEDGING THE DOLLAR, A DOLLAR WEAK STORY ON THE RIPPLE EFFECTS OF VICE PRESIDENT PENCE YALEA.

20:31 IT’S -- VENEZUELA. IT’S CLEUBA, COLOMBIA, MEXICO, CANADA, GREENLAND, DA, DA, DA. IF MORE AND MORE THESE COUNTRIES ARE QUESTIONING THEIR ALLIANCES WITH THE UNITED STATES, HOW DO THEY THINK ABOUT THEIR EXPOSURE TO THE UNITED STATES? I WORRY MORE ABOUT THAT AS A KIND OF CLOUGH BLEED OVER THE COURSE -- SLOW BLEED OF THE COURSE OF THE YEAR. THE FED EVENT IS STILL MATERIAL. MATT: WE APPARENTLY CLAUDIA SHEINBAUM HAD A CONVERSATION, A GOOD TALK WITH TRUMP ON TRADE AND SOVEREIGNTY. WHAT’S THE BIGGEST RISK? WE GOT 20 SECONDS. WE’LL COME BACK AND KEEP YOU HERE. WHAT’S THE BIGGEST RISK GEOPOLITICALLY YOU THINK?

21:11 REBECCA: GOSH. BOOTS ON THE GROUND IN MEXICO IS UNLIKELY, OF COURSE. BUT SO UNDER PRICED AND BECAUSE IT’S SUCH A CRITICAL TRADE PARTNER FOR THE UNITED STATES, THAT’S ONE THAT IS HIGH ON MY RADAR SCREEN BECAUSE IT’S UNDERPRICED. TAIWAN IS THE RISK. EVERYONE KNOWS IT’S OUT THERE. MATT: WE’LL KEEP YOU HERE WITH US. THROUGH THE OPENING BELL. IN TERMS OF FUTURES RIGHT NOW, WE DO HAVE A LITTLE SELLOFF ON OUR HANDS. THIS COMES FROM ALL TIME HIGHS ON THE S&P 500 AND THE DOW JONES INDUSTRIAL AVERAGE. WE ARE BACK IN TWO WITH THE OPEN

21:51 MATT: WE ARE MOMENTS FROM THE START OF TRADING KICKOFF THE WEEK WITH US. BLOOMBERG "OPEN INTEREST." I’M MATT MILLER. WE ARE LOOKING AT FUTURES DOWN A BIT. HALF A PERCENT ON S&P. THREE QUARTERS ON THE NASDAQ. THIS IS AFTER WE HIT ON THE S&P ANOTHER ALL TIME HIGH. THE DOW JONES INDUSTRIAL AVERAGE AS WELL. WE ARE STILL A BIT AWAY FROM THAT ON THE NASDAQ. OBVIOUSLY PRETTY ELEVATED LEVELS ACROSS THE BOARD. IT’S BEEN -- IT WAS AN AMAZING 2025 AFTER A GREAT 2024. AND 2023. YOU GOT A HEALTH CARE THEME ACROSS THE BELLS. THIS ONE I DON’T KNOW IF THEY ACTUALLY TOOK THE BELL FROM THE NEW YORK STOCK EXCHANGE AND FLEW IT OUT TO SAN FRANCISCO, BUT JPMORGAN IS HOLDING ITS ANNUAL HEALTH CARE CONFERENCE THERE. AND THEY ARE RINGING THE BELL.

22:35 THIS WILL PROBABLY BE BROADCAST ON SCREENS ALL OVER THE FLOOR OF THE NEW YORK STOCK EXCHANGE. YOU GOT TWIN HEALTH RINGING THE BELL AT THE NASDAQ, WHICH APPARENTLY USES SOME KIND OF A.I. DIGITAL TWIN TECHNOLOGY FOR HEALTH CARE OF SOME SORT. I’M SURE I WOULD UNDERSTAND IF IT WERE EXPLAINED TO ME. PRIVATE COMPANY. THERE IS A LOT GOING ON. OUTSIDE OF HEALTH CARE. WE SHOULD EXPECT TO GET SOME HEALTH CARE HEAD LIEPS BECAUSE OF THIS. DANI: I’M EXCITED TO SEE WHAT THEY ARE. KATIE GREIFELD IS DOWN AT THE CONFERENCE. SHE’S GOING TO BRING US CONVERSATIONS.

23:10 IT’S BEEN A DELUGE OF HEADLINES COMING NOT FROM INDUSTRY BUT FROM THE PRESIDENT. I’M LOOKING FORWARD TO TALKING WITH REBECCA PATTERSON ABOUT THE AMOUNT AND NUMBER OF COMPANY ANNOUNCEMENTS. THE FIRE HOSE WE ARE GETTING FROM THIS ADMINISTRATION IN THE AFFORDABILITY PUSH. ONE CREDIT CARD COMPANIES GETTING HAMMERED HERE AT THE OPEN. CAPITAL ONE DOWN 6.7%. CITIGROUP DOWN THREE. VISA’S DOWN, MASTER CARD, AMERICAN EXPRESS. TRUMP SAID THEY NEED TO CAP CREDIT CARD INTEREST RATES BY 10% BY JANUARY 20 OR BE IN VIOLATION OF THE LAW.

23:41 IT BENEFITED THE LIKES OF A FIRM THE BY NOW, PAY LATER COMPANIES BECAUSE IF THESE COMPANIES CAN’T TAKE ON THE RISK OR PRICE RISK APPROPRIATELY, MAYBE THEY SHUT OUT PEOPLE FROM OWN AGO CREDIT CARD. AND THEY JUST HAVE TO GO TO BY BUY NOW, PAY LATER. MATT: NORMALLY I WONDER IF ANYONE EXPLAINED ECONOMICS TO THE LEFT. NOW IT SEEMS LIKE THE RIGHT DOESN’T GET T WE’LL TALK ABOUT THAT. WAL-MART SHARES JUST TOUCHED A RECORD HIGH. RIGHT NOW UP MORE THAN 2% IN THE CASH TRADE. WAL-MART REPLACES AS TRA ZEN YAIK ON THE NASDAQ 100. IT INKED A DEAL WITH ALPHABET TO INTEGRATE ONE MORE RETAILER INTEGRATING INTO A.I.

24:23 CHAT BOTS WITH GOOGLE’S GEMINI. WATCH THIS SPACE. I WANT TO BRING BACK COUNSEL ON FOREIGN RELATIONS SENIOR FELLOW REBECCA PATTERSON. ALTHOUGH PRESIDENT TRUMP SAID THAT AFFORDABILITY WAS LIKE A HOAX. THAT TERM MADE UP BY DEMOCRATS TO HURT REPUBLICANS IN THE MIDTERMS, HE’S NOW FOCUSED ON IT TO THE EXTENT THAT HE IS GOING TO BAN INSTITUTIONAL BUYERS FROM PRIVATE HOMES. HE IS GOING TO STOP PRIVATE DEFENSE COMPANIES FROM BUYING BACK SHARES. ISSUING DIVIDENDS, OR PAYING C.E.O.’S TOO MUCH. NOW HE SAYS HE’S GOING TO CAP INTEREST RATES ON CREDIT CARDS AT 10% FOR A YEAR.

25:04 DOES ANY OF THIS MAKE SENSE FROM YOUR STUDY OF ECONOMICS? REBECCA: IT FEELS LIKE POLICY FOLKS SUPPORTING THE PRESIDENT HAVE GIVEN HIM A LIST OF POSSIBLE THINGS THAT MIGHT HELP AFFORDABILITY. AND THEY ARE JUST THROWING IT AT THE WALL. MATT: HE’S ADVISED BY REPUBLICANS, RIGHT? NOT BY ELIZABETH WARREN. HE’S NOT ADVISED BY MAMDANI. REBECCA: WHEN YOU LOOK AT THE OPINION POLLS, THIS IS THE TOPIC. IF HE AND THE REPUBLICANS WANT TO DO WELL AT THE MIDTERMS, THEY HAVE TO ADD DR -- ADDRESS OR SHOW THEY ARE ACTIVELY TRYING TO ADDRESS AFFORDABILITY. BUYING $200 BILLION WORTH OF MORTGAGE BACKED SECURITIES TO BRING DOWN THE MORTGAGE RATE.

25:43 CAPPING CREDIT CARD, TRYING TO BRING DOWN DRUG PRICES. I STARTED KEEPING AN EXCEL FILE SO I COULD FOLLOW THESE THINGS. THERE IS SO MUCH. SOME OF THEM WILL PROBABLY HELP. SOME OF THEM MIGHT NOT HELP BUT THEY ARE TALKING POINTS. SOME WORK AGAINST AFFORDABILITY. GOING AFTER JEROME POWELL, I DON’T WANT TO MAKE IT SOUND COMPLETELY POLITICAL, THAT’S A IS UP SIGNIFICANCE -- SUPPOSITION. THAT’S PERCEIVED TO BE. THAT’S PUSHING THE LONG END UP OF THE TREASURY YIELD CURVE. THAT LIFTS MORTGAGE RATES. SOME THINGS WORK AGAINST EACH OTHER.

26:14 THE POINT YOU MADE ON CREDIT CARDS. WE CAP THE INTEREST PAYMENT ON CREDIT CARDS, THAT HELPS PEOPLE WHO GET TO KEEP THEIR CREDIT CARDS. BUT FOR PEOPLE WHOSE ACCOUNTS ARE CLOSED DOWN BECAUSE THEIR CREDIT ISN’T GOOD ENOUGH, TO YOUR POINT, THEY HAVE TO GO SOMETHING WORSE WITH HIGHER INTEREST. THERE IS A LOT GOING ON. WE’LL HEAR MORE AT DAVOS. PRESIDENT TRUMP SAID HE’S GOING TO ANNOUNCE MORE ON HOUSING. MAYBE WE GET A 50-YEAR MORTGAGE OR PORTABLE MORTGAGES. WE’LL HAVE TO SEE WHAT’S LEGAL. WHAT NEEDS CONGRESSIONAL APPROVAL.

26:42 RIGHT NOW LET’S THROW IT OUT THERE AND SHOW THE AMERICAN PUBLIC THAT WE ARE TRYING. I’M GLAD HE’S TRYING. IT IS A REAL PROBLEM. I’M JUST NOT SURE SOME OF THESE MAKE A LOT OF SENSE, INCLUDING TELLING COMPANIES WHAT THEY CAN AND CAN’T DO. DANI: HOW DO YOU APPROACH IT AS A MARKET PARTICIPANT OR ONE OF THE COMPANIES. THE PREVAILING IDEA COMING OUT OF 2025 ANTI-REASON EQUITIES DID WELL AFTER APRIL 2 IS TRUMP WILL BACK OUT. THE TACO TRADE, WHATEVER, CHAWDA WAS ON X BASICALLY SAYING THE NEW TRADE IS M.A.C., BIG M. -- MAC.

27:19 MIDTERMS ARE COMING. IN ALL LIKELIHOOD THESE THINGS WON’T GO DONE. OR DO YOU SAY MIDTERMS ARE COMING, HE’S SERIOUS. WE SHOULD BE ASSUMING THAT MOST OF THESE THINGS HAPPEN. IF HE CAN MAKE IT HAPPEN WITHIN THE LAW? REBECCA: IT IS ALL FOCUSED ON THE MIDTERM. THE IRONY IS THAT DOING EVERYTHING AND ANYTHING TO TRY TO ADDRESS AFFORDABILITY, AND OTHER GOALS, CONTINUES THIS POLICY UNCERTAINTY THAT ACTUALLY HURTS BUSINESS INVESTMENT AND HIRING. WE KNOW THAT A.I. WAS A SMALL PIECE OF THE SOFTER JOB MARKET LAST YEAR. THE BIGGER ISSUE WAS UNCERTAINTY.

27:57 I DON’T KNOW WHAT’S COMING. I’M GOING TO GO SLOW ON CAPX. OUTSIDE OF A.I., CAPX WAS VERY SOFT, CAPITAL SPENDING. IF WE CONTINUE TO HAVE UNCERTAINTY, ESPECIALLY IF IT’S SPECIFIC COMPANIES BEING TARGETED, IT GOES AGAINST THE ECONOMY. THE ECONOMY IS DOING GREAT ANYWAY. WE ARE GROWING AT ABOVE TREND. BUT WE COULD BE DOING EVEN BETTER IF WE JUST HAD MORE CERTAINTY AND LESS POLICY SURPRISES EVERY SATURDAY MORNING AND SUNDAY NIGHT. MATT: WE ARE GROWING ABOVE TREND, EVEN WITH THESE MASSIVELY RESTRICTIVE RATES FROM THE FED.

28:31 STEVEN SAYS HE WOULD CUT 150 BASIS POINTS. DOWN TO 225. REBECCA: YOUR SARCASM IS COMING AT ME. MATT: THE LOWEST FORM -- APOLOGIZE. REBECCA: NO, NO. I HEAR YOU. WE DON’T NEED A RATE CUT RIGHT NOW, OBVIOUSLY. IF YOU HAVE AN UNEMPLOYMENT RATE OF 4.4%. WE HAVE CORE C.P.I. LATER THIS WEEK, THE CONSENSUS IT WILL BE AROUND 2.7% YEAR ON YEAR. ALMOST A POINT ABOVE THE FED’S TARGET. OF COURSE WE ARE NOT GOING TO HAVE RATE CUTS ANY TIME SOON. WE SHOULDN’T. WE ARE NOT RESTRICTIVE. THE MORTGAGE RATE THAT NEEDS TO COME DOWN TO HELP AFFORDABILITY IS MUCH A FUNCTION OF OUR FISCAL SITUATION AS IT IS THE FED FUNDS. PROBABLY MORE SO.

29:08 MATT: THE MORTGAGE RATE RIGHT NOW HAS TO BE A FUNCTION ALSO OF THE D.O.J. PROBE INTO THE FED. IF THEY PUSH HARD THERE, THE MORTGAGE RATE’S ONLY GOING TO GO UP. REBECCA: THAT’S CORRECT. THAT’S WHY I THINK THE PRESIDENT AND ADMINISTRATION NEED TO BE CAREFUL. SOME OF THE AFFORDABILITY STUFF, BUYING THE MORTGAGE BACKED SECURITIES PULLED DOWN THE MORTGAGE RATE INSTANTLY. THEN EFFORTS LIKE THIS AGAINST THE FED BASICALLY UNDO IT. THERE NEEDS TO BE MORE COORDINATION AND THOUGHTFULNESS AROUND, OK, AS AN AGGREGATE, WHAT DOES THIS STUFF DO?

29:42 IF WE GO AFTER VENEZUELA TO GET OIL PRICES LOWER, THAT’S GREAT. WHAT ABOUT IRAN AND THE POSSIBILITY THAT OIL SUPPLIES HURT IF IRANIAN TROOPS GO AFTER THE STRAIT OF HORMUZ. THE OIL PRICES GO UP. THESE THESE THINGS ARE CONNECTED. SO IMPORTANT TO THINK ABOUT THE RIPPLE EFFECTS FROM ONE OR ANOTHER EVENT. DANI: SPATTER OF THE REASON WE HAVEN’T SEEN A BIGGER REACTION, YOUR POINT IS RIGHT, WE ARE SEEING A REACTION, THE FACT WE ARE NOT SEEING A BIGGER REACTION IS BECAUSE THIS ECONOMY IS GOOD, AND INFLATION ISN’T A PROBLEM.

30:11 SURE IT’S ABOVE TARGET. HOW DIFFERENT WOULD THINGS BE IF THIS WAS A PRESIDENT TRYING TO PUSH THROUGH RATE CUTS IF INFLATION WAS A PROBLEM? CAN WE IGNORE JUST AS LONG AS THINGS LOOK DEFINE? REBECCA: THE MARKET REACTION ISN’T BIGGER BECAUSE OVERALL THE ECONOMY IS STILL DOING WELL. QUITE QUELL. WE ARE -- QUITE WELL. WE ARE PROBABLY GOING TO HAVE ANOTHER GOOD EARNINGS SEASON KICKING OFF THIS WEEK WITH THE BANKS WHICH WILL PROBABLY POST GOOD NUMBERS. WE HAVE FISCAL STIMULUS COMING THIS SPRING FROM TAX REFUNDS. MATT: THE WEALTH EFFECT IS GREAT. REBECCA: WHEN YOU HAVE A SHOCK IT’S MORE LIKELY TO HAVE CONTAGION IF AN ECONOMY’S ALREADY VULNERABLE. WE ARE NOT VULNERABLE. DANI: I ALSO WONDER IF WHAT THIS DOES IS -- THIS POINT HAS BEEN MADE BEFORE. IT ENCOURAGES POWELL TO STAY ON.

30:57 I WONDER IF HE BECOMES THE SHADOW FED CHAIR AND WHOEVER TRUMP PUTS IN IS A LAME DUCK IN THAT WAY IT’S NOT A STEEPENING EVENT BECAUSE YOU HAVE PAUL SAYING I’M RUNNING THE SHOW BEHIND THE SCENES. REBECCA: I THINK WE’LL HAVE A STEVE CURVE ALL YEAR. I SEE YOUR -- STEEP CURVE ALL YEAR. I SEE YOUR POINT. WHOEVER IS NAMED TO BE THE NEXT FED CHAIR, WILL THEREBY SOME PERCEPTION THAT THAT PERSON IS NOT GOING TO ACT INDEPENDENTLY. WHETHER HE WANTS TO OR NOT. I’M ASSUMING IT’S A HE AT THIS POINT -- IT’S A HE AT THIS POINT. THAT PERSON HAS TO OVERCOME THAT STIG IN A TO PROVE HE’S DOING THE RIGHT THING FOR THE ECONOMY. THAT’S A SHAME. DANI: I WISH WE HAD HOURS TO DISCUSS THIS. WE HONESTLY COULD. REBECCA: SO MUCH TO DISCUSS.

31:39 DANI: PLEASE JOIN US AGAIN SOON. I’M SURE THE WORLD WILL BE DIFFERENT WHEN YOU JOIN US IN A COUPLE WEEKS’ TIME. THANK YOU SO MUCH. REBECCA PATTERSON. A CHECK ON MARKETS THIS MORNING. ABOUT 10 MINUTES INTO TRADING DAY. WE ARE DECISIVELY NEGATIVE. ONE OF THE STOCKS DOING VERY WELL IF YOU LOOK IN THE ADDITIVE COLUMN, WAL-MART ADDING WEIGHT TO THE INDEX, WHICH IS OVERALL DOWN. WAL-MART UP NEARLY 2%. IT GETS ADDED TO THE NASDAQ 100. JEFFREY SAYS THE PASSIVE FLOWS WILL CREATE A $19 MILLION FOR WALL MARCH SHARES. MORE INTERESTING IS WHAT’S DECLINING. APPLE LEADING THE DECLINE.

32:17 LOOK WHAT’S AFTER IT. VISA, JPMORGAN, MASTER CARD, CAPITAL ONE, AMERICAN EXPRESS, CITY IS UP THERE. ONE THAT PART OF THE PRESIDENT’S PUSH AS WE HAVE BEEN DISCUSSING TO CAP CREDIT CARD INTEREST RATES AT 10% SAYING THEY WOULD BE IN VIOLATION OF THE LAW UNLESS THEY GO SO -- DID SO BY JANUARY 206789 WHEN IT COMES TO THE SECTORS T. WON’T SURPRISE YOU THAT FINANCIALS ARE AT THE BOTTOM GIVEN WHAT THEY ARE DOING. WHAT POOR TIMING. THEY ARE ALL ABOUT TO HAVE THEIR EARNINGS CALLS. WE KICK THINGS OFF WITH JPMORGAN TOMORROW. HOW MANY QUESTIONS FROM AN ALESES, HOW ARE YOU GOING TO HANDLE THIS? AWK WARD TIME.

32:52 CONSUMER STAPLES, MATERIALS. CONSUMER STAPLES BECAUSE OF WAL-MART SHAYS WE LOOKED AT RALLYING. MATT: WE HAD TO GET POPCORN MACHINE. THIS IS GOING TO BE FASCINATING TO WATCH. ESPECIALLY JAMIE DIMOND. HOW HE WADES THROUGH THIS. THIS WILL BE INTERESTING. HOPEFULLY HE DOES BETTER THAN DARREN WOODS. ON FRIDAY. BIG BANK EARNINGS THIS WEEK AS DANI WILL SHED A LIGHT ON THE HEALTH OF THE U.S. ECONOMY. BUT ALSO ENTERTAIN US WHEN IT COMES TO THE WAY THEY DEAL WITH THE PRESIDENT. OUR CHIEF WALL STREET CORRESPONDENT JOINS US TO TALK ABOUT THAT NEXT. THIS IS BLOOMBERG "OPEN INTEREST." ♪

33:41 DANI: LET’S TAKE A LOOK AT TOP CALLS THIS MORNING THE ANALYST ACTION WE ARE FOLLOWING. FIRST UP, BANC OF AMERICA UPGRADES COMCAST TO BUY. THEY SAY THEY’LL BEN FROM A TRANSFORMATIVE YEAR FOR THE MEDIA AND CABLE INDUSTRY. SHARES UP UNDER 1%. TRANSFORMATIVE. CITI UPGRADING PALLIAN TIR TO BUY -- PALANTIR TO BUY. HARD TO IMAGINE A.I. IS NOT ALREADY PRICED IN. SHARES UP 2%. KEYBANC DOWNGRADES CROWD STRIKE TO SECTOR WEIGHT. POINTING TO A MEASURED BUDGET OUTLOOK FOR SECURITY IN 2026. AND A YET TO BE SEEN A.I. TAILWINDS. SHARES FALL 1.7%. MATT: OUR FIRST MAJOR GROUP OF EARNINGS IN THE NEW YEAR THIS WEEK.

34:29 THE BIG BANKS STARTING WITH JPMORGAN TOMORROW WILL SHED LIGHT ON HOW THEIR PROFITS ON THE U.S. ECONOMY. EXECUTIVES WILL ALSO FACE QUESTIONS ON PRESIDENT TRUMP’S ATTACK AGAINST THE CREDIT CARD INDUSTRY AS WELL AS MAYBE FED INDEPENDENCE. WE ARE JOINED BY BLOOMBERG’S WALL STREET CORRESPONDENT. IT’S GOING TO BE EXCITING. WE ARE ALWAYS LOOKING FORWARD TO BIG BANK EARNINGS. ESPECIALLY WHEN JPMORGAN KICKS OFF. WHAT DO YOU EXPECT TO HEAR IN TERMS OF THE BUSINESS LINES?

34:57 WE WOULD HAVE EXPECTED IF YOU ASKED ME LAST WEEK WOULD HAVE BEEN THE ABSOLUTE HAUL ALL THESE GUYS HAVE BEEN ABLE TO RAKE IN. IF YOU LOOK AT THE FIRST YEAR UNDER TRUMP 2.0 IT HAS BEEN EXTRAORDINARY FOR THE BANKS AND REFLECTED IN THEIR SHARES. GOLDMAN SACHS ALMOST UP 70%. EVEN BANC OF AMERICA WHICH HAS NOT PERFORMED IS UP 23% IN THE STOCK MARKET. YOU WOULD HAVE HOPED IT’S A GOOD NEWS EARNINGS CYCLES WHERE THEY COULD TALK ABOUT THE FACT THAT AS YOU SEE MORE OF THIS DEREGULATION TAKE HOLD IN WASHINGTON, AND DEAL MAKING ESPECIALLY WITH PRIVATE EQUITY PLAYERS BACK IN THE MARKET IN NUMBERS, IT WOULD BE ANOTHER GOOD YEAR FOR THE BANKS WITHOUT THEM REALLY TOO WORRIED ABOUT CONSUMER RECESSION JUST YET. BUT WITH THE FRIDAY EVENING TRUMP TWEET, WITH WHAT WE HAVE SEEN THE NEWS COMING OUT OF THE FEDERAL RESERVE, JAY POWELL VERSUS DONALD TRUMP AS OF SUNDAY NIGHT, A LOT OF THE QUESTIONS WILL BE AROUND THIS

35:58 A, FED INDEPENDENCE, AND THE BANKS CARE ABOUT THAT. MORE PERSONALLY AND DIRECTLY AT THEM, THIS NEW LEAN IN OF DONALD TRUMP. AS HE FOCUSES ON THE 2026 MIDTERMS WHEN HE TALKS ABOUT AFFORDABILITY. YOU HAVE TO REMEMBER WHENEVER THERE IS A WAVE OF POPULISM, BANKS ARE NEVER SPARED W THAT CREDIT CARD ANNOUNCEMENT THE QUESTION IS, IS IT SOMETHING THAT WAS A FRIDAY NIGHT TWEET AND DONALD TRUMP THE PRESIDENT HAS ALREADY MOVED ON TO THE NEXT SHINY TOY? IN WHICH CASE THE SECTOR CAN BREATH A SIGH OF RELIEF. OR IF HE’S FIXATED ON IT AND SERIOUS ABOUT IT, EVEN THE 10% INTEREST RATE CAP IS NOT FEASIBLE, THEY WILL HAVE TO THINK ABOUT OFFERING UP SOME CONCESSIONS TO THE BIG MAN BECAUSE WHAT THE PRESIDENT HAS SAID HAS CARRIED A LOT MORE WEIGHT THAN NECESSARILY WAITING FOR LEGISLATION IN CONGRESS. DANI: I CAN’T EVEN IMAGINE HOW JAMIE DIMOND WOULD ADDRESS THIS.

36:53 TRYING TO REASSURE SHAREHOLDERS, BUT ALSO NOT INVOKE THE IRE OF THE PRESIDENT. WHAT IT LOOK LIKE FOR THE BIG BANKS, CREDIT CARD COMPANIES, TO IMPOSE A 10% CAP. DOES IT JUST MEAN THEY TAKE ON LESS RISK? THAT THEY DON’T EXTEND CREDIT TO AS MANY PEOPLE?

37:10 BOTH OF THOSE THINGS FOR SURE. LOOK AT THE NUMBERS. JPMORGAN SECOND BIGGEST CREDIT CARD ISSUER, ROUGHLY $200 BILLION IN OUTSTANDING CREDIT CARD LOAN. THEY REPORTED AN AVERAGE HE YIELD OF 9.73%. A MAJORITY OF THE INTERVIEW IS COME INTERESTING THAT. AN AVERAGE INTEREST RATES ACROSS IS OFF 22%, 21% WHO DO CARRY A CREDIT CARD BALANCE. FOR THOSE WHO DO CARRY A CREDIT CARD BALANCE, THAT’S IN THE 21%, 22% LAING REIGNING F THAT GOES DOWN TO 10% YOU CAN SEE THE NUMBERS JPMORGAN THE MATH DOESN’T WORK. HOW DO YOU DO THE REWARD SYSTEM?

37:48 HOW DO YOU MAKE REAL MONEY OUT OF THIS BUSINESS? HOW DO YOU FACTOR IN THE EXPENSES INTO THE BUSINESS? THAT WILL RESULT IN A SERIOUS REORDERING OF HOW THINK THINK ABOUT THE CREDIT CARD BUSINESS IF, THAT IS A MASSIVE BIG IF, IF IT WERE TO BECOME LAW. DANI: I AM ASSUMING VOTERS WOULD BE MORE ANGRY IF THE BANKS TURNED AROUND AND SAID WE ARE NOT GOING TO GIVE YOU POINTS, REWARDS. MATT: WE ARE NOT GOING TO GIVE YOU CREDIT WOULD BE WHAT MOST CONSUMERS HEAR. DANI: THEN THEY GO TO BY NOW BUY NOW, PAY LATER. MATT: WHAT IS-F IT’S BIGGER THAN THAT. A LOT OF PEOPLE ARE PUTTING REAL SERIOUS CHARGES ON CREDIT CARDS.

38:29 I THINK OUTSTANDING CREDIT CARD BALANCE IN THIS COUNTRY ARE APPROACHING $2 TRILLION. IT’S A LOT. AND THE AVERAGE INTEREST RATE ON THAT IS 20%.

38:39 THAT IS WHY THIS IS A BIG NEWS STORY N SOME WAYS THESE CREDIT CARD OPERATIONS FOR THE BIGGEST PLAYERS HAVE BECOME THE CROWN JEWEL. FOR THOSE WHO SPECIFICALLY JUST FOCUS ON CREDIT CARDS WHEN YOU LOOK AT NAMES LIKE CAPITAL ONE, AFTER LOOKING WHAT THE NUMBERS WERE THIS MORNING AFTER MARKETS OPENED. IN PREMARKET THOSE TWO GAMES WERE GETTING HAMMERED THE MOST. DANI: KARNA FALLING DOWN 3%. IT WAS RALLYING. THANK YOU FOR JOINING. BUSY WEEK. AIL JOINED US AGAIN FOR THE BIG BANK EARNINGS. COMING UP, WE’LL LOOK AT THE LATEST TWIST IN PARAMOUNT’S PURSUIT OF WARNER BROTHERS WITH THE TAKEOVER GETTING MORE HOSTILE.

39:14 THIS IS "OPEN INTEREST." ♪ MATT: THIS IS BLOOMBERG "OPEN INTEREST." I’M MATT MILLER. A LOOK AT WHAT’S GOING ON 22 MINUTES, 23 MINUTES INTO THE SESSION HERE. THE S&P 500 NOW A LITTLE CHANGED AT 6.960. WE ARE ONLY 5 1/2 POINTS AWAY FROM THE ALL TIME HIGH WE HIT ON FRIDAY. A LOT OF TALK ABOUT, DANI, CONCERNS ABOUT FED INDEPENDENCE AND -- WORRIED ABOUT WHAT THE PRESIDENT IS ORDERING PRIVATE COMPANIES TO DO OR NOT TO DO. BUT WE ARE STILL AT RECORD HIGHS ON THE S&P 500. WE ARE STILL CLOSE ON THE NASDAQ RIGHT NOW. ONLY DOWN.1%. 25,736.

40:08 THE GAINS IN STOCKS INDEXES ARE REAL. THAT WEALTH EFFECT HAS TO BE PERVASIVE. A LOT OF PEOPLE EVEN IF IT’S JUST THROUGH 401-K ARE EXPOSED. NVIDIA ONLY UP.2%. I FEEL LIKE IT WAS 1.7% WHEN YOU WERE LOOKING AT THE MOVE STREAM AFTER THE BELL. IT’S COME IN A LOT. ALPHABET SHARES ARE DOWN, ONLY .4%. WAL-MART STILL UP 2%. ALPHABET AND WAL-MART MAKING THAT LINK AS WAL-MART GOES TO THE NASDAQ. PUTTING ITS PRODUCTS ON GOOGLE GEMINI. SIN KRON ANY FINANCIAL, WORRIED ABOUT CREDIT CARD ISSUERS. WARNER BROTHERS DISCOVERY IS OFF 1.4% AS IT GETS SUED BY PARAMOUNT FOR DISCLOSURE. PARAMOUNT CURRENTLY UP ABOUT .3%. IT DOES NOT CHANGE ITS OFFER.

40:56 DANI: MORE ON THAT. AS YOU SAID PARAMOUNT, WARNER DROARS DISCOVERY DISCLOSE INFORMATION TO HELP INVESTORS MAKE A MORE INFORMED DECISION, THREATENING A PROXY FIGHT. SAYING THEY ARE GOING TO NOMINATE DIRECTORS TO THE BOARD. FOR MORE WE ARE JOINED ON BLOOMBERG INTELLIGENCE MEDIA ANALYST. THIS SEEMS TO HAVE KICKED THINGS INTO HIGH GEAR. IT’S FAIR TO SAY THAT THEY ARE THREATENING A PROXY FIGHT. IS THAT ENOUGH TO BRING WARNER BROTHERS DISCOVERY BACK TO THE NEGOTIATING TABLE?

41:29 I’M NOT SO SURE, DANI. AT THE END OF THE DAY THE WARNER BROTHERS DISCOVERY BOARD, SHAREHOLDERS ARE REALLY LOOKING FOR PARAMOUNT S SKYDANCE TO SWEETEN THE OFFER. THE $30 PER SHARE BID. THE REASON WHY PARAMOUNT IS STANDING BY ITS OFFER IS BECAUSE OF THIS WHOLE CONTROVERSY AROUND WHAT THE STUB VALUE OF THE GLOBAL NETWORKS BUSINESS IS, TV NETWORKS. WE ALREADY HAVE ABOUT A $28 PER SHARE OFFER IN PLACE FROM NETFLIX FOR THE STUDIO ASSETS. THE REMAINING PART OF THE BUSINESS, TV NETWORK, THAT’S WHAT’S CAUSING ALL OF THIS CONTROVERSIAL AND ALL OF THIS QUESTIONING.

42:11 WITH PARAMOUNT ARGUING IT IS WORTHLESS. ZERO. THAT’S WHAT THEY SAID IN THE LETTER LAST WEEK. WHICH IS WHY THEY ARE NOW SUING FOR ADDITIONAL DISCLOSURE. MEANWHILE, WE KNOW WARNER BROTHERS’ BOARD HAS INTERNALLY THOUGHT ABOUT A $3 TO $4 PER SHARE VALUE FOR THAT TSM V NETWORKS BUSINESS. THAT’S WHAT IT’S ALL COMING DOWN TO. THE LAST WE HEARD IS THAT ONLY ABOUT 2% OFF THE WARNER DISCOVERY SHARES WERE ACTUALLY TENDERED. DEFINITELY SHAREHOLDERS ARE GOING TO HOLD OUT IN MY OPINION FOR A HIRE OFFER. MATT: I HEARD YOU ON BUSINESS WEEK GIVING US THE BASICS, CAROL AND TIM THE BASICS, HOW MUCH DEBT PARAMOUNT WOULD HAVE TO TAKE ON EVEN IF IT DOESN’T RAISE ITS OFFER AND WHAT IT WILL BE MAKING IN TERMS OF FREE CASH FLOW.

42:56 IT DOESN’T SEEM TO BE FEASIBLE. IT DOESN’T. THAT HAS BEEN THE WHOLE ARGUMENT FROM THE BOARD. THEY CALLED THIS ONE OF THE BIGGEST LEVERAGE BUYOUTS IN ALL OF M&A AND POINTING TO OVER $50 BILLION IN DEBT. THIS IS FOR A COMPANY THAT HAS ONLY ABOUT $13 BILLION TO $14 BILLION IN MARTIN CAP CARING EXAIRD TO NETFLIX WHICH HAS $400 BILLION. HUGE DIFFERENCE BETWEEN THE COMPANIES. IF YOU LOOK AT THE PRO FORMA OF IT’S GOING TO BE SEVEN LEVERAGE. THAT’S MASSIVE. MATT: BLOOMBERG INTELLIGENCE, APPRECIATE YOU JUMPING ON WITH US. THIS IS BLOOMBERG♪

43:45 MATT: WE ARE 30 MINUTES INTO THE TRADING DAY, WELCOME TO "BLOOMBERG: OPEN INTEREST." I AM MATT MILLER. DANI: I AM DANI BURGER. WE ARE JUST OFF THE ALL-TIME HIGHS REACHED FRIDAY R. MATT: THE TRUMP ADMINISTRATION ESCALATES ATTACKS ON THE FED, CHERUB -- JAY POWELL PUSHES BACK HARD. DANI: PRESENT TRUMP RATTLES STOCKS, TARGETING CREDIT CARD COMPANIES. MATT: AND PHARMA DEALS ON THE RISE AS THE INDUSTRY SHAKES OFF TRUMP ANXIETY AND GATHERS IN SAN FRANCISCO. WE ARE LIVE WITH THE ELI LILLY CIO LATER THIS HOUR. DANI: NVIDIA ANNOUNCING PLANS TO INVEST $1 BILLION IN A NEW LAB WITH ELI LILLY OVER FIVE YEARS.

44:44 THE IDEA IS TO SPEED THE USE OF AI IN THE PHARMACEUTICAL INDUSTRY. JOINING US IS BLOOMBERG'S REPORTER JESSICA NIX. AI IS ALREADY USED QUITE WIDELY IN THE HEALTH CARE INDUSTRY. WHAT WITH THIS PARTNERSHIP DO? JESSICA: NOT AS WIDELY AS YOU WOULD THINK. THIS PARTNERSHIP WOULD BEAT ELI LILLY AT THE FOREFRONT OF USING AI AND DRUG DISCOVERY. THEY WILL BE BUILDING THIS LAB IN SAN FRANCISCO WHERE WE ARE SEEING THIS BIG HEALTH CARE CONFERENCE AS WELL AND TRYING TO FIGURE OUT HOW WE CAN START USING AI IN THE DRUG DISCOVERY PROCESS. THEY WILL BE DOING THINGS LIKE AUTOMATING RESEARCH TASKS AND UNDERSTANDING WHAT THEY CAN DO BETTER FOR RESEARCH AND SOFTWARE. MATT: THERE IS BEEN SO MUCH HOPE AROUND AI AND HEALTH CARE.

45:30 WHAT KIND OF BREAKTHROUGHS COULD THEY MAKE? WHAT ARE PEOPLE TALKING ABOUT IN TERMS OF PIE IN THE SKY TREATMENTS THAT WE COULD GET? JESSICA: THIS IS A BIG YEAR FOR ELI REALLY. THEY ARE TALKED ABOUT BECAUSE OF THEIR WEIGHT LOSS SHOTS. THEY WILL BE LAUNCHING THE ORAL PILL FOR THAT. WE'LL BE SEEING MORE OF HOW WE CAN USE NEW MEDICATIONS TO NEW FORMS OR DEVELOP EVEN MORE MEDICATIONS. MATT: I WAS HOPING THEY COULD CURE CANCER. I AM NOT BULLISH ON THE PILL. YOU WILL HAVE TO TAKE IT ON AN EVERYDAY BASIS AND NOT EAT WATER OR DRINK FOOD. WHY IS THAT BETTER THAN A SHOT YOU DO NOT FEEL? JESSICA: SOME PEOPLE REALLY HAVE SHUT ANXIETY. AND THE PILLS CAN BE USED TO MAINTAIN. THIS COULD BE A GREAT BREAKTHROUGH FOR CANCER TREATMENTS. DANI: WILL THIS BE A RACE TO NOT JUST DEVELOP OBESITY MEDICATIONS BUT WHO CAN PARTNER WITH NVIDIA, WHO HAS THE MONEY TO INVEST IN THIS?

46:35 IS THIS THE NEW 2026 TREND? JESSICA: THIS IS SOMETHING TO DEFINITELY WATCH. LAST WEEK WE SAW OPENAI BOUGHT CHATGPT HEALTH. NOW ENTROPIC IS TRYING TO GET SOMETHING IN ON THAT. WE ARE SEEING THIS PARTNERSHIP BETWEEN TECH COMPANIES AND BIG FOREMOST COMPANIES. -- AND BIG PHARMACY COMPANIES. DANI: -- MATT: CLAUDE IS MY FAVORITE CHATBOT NAME. JESSICA NIX, BLOOMBERG'S HEALTH CARE REPORTER. STAY TUNED FOR OUR INTERVIEW WITH ELI LILLY CEO LATER THIS HOUR. IN WASHINGTON, D.C. JEROME POWELL RELEASING A STATEMENT AFTER BEING SERVED GRAND JURY SUBPOENAS FROM THE DEPARTMENT OF JUSTICE. HOW CALLS REMOVE POLITICAL.

47:31 NO ONE, CERTAINLY NOT THE CHAIR OF THE FEDERAL RESERVE, IS ABOVE THE LAW. THIS UNPRECEDENTED ACTION SHOULD BE SEEN IN THE BROADER CONTEXT OF THE ADMINISTRATION'S THREATS AND ONGOING PRESSURE. THE THREAT OF CRIMINAL CHARGES AS A CONSEQUENCE OF THE FEDERAL RESERVE SETTING OUR INTEREST RATES BASED ON OUR BEST SYSTEM OF WHAT WILL SERVE THE PUBLIC RATHER THAN STTE FOLLOWING THE PREFERENCES OF THE PREFERENCES. -- RATHER THAN FOLLOWING THE PREFERENCES OF THE PRESIDENT. MATT: JOINING US IS MICHAEL MCKEE. YOU'VE BEEN FOLLOWING THE FED AS LONG AS I'VE BEEN HERE AND PILE AS LONG AS HE HAS BEEN IN THAT POSITION.

48:09 HOW DIFFERENT IS THIS RESPONSE FROM WHAT WE HAVE HEARD FROM HIM OVER THE LAST EIGHT YEARS OF TRUMP? MICHAEL: THIS IS UNPRECEDENTED. NO FED CHAIR HAS CRITICIZED THE PRESIDENT AND ADMINISTRATION IN THIS WAY. THE RESPONSE ALWAYS TO CRITICISM IS WE PUT OUR HEAD DOWN AND WE ARE JUST DOING OUR JOB, WE WILL STICK TO OUR KNITTING. THAT IS THE WAY POWELL HAS BEEN THROUGH TRUMP'S FIRST TERM AND THROUGH THE SECOND TERM SO FAR WHENEVER THE PRESIDENT HAS CRITICIZED HIM GREAT THE QUESTION IS IS THIS AT THE DIRECTION OF THE PRESIDENT OR IS IT SOME OF HIS LOWER RANKING OFFICIALS? BILL PULTE HAS GOTTEN SOME OF THE BLAME FOR THIS. HE DID FLY DOWN TO MAR-A-LAGO WITH TRUMP LAST WEEKEND. THE PRESIDENT TELLING IN BC HE DOES NOT KNOW ANYTHING ABOUT IT AND HE WENT ON TO CRITICIZE POWELL AGAIN. BILL PULTE THIS MORNING SAID I DO NOT KNOW ANYTHING ABOUT IT AND I WOULD REFER YOU TO THE DOJ. MATT: NO ONE KNOWS ANYTHING. MICHAEL:

49:10 WE DO NOT KNOW ANYTHING. WE ARE WAITING TO SEE WHAT THE CRIMINAL SUBPOENAS ARE LOOKING FOR BUT PROBABLY SOMETHING POWELL WORKED ON WHEN HE WAS GOING TO TESTIFY TO CONGRESS BECAUSE THAT IS THE VENUE IN WHICH THEY ARE CHARGING OR ARGUING HE MAY HAVE LIED TO CONGRESS. MATT: DOESN'T CONGRESS DEAL WITH IT WHEN YOU LIED TO CONGRESS? AREN'T THEY THE ONES WHO BRING YOU TO JUSTICE FOR THAT? MICHAEL: UNPRECEDENTED. THERE IS NO MORE CONGRESS IN TERMS OF GOVERNING THE COUNTRY LATELY. DANI: SOME OF THEM ARE SAYING THEY WILL PUSH BACK ON NOMINATIONS.

49:50 MICHAEL: THOM TILLIS IS RETIRING AND DOES NOT HAVE TO WORRY ABOUT FROM THREATS AND HE IS THE SENIOR REPUBLICAN ON THE COMMITTEE AND HE SAYS HE WILL NOT VOTE FOR ANYONE AS THE REPLACEMENT CHAIR UNTIL THIS IS CLEARED UP. HE HAS ENOUGH TO HOLD IT UP BECAUSE IT IS A 13-11 SPLIT IN TERMS OF REPUBLICANS AND DEMOCRATS ON THE COMMITTEE. LOSE ONE AND YOU CANNOT GET ANYBODY THROUGH COMMITTEE. THERE ARE OTHER WAYS TO TRY TO ADVANCE THE NOMINATION. THE OTHER ISSUE IS ANYONE WHO IS CHOSEN BY THE PRESIDENT UNDER THESE CIRCUMSTANCES WILL GET A LOT OF SUSPICION ON WALL STREET AND AT THE FED IS BEING A TOOL OF THE PRESIDENT'S AMBITION.

50:36 YOU WONDER HOW THIS HAPPENED BECAUSE IT DOES NOT SEEM TO BE IN THE PRESIDENT'S BEST INTEREST AT THIS POINT. MATT: REBECCA PATTERSON WAS SAYING EXACTLY THE SAME THING WITH US MOMENTS AGO. GREAT TO HAVE YOU HERE WITH US ON SET. MICHAEL MCKEE IS OUR POLICY CORRESPONDENT. LET'S GET TO THE LEAD PUBLIC VIDEO STRATEGIST -- THE LEAD PORTFOLIO STRATEGIST -- FIRST ON FRIDAY WHEN I SAW THE CREDIT CARD INTEREST RATE CAP I THOUGHT THIS WILL BE VERY DIFFICULT FOR MARKETS TO PROCESS. THEN WHEN I SAW THE DOJ INVESTIGATION INTO JEROME POWELL AND THE FED I FIGURED THE BOND VIGILANTES WOULD COME RUSHING BACK.

51:25 WE DO NOT SEE ANY BAD TRADES IN SIZE. MARKETS ARE UNCHANGED AND THE 10 YEAR YIELD IS ONLY UP LIKE 4.20 OR A LITTLE UNDER IT.

51:36 WHEN WE STEP BACK AND LOOK AT THE ABILITIES FOR SOME OF THE STUFF TO BE ENFORCED, A LOT OF IT CANNOT BE DONE BY EXECUTIVE ORDER AND NEEDS TO GET THROUGH CONGRESS. THAT IS ONE THING MARKETS HAVE LOOKED AT. WE HAVE GROWN ACCUSTOMED TO THESE THREATS AND THEN TRUMP BACKING DOWN. YOU'VE MADE THE REFERENCE TO THE TACO TRADE AND I THINK THAT IS PARTLY WHAT WE HAVE BECOME ACCUSTOMED TO. DANI: I WAS STRUCK BY WHAT PETER TCHIR WROTE THIS MORNING THAT MIDTERM ELECTIONS ARE DRIVING EVERYTHING. EXPECT A LOT MORE ANNOUNCEMENT ON SUBJECTS THAN YOU THOUGHT WERE POSSIBLE IN YOUR WILDEST IMAGINATION. SOME PEOPLE ARE STARTING TO COME TO GRIPS WITH THAT. ANNOUNCEMENTS CAPPING CREDIT CARDS, FORCING COMPANIES TO INVEST IN VENEZUELA ARE HAPPENING BUT WERE NOT EXPECTED. DOES IT CHANGE HOW YOU SHOULD THINK ABOUT A PORTFOLIO IN 2026 HEADING INTO THE MIDTERMS? JACK: IT IS TOUGH TO DO A TON OF THINGS BECAUSE YOU DO NOT KNOW

52:35 HOW THIS WILL PLAY ITSELF OUT. AS I JUST MENTIONED TO SOME OF THIS NEEDS TO BE DONE THROUGH CONGRESS. THERE ARE ALSO WAYS YOU CAN JUST THREAT AND COURSE SOME OF THESE ACTIONS TO GET DONE AT THE MARGIN AND MAY BE A LESS IMPACTFUL WAY BUT AT LEAST GETTING SOMETHING DONE. IF ANYTHING THE RISK IS TO THE UPSIDE BECAUSE THIS COULD END UP BEING PROGROWTH AND THAT IS ONE OF THE THINGS WE ARE THINKING ABOUT INTO 2026. MAYBE THE RISK TO OUR OUTLOOK IS THINGS ARE A LITTLE BIT BETTER BECAUSE THE MIDTERM OUTLOOK BECOMES FRONT AND CENTER TRYING TO PULL UP THE POLLING'S. MATT: ARE YOU WORRIED ABOUT THE 10 YEAR YIELD RISING FROM HERE?

53:19 RIGHT NOW WE ARE AT 4.19. IT IS NOT VERY HIGH BUT IT IS STILL 60 BASIS POINTS HIGHER THAN IT WAS WHEN THE FED STARTED CUTTING RATES. THE TERMINAL RATE IS PRICED IN BY MARKETS AT JUST OVER 3%. DOES THAT MEAN WE CAN PULL THE 10 YEAR WITH THOSE CATS DOESN'T CONTINUE TO MOVE IN THE OPPOSITE DIRECTION? JACK: I THINK WE WILL SEE A RANGE BOUND TREASURY. OUR OUTLOOK LOOKS AT PLUS OR -25 BASIS POINTS FROM GIVEN LEVELS BECAUSE YOU HAVE SOMEONE OF A TUG-OF-WAR. I THINK WHEN WE START TO LOOK AT THE LONGER TERM INFLATION OUTLOOK, THAT IS KEY TO WHAT DRIVES THE BOND MARKET, IT IS THE GROWTH AND INFLATION BACKDROP. WHAT IS MORE LIKELY?

54:07 INFLATION AND HEADING DOWN TOWARDS 2% AND UNEMPLOYMENT DRIFTING HIGHER OR THE OPPOSITE? THE ODDS OF A SLOWING LABOR MARKET AND A CONTINUED DOWNWARD PUSH ON INFLATION AS A RESULT OF THE SHELTER COMPONENT PROBABLY PUTS INFLATION ON THE DOWNSIDE AND THAT IS WHAT THE MARKET WILL END UP LOOKING AT. THEY'LL KEEP THE LID COVERAGE IN TERMS OF A MOVE HIGHER IN THE 10 YEAR. DANI: I WOULD LOVE TO GET YOUR TAKE ON J.P. MORGAN OUT WITH A NEW CALLING WITH A C FOR RATE CUTS THIS AND NEXT YEAR. J.P. MORGAN NO LONGER SEES CUTS ON THE TABLE FOR 2026.

54:44 IN FACT, THEY THINK THE NEXT MOVE FROM THIS EVENT WILL BE A HIKE IN 2027 GIVEN THE LABOR MARKET LOOK STRONGER AND A FED THAT IS PREOCCUPIED WITH WHATEVER WILL HAPPEN WITH THE FED CHAIR. I WONDER WHAT YOU MAKE OF THAT IDEA? NO CUTS THIS YEAR AND A HIKE NEXT. JACK: A LOT OF THE OPTIMISM WE SEE WHEN WE READ THE STUFF FROM OUR COMPETITORS REVOLVES AROUND THE ONE BIG BEAUTIFUL BILL FINALLY WORKING ITS WAY THROUGH TO THE CONSUMER. ONE THING WE ARE MORE CONCERNED ABOUT IS THE TYPICAL MULTIPLIER EFFECT WHEN YOU GET A DOLLAR BACK $.50 OF THAT DOLLAR GETS SPENT.

55:21 THAT BECOMES NOT AS LARGE OF A NUMBER IT WHEN YOU LOOK AT IT RELATIVE TO THE OVERALL BACKDROP. IF YOU GET 100 BILLION DOLLARS BACK TO THE CONSUMER WHICH IS WHAT WE ARE SEEING FOR ESTIMATES FOR TAX REFUNDS, HALF OF THAT IS SPEND, YOU ARE LOOKING PERSONAL CONSUMPTION AROUND $22 TRILLION AND YOU DO THE MATH AND YOU'RE TALKING ABOUT A 20 OR 25 BASIS POINTS WORTH OF A BUMP. NOT ENOUGH TO SEE A MASSIVE IMPULSE FOR THE ECONOMY. WE ARE OPTIMISTIC FOR GROWTH BUT I DO NOT THINK THE RE-ACCELERATING MANY ARE PENCILING IN IS QUITE AS STRONG AND WE ARE STILL THINKING THE ODDS OF A RATE CUT IS STRONGER THAN THE AN INCREASE IN RATES GOING FORWARD. MATT: MAY BE A STEEPENING YIELD CURVE STILL AS REBECCA PATTERSON WAS SUGGESTING EARLIER. THAT WOULD NORMALLY BE GOOD NEWS FOR THE FINANCIALS. THEY HAVE DONE WELL SO FAR.

56:16 DOES THAT CONTINUE AS THE PRESIDENT. POPULACE MOVES AND SAID WE WILL CAP CREDIT CARD INTEREST RATES AT 10% FOR A YEAR? JACK: I THINK THAT PROBABLY CONTINUES TO BE THE TRADE. I DO NOT THINK YOU WILL SEE A LOT OF PARALLELS SHIFTING. MATT: YOU DO NOT TAKE THAT THREAT SERIOUSLY, ESSENTIALLY? JACK: I THINK IT ENDS UP WORKING ITS WAY THROUGH. THE TREASURY MARKET, ALL OF THE ACTION WILL BE IN THE STEEPENER. DANI: THAT IS DEFINITELY WHAT WE ARE SEEING TODAY. THANKS FOR JOINING US. A CHECK ON YOUR MARKETS THIS MORNING. THE DRAMA MAY BE THERE IN THE BOND MARKET, 10 YEAR YIELDS UP TWO BASIS POINTS, THE HIGHEST IN LEE ABOUT A WEEK. THE MOVE IS UP AT THE MAGNITUDE IS NOT CRAZY. U.S.

57:08 STOCKS OFF.1% FOR THE S&P AND NASDAQ BUT IT IS OFF OF ALL-TIME HIGHS SO THOSE ARE STILL PUNCHY LEVELS. MATT: MORE ON THE FIGHT BETWEEN THE FED AND THE WHITE HOUSE. WE WILL GET THE DETAILS ON THE DOJ PROBE INTO JEROME POWELL. THIS IS "BLOOMBERG: OPEN INTEREST." ♪

57:35 MATT: A LOOK AT WHAT IS MAKING HEADLINES AROUND THE WORLD. IRAN'S FOREIGN MINISTER SO SECURITY FORCES HAVE FULL CONTROL OF THE COUNTRY AFTER TWO WEEKS OF VIOLENT UNREST. PROTESTS ERUPTED DECEMBER 28 AFTER A SUDDEN COLLAPSE IN THE VALUE OF THE CURRENCY. ACCORDING TO THE NEWS AGENCY MORE THAN 540 PEOPLE HAVE BEEN KILLED, OVER 10,000 PEOPLE HAVE BEEN ARRESTED. PARAMOUNT SKYDANCE SAYS IT PLANS TO NOMINATE DIRECTORS TO WARNER BROS. DISCOVERY'S TOWARD AGAINST THE APPROVAL OF A VERDURE FOR NETFLIX AS EARLY AS A SALE. PARAMOUNT FILED A SUIT TO FORCE WILSON TO DISCLOSE THE INFORMATION TO HELP SHAREHOLDERS MAKE AN INFORMED DECISION. I AM TRYING TO GET MORE DISCLOSURE FROM WARNER BROS. DISCOVERY.

58:30 AND PRESIDENT TRUMP REITERATES HIS CALL FOR CREDIT CARD COMPANIES TO CAP INTEREST RATES AT 10%, SAYING LENDERS WILL BE IN VIOLATION OF THE LAW IF THEY DO NOT COMPLAIN BY JANUARY 20. IT IS NOT CLEAR WHAT LAW HE MEANT. MAYBE IT IS UNCLEAR IF HE WILL RESIGN SOME EXECUTIVE ORDER. RIGHT NOW SHARES OF CREDIT CARD COMPANIES DOWN ACROSS THE BOARD WITH CAPITAL ONE FOLLOWING THE MOST. THAT IS JUST ONE STORY WE ARE FOLLOWING OUT OF THE WHITE HOUSE. FED HAS SERVED GRAND JURY SUBPOENAS FROM THE JUSTICE DEPARTMENT. FOR MORE WE WELCOME IRA JERSEY, CHIEF U.S.

59:14 RATE STRATEGIST AT BLOOMBERG INTELLIGENCE. I'M WONDERING IF THIS IS PART OF PRESIDENT TRUMP'S PLAN TO BRING RATES DOWN ON THE LONG END BECAUSE IT SEEMS TO PUSHING THEM UP, AT LEAST TODAY. IRA: IF THE FED'S GOAL IS TO GET LONG-TERM DOWN -- EVERY TIME WE'VE SEEN THREATS TO THE FED INDEPENDENCE WE HAVE STEEPENING OF THE YIELD CURVE. THE MARKET WILL BE PRICING FOR HIGHER INFLATION GOING FORWARD BECAUSE IF THE FEDERAL RESERVE WILL KEEP MONETARY POLICY EASIER THAN IT SHOULD BE FOR ANY GIVEN ECONOMIC ENVIRONMENT THAT SHOULD MEAN ON AVERAGE INFLATION SHOULD BE HIGHER AT THE MARKET IS REACTING TO THAT POSSIBILITY. DANI: IS THERE A POSSIBILITY THIS HAS THE OPPOSITE EFFECT COME THAT IT CAUSES POWELL AND THE REST OF THE FOMC TO DIG IN THEIR HEELS AND YOU GET IS AN AREA WHERE POWELL STAYS ON AND ASSUMES MORE OF A LEADERSHIP POSITION IN 2026 AND CHALLENGES A TRUMP APPOINTED FED CHAIR.

1:00:20 FRONTED THAT HAVE THE OPPOSITE EFFECT OF ENSURING THE FED DOES NOT KOWTOW TO THE PRESIDENT? IRA: I AM SURE THAT IS POSSIBLE. MEMBERS OF THE FOMC I HAVE MET AND INTERACTED WITH ARE ALL VERY STRONG PUBLIC SERVICE WHO TOOK THEIR JOB SERIOUSLY AND ARE INDEPENDENT. MOST WILL CONTINUE TO DO WHAT IS BEST FOR THE ECONOMY AND OF FULFILL THEIR MANDATE FOR FULL EMPLOYMENT AND STABLE PRICES. IT CREATES A WEIRD DYNAMIC BETWEEN THE NEW PEOPLE COMING IN THE PRESIDENT TRUMP APPOINTS PLUS CHAIR POWELL AS GOVERNOR POWELL WAS CERTAINLY HAVE A SAY AND SWAY AND CERTAIN MEMBERS OF THE COMMITTEE. IT CREATES AN AWKWARD DYNAMIC AND I AM CONCERNED ABOUT WHAT THIS MEANS FOR HOW WE ANALYZE WHERE MONETARY POLICY IS GOING TO BE GOING FORWARD.

1:01:23 ONE WAY OR ANOTHER, THE THING THAT IS BEEN SLOWLY BUILDING IS WE ARE PROBABLY GOING TO GET MORE REGULAR DISSENT FROM PEOPLE WHO HAVE WIDELY DIVERSE VIEWS. WE KNOW MEMBERS OF THE FED DO HAVE WIDELY DIVERSE VIEWS. MATT: I KEEP BRINGING UP THE LONG END RATES OR THE 10 YEAR RATE AT 4.20 OR 60 BASIS POINTS HIGHER THAN WE WERE OR 70 BASIS POINTS HIGHER THAN WE WERE WHEN THE FED STARTED THIS CUTTING CYCLE IN DECEMBER 2024. WHY HASN'T THE 10 YEAR CONTRACT FRONT END? IS IT POLITICAL? FINANCIAL? WHAT HAPPENS IS THE 10 YEAR RATE RISES? IRA: IT IS NOT.

1:02:14 IN 2024 IT WAS ABOUT HOW DEEP THE FED WAS GOING TO CUT INTEREST RATES AND THE PACE OF THOSE CUTS VERSUS REALITY. REMEMBER THAT THE YIELD CURVE BEING UPWARD SLOPING, THE YIELD CURVE 75 BASIS POINTS, THAT IS NOT THE USUAL. IF YOU GO BACK AND LOOK AT THE FIRST 50 YEARS OF HISTORY, 70 BASIS POINTS ON THE LOWER END OF THE CURVE. THE MARKET IS STILL SAYING THE FEDERAL RESERVE, IF THEY CUT INTEREST RATES TO WEAR THE MARKET IS CURRENTLY PRICED THAT MEANS YOU HAVE A SLIGHTLY WIDER YIELD CURVE AND A SUPER YIELD CURVE BUT IN THE FUTURE AND SEE THE FEDERAL RESERVE WILL HIKE INTEREST RATES. THE ECONOMY WILL BE GOOD AT INFLATION MIGHT BE TOO HIGH..

1:03:08 WE SPENT THE LONGEST PERIOD IN OUR HISTORY WITH AN INVERTED YIELD CURVE SO WE HAVE TO GET USED TO THE FACT THAT WE WILL HAVE THIS UPWARD SLOPING CURVE. IS IT BECAUSE THE DISCO ERA YIELD GOES DOWN TO PERCENT OR BECAUSE 10 YEARS GO BACK UP OF 4.5. DANI: AT THE MOMENT THE 10 YEAR YIELD IS LEADING THAT. STILL AHEAD, THE ELI LILLY CEO JOINS US FOLLOWING NVIDIA'S ANNOUNCEMENT OF A JOINT INVESTMENT INTO THE COMPANY. STICK AROUND FOR THAT. THIS IS BLOOMBERG.

1:03:44 MATT: TAKING A LOOK AT THE STOCK MARKET. WE ARE PRETTY MUCH UNCHANGED FROM THE HIGH LEVELS WE CLOSED AT FRIDAY. THIS IS THE MOVE SCREEN ON THE S&P. WE HAVE LOST ABOUT FIVE POINTS AT 69 61, 6962. VERY CLOSE TO FRIDAY. HELPING US STAY ABREAST OF FURTHER LOSSES, YOU SEE GOOGLE ADDING MORE THAN 1%, BROADCOM IS A GAIN OR. TESLA IS A GAIN OR. WALMART IS MOVING HIGHER RIGHT NOW. IN TERMS OF THE LOSERS IT IS PRETTY CLEAR THE BANKS AND ESPECIALLY THE CREDIT CARD ISSUING BANKS ARE HOLDING US DOWN. J.P. MORGAN CHASE, CITIGROUP, ALL ON THE DOWNSIDE ALONG WITH FACEBOOK. TAKING A LOOK AT THE INDUSTRY GROUP BREAKDOWN, YOU CAN SEE THE SAME THING.

1:04:48 WRITE DOWN HERE THE FINANCIALS INDEX, THE BIGGEST LOSER UP MORE THAN 1%. MOST OF THE OTHER GROUPS ARE GAINING WITH CONSUMER STAPLES UP MORE THAN 1%. MATERIALS, COMMON SERVICES, HYPERSCALERS AND UTILITIES LEADING THE WAY. COMING UP, KATHY BOSTJANCIC WEIGHS IN ON PRESIDENT TRUMP'S CREDIT CARD FIGHT AS WELL AS HIS FEUD WITH THE FED. THIS IS BLOOMBERG: OPEN INTEREST. ♪

1:05:23 VONNIE: DANI: CREDIT CARD -- DANI: CREDIT CARD COMPANIES ARE TUMBLING IN TODAY'S TRADE. PRESIDENT TRUMP SING THE LENDERS WILL BE VIOLATION OF THE LAW IF THEY DO NOT CAP INTEREST RATES AT 10%. KLARNA CEO SAYS -- WELCOMES THE SHARES. THE SHARES WERE HIGHER AND NOW THEY ARE LOWER. KATHY BOSTJANCIC JOINS US NOW. TWO THINGS TO ADDRESS CURRENT WHETHER A RULE LIKE THIS COULD BE LIKELY OR LAWFUL AND WHAT IMPACT IT WOULD HAVE. WHAT IS THE LIKELIHOOD THE PRESIDENT WOULD BE ABLE TO CAP CREDIT CARD COMPANIES INTEREST RATES AT 10%? KATHY: GOOD MORNING. IT IS UNCLEAR.

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

1:07:03 WE ARE LOOKING AT 1.1 THIRD TRILLION DOLLARS WORTH OF OUTSTANDING CREDIT CARD DEBT AND VERY FEW OF US HAVE INTEREST RATES APPROACHING 10% ON BALANCES HELD, MORE LIKE 20% ON AVERAGE. HOW WOULD THAT SHAKE OUT? KATHY: THERE IS A NUMBER OF FACTORS TO CONSIDER. ONE, IT CERTAINLY COULD REDUCE INTEREST COSTS FOR CERTAIN HOUSEHOLDS QUITE DRAMATICALLY. GOING FROM 20% OR NORTH OF 20% TO 10% AND THEN THE QUESTION IS DOES IT OR JUST NEW CREDIT CHARGES. WE ALSO HAVE TO CONSIDER WHAT THE BANKS OR CREDIT CARD COMPANIES WOULD DO IN TERMS OF THE AVAILABILITY OF CREDIT.

1:08:03 THEY WOULD ARGUE THAT CREDIT CARD RATES ARE HIGH BECAUSE YOU NEED TO TAKE INTO CONSIDERATION DEFAULT OR DELINQUENCIES AND A RANGE OF CREDIT SCORES THAT IS AVAILABLE TO RECEIVE YOUR CREDIT. IF THEY LOWER THE AMOUNT OF INTEREST RATES THEY ARE CHARGING THEY COULD REDUCE THE AMOUNT OF CREDIT AVAILABILITY, ESPECIALLY FOR LOWER INCOME AND LOWER PICO SCORED COMMUNITIES AND FORCES CONSUMERS MORE INTO THE ALTERNATIVE MARKETS WHICH IS LESS REGULATED AND COULD ULTIMATELY BE MORE EXPENSIVE. DANI: ALL OF THESE ANNOUNCEMENTS INTO THE MIDTERM. ATTACKS ON THE FED INDEPENDENCE, ATTEMPTS TO LOWER RATES. THINGS LIKE THE ONE BIG BEAUTIFUL BILL, GIVING CHECKS TO PEOPLE, CAPPING CREDIT CARD INTEREST RATES, NOT ALLOWING PRIVATE INVESTORS TO INVEST IN HOUSING.

1:09:04 THE FIREHOSE OF INFORMATION OF WASHINGTON TAKING AS A WHOLE. HOW ARE YOU THINKING OF THE EFFECTS OF THIS ECONOMY WE ARE LOOKING AT ALL OF THESE AND TRY TO FACTOR THOSE IN AND TAKING A STEP BACK. FUNDAMENTALLY THE ECONOMY IS DOING QUITE WELL AND IT HAS SURPRISED MANY PEOPLE, ESPECIALLY GIVEN ALL OF THE POLICY CHANGES FROM LAST YEAR. CORPORATE EARNINGS HAVE BEEN STRONG AND THAT IS WHY THE EQUITY MARKET HAS DONE SO WELL. ECONOMIC GROWTH FOR THE FOURTH QUARTER NOW LOOKS LIKE THE GROWTHS TO COMING UP 3 -- WE ARE COMING OFF STRONG ECONOMIES INTO 2026. ONE BIG BEAUTIFUL BILL ESTIMATES WE HAD ABOUT FISCAL STIMULUS.

1:09:54 THAT YOU HAVE THE FED HAS LOWERED INTEREST RATES. I SAY THE ONE BIG BEAUTIFUL BILL DOES HELP SOME OF THOSE LOWER INCOME HOUSEHOLDS. YOU HAVE NO TAXES ON TIPS AND OVER AND THINGS LIKE THAT. WE WANT TO SEE. ONE THING THE MARKETS WILL BE SENSITIVE TO IS AMONG ALL OF THE POPULIST ACTIONS THE INDEPENDENCE OF THE FED. HIS. -- THAT IS KEY. SENATOR TILLIS SAID HE MIGHT HOLD UP THE CONFIRMATION OF TRUMP NOMINEES FOR FED CHAIR. THE OTHER DAY THE BOND VIGILANTES VOTE ON LONG-TERM INTEREST RATES. MATT: I THINK THE THOM TILLIS NEWS IS UNDERPRICED OR MAYBE NOT. J.P. MORGAN SAYS IT NO LONGER EXPECTS A FED RATE CUT AND THEY PREDICT THE NEXT MOVE WILL BE A HIKE IN 2027. DOESN'T THAT MAKE SENSE?

1:11:01 WITH THE ECONOMY GROWING SO QUICKLY GETTING STIMULUS FROM THIS BIG BEAUTIFUL BILL, THE STOCK MARKET AT AN ALL-TIME HIGH. UNEMPLOYMENT 4.4% HOW DOES ANYONE SEE RATES AS OF DESCRIPTIVE? KATHY: TO US THE KEY IS INFLATION. WE THINK INFLATION PEAKS EARLY Q2 AND ACTUALLY THE FED REVISED FORECAST HIM IN LINE WITH OUR OWN FORECAST. AS IT TRENDS LOWER I THINK IT DOES GIVE THE FED ROOM TO CUT INTEREST RATES. MATT: YOU ONLY CUT WHEN YOU HAVE ROOM? WHY NOT KEEP THAT POWDER DRY, ESPECIALLY IF THE ECONOMY IS DOING SO WELL AND WE ALL MIGHT BE MONEY FROM THE STOCK MARKET?

1:11:50 KATHY: I THINK RATES ARE LITTLE BIT RESTRICTIVE. WE LOOK FOR 50 BASIS POINTS OF RIG COUNT -- WHAT WE SEE IS A LABOR MARKET THAT HAS BEEN LAGGING. THAT HAS BEEN SINCE THE MIDDLE PART OF 2023. I THINK IT MAKES SENSE TO HELP OUT THE LABOR MARKET AND JUST GET BACK TO NEUTRAL. I'M NOT SAYING BECOME ACCOMMODATIVE. WHILE FINANCIAL CONDITIONS ARE EASY NOW THAT COULD CHANGE AND WE KNOW CONDITIONS FOR CONSUMERS, SOME CONSUMERS ARE FACING STRAIN. I WOULD LIKE TO SEE AUTO LOAN RATES LOWER AND MORTGAGES LOWER. IMAGINE IF WE OF THE INTERSTATE FOR -- HOUSING BOOMING WOULD BE A STRONG ECONOMY.

1:12:39 MAYBE THEN I WOULD BE MORE INCLINED TO THINK THE FED CANNOT CUT RATES BUT I DO NOT SEE THAT FOR NOW. MATT: IT WILL BE INTERESTING TO SEE, ESPECIALLY WITH SO MANY PEOPLE DEFAULTING ON AUTO LOANS AND OTHER PRICES AT SUCH A HIGH LEVEL. I -- IT IS ALREADY A FAIRLY UNAFFORDABLE PRODUCT FOR MOST OF THE NATION. KATHY: I THINK LOWER RATES HELP. CERTAINLY THEY HELP. ON THE MARGIN THAT GOES A LONG WAY. I AGREE THE RUN-UP TO INFLATION WE HAVE SEEN HAS BEEN PUNISHING FOR CERTAIN HOUSEHOLDS. IF YOU START TO SEE LABOR MARKET FIRM WHICH I SEE SOME SIGNS OF THAT SINCE THE SUMMER PRIVATE PAYROLLS HAVE FIRMED.

1:13:30 THAT IS FAR FROM A BOOMING LABOR MARKET BUT IF YOU START TO SEE STRONGER LABOR MARKET, YOU SEE A LITTLE BIT OF HEALTHY WAGE GROWTH THAT GOES A LONG WAY TO HELP HOUSEHOLDS AND LOWER INTEREST RATES ON THE MARGIN. MATT: GREAT HAVING SOME TIME WITH YOU. KATHY BOSTJANCIC OF NATIONWIDE MUTUAL INSURANCE. LET'S GET A CHECK OF THE MARKETS. LITTLE CHANGED. 6960 AND WE CLOSED AT 6966 FRIDAY. THE NASDAQ DOWN.2%. GETTING BACK CLOSER TO THOSE OCTOBER HIGHS. THE 10 YEAR YIELD AT 4.18. NOT JUMPING TO LEVELS THAT ARE AT ALL EYE-OPENING.

1:14:21 NOT A LOT GOING ON. THERE A LOT OF MOVERS UNDER THE HOOD. DANI: WE ARE WATCHING SHARES OF ALPHABET AND APPLE. APPLE HAS REPORTEDLY ENTERED A PARTNERSHIP WITH GOOGLE'S GEMINI. WHAT WILL THE PRICE TAG BE? MARK GURMAN REPORTED THEY WOULD PAY $1 BILLION A YEAR WHICH SEEMS KIND OF CHEAP CONSIDERING ALL TECH GIANTS HAVE ALREADY SPENT HUNDREDS OF BILLIONS OF DOLLARS A YEAR. MATT: HOLD UP YOUR LITTLE FINGER TO YOUR MOUTH LIKE DR. EVIL. WALMART IS SET TO REPLACE ASTRAZENECA ON THE NASDAQ. INTRODUCED A DEAL WITH ALPHABET TO USE GOOGLE'S GEMINI. EVERYBODY IS GETTING WITH GOOGLE'S GEMINI. APPLE AS WELL.

1:15:12 PORSCHE SHARES ARE GETTING CRUSHED TODAY, DOWN ANOTHER 6%. THEY TRADED IN GERMANY, THE TICKER IS P911. I PROBABLY WOULD'VE GONE WITH A DIFFERENT TICKER RATE WHO WOULD'VE THOUGHT THE SHARES WOULD LOSE 45% OF THEIR VALUE? IT IS THE BIGGEST LOSER OF ALL AUTOMAKERS ON THE BASE OF THE PLANET. NOBODY HAS DONE THIS BADLY? DANI: WHY HAVE THEY DONE SO BADLY? MATT: I GUESS BECAUSE THEY HAVE POURED SO MUCH MONEY INTO EB'S. SOME OF THEM ARE BRILLIANT. I DROVE AN AMAZING VEHICLE AND IT IS PRICED AT THE SAME AS A 911 AND IF YOU WILL PAY THAT MUCH MONEY ANYWHERE YOU MIGHT AS WELL BUY A 911. DANI: COMING UP, NVIDIA TEAMS UP WITH ELI LILLY.

1:16:01 LOTS OF AGREEMENTS THIS MORNING. ELI LILLY DFI WILL BE JOINING KATIE GREIFELD FROM THE J.P. MORGAN HEALTH CARE CONFERENCE. WE BRING YOU THAT CONVERSATION NEXT. DANI: NVIDIA HAS ANNOUNCED IT WILL TEAM UP WITH ELI LILLY TO INVEST $1 BILLION IN A NEW LAB IN SILICON VALLEY, AIMING TO SPEED UP THE USE OF AI AND THE PHARMA INDUSTRY. JOINING US IS BLOOMBERG'S KATIE GREIFELD FROM THE J.P. MORGAN HEALTH CARE CONFERENCE IN SAN FRANCISCO ALONG WITH ELI LILLY'S CFO. TAKE IT AWAY. KATIE: THANK YOU. I AM SITTING WITH LUCAS MONTARCE TAKE, CFO AT ELI LILLY.

1:16:47 GREAT TO SEE YOU. WE HAVE TO TALK ABOUT WHAT YOU ARE DOING WITH NVIDIA BUT WE HAVE TO START WITH WHAT IS GOING ON WITH PILLS, OBESITY WEIGHT LOSS PILLS. NOVO NORDISK, THE BIG NEWS WAS THEY WON APPROVAL FOR THEIR OBESITY PILL. YOU THINK ABOUT ELI LILLY'S OWN OBESITY PILL. ARE YOU STILL ON TRACK FOR THAT MARCH APPROVAL? LUCAS: WE ARE ON TRACK. WE SUBMITTED FOR APPROVAL AND WE ARE EXPECTING THAT TO TAKE PLACE AS EARLY AS Q2 THIS YEAR. KATIE: GIVEN NOVO NORDISK AS A COUPLE OF MONTHS ON YOU THERE HOW DOES THAT AFFECT YOUR STRATEGY TO LAUNCH THE PILL?

1:17:27 WILL IT BE AVAILABLE ON ALL TELEHEALTH PLATFORMS? LUCAS: REMEMBER WE ARE TALKING ABOUT 100 MILLION PATIENTS WE CAN SERVE IN THE U.S. AND THERE IS MORE THAN 900 MILLION PATIENTS AS WELL. IF YOU THINK ABOUT THIS IS NOT A TIMING OF A FEW MONTHS, BUT WE ARE THINK ABOUT HOW MANY PATIENTS WEEKEND SERVED WITH THESE BILLS AS WELL. KATIE: YOU TALK ABOUT SOMETHING I'VE BEEN WONDERING ABOUT WHEN IT COMES TO THE INTRODUCTION OF OBESITY PILLS. DO YOU SEE IT EXPANDING THE TOTAL ADDRESSABLE MARKET OR DO YOU THINK TO SOME EXTENT THE INTRODUCTION OF PILLS WILL CANNIBALIZE THE INJECTABLES? LUCAS: NOW DAYS WE ARE SERVING LOW SINGLE DIGIT OF PATIENTS GLOBALLY. THERE IS PLENTY OF FEEDBACK FROM POSITIONS AND -- AND A PREFERENCE AS WELL.

1:18:26 CERTAIN PATIENTS ARE NOT WILLING TO GO TO THE INJECTABLES. THIS WILL EXPAND IN THE U.S. AND OTHER MARKETS. KATIE: IN NOVEMBER YOU STRUCK A DEAL WITH THE TRUMP ADMINISTRATION TO LOWER PRICES WHEN IT COMES TO WEIGHT LOSS DRUGS AND YOUR DEAL WAS SPECIFIC TO THIS QUICK PAN ADVICE NOT YET APPROVED. WHEN ARE YOU EXPECTING TO SEE APPROVAL? LUCAS: WE ARE EXPECTING TO SEE THAT APPROVAL WITHIN THE NEXT FEW MONTHS. WE HAVE AN OPPORTUNITY TO BRING THE QUICK PAN TO THE MARKET. WE HAVE THE INJECTABLE FOR THE COMMERCIAL BUSINESS, WE HAVE THE BIOGRAPHY FOR DIRECTOR PATIENTS.

1:19:03 THEY NEEDED A DIRECT MARKET SERVING MORE THAN ONE MILLION PATIENTS. THE QUICK PAN WILL ALSO BRING ANOTHER OPTION TO THE PATIENTS AS WELL. KATIE: NOW I HAVE THE IMPOSSIBLE QUESTION TO ASK YOU. NOW THAT IT SEEMS LIKE MOST PHARMA COMPANIES HAVE SIGNED DEALS WITH THE TRUMP ADMINISTRATION, ARE THERE OTHER INITIATIVES OR LEFT FIELD POLICY DECISIONS THAT YOU THINK COULD COME FROM THE TRUMP ADMINISTRATION? LUCAS: THIS AGENDA WHEN WE THINK ABOUT 2025 AND THE MOST FAVORABLE NATION, THIS IS ALMOST SETTLED AND DONE AT THIS TIME.

1:19:43 I THINK MOST OF THE COMPANIES INCLUDING A DECEMBER HAVE SIGNED THEIR AGREEMENTS. HOPEFULLY THIS WILL PROVIDE MORE STABILITY AND TRANSPARENCY IN THE MARKETPLACE INTO 2026. MORE EXCITING OPPORTUNITIES IN PARTICULAR FOR US IS THE OPPORTUNITY TO GET ACCESS IN THE MEDICARE SPACE FOR PATIENTS ON MEDICATION GENERATE THE PATIENTS WILL PAY US $50. THAT WILL HAPPEN AS EARLY AS APRIL BUT NO LATER THAN JULY. THAT IS AN EXCITING OPPORTUNITY TO CONTINUE TO DRIVE GROWTH AND TO SERVE MORE PATIENTS AS WELL IN THE U.S.. KATIE: BETWEEN THE INTRODUCTION OF OBESITY PILLS IN THE MEDICARE FACTOR AS WELL. EXCITING YEAR FOR THE OBESITY MARKET. LET'S GO BEYOND OBESITY BECAUSE WE HAVE TO TALK ABOUT M&A. LAST YEAR ELI LILLY ANNOUNCED A DEAL WITH CANCER BIOTECH SCORPION.

1:20:38 LAST WEEK YOU ANNOUNCED A DEAL WITH FINTECH. THAT SPECIALIZES IN GOVERNING DRUGS TO TREAT INFLAMMATORY DISEASES. HOW ARE YOU FEELING ABOUT THE PORTFOLIO? ARE YOU DONE FOR THE TIME BEING OR DO YOU SEE OPPORTUNITY FOR MORE M&A? LUCAS: VERY EXCITING OPPORTUNITIES. YOU MENTIONED TWO BUT WE SIGNED MORE THAN 30 YEARS LAST YEAR. OUR TARGET HAS ALWAYS BEEN GOING EARLY PHASE, THAT IS WHAT BRINGS VALUE TO OUR PORTFOLIO ACROSS OUR THERAPEUTIC AREAS. SCORPION IS VERY EXCITING OPPORTUNITY AND IT IS NOW ADVANCING TO PHASE 3. YOU MENTIONED BED TICKS AND -- I THINK THAT WILL SERVE AS A -- THINKING ABOUT THE FUTURE WE CONTINUE TO EXPAND INTO THESE CORE THERAPEUTIC AREAS BUT WE ARE LOOKING AT EMERGING THERAPEUTIC AREAS AS WELL AND WHAT WE THINK ABOUT PLATFORMS AND BRINGING THE RIGHT EXPERTISE AS WELL. THAT IS PART OF OUR SECRET SAUCE THINKING ABOUT THE M&A SPACE. KATIE: WHEN IT COMES TO OBESITY AND DIABETES IT FEELS LIKE THE

1:21:50 MARKET HANGS ON EVERY UPDATE. WHEN IT COMES BEYOND THOSE KEY AREAS, WHAT CATALYSTS SHOULD INVESTORS BE LOOKING OUT FOR THIS YEAR? LUCAS: WE HAVE PLENTY OF DATA READOUTS. LAST YEAR EVERY SINGLE QUARTER WE HAD DATA READOUTS IN ONCOLOGY. THIS YEAR WILL BE VERY SIMILAR. THEN WE HAD THAT RITA IS AN EVENT DRIVEN STUDY BUT WILL ALSO HAVE THE READOUTS LATER THIS YEAR INTO 2027. ONCOLOGY IS AN EXCITING SPACE. NEURODEGENERATION, WE HAVE OUR PORTFOLIO THERE AND WE HAVE PRODUCTS IN THAT SPACE. LAST BUT NOT LEAST AS WELL AS IMMUNOLOGY WE LAUNCH A TOPIC THAT WE ARE BRINGING NEW OPPORTUNITIES WITH THE DEALS INTO THE FUTURE. KATIE: YOU'VE SAID YOU WILL REINVEST YOUR EARNINGS. GIVEN THE SPEED AT WHICH ELI LILLY IS GROWING AT WHAT WE SHOULD WE EXPECT WHEN IT COMES TO PROFITABILITY AND OPERATING MARGINS?

1:22:52 ARE THERE ANY SPECIFIC LEVELS YOU ARE TARGETING? LUCAS: WE ARE NOT TARGETING LEVELS BUT THINKING ABOUT HOW WE CAN DRIVE SUSTAINABLE GROWTH OVER TIME. WE HAVE THE LARGEST PIPELINE IN OUR HISTORY. WE FEEL THAT WE CONTINUE TO BUILD INTO THAT PIPELINE AS WE DRIVE SUSTAINABLE GROWTH IS THE FERGUSON PRIORITY FOR THE ORGANIZATIONS. WE WILL PUT THE CAPITAL TO WORK TO ENSURE WE DRIVE SUSTAINABLE GROWTH. KATIE: THEY HEADLINED A VIDEO WILL INVEST $1 BILLION OVER FIVE YEARS TO BUILD A NEW LAB WITH YOU IN SILICON VALLEY. THIS FOLLOWS ON NEWS FROM OCTOBER YOU ARE PARTNERING WITH NVIDIA TO DEVELOP AN AI SUPERCOMPUTER. WALK US THROUGH THE VISION OF WHAT THIS MEANS FOR ELI LILLY AND POTENTIALLY THE HEALTH CARE INDUSTRY SHOULD WE SEE SOME OF THE EFFORTS START TO BERESFORD.

1:23:48 THE OTHER EVENT IS WE HIRE ARE CHEAP AI OFFICER IN 2024 SO IT STRONG MOMENTUM INTO WHAT WE THINK IS ONE OF THE LARGEST OPPORTUNITIES ON HOW WE CAN LEVERAGE AI TO ACTUALLY GO AFTER THE HARDEST OPPORTUNITIES WE HAVE IN THAT SPACE. HOW WE CAN TRANSFORM THAT AND AMEND THE WORK OF SCIENTISTS. THIS COLLABORATION IS INVESTMENT UP TO $5 BILLION OVER FIVE YEARS THAT WILL BE DOING WITH NVIDIA. WE WILL PUT ALL SCIENTISTS IN BOTH COMPANIES TO WORK OVER THE NEAR FUTURE. KATIE: WE LOOK FORWARD TO KEEPING IN TOUCH ESPECIALLY ON THAT TOPIC. BACK TO YOU GUYS IN NEW YORK.

1:24:33 MATT: THANK YOU VERY MUCH KATIE GREIFELD. KATIE IS SITTING DOWN WITH THE ELI LILLY CFO. STAY TUNED FOR HER OTHER INTERVIEWS THROUGHOUT THE DAY AT THE J.P. MORGAN HEALTH CARE CONFERENCE. THEY INCLUDE PFIZER'S CEO AT 2:00 P.M. NEW YORK TIME. THIS IS BLOOMBERG’S OPEN INTEREST. ♪

1:24:58 DANI: BREAKING EARLIER THIS HOUR. APPLE HAS REPORTEDLY ENTERED A MULTIYEAR PARTNERSHIP WITH GOOGLE'S GEMINI. MANDEEP SINGH, GLOBAL HEAD OF TECH RESEARCH JOINS US NOW. MARK GURMAN WAS ALSO REPORTING THIS WAS IN THE WORKS ABOUT TWO MONTHS AGO SAYING THE PRICE TAG WOULD BE $1 BILLION A YEAR. THAT SEEMS INCREDIBLY CHEAP CONSIDERING ALL THE OTHER BIG TECH GIANTS ARE SPENDING HUNDREDS OF BILLIONS OF DOLLARS A YEAR ON THEIR AI. MANDEEP: IT IS NOT A SURPRISE BECAUSE GOOGLE ALREADY HAS THEIR EXISTING SEARCH RELATIONSHIP WITH APPLE AND AT THE CES AMAZON LAUNCHED ALEXA PLUS.

1:25:42 YOU KNOW THERE'S A LOT GOING ON WITH A GENENTECH AND APPLE HAS TO STEP UP WITH WHICHEVER AAM -- THERE IS A LOT GOING ON WITH AGENTIC AND APPLE HAS TO STEP UP WITH WHATEVER LLM THEY WANT TO USE. EVERYONE IS LOOKING AT VOICE AS AN AREA FOR AGENTICC COMMERCE SO THIS IS COMING AT A GOOD TIME. MATT: I WAS LOOKING AT OUR OWN WS L PREDICT. ONE OF THE THINGS YOU CAN BET ON IS WHO HAS THE BEST AI AT THE END OF THE YEAR. GOOGLE DOMINATES. 91%. OPENAI HAS.9%. ARE THEY THAT MUCH AHEAD? MANDEEP: I WOULD SAY ALL THE FRONTIER LLM'S ARE CLOSE AND NOW THE TREND IS TOWARD SPECIALIZATION.

1:26:36 ANTHROPIC HAS SHOWN YOU CAN FOCUS ON A PARTICULAR AREA TO THE POINT WHERE YOU CAN GAIN A LEAD. THAT IS WERE OPENAI WILL DO WELL AS WILL GEMINI AND ALL THESE FRONTIER MODELS. META HAS TALKED ABOUT VOICE AS A USE CASE AND THEY WANT TO HONE IN THEIR MODEL FOR BOYS BECAUSE THEY FEEL IT WILL WORK WELL WITH THEIR GLASSES. I THINK ALL OF THE MODELS WILL PICK A USE CASE AND GET BETTER. MATT: MANDEEP SINGH A BLOOMBERG INTELLIGENCE RUNS TECH COVERAGE. THAT IS IT FOR “BLOOMBERG OPEN INTEREST.” STAY TUNED. ♪

Questions about this episode

What is discussed in "Wall Street on Edge Amid Fed Angst | Open Interest 1/12/2026"?

In order: 0:00 Bloomberg, Michael McKey, Thom Tillis, Alphabet Inc.; 10:00 Bloomberg, Alphabet Inc., Dina McCormick; 20:00 Alphabet Inc., American Express, Bloomberg, Capital One; 30:00 Bloomberg, Capital One, American Express; 40:00 Bloomberg, Eli Lilly, Jessica Nix, Alphabet Inc.; 50:00 Bloomberg, Capital One, Michael McKee; 1:00:00 Bloomberg, Citigroup Inc., Eli Lilly; 1:10:00 Eli Lilly, Alphabet Inc., Bloomberg, Thom Tillis; 1:20:00 Eli Lilly, Bloomberg.

What is mentioned in this Bloomberg Television episode?

16 people, works and ideas are mentioned, including Bloomberg, Eli Lilly, Alphabet Inc., Capital One, JP Morgan, Thom Tillis. Each one on this page links to its own page with every episode that mentions it.

How long is "Wall Street on Edge Amid Fed Angst | Open Interest 1/12/2026"?

The episode runs 1 h 27 min; the transcript is about 12,810 words in 117 timestamped sections.

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