Bloomberg Daybreak: US Edition Government Shutdown Deadline; Fed Fueled Selloff on Wall Street
Dec 19, 2024
Tensions rise in Washington as Trump breaks ranks on funding, igniting a fierce debate on the looming government shutdown. The Federal Reserve shifts its focus back to inflation, causing ripples in financial markets. Micron faces its steepest drop in over three years, attributing its slump to a sluggish sales forecast. With internal strife among Republicans complicating matters, the podcast dissects how these political dynamics impact economic strategies and corporate stability. Plus, a nod to labor strikes and sports highlights adds a twist!
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Government Shutdown Looms
- Donald Trump opposes the stopgap spending bill, demanding a clean bill and a debt ceiling vote.
- This creates a government shutdown threat and potential political problems.
Fed's Hawkish Tilt
- The Fed's hawkish tilt, scaling back projected cuts and prioritizing inflation, surprised markets.
- This creates a less favorable environment for risk-taking, according to Jeffrey Rosenberg.
Micron's Plunging Shares
- Micron's shares plunged after their revenue forecast missed projections due to weak demand for smartphones and PCs.
- This highlights the current sluggish tech market.