Bloomberg Daybreak: US Edition Trump-Powell Firing Drama Rattles Markets; Senate Passes DOGE Cuts
Jul 17, 2025
Tensions rise as President Trump hints at not firing Jerome Powell while still leaving a looming threat. The Senate takes a bold step, passing significant cuts in federal funding for public broadcasting linked to Elon Musk's efficiency initiative. Meanwhile, Trump prepares to notify over 150 countries of potential tariff increases, shaping his trade agenda. This political drama is causing ripples across financial markets, raising questions about the Fed's independence and the future of cryptocurrency legislation.
AI Snips
Chapters
Transcript
Episode notes
Trump's Fed Chair Firing Threat
- President Trump floated firing Fed Chair Jerome Powell but didn't rule it out completely.
- The Fed's renovation costs became a point of contention in this pressure campaign.
Importance of Fed Independence
- The Federal Reserve is designed to operate independently from the executive branch and Congress.
- Bank of America CEO and Senator Elizabeth Warren emphasize the importance of this independence.
Senate Approves Major Spending Cuts
- The Senate passed a $9 billion federal spending cut package including deep reductions to public broadcasting and foreign aid.
- The package is controversial and moves to the House for approval before the President's signature.