sonali: up into bloomberg markets. let's get a check on the markets. you're looking at the s&p 500 below 5900. .3% lower as we hit midday. nasdaq 100 more so, almost .4% lower. the 10 year, which has behaved like a haven bid this week in the middle of geopolitical conflict, that is now not quite

there. it is still below 4.40 on the 10 year but we are roughly unchanged on the day. bitcoin is where you see a lot of excitement. it is up to more than $94,000 per bitcoin. up another 2% today. investors looking to bank on options tied to bitcoin etf's, particularly ibit. investors are focused on one name. here's what to expect from earnings after the bell. >> the figure to look at tonight will be the margin levels in the market share levels. $3.5 trillion of market cap and price on the video today can be justified only if they can keep their market share intact and their margins intact. sonali: nvidia not the only mover today. we will look at other big movers

on the equity side and bring in abigail doolittle. abigail: nvidia does have hour i because it is down on the -- nvidia does have our eye. it is down but off of the lows. options are pricing in an 8% move to the upside or downside. that could equate to a $300 billion gain or loss for nvidia. what investors are looking for in addition to what that guest was talking about in terms of margins, $.74 of adjusted earnings on $34.3 billion of adjusted revenue. the big question is can they put up another big raise. the growth for both of those numbers is impressive on a year-over-year basis but it is decelerating. at some point investors will care given is the top weighted nasdaq. now turning to other midday movers. we have the shares of alphabet down although also off of the

this on continue news around the possibility of a breakup of their company. we had a bloomberg exclusive scoop saying chrome could be worth up to $24 billion if a judge does order a sale. finally target, lots of laggards we are looking at in this midday movers, down 22.3%, the worst day since may 2022. they missed adjusted earnings by 18%. they had to cut the all-important holiday guide. it looks like target does not have the target feeling today or over the last several months. sonali: certainly a messy read on the consumer as we dive into earnings. we thank you so much for your time. we will turn to the treasury market. there is an option set for the top of the hour. investors are filling out the trump administration's budget plans. earlier today julian emanuel talk about how politics plays a role with yields.

julian: the last week or two the bond market has been better behaved as we try to digest this all in we stall out below 4.5 on the 10 year yield. if you start moving towards for and three quarters, that is not our base case at this point. what we think when the treasury secretary is announced, whoever that person is it will likely be the person who understands the dynamics of the bond market. sonali: for more on this we are joined -- overseeing many types of fixed income including global corporate credit and every corner of the bond market has been impacted by political outcomes. when you think about what we know already that might be a sure bet, what do you think is not priced in with all of the uncertainties we have ahead? >> i think the main thing i

would suggest has probably not been priced in because we cannot price it in is what the fiscal deficit looks like. even if we get a reasonable treasury secretary, i think we are likely to see some expansion of the fiscal deficit and that will be the next lake in terms of bond yields. not massive but i think right now the market is in a bit of a wait and see mode to see if everything that the incoming administration wished to do it could do, it would be a massive fiscal blowout. we do not think that is likely to happen. until we know we cannot take a position on that. sonali: when you think about the treasury secretary, what role do they play in the bond market? you've seen the argument come to the surface about the issuance at the short end of the curve.

would that change if you have a new treasury secretary? doesn't the market determine what is possible? >> i think so. the treasury's issuance is a technical issue. it is less to do with the treasury secretary and more to do with the treasuries plan on issuance and i think that is a fairly technical part of the treasury department. the overall scale of the issuance on the other hand has a lot more to do with fiscal policy and where in incoming treasury secretary could guide the incoming administration in terms of what is possible and what is desirable in terms of fiscal policy. sonali: i had an argument with a colleague earlier about the idea. say he were to get the spot is treasury secretary. a lot of people saying warsh was quite hawkish. if you are in a different spot, this is not the fed, this is the

treasury. can you be hawkish? isn't your intent to keep borrowing costs as low as possible? sonal: your intent is to keep borrowing costs as low as possible but you do not do this via the fed. you keep costs low by running a more sensible fiscal policy. he does not get to choose that policy but he can guided. i think there is a limited amount any central bank can do if the government is convinced it needs to blowout fiscal. that is very much one of the determinants of what happens at the long end of the curve. sonali: when we think about fiscal policy, one way to think about it is through the range of outcomes. how far do you see the distributions in the 10 year yield given one outcome or another? sonal: my call for the 10 year yield was we are moving to that

4.5% range before i knew the outcome of the election. something people tend to forget is even under a harris administration there were plans to blowout. people were talking about a $3.5 trillion blowout in the deficit. absent the counterpoint of what people have estimated as the republican plans, 3.5 trillion is pretty darn large. coming off several years of very large budget deficits, there does not seem to be an outcome going forward where the deficits convincingly come down and therefore i think 4.5% to 5% is one side of it and the other side, we could inch higher. the unknowns are how gdp growth actually responds. if we do get growth positive fiscal policy, at least in the short term that is likely to

have a positive impact on growth. sonali: the deficit is one thing to think about in inflation is. there are two camps that tariffs could set up inflation or reignite a new wave. then there is another form of thinking. i call back to a conversation with the citigroup ceo, jane frazier. this idea that productivity could fill a lot of that hole. what is the more likely outcome? sonal: i would not quite use the productivity issue. i would go back to the first principles, which is tariffs themselves. u.s. is effectively a large closed economy and we are running close to $30 trillion in gdp and tariffs are unlikely, they change relative prices. they are unlikely to have a massive inflationary consequence for the broad-based price level. if we have the extreme version across the board, 60% in china,

we would get a one time impact on the price level and that could be as much as .5%. to get an ongoing spurt of inflation, i think you need more than just tariffs and therefore i do not fully by into some of the more deep fears on broad-based inflationary pressures purely through tariffs were negative impact on crude just coming from tariffs. i'm not saying they are good thing. they are terrible. it is a bad policy. i don't think it has the type of impact which has been feared. on the question of productivity, i think that is why the fed neutral rate is at four. you have 2.25% inflation and i think productivity is on track to be around 1.75. it feels -- sonali: is the fed cutting in

december? sonal: i think the market is right. it is 50-50. it does not really matter. the fed has no more than three rate cuts. sonali: thank you so much for your time today. that is the cio of franklin templeton fixed income. coming up, we will watch developments within trump's cabinet because a list of picks for treasury secretary is narrowing. more meeting scheduled today with high-profile names. we will give you details on what is happening, next. this is bloomberg. ♪

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sonali: investors are keeping an eye on who could be the next treasury secretary. donald trump is scheduled to hold interviews today with former federal reserve governor kevin warsh and apollo's mark r.o.e. and. everybody waiting for the readout from those meetings. bloomberg deputy congressional editor joins us now. what we know about the latest? it feels like there has been a stunning amount of news coming out of this issue. this was something much of the market expected days ago. >> and you can tell it has been moving around a bit. howard lutnick was one of the people they thought might be in consideration. now he has been taken out because he has been named commerce secretary. as you mentioned they widened the lens of who they are looking at. not just apollo management mark

rowan and former fed governor kevin warsh but bill haggerty, a senator that spent a lot of time with trump yesterday and is said to be someone who is being considered. and then scott bessette is still in the race. sonali: realistically, even though there is a wide slate for treasury, you have a lot of infighting over some of the other picks that the president-elect has made, but not just the picks, the way he plans to go about bringing those people into different offices. he is poised to skip over fbi vetting. this is the president-elect poised to skip over the vetting of nominees and that would break 60 years of precedent. bring us under the surface of that decision and how that is going down with republican lawmakers. mike: this is something even republican senators are wary

of. for the last 60 years the fbi has done background checks on cabinet nominees before the senators considered whether to confirm them or not. these fbi background checks are not something you pass or fail, they are just an investigation and they give in investigative file to the committee that looks at the nomination. the trump people have said there can be politically damaging information that comes up in those investigations and so they are disinclined to have the fbi potentially finding politically damaging information. the flipside is the argument that investigating someone not only protects the senate and lets them know about the person, but protects the president. he might find out something he did not previously know about the nominee. sonali: according to our own

reporting the trump transition team has not signed an agreement with the justice department or fbi to allow the bureau to vet these nominees. what about the republican pushback? you mentioned there are certain senators who have already disagreed with this. what does it say about the relationship the president-elect will have with congress from the get-go? mike: this will be a point of friction between more institutionalist senators and the trump administration. people like chuck grassley, lisa murkowski, susan collins, may someone like mitch mcconnell, although he is not directly addressed it, someone like bill cassidy. the senators have said we want these checks. you should give us these checks. this will go faster if we get the checks. no one has drawn a line in the sand and said there is no way i will ever prove someone who does not have these checks and

likewise trump has not drawn a line in the sand and said there is no way i will ever do the checks. they are both signaling we do not want to do them. a bunch of senators want these. things will go easier for you if you do these. this is a point of tension already and this will continue to be a point of tension as the nomination confirmation process goes forward. sonali: we thank you so much for joining us with the latest. tomorrow trump's former top economic advisor gary cohn joins bloomberg surveillance for an exclusive interview at 8:00 a.m. new york time. elsewhere we are anticipating possible breaking news today from the manhattan district federal court, sentencing proceedings underway for archegos capital management founder. prosecutors have recommended 21 years in prison. his lawyers have asked for no prison time, citing his age and

his health. in july he was found guilty of 11 charges from fraud to market manipulation. he misled banks, inflating portfolio values to $36 billion before the bubble burst. for more we are joined by bloomberg's sally bakewell who has covered the fall of archegos. your team has been on the story from the inception. what is the significance? do we know much about whether he could get away with no jail time at all? sally: for expecting sentencing today. it was found guilty of fraud and market manipulation in july following the collapse of his $36 billion family office. prosecutors want to see them face jail time of more than two decades, arguing massive fraud followed a pattern of lawbreaking in his previous firm. his lawyers argue he should not face jail time, because the banks knew what they were doing in trading with them.

they were expecting to hear sentencing today but currently he went into court with his wife and lawyer. he waved at his supporters. we are yet to hear from him and we did expect to. currently the court seems to be going through procedural matters. they are announcing the amount that should be awarded to victims. they are announcing objections to a pretrial report. it is unlikely we get the sentencing today unless the judge really pushes things forward and we get some sort about job. sonali: the sentencing hearing has been fascinating and you can follow it on the bloomberg terminal. you have a lot of disagreement still happening. how dramatic is today? the sentencing was supposed to be concluded today but might keep going sally:. sally:it has been such a dramatic trial all throughout the summer.

now we are at this unusual place where it seems like there's a lot of throat clearing in the courtroom, which may indicate what the defense wants to do after the sentencing in terms of appeal. they may be trying to create objection noise now so they can refer to that and what they plan to do next. sonali: you have the lawyers even objecting to the calculation of a $10 million loss to counterparties, saying whatever the number is they've not shown it was caused by any misrepresentation. certainly we know they lost that money. sally bakewell from bloomberg news leads are u.s. financial coverage. coming up, we will go to etf's. our weekly etf report focuses on the big news from nasdaq. from mainstream finance to the world of crypto. it is the first options wagers on blackrock's $44 billion bitcoin etf's. those options will begin trading. this is bloomberg. ♪

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>> it is an enormously larger amount of liquidity and that raises the profile of the capital to invest in the space. options will dampen volatility and as volatility comes down people can take larger position sizes. you should see it becomes more stable over time and people looking more towards fundamental use case that a venture like equity risk that. sonali: that was alex thorne from galaxy digital speaking with me yesterday on the bitcoin etf options trading that is just begun. for more we are joined by -- we have had hours under our belt. this started a day ago. it is a new establishment and exciting establishment for people not only betting on

bitcoin but bitcoin etf. how does this change the market and what is the early intake as we know? >> this changes the market in the sense it adds liquidity to the etf like i just heard alex thorne saying yesterday. it adds liquidity and makes -- gives these etf's more of a swiss army knife appeal. their position limits of 25,000 contract which we can get into that limit how much that can be the case. how has it been so far? yesterday had a full day of trading. that is extremely strong start to the day. today we had five other etf's list options on their markets. so far today we are about $930 million in notional exposure trading. we are not halfway through the day yet.

with the five new etf's that have options they are likely to get close to the first day of trading, just shy of $2 billion in notional exposure. sonali: is this one way liquidity? it lets you bet towards or against these etf's. the etf's themselves have had tremendous liquidity. you've seen a lot of means by inflows. what does it mean to add the options market wagering to that in terms of what it could mean for the price? james: what it can do over the long-term is allow people to get specific types of exposure. you can limit your downside by buying puts. what we have seen in the early action is most of the volume in these option contracts are call options and there out of the money call options above the current price.

we are seeing that even with the new etf. if you look at the put call ratio it is very tilted towards calls. sonali: we have to leave it there. we are looking forward to all of your coverage. stick with us for more markets. this is bloomberg. ♪ it's our son, he is always up in our business.

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sonali: well burden -- welcome to bloomberg markets. it is a down day, a down day ahead of those nvidia earnings that could be a blockbuster but expectations are very high. s&p 500 still below 5900, down half of 1%. the nasdaq 100, 7/10 of 1% lower, off of session lows for today but close. the two tier the two year yield,

4.29. we are also going to look at some of the big movers on the equity side and bring in abigail doolittle for that. abigail: one of the big movers is clearly target, down 22%, its worst day since 2022. they put up a massive mess for their third quarter, essentially missing earnings by 18%. not able to lure customers to buy more with price cuts. there were inventory problems. there continues to be this bifurcation amid the consumer mixed signals about some stores doing well. walmart put up a good quarter, higher income shoppers. clearly not target. these companies report in two to three weeks, dollar general and dollar tree both down more than 4%. this is the negative side of the neck -- of the consumer story.

look at william simona -- liam's sonoma -- williams s onoma. a 1% revenue beat. the outlook looks good. again, it is interesting to see target down 22%, williams-sonoma up 1%. the s&p 500 and the nasdaq 100, down. take a look at big tech. this has to do with nvidia, down on the day ahead of that report. if it were to be the downside, investors getting a little cautious that that could roll into the big tech sentiment. these are the big point drags on the day. sonali: thank you so much. still in the middle of a earnings season but there are a lot of other corporate news out there. foreign shares are following after -- ford shares are

following after they revealed -- are falling after they revealed plans to cut 4000 jobs. we are joined by keith who has been covering this story and ford has seen a lot of change this year alone. how has this most -- how does this most recent establishment fall into the big picture? keith: they said they had a $7 billion disadvantage to competitors, so they are looking for any way possible to cut costs. they've been cutting costs in ev operations and now they are cutting these 4000 jobs in europe, to attempt to become more competitive. europe faces the same issues we have in the united states, which is ev's are not selling as expected, so they have had to slow production of electric vehicles in europe and one factor in europe that doesn't exist here is chinese competitors have come in and are gaining share and that is a new

competitive threat that ford is trying to work against. sonali: if matt miller were sitting here, you know he would ask about the european market and why it is such a bear. what is going on in europe? can we see some of the problems in ford spill over to the united states? keith: we see some similarities but europe was ahead of the united states in electric vehicle uptake but as with the u.s., things are slowing, governments are pulling back on consumer incentives they had offered. ford just launched two new electric vehicles in europe,an electric explorer. those models are not selling well. at the factory in germany that makes them, they are going on a week, off a week. it is not turning out to be the market that europe had previously, or that the

regulations are set up for, because these are very stringent regulations coming out of europe. sonali: it is interesting because since mid july, we have seen a significant selloff in the stock. what do they need to do at this juncture, to turn this story around? shares down 3.4% on the back of this. they are telling investors the reason they are doing this is to improve margins compared to rivals. keith: normally when there is a big job cut like this, you see shares going up. that is not happening here. the big thing that set this off was in july, they revealed warranty costs were much higher. they are the most recalled automaker in america and they have some quality issues and those things take a long time to fix and an even longer time to

show up in the earnings. i think investors are taking a very skeptical view of ford right now because they have a lot of work ahead of them. sonali: we have to leave it there. thank you for your reporting. this has been a very large story, the auto industry at large trying to weed through some troubles at this transition with electric vehicles. up next, we will talk about the big story of today. all of wall street is watching for nvidia earnings, do after the bell. we are so close, just off those record highs for the stock. down today but big expectations for later. this is bloomberg. ♪ to go further, ed to be ready foat's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil and natural gas,

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sonali: this is bloomberg markets. i am sonali basak. it is time for the stock of the hour. there is no bigger stock today than nvidia. it is set to report quarterly results after the bell today and has been a massive contributor to s&p 500 gains this year, so everyone is watching these numbers closely. that includes our bloomberg technology coanchor, caroline hyde. i know you have all the numbers at play on what a big move this could be. caroline: 25 members of the s&p 500 that an 8% move by nvidia would actually eclipse in terms of capitalization. it is funny, there is a note out there that says crypto is macro now. crypto is three times less the size of the market than nvidia.

minutia is going to be not only about what the third quarter looks like. about 10% quarter on quarter, but what about the fourth quarter, what about supply-side issues that we keep on hearing being the issue for blackwell? are we able to see a putting to bed of any of those anxieties? sonali: design side and supply-side and overheating all feel like fairly large issues. however, a lot of that was telegraphed to some degree. he's been so good at brushing off the concerns but these concerns in particular, you think he is going to be able to do it this time? caroline: the bar keeps going higher and fire -- higher and higher. they do need to keep forecasting that ultimately the demand for compute power remains, no matter what.

they are still committing to buying and spending. what then? how much of a going to see compute power still mean scaling walls are intact? are going to have ever more powerful large language models because you throw more data at these chips or do something have to nuance here? there is no other game in town yet. amd has been chipping away, but no demand from intel. it is the nvidia game to lose. sonali: stick with us. we are going to bring in northern data group's coo. her company is europe's largest genai cloud platform and it partners with companies like nvidia. i'm very curious to hear about how you are looking at numbers because you are investing in your own platform alongside there's in so many ways --

alongside theirs in so many ways. >> thank you for the summary of what northern data does. we actually do rely very much on nvidia and we have a great relationship with them but i think businesses like ours and nvidia are a testament to the significance of ai and the runway that it has to go. we are seeing exponential demand and that is definitely a driver in our business as well as nvidia. sonali: let's dig into a little bit around your business model more broadly. we spoke before on the tech show as well, and ultimately we are all trying to understand what while demand ends up being in the longer term. the issue for nvidia is if they can meet demand with supply. how much have you found the infrastructure issues, the offering of cloud is what holds

you back rather than the demand side? rosanne: what we are trying to get to is the commentary around blackwell delays. i think nvidia responded to that quite well and engineering is particularly -- an iterative process. as an elite partner of nvidia, we work closely with them to chart -- to ensure our own appointments run smoothly. we recognize that we have successfully deployed over 20,000 nvidia gpu's and we look forward to partnering with nvidia on the technology and those will be the prime solutions for our customers going forward. sonali: when you think about customers moving forward, how do you see that customer base expanding? you look at the big tech companies out there, you look at how investors reacted to the capex spend but at what point

did the markets start to be -- start to evolve beyond the companies currently relying on companies like nvidia today? rosanne: i think you would be surprised at how volatile that market is. lost in the context of some of the broader hyper scalars and applications like chatgpt. we are seeing global demand for our platform and that customer base is well beyond model making. they are small to medium corporate's trading their own and there is also the emerging market of inferencing that is ultimately going to drive an entirely different revenue stream and different customer base. caroline: you've talked often about your leadership position and what drives it. you've talked about how generative ai is the driver, but what i'm interested in is why the infrastructure currently being built, why the innovation behind a blackwell system is so hard. you said they have dealt with

some of the controversy as well, but there is the issue with cooling and when you have such massive data centers with such powerful compute, it is going to get incredibly hot. you are doing a lot of liquid cooled infrastructure. how hard is that? rosanne: it is pretty technical. what i would say is the focus is certainly on nvidia and rightly so because the expectations are high but i've been in barcelona at the hp discovery event and i can say there is an enormous amount of innovation happening behind the scenes and with nvidia's partners in the oem space with hp, with companies like gigabyte who provide solutions to tackle all of that very hot infrastructure. let's not also forget that we've also got things like northern data on certain -- while it is hot and there are technical difficulties with liquid cooling, there are also use

cases for all of that heat and we can reuse that and find creative and innovative ways to repurpose. sonali: we have to leave it there. certainly the story of the day, perhaps the story of the year. rosanne kincaid-smith, coo of northern data group. we thank you so much, and of course our own caroline hyde. looking forward to that coverage of these results. coming up, our money undercover segment. we are going to be speaking with hunter point capital. one of the newer fast-growing companies in town, that is next. this is bloomberg. ♪

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investments and for that we will turn it over to bloomberg surveillance coanchor lisa abramowicz. lisa: we've been talking a lot about how and what -- animal spirits have been turbocharged over the past two weeks and really the question a lot of people have been asking is, is that going to be the truth in private investing? joining us today is avi kalichstein, who formed hunter point capital back in 2020. very quickly growing company. avi, i would love your take on what the strategy is of a company that isn't just directly investing in the actual companies and traditional investments. avi: for context, hunter point capital is a gp solutions firm. that means we make permanent minority investments in the equity of alternative investment managers around the world. that could be private equity firms, private credit firms, real estate or infrastructure

businesses and we've also recently started a business that makes shorter-term financing for those same companies. we have about 600 gp relationships around the world and about 2800 lp relationships around the world. that gives us an interesting perch from which to look at the private markets. lisa: before we get into the lay of the land, i am curious how this is different from providing leverage or providing some sort of credit line to companies that are investing a lot in private equity companies that they haven't been able to sell or have merged, so they need to have capital to meet redemptions and make other investments. avi: our core gp stake strategy is a growth equity business. we are looking for the next generation of leading alternative investment managers in the world. firms like collar capital, where

we've made investments to help them grow their businesses. and then we bring strategic capabilities to help them achieve their goals a little faster. it is quite different from a business that's about underlying portfolio companies operating businesses. these are all financial institutions and asset management businesses. lisa: it's not like things have been slow but certainly in certain sectors, there has been helped over the past weeks that there would be some kind of growth injection into u.s. markets. have you seen a similar type of follow-through in private debt, private equity even, among some of your partners? avi: let's remember that private markets move much more slowly than public markets do. it is one of the beauties of the public market, they can react immediately. private markets are a little more delayed. i think the big question on everyone's mind is, a sort of

suspense thriller we are in, re: going to continue -- are we going to continue the decline in interest rates that we have seen precipitate more m&a activity in the private equity markets or are we going to face a new round of reflationary pressures that could for that return to normalcy in the interest rate environment? that feels like everyone is waiting to see where it -- what direction that is going to head. lisa: over the past couple of years, private debt has kind of taken the lead in terms of attracting capital and certainly being an asset class in favor does your -- favor. ipo's have not necessarily come to the fore. do you think that could potentially switch back where private equity gets a little more attractive, if there is a stable interest rate and mergers

and acquisitions are more amenable? avi: i don't think it is one or the other. there was a lot of momentum behind private credit and i think you will see that continue. that is partly because interest rates are higher and so for floating-rate products, investors are seeing the opportunity to get almost as much return as they could in their equity products, so they may as well get the protection that credit offers. i do think we have started to see a fall in private equity business. i think you have seen a thaw in the fundraising for it. you have seen a rise in tools like continuation vehicles that are permitting a little more liquidity to come back into that market. sonali: do you get the sense that for a number of years, some of the private investment structures have really benefited from the regulations of larger banks because certain businesses have not been as profitable for the biggest banks to do, that if

there is deregulation, that could potentially make it less advantageous for some of these asset classes? you have an area where you are thinking might become less appealing or do you think there are still opportunities across the board? avi: i think there are broad-based opportunities. something fascinating we have seen is as that regulation and capital constraints push the banks out of the private credit markets, that gave rise to the alternative credit managers. but interestingly, recently we have seen some of those same banks partner up with the alternative credit managers to kind of get back into that market a little bit, even though they can't do it directly with the regulations and capital requirements. there is a partnership model that can continue to evolve, even if regulations ease some. lisa: going forward, what are you watching for? what is the big question for the upcoming year that would inform how you decide to allocate?

you've been rapidly growing. what is your vision for the year ahead? avi: we have to remember that our strategy in stakes is a very long-term one. we can't be making decisions based on either short-term changes in policy or short-term changes in rate because we are adjusting for multiple decades. that said, i will use predium as an example. it is the u.s.'s largest owner of single-family rentals. they have a residential credit business. we see tremendous growth from that business, as the housing shortage continues to make it difficult for regular way homeowners -- regular families to own homes. we see a kind of secular demand for that kind of product that has nothing to do with interest rates.

lisa: avi kalichstein of hunter point capital, thank you for being with us. we take a look at the structure of investing in alternative asset managers. from new york, this is bloomberg. ♪ drop everything and get some magic of your own during the xfinity black friday sale. xfinity internet customers, our best deals of the year are back! switch to xfinity mobile and get your choice of a free 5g phone, plus your next unlimited line free for a year. get amazing savings and connect to wifi speeds up to a gig

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>> from the world of politics to the world of business, this is balance of power.

♪ live from washington, d.c. >> the republican leadership on capitol hill takes shape. the gop sets the hierarchy in congress, to advance the trump agenda. i'm joe mathieu alongside kailey leinz in washington. welcome to the wednesday edition of "balance of power" on bloomberg tv and radio. no matter who is in charge, they will be leading a razor thin majority. kailey: we don't have the total tally for the balance of power in the house of representatives and it will be tight, tighter still when you take out the free members of the house that have been pulled for the second trump administration, one of them, matt gaetz who has already retired and is no longer taking part in this congress. it is matt gaetz who is the subject of much focus in congress, as the house ethics