a board has biden appointees on it not clear a view vice chair key get a lot through the board michael barrat he wanted through the board either. >> jamz jumper in. adam: i am curious ultimate fed insiders in washington is there any talk of the chairman potentially leaving early if in fact, some of his other governors would leave? >> no, powell was pretty clear about that the last press conference, i mean gave two one word answers, both "no" asked when he would he leave early whether he thought president hat authority beforing his term is over i think no question that you know powell is going to stay, as chair until his four-year term ends, in may of 2026 agent we expect that, i mean not expecting president trump to try to fire him but he has been very clear that once his term is up >> yeah x. if that'll be an issue for the markets next year because, you know, a year from now people will want to know who the new fed chair's going to be, even though that's still a year and a half away. it'll become a policy-relevant question probably, you know, as soon as next summer. maria: we'll see if pre

that decision maker would be federal reserve vase chair of supervision michael barr. the journal editorial board writing that trump would have with, quote, good cause to remove barr given his regulatory failures and that markets might even cheer his removal. the article basically slams barr as being more focused on risk management and the process of that than actual financial risk. and because allegedly he was asleep at wheel that led to the regional banking crisis that tanked signature bank, first republic bank and, of course, silicon valley bank. joining me now is somebody who knows a thing or two about the leg regulatory job and the reason why the regional bank crisis came into effect. and it has a lot to do with rising interest rates. former vice chair of the federal reserve for supervision spgz randy quarrels. good to have you. let me get your reaction on the market's response to the federal reserve saying, you know what? the economy is good, we don't see recession and, therefore, we don't need four cuts next year, we need just two. >> well, liz, it's good to be,

announcer: with lisa mateo and michael barr. the best in economics, finance, investment, and international relations. this is "bloomberg surveillance" on bloomberg radio. tom: good morning. lisa in moments with the bloomberg business update. good morning around the world, important guests in this hour. i was going to do forget about it, iconic name in american retailing, nordstrom's, will finally go private. we welcome you on youtube. on your commute at home, bloomberg radio, good morning, and when you get to the office, youtube, work from home, cook from home, you watch us on youtube at home. paul: we will bring you all the market action. s&p futures off but the nasdaq is up. michael: dollar strength -- tom cole and dollar strength. euro-dollar. the real headline, market up 2.25% on the 10 year yield. where is the market right now? juul almost 7% -- paul: almost 7%. i cannot get out of my 3% mortgage and go get a new mortgage at 7%. tom: good morning to all of you. we do the bloomberg business flash from the interactive brokers

continued even through randy corals who is more sympathetic to the banks and it continues under michael barr. i think the fed is going to do this. that means the stress test may be less meaningful but also less chaotic and might result in them needing less capital on hand which the banks argue are extremely high. >> thank you. >>> we are just getting started. up next, doug clinton is back with the tech names he says could outperform in 2025. you might be surprised with who is not at the top of his list. you are live at the new york stock exchange. you are watching closing bell with the dow jones industrial average of 300 white's with about 30 to go. appreciate it so much. thank you. doors are new beginnings. -surprise! -surprise! your dedicated fidelity advisor can help you open those doors. for you, mama. through personalized money management that can evolve with new chapters. and they can proactively view your entire portfolio. with an eye on taxes and the impact of risk. so you can enjoy moments together. because doors were meant to be opened. doors can take us to new adventures and long-

the wall street journal editorial board suggesting president-elect trump should remove michael barr asice chair of supervision, we've got regulation becoming deregulation when trump comes in and you've got the fed cutting rates and lots of people saying why are you cutting rates now, going into a new year, when we think growth is going to be a priority. >> it's completely wild to me and i like to be a contrarian, but 95% odds, looks like the fed is going to cut rates here. the great aarony here is since the fed's been cutting interest rates, the 10 year treasury is going higher, not lower, which says to me with the markets pricing in that's going to heat up financial conditions and the biggest fear here is inflation's going to get reignited and inflation's been stub stubborn . the fed said they would wait for inflation to get to 2% before they cut rates, they've never gotten there. all these pro growth policies, which i like, as a small business owner, love the fact we're talking about deregulation, talking about lower taxes. that's going to spur more growth which spurs more inflation

the fed has admitted in the report michael barr wrote about that episode. they make mistakes.man beings. they have a lot of information. they have a lot of expertise, but they make mistakes. >> they have a lot of power too, alan. thank you very much for joining us. it was a perfect day to have you as i said. >>> as we head to break, our road map for the rest of the hour. regulation play book under a second trump term. we will talk to a former ftc commissioner about the road ahead specifically for m & a. >> an interview with former nissan chairman and ceo carlos ghosn. his thoughts on the plans with honda and much more. squawk on the street will be right back after a quick break. don't go anywhere. car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com z'

jay powell and michael barr, several have been very forceful and pushing forward with the central clearing3 and game. that is his legacy trying to regulate the shadow banks and bring them into the conventional framework. i do not see him having the desire to stay around after may 2026, even if he was to be renominated. romaine: we have to leave it there and have a wonderful new year. we will catch up with you. danielle demartino at qi. we round out the show. folks are starting to gather times square in new york city for that wonderful ball drop. that put security back in focus. a conversation with a former ny pd commissioner. ♪ romaine: the s&p is poised now to close out with its fifth straight quarterly gain tapping up 24% rally on a year-to-date basis in 2024. futures pointing to a slightly higher opening up wayne 3% when the market opens up. the euro-dollar is unchanged on the day, relatively. there is a 10 year yield up four .5%. higher than when we started but below the peak of 4748 and a lot of questions about the directionality going forward. unchanged on crude oil despite an earlie

as so many did during his first term from vice president pence and general john kelly to bill barr and michaelts warned during the campaign of a president without guardrails? or is it a team that will work together to fulfill the promises trump made to voters? garrett haake joins me now. former aide to then speakers john boehner and paul ryan and msnbc political analyst, brandan buck and jeremy peters is back with me. okay, garrett. how is donald trump taking advantage of his second chance here with his picks? >> well, trump has long understood that personnel was a problem for him in the first administration, which was essentially a shotgun marriage between his maga movement and the republican party. now four years after he left office the first time, the maga movement is the republican party. so i think he's having a much easier time selecting people who both meet his resume requirements and pass his loyalty test. either from people he's known since 2015, 2016, to people who have joined him along the way like tulsi gabbard and robert f. kennedy jr. who have passed those internal tests in trum

actually i will read the names of the people that are trumps own hires and appointments, michael atkinson, bill barrperman, ryan mccarthy, marc milley, pat philbin, rod rosenstein, christopher wray. what are your thoughts about how the biden administration is taking seriously the things that donald trump and his pick to lead the fbi have said about who and how they would target? >> i think they are taking it seriously. everything we have seen since the results of the election have come in have sort of moved us more toward a true and deep- seated concern that he may follow through on some of these threats and i would say in particular announcing that he intends to fire christopher wray, the director of the fbi and appointed kash patel, somebody who has his own enemies list, which you have shown there on the screen. and also somebody who has repeatedly just like trump repeatedly talked about retribution, they do have to take it seriously. and then something we talked about the other night when i was on is that kash patel has even said we are coming after you, we are coming after the deep state and com

take, for example, michael cohen, somebody who donald trump and attorney general barr oversaw the jailing of, and he was put into solitary confinement for 17 days before a federal district judge in new york ordered that he be released, and said that his being put into solitary confinement was clearly an act of retribution and political retaliation. >> so this is not fanciful, outlandish stuff and i think that, um if i have no reason to believe the biden administration is doing this, but if they're actually considering looking at helping people in that kind of situation, lev parnas might be another one. mark milley john kelly, as i said, i think that makes sense. um, you know and liz cheney presumably is covered by the speech and debate clause for everything that she did while she was in congress. but, you know, i haven't looked at the legal particularities but there are obviously people in the trump entourage who are calling for her head in a legal sense and so i think it would make sense to check that out again i'm speaking without knowing anything about what's going on behind closed doo

seemed reluctant to open up any of the cases that ensnared michael cohen or look at volume two of the mueller investigation. those were dead for bill barrk garland got in. the it takes the appointment of jack smith to accelerate what was going. to your point, trump ran on his freedom. he ran on evading a rule of law that anyone else in this country would be with. he went in and -- >> roger stone. >> roger stone. what is the tool available to us as a country to make the rule of law a nonpartisan issue, to make not just his half the country care about the rule of law again? >> well, that's our challenge. and part of it is that we have to recognize that we are in m a different era where the traditional department of justice philosophy, we don't comment, we don't speak but for -- through indictments and through court filings. i think we need to have much more aggressive officials who will respond in the public sphere because donald trump owns the public sphere and he owns the microphone and if you don't have those people trying to hold him accountable, and that is in part the media as well, and i know you do it very well, nicole, but it's a

seemed reluctant to open up any of the cases that ensnared michael cohen or look at volume two of the mueller investigation, those were dead for bill barrd whether merrick garland gets in. it takes the appointment of jack smith to seemingly accelerate, at least what was public facing the examination of trump's role in inciting an insurrection, and to your point, trump ran on his freedom, he ran on evading the rule of law that anyone else in this country would be held to, and he ran as someone who went on camera and said i hate flippers, i hate informants and -- what is the tool available to us as a country to make the rule of law a nonpartisan issue, to make not just his numb half of the country, care about the rule of law again? >> that's our challenge and part of it is we have to recognize we are in a different era. the traditional department of justice philosophy, we don't comment, we don't speak but for -- through indictments and court filings and i think we need to have much more aggressive officials who will respond in the public sphere, because donald trump owns the public sphere, and he owns the microphone and if you don't have

barr did this. what pam bondi, should she be confirmed do this. so often we talk about donald trump using the department of justice or directing the department of justice. as michael with you, sometimes he does not tell you what to do you know what he wants toy do. eight years into this whoever the attorney general coming in, should be pam bondi knows what trump wants to do. faced with the same question, did you belave in the same behavior? do you do it more aggressively? now we see perhaps kash patel? they know what they got away with four years ago and coming back with a fresh team to be more aggressive. no surprise here. it sits in the laps on republicans on capitol hill and republican voters who decided to return this type of administration to washington in january. >> it does, as a final point, put bill barr in a unique place in history. he is on the enemy's list to be prosecuted. it was such a clear danger to democratic norms, freedom of the press, his own department policies while he ran it. he is just in a category, in a category of his own. andrew weissman and mike schmidt by phone, thank you for talking with us, david sticks around for the hour. it is a