Congress Meets to Certify Trump's Victory; NYC Congestion Pricing Begins
Bloomberg Daybreak: US Edition
Deep Dive
Why is Congress meeting to certify Donald Trump's victory significant this year?
Congress is meeting to certify Donald Trump's victory amidst heightened security measures, as this year's certification has been designated a national special security event. The meeting is significant due to the political flashpoint created by the January 6th Capitol riot four years ago, which has led to over 1,000 convictions. President-elect Trump is expected to grant clemency to those convicted, raising concerns about the impact on democracy and the rule of law.
What are the potential implications of Trump granting clemency to January 6th rioters?
Granting clemency to January 6th rioters could set a precedent for how Trump might use presidential powers to reward loyalists and potentially punish opponents. Critics fear it could undermine the rule of law and democracy, especially if the clemency is broad and includes violent offenders. It may also impact Trump's ability to pass other parts of his agenda, as Democrats may be less willing to cooperate.
What is the purpose of New York City's congestion pricing program?
New York City's congestion pricing program aims to reduce traffic congestion, improve emergency response times, and generate $15 billion for the MTA to upgrade subways and mass transit. The program charges a $9 toll during peak travel times for vehicles traveling south of 60th Street, using 1,400 cameras and E-ZPass detectors to enforce the toll.
Why are some New Yorkers opposed to the congestion pricing program?
Some New Yorkers, particularly working-class drivers, view the congestion pricing program as an additional financial burden. They argue it disproportionately affects middle-class individuals who rely on driving for work or caregiving. Additionally, concerns about subway safety, following incidents like stabbings and fatal burnings, have made some residents hesitant to switch to mass transit.
What is the significance of Justin Trudeau's potential resignation?
Justin Trudeau's potential resignation as Canada's Prime Minister could trigger a leadership race within his party, with the winner becoming the new PM. Trudeau has faced pressure from lawmakers in his party to step down, especially after his finance minister, Chrystia Freeland, resigned. His departure would mark a significant shift in Canadian politics.
What are the key economic indicators mentioned in the podcast?
Key economic indicators include the 30-year Treasury yield climbing to 4.83%, its highest level since November 2023. S&P futures are up 0.4%, Dow futures up 0.1%, and NASDAQ futures up 0.7%. The Magnificent Seven's profit growth is projected to slow to 17.9%, while earnings for the rest of the S&P 500 are expected to accelerate to 10.9%.
What is the Fed's stance on inflation according to the podcast?
The Fed is committed to reaching its 2% inflation target, with officials emphasizing the need to finish the fight against inflation. Fed Governor Adriana Kugler noted that the economy is growing at a healthy pace, with real wages growing at 1.5-1.6% and unemployment at a historically low 4.2%. However, inflation remains above the target, requiring further action.
What are the concerns surrounding South Korea's President Yoon Suk-yol?
South Korea's corruption watchdog has requested a court to extend a warrant to arrest President Yoon Suk-yol, following a failed attempt last week due to a standoff with his security team. The U.S. has expressed concerns about Yoon's actions but maintains confidence in South Korea's democratic resilience. Meanwhile, North Korea fired an intermediate-range ballistic missile, escalating regional tensions.
What is the significance of the NFL's regular season ending in Detroit?
The NFL regular season ended with the Detroit Lions securing a decisive 31-9 victory over the Minnesota Vikings, earning home-field advantage for the playoffs. The game marked a milestone for Aaron Rodgers, who threw his 500th career touchdown pass. The season also saw the New York Giants record their worst season in franchise history with 14 losses.
- Congress to certify Trump's win
- Trump expected to grant clemency to January 6th convicts
- Concerns about impact on democracy and rule of law
Shownotes Transcript