Trump Directs Federal Job Cuts; Musk Defends Downsizing
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On today's podcast: 1) Trump Directs Federal Job Cuts as Musk Defends DownsizingPresident Donald Trump directed agencies to work with Elon Musk’s government cost-cutting effort to slash their workforces, according to a White House official, his latest move to gut the federal bureaucracy.Trump’s action orders agency heads to coordinate with Musk’s Department of Government Efficiency to “significantly reduce the size of the government” and “limit hiring to essential positions,” according to a White House fact sheet seen earlier Tuesday by Bloomberg News.2) Trump Hails Russian Release of American as He Preps Peace PlanPresident Donald Trump hailed the release of an American who had been detained in Russia, saying he hoped the move would allow the two nations to work toward ending the war in Ukraine.“I think there’s goodwill, in terms of the war,” Trump said as he greeted Marc Fogel, a school teacher held in Russia since 2021. “I think this could be the very important element, you could be a big part of it, actually, because it could be a big, important part of getting the war over with Ukraine.”3) US Core Inflation Seen Rising at Firm Pace in JanuaryInflation likely remained stubborn last month based on economists’ estimates, backing the Federal Reserve’s patient approach to lowering borrowing costs.The so-called core consumer price index that excludes food and energy is seen rising 0.3% in January from December in the Bureau of Labor Statistics report due Wednesday. From a year earlier, core CPI likely increased 3.1%, according to the median forecast in a Bloomberg survey.

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