In this Christmas Day special edition of Bloomberg Daybreak with Nathan Hager: 
Tom Porcelli, Chief US Economist at PGIM Fixed Income, discusses what the Fed will do in 2025.
Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets and Cameron Dawson, the Chief Investment Officer at NewEdge Wealth, break down what we can expect in equities 
Burt Flickinger, the Managing Director at Strategic Resource Group, brings us the winners and losers of the 2024 holiday retail season. 

In this Christmas Day special edition of Bloomberg Daybreak with Nathan Hager:&nbsp;
<ul>
<li>Tom Porcelli, Chief US Economist at PGIM Fixed Income, discusses what the Fed will do in 2025.</li>
<li>Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets and Cameron Dawson, the Chief Investment Officer at NewEdge Wealth, break down what we can expect in equities&nbsp;</li>
<li>Burt Flickinger, the Managing Director at Strategic Resource Group, brings us the winners and losers of the 2024 holiday retail season.&nbsp;</li>
</ul>

Listen for today's top stories, with context, in just 15 minutes. Get informed from Bloomberg's 3,000 journalists and analysts.

Listen for today's top stories, with context, in just 15 minutes. Get informed from Bloomberg's 3,000 journalists and analysts.

Bloomberg Daybreak: US Edition

Daybreak Holiday: Inflation Pressure, Markets, Retail 

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/39bdbe48-4ea1-4724-962c-b25000b529fa/transcript

On today's podcast:
1) New York City is poised to get pummeled with more than a foot of snow this weekend, a test for new Mayor Zohran Mamdani, as a massive weather system lands on the region threatening power outages, airline delays and transit system problems. New York’s Central Park may get dumped with as much as 16 inches (41 centimeters) of snow starting Sunday morning, the heaviest of the season. That comes as the storm that will hit Southern states with ice moves into the Northeast, said Brian Hurley, a senior branch forecaster with the US Weather Prediction Center. Washington, Philadelphia and Boston are also expected to see snowfall. If the forecast holds, it would be the biggest snowstorm to hit Manhattan since 2021, based on snowfall records at Central Park.
2) The US wants to rewrite its defense agreement with Denmark to remove any limits on its military presence in Greenland, people familiar with the matter said, in what’s become a focal point for negotiators looking to meet President Trump’s demand for control over the territory. The original agreement, signed in 1951 and amended in 2004, says the US must “consult with and inform” Denmark and Greenland before it makes “any significant changes to United States military operations or facilities in Greenland.” The people familiar with the matter, who asked not to be identified discussing private deliberations, said American negotiators want to rework that language to make sure the US faces no restrictions at all as it makes its plans.
3) The Kremlin said the “territorial issue” remains unresolved after President Vladimir Putin held late-night talks with US envoys Steve Witkoff and Jared Kushner on the latest peace plan for ending Russia’s war on Ukraine. There’s “no hope of achieving a long-term settlement” to the war until Russia’s demands for territory in Ukraine are accepted, Putin’s foreign policy aide, Yuri Ushakov, said in an audio recording on Telegram early Friday. That’s even as he characterized the almost four hours of negotiations in the Kremlin as “exceptionally substantive, constructive.” Talks will continue between US, Russian and Ukrainian representatives in the United Arab Emirates on Friday and Saturday. Separately, Witkoff and Putin’s envoy, Kirill Dmitriev, will discuss bilateral Russia-US economic matters in Abu Dhabi.

On today's podcast: 1) New York City is poised to get pummeled with more than a foot of snow this weekend, a test for new Mayor&nbsp;Zohran Mamdani, as a massive weather system lands on the region threatening power outages, airline delays and transit system problems. New York&rsquo;s Central Park may get dumped with as much as 16 inches (41 centimeters) of snow starting Sunday morning, the heaviest of the season. That comes as the storm that will hit Southern states with ice moves into the Northeast, said Brian Hurley, a senior branch forecaster with the US Weather Prediction Center. Washington, Philadelphia and Boston are also expected to see snowfall.&nbsp;If the forecast holds, it would be the biggest snowstorm to hit Manhattan since 2021, based on snowfall records at Central Park. 2) The US wants to rewrite its defense agreement with Denmark to remove any limits on its military presence in Greenland, people familiar with the matter said, in what&rsquo;s become a focal point for negotiators looking to meet President&nbsp;Trump&rsquo;s demand for control over the territory. The original agreement, signed in 1951 and amended in 2004, says the US must &ldquo;consult with and inform&rdquo; Denmark and Greenland before it makes &ldquo;any significant changes to United States military operations or facilities in Greenland.&rdquo; The people familiar with the matter, who asked not to be identified discussing private deliberations, said American negotiators want to rework that language to make sure the US faces no restrictions at all as it makes its plans. 3) The Kremlin said the &ldquo;territorial issue&rdquo; remains unresolved after President Vladimir Putin held late-night talks with US envoys Steve Witkoff and Jared Kushner on the latest peace plan for ending Russia&rsquo;s war on Ukraine. There&rsquo;s &ldquo;no hope of achieving a long-term settlement&rdquo; to the war until Russia&rsquo;s demands for territory in Ukraine are accepted, Putin&rsquo;s foreign policy aide,&nbsp;Yuri Ushakov, said in an audio recording on Telegram early Friday. That&rsquo;s even as he characterized the almost four hours of negotiations in the Kremlin as &ldquo;exceptionally substantive, constructive.&rdquo; Talks will continue between US, Russian and Ukrainian representatives in the United Arab Emirates on Friday and Saturday. Separately, Witkoff and Putin&rsquo;s envoy,&nbsp;Kirill Dmitriev, will discuss bilateral Russia-US economic matters in Abu Dhabi.

Powerful Winter Storm Threatens East Coast; Russia Sees No Breakthrough After Ukraine Talks

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/3c033fe5-7efa-4890-a25a-b3db00ab8cfb/transcript

On today's podcast:
1) President Trump said he would refrain from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland, citing a “framework of a future deal” he said was reached regarding the island. The decision, which Trump announced Wednesday on social media, marks a stark reversal for a president who has repeatedly attempted to coerce Europe over Greenland. It came after a meeting with North Atlantic Treaty Organization Secretary General Mark Rutte at the World Economic Forum in Davos, Switzerland. Still, Trump did not detail the parameters of the so-called “framework” and it was unclear what the agreement entails, especially since Denmark earlier Wednesday ruled out negotiations over ceding the semi-autonomous island to the US.
2) Russia’s President Vladimir Putin said he is ready to commit Russian assets that remain frozen in the US to rebuild Ukrainian regions damaged during the war after a peace treaty is concluded. Putin also said he could give $1 billion from the US-based assets - frozen to punish Putin for his 2022 full-scale invasion of Ukraine - to President Trump’s proposed Board of Peace. The offer has been discussed with the US, Putin said, and he plans to talk about it more Thursday during a meeting with Trump envoys Steve Witkoff and Jared Kushner in Moscow.
3) US Supreme Court justices suggested they are wary of President Trump’s effort to fire Federal Reserve Governor Lisa Cook over unproven mortgage-fraud allegations, saying the move could upend the Fed’s independence and rattle markets. Hearing arguments in Washington Wednesday, conservative and liberal justices alike sharply questioned US Solicitor General D. John Sauer, who urged the court to let Trump oust Cook for the time being while her lawsuit goes forward. Trump’s own appointees were among the skeptics. Justice Brett Kavanaugh said the president’s position would “weaken if not shatter the independence of the Federal Reserve.” Justice Amy Coney Barrett asked whether the risk to financial markets was reason for “caution on our part,” though she also suggested she wasn’t ready to fully embrace Cook’s position.

On today's podcast: 1) President&nbsp;Trump&nbsp;said he would refrain from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland, citing a &ldquo;framework of a future deal&rdquo; he said was reached regarding the island. The decision, which Trump announced Wednesday on social media, marks a stark reversal for a president who has repeatedly attempted to coerce Europe over Greenland. It came after a meeting with North Atlantic Treaty Organization Secretary General&nbsp;Mark Rutte&nbsp;at the World Economic Forum in Davos, Switzerland.&nbsp;Still, Trump did not detail the parameters of the so-called &ldquo;framework&rdquo; and it was unclear what the agreement entails, especially since Denmark earlier Wednesday ruled out negotiations over ceding the semi-autonomous island to the US. 2) Russia&rsquo;s President Vladimir Putin said he is ready to commit Russian assets that remain frozen in the US to rebuild Ukrainian regions damaged during the war after a peace treaty is concluded. Putin also said he could give $1 billion from the US-based assets - frozen to punish Putin for his 2022 full-scale invasion of Ukraine - to President Trump&rsquo;s proposed Board of Peace. The offer has been discussed with the US, Putin said, and he plans to talk about it more Thursday during a meeting with Trump envoys Steve Witkoff and Jared Kushner in Moscow. 3) US Supreme Court justices suggested they are wary of President Trump&rsquo;s effort to fire Federal Reserve Governor Lisa Cook over unproven mortgage-fraud allegations, saying the move could upend the Fed&rsquo;s independence and rattle markets. Hearing arguments in Washington Wednesday, conservative and liberal justices alike sharply questioned US Solicitor General D. John Sauer, who urged the court to let Trump oust Cook for the time being while her lawsuit goes forward. Trump&rsquo;s own appointees were among the skeptics. Justice Brett Kavanaugh said the president&rsquo;s position would &ldquo;weaken if not shatter the independence of the Federal Reserve.&rdquo; Justice Amy Coney Barrett asked whether the risk to financial markets was reason for &ldquo;caution on our part,&rdquo; though she also suggested she wasn&rsquo;t ready to fully embrace Cook&rsquo;s position.

Trump Drops Tariff Threat After ‘Framework’ Greenland Deal; Supreme Court Appears Wary of Bid to Fire Fed’s Cook

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/37b18d5d-3243-464b-9b00-b3da00afc588/transcript

On today's podcast:
1) President Trump expressed confidence that the European Union would continue to invest in the US even if he imposed new tariffs related to his quest to take control of Greenland, a proposal that has angered leaders on the continent. The president’s rare appearance in the White House briefing room came ahead of his departure Tuesday night from Washington for the World Economic Forum in Davos, Switzerland, where he will confront European leaders who are furious over his bid to take over the territory of a fellow NATO ally, Denmark. Earlier Tuesday, European Commission President Ursula von der Leyen said that Trump’s threats were a “mistake” that would violate the deal he forged last year with the bloc. Officials in Europe have begun drafting plans to retaliate, which could set off a tit-for-tat that may scuttle the accord.
2) Treasury Secretary Scott Bessent cautioned European nations against ramping up their military presence on Greenland and assailed France over calls to conduct a NATO exercise as European leaders brace for President Trump’s arrival at Davos. Bessent questioned the message European allies were sending following the recent decision by Denmark and seven other NATO countries to deploy a handful of officers to the island, which Trump has said he wants to make a part of the US.
3) Months after President Trump attempted to fire Federal Reserve Governor Lisa Cook over unproven mortgage fraud allegations, the case will get a hearing before the Supreme Court. The justices are scheduled to consider whether Trump can oust Cook while the legal fight over the allegations proceeds. The case is one element in an effort by Trump to exert more control over the Fed and pressure officials to significantly cut interest rates. Trump has repeatedly attacked Fed Chair Jerome Powell, who has resisted the president’s demands to resign.

On today's podcast: 1) President&nbsp;Trump&nbsp;expressed confidence that the European Union would continue to invest in the US even if he imposed new tariffs related to his quest to take control of Greenland, a proposal that has angered leaders on the continent. The president&rsquo;s rare appearance in the White House briefing room came ahead of his departure Tuesday night from Washington for the World Economic Forum in Davos, Switzerland, where he will confront European leaders who are furious over his bid to take over the territory of a fellow NATO ally, Denmark.&nbsp;Earlier Tuesday, European Commission President&nbsp;Ursula von der Leyen&nbsp;said that Trump&rsquo;s threats were a &ldquo;mistake&rdquo; that would violate the deal he forged last year with the bloc. Officials in Europe have begun drafting plans to retaliate, which could set off a tit-for-tat that may scuttle the accord. 2) Treasury Secretary&nbsp;Scott Bessent&nbsp;cautioned European nations against ramping up their military presence on Greenland and assailed France over calls to conduct a NATO exercise as European leaders brace for President Trump&rsquo;s arrival at Davos. Bessent questioned the message European allies were sending following the recent decision by Denmark and seven other NATO countries to deploy a handful of officers to the island, which Trump has said he wants to make a part of the US. 3) Months after President Trump attempted to fire Federal Reserve Governor Lisa Cook over unproven mortgage fraud allegations, the case will get a hearing before the Supreme Court. The justices are scheduled to consider whether Trump can oust Cook while the legal fight over the allegations proceeds. The case is one element in an effort by Trump to exert more control over the Fed and pressure officials to significantly cut interest rates. Trump has repeatedly attacked Fed Chair Jerome Powell, who has resisted the president&rsquo;s demands to resign.

Davos Braces for Trump's Arrival; Bessent Cautions Allies Over Military Missions in Greenland

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/61e7e131-6776-49ef-a554-b3d900aff679/transcript

Daybreak Holiday: Inflation Pressure, Markets, Retail

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