President Trump Says He Has No Intention to Fire Powell
"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, Greta Peisch, Wiley Rein Partner, discusses US Treasury Secretary Bessent stating he sees a de-escalation with China. Lanhee Chen, Fellow in American Public Policy Studies at the Hoover Institution, weighs in on President Trump being optimistic about the relationship between China & the United States over the President's reciprocal tariffs. (Source: Bloomberg)
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The Hill
9 hours ago
- The Hill
Bessent: Musk ‘more of a Viking,' I'm ‘more of a ninja'
Treasury Secretary Scott Bessent downplayed his reported feud with tech billionaire Elon Musk in a new interview, arguing that the two men merely have different operating styles. 'We have had disagreements, but we both want to get to the same place,' Bessent told New York Post columnist Miranda Devine in an episode of her 'Pod Force One' podcast released Wednesday. 'We both want to eliminate the waste, fraud and abuse in government.' The Treasury secretary compared his view of Musk as embodying Silicon Valley's 'move fast, break things' mindset versus his own self-described deliberate 'fix things' approach. 'I think Elon probably fancies himself more of a Viking; I think I'm more of a ninja,' Bessent said. After Musk's dramatic and public fallout with President Trump earlier this month, longtime Trump ally Steve Bannon told The Washington Post that the Tesla CEO and president had a heated exchange that led to a physical altercation, which the White House denied. 'Look, everybody's very passionate about doing the best job for President Trump and the American people,' Bessent told Devine. Bannon claimed that the Treasury chief called Musk 'a total fraud' in a heated confrontation about the Department of Government Efficiency's (DOGE) efforts to cut government spending, which Bessent also denied — even as the South Carolina native took an apparent swipe at South African-born Musk during a recent Congressional hearing. 'I'll take South Carolina over South Africa any day,' Bessent told lawmakers who prodded him about the reported clash. He spoke favorably about DOGE's efforts during the new podcast interview. 'I think of DOGE as an ethos and to the extent that Elon has departed physically, I think that ethos is there and the momentum for what he's done yield bigger and bigger savings over time,' Bessent said. Musk stepped down from his role advising the commission at the end of May, as his status as a special government employee lapsed. His opposition to the president's 'big, beautiful' spending package led to the public spat between him and Trump. The tech billionaire later expressed regret for his part in the back and forth, saying his comments went 'way to far.' Despite advice from some allies, Trump has not shown interest in reconciling.
Yahoo
16 hours ago
- Yahoo
What the Israel-Iran Conflict Means for Sector ETFs
ETFs tracking energy, aerospace, and defense stocks have wiped out initial losses following the onset of the conflict between Iran and Israel, instead climbing to new highs amid speculation that a prolonged conflict might drive up oil prices and fuel demand for weapons. The attacks and Iran's retaliatory strikes, which also sent shock waves through Israeli-focused funds and broader markets, have far-reaching implications, with gains and losses expected to amplify the market turmoil of the first half of 2025. Still, some experts maintain that holding is the best strategy and that diversification will continue to keep portfolios afloat, particularly since US Treasury yields have actually risen. 'This just adds to the chaos we've already had this year,' said Sonu Varghese, a global macro strategist at Carson Group. 'How we're talking to advisors is, 'Diversification may not have worked for the last 10, 15 years, but it's really showing its colors now.'' READ ALSO: BlackRock Dumps 14 Funds, Many Being Sustainable Products and Fidelity, Franklin Prep Solana ETFs with Staking The iShares MSCI Israel ETF (EIS) — which tracks an index of Israeli firms, including its major banks, and has $272 million in assets under management — fell from $86 to $82 a share Friday afternoon, per NYSE Arca data, but has since rebounded to a high of $86.70. The ARK Israel Innovative Technology ETF (IZRL), which also tracks Israeli companies, saw a similar dip Friday but is now up to a high of $25 a share. Other sector ETFs whipsawing in the aftermath include: The United States Oil Fund LP ETF (USO), which gained 12.4% last week and is now up 5.3% YTD, reflecting the potential for a longer-term spike in crude oil prices if shipping routes — primarily the Strait of Hormuz — are disrupted. The Breakwave Tanker Shipping ETF (BWET), which tracks crude oil tanker freight rates, jumped 11% Friday and has remained elevated as shipping stocks surge. Back Away, Bonds: In the wake of the strikes, investors have flocked to so-called safe haven ETFs like those tracking the Japanese yen and the long end of the yield curve (such as bonds with a maturity of more than 20 years). However, a properly diversified portfolio doesn't just rely on bonds to diversify from stocks, Varghese said, but includes things like gold and managed futures. 'There's a bull case and the bear case, and that's directly being reflected in our portfolios,' Varghese said. 'I'm not saying this was exactly predictable, but our portfolios have been positioned to account for the fact that bonds may not be the best diversifier going forward.' This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
16 hours ago
- New York Post
Scott Bessent dishes on Musk clash, says he's more 'ninja'-like whereas Elon 'fancies himself more of a Viking'
Treasury Secretary Scott Bessent downplayed his beef with billionaire tycoon Elon Musk as a stylistic polarity, describing himself as a nimble ninja-like operative while the Tesla and SpaceX founder 'fancies himself more of a Viking' who moves fast and breaks things. The two men had gotten into a fiery shouting month back in April, which MAGA podcaster Steve Bannon claimed resulted in Musk body checking Bessent — something which the Treasury secretary hasn't yet confirmed. Every week, Post columnist Miranda Devine sits down for exclusive and candid conversations with the most influential disruptors in Washington. Subscribe here! 'We have had disagreements, but we both want to get to the same place,' Bessent said on The Post columnist Miranda Devine's 'Pod Force One' podcast. 'We both want to eliminate the waste, fraud and abuse in government.' 'The Silicon Valley mode of operation is move quickly and break things. I always say here at Treasury we move deliberately and fix things,' he went on. 'I think Elon's probably fancies himself more of a Viking. I think I'm more of a ninja.' 3 Treasury Secretary Scott Bessent admitted that he has had differences with tech baron Elon Musk. POD FORCE ONE/NY Post In the public eye, Bessent had been defensive of the Musk-championed Department of Government Efficiency (DOGE) cost-cutting initiative from the onslaught of public criticism it endured. Behind-the-scenes, Bessent was said to have been skeptical of some of the bold claims Musk had been making and the men allegedly clashed over personnel. In April, the two business gurus pitched different candidates to lead the Internal Revenue Service and President Trump ultimatley favored Bessent's pick, according to the New York Times and Washington Post. After that meeting, Bessent confronted Musk, Bannon told the Washington Post. 'Scott said, 'You're a fraud. You're a total fraud,' Bannon claimed, noting that Musk got physical with Bessent 'like a rugby player' and the pair had to be split up. 3 Elon Musk formally exited his government role late last month. Getty Images Bessent said the claims that he called Musk a fraud were 'fake news' during a congressional hearing last week, in which Democrats needled him over the ordeal. However, he's also been coy about whether he ever came to blows with the world's richest man. 'Elon set the pace and DOGE is a movement,' Bessent told Devine, striking a conciliatory tone towards Musk. 'He was vilified by the press, by the Tesla customers, and I think that probably put stress on him.' 'I think of DOGE as an ethos and to the extent that Elon has departed physically, I think that ethos is there and the momentum for what he's done yield bigger and bigger savings over time.' 3 Elon Musk had been keenly interested in Treasury, utilizing its payment system to spot government bloat. AFP via Getty Images Musk formally ended his time as a special government employee last month and went berserk on Trump before later expressing some remorse. Trump also publicly confirmed that there was an 'argument' between Musk and Bessent, but didn't say there was a physical altercation. Following Trump's 2024 election victory, Musk had backed then-Cantor Fitzgerald CEO Howard Lutnick to helm the Treasury Department over Bessent. Trump later made Lutnick the secretary of the Department of Commerce. 'Look, everybody's very passionate about doing the best job for President Trump and the American people,' Bessent told Devine about the dynamic.
