Episode summary
Trump Seeks Minnesota De-Escalation; Fed Officials Near ‘Kumbaya’ Moment on Rates | Bloomberg...
Summary
President Trump signaled a partial climbdown in Minneapolis after two deadly shootings involving federal immigration agents, saying he wants to “deescalate a little bit” while insisting the crackdown is not being pulled back. He replaced the border patrol commander who had become the face of the operation and said Homeland Security Secretary Kristi Noem would stay in place for now, even as criticism of her handling of the shootings intensified on Capitol Hill.
The episode emphasized how politically volatile the immigration fight has become. Representative Ilhan Omar was targeted at a town hall, Democrats escalated calls for Noem to resign or be impeached, and even two Republican senators said she should step down. A Bloomberg News national security reporter argued that Trump is trying to balance his hardline immigration agenda with pressure to reduce tensions after the video evidence and public backlash around the shooting of Alex Pretti.
Markets were dominated by Trump’s relaxed attitude toward a weaker dollar and by expectations for the Federal Reserve’s first rate decision of 2026. The host said the dollar suffered its steepest one-day drop since last year’s tariff rollout, while gold hit a record high as investors reconsidered the appeal of Treasuries. The Fed is widely expected to hold rates steady, with attention on whether policymakers hint at future cuts or at Jerome Powell’s next move.
Key takeaways
- Trump said he wants to deescalate in Minneapolis, but the host said he is not pulling back the immigration crackdown.
- The host said the dollar had its deepest one-day drop since last year’s tariff rollout after Trump downplayed the currency’s weakness.
- A Bloomberg News national security reporter said Trump is trying to balance a hardline immigration agenda with a need to cool tensions after two shootings.
- The host said Fed officials are widely expected to hold rates unchanged and that markets will watch for clues on future cuts.
- The host said gold hit a record high as investors piled into the debasement trade and sold Treasuries.
Notable quotes
“I don't think it's a pullback. It's a little bit of a change”
“The central bankers won't be changing the benchmark lending rate, and there's no new dot plot and no new economic forecasts”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. — Good morning. I'm Nathan Hager — And I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest on the tensions in Minneapolis. President Donald Trump says he is looking to deescalate after the killings of two US citizens by federal immigration enforcement agents. The president sent in his borders are Tom Hullman to replace Greg Bavino, the border patrol commander who had been the face of the crackdown.
But President Trump says he's not letting up with the enforcement. I don't think it's a pullback. It's a little bit of a change.
Everybody in this room that has a business, you know, you make little changes, you know, Bevino is very good, but he's a pretty out there kind of a guy, and in some cases that's good. Maybe it wasn't good here. President Trump tells Fox News he's largely satisfied with how his team has carried out the operation while acknowledging it may have inflamed tensions.
He says Tom Hullman has been meeting with Minnesota's governor and the mayor of Minneapolis and he hears it's going well.
But Nathan, there are more signs of tension in Minneapolis. — A man attacked Minnesota Democrat Ilhan Omar during a town hall as she called for consequences over the aggressive enforcement. The man appeared to squirt some kind of liquid on the congresswoman before security and police tackled him. Omar carried on with her speech.
Here is the reality that people like this ugly man don't understand. — We are Minnesota strong and we will stay resilient in the face of whatever they might throw at us. — And Congresswoman Ilhan Omar called for ICE to be abolished and for Homeland Security Secretary Christy Gnome to resign or be impeached.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- trump immigration crackdown
- dollar selloff
- fed interest rates
- central bank independence
- supreme court fed governor removal
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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