Venezuela’s Machado Gives Trump Nobel Medal; Greenland Seeks Support Against Takeover Bid

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1:53Good morning, I'm Nathan Hager. And I'm Lisa Mateo. Here are the top stories we're following today. Lisa, we begin at the White House, where President Trump says he has accepted an honor he has long said he deserves. The president says Venezuelan opposition leader Maria Corina Machado presented him with her Nobel Peace Prize medal during a White House meeting. In a social media post, the president called it a wonderful gesture of mutual respect. Machado compared it to a similar gesture 200 years ago when the Marquis de Lafayette presented a medal of George Washington to Venezuela's Simon Bolivar for liberating much of South America from Spain.

2:27The people of Bolivar are giving back to the hair of Washington a medal, in this case a medal of the Nobel Peace Prize, as a recognition for his unique commitment with our freedom. Maria Carina Machado may be hoping to get in President Trump's good graces after the ouster of Nicolás Maduro. The president has said she doesn't have the support or respect to run her country, clearing the way for Venezuela's vice president, Delcy Rodriguez, to take over as acting president. To the latest on Greenland, Nathan, both Denmark and Greenland are stepping up lobbying of U.S. lawmakers in an effort to head off President Trump's push to take control of the island.

3:08A group of senators is set to meet members of the Danish parliament in Copenhagen today to show support for Greenland's sovereignty. Jean Shaheen is the most senior Democrat of the Senate Foreign Relations Committee. She tells Bloomberg's Michelle Hussain that the Senate is just looking for clarity. I don't think there is any concern on the part of our allies, Denmark and Greenland, about partnering with the United States. And that's the route we should be taking. It should be diplomatic. We should be engaging in conversations if there is an interest on the part of this administration. in additional operations there.

3:45New Hampshire Senator Gene Shaheen. Get the full conversation on Bloomberg's The Michelle Hussein Show. It's available on the Bloomberg podcast channel on YouTube. And high-level talks between Denmark, Greenland and the U.S. earlier this week ended in a stalemate. And Lisa Bloomberg Economics has found President Trump is following through on more of his threats during his second term. In his first term, the president carried out about 40 % of the threats he made. That rate has risen in his second administration, leading some to say that the taco trade, investor shorthand for Trump always chickens out, may be fading.

4:20We get more from Bloomberg chief emerging markets economist Zia Dawood. My colleague Jennifer Welch actually looked at Trump's track record in terms of his threats and whether he carries them through. And she found that at least in the second term, he basically exercised about 60 percent of the threats that he came up with. And that included strikes against Houthis in Yemen, that included strikes against Nigeria, and obviously for Iran, included also strikes against Iran itself. So, not good news for Iran there. Zia Daud of Bloomberg Economics and UN Ambassador Mike Waltz renewed threats against Iran at the UN Security Council, saying, quote, all options are on the table to stop the slaughter of protesters.

5:04In other geopolitical news, Nathan, China and Canada are normalizing ties this morning. The two countries reached a wide-ranging agreement to lower trade barriers, including a reduction in tariffs for Canadian canola and Chinese electric vehicles. Prime Minister Mark Carney is in China meeting with Xi Jinping. It's the first visit by a Canadian leader to Beijing in eight years. It's expected that within three years, this agreement will drive considerable Chinese investment in Canada's auto sector, creating good careers in Canada and accelerating our progress towards a net zero future and the auto industry of the future.

5:41And that was Canada's Mark Carney, who has been seeking to rebuild relations with Beijing and reduce Canada's reliance on the U.S. after President Donald Trump imposed sweeping tariffs. And back here at home, Lisa, President Trump's issuing a threat to Minnesota after weeks of protest over the immigration enforcement surge in Minneapolis. The president posted on social media he'll invoke the Insurrection Act and send the military to the state, a let state and local officials stop attacks on ICE agents. But after last week's shooting death of Renee Good and another ICE-involved shooting this week, Minnesota Governor Tim Walz is making a direct appeal to the president asking him to, quote, stop this campaign of retribution.

6:19White House Press Secretary Caroline Levitt says the president is open to speaking with the governor. I'm not sure if that's a genuine offer to speak with the president. Look, the president is always willing to answer the phone when people pick up and call. When there was another tragic shooting many months ago in Governor Walz's state, he spoke directly with the governor. Press Secretary Caroline Leavitt at the White House. Now, President Trump has threatened to use the Insurrection Act before, but has not followed through. The last time the law was invoked was in 1992 during the Rodney King riots in Los Angeles.

6:48Well, the Trump administration's latest attack on the Fed may have just the opposite effect of what the president wants. Let's get the latest from Bloomberg's John Tucker. Good morning, John. And good morning, Lisa. The Trump Justice Department's investigation of the Fed, the president's personal attacks on Chairman Jerome Powell, we have still expectations that Powell will stay on the board of governors after his term as chair ends in May. It's far from clear how the legal process is going to play out and what decision Powell will ultimately make on his future. Those who know Powell say if he does stay on, he would only do so to protect the institution and would have no interest in playing a role as a shadow Fed chair.

7:28But if the legal development does provoke Powell to stay, it would upend President Trump's stated plans to stack the board with officials who will bend to his will. It could also create a powerful counterweight inside the Fed to whomever President Trump picks as the next Fed chair. In New York, I'm John Tucker, Bloomberg Radio. Well, John, you can scratch any thought of Jamie Dimon becoming the next Fed chair. The JPMorgan Chase CEO tells Bloomberg host David Rubenstein he's not interested. Well, chairman of the Fed, I'd put in the absolutely, positively, no chance, no way, no how for any reason.

8:03Okay. If a president calls you up and asks you to do something, you should consider it. So I would take the call and consider it and think about why and what they want, etc. JPMorgan Chase CEO Jamie Dimon speaking there with David Rubenstein at a U.S. Chamber of Commerce event. You can catch their full conversation on the David Rubenstein show, Peer to Peer Conversations. It airs Wednesday at 9 p.m. Wall Street time on Bloomberg Television. Nathan, Wall Street's five biggest banks, well, they reported a record$134 billion of trading revenue last year. And they say more is coming. Morgan Stanley CEO Ted Pick led the optimism.

8:43The results for every quarter over the last eight are a blueprint for Morgan Stanley's success. We expect this mix of tailwinds and headwinds to prevail in 2026 and are prepared to continue to execute. Well, like Morgan Stanley's Ted Pick, Goldman Sachs CEO David Solomon was optimistic, too. I think the world is set up at the moment to be incredibly constructive in 2026 for M &A and capital markets activity. And I think the likely scenario is it is a very, very good year for M &A and capital markets activity. Goldman Sachs CEO David Solomon, shares of Morgan Stanley and Goldman both rose the most since April, gaining 5.8 percent and 4.6 percent yesterday.

9:25Lisa, President Trump and the governors of several northeastern states have agreed to push for an emergency wholesale electricity auction that could compel tech companies to effectively fund new power plants. The unprecedented plan is set to be announced this morning. It seeks to address growing tensions over how the U.S. can supply electricity to power-hungry data centers, which are seen as necessary to help win the global AI race without, at the same time, hiking utility bills for homes and businesses. And finally, Nathan, a last-ditch effort by Microsoft and OpenAI to avoid a trial with Elon Musk has been defeated.

9:59Musk claims that Sam Altman's startup betrayed its founding mission as a public charity when it took billions in funding from Microsoft and made plans to operate as a for-profit business. A federal judge in California yesterday ordered the case to proceed to a jury trial set for late April. Musk helped Altman and others launch OpenAI in 2015 and went on to found his own artificial intelligence company in 2023.

10:26Time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr. Good morning, Michael. Good morning, Lisa. There's no end in sight yet for the New York City nurses strike, which is entering its fifth day. Nearly 15 ,000 nurses walked off the job Monday after contract talks stalled over pay, better benefits, and workplace security. Negotiations resumed at New York Presbyterian Hospital last night, but ended with no resolution. On the picket line, the Uniformed Firefighters Association, which represents the largest body of firefighters in the nation also joined the nurses.

11:04Nobody ever said it's an emergency. Somebody get management. They're looking for nurses. They're looking for firefighters. People respect the work we do. The hospitals, however, say the New York State Nurses Association demands are unrealistic. A federal appeals panel yesterday reversed a lower court decision that released former Columbia University graduate student Mahmoud Khalil from an immigration jail. He brings the government one step closer to detaining and ultimately deporting the Palestinian activist. Actor and director Timothy Busfield will get a court hearing next Tuesday on whether he should be held in jail pending a trial on child sex abuse charges.

11:47Busfield remains at the Metropolitan Detention Center in Albuquerque after turning himself in on Tuesday. District Attorney Sam Bregman. First and foremost, it's important to emphasize that the defendant, Timothy Busfield, is presumed innocent until and unless he is proven guilty in a court of law. DA Bregman says Busfield is currently charged with two counts of criminal sexual contact of a child under 13 and one count of child abuse. Global News 24 hours a day and whenever you want with Bloomberg News Now. I'm Michael Barr, and this is Bloomberg Lisa. Thanks, Michael. Time now for a Bloomberg Sports Update.

12:29For that, we bring in John Stashauer. The L.A. Dodgers, two-time defending World Series champions, and they continue to spend incredible amounts of money. Outfielder Kyle Tucker was considered to be the best free agent in this year's class. He's going to the Dodgers for a four-year deal. He'll make$60 million a year. The Dodgers have eight players with deals of over$100 million. The Warriors beat the Knicks. Joseph Kaminga re-signed to the offseason. Couldn't be traded until now. He has requested that the Warriors trade him. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this.

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14:53Chase for business. Make more of what's yours. The Chase mobile app is available for select mobile devices. Message and data rates may apply. JPMorgan Chase Bank N.A. Member FDIC. Copyright 2026. JPMorgan Chase and Company. The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business.

15:34Let's create smarter business, IBM.

15:40Coast to Coast on Bloomberg Radio. nationwide on Sirius XM and around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. With a little let up to the Trump administration's pressure on the Fed, Chair Jay Powell announced, of course, those Justice Department subpoenas against him. And President Trump since then has said he's looking forward to Powell leaving. We have a bad Fed person. He was extended by Biden. And yeah, I think he's wrong. I think it's wrong. He's done a bad job. That was the president in Detroit this week. But the threat of criminal charges is raising speculation the move could backfire on the president and encourage Powell to stay on.

16:20Joining us for more on this is Bloomberg News senior editor Alistair Bold. Alistair, is this more than just speculation? Good morning. Good morning. Thanks for having me on. So it's a mess. But the reason it's a mess is in a way illustrating a very deliberate design feature of the Federal Reserve. When lawmakers set the institution up at the early part of the last century, they knew that it would be subject to political interference. So they granted Fed governors 14-year terms. The very reason that Jerome Powell has the option of staying on the board after his time as chair ends in May is because of that institutional feature.

16:57And so while it's convention that he steps down, his ability to remain there would really be just sort of triggering that defense mechanism for the institution to defend it from political pressure, which is why this has now floated up to the surface. And I think a lot of people, when they heard his statement on Sunday, read between the lines of him saying to the administration, if you do this, I'm going to stay on the board. Well, what's the risk that if he does stay on the board, that it would create something of a shadow chair position for whoever the president nominates next to take over the chairmanship?

17:31Well, that's a very real risk. But how it plays out for policy, I think, is a little bit harder to game out. Our colleague Anna Wong, who's Bloomberg Economics Chief U.S. Economist, said that she thinks that Jay Powell is one of four doves on the board. There's an irony to this. The Trump administration is targeting him, but he may be their strongest voice for lower interest rates on the FOMC. So if he does stay, I don't think it's – one shouldn't assume he's just going to block the new chair in lowering interest rates if he thought the data would warrant it. I mean, I think that's an important point here.

18:09Jerome Powell has led the Fed to be very data dependent. They may have made policy mistakes. I think they've admitted that with keeping interest rates too low for too long during the inflation episode. But it's not that he's going to deliberately do the wrong thing just despite the Trump administration. So if he does stay on the board, I don't think it's a given that that means policy is going to be more hawkish than otherwise. But it's certainly going to make it harder to figure out for markets. Yeah, I would think so. In our last minute here, would it make it more difficult for that next chair to build the kind of consensus that the position is supposed to promote?

18:46It would definitely make it hard, but that job was already going to be very difficult and made more complicated by the grand court subpoenas because the institution and the other board members, they will respect the arguments that they hear in the room. But if somebody comes in and they're immediately viewed with suspicion as somebody who's just there to carry water for the president, to reverse engineer any argument from economics to justify lower interest rates, they're not going to win the argument anyway, regardless of whoever else is around the table. And if one of those people is Jerome Powell.

19:18Again, great to have you back on with us, Alistair. Thank you so much. That's Alistair Bull. He is senior editor for Bloomberg News. Lisa. All right, Nathan, repeating some of our top stories this morning. President Trump says he's accepted Maria Corita Machado's Nobel Peace Prize medal. The Venezuelan opposition leader hoping to get in the president's good graces. Norwegian experts are calling the move pathetic and embarrassing. A group of U.S. senators is in Copenhagen for meetings with lawmakers as Denmark and Greenland step up lobbying against President Trump's push to take control of the Arctic territory.

19:51And Bloomberg Economics says Iran might not be able to count on the so-called taco trade or Trump always chickens out. A BE analysis finds the president has followed through on 60 % of his threats in his first year, up from 40 % during his first term. And we have more on those stories coming up on Bloomberg Daybreak. All right, let's bring you another one of our top stories right now. This is JP Morgan CEO, Jamie Dimon. He says there's no chance he'll be the next chair of the Federal Reserve. But speaking yesterday to Carla, a group co-founder and Bloomberg television host, David Rubenstein, Diamond didn't rule out becoming Treasury Secretary.

20:28Now, the two spoke at the Chamber of Commerce's 2026 State of American Business event. Let's listen in. Well, Chairman of the Fed, I'd put in the absolutely, positively, no chance, no way, no how for any reason. Okay. Secretary of Treasury, I would consider. If a president calls you up and asks you to do something, you should consider it. So I would take the call and consider it and think about why and what they want, et cetera. But what they want and how they want to operate, that would be important to me. I like my job. I've been my own boss for pretty much 25 years, and I like it that way. I was in Peru at the APEC meeting or something like that, and I was coming on stage like this, a televised thing, and as I was walking up, the person who questioned me, I think it was from Bloomberg, said, the president just tweeted that he likes you or something like that, but you're not going to be Secretary of Treasury.

21:19And she asked me on national TV. I said, that's good because I like being my own boss. We both like it that way. When the Great Recession happened, were you worried about the viability of our financial system? Your bank was in pretty good shape. Were you worried that many investment banks and commercial banks were to go under at that time? A lot of them did. And yeah, a lot of companies around the world, a lot of non-banks around the world went bankrupt. You know, J.P. Morgan. We did a lot to keep people afloat. We took a lot of risk to do that. We worked with governments around the world. It was terrifying.

21:53And it was 24-7, and people were just trying to do the right thing to make sure we kept the... Do you think there's a chance of something like that happening in the next couple of years? Do you think we're much better protected from that kind of problem? Well, there's no chance that you're going to have that kind of problem. But there are chances you'll have a problem somewhere, somehow. The biggest unknown is geopolitics. And it's not like... and you have to be dangerous carefully to talk about it. It's not like that's going to determine what the economy does in 2026, but it is a moving tectonic plate.

22:27Alliances, obviously there's terrible war in Ukraine, which we need to do as much as we can to help Ukraine, but aided and abetted by A and Russia, somewhat by China. Those folks have told you what they want to do. They want to dismantle the system set up, they think, by America, but it's set up by the Western world after World War II. It's been quite successful. Yeah, there are a lot of forces at play. And people are going to have to choose how they want to play this for now. So yeah, that would be my greatest concern. And that's about the future of the free democratic world. That's not just about America.

23:00Are you worried about the over-regulation that some people in the banking world think that is occurring now? Or do you think the regulations are okay now? My biggest, the problem with regulations, when you talk to some people, it's always act like it's more or less. And a lot of you deal with regulations. I think you can create more liquidity in the system, more capital uses, more lending capability, reduce rules and regulations which cause, when there's complaints about debanking and complaints about X, I think we can make the system better, work better, cheaper, work for more Americans, and safer.

23:36And what bothers me the most is when we talk about regulations that no one ever steps back and say, what are we trying to accomplish? or why do we want to accomplish it and what's better, this or that? Because no matter what you do, there are pros and cons. So take the system as, you know, banks are very strong today, but take the system as a whole, we've gone from 8 ,000 public companies to 4 ,000 public companies. Is that what we wanted? Because that's what we did. We did it with no forethought without even thinking about it, but it was, you know, years of rules and regulations that made it costly and litigious and hard and, you know, we let institutions like ISS and Glass-Lewis vote 30 % of the shares in America.