On today's podcast:
1) Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration’s attacks on the institution. In a forceful written and video statement released Sunday evening, Powell said the action was related to his June congressional testimony on ongoing renovations of the Fed’s headquarters. But he said the move “should be seen in the broader context of the administration’s threats and ongoing pressure.” In an interview with NBC News on Sunday, President Trump denied having any knowledge of the DOJ’s investigation into the central bank.
2) Top diplomats from Denmark and Greenland will meet US Secretary of State Marco Rubio in Washington DC on Wednesday, TV2 reports. Denmark’s Foreign Minister Lars Lokke Rasmussen and his Greenlandic counterpart Vivian Motzfeldt are set to attend the meeting, the Danish broadcaster says, citing a calendar from the US Department of State, which also notes that changes to the schedule may occur. Denmark is banking on the meeting in Washington to defuse President Trump’s renewed push on Greenland and to help reset strained ties with the US over the strategic island.
3) Iran’s Foreign Minister said security forces have “full control” of the country after two weeks of ongoing upheaval, accusing Israel and the US of fomenting the nationwide protests in which hundreds of people have been killed. Abbas Araghchi repeated claims by the Iranian government that “rioters and terrorists” had killed police and civilians and destroyed public property using “daesh-style violence,” referring to the Arabic acronym for Islamic State. Protests in Iran erupted on December 28th after a sudden collapse in the value of the currency. More than 540 have been killed in the protests and over 10,000 arrested, according to the Human Rights Activist News Agency, which is tracking demonstrations in 186 cities across Iran’s 31 provinces.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S CPI data and bank earnings.
• In the UK – a look at what to expect from the UK’s property market moving forward.
• In Asia – a look ahead to China trade figures.

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On today's podcast:
1) The investigation into the killing of a US citizen by an ICE agent in Minneapolis this week is being complicated by clashes between federal and local officials, with the FBI taking control over the objections of Governor Tim Walz. State authorities questioned whether a federal probe could be trusted, especially given comments by Trump administration officials that seemed to exonerate the officer. The Minnesota Bureau of Criminal Apprehension said that after it was invited to participate in the probe of Wednesday’s shooting, federal officials later decided the state wouldn’t get access to evidence or interviews. As tense protests continued for a second day, Walz said he ordered the state National Guard to be “staged and ready” to assist with protecting infrastructure and aiding local law enforcement if needed. 
2) The fate of the majority of President Trump’s tariffs is in the hands of the US Supreme Court, which could rule as soon as today on the legality of the sweeping levies. Lower courts ruled in 2025 that the tariffs were issued illegally, but the import taxes remained in place to allow the Trump administration to make its case before the Supreme Court. At a hearing on November 5th, the justices appeared skeptical that Trump had the authority to unilaterally impose tariffs under a 1977 law that gives the president special powers during emergency situations. The tariffs in question include levies of between 10% and 50% on most imports, imposed by Trump using the International Emergency Economic Powers Act.
3) A band of House Republicans bucked party leaders to join Democrats in passing a measure to restore expired Obamacare subsidies through the end of President Trump’s term, as rising health care costs drive midterm election anxieties. The House voted 230-196 Thursday to send a three-year extension of the expired tax credits to the Senate. Seventeen Republicans supported the measure. The measure is unlikely to overcome Republican opposition in the Senate, but several of the Republican defectors said they hoped a strong showing in the House would increase pressure on the Senate to reach a bipartisan compromise.

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On today's podcast:
1) An Immigration and Customs Enforcement officer fatally shot a woman during a confrontation in Minneapolis, sparking an uproar over the presence of ICE agents in the city and heightening political divisions around the Trump administration’s migrant crackdown. The Wednesday shooting — caught on video and shared widely on social media — happened during what federal officials described as a targeted operation amid a broader immigration effort. President Trump and his allies cast it as an incident of self-defense, a view that the mayor of Minneapolis called a “garbage narrative.” The deadly incident fueled a national debate over Trump’s efforts to send heavily armed federal agents into US cities in his push for mass deportations, with operations ramping up last year from Chicago to Los Angeles.
2) US forces seized two more sanctioned oil tankers as part of its energy quarantine of Venezuela, signaling that the Trump administration will ratchet up its pressure campaign days after capturing President Nicolas Maduro. The first ship, the M/V Bella 1, was seized in the Atlantic south of Iceland after a chase that began weeks ago when the vessel evaded capture near Venezuela and registered under a Russian flag in a bid to protect itself. The Pentagon then announced the seizure of the M/T Sophia, another sanctioned vessel that officials said had been conducting illicit activities in the Caribbean Sea.
3) US officials are rushing to come up with options for business deals and other ways to step up links to Greenland, taken by surprise by President Trump’s renewed demand to take over the island, people familiar with the matter said. Trump has long wanted the territory for what he says are security reasons. But after a flurry of activity on the issue early last year, including a trip there by his vice president, once-urgent efforts to realize the president’s vision moved to the back burner, according to sources. On Tuesday, the White House said it wouldn’t rule out military action, while European leaders issued an unprecedented warning to dissuade Washington from trying to seize territory from a NATO ally.

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On today's podcast:
1) President Trump said Venezuela would relinquish as much as 50 million barrels of oil to the US, worth roughly $2.8 billion at the current market price, announcing the cargoes would be sold with proceeds benefiting both countries. The announcement late on Tuesday, which came with few details, marked a significant step up for the US government as it seeks to extend its economic influence in Venezuela and beyond after the capture of leader Nicolas Maduro over the weekend. It’s also a blow to China, previously the top buyer of the country’s oil and a close partner. The volumes cited by Trump would represent about 30 to 50 days of Venezuelan oil production before the US’s partial blockade of the country — much reduced from historic levels.
2)  President Trump won’t rule out the use of military force to acquire Greenland, the White House said, escalating tension with Denmark, a fellow NATO member, over a dispute that’s surged back into public view following the ouster of Venezuelan strongman Nicolas Maduro. Trump is considering many ways of achieving his goal of acquiring the Arctic island, White House Press Secretary Karoline Leavitt said in a statement. Still, Secretary of State Marco Rubio downplayed the notion of military action in a briefing with lawmakers on Monday, instead signaling that an invasion was not imminent and that the goal was to buy the island from Denmark, the Wall Street Journal reported.
3) President Trump implored Republicans to turn around their political fortunes ahead of November’s midterm elections, warning that if Democrats retake control of Congress, he would be impeached for a third time. Trump offered a familiar blueprint for majority parties, which historically have lost seats in off-year elections: blaming their troubles on messaging problems and insisting that voters just aren’t seeing their achievements. Trump predicted the GOP would pull off an “epic” victory and defy those trends. Yet polls showing Americans’ dissatisfaction with his leadership and the state of the economy bode poorly for Republicans’ chances of keeping control of Congress.

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On today's podcast:
1) Ousted Venezuela President Nicolás Maduro pleaded not guilty on Monday to US charges in a narco-terrorism case against him, kicking off an extraordinary legal battle with major geopolitical ramifications. The US accused Maduro over the weekend of using his positions in government for a quarter of a century to enrich himself and help transport cocaine into the country. The toppling of Maduro reverberated around the world and signaled President Trump’s willingness to reconfigure the global order. 
2) Venezuela’s government is reasserting itself after the capture of Nicolás Maduro, swearing in Delcy Rodríguez as acting president and flashing warning signs that a new wave of repression has begun. As the government continued to churn inside the presidential palace Miraflores, Venezuela’s military counterintelligence officials have been patrolling the streets of Caracas, according to at least two witnesses. At least seven journalists and members of the press were detained on Monday morning and early afternoon, most of them at the National Assembly and its surroundings, according to the national press workers syndicate.
3) President Trump suggested the US may subsidize efforts by energy companies to rebuild Venezuela’s oil industry as his administration seeks to convince firms to invest in the country days after ousting strongman Nicolás Maduro. Trump said the project to have US oil industry companies expand their operations in the country could be “up and running” in less than 18 months, in an interview Monday with NBC News — a timeframe starkly at odds with estimates from energy industry experts, while oil companies have been largely silent about their willingness to reinvest in Venezuela.

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On today's podcast:
1) President Trump said the US needs “total access” to Venezuela as questions mount about the country’s leadership following the capture of President Nicolás Maduro. Delcy Rodríguez, the acting president of Venezuela, has asked the US to work with her country, striking a more conciliatory tone toward the Trump administration after her initial outrage at Maduro’s capture. It’s a sharp turnaround from the remarks she made in the hours after US forces snatched Maduro on Saturday and launched a series of targeted strikes in the capital and nearby cities.
2) The future of billions of barrels of Venezuelan oil that foreign companies are entitled to under current agreements has been thrown into doubt following Washington’s capture of President Nicolás Maduro over the weekend. Gold and silver advanced, with investors weighing heightened geopolitical risks following the US capture of Maduro. Gold is fresh from posting its best annual performance since 1979, hitting a series of records throughout last year with support from central-bank buying and inflows to bullion-backed exchange-traded funds. Three successive rate cuts by the US Federal Reserve were also a tailwind for precious metals, which don’t pay interest.
3) The US’s shock intervention in Venezuela will likely choke oil flows to China, although the short-term impact will be softened by large volumes of sanctioned crude being stored at sea. China is the major buyer of crude from the South American country, but that trade now looks in jeopardy after the seizure of Maduro over the weekend. President Trump said the US would run the country and American companies would rebuild its oil industry and sell a “large amount” to global buyers, including current customers and new ones, without specifically mentioning China.

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President Donald Trump said the US would run Venezuela until a transition could be organized, hours after a US operation captured leader Nicolás Maduro, ousting the strongman from power after months of mounting military and economic pressure on his regime.
“We’re going to run the country until such time as we can do a safe, proper and judicious transition,” Trump said Saturday at a press conference at his Mar-a-Lago estate in Florida. “So we don’t want to be involved with having somebody else get in, and we have the same situation that we had for the last long period of years.”
Trump said the US administration of Venezuela would include deploying US oil companies to the country, though indicated that his embargo “on all Venezuelan oil remains in full effect” and that US forces would stay on alert.

Bloomberg's Joe Mathieu and Christina Ruffini speak with: 

• Rep. Brad Schneider (D-Illinois)
• Justin Logan, director of defense and foreign policy studies at the Cato Institute.
• Jeanne Sheehan Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor & Lester Munson, Principal of the International Practice at BGR Group and Republican Strategist

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to what’s in store for commodities and housing in 2026.
• In the UK – a look at the culinary and cultural trends to watch for in Europe next year.
• In Asia – a look ahead to why the Reserve Bank of Australia may be set to pivot to interest rate increases in the new year.

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On today's podcast:
1) Zohran Mamdani unapologetically promised to lead New York City as a democratic socialist during a frigid inauguration ceremony on the steps of City Hall, a warning to those who believed he might moderate his positions after taking office. The nearly two-hour long event Thursday featured speeches by two of the US’s most liberal members of Congress, Representative Alexandria Ocasio-Cortez and Senator Bernie Sanders. New York Attorney General Letitia James, a frequent target of President Trump, also had a speaking role. The ceremony served as a not-so-subtle statement of resistance to White House policies from the nation’s largest city.
2) The Trump administration stepped up a pressure campaign against Venezuela’s oil exports by sanctioning companies based in Hong Kong and mainland China, along with related oil tankers it accused of evading restrictions. The Treasury Department’s Office of Foreign Assets Control on Wednesday added four companies with links to Venezuela’s oil industry to its specially designated nationals and blocked persons list, while also sanctioning four vessels connected with those firms. The US already has a list of vessels and companies under sanction for their connections to Venezuela’s oil trade. But targeting Chinese firms doing business there is rare, and could be a signal to Beijing to steer clear of the stand-off between the Trump administration and the regime of Nicolás Maduro. China is Venezuela’s biggest customer for oil exports, which represent about 95% of Venezuela’s revenue.
3) President Trump pledged in a late night social media post that the US will come to the rescue of Iranian protesters if they are attacked by Islamic Republic authorities. The post, around 3 a.m. Washington and late morning in Iran on Friday, comes after protests erupted this week in Tehran after the currency slumped to a record low, worsening an economic crisis in a country already wracked by sanctions. Demonstrations have since spread to other parts of the country, setting off clashes between civilians and security forces. Trump didn’t provide any specifics on what actions he would consider taking.

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