Crypto News: Letting people go

Good morning. Amazon is shedding a lot more jobs as Wall Street braces for Mag7 earnings. On the Fed front, all eyes are on Jerome Powell. And we'll tell you what men's birth control may soon look like. Listen to the day's top stories.

— Hellmuth Tromm and Jacob Reid

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Nasdaq 100 Index Futures

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Bloomberg Dollar Spot Index

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Time to start packing. Amazon announced plans to terminate about 16,000 workers, ratcheting up efforts to streamline bureaucracy amid rising AI competition. This follows a big round of cuts in October that removed 14,000 corporate roles and gutted the video games division. Yesterday, the company said it's also shuttering its Amazon-branded grocery stores and automated grab-and-go markets.

The belt-tightening comes as investors turn their focus to Magnificent Seven earnings kicking off after the close today. Tech got an early lift from ASML's AI-fueled order surge (which didn't keep the Dutch company from cutting 1,700 jobs). Tesla investors will watch for updates on self-driving tech and robotics to justify a soaring stock. Meta may land at the high end of guidance, while Microsoft is expected to post a 15% sales gain. Beneath the optimism, AI is under pressure to prove its capital splurge is paying off.

Trump Says US Dollar Is 'Doing Great'

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Top dollar? The greenback steadied after its worst stretch since 2022. Donald Trump said he's not concerned—but his relaxed tone is fueling speculation that the greenback is at the start of a longer-term decline, helping gold climb to yet another record.

No policy change is expected from the Federal Reserve today, but Jerome Powell's press conference still offers plenty of scope for drama. It will be his first since the central bank was served grand jury subpoenas—with Powell set to face questions about political pressure, Fed independence, and his own future. Traders are increasing bets on a dovish policy shift as the odds of BlackRock's Rick Rieder becoming the next Fed chair climb.

Representative Ilhan Omar was attacked at a Minneapolis town hall when a man charged at her with an unknown liquid. She is unharmed, and the man is in custody. While Trump has said he's looking to "de-escalate" in Minnesota with a reshuffle of the leadership on his deportation effort, the blame game in his inner circle is in full swing. Talks among lawmakers are ongoing, as Democrats threaten a partial shutdown. Apple Chief Tim Cook became the latest executive to weigh in, telling employees he is "heartbroken" by the events.

Deep Dive: Tether's Gold Hoard

Gold bars at a precious metals refinery in Switzerland.
Photographer: Francesca Volpi/Bloomberg

Most of Switzerland's 370,000 Cold War–era bunkers are dormant—but not the one owned by crypto giant Tether. More than a ton of gold is hauled into its vault each week as the company becomes one of the biggest players in the global bullion market.

Tether reported buying more gold than any central bank except Poland's last year, while investing in gold-mining and hiring senior traders to take on the market.
Like a central bank, the firm prizes gold for how easily it can be turned into cash and for its reserve asset status.
But the strategy carries risk: S&P Global Ratings has cut Tether's dollar stablecoin to its lowest rating, warning about rising exposure to "high-risk" assets like gold.

The Big Take

Photo Illustration: 731.
Source: Getty Images and Shutterstock

Baby food is getting smarter—but harder to keep safe. While infant formula is often described as one of the most tightly regulated foods in the world, a widening recall shows how growing nutritional complexity is straining the systems meant to protect the most vulnerable.

Big Take Podcast

Japan's Bond Market Crash, Explained

Opinion

One tragedy too many.
Photographer: Octavio Jones/AFP/Getty Images

The White House's deportation efforts are endangering public safety and Americans' civil liberties, Bloomberg's Editors write. Congress must rein in President Trump's reckless campaign.

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Before You Go

YCT-529 in capsule form.
Photographer: Yvette Clark for Bloomberg Businessweek

The future of male birth control may be pills, gels or implants. With current options still largely limited to condoms and vasectomies, there's a sizable market for alternatives. The bigger question is whether men will actually use them.

A Couple More

Singapore CEO Who Maxed Out 65 Credit Cards Spurs $1 Billion IPO Windfall

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Bloomberg Invest: Join the world's most influential investors and financial leaders in New York on March 3-4. This flagship event examines how AI disruption, geopolitical uncertainty, shifting central bank policy and the convergence of public and private markets are reshaping global finance. Learn more here.