Crypto News: The big Fed reveal

Good morning. Kevin Warsh will be the next head of the Fed. A mega music deal could combine Mötley Crüe with Miles Davis. And the US may see a population decline for the first time in its history. Listen to the day's top stories.

— By Angela Cullen and Jacob Reid

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Nasdaq 100 Index Futures

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Bloomberg Dollar Spot Index

1,180.14

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The big reveal. Donald Trump chose Kevin Warsh to be the next head of the Federal Reserve. Stocks fell, the dollar rallied and Treasury yields pushed higher on what investors viewed as a hawkish pick. Gold and silver sold off heavily. As if the metals market wasn't volatile enough, the London Metal Exchange suffered a one-hour delay at the start of Friday's trading due to a possible technical issue. Oil tapped the brakes, but Iran risks loom.

Trump sued the Treasury and IRS for at least $10 billion over an unauthorized disclosure of his tax returns during his first term. He also threatened to impose a 50% tariff on aircraft from Canada sold in the US and to decertify new planes unless Ottawa agrees to approve certain Gulfstream jets. Separately, Trump warned Canada and the UK against reaching new business deals with China. Meanwhile, his team reached a tentative deal with Senate Democrats to avert a government shutdown as they continue to negotiate on setting limits on immigration raids. And this may help explain Trump's preoccupation with Venezuela.

Kylie Minogue. Photographer: Ken McKay/EMI Group Plc via Bloomberg News

The hills are alive...with the sound of a mega music deal. BMG is considering an acquisition of Concord, a tie-up that would bring Kylie Minogue, Mötley Crüe and Miles Davis under one roof, along with classic show tunes from The Sound of Music and Cats. In other corporate news, Apple staged a sharp rebound in China over the holidays, as demand for the iPhone 17 drove its first $25 billion quarter in the region since late 2021. And Chevron topped profit estimates for the fourth quarter as oil production surged, money that'll help fund Venezuelan investments. Exxon also beat.

Zohran Mamdani said Wall Street's record profits won't be enough to close NYC's looming budget gap, warning the projected $12.6 billion deficit is worse than during the Great Recession. If that gets you down, have a martini; the New York classic is on every menu these days, from London to LA. Or take a break, in Milan maybe? With the Winter Olympics fast approaching and a slew of unsold seats, it's the perfect excuse for a last-minute trip, and probably cheaper than a Super Bowl ticket.

The Filmmaker Who Exposes American Cover-Ups

Laura Poitras won an Oscar and a Pulitzer Prize for her documentaries. She talks with Mishal Husain about the role citizen journalists play in covering violence in places like Minneapolis.

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Deep Dive: Walmart's Next Chapter

Source: Walmart

When John Furner takes the helm at Walmart next week, he'll inherit a company riding high, with shares up 20% over the past year and a market value approaching $1 trillion. Keeping up that momentum will be the challenge.

Outgoing CEO Doug McMillon is widely viewed as having been the company's most influential leader since its founder. He built an Apple-esque corporate campus in Arkansas, began selling Gucci online, and played nice with Trump.
It was a stark turnaround from the early 2000s, when Walmart stores had endless queues, executives feared its own website, and critics accused it of hollowing out small towns.
The 51-year-old Furner is a Walmart lifer and seen as close to McMillon. He's known as tech savvy, detail oriented, and willing to challenge convention.
But coming in at a high point leaves little room for missteps, especially with Amazon and Aldi biting at his heels and a potential revival at Target, which is also going through a changing of the guard.

The Big Take

Tadashi Yanai Photographer: Shoko Takayasu/Bloomberg

If at first you don't succeed…Uniqlo's billionaire founder is taking another swing at the US, and its wider waistlines. After years of failed attempts, can the Japanese retailer finally crack the world's largest clothing market? "We're only just getting started," Tadashi Yanai says.

Big Take Podcast

The Fight Over ICE Funding

Opinion

If Europe can't find its footing, a continent once composed of empires will become a plaything of them, bringing more pain and humiliation, writes Hal Brands. Given the scale of challenges facing the free world, that won't be good for America either.

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Before You Go

America's population wasn't expected to start falling until 2081—but Trump's immigration crackdown means it could happen as soon as this year. Falling college enrollment and cities like Baltimore and Detroit offer a glimpse of what lies ahead.

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Panic in Miami: Haitians Confront Suddenly Losing Legal Status

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.