UK Plans Pension ‘Megafunds’, Republicans Win House & Macron's Trade War Warning

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Chancellor of the Exchequer Rachel Reeves said the UK will introduce legislation next year to pool £1.3 trillion ($1.7 trillion) of pension savings into a series of “megafunds,” as the new Labour government tries to deliver on its pledge to boost private investment and economic growth. (2) President-elect Donald Trump shocked Washington with his decision to nominate ultra-loyalist Matt Gaetz as his attorney general. The move rammed home what’s become evident since he began announcing his nominations: Subservience to Trump is the main qualification for a job. (3) Several Federal Reserve officials Wednesday reiterated their deep uncertainty over how far the central bank will need to lower interest rates, highlighting the difficulty policymakers face in trying to determine the right setting to keep the economy on an even keel. (4) Bitcoin spiked above $93,000 for a short period as expectations of further interest-rate reductions by the Federal Reserve added to the impetus from President-elect Donald Trump’s pro-crypto stance. (5) French President Emmanuel Macron has warned that Europe risks getting divided by Donald Trump’s economic policy and being thrown into a simultaneous trade war with Washington and Beijing. See omnystudio.com/listener for privacy information.