Bloomberg Money Minute: Trump's Fed Picks, Market Update, and China-Canada Trade Deal

Federal Reserve Chairman Speculation

• 🎯 President Trump expressed reluctance to nominate Kevin Hassett as the next Federal Reserve chairman, stating he doesn't want to lose him.
• 🔑 Kevin Warsh, a former Fed governor, is seen by Wall Street as a more neutral and less partisan economist, making him a potential frontrunner for the position.

Market Performance and Oil Prices

• 📉 The Dow Jones Industrial Average closed down 83 points, the Nasdaq down 15 points, and the S&P 500 down for the day.
• 📈 Oil prices ended the day slightly higher at $59.50 a barrel, influenced by ongoing tensions in Iran.

China-Canada Trade Agreement

• 🤝 Canada and China have reached a new trade deal concerning canola oil.
• 🇨🇦 Beijing will reduce tariffs on Canadian canola oil to 15% for over 80% of products and suspend duties on other farm goods and lobsters.
• 🚗 In return, Canada will permit Chinese-made cars, including Teslas, into the country at a tariff rate of 6%.