Bloomberg News Now: Government Shutdown, Trump's Meetings, Kimmel Ratings, and Fed Policy

Government Shutdown Preparations

• ⚠️ The White House is directing federal agencies to plan for mass firings during a potential government shutdown, a departure from past practices of furloughs.
• 🎯 Agencies are instructed to identify programs with discretionary funding set to lapse and draft plans to eliminate jobs not aligned with Trump administration priorities.
• 🏛️ House Minority Leader Hakeem Jeffries stated that Democrats will not be intimidated by the threat of mass firings, as funds are set to lapse this Wednesday.
• ⚖️ Federal courts warn they will run out of operating funds as soon as next week if Congress fails to avoid a shutdown, with current funds only extending through October 3rd.

Diplomatic Meetings at the White House

• 🤝 President Trump is scheduled to meet with Turkish Prime Minister Recep Tayyip Erdogan to reset relations strained by tariffs and Turkey's purchase of Russian weapons.
• 💰 This meeting could pave the way for over $50 billion in deals involving U.S. liquefied natural gas, Lockheed Martin fighter jets, and Boeing planes.
• 🕊️ Trump will also meet with Pakistan's Prime Minister Shehbaz Sharif, who has nominated Trump for the Nobel Peace Prize and credited him with brokering a cease-fire with India.
• 📊 Pakistan benefits from a 19% U.S. tariff rate, significantly lower than India's 50% rate.

Jimmy Kimmel's Return and Media Landscape

• 📺 Jimmy Kimmel Live's return to television attracted 6.26 million viewers, his largest audience ever, a significant increase from the show's average of 1.5 million viewers this year.
• 📰 The ratings do not include viewers from streaming services, and the show's reach was impacted as some ABC affiliates did not air it.
• ⚖️ ABC's parent company, Walt Disney, is preparing for potential retaliation from the Trump administration, possibly targeting broadcast TV licenses or regulatory approvals for deals.

Federal Reserve Policy and Market Outlook

• 📈 Federal Reserve policymakers are set to provide insights on rate cuts, regulation, and the dollar, with 14 of the 19 Open Market Committee members scheduled to speak.
• 🎤 New Governor Stephen Myron leads off with an interview, followed by other officials including Chicago's Austan Goolsbee and San Francisco's Mary Daly.
• 💰 San Francisco Fed President Mary Daly indicated that further interest rate cuts are likely needed but cautioned that the central bank should proceed with care to balance inflation control and labor market support.