Reuters Morning Bid

Three former Federal Reserve chairs are warning that attacks against the central bank could cause inflation to jump. Meanwhile, Trump is upping the ante against Iran, threatening to issue tariffs against its trading partners. Plus, traders are watching the yen today after Japan’s prime minister reportedly hinted at early elections. Today’s recommended read: Fighting the Fed, Trump tries credit easing by decree by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Fed Chair Jerome Powell says the unprecedented threat of a criminal indictment “should be seen in the broader context of the administration’s threats and ongoing pressure”. Meanwhile, December’s U.S. jobs report shows weak hiring but steady unemployment, and unrest in Iran is sending oil prices swinging. Today’s recommended read: Big Oil offers reality check to Trump’s Venezuela dream by Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Big banks kick off earnings season with expectations of blockbuster results after a record year for M&A and IPOs. Investors eye inflation data for clues on Fed rate cuts, while tech watchers await TSMC’s numbers to see if the AI boom will keep rolling along. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, Rio Tinto revived merger talks with Glencore, eyeing a more than $200B deal amid soaring copper demand. Warner Bros continued to resist Paramount’s advances. And defense stocks climbed after Trump pledged $1.5T in military spending. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

A spike in copper prices is reviving talks of a mining mega‑merger that could reshape global supply. Elsewhere, investors brace for a pivotal tariff ruling and fresh signals on whether the U.S. labor market is quietly cracking. Today’s recommended read: Murky US jobs data risk deepening historic Fed divisions, Jamie McGeever Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices