Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Wall Street traders sent stocks to all-time highs on speculation that solid corporate earnings will keep powering market gains. The dollar slid to an almost four-year low. Gold held above $5,000.

Not even a slump in consumer confidence prevented a fifth day of gains for the S&P 500, which approached 7,000. United Parcel Service Inc. gave a bullish outlook. The Nasdaq 100 rose 0.9% before results from megacaps. UnitedHealth Group Inc. led losses in insurers on a disappointing forecast and as the US proposed holding payments to private Medicare plans flat next year.

The dollar slid to its lowest since February 2022 as signs of US support to boost the yen reinforced the argument about potential coordinated intervention to guide the greenback lower against key trading partners.

On the eve of the Federal Reserve decision, Treasury yields edged up. The central bank is projected to halt its rate-cutting cycle as a steadier jobs market restores a degree of consensus among officials after months of growing division.
The expected decision to hold rates is likely to amplify the outrage of President Donald Trump, who wants them slashed.

Today's show features:

• Bloomberg News FX and Rates Reporter Carter Johnson on the US dollar weakening to its lowest level in four years
• Sheila Kahyaoglu, Managing Director in Equity Research at Jefferies, on Boeing’s quarterly results and the outlook for aviation and aerospace industries
• Bloomberg News Senior Reporter Jennifer Dlouhy on the White House shifting gears in its sweeping immigration crackdown in Minneapolis
• Karen Veraa-Perry, Head of US iShares Fixed Income Strategy at BlackRock, on investing in the fixed income market through ETFs, and US monetary policy expectations

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Fastenal Company (Nasdaq: FAST) announced last month that Daniel Florness had communicated to the company's Board of Directors his decision to step down from his role as Chief Executive Officer of Fastenal on July 16, 2026. On December 19, 2025, Fastenal's Board appointed Jeffery M. Watts, Fastenal's current President and Chief Sales Officer, to succeed Mr. Florness as Fastenal's CEO effective as of July 16, 2026.

Florness joined Fastenal in 1996 and became CEO back in 2016. He expects to continue to serve as a Strategic Advisor to the firm's incoming CEO until early 2028. Dan joins to discuss the health of the company as he enters his final months at the helm, and how emerging technology has increasingly impacted the manufacturing landscape. Dan speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump indicated he’ll make changes to his administration’s deportation crackdown in Minnesota after the killing of two US citizens during immigration raids sparked nationwide uproar.

The president said he was sending US border czar Tom Homan — who is seen as relatively measured compared to rivals, including Homeland Security Secretary Kristi Noem — to Minneapolis in a bid to deescalate tensions.

Trump also spoke with Minnesota Governor Tim Walz, telling the Democrat who he has derided as “grossly incompetent” that he would consider independent investigations into the shootings and reducing the number of federal agents in his state.

Later, the White House suggested it could remove US Customs and Border Protection personnel from Minnesota if state and local law enforcement adopted additional “cooperative measures” to assist in the apprehension of undocumented migrants.

Taken together, the comments indicated that Trump might recognize that his maximum pressure deportation campaign has eroded public faith in immigration officials as well as his own political standing. That poses a risk for Republicans heading into November’s midterm elections.
The federal government is at risk of a partial government shutdown at the end of the week after Senate Democrats said they could not back a funding bill without new curbs on immigration enforcement.

Today's show features:

• Wendy Schiller, Professor of Political Science at Brown University, on President Donald Trump sending US border czar Tom Homan to Minneapolis amid a growing outcry over his immigration crackdown
• Stephanie Guild, Chief Investment Officer at Robinhood Markets, on markets, retail investing trends., interest rates and Federal Reserve policy
• Rebecca Homkes, Faculty at the London Business School and at Duke Corporate Executive Education, on how executives are responding to US tariff policy and economic uncertainty
• Stephanie Aliaga, Global Market Strategist at JPMorgan Asset Management, provides a corporate earnings progress report and commentary on US monetary policy

See omnystudio.com/listener for privacy information.