Musk moves on Medicare

Donald Trump’s latest musings about revisiting American expansionism, as with earlier asides about Canada, Greenland and the Panama Canal, triggered the usual media firestorm and handwringing Wednesday. Though by afternoon, Trump’s aides reportedly started to walk back many of the 78-year-old’s comments regarding a US military takeover of the Gaza Strip.

But while the klieg lights were elsewhere, Elon Musk was hard at work on Trump’s project to partially disassemble the American government. Musk (who the White House says is the sole arbiter of his own conflicts of interest) has moved on from USAID and the Treasury to agencies that administer Medicare and Medicaid benefits, upon which more than a third of all Americans depend.

Already the subject of litigation, Musk’s sprawling, chaotic effort to shutter agencies and cut Congressional funding was met today with protests all across the country. The South Africa native has inserted himself into various federal agencies while seeking to terminate or force out tens of thousands of workers with buyouts (which theoretically must be funded by Congress). But the Republican Party, which controls Congress, appears to be fully aligned with Trump’s attack on his own branch and hasn’t moved to defend its constitutional authority (Trump’s two impeachments took place while Democrats controlled the House of Representatives).

All of which leaves the courts as the one remaining check on Trump’s effort to arguably exercise Congressional powers. Indeed, initial rulings pillorying the first convicted felon to occupy the White House are beginning to roll in. But legal experts predict this may be part of the plan.

Lawsuits against the administration will likely end up before the Supreme Court. Last year, the justices radically expanded presidential immunity while short-circuiting Trump’s prosecution for trying to overturn the 2020 election. The court’s Republican-appointed supermajority has expressed a willingness to grant the executive branch even more power—if given the chance. —David E. Rovella

What You Need to Know Today

Apollo Global Management is seeking to build a marketplace that would allow investors to buy and sell high-grade private assets more easily, while encroaching further into terrain once dominated by the biggest Wall Street firms. The alternative asset manager is in discussions to partner with banks, exchanges and fintech firms to deliver real-time information and intraday prices for private credit deals. The firm has said that the biggest trends in the next five years are the convergence of public and private markets and the changing role of financial institutions.

Treasury Secretary Scott Bessent said the Trump administration’s focus with regard to bringing down borrowing costs is 10-year Treasury yields, rather than the Federal Reserve’s benchmark short-term interest rate. The former hedge fund manager also repeated his view that, by expanding the supply of energy, inflation will come down even further. In terms of working-class Americans, “the energy component for them is one of the surest indicators for long-term inflation expectations,” he said.

Bloomberg Exclusive: SoftBank Group is said to be in advanced talks to acquire Ampere Computing, valuing the Oracle-backed chip designer at about $6.5 billion, including debt. A deal for Ampere, whose early backers also include private equity firm Carlyle Group, would add to a wave of chip companies looking to capitalize on a spending boom in artificial intelligence. Oracle said last year that it owns 29% of Ampere and can exercise future investments options that would give it control of the company.

Gold in the Bank of England vault is trading at a discount to the wider market as fears over potential Trump tariffs spark a scramble for bullion, resulting in weeks-long lines to withdraw metal. Dealers are said to be quoting prices for gold at the BOE at discounts of more than $5 an ounce below spot in London. The size of the divergence is extremely unusual, with gold at the BOE usually trading in lockstep with prices in the rest of the London market. Previous premiums and discounts—driven by central bank trading activity—have generally been no more than a few tens of cents per ounce, traders said. The disconnect comes as traders worldwide rush to get gold to the US ahead of the potential imposition of tariffs and to capture premium prices. Trump hasn’t targeted precious metals specifically as he ratchets up his trade war, but dealers are worried they could be included in blanket tariffs that he’s threatened.

China’s antitrust watchdog is laying the groundwork for a potential probe into Apple’s policies and the fees it charges app developers, part of a broader push by Beijing that risks becoming another flashpoint in the latest US trade war. The State Administration for Market Regulation is examining Apple’s policies, which include taking a cut of as much as 30% on in-app spending and barring external payment services and stores. The conversations stem from long-running disputes between Apple and developers such as Tencent Holdings and ByteDance over iOS store policies—a source of tension between the US company and regulators worldwide.

What You’ll Need to Know Tomorrow

For Your Commute

Enjoying Evening Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

Explore all newsletters at Bloomberg.com.