Striving for efficiencies

Good morning. Donald Trump picks Elon Musk and Vivek Ramaswamy for his government efficiency effort. Wildfires in the Northeast bring a new threat to the region. And “Bitcoin Jesus” is in trouble. Listen to the day’s top stories.

Elon Musk and Vivek Ramaswamy will lead a new Department of Government Efficiency (that’s right, DOGE) under Donald Trump. The president-elect has tasked the two entrepreneurs to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” Musk said, “This will send shockwaves through the system.”

Other appointments: Pete Hegseth, a Fox News host and Army National Guard officer, was nominated as defense secretary. John Ratcliffe, Trump’s former national intelligence director, will head the CIA. Keep track of all the people Trump is naming to key roles in his second term here.

Republican senators will elect a new leader today—the first time in 18 years they’ll choose someone other than Mitch McConnell. That decision, made by secret ballot, will be an early indication whether they’ll serve as a check on the president-elect, who’s pulling for Florida’s Rick Scott, a MAGA enthusiast. Texas’s John Cornyn and South Dakota’s John Thune are considered the establishment favorites.

Bitcoin is taking a breather after jumping about 30% since Trump’s election victory. The token is currently worth about $87,000 after hitting a record just shy of $90,000 yesterday. While US stocks and the dollar are also doing well, Trump’s win has been anything but good for the rest of global markets.

The US monthly inflation reading is due today, and prices are expected to have picked up just slightly in October (the rate of change probably held steady). Experts are watching the prices of rent and used cars. Bloomberg Economics doesn’t expect the report to be a determining factor in the Federal Reserve’s next rate decision.

Wildfires raging across New York and New Jersey highlight a new threat to one of the world's most affluent regions.

Zara and Primark are a threat to US retail, Andrea Felsted writes. Brands from across the Atlantic have tried—and largely failed—to gain ground in America before. But this time is different.

“Bitcoin Jesus” is in trouble. The IRS is fighting longtime crypto investor Roger Ver, who may become the first person to be tried for crypto-only tax evasion charges. Ver is awaiting a Spanish judge’s decision on whether he’ll be extradited to the US.

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