The case against Trump

Summing up arguments in what may be its last public hearing, the Jan. 6 committee on Thursday made no bones about who it considers ultimately responsible for the deadly 2021 attack on the US Capitol. The message was crystallized in the words of Wyoming Republican Liz Cheney: “The central cause of Jan. 6 was one man,” she said. “Donald Trump.” Despite the deletion of Secret Service texts and emails from the day before and day of the insurrection, the committee said it was able to obtain records showing the agency had learned of plans to breach the Capitol. Representative Adam Schiff of California said Congress has almost 1 million emails, recordings and other electronic records from the Secret Service that it continues to review.

They included emails the Secret Service received on Dec. 24 and Dec. 26 of 2020 saying Trump followers were “armed and ready” and “their plan is to literally kill people.” There were also tips that the far-right group known as the Proud Boys planned to march with weapons to the Capitol, Schiff said. Trump was well aware of the looming catastrophe and chose to urge it on, according to testimony and evidence presented over the course of five months. His actions that day were allegedly part of a broader effort to discard the victory of Joe Biden and cling to power. It was a conspiracy, the committee said, that began well before the election was held in November 2020. At the conclusion of today’s hearing, the panel’s members held a dramatic vote, and in what may prove to be a symbolic gesture, unanimously agreed to subpoena Trump. —David E. Rovella

A closely watched measure of US consumer prices rose by more than forecast to a 40-year high last month, pressuring the Federal Reserve to raise interest rates even more aggressively. The core consumer price index, which excludes food and energy, increased 6.6% from a year ago, the highest level since 1982. From a month earlier, the core CPI climbed 0.6%. On the heels of a solid jobs report last week and record-low unemployment, the inflation data likely cement an additional 75-basis point interest rate hike at the Fed’s November policy meeting. Markets oddly skyrocketed rather than tanked. Here’s your markets wrap.

At first blush, Bitcoin becoming less volatile than stocks might appear like a positive development. But crypto traders are warning that in a low-volume environment, that might not be a great thing. Here’s why.
The US has one of the world’s strongest militaries with some of its most potent high-tech weapons, such as stealth aircraft and precision rockets. But it’s increasingly leaning on targeted economic measures to achieve strategic goals. And the nation is no longer limiting its targets to minnows. Now it’s going after big fish.
Ron DeSantis and other Republicans have been sending illegal immigrants to Democratic strongholds by the thousands, straining their ability to house them. Now the Florida governor is reportedly under investigation by the Treasury Department for potentially using money tied to Covid-19 aid to fund his effort.

Kroger is in talks about a tie-up with rival Albertisons in a deal that would create a US grocery giant, people familiar with the matter said. An agreement could be reached as soon as this week. No final decisions have been made and talks could still be delayed or falter.

At least 15 countries mainly from the NATO military alliance, including the UK and the Netherlands, have signed a letter of intent to join a long-term German project to create a European anti-missile shield that would boost protection for much of the continent. The move follows escalations by Russia in its war on Ukraine, and the Kremlin’s veiled threats against Europe and the US.

Since emerging in late 2021, the highly transmissible omicron strain of Covid-19 has splintered into a dazzling array of subvariants. The proliferation of so many variants is unprecedented and pits numerous hyper-mutated iterations against each other in a race for dominance. The good news though is that Pfizer and its German vaccine partner BioNTech just announced that their latest booster, tailored to the latest omicron variants, raised more antibodies against the currently dominant strains of the coronavirus when compared with the original shot.

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

At the last Communist Party congress in 2017, Xi Jinping declared China was “standing tall and firm in the East.” Now the US and key allies are looking to cut China down to size. Last week, Biden imposed sweeping curbs to deprive China of advanced computer chips, taking aim at the party’s ability to achieve its long-term growth ambitions. Xi’s characterization of China’s position in the world will be closely watched during his speech Oct. 16 kicking off the once-in-five-years party congress, at which he’s poised to secure a norm-breaking third term.

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The Bloomberg Equality Summit: Join us in London Oct. 18 for conversations on creating a blueprint for a future based on equitable prosperity. What does a post-pandemic model of development look like? How can a new middle class drive innovation, and what role does the private sector play in creating wealth for all? Speakers include executives from Fidelity International, the John Lewis Partnership and the London Stock Exchange. Learn more here.