Bloomberg: “While businesses typically adjust their approach to suit every new administration, executives and consultants say the second Trump term brings its own set of challenges.”

“As the president moves at a faster pace than last time around to implement his agenda, his proclamations are disrupting markets, hiring and investment decisions, supply chains and unit economics. Companies are engaging earlier and more intensely with the president and are more cautious about what they say publicly.”

The Economist: “It all seems to add up to something big. On a daily, sometimes hourly, basis, Elon Musk claims that his team of fiscal commandos has found yet more government fraud, terminated another wasteful contract or even scrapped an entire agency. Mr Musk’s supporters believe that, through tech wizardry and sheer willpower, he is slashing the federal deficit in a way that has eluded politicians for years. But this narrative has a glaring flaw: our review of official data shows that Mr Musk’s efforts have scarcely made a dent in spending.”

“Every working day the Treasury publishes a statement detailing withdrawals of cash from its primary deposit account, providing the best high-frequency indicator of government spending. Since Donald Trump took office a little more than three weeks ago, outlays have averaged $30bn a day. Compare that with the same period last year under Joe Biden: federal spending back then came to about $26bn a day.”

“Outflows from the Treasury have actually risen since January 28th, when Mr Musk first claimed his ‘Department of Government Efficiency’, or DOGE, was saving the federal government $1bn a day.”

The Atlantic: “When Donald Trump first won the presidency, Corey Lewandowski, his former campaign manager, angled for a senior position inside the White House, only to settle for an outside job as a political consultant.”

“Eight years later, Lewandowski set his sights lower. He lobbied to be named chief of staff to Kristi Noem, the incoming secretary of Homeland Security, whom he had spent years advising and promoting as a rising star within Trump’s orbit, two people familiar with the situation told us.”

“But again he was thwarted. Trump personally nixed the idea, said the people… One added that the president was concerned by the optics of Lewandowski working as chief of staff to someone with whom he had reportedly been romantically involved. (Lewandowski and Noem have denied the claims of an affair.)”

Axios: “Insiders tell us Trump, who came into office feeling ebullient and empowered, is just getting more confident — fueled by his expected clean sweep of Cabinet confirmations, plus a CBS News poll showing 53% approval amid his aggressive ‘flood the zone’ opening actions…”

“Privately, there’s an undercurrent of worry in Trumpworld that political gravity could weigh him down — especially if inflation rises. The looming debt ceiling and government-funding fights could be messy.”