1 00:00:03,560 --> 00:00:06,800 Speaker 1: Live from the Bloomberg Interactor Burger Studios. This is is Bloomberg 2 00:00:06,920 --> 00:00:10,840 Speaker 1: day Break for Wednesday, January twelve two. Coming up this hour, 3 00:00:11,240 --> 00:00:14,960 Speaker 1: J Powell offers reassuring words on inflation. Price pressure has 4 00:00:15,000 --> 00:00:18,160 Speaker 1: remained in focus for this morning CPI report, Johnson and 5 00:00:18,239 --> 00:00:22,160 Speaker 1: Johnson's vaccine gets another side effect warning and Biogen share 6 00:00:22,200 --> 00:00:25,279 Speaker 1: slide after the government limits coverage for its Alzheimer's drug. 7 00:00:25,520 --> 00:00:28,920 Speaker 1: Governor HOCl says New York COVID rates are plateauing. Plus 8 00:00:29,040 --> 00:00:31,960 Speaker 1: President Biden makes a pitch to get rid of filibuster rules. 9 00:00:32,159 --> 00:00:36,080 Speaker 1: I'm Michael larn More Ahead, I'm John stand Shown sports giants, 10 00:00:36,080 --> 00:00:38,959 Speaker 1: fans gat their wish, the team fired, Joe Judge will 11 00:00:39,000 --> 00:00:41,360 Speaker 1: be a new coach, and G. M. Nixon nets both 12 00:00:41,440 --> 00:00:46,760 Speaker 1: late tonight. That's all straight Ahead on Bloomberg day Break 13 00:00:46,960 --> 00:00:51,480 Speaker 1: on Bloomberg eleven, Free on New York, Bloomberg on Washington, 14 00:00:51,600 --> 00:00:55,680 Speaker 1: d C, Bloomberg one oh six one Boston, Bloomberg nine sixties, 15 00:00:55,720 --> 00:00:59,920 Speaker 1: San Francisco, Sirius XM one nine Team, and around the world. 16 00:01:00,000 --> 00:01:03,520 Speaker 1: Old on Bloomberg Radio dot Com and via The Bloomberg Business. 17 00:01:07,680 --> 00:01:10,640 Speaker 1: Good Morning, I'm Nathan Hagar, and I'm Karen, Moscow and 18 00:01:10,800 --> 00:01:14,200 Speaker 1: US futures are moving higher this morning ahead of today's 19 00:01:14,200 --> 00:01:16,320 Speaker 1: inflation data. We're coming up to six o one on 20 00:01:16,400 --> 00:01:18,440 Speaker 1: Wall Street, and we checked the markets every fifteen minutes 21 00:01:18,480 --> 00:01:21,800 Speaker 1: throughout the trading day on bloomberg S ANDP futures up 22 00:01:21,840 --> 00:01:25,120 Speaker 1: about nine points down, futures up sixty two, NASTACK futures 23 00:01:25,200 --> 00:01:28,759 Speaker 1: up forty nine. The decks in Germany's up half percent. 24 00:01:29,080 --> 00:01:31,320 Speaker 1: Ten year treasury down to thirty seconds, he at one 25 00:01:31,360 --> 00:01:33,760 Speaker 1: point seven four percent. They yield on the two year 26 00:01:33,880 --> 00:01:37,720 Speaker 1: point nine zero percent. Nim X. Screwed oil is up 27 00:01:37,720 --> 00:01:39,759 Speaker 1: six tents percent or forty nine cents at eighty one 28 00:01:40,080 --> 00:01:43,640 Speaker 1: seventy one cents a barrel, and Bitcoin this morning at 29 00:01:44,360 --> 00:01:46,800 Speaker 1: eight hundred dollars. Nathan, Well, Karen, we're coming up the 30 00:01:46,840 --> 00:01:49,279 Speaker 1: first game for U S stocks in more than a week. 31 00:01:49,440 --> 00:01:52,640 Speaker 1: The rebound came after j. Powell's confirmation hearing, where the 32 00:01:52,640 --> 00:01:55,360 Speaker 1: Fed chair look to reassure senators about the central banks 33 00:01:55,360 --> 00:02:00,240 Speaker 1: plans to tackle inflation. If we see inflation persisting at 34 00:02:00,280 --> 00:02:03,880 Speaker 1: high levels longer than expected, then then we will, you know, 35 00:02:03,920 --> 00:02:06,200 Speaker 1: then will if we have to raise interest rates more 36 00:02:06,280 --> 00:02:08,800 Speaker 1: over time, we will. We will use our tools to 37 00:02:08,800 --> 00:02:11,520 Speaker 1: get inflation back. Powell told senators the Fed is on 38 00:02:11,600 --> 00:02:14,519 Speaker 1: course to start raising interest rates and reduce its eight 39 00:02:14,520 --> 00:02:17,960 Speaker 1: point eight trillion dollar balance sheet. Well, Nathan Powell received 40 00:02:17,960 --> 00:02:21,480 Speaker 1: a relatively warm reception from the Senate Banking Committee. Arkansas 41 00:02:21,560 --> 00:02:24,160 Speaker 1: Republican Congressman French Hill was glad to see a heavy 42 00:02:24,200 --> 00:02:27,919 Speaker 1: focus on inflation. This issue of getting inflation under control 43 00:02:28,280 --> 00:02:31,800 Speaker 1: UH and taking action from a monetary policy is should 44 00:02:31,840 --> 00:02:36,280 Speaker 1: be the principal issue, not climate change, not bank regulatory opinions, 45 00:02:36,480 --> 00:02:41,239 Speaker 1: but their monetary policy responsibility. Arkansas Congressman French Hills spoke 46 00:02:41,320 --> 00:02:44,680 Speaker 1: at our Washington corresponded Joe Matthew on Bloomberg Sound on 47 00:02:44,880 --> 00:02:48,240 Speaker 1: Catch the program weekdays at five pm Eastern on Bloomberg Radio, 48 00:02:48,440 --> 00:02:51,040 Speaker 1: and inflation will remain in the spotlight today, Karen. When 49 00:02:51,080 --> 00:02:54,160 Speaker 1: government data on consumer prices comes out this morning, we 50 00:02:54,200 --> 00:02:57,200 Speaker 1: get a preview from Bloomberg's Viney Dell Judas hang onto 51 00:02:57,200 --> 00:03:00,880 Speaker 1: your hacks again. Bloomberg Economics, as forecast a seven percent 52 00:03:00,919 --> 00:03:04,119 Speaker 1: inflation rate year over year in November hit six point 53 00:03:04,160 --> 00:03:07,200 Speaker 1: eight percent, the most nineteen two, when Paul Walker was 54 00:03:07,240 --> 00:03:10,600 Speaker 1: stomping on the brakes at the Federal Reserve COVID nineteen 55 00:03:10,720 --> 00:03:12,800 Speaker 1: is still an issue today as it has been for 56 00:03:12,919 --> 00:03:17,239 Speaker 1: two long years. Bloomberg Economics as a Macron related bottlenecks 57 00:03:17,280 --> 00:03:21,000 Speaker 1: could add further upward pressure through the first quarter. Vinnie 58 00:03:21,120 --> 00:03:24,080 Speaker 1: Delnic Bloomberg day Break, Right, Vinnie, thank you. All. Prices 59 00:03:24,080 --> 00:03:26,440 Speaker 1: were also front and center in Asia over night, with 60 00:03:26,520 --> 00:03:30,240 Speaker 1: data showing inflation in China East in December, and Bloomberg 61 00:03:30,320 --> 00:03:33,600 Speaker 1: Daybreak Asia anchor Brian Curtis as the details. The Producer 62 00:03:33,639 --> 00:03:36,800 Speaker 1: Price Index rose ten point three percent from a year earlier, 63 00:03:36,880 --> 00:03:40,360 Speaker 1: slowing from November's twelve point nine percent. It was well 64 00:03:40,440 --> 00:03:43,800 Speaker 1: below forecasts. The government took measures to boost supplies of 65 00:03:43,840 --> 00:03:48,839 Speaker 1: commodities and it cracked down on speculation, and food prices fell. Now, 66 00:03:48,840 --> 00:03:51,880 Speaker 1: the CPI increased one and a half percent. That was 67 00:03:51,960 --> 00:03:55,440 Speaker 1: lower than the projection of one point seven percent. O 68 00:03:55,600 --> 00:03:59,040 Speaker 1: Macron is hitting the economy hard, and these softer numbers 69 00:03:59,080 --> 00:04:03,040 Speaker 1: might give the PBO see more scope for easy Brian Curtis, 70 00:04:03,040 --> 00:04:05,760 Speaker 1: Bloomberg day Break. All right, Brian, thank you. Let's turn 71 00:04:05,760 --> 00:04:08,559 Speaker 1: to the pandemic now with a fresh focus on vaccines. 72 00:04:08,640 --> 00:04:11,080 Speaker 1: We told you yesterday. Finer and Maderna are working on 73 00:04:11,120 --> 00:04:13,640 Speaker 1: shots to target the omicron variant, but it looks like 74 00:04:13,720 --> 00:04:16,440 Speaker 1: Dr Anthony Faucci is not on board with that plan, 75 00:04:16,720 --> 00:04:19,960 Speaker 1: Bloomberg said. Baxter has the story. Dr Fauci says he 76 00:04:20,000 --> 00:04:22,520 Speaker 1: feels that time should be spent developing the vaccine in 77 00:04:22,560 --> 00:04:26,880 Speaker 1: the protract against the umbrella of variants past and to come, 78 00:04:27,200 --> 00:04:29,960 Speaker 1: and the interact whost is will play a major role 79 00:04:30,480 --> 00:04:34,680 Speaker 1: in protecting our population, at least from severe disease in 80 00:04:34,720 --> 00:04:39,880 Speaker 1: the context of the ongoing massive surge of the omicron variant. 81 00:04:39,920 --> 00:04:42,880 Speaker 1: He says, the third m RNA dose regiment seems to 82 00:04:42,880 --> 00:04:46,560 Speaker 1: be working and preventing severe disease at this time in 83 00:04:46,640 --> 00:04:49,720 Speaker 1: San Francisco. I'm at Baxter Bloomberg Day Break, All right, 84 00:04:49,760 --> 00:04:51,920 Speaker 1: and thank you. All important news this morning for those 85 00:04:51,960 --> 00:04:54,600 Speaker 1: who have gotten Johnson and Johnson's vaccine. We get the 86 00:04:54,640 --> 00:04:58,320 Speaker 1: latest from Bloomberg's Ranita Young Ranita Karen. The FDA is 87 00:04:58,400 --> 00:05:01,799 Speaker 1: revising its fact sheet for J and Jay's COVID nineteen shot. 88 00:05:02,120 --> 00:05:05,000 Speaker 1: It now warns of the risk of a rare bleeding disorder, 89 00:05:05,240 --> 00:05:08,400 Speaker 1: and it includes recommendations for giving J and J's vaccine 90 00:05:08,520 --> 00:05:12,120 Speaker 1: to people with existing medical conditions. The FDA told J 91 00:05:12,240 --> 00:05:15,080 Speaker 1: and J that reports suggests an increased risk of the 92 00:05:15,120 --> 00:05:18,520 Speaker 1: bleeding disorder during the forty two days after patients received 93 00:05:18,560 --> 00:05:22,960 Speaker 1: their shot. Symptoms include bruising or excessive or unusual bleeding. 94 00:05:23,279 --> 00:05:26,680 Speaker 1: This revision comes a month after the CDC recommended MODERNA 95 00:05:26,760 --> 00:05:30,680 Speaker 1: and viser vaccines for adults over jan Ja's shot. I'm 96 00:05:30,720 --> 00:05:33,479 Speaker 1: reneeding young Bloomberg Daybreak, All right, we need to thank 97 00:05:33,480 --> 00:05:36,320 Speaker 1: you vaccines. They're also in focus in Europe where there's 98 00:05:36,320 --> 00:05:39,359 Speaker 1: a warning about getting too many booster shots. Let's go 99 00:05:39,440 --> 00:05:42,200 Speaker 1: live to London and get the latest from Bloomberg's Max Ramsey. 100 00:05:42,240 --> 00:05:45,279 Speaker 1: Good morning, Max, Good morning Nathan and Karen. Yes, we 101 00:05:45,360 --> 00:05:48,279 Speaker 1: have this warning from the European Medicines Agency. It's the 102 00:05:48,480 --> 00:05:52,200 Speaker 1: key EU regulator that's saying that frequent booster shots could 103 00:05:52,200 --> 00:05:56,000 Speaker 1: have negative effects on the immune system and tire people out. 104 00:05:56,279 --> 00:05:59,600 Speaker 1: That's based on repeating boosters every four months. So instead 105 00:05:59,640 --> 00:06:03,040 Speaker 1: they think countries should leave more time between vaccines and 106 00:06:03,120 --> 00:06:04,920 Speaker 1: tie them to the start of the cold season, say 107 00:06:04,960 --> 00:06:08,640 Speaker 1: following in the footsteps of flu vaccine programs. Live in London, 108 00:06:08,680 --> 00:06:11,520 Speaker 1: I'm Max Ramsey, Bloomberg Daybreak, Right, Max, thank you and 109 00:06:11,560 --> 00:06:15,080 Speaker 1: finally incorporate news this morning. Shares of Biogenner down more 110 00:06:15,120 --> 00:06:18,400 Speaker 1: than ten percent this morning. The federal government is limiting 111 00:06:18,440 --> 00:06:21,320 Speaker 1: coverage of Biogen's Alzheimer's treatment, and we get more from 112 00:06:21,320 --> 00:06:25,359 Speaker 1: Bloomberg's Doug Christner. Last June, the FDA granted Biogen's drug 113 00:06:25,440 --> 00:06:30,479 Speaker 1: adu Helm accelerated approval, despite objections from FDA advisors. Since then, 114 00:06:30,800 --> 00:06:33,080 Speaker 1: Medicare has been paying for the treatment on a case 115 00:06:33,120 --> 00:06:36,440 Speaker 1: by case basis. Now, the Centers for Medicare and Medicaid 116 00:06:36,480 --> 00:06:40,840 Speaker 1: Services is curbing access. Coverage of Biogen's therapy and other 117 00:06:40,880 --> 00:06:45,280 Speaker 1: emiloid targeted Alzheimer's therapies will be limited to those participating 118 00:06:45,320 --> 00:06:48,880 Speaker 1: in qualifying clinical trials. The CMS said the decision was 119 00:06:48,920 --> 00:06:51,800 Speaker 1: the result of a thorough analysis. It found while ad 120 00:06:51,839 --> 00:06:54,880 Speaker 1: you Helm could help patients, there is also the potential 121 00:06:54,920 --> 00:06:57,840 Speaker 1: for harm. In New York, I'm Doug Christner, Bloomberg Daybreak, 122 00:06:57,880 --> 00:06:59,400 Speaker 1: All right, Doug, thank you right now. S and P 123 00:06:59,560 --> 00:07:02,479 Speaker 1: futures up nine points, staff futures up sixty seven, nest 124 00:07:02,520 --> 00:07:05,640 Speaker 1: at features higher by fifty two points, the tenure treasury 125 00:07:05,680 --> 00:07:08,119 Speaker 1: is down to thirty seconds, the yield one point seven 126 00:07:08,200 --> 00:07:10,800 Speaker 1: four percent, and I'm ex screwed up six tenths per cent. 127 00:07:10,880 --> 00:07:14,040 Speaker 1: Or forty seven cents at eighty one sixty nine cents 128 00:07:14,040 --> 00:07:16,920 Speaker 1: a barrel straight ahead, your latest local headlines and a 129 00:07:17,000 --> 00:07:24,040 Speaker 1: check of sports. This is Bloomberg in six o seven 130 00:07:24,040 --> 00:07:26,280 Speaker 1: on Wall Street where twenty three degrees in Central Park 131 00:07:26,320 --> 00:07:28,720 Speaker 1: and still dealing with this overturn tractor trailer on East 132 00:07:28,720 --> 00:07:31,000 Speaker 1: Found eighty and hack and sack the tails coming up 133 00:07:31,000 --> 00:07:33,960 Speaker 1: in traffic. First Michael Laher with more on what's going 134 00:07:34,000 --> 00:07:36,400 Speaker 1: on in New York and around the world. Michael, thank 135 00:07:36,400 --> 00:07:39,400 Speaker 1: you very much, Nathan. Governor Kathy Oakel says the omicron 136 00:07:39,480 --> 00:07:43,119 Speaker 1: fueled COVID surgey New York appears to be cresting over 137 00:07:43,160 --> 00:07:47,240 Speaker 1: that peak as the rate of increased slows. Ocal says 138 00:07:47,280 --> 00:07:50,120 Speaker 1: the percentage of New Yorkers that tested positive has dropped 139 00:07:50,240 --> 00:07:53,360 Speaker 1: to eighteen point six percent from more than two percent 140 00:07:53,400 --> 00:07:56,200 Speaker 1: in recent days. Cases are slowing down, the rate of 141 00:07:56,240 --> 00:07:59,920 Speaker 1: increases slowing down, um, but they're still high. They're still high. 142 00:08:00,040 --> 00:08:01,840 Speaker 1: It We are not at the end. But I wanted 143 00:08:01,840 --> 00:08:05,000 Speaker 1: to say that this is to me a glimmer of hope, 144 00:08:05,080 --> 00:08:06,880 Speaker 1: a glimmer of hope at a time, and we desperately 145 00:08:06,920 --> 00:08:09,880 Speaker 1: need that, the governor says, in New York, City COVID 146 00:08:10,000 --> 00:08:13,239 Speaker 1: rates are platte sewing, while upstate figures are tracking behind 147 00:08:13,280 --> 00:08:16,160 Speaker 1: the city by a couple of weeks. New Jersey Governor 148 00:08:16,160 --> 00:08:19,640 Speaker 1: Phil Murphy reinstated a public health emergency to respond to 149 00:08:19,680 --> 00:08:23,400 Speaker 1: the omicron fueled surge in COVID cases. The executive order 150 00:08:23,480 --> 00:08:27,920 Speaker 1: allows for existing orders, like requiring masking in schools and 151 00:08:28,160 --> 00:08:31,920 Speaker 1: daycare settings to remain in effect. Murphy spoke about COVID 152 00:08:31,960 --> 00:08:34,719 Speaker 1: during his State of the State address yesterday. Just as 153 00:08:34,720 --> 00:08:37,400 Speaker 1: we thought we had finally gotten ahead of COVID, the 154 00:08:37,480 --> 00:08:41,200 Speaker 1: omicron variant came along. O. Macron is doing its best 155 00:08:41,240 --> 00:08:44,000 Speaker 1: to stop us in our tracks and push us back. 156 00:08:44,720 --> 00:08:47,720 Speaker 1: We will not let it, Governor Murphy says. For now. 157 00:08:47,760 --> 00:08:52,160 Speaker 1: The health Emergency declaration is effective immediately and will expire 158 00:08:52,280 --> 00:08:55,600 Speaker 1: after thirty days. At least fourteen of the seventeen victims 159 00:08:55,640 --> 00:08:58,520 Speaker 1: from Sunday's deadly high rise apartment fire in the Bronx 160 00:08:58,760 --> 00:09:02,520 Speaker 1: have now been identified. Victims range in age from five 161 00:09:02,559 --> 00:09:05,760 Speaker 1: to fifty years old. The Medical Examiners offices all of 162 00:09:05,840 --> 00:09:09,280 Speaker 1: those killed died from smoke in realation. Last night, a 163 00:09:09,360 --> 00:09:12,440 Speaker 1: vigil was held outside the building for the victims. President 164 00:09:12,480 --> 00:09:16,040 Speaker 1: Biden challenge Senators to stand against voter suppression, urging them 165 00:09:16,120 --> 00:09:18,679 Speaker 1: to end the filibuster rule in order to pass voting 166 00:09:18,760 --> 00:09:22,880 Speaker 1: rights legislation. President Biden spoke in Atlanta, Jim Crew two 167 00:09:22,920 --> 00:09:27,800 Speaker 1: point oh was about two insidious things. Voter suppression an 168 00:09:27,800 --> 00:09:31,760 Speaker 1: election subversion. It's no longer about who gets to vote, 169 00:09:32,200 --> 00:09:35,800 Speaker 1: It's about making it harder to vote. Meanwhile, Republicans Senate 170 00:09:35,880 --> 00:09:38,560 Speaker 1: Leader Mint McConnell is promising to create a log jam 171 00:09:38,640 --> 00:09:41,920 Speaker 1: for Democrats if they vote to override the filibuster rule. 172 00:09:42,160 --> 00:09:45,480 Speaker 1: We're ready to have this vote. We think it's time 173 00:09:45,760 --> 00:09:48,960 Speaker 1: for those who want to break the Senate to stand 174 00:09:49,040 --> 00:09:52,440 Speaker 1: up and try to break the Senate. And let's see 175 00:09:52,440 --> 00:09:56,719 Speaker 1: where everybody stands. Senator McConnell spoke to reporters after a 176 00:09:56,800 --> 00:09:59,480 Speaker 1: GOP lunch and Global News twenty four hours a day 177 00:09:59,520 --> 00:10:01,720 Speaker 1: on air. Down Bloomberg Quick Take, powered by more than 178 00:10:02,040 --> 00:10:05,560 Speaker 1: seven hundred journalist and analysts more than twenty countries. Michael Barr, 179 00:10:05,600 --> 00:10:12,640 Speaker 1: this is Bloomberg, Nain, Michael, thank you almost six cent 180 00:10:12,679 --> 00:10:14,719 Speaker 1: on all Street time for the Bloomberg Sports Update with 181 00:10:14,800 --> 00:10:17,840 Speaker 1: John Stown. Thanks Nathan. The firing of Joe Judge means 182 00:10:17,880 --> 00:10:20,040 Speaker 1: the Giants If you include an interim head coach of 183 00:10:20,040 --> 00:10:22,319 Speaker 1: few years ago. We're about to have their sixth different 184 00:10:22,360 --> 00:10:26,200 Speaker 1: coach over an eight year span. The Steelers have had 185 00:10:26,240 --> 00:10:28,760 Speaker 1: three coaches in the last fifty two years. The feeling 186 00:10:28,800 --> 00:10:30,880 Speaker 1: was the Giants wanted to avoid having to fire a 187 00:10:30,920 --> 00:10:33,720 Speaker 1: third strange coach who lasted just two seasons, but the 188 00:10:33,720 --> 00:10:35,719 Speaker 1: six game losing streak to finish the year, plus some 189 00:10:35,800 --> 00:10:40,000 Speaker 1: bizarre Judge postgame press conferences left them with no choice. 190 00:10:40,000 --> 00:10:42,960 Speaker 1: Reaction from one time Giant Ryan Clark now on ESPN 191 00:10:43,120 --> 00:10:46,160 Speaker 1: NFL animal, if you're going to keep the integrity of 192 00:10:46,200 --> 00:10:48,760 Speaker 1: what your organization is supposed to be, then Joe Judge 193 00:10:48,800 --> 00:10:51,080 Speaker 1: can't continue to be the head coach of the New 194 00:10:51,160 --> 00:10:53,720 Speaker 1: York Giants. This is a team that lost six games 195 00:10:53,760 --> 00:10:55,920 Speaker 1: by double digits to finish the season. This is the 196 00:10:55,960 --> 00:10:58,840 Speaker 1: team that kneeled the ball on third and nine from 197 00:10:58,920 --> 00:11:00,760 Speaker 1: their own five yard and this was a team that 198 00:11:00,840 --> 00:11:03,280 Speaker 1: was no longer competing. And the one thing that good 199 00:11:03,280 --> 00:11:05,840 Speaker 1: scene to do is they reflect coaching. So the Giants 200 00:11:05,840 --> 00:11:08,080 Speaker 1: down need a coach and general manager, and makes sense 201 00:11:08,120 --> 00:11:10,400 Speaker 1: to get the GM first. It appears that for both 202 00:11:10,480 --> 00:11:13,319 Speaker 1: jobs they will look to bring in someone from outside 203 00:11:13,360 --> 00:11:16,280 Speaker 1: the organization. That's something their fans have wanted. But the 204 00:11:16,320 --> 00:11:18,840 Speaker 1: strange season with the Islanders first thirteen games all on 205 00:11:18,880 --> 00:11:21,120 Speaker 1: the road. Team that almost played for the Stanley Cup 206 00:11:21,200 --> 00:11:23,800 Speaker 1: last season, had eleven game losing streak. Their last eight 207 00:11:23,800 --> 00:11:26,280 Speaker 1: games have been postponed due to COVID and now set 208 00:11:26,320 --> 00:11:29,160 Speaker 1: to play the Devil's tomorrow and Islander coach Barry Trot's 209 00:11:29,480 --> 00:11:32,120 Speaker 1: test had positive and he just returned from time off 210 00:11:32,360 --> 00:11:34,120 Speaker 1: after the death of his mother. Next to night go 211 00:11:34,200 --> 00:11:35,840 Speaker 1: for a fifth grade home win. It would get them 212 00:11:35,880 --> 00:11:38,720 Speaker 1: back to five hundred. Dallas comes into the Garden righting 213 00:11:38,760 --> 00:11:40,800 Speaker 1: the six game win streak. The Nets have lost five 214 00:11:40,800 --> 00:11:43,160 Speaker 1: of their last seven. They visited Chicago. The Bulls won 215 00:11:43,240 --> 00:11:46,280 Speaker 1: last night by forty six. They've got the best record 216 00:11:46,320 --> 00:11:49,880 Speaker 1: in these John Stash, Edward Bloomberg Sports, Nathan Okay, John, 217 00:11:49,880 --> 00:11:52,240 Speaker 1: thank you, s and p Futures now up almost six points, 218 00:11:52,240 --> 00:11:54,680 Speaker 1: Stuff features up forty five. Dance that futures are higher 219 00:11:54,679 --> 00:11:57,040 Speaker 1: by almost thirty eight points. The tenure treasury is gonna 220 00:11:57,040 --> 00:12:00,320 Speaker 1: down one thirty second, the yield one point seven four. 221 00:12:01,000 --> 00:12:08,679 Speaker 1: You're listening to Bloomberg day Break and it's brought to 222 00:12:08,720 --> 00:12:10,880 Speaker 1: you by Autie. Don't let someone else drive off in 223 00:12:10,920 --> 00:12:13,160 Speaker 1: the outie model. You've always wanted to visit a tri 224 00:12:13,320 --> 00:12:21,280 Speaker 1: state area autie dealer to get behind the wheel of yours. Today, 225 00:12:21,920 --> 00:12:25,320 Speaker 1: markets headlines and breaking news twenty four hours a day 226 00:12:25,400 --> 00:12:28,400 Speaker 1: at Bloomberg dot com, the Bloomberg Business Out and at 227 00:12:28,400 --> 00:12:38,200 Speaker 1: Bloomberg Quick Tape is a Bloomberg Business Flash, and I'm 228 00:12:38,240 --> 00:12:42,640 Speaker 1: Karen Moscow. European stocks are moving higher this morning, and 229 00:12:42,720 --> 00:12:46,640 Speaker 1: treasury yields are steady ahead of that key reading on inflation. 230 00:12:46,800 --> 00:12:49,839 Speaker 1: US DOCK Index futures are moving higher, and we check 231 00:12:49,880 --> 00:12:52,480 Speaker 1: the markets every fifteen minutes throughout the trading day on 232 00:12:52,559 --> 00:12:54,760 Speaker 1: Bloomberg S and p Future is up seven point to 233 00:12:54,800 --> 00:12:57,880 Speaker 1: down futures of forty six nasdack futures at forty five 234 00:12:58,240 --> 00:13:00,640 Speaker 1: the decks in Germany's up a third of percent. Ten 235 00:13:00,720 --> 00:13:03,559 Speaker 1: year treasury down one thirty second yield one point seven 236 00:13:03,559 --> 00:13:05,920 Speaker 1: four percent. That yield on the two year point nine 237 00:13:06,040 --> 00:13:09,319 Speaker 1: zero percent. Nine X screwed oils up seven tents per cent, 238 00:13:09,400 --> 00:13:11,800 Speaker 1: or fifty four cents at eighty one seventy six cents 239 00:13:11,800 --> 00:13:15,200 Speaker 1: of barrel Comic school that will change at eighteen seventeen 240 00:13:15,240 --> 00:13:18,319 Speaker 1: forty announce the euro one point one three six two 241 00:13:18,360 --> 00:13:21,320 Speaker 1: against the dollar. British found one point three six three three, 242 00:13:21,360 --> 00:13:24,040 Speaker 1: the ends in one fifteen point four one, and bitcoin 243 00:13:24,160 --> 00:13:28,200 Speaker 1: this morning moving higher at two eight hundred dollars. And 244 00:13:28,240 --> 00:13:30,400 Speaker 1: we do get that CPI report at a thirty Wall 245 00:13:30,440 --> 00:13:33,400 Speaker 1: Street time at you. The FED releases its page book 246 00:13:33,440 --> 00:13:36,000 Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr 247 00:13:36,040 --> 00:13:39,360 Speaker 1: with more on what's going on around the world. Michael Karen, 248 00:13:39,440 --> 00:13:42,199 Speaker 1: thank you very much. Democratic leaders are pushing for changing 249 00:13:42,240 --> 00:13:44,720 Speaker 1: the filibuster rule and the Senate to push forward on 250 00:13:44,800 --> 00:13:47,880 Speaker 1: voting rights legislation. The Senate could vote to change it 251 00:13:47,920 --> 00:13:51,319 Speaker 1: as early as today. President Biden traveled to Georgia to 252 00:13:51,400 --> 00:13:55,040 Speaker 1: voice his support in changing it. Former Senator Harry Reid 253 00:13:55,080 --> 00:13:57,840 Speaker 1: will ly in state at the US Capitol as colleagues 254 00:13:57,840 --> 00:14:00,959 Speaker 1: and friends pay tribute to the Democrat who served five 255 00:14:01,120 --> 00:14:03,920 Speaker 1: terms in the Senate. Read will be honor today in 256 00:14:04,040 --> 00:14:07,360 Speaker 1: the Capitol Rotunda during a ceremony closed to the public. 257 00:14:07,800 --> 00:14:10,960 Speaker 1: NFL News the Giants of Cleaned House firing coach Joe 258 00:14:11,080 --> 00:14:14,840 Speaker 1: Judge the day after general manager Dave Getleman retired. In 259 00:14:14,960 --> 00:14:18,720 Speaker 1: the NBA, the Wizards won, the Warriors lost Global news 260 00:14:18,760 --> 00:14:21,800 Speaker 1: twenty four hours a day on here and on Bloomberg Quicktake, 261 00:14:22,080 --> 00:14:24,920 Speaker 1: powered by more than twenty seven hundred journalist and analysts 262 00:14:24,960 --> 00:14:28,320 Speaker 1: more than a hundred twenty countries. Michael barn This is Bloomberg. 263 00:14:28,440 --> 00:14:31,360 Speaker 1: Nathan Okay, Michael. Thanks at six nineteen on Wall Street 264 00:14:31,400 --> 00:14:35,040 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 265 00:14:35,120 --> 00:14:37,760 Speaker 1: day Break. Let's get more now on FED share Jerome 266 00:14:37,800 --> 00:14:41,800 Speaker 1: Powell's inflation fighting message as we await yet another read 267 00:14:42,080 --> 00:14:45,360 Speaker 1: on consumer prices. Tom Porcelli is with US now, chief 268 00:14:45,480 --> 00:14:49,040 Speaker 1: US economist at RBC Capital Markets. Of course, Tom, we 269 00:14:49,120 --> 00:14:52,280 Speaker 1: heard yesterday Powell tell the Senate Banking Committee that the 270 00:14:52,280 --> 00:14:55,320 Speaker 1: FED will use its tools to get inflation back, that 271 00:14:55,480 --> 00:14:59,000 Speaker 1: to raise interest rates more over time they will Is 272 00:14:59,040 --> 00:15:05,640 Speaker 1: the FED getting ahead of inflation? Uh no, No, I 273 00:15:05,640 --> 00:15:09,320 Speaker 1: think I think they're they're they're really far behind inflation, 274 00:15:09,360 --> 00:15:11,800 Speaker 1: which is why now that share Powell has to act 275 00:15:11,920 --> 00:15:14,960 Speaker 1: or sound so aggressive. So no, I think that this 276 00:15:15,040 --> 00:15:18,240 Speaker 1: is sort of playing catch up. Um. Actually, and so 277 00:15:18,680 --> 00:15:21,040 Speaker 1: you know it's I don't know why anyone is all 278 00:15:21,520 --> 00:15:24,760 Speaker 1: shocked and bothered when you hear Powell talk about or 279 00:15:25,120 --> 00:15:27,560 Speaker 1: stated differently, when you don't hear anyone within the set 280 00:15:27,600 --> 00:15:29,120 Speaker 1: of pushing back on the idea that you're going to 281 00:15:29,160 --> 00:15:31,360 Speaker 1: see at least four rate hikes this year and start 282 00:15:31,440 --> 00:15:34,800 Speaker 1: quantitative tightening this year. I mean, you know that. And 283 00:15:35,000 --> 00:15:37,800 Speaker 1: what's interesting to me about the whole conversation is it's 284 00:15:37,880 --> 00:15:39,960 Speaker 1: great that the market is, you know, sort of you 285 00:15:40,000 --> 00:15:42,480 Speaker 1: know now embraced the idea of four hikes. But I 286 00:15:42,480 --> 00:15:44,000 Speaker 1: think what people have to bear in mind is that, 287 00:15:44,160 --> 00:15:46,600 Speaker 1: you know, that's just four hikes this year. I think 288 00:15:46,640 --> 00:15:49,120 Speaker 1: you can see another four hikes next year. Um. And 289 00:15:49,160 --> 00:15:50,880 Speaker 1: so I think that this is this is in part 290 00:15:51,200 --> 00:15:53,760 Speaker 1: that the catch up element that's going on. Do you 291 00:15:53,760 --> 00:15:56,480 Speaker 1: think the Powell is embracing the idea for hikes? Did 292 00:15:56,480 --> 00:16:01,880 Speaker 1: you get to that point yesterday? I you know, it's 293 00:16:01,920 --> 00:16:04,080 Speaker 1: always hard to get inside someone's mind, but I would 294 00:16:04,080 --> 00:16:07,000 Speaker 1: say this way, Um, you know, there's he had an 295 00:16:07,000 --> 00:16:09,240 Speaker 1: opportunity yesterday to push back on it, and they'll have 296 00:16:09,320 --> 00:16:11,840 Speaker 1: ample opportunity over the coming weeks. I mean, there's an 297 00:16:11,880 --> 00:16:14,680 Speaker 1: FOMC meeting not too far from now. You know, if if, 298 00:16:14,840 --> 00:16:19,080 Speaker 1: if you, if they dislike where the markets head is at, 299 00:16:19,400 --> 00:16:21,200 Speaker 1: they'll push back on it. But just to be clear, 300 00:16:21,680 --> 00:16:24,160 Speaker 1: We've already heard from quite a number of BEET officials 301 00:16:24,160 --> 00:16:28,760 Speaker 1: and I haven't heard any pushing back on it. Good 302 00:16:28,760 --> 00:16:32,560 Speaker 1: point there. What about the balance sheet unwind pal saying 303 00:16:32,600 --> 00:16:36,200 Speaker 1: that that could happen sooner and faster. When do you 304 00:16:36,200 --> 00:16:41,840 Speaker 1: see that's starting to happen. Yeah, so that's another dynamic 305 00:16:41,880 --> 00:16:44,600 Speaker 1: that all happen this year. We we expect that it 306 00:16:44,640 --> 00:16:47,680 Speaker 1: could happen even as early as the first half of 307 00:16:47,840 --> 00:16:50,160 Speaker 1: the year, so it would be sort of after after 308 00:16:50,200 --> 00:16:53,480 Speaker 1: the first hyke. Um. You know, I think again, this 309 00:16:53,640 --> 00:16:56,160 Speaker 1: is just yet another another dynamic that I think is 310 00:16:56,240 --> 00:16:59,600 Speaker 1: so interesting and so different relative to where we were 311 00:17:00,120 --> 00:17:02,800 Speaker 1: after the g f C. Right, the FED is acting, 312 00:17:03,040 --> 00:17:05,040 Speaker 1: and I think this is a really important point for 313 00:17:05,040 --> 00:17:07,879 Speaker 1: for most people to sort of appreciate or understand. The 314 00:17:07,960 --> 00:17:11,240 Speaker 1: economic backdrop today is wildly different than the economic backdrop 315 00:17:11,240 --> 00:17:13,640 Speaker 1: when the FED started. You know, the process of unwanting 316 00:17:13,640 --> 00:17:15,840 Speaker 1: the balance sheet back then, right like we were still 317 00:17:15,920 --> 00:17:19,119 Speaker 1: enduring the jobless recovery. You know, economic activity was you know, 318 00:17:19,160 --> 00:17:21,760 Speaker 1: sort of not moving along at a at a rapid pace. 319 00:17:22,240 --> 00:17:24,639 Speaker 1: None of that is true today. Um, you know, we've 320 00:17:24,760 --> 00:17:27,680 Speaker 1: the labor backdrop is incredibly tight. Um, We've claused that 321 00:17:27,840 --> 00:17:30,320 Speaker 1: most of the lost output. So again I think no 322 00:17:30,359 --> 00:17:34,040 Speaker 1: one should be surprised that this entire process is very 323 00:17:34,080 --> 00:17:38,640 Speaker 1: exhilerated verse post GFC. So then is there a risk 324 00:17:38,920 --> 00:17:41,240 Speaker 1: if it does get more accelerated, that we could be 325 00:17:41,280 --> 00:17:45,160 Speaker 1: in line for a policy mistake from the Fed? Yeah? 326 00:17:45,200 --> 00:17:47,280 Speaker 1: I think look at any time to adjusting policy, I 327 00:17:47,280 --> 00:17:48,719 Speaker 1: think there's always a risk. I mean, I don't think 328 00:17:48,760 --> 00:17:52,120 Speaker 1: that this this time is um uh, well, this time 329 00:17:52,200 --> 00:17:54,560 Speaker 1: is somewhat unique, and I can talk about that in 330 00:17:54,600 --> 00:17:56,280 Speaker 1: the moment. But but yes, I think any time the 331 00:17:56,320 --> 00:17:58,679 Speaker 1: FED is adjusting policy, I think that that is always 332 00:17:58,680 --> 00:18:01,880 Speaker 1: the risk. I think that the risk is bigger this 333 00:18:01,960 --> 00:18:04,840 Speaker 1: time because the FT is so far behind the curve 334 00:18:05,359 --> 00:18:07,320 Speaker 1: um and so if they feel that, if they feel 335 00:18:07,320 --> 00:18:10,159 Speaker 1: compelled to have to sort of, you know, accelerate, you 336 00:18:10,160 --> 00:18:12,840 Speaker 1: know what could have been a gentle hiking cycle, um 337 00:18:12,880 --> 00:18:15,800 Speaker 1: if they started just sooner than sure, I think that 338 00:18:15,840 --> 00:18:18,760 Speaker 1: there's probably more elevation. I don't know if more elevated 339 00:18:18,840 --> 00:18:21,880 Speaker 1: is even the right phrase, but there's there's more risk, 340 00:18:22,359 --> 00:18:25,240 Speaker 1: uh probably this go around than what we've seen certainly 341 00:18:25,240 --> 00:18:27,840 Speaker 1: in recent history. In our last minute, here, Tom, what 342 00:18:27,880 --> 00:18:31,040 Speaker 1: about today's CPI reading a lot of expectation for that 343 00:18:31,119 --> 00:18:35,680 Speaker 1: number seven. Is that where you're at? Ye? Yes, so 344 00:18:35,920 --> 00:18:38,840 Speaker 1: I think in fact, again I think let's look even 345 00:18:38,880 --> 00:18:42,040 Speaker 1: beyond this report. So, yes, this report will see an acceleration. 346 00:18:42,480 --> 00:18:44,240 Speaker 1: I think you've see an acceleration in the in the 347 00:18:44,280 --> 00:18:47,240 Speaker 1: report thereafter. I think you can potentially see one more 348 00:18:47,280 --> 00:18:51,480 Speaker 1: acceleration even two months from now, before you finally start 349 00:18:51,520 --> 00:18:53,679 Speaker 1: to um, you know, sort of stabilize at least to 350 00:18:53,760 --> 00:18:56,159 Speaker 1: some extent um and then you have the sort of 351 00:18:56,160 --> 00:18:58,840 Speaker 1: those hard year in your calms start to eat into 352 00:18:58,960 --> 00:19:01,000 Speaker 1: the year and your page. But again, I think we 353 00:19:01,040 --> 00:19:03,359 Speaker 1: should brace ourselves for at least two or three more 354 00:19:03,359 --> 00:19:07,120 Speaker 1: months of acceleration from here. All right, Tom Porcelli, Chief 355 00:19:07,200 --> 00:19:11,040 Speaker 1: US economist at RBC Capital, thanks for your insights. As always, 356 00:19:11,119 --> 00:19:15,000 Speaker 1: as we do await that CPI data. UH, the expectation 357 00:19:15,080 --> 00:19:18,639 Speaker 1: of seven percent year over year price increases for consumers. 358 00:19:18,880 --> 00:19:21,760 Speaker 1: Will have full coverage for you here on Bloomberg Radio. 359 00:19:22,080 --> 00:19:25,520 Speaker 1: Ahead of all that, SMP futures are up almost seven points, 360 00:19:25,560 --> 00:19:28,320 Speaker 1: staff futures up forty five and NASTAC futures are higher 361 00:19:28,560 --> 00:19:31,440 Speaker 1: by forty four points. Little change to the tenure. Note 362 00:19:31,440 --> 00:19:33,639 Speaker 1: Now the yield one point seven three percent, and the 363 00:19:33,720 --> 00:19:36,280 Speaker 1: yield on the two year is at point nine zero percent. 364 00:19:36,720 --> 00:19:38,840 Speaker 1: Nime X Screwed is hired by six tenths per cent 365 00:19:38,920 --> 00:19:42,359 Speaker 1: or forty seven cents eighty one dollars sixty nine cents 366 00:19:42,359 --> 00:19:45,239 Speaker 1: of barrel comic Good Little change down seventy cents at 367 00:19:45,320 --> 00:19:50,520 Speaker 1: eighteen seventeen eighty announce straight ahead on Bloomberg Daybreaker, recession 368 00:19:50,640 --> 00:19:53,200 Speaker 1: warning to go along with inflation, and a new red 369 00:19:53,240 --> 00:19:56,440 Speaker 1: flag for Johnson and Johnson's COVID vaccine as we checked 370 00:19:56,480 --> 00:19:59,040 Speaker 1: the five things you need to know to start your day. 371 00:20:00,040 --> 00:20:08,560 Speaker 1: Right here on Bloomberg Daybreak. This is Bloomberg Bloomberg eleven three, 372 00:20:08,560 --> 00:20:10,160 Speaker 1: a weather mix of sun and clouds and a high 373 00:20:10,240 --> 00:20:13,280 Speaker 1: near forty today more clouds than sun Tomorrow, low forties 374 00:20:13,560 --> 00:20:17,000 Speaker 1: probably the mostly sunny, breezy, and mid thirties for Friday. 375 00:20:17,119 --> 00:20:24,320 Speaker 1: Right now twenty three degrees broadcasting live from the Bloomberg 376 00:20:24,400 --> 00:20:28,840 Speaker 1: Interactive Brokers Studio in New York. Bloomberg Loving Freedom to Washington, 377 00:20:28,920 --> 00:20:32,800 Speaker 1: d C, Bloomberg On to Boston, Bloomberg one O six 378 00:20:32,840 --> 00:20:36,080 Speaker 1: one to San Francisco, Bloomberg Home sixty to the Country. 379 00:20:36,160 --> 00:20:39,320 Speaker 1: Sirius XM Chado one ninet and around the globe the 380 00:20:39,359 --> 00:20:43,240 Speaker 1: Bloomberg Business app in Bloomberg Radio dot com. This is 381 00:20:43,280 --> 00:20:51,960 Speaker 1: Bloomberg Daybreak. It's six thirty on Wall Street. Good morning. 382 00:20:51,960 --> 00:20:55,280 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We're just about 383 00:20:55,320 --> 00:20:58,400 Speaker 1: three hours away from the open of US trading. Time 384 00:20:58,440 --> 00:21:00,639 Speaker 1: for the five things you need to know to start 385 00:21:00,680 --> 00:21:03,960 Speaker 1: your day. Brought to you by Interactive Brokers and Directed 386 00:21:03,960 --> 00:21:07,280 Speaker 1: Brokers Global Analysts. Global Analysts helps you find new global 387 00:21:07,280 --> 00:21:12,280 Speaker 1: investment opportunities, to diversify your portfolio and discover undervalued companies. 388 00:21:12,320 --> 00:21:15,040 Speaker 1: Try Global Analysts today at ib k R dot com. 389 00:21:15,119 --> 00:21:19,919 Speaker 1: Slash g a up first. US futures are moving higher 390 00:21:19,960 --> 00:21:22,440 Speaker 1: after yesterday's rebound on Wall Street. The S and P 391 00:21:22,600 --> 00:21:25,840 Speaker 1: five hundred gained almost one percent and the NASDAC grows 392 00:21:25,920 --> 00:21:29,240 Speaker 1: one point four percent after J. Powell reassured senators about 393 00:21:29,280 --> 00:21:33,639 Speaker 1: the Central Bank's plans to tackle inflation. Will be normalizing policy, 394 00:21:33,920 --> 00:21:36,680 Speaker 1: meaning we're gonna end er asset purchases in March, meaning 395 00:21:36,680 --> 00:21:38,560 Speaker 1: will be raising rates over the course of the year. 396 00:21:38,920 --> 00:21:41,440 Speaker 1: At some point, perhaps later this year, we will start 397 00:21:41,440 --> 00:21:44,320 Speaker 1: to allow the balance sheet to run off. J. Powell 398 00:21:44,359 --> 00:21:47,080 Speaker 1: made the comments during his confirmation hearing for another term 399 00:21:47,119 --> 00:21:49,680 Speaker 1: as FED share. He also made the case that inflation 400 00:21:49,720 --> 00:21:52,800 Speaker 1: will slow on its own as supply chain issues ease 401 00:21:53,040 --> 00:21:55,600 Speaker 1: and prices of the main focus again todaycare and the 402 00:21:55,640 --> 00:21:59,320 Speaker 1: government releases its consumer price index for December. This morning, 403 00:21:59,359 --> 00:22:03,080 Speaker 1: economists predict a year over your gain of seven percent. Meantime, 404 00:22:03,119 --> 00:22:07,959 Speaker 1: Jeffrey Gunlock warns that recessionary pressure is building along with inflation. 405 00:22:08,040 --> 00:22:10,920 Speaker 1: Nathan and the webcast the billionaire bond fund manager said 406 00:22:10,960 --> 00:22:14,000 Speaker 1: the FED is pretty far behind the curve. He also 407 00:22:14,080 --> 00:22:16,359 Speaker 1: thinks the Central Bank and only raised rates to just 408 00:22:16,560 --> 00:22:20,000 Speaker 1: one and a half percent before it starts inflicting economic pain. 409 00:22:20,400 --> 00:22:23,200 Speaker 1: Returning to the pandemic, now, vaccines are front and center, 410 00:22:23,240 --> 00:22:25,560 Speaker 1: and there's important news for those who have gotten Johnson 411 00:22:25,600 --> 00:22:28,479 Speaker 1: and Johnson's shot. Let's get it from Bloomberg's RNDA Young 412 00:22:28,520 --> 00:22:31,679 Speaker 1: Granita Nathan. The FDA is revising its fact sheet for 413 00:22:31,800 --> 00:22:34,760 Speaker 1: J and J's COVID nineteen vaccine. It warns of the 414 00:22:34,840 --> 00:22:38,520 Speaker 1: risk of a rare bleeding disorder, and it includes recommendations 415 00:22:38,520 --> 00:22:42,159 Speaker 1: for giving Jane J shot to people with existing medical conditions. 416 00:22:42,400 --> 00:22:44,920 Speaker 1: The FDA told J and J that reports suggests an 417 00:22:44,920 --> 00:22:47,680 Speaker 1: increased risk of the bleeding disorder during the forty two 418 00:22:47,760 --> 00:22:51,879 Speaker 1: days after patients received their vaccine. So far, about seventeen 419 00:22:51,920 --> 00:22:54,920 Speaker 1: million Americans have taken the shot. I'm rened a young 420 00:22:55,000 --> 00:22:58,600 Speaker 1: Blomberg Daybreak, Bernita, thank you, and incorporate news this morning 421 00:22:58,600 --> 00:23:01,840 Speaker 1: shares a bio Jenner down almost ten percent in early trading. 422 00:23:01,880 --> 00:23:04,880 Speaker 1: The US government is limiting Medicare coverage of the company's 423 00:23:04,880 --> 00:23:08,199 Speaker 1: Alzheimer's treatment. It will now only cover patients enrolled in 424 00:23:08,240 --> 00:23:11,440 Speaker 1: clinical trials. It's a highly unusual move that will curb 425 00:23:11,520 --> 00:23:14,800 Speaker 1: access to the controversial treatment approved last year. And that's 426 00:23:14,840 --> 00:23:17,160 Speaker 1: the five things you need to notice. Start your day. 427 00:23:17,240 --> 00:23:20,240 Speaker 1: Brought to you by Interactive Brokers again US and P 428 00:23:20,400 --> 00:23:22,560 Speaker 1: Future is up six points this morning, down futures of 429 00:23:22,680 --> 00:23:26,040 Speaker 1: forty seven, NASDAK futures of thirty five, and attend your 430 00:23:26,080 --> 00:23:28,920 Speaker 1: treasury little change yield one point seven three per cent. 431 00:23:29,480 --> 00:23:33,280 Speaker 1: Straight ahead your latest local headlines plus a check of sports. 432 00:23:33,440 --> 00:23:40,280 Speaker 1: This is Bloomberg sixty three on Wall Street where twenty 433 00:23:40,280 --> 00:23:42,480 Speaker 1: four degrees in central property of an accident on the 434 00:23:42,520 --> 00:23:46,040 Speaker 1: southbound west Side Highway two hundred twenty five. Details coming 435 00:23:46,119 --> 00:23:48,280 Speaker 1: up from Peter Van in a few minutes. First, Michael 436 00:23:48,280 --> 00:23:50,200 Speaker 1: Barr with what else is going on in New York 437 00:23:50,200 --> 00:23:52,800 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan. 438 00:23:52,800 --> 00:23:56,040 Speaker 1: Governor Kathy Oakele says in New York City, COVID rates 439 00:23:56,040 --> 00:23:59,560 Speaker 1: are plant towing while upstate figures are cracking behind the 440 00:23:59,600 --> 00:24:02,960 Speaker 1: city by a couple of weeks. Looks like we might 441 00:24:03,000 --> 00:24:07,200 Speaker 1: be crusting that peak. The governor, during her virus briefing 442 00:24:07,280 --> 00:24:10,600 Speaker 1: says the percentage of New Yorkers that tested positive has 443 00:24:10,680 --> 00:24:14,240 Speaker 1: dropped to eighteen point six percent from more than in 444 00:24:14,280 --> 00:24:17,399 Speaker 1: recent days. Local says more than twelve thousand, five hundred 445 00:24:17,400 --> 00:24:20,560 Speaker 1: of people were hospitalized in the state on Monday. New 446 00:24:20,600 --> 00:24:24,000 Speaker 1: Jersey Governor Hill Murphy reinstated the public health emergency to 447 00:24:24,119 --> 00:24:27,920 Speaker 1: respond to the omicron fueled surge in COVID cases. Murphy 448 00:24:27,920 --> 00:24:30,840 Speaker 1: spoke about COVID during a State of the State address yesterday. 449 00:24:31,080 --> 00:24:33,880 Speaker 1: We are seeing new case counts that dwarf anything would 450 00:24:33,920 --> 00:24:37,080 Speaker 1: seem to this point upwards of four times as many 451 00:24:37,080 --> 00:24:40,359 Speaker 1: New Jersey ins have COVID today that did one year ago. 452 00:24:40,720 --> 00:24:44,320 Speaker 1: The governor says. The executive order allows for existing orders 453 00:24:44,359 --> 00:24:48,159 Speaker 1: like requiring masking in schools, to remain in effect. At 454 00:24:48,240 --> 00:24:51,240 Speaker 1: least fourteen of The seventeen victims from Sunday's deadly high 455 00:24:51,320 --> 00:24:54,360 Speaker 1: rise apartment fire in the Bronx have now been identified. 456 00:24:54,720 --> 00:24:57,199 Speaker 1: Last night of vigil was held for the victims, who 457 00:24:57,359 --> 00:25:00,439 Speaker 1: ranged an age from five to fifty years old the 458 00:25:00,480 --> 00:25:04,600 Speaker 1: Medical Examiner's offices, although those killed died from smoke inhalation. 459 00:25:05,119 --> 00:25:09,199 Speaker 1: President Joe Biden is challenging Senators to stand against voter suppression, 460 00:25:09,520 --> 00:25:12,400 Speaker 1: urging them to change Senate rules in order to pass 461 00:25:12,480 --> 00:25:16,920 Speaker 1: voting rights legislation. Republicans are blocking it from debate and votes. 462 00:25:17,240 --> 00:25:20,160 Speaker 1: Biden spoke in Atlanta, I will not yield, I will 463 00:25:20,200 --> 00:25:22,840 Speaker 1: not fledge. I will defend the right to vote our 464 00:25:22,920 --> 00:25:28,200 Speaker 1: democracy against all enemies. For and Yes, Domestic to voting 465 00:25:28,280 --> 00:25:31,520 Speaker 1: rights bills are currently stalled. Republicans say the bills aren't 466 00:25:31,600 --> 00:25:35,760 Speaker 1: aimed at fairness, but at giving Democrats election advantages. GOP 467 00:25:35,960 --> 00:25:38,720 Speaker 1: Senate leader Mitch McConnell was promising to create a log 468 00:25:38,840 --> 00:25:41,959 Speaker 1: jam for Democrats if they vote to nuke the filibuster 469 00:25:42,119 --> 00:25:45,680 Speaker 1: rule to advance voting rights. It takes anonimous consent to 470 00:25:45,720 --> 00:25:49,959 Speaker 1: turning the lights on, so in a post nuclear snate, 471 00:25:51,280 --> 00:25:54,320 Speaker 1: it's appropriate to ask how usually would it be to 472 00:25:54,400 --> 00:25:57,119 Speaker 1: get consent to turning the lights on. Accountell spoke to 473 00:25:57,200 --> 00:26:01,439 Speaker 1: reporters after Republican luncheon shortages at US grocery stores have 474 00:26:01,560 --> 00:26:04,560 Speaker 1: grown in recent weeks. New problems like the omicron variant 475 00:26:04,600 --> 00:26:08,240 Speaker 1: intervere whether they're piling on to the supply chain struggles 476 00:26:08,320 --> 00:26:11,840 Speaker 1: and labor shortages that have plague retailers since the coronavirus 477 00:26:11,840 --> 00:26:14,720 Speaker 1: pandemic began. Global News twenty four hours a day on 478 00:26:14,800 --> 00:26:17,200 Speaker 1: air and on Bloomberg Quittake, powered by more than twenty 479 00:26:17,200 --> 00:26:20,320 Speaker 1: seven hundred journalists, analysts and more than a hundred twenty countries. 480 00:26:20,359 --> 00:26:23,200 Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan. Okay, Michael, Thanks 481 00:26:27,960 --> 00:26:30,000 Speaker 1: coming up to the sixty six on Wall Street temper 482 00:26:30,000 --> 00:26:32,680 Speaker 1: for the Bloomberg Sports Outday with John Stenshaw. All right, Nathan. 483 00:26:32,760 --> 00:26:35,199 Speaker 1: Joe Judge was a surprise higher by the Giants two 484 00:26:35,280 --> 00:26:37,879 Speaker 1: years ago and then thirty eight year old, relatively unknown 485 00:26:37,960 --> 00:26:40,840 Speaker 1: special teams coach in New England. The Giants under Judge 486 00:26:40,880 --> 00:26:44,480 Speaker 1: did finish last season strong, but this season a nightmare, 487 00:26:44,480 --> 00:26:48,840 Speaker 1: a club record tying thirteen losses, including an embarrassing six 488 00:26:48,960 --> 00:26:51,119 Speaker 1: game Louis and straight down the stretch with the Giants 489 00:26:51,160 --> 00:26:54,000 Speaker 1: struggle to even get a first down. The Giants fired 490 00:26:54,119 --> 00:26:56,480 Speaker 1: Judge with aunor John Marrow, who met with Judge both 491 00:26:56,560 --> 00:26:59,240 Speaker 1: Monday and Yesterday's, saying in a statement it was his 492 00:26:59,359 --> 00:27:01,879 Speaker 1: desire at the start of the season to have the 493 00:27:01,920 --> 00:27:04,440 Speaker 1: team going in the right direction at the end and 494 00:27:04,600 --> 00:27:06,880 Speaker 1: that's not the case. Mara and co owner Steve Tish 495 00:27:07,000 --> 00:27:09,240 Speaker 1: had begun the process to hire a new general manager 496 00:27:09,280 --> 00:27:11,600 Speaker 1: to replace the apt going Dave Gentleman, and then the 497 00:27:11,720 --> 00:27:14,200 Speaker 1: owners with the new GM will hire a new coach. 498 00:27:14,240 --> 00:27:16,920 Speaker 1: It will be the sixth different coach over the last 499 00:27:17,000 --> 00:27:20,440 Speaker 1: eight years. The Giants seventeen tied with the Jets for 500 00:27:20,520 --> 00:27:24,320 Speaker 1: the worst record in football. Novak djokovit practicing to defend 501 00:27:24,400 --> 00:27:26,600 Speaker 1: his Australian Open title, but still not sure if he'll 502 00:27:26,600 --> 00:27:29,440 Speaker 1: be allowed to play. Djokovic now admits that his team 503 00:27:29,520 --> 00:27:32,960 Speaker 1: made a mistake in his travel documents for his arrival, 504 00:27:33,040 --> 00:27:35,240 Speaker 1: which led to his visa being taken away. He also 505 00:27:35,280 --> 00:27:38,480 Speaker 1: admits he was in public last month without a mask, 506 00:27:38,760 --> 00:27:42,359 Speaker 1: even after learning he attested positive. The Australian Immigration Office 507 00:27:42,640 --> 00:27:45,720 Speaker 1: said to be deciding whether to deport Djokovic, which could 508 00:27:45,760 --> 00:27:48,919 Speaker 1: lead to more legal challenges. The tournament begins next Monday. 509 00:27:49,240 --> 00:27:51,280 Speaker 1: The Mets on the new owner Steve Cohen, last year 510 00:27:51,359 --> 00:27:54,360 Speaker 1: retired Jerry Kuzman's number thirty six, and now they will 511 00:27:54,400 --> 00:27:57,920 Speaker 1: do likewise for another x Met great Keith Hernandez his 512 00:27:58,000 --> 00:28:01,240 Speaker 1: number seventeen. Of course, a long time Mets podcaster, College 513 00:28:01,240 --> 00:28:04,040 Speaker 1: Hoops Reapers lost at Pench Day Top rank, Baylor's first 514 00:28:04,119 --> 00:28:07,160 Speaker 1: lost of the year, beaten by Texas Tech. John Stash Network, 515 00:28:07,200 --> 00:28:10,600 Speaker 1: Bloomberg Sports Nathan Okay, John thanks at six thirty seven 516 00:28:10,760 --> 00:28:12,560 Speaker 1: on Wall Street. Time to take a look at stocks 517 00:28:12,600 --> 00:28:14,639 Speaker 1: now some of the names moving in the pre market. 518 00:28:14,680 --> 00:28:18,440 Speaker 1: Bloomberg Radio and TV markets corresponded. Creedy Gupta is with 519 00:28:18,640 --> 00:28:21,880 Speaker 1: us this morning, starting off with some possible deal news 520 00:28:21,960 --> 00:28:24,560 Speaker 1: in the communications space. Crety. Yeah, We're gonna start off 521 00:28:24,600 --> 00:28:26,640 Speaker 1: with Dish Network. How long has it been since we've 522 00:28:26,680 --> 00:28:29,040 Speaker 1: heard that name in the stock? Mover is Nathan c 523 00:28:29,359 --> 00:28:31,600 Speaker 1: I s H S Your taker up eight percent in 524 00:28:31,640 --> 00:28:33,480 Speaker 1: the pre market. That's coming after The New York Post 525 00:28:33,520 --> 00:28:36,800 Speaker 1: reported that the pay TV provider is in fresh merger 526 00:28:36,920 --> 00:28:39,800 Speaker 1: talks with Direct TV, and those new talks being plushed 527 00:28:39,880 --> 00:28:43,360 Speaker 1: by Direct TV shareholder TPG Capital. Let's put this in 528 00:28:43,480 --> 00:28:45,880 Speaker 1: some context, though, because They actually had a proposed combination 529 00:28:46,320 --> 00:28:50,280 Speaker 1: of the two firms two decades ago. Uh it was 530 00:28:50,320 --> 00:28:53,080 Speaker 1: eventually shot down by the FCC and the US Justice Department. 531 00:28:53,160 --> 00:28:55,920 Speaker 1: They tried again just about two years ago, and the 532 00:28:56,160 --> 00:28:59,400 Speaker 1: d o J quietly warned executives against the deal. So 533 00:28:59,520 --> 00:29:02,000 Speaker 1: let's see is this time it goes through once again. 534 00:29:02,040 --> 00:29:04,920 Speaker 1: Dish a Network d I S eight up eight percent 535 00:29:05,080 --> 00:29:08,360 Speaker 1: in the pre market. Speaking of mergers and deals, we 536 00:29:08,400 --> 00:29:10,720 Speaker 1: should talk about Microsoft as well. M S f T 537 00:29:11,280 --> 00:29:14,240 Speaker 1: up half a percent. This comes after the Competition Markets Authority, 538 00:29:14,400 --> 00:29:17,560 Speaker 1: which is that antitrust regulatory kind of body in the UK, 539 00:29:18,080 --> 00:29:22,280 Speaker 1: is considering whether Microsoft's acquisition of Nuanced Communications should be 540 00:29:22,360 --> 00:29:25,240 Speaker 1: an antitrust issue in the UK. They're actually looking for 541 00:29:25,400 --> 00:29:28,240 Speaker 1: competitive reasons anything to see that what it would threaten 542 00:29:28,520 --> 00:29:31,680 Speaker 1: the goods and services kind of provided in the UK. Nevertheless, 543 00:29:31,720 --> 00:29:34,040 Speaker 1: those shares are up half a percent in the pre 544 00:29:34,160 --> 00:29:36,680 Speaker 1: market ahead of the start of that reviews. Something to 545 00:29:36,760 --> 00:29:39,280 Speaker 1: watch in the days and in the weeks ahead. Yeah, 546 00:29:39,320 --> 00:29:42,280 Speaker 1: and I'm sure Creedy you've been watching shares of Biogen 547 00:29:42,440 --> 00:29:45,120 Speaker 1: this morning. We've been reporting all morning about the latest 548 00:29:45,320 --> 00:29:48,960 Speaker 1: negative news around their Alzheimer's treatment. Right, Well, remember they have. 549 00:29:49,240 --> 00:29:52,360 Speaker 1: They have tried to get this very controversial Alzheimer's treatment 550 00:29:52,400 --> 00:29:54,680 Speaker 1: approved around the world. The US FDA is really the 551 00:29:54,800 --> 00:29:57,520 Speaker 1: only one who approved it. The European Medical Authority the 552 00:29:57,640 --> 00:30:01,520 Speaker 1: Japanese Medical Authority, which was the big shocker, both denying it, 553 00:30:01,640 --> 00:30:04,360 Speaker 1: saying it was too controversial. Well, it looks like Biogen 554 00:30:04,520 --> 00:30:07,240 Speaker 1: is down again, this time after the US government limited 555 00:30:07,440 --> 00:30:11,520 Speaker 1: Medicare coverage of that Alzheimer's disease treatment and similar drugs 556 00:30:11,760 --> 00:30:15,360 Speaker 1: to patients enrolled in clinical trials. It's a pretty unusual move. 557 00:30:15,720 --> 00:30:18,840 Speaker 1: It curves access to the controversial treatment. But what's interesting 558 00:30:18,920 --> 00:30:20,960 Speaker 1: is that you're also seeing the impact happen in Eli. 559 00:30:21,080 --> 00:30:23,600 Speaker 1: Lily Shares l l Y is a taker there, down 560 00:30:23,720 --> 00:30:25,920 Speaker 1: two point two percent in sympathy, saying that some of 561 00:30:25,960 --> 00:30:28,800 Speaker 1: those encroachments might affect them as well. On Biogen b 562 00:30:28,960 --> 00:30:31,560 Speaker 1: I I B is a taker down ten percent, Nathan, 563 00:30:31,600 --> 00:30:33,520 Speaker 1: and throw a quick one at you. Hear pet Pal 564 00:30:33,640 --> 00:30:35,880 Speaker 1: as well, down two and a half percent, getting cut 565 00:30:35,920 --> 00:30:38,120 Speaker 1: to a hold from a by over at Jeffrey's, the 566 00:30:38,160 --> 00:30:41,600 Speaker 1: analysts saying paypals multiple is unlikely to expand on a 567 00:30:41,760 --> 00:30:44,760 Speaker 1: lack of catalyst. Nathan all Right, a negative analyst call 568 00:30:44,800 --> 00:30:47,760 Speaker 1: there from Bloomberg Radio and TV Markets correspondent Creany GOOFDA 569 00:30:47,960 --> 00:30:50,520 Speaker 1: keeping us on top of what's happening in the early 570 00:30:50,640 --> 00:30:52,440 Speaker 1: trading and as we take a look at stocks as 571 00:30:52,480 --> 00:30:56,240 Speaker 1: a whole ahead of the Wednesday morning open, modestly higher 572 00:30:56,640 --> 00:30:59,520 Speaker 1: SMP futures up five points down, futures up forty six 573 00:30:59,560 --> 00:31:02,960 Speaker 1: stands that futures on the rise by thirty one points. 574 00:31:03,240 --> 00:31:05,840 Speaker 1: Attend your treasury right now little changed at one point 575 00:31:06,000 --> 00:31:09,400 Speaker 1: seven three percent yield for a tenure Treasury note and 576 00:31:09,520 --> 00:31:12,200 Speaker 1: the yield on the two year right now point nine 577 00:31:12,320 --> 00:31:17,000 Speaker 1: zero percent. Stay with us. You're listening to Bloomberg Daybreak 578 00:31:22,480 --> 00:31:24,640 Speaker 1: Bloomberg eleven three. A weather mix of sun and clouds 579 00:31:24,640 --> 00:31:26,480 Speaker 1: and a high in near forty today, low forties with 580 00:31:26,600 --> 00:31:29,760 Speaker 1: more clouds than sun Tomorrow. It'll turn sunny and breezy 581 00:31:29,840 --> 00:31:31,920 Speaker 1: for Friday, with a high near thirty five right now 582 00:31:32,120 --> 00:31:39,080 Speaker 1: twenty four degrees in Central Park. Markets headlines and breaking 583 00:31:39,120 --> 00:31:41,960 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 584 00:31:42,120 --> 00:31:45,680 Speaker 1: the Bloomberg Business App, and at Bloomberg Quick Tape. He's 585 00:31:45,680 --> 00:31:54,880 Speaker 1: a Bloomberg Business lash and I'm Karen Moscow. Future is 586 00:31:54,880 --> 00:31:56,480 Speaker 1: on the rise. This morning, We had at the first 587 00:31:56,520 --> 00:31:59,600 Speaker 1: word Breaking news dask for today's morning call. Here's Bill Maloney, 588 00:31:59,680 --> 00:32:03,640 Speaker 1: Bill morning, and good morning. Can that's right? Modest games 589 00:32:03,680 --> 00:32:05,640 Speaker 1: in the US. Futures right now at down, futures hired 590 00:32:05,680 --> 00:32:08,480 Speaker 1: by fifty four points, simes game seven well then as 591 00:32:08,560 --> 00:32:11,760 Speaker 1: that futures are higher by thirties six. The US ten 592 00:32:11,960 --> 00:32:14,320 Speaker 1: year old at one point seven four percent, Gold is 593 00:32:14,400 --> 00:32:17,959 Speaker 1: down three, Oil trading higher, and bitcoin is little changed. 594 00:32:18,320 --> 00:32:21,120 Speaker 1: Japan rose one point nine percent overnight, while up markets 595 00:32:21,160 --> 00:32:23,480 Speaker 1: are also in the green this morning and back in 596 00:32:23,480 --> 00:32:26,080 Speaker 1: the US. On the economic Fronday thirty, the consumer price 597 00:32:26,120 --> 00:32:28,640 Speaker 1: in x and at two o'clock the FED releases it's 598 00:32:28,760 --> 00:32:31,320 Speaker 1: beige book after the Bellast night, it was reported that 599 00:32:31,440 --> 00:32:35,480 Speaker 1: Medicare limited the coverage of Bologen's Alzheimer's drug shows a 600 00:32:35,560 --> 00:32:38,240 Speaker 1: down ten percent in the pre market and regarding urns. 601 00:32:38,280 --> 00:32:42,200 Speaker 1: This morning, Jeffrey's revenue missed estimates, trapping things up. Snowflake 602 00:32:42,280 --> 00:32:44,760 Speaker 1: race to overweight at Barkeley's door, Dash raised over at 603 00:32:44,800 --> 00:32:47,320 Speaker 1: ever Cores, PayPal was put to hold at Jeffreys, and 604 00:32:47,400 --> 00:32:51,000 Speaker 1: Boogen was put to neutral over at Piper Live. From 605 00:32:51,000 --> 00:32:53,160 Speaker 1: the first to Breaking News, dost Gom, Bill Maloney Karen 606 00:32:53,600 --> 00:32:55,560 Speaker 1: Hery Bail, thank you to hear live breaking news over 607 00:32:55,560 --> 00:32:58,160 Speaker 1: here at Bloomberg. Type squawk on your terminal. I'll ascue 608 00:32:58,200 --> 00:33:00,800 Speaker 1: you a w U K and that's a Bloomber business flash. 609 00:33:00,880 --> 00:33:03,000 Speaker 1: Now here's Michael Barrow with more on what's going on 610 00:33:03,120 --> 00:33:05,640 Speaker 1: around the world. Michael, Karen, thank you very much. The 611 00:33:05,680 --> 00:33:09,120 Speaker 1: Biden administration will increase the amount of COVID nineteen tests 612 00:33:09,240 --> 00:33:13,320 Speaker 1: available for schools by ten million per month, according to 613 00:33:13,560 --> 00:33:16,000 Speaker 1: the White House, That more than doubles the amount of 614 00:33:16,080 --> 00:33:19,360 Speaker 1: testing available for schools compared to testing that took place 615 00:33:19,400 --> 00:33:23,120 Speaker 1: in November of top NATO and the Russian officials are 616 00:33:23,160 --> 00:33:26,080 Speaker 1: meeting to try to bridge deep differences over the future 617 00:33:26,160 --> 00:33:28,920 Speaker 1: of Ukraine. The meeting comes in a week of high 618 00:33:29,000 --> 00:33:32,120 Speaker 1: stakes diplomacy and a US led effort to prevent what 619 00:33:32,320 --> 00:33:35,880 Speaker 1: some fear could be a Russian invasion of Ukraine. Tennis 620 00:33:35,920 --> 00:33:39,480 Speaker 1: star Novak Djokovic, caught up in visa drama in Australia, 621 00:33:39,760 --> 00:33:42,920 Speaker 1: admitted that he attended a newspaper interview and a photo 622 00:33:43,040 --> 00:33:46,200 Speaker 1: shoot when he knew he was infectious with COVID nineteen. 623 00:33:46,880 --> 00:33:50,280 Speaker 1: NFL news the Giants have fired coach Joe Judge, a 624 00:33:50,400 --> 00:33:53,720 Speaker 1: day after general manager Dave Gentleman retired. In the NBA, 625 00:33:53,840 --> 00:33:57,080 Speaker 1: the Wizards won, the Warriors lost. Global news twenty four 626 00:33:57,120 --> 00:33:59,600 Speaker 1: hours a day on the air and on Bloomberg Quickdake 627 00:33:59,640 --> 00:34:03,040 Speaker 1: powered more than twenty seven under journalist and analyist more 628 00:34:03,040 --> 00:34:05,800 Speaker 1: than a d twenty countries. I'm Michael Barr, and this 629 00:34:06,120 --> 00:34:08,840 Speaker 1: is Bloomberg. Karen, all right, Michael, thank you. It is 630 00:34:08,960 --> 00:34:11,320 Speaker 1: six forty nine on Wall Street, and we turned to 631 00:34:11,360 --> 00:34:14,400 Speaker 1: news and science and technology now. But the Bloomberg and 632 00:34:14,520 --> 00:34:17,239 Speaker 1: j I T STEM report brought to you by New 633 00:34:17,360 --> 00:34:21,040 Speaker 1: Jersey Institute of Technology, which announced the renowned scholar and 634 00:34:21,200 --> 00:34:24,640 Speaker 1: educational leader, Dr tech Limb will join the university as 635 00:34:24,719 --> 00:34:27,279 Speaker 1: n j I T S ninth President. Learned more at 636 00:34:27,400 --> 00:34:29,719 Speaker 1: n j I T dot e DU Now here's this 637 00:34:29,840 --> 00:34:33,360 Speaker 1: Miking News and Science, Technology, Engineering and math. A federal 638 00:34:33,480 --> 00:34:36,560 Speaker 1: judge has revived the Federal Trade Commission antitrust can plant 639 00:34:36,600 --> 00:34:39,920 Speaker 1: against Facebook. The FDC said the social network have used 640 00:34:39,960 --> 00:34:42,840 Speaker 1: its dominance and should be broken up. The same judge 641 00:34:42,880 --> 00:34:45,080 Speaker 1: had dismissed the case in June, but now says the 642 00:34:45,160 --> 00:34:50,319 Speaker 1: agency has established that Facebook exercises monopoly power. Facebook said 643 00:34:50,360 --> 00:34:53,000 Speaker 1: the evidence will reveal the weakness of the government's case. 644 00:34:53,719 --> 00:34:56,920 Speaker 1: Opponents of a planned commercial spaceport on the Georgia coast 645 00:34:57,000 --> 00:34:59,399 Speaker 1: have asked a judge to stop local officials from buying 646 00:34:59,480 --> 00:35:01,759 Speaker 1: land for at the commercial launch pad. They want a 647 00:35:01,800 --> 00:35:04,439 Speaker 1: special election that will let voters decide whether the deal 648 00:35:04,520 --> 00:35:09,160 Speaker 1: should happen. Officials have spent years pursuing Spaceport Camden, calling 649 00:35:09,200 --> 00:35:12,160 Speaker 1: it a once in a generation opportunity that would boost 650 00:35:12,200 --> 00:35:15,320 Speaker 1: the economy not only by launching satellites into orbit, but 651 00:35:15,480 --> 00:35:19,319 Speaker 1: also by luring supporting industries and tourists. Opponents say there's 652 00:35:19,360 --> 00:35:23,080 Speaker 1: no guarantee the project will deliver economic growth. Sony will 653 00:35:23,160 --> 00:35:26,240 Speaker 1: keep making PlayStation four consoles this year because the supply 654 00:35:26,360 --> 00:35:29,040 Speaker 1: chain disruptions that have limited output of the more expensive 655 00:35:29,080 --> 00:35:32,320 Speaker 1: PlayStation five. The newer version has been in short supply 656 00:35:32,480 --> 00:35:34,560 Speaker 1: since it was released more than a year ago. The 657 00:35:34,640 --> 00:35:39,000 Speaker 1: older console uses less advanced ships and is easier to make. 658 00:35:39,280 --> 00:35:42,640 Speaker 1: And that's the Bloomberg n j I t Stem Report. Nathan, 659 00:35:42,840 --> 00:35:45,440 Speaker 1: Thank you, Karen. We're live from the Bloomberg Interactive Brokers 660 00:35:45,480 --> 00:35:47,959 Speaker 1: studios where it's almost six fifty one on Wall Street 661 00:35:48,000 --> 00:35:49,400 Speaker 1: and time to check what's going on in d C. 662 00:35:49,880 --> 00:35:52,120 Speaker 1: Some of the top stories from our nation's capital include 663 00:35:52,160 --> 00:35:55,440 Speaker 1: FED Chair powells assurances that the FED will curb inflation 664 00:35:55,480 --> 00:35:58,360 Speaker 1: while doing no harm to the economy, President Biden pitching 665 00:35:58,480 --> 00:36:01,240 Speaker 1: voting rights as allies call for less talk and more action, 666 00:36:01,680 --> 00:36:04,520 Speaker 1: and the White House ramping up COVID test production even 667 00:36:04,640 --> 00:36:09,759 Speaker 1: after demand fades. Also making news, Democrats considering a way 668 00:36:09,880 --> 00:36:13,279 Speaker 1: to move voting rights that could be described as out 669 00:36:13,320 --> 00:36:16,000 Speaker 1: of this world. We'll get to the that story with 670 00:36:16,239 --> 00:36:20,520 Speaker 1: the reporter who broke it, Bloomberg. Government's Emily Wilkins wanted 671 00:36:20,520 --> 00:36:22,640 Speaker 1: to get to that story shortly, but first, Emily, we 672 00:36:22,719 --> 00:36:25,759 Speaker 1: got to talk about Chairman Powell's testimony before the same 673 00:36:25,880 --> 00:36:32,800 Speaker 1: Banking Committee yesterday. Yes, yes, the term. His main message 674 00:36:33,000 --> 00:36:35,920 Speaker 1: on inflation was look that that is going to have 675 00:36:36,080 --> 00:36:39,600 Speaker 1: this under control. He really did see to reassure lawmaker 676 00:36:40,040 --> 00:36:43,600 Speaker 1: making going down. The inflation that we've seen rising up 677 00:36:43,680 --> 00:36:46,520 Speaker 1: over the past month, could see rising up again today 678 00:36:46,600 --> 00:36:49,680 Speaker 1: when the next CPI numbers dropped. Um. It was a 679 00:36:49,760 --> 00:36:52,439 Speaker 1: two and a half hour hearing. There really wasn't any 680 00:36:52,560 --> 00:36:56,359 Speaker 1: testy exchanges between Powell and lawmakers, even though, of course 681 00:36:56,440 --> 00:36:58,520 Speaker 1: you kind of have this dividing line where you have 682 00:36:58,640 --> 00:37:01,799 Speaker 1: Democrats who want Powell to do more to help individuals 683 00:37:01,920 --> 00:37:05,520 Speaker 1: versus Republicans who are concerned about the amount of simulus 684 00:37:05,560 --> 00:37:09,200 Speaker 1: funding that's going into the economy. Um, the power really 685 00:37:09,239 --> 00:37:12,120 Speaker 1: did tie a lot of what's happening with inflation back 686 00:37:12,200 --> 00:37:15,040 Speaker 1: to what we're seeing with the supply chaine and suggesting 687 00:37:15,120 --> 00:37:18,399 Speaker 1: that when the COVID eases again, when the supply chain 688 00:37:18,520 --> 00:37:20,600 Speaker 1: is able to catch up a little bit, that's and 689 00:37:20,719 --> 00:37:24,160 Speaker 1: we are going to see inflation going back down. So 690 00:37:24,320 --> 00:37:27,280 Speaker 1: not a lot of friction for Chairman Powell at the hearing, 691 00:37:27,400 --> 00:37:30,040 Speaker 1: But could we see more friction when it comes to 692 00:37:30,320 --> 00:37:34,080 Speaker 1: some of President Biden's other Fed nominees. We're hearing some 693 00:37:34,239 --> 00:37:39,520 Speaker 1: blowback around the President's pick for top FED regulator. Yes, 694 00:37:40,080 --> 00:37:42,759 Speaker 1: Sarah Bloom Raskin, the vice chair supervision over at the 695 00:37:42,840 --> 00:37:47,279 Speaker 1: Federal Reserve. Her nomination from Biden has been praised by 696 00:37:47,520 --> 00:37:51,800 Speaker 1: several Democratic centers, mostly due to our records on climate change. 697 00:37:52,160 --> 00:37:55,960 Speaker 1: But that same record is bringing criticism from Past Tuney, 698 00:37:56,000 --> 00:37:59,319 Speaker 1: who's the top Republican on the Senate Banking Committee. Uh, 699 00:37:59,400 --> 00:38:02,560 Speaker 1: he's concerned, elearned that Sarah gloom Reskin might wind us 700 00:38:02,800 --> 00:38:07,400 Speaker 1: using her position to really don't push more policy related 701 00:38:07,480 --> 00:38:11,400 Speaker 1: to climate change rather than say, focused more on the 702 00:38:11,560 --> 00:38:14,239 Speaker 1: job in and of itself. Uh. He said a letter 703 00:38:14,360 --> 00:38:17,520 Speaker 1: yesterday that he has serious concerns that she would abuse 704 00:38:17,640 --> 00:38:23,120 Speaker 1: the FED narrow statutory mandates on monetary policy. This might 705 00:38:23,239 --> 00:38:26,760 Speaker 1: not mean anything if enough Democrats are still in favor 706 00:38:26,840 --> 00:38:29,480 Speaker 1: of resting domination she needs to see to go through. 707 00:38:29,960 --> 00:38:32,600 Speaker 1: But it's notable that climate is the sticking point here 708 00:38:32,719 --> 00:38:35,840 Speaker 1: because Senator Joe Manson is one of those fifty Democrats 709 00:38:35,880 --> 00:38:39,279 Speaker 1: whose votes is needed. Obviously comes from West Virginia are 710 00:38:39,320 --> 00:38:42,479 Speaker 1: really known for its coal production, and this could wind 711 00:38:42,560 --> 00:38:45,200 Speaker 1: up being a problem. I would say that the question 712 00:38:45,280 --> 00:38:47,520 Speaker 1: mark is not so much around pet to me, Uh, 713 00:38:47,600 --> 00:38:51,200 Speaker 1: it's much more around Joe Mansions. Interesting you mentioned Senator 714 00:38:51,280 --> 00:38:56,160 Speaker 1: Mansion because he's also potentially pivotal vote when it comes 715 00:38:56,200 --> 00:38:59,760 Speaker 1: to voting rights legislation. We're continuing to get the reaction 716 00:38:59,840 --> 00:39:04,160 Speaker 1: to President Biden's speech in Atlanta yesterday how to do 717 00:39:04,320 --> 00:39:09,439 Speaker 1: with the Base. It didn't do very well. Then Double 718 00:39:09,480 --> 00:39:13,360 Speaker 1: Act really said after the speege that the time to 719 00:39:13,440 --> 00:39:16,520 Speaker 1: talk was was up and it's now time to act, 720 00:39:16,640 --> 00:39:19,720 Speaker 1: and that they really want to see action from President Biden. 721 00:39:19,840 --> 00:39:22,719 Speaker 1: That going to Atlanta and making these speeches. None of 722 00:39:22,800 --> 00:39:25,320 Speaker 1: that is enough for a lot of Biden's core supporters. 723 00:39:25,440 --> 00:39:28,320 Speaker 1: They say that they need more from the president. The 724 00:39:28,560 --> 00:39:31,960 Speaker 1: difficulty is here is that Democrats hands are pretty much 725 00:39:32,040 --> 00:39:35,799 Speaker 1: tied at this point unless Mansion Cinema changed their mind 726 00:39:35,960 --> 00:39:40,800 Speaker 1: about the changing Senate procedure Senate vote for how the 727 00:39:40,880 --> 00:39:44,080 Speaker 1: Senate vote, which is something loemakers are working on right there, 728 00:39:44,120 --> 00:39:46,080 Speaker 1: trying to meet with Sema. We had an overra called 729 00:39:46,160 --> 00:39:49,319 Speaker 1: Mansion Um. They're trying to complete these minds, but it's 730 00:39:49,400 --> 00:39:52,399 Speaker 1: just not happening at this point. Well. Makers are beginning 731 00:39:52,440 --> 00:39:56,719 Speaker 1: to discuss a potential legislative work around UM. Obviously, the Senate, 732 00:39:56,800 --> 00:39:59,799 Speaker 1: they have a ton of procedural vote. It's on those 733 00:39:59,840 --> 00:40:03,480 Speaker 1: for mutual votes that other voting rights legislation has died. 734 00:40:03,880 --> 00:40:06,960 Speaker 1: So there's been discussion now about using a bill that 735 00:40:07,080 --> 00:40:08,759 Speaker 1: has nothing to do with voting rights. It has to 736 00:40:08,800 --> 00:40:12,040 Speaker 1: do it with NASA, and the bill has already passed 737 00:40:12,080 --> 00:40:14,399 Speaker 1: the Senate and went back to the House. The House 738 00:40:14,520 --> 00:40:17,080 Speaker 1: is potentially going to pass that bill back to the 739 00:40:17,200 --> 00:40:19,400 Speaker 1: Senate and that would allow it to skip some of 740 00:40:19,520 --> 00:40:22,680 Speaker 1: that process. The Senate could then put texts inside that 741 00:40:22,840 --> 00:40:25,600 Speaker 1: NASA bille that has to do with voting rights, and 742 00:40:25,719 --> 00:40:29,440 Speaker 1: maybe the engine moved forward on having a debate. It's 743 00:40:29,480 --> 00:40:31,880 Speaker 1: not guaranteed that it feel like that would pass because 744 00:40:31,920 --> 00:40:34,360 Speaker 1: it gets some process but not all of it. But 745 00:40:34,480 --> 00:40:36,920 Speaker 1: it would be a way for Senators to really begin 746 00:40:37,040 --> 00:40:40,759 Speaker 1: to actually discuss the meat of the voting rights legislation, 747 00:40:40,960 --> 00:40:43,520 Speaker 1: where in the past they've they've really been signing by 748 00:40:43,600 --> 00:40:47,640 Speaker 1: process by the process too early to ever actually really 749 00:40:47,680 --> 00:40:50,080 Speaker 1: be able to discuss the merits of the bill. Yeah, 750 00:40:50,200 --> 00:40:52,879 Speaker 1: tucking it into a NASA bill that would be quite 751 00:40:53,000 --> 00:40:56,640 Speaker 1: the work around. Emily. Finally, in our last minute here, 752 00:40:56,719 --> 00:40:59,080 Speaker 1: let's look at the COVID response at the White House. 753 00:40:59,120 --> 00:41:01,799 Speaker 1: You've got a little new more news this morning when 754 00:41:01,880 --> 00:41:06,759 Speaker 1: it comes to testing. So the White House, knowing that 755 00:41:06,840 --> 00:41:10,080 Speaker 1: they're under heavy criticism for what happened with testing uh 756 00:41:10,200 --> 00:41:12,200 Speaker 1: in the rot thro and the rise of the O macron, 757 00:41:12,520 --> 00:41:14,520 Speaker 1: they vows that they're going to wind up producing the 758 00:41:14,600 --> 00:41:18,440 Speaker 1: tests in large numbers even after the omicron variant surge 759 00:41:18,600 --> 00:41:22,000 Speaker 1: is no longer here um the floods that they want 760 00:41:22,040 --> 00:41:23,759 Speaker 1: to make sure that they are ready for the next 761 00:41:23,800 --> 00:41:26,560 Speaker 1: time there's a potential surge. They want to keep Americans 762 00:41:26,600 --> 00:41:29,759 Speaker 1: from waiting in long lines. UM. And they've also begun 763 00:41:29,840 --> 00:41:32,920 Speaker 1: to roll out the plans to ship five hundred million 764 00:41:33,080 --> 00:41:36,319 Speaker 1: at home testing cats the households that needs them. UM. 765 00:41:36,520 --> 00:41:39,520 Speaker 1: Details are still coming about that website. We're expecting to 766 00:41:39,560 --> 00:41:42,200 Speaker 1: see more than this week. But this is really divide 767 00:41:42,200 --> 00:41:46,040 Speaker 1: administration kind of late to the game here, but trying 768 00:41:46,120 --> 00:41:49,799 Speaker 1: to respond to the concerns around testing that a lot 769 00:41:49,840 --> 00:41:53,080 Speaker 1: of Americans have been experiencing in recent weeks. All right, 770 00:41:53,120 --> 00:41:57,120 Speaker 1: Boomber Government reporter Emily Wilkins with the exhaustive update this 771 00:41:57,239 --> 00:41:59,719 Speaker 1: morning from the nation's capital. As always, Emily, thank you. 772 00:42:00,000 --> 00:42:02,319 Speaker 1: You can read more about these stories on Bloomberg dot 773 00:42:02,360 --> 00:42:05,440 Speaker 1: com or on the Bloomberg terminal, and listen to Bloomberg 774 00:42:05,560 --> 00:42:09,520 Speaker 1: Radio in Washington Bloomberg and one oh five point seven 775 00:42:09,600 --> 00:42:13,279 Speaker 1: fm h D two. Right now, SMP futures are up 776 00:42:13,400 --> 00:42:16,560 Speaker 1: five point staff futures up forty one, NASTACK futures higher 777 00:42:16,600 --> 00:42:19,480 Speaker 1: by thirty three points ten. Your treasury is down to 778 00:42:19,719 --> 00:42:22,680 Speaker 1: thirty seconds. The yield one point seven four percent yield 779 00:42:22,719 --> 00:42:24,920 Speaker 1: on the two year right now point nine zero percent. 780 00:42:25,360 --> 00:42:27,319 Speaker 1: Nim X screwed is hired by eight tenths per cent 781 00:42:27,440 --> 00:42:30,000 Speaker 1: or sixty six cents at eighty one eighty eight cents 782 00:42:30,040 --> 00:42:33,240 Speaker 1: of barrel comes gold down to dollar fifty eighteen seventeen, 783 00:42:33,280 --> 00:42:35,719 Speaker 1: even announced the euro one point one three five nine 784 00:42:35,719 --> 00:42:38,799 Speaker 1: against the dollar. The end one fifteen point four two 785 00:42:39,320 --> 00:42:43,240 Speaker 1: bitcoin just shy of forty three thousand dollars. Bloomberg surveillance 786 00:42:43,320 --> 00:42:46,719 Speaker 1: is up next for Karen Moscow. I'm Nathan Hagar, and 787 00:42:46,880 --> 00:42:48,680 Speaker 1: this is Bloomberg