1 00:00:04,920 --> 00:00:09,399 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 2 00:00:09,560 --> 00:00:14,240 Speaker 1: Bloomberg E living three to Washington, d C. Bloomberg to Boston, 3 00:00:14,320 --> 00:00:17,520 Speaker 1: Bloomberg one, O six one to San Francisco Bloomberg and 4 00:00:17,520 --> 00:00:20,880 Speaker 1: non sixty to the country Sirius XM Chado one nineteen 5 00:00:21,000 --> 00:00:24,160 Speaker 1: and around the globe the Bloomberg Business app in Bloomberg 6 00:00:24,239 --> 00:00:33,960 Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's five thirty 7 00:00:34,000 --> 00:00:36,360 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm 8 00:00:36,400 --> 00:00:39,360 Speaker 1: Karen Moscow. We are just about four hours away from 9 00:00:39,360 --> 00:00:41,159 Speaker 1: the open of US trading. Let's get you up to 10 00:00:41,240 --> 00:00:42,960 Speaker 1: date on the news you need to know at this hour. 11 00:00:43,080 --> 00:00:46,680 Speaker 1: Traders awaiting a policy decision from the European Central Bank. 12 00:00:46,720 --> 00:00:49,319 Speaker 1: We had a preview from Bloomberg's James Wilcock in our 13 00:00:49,400 --> 00:00:53,040 Speaker 1: London bureau. Options. Price Think suggests that traders haven't been 14 00:00:53,120 --> 00:00:57,040 Speaker 1: this jittree about an ECP rate decision since the Central 15 00:00:57,080 --> 00:00:59,160 Speaker 1: Brank is set to enquie and sets out the path 16 00:00:59,320 --> 00:01:02,240 Speaker 1: with its first hikes eleven when it meets today. But 17 00:01:02,320 --> 00:01:05,000 Speaker 1: what traders really want to know is President Christine the 18 00:01:05,000 --> 00:01:07,959 Speaker 1: God would back fifty basis point hikes in the future 19 00:01:08,200 --> 00:01:11,240 Speaker 1: as the Aurozone faces inflation accelerating at a record pace, 20 00:01:11,640 --> 00:01:14,600 Speaker 1: and Bloombergs James Wilcox says the ECB decision will come 21 00:01:14,600 --> 00:01:18,080 Speaker 1: down at am Wall Street time, well ahead of that, Karen. 22 00:01:18,160 --> 00:01:21,120 Speaker 1: Stocks in Europe are lower, oil is hovering around a 23 00:01:21,160 --> 00:01:25,120 Speaker 1: hundred twenty two dollars of barrel, and gasoline prices continue 24 00:01:25,240 --> 00:01:28,520 Speaker 1: their record surge. We get the latest live at Bloomberg's 25 00:01:28,600 --> 00:01:32,000 Speaker 1: John Tucker, John and Nathan. Gasoline prices have now top 26 00:01:32,080 --> 00:01:36,400 Speaker 1: five dollars a gallon in sixteen states. Gas prices aren't 27 00:01:36,440 --> 00:01:40,319 Speaker 1: likely to drop anytime soon. Increased oil demand continues to 28 00:01:40,360 --> 00:01:44,399 Speaker 1: outpace the global supply. Gasoline inventories were at the lowest 29 00:01:44,440 --> 00:01:47,440 Speaker 1: seasonal level in about eight years. That's according to the 30 00:01:47,600 --> 00:01:51,440 Speaker 1: Energy Information Administration. It's all part of the overall inflation 31 00:01:51,480 --> 00:01:54,040 Speaker 1: picture that continues to be a top focus of the 32 00:01:54,040 --> 00:01:59,920 Speaker 1: White House and President Biden. Inflation is the is the 33 00:02:00,400 --> 00:02:03,120 Speaker 1: is the vein of our existence? Or the President making 34 00:02:03,160 --> 00:02:05,880 Speaker 1: the comments in an interview with ABC Late Night host 35 00:02:06,000 --> 00:02:09,639 Speaker 1: Jimmy Kimmel live in New York, I'm John Tucker, Bloomberg Daybreak. 36 00:02:09,880 --> 00:02:11,920 Speaker 1: All right, John, thank you about gasoline prices of now 37 00:02:11,960 --> 00:02:15,280 Speaker 1: top five dollars a gallon and sixteen states gas prices 38 00:02:15,320 --> 00:02:18,520 Speaker 1: are not likely to drop anytime soon. Increased oil demand 39 00:02:18,560 --> 00:02:22,160 Speaker 1: continues to outpage the global supply. Gasoline inventories are at 40 00:02:22,160 --> 00:02:24,800 Speaker 1: the lowest seasonal level in eight years, according to Energy 41 00:02:24,840 --> 00:02:28,480 Speaker 1: Information Administration. Data is part of the overhaul inflation picture 42 00:02:28,560 --> 00:02:30,800 Speaker 1: that continues to be a tough focus of the White 43 00:02:30,800 --> 00:02:34,359 Speaker 1: House and President Biden. All right, Karen, thank you well. 44 00:02:34,360 --> 00:02:36,920 Speaker 1: Shares of Tesla right now are up nearly three percent. 45 00:02:37,000 --> 00:02:40,160 Speaker 1: Production in China more than tripled last month, despite the 46 00:02:40,200 --> 00:02:44,120 Speaker 1: electric carmaker only recently getting its Shanghai factory back up 47 00:02:44,160 --> 00:02:48,480 Speaker 1: to speed. And the transformation of Facebook continues. The company, 48 00:02:48,520 --> 00:02:51,320 Speaker 1: which changed its name to Meta Platforms last year, will 49 00:02:51,360 --> 00:02:56,400 Speaker 1: now trade under the ticker ticker Meta instead of f V. Karen, 50 00:02:57,320 --> 00:03:00,399 Speaker 1: all right, Nathan, thank you. And futures this more our 51 00:03:00,520 --> 00:03:04,240 Speaker 1: higher SMP futures up about fourteen points and down futures 52 00:03:04,280 --> 00:03:08,000 Speaker 1: are up ninety NASDAK futures up fifty. Straight to hand 53 00:03:08,000 --> 00:03:11,440 Speaker 1: your latest local headlines plus the check of sports, and 54 00:03:11,680 --> 00:03:19,440 Speaker 1: this is Bloomberg. All right, Karen, thanks, It's five thirty 55 00:03:19,480 --> 00:03:21,920 Speaker 1: three on wall streets still reigning still sixty nine degrees 56 00:03:22,080 --> 00:03:25,120 Speaker 1: in Central Park and still slippery out there. The latest 57 00:03:25,120 --> 00:03:29,560 Speaker 1: crash southbound Garden State Parkway by one. More coming up 58 00:03:29,560 --> 00:03:31,640 Speaker 1: in traffic first, Michael Barr with more on what's going 59 00:03:31,680 --> 00:03:33,560 Speaker 1: on in New York and around the world. Michael, thank 60 00:03:33,600 --> 00:03:35,600 Speaker 1: you very much, Nathan. The House passed a package of 61 00:03:35,640 --> 00:03:38,400 Speaker 1: gun to legislation, including raising them in a mage to 62 00:03:38,880 --> 00:03:42,760 Speaker 1: buy a semi automatic rifle from eighteen one. Before the vote, 63 00:03:42,760 --> 00:03:45,960 Speaker 1: Democratic Representative Mike Thompson's spoke in favor of the measure. 64 00:03:46,320 --> 00:03:49,600 Speaker 1: Raising the age to buy an assault weapon saves lives. 65 00:03:49,920 --> 00:03:54,000 Speaker 1: Limiting magazine capacity will limit the carnage of mauth shootings, 66 00:03:54,040 --> 00:03:58,240 Speaker 1: and it saves lives. Going after traffickers, keeps guns out 67 00:03:58,280 --> 00:04:00,720 Speaker 1: of the hands of people who shouldn't have them, and 68 00:04:00,800 --> 00:04:05,360 Speaker 1: it saves lives. However, Republican Congressman James Cohmer disagrees with Thompson. 69 00:04:05,800 --> 00:04:09,040 Speaker 1: We have people in the military, uh using weapons when 70 00:04:09,040 --> 00:04:12,160 Speaker 1: they're eighteen and and uh, I mean that's good enough 71 00:04:12,200 --> 00:04:13,960 Speaker 1: for a military anything that's a that's the way to 72 00:04:14,120 --> 00:04:16,800 Speaker 1: be for law alading Central Comer was among the two 73 00:04:16,839 --> 00:04:20,479 Speaker 1: hundred four Republicans who voted against the bill. Meanwhile, New 74 00:04:20,560 --> 00:04:23,640 Speaker 1: York Mayor Eric Adams testified before our House Committee on 75 00:04:23,680 --> 00:04:27,120 Speaker 1: Oversign and Reform on gun violence in Washington. Adams, who 76 00:04:27,200 --> 00:04:30,560 Speaker 1: posted his comments on his Twitter account, says, it is 77 00:04:30,560 --> 00:04:33,599 Speaker 1: a disgrace that virtually every day brings another bout of 78 00:04:33,640 --> 00:04:37,000 Speaker 1: gun violence. We have facing a crisis that is killing 79 00:04:37,360 --> 00:04:42,320 Speaker 1: more Americans than war. It crisis as now the number 80 00:04:42,520 --> 00:04:47,560 Speaker 1: one cause of death for our young people. Mayor Adams says, 81 00:04:47,640 --> 00:04:50,640 Speaker 1: it is high noon in America. Members of the House 82 00:04:50,680 --> 00:04:54,000 Speaker 1: Committee investigating the events of January six will hold their 83 00:04:54,040 --> 00:04:56,880 Speaker 1: first prime time hearing tonight to share what they have 84 00:04:56,960 --> 00:05:00,560 Speaker 1: uncovered about former President Donald Trump and the dead storming 85 00:05:00,600 --> 00:05:04,200 Speaker 1: of the US capital. Former President Trump, Donald Trump Jr. 86 00:05:04,279 --> 00:05:07,600 Speaker 1: And his daughter Ivanka have agreed to answer questions under 87 00:05:07,600 --> 00:05:11,080 Speaker 1: oath next month in the New York Attorney General's civil 88 00:05:11,120 --> 00:05:15,920 Speaker 1: investigation into his business practices. A Manhattan judge signed off 89 00:05:16,040 --> 00:05:18,320 Speaker 1: on the agreement that calls for the Trump's to give 90 00:05:18,360 --> 00:05:22,520 Speaker 1: depositions starting July. The agreement comes after a series of 91 00:05:22,560 --> 00:05:25,840 Speaker 1: setbacks for Trump's efforts. The block State Attorney General Letitia 92 00:05:26,000 --> 00:05:29,720 Speaker 1: James is three year long investigation. Global News twenty four 93 00:05:29,720 --> 00:05:32,679 Speaker 1: hours a day on here and on Bloomberg Quicktake powered 94 00:05:32,680 --> 00:05:35,960 Speaker 1: by more than journalists and analysts more than a hundred 95 00:05:35,960 --> 00:05:39,560 Speaker 1: twenty countries. I'm Michael Barron. This is Bloomberg. Nathan. Okay, Michael, 96 00:05:39,560 --> 00:05:47,640 Speaker 1: thanks on Wall Street time for the Bloomberg Sports Update 97 00:05:47,640 --> 00:05:50,160 Speaker 1: with John statshop all right, Nathan. Three games into what's 98 00:05:50,160 --> 00:05:52,919 Speaker 1: been a strange NBA Finals, the Warriors have outscored the 99 00:05:52,920 --> 00:05:55,520 Speaker 1: Celtics in the third quarters by a total of forty 100 00:05:55,600 --> 00:05:58,480 Speaker 1: three point than the Celtics have won the fourth by forty. 101 00:05:58,600 --> 00:06:01,039 Speaker 1: There hasn't been a close final score yet. In Boston, 102 00:06:01,400 --> 00:06:04,440 Speaker 1: Celtics jumped in front to nine, then won that fourth 103 00:06:05,000 --> 00:06:08,040 Speaker 1: three to eleven, third fewest points ever scored in the 104 00:06:08,080 --> 00:06:11,040 Speaker 1: final quarter of a Finals game. Boston won six one 105 00:06:11,120 --> 00:06:13,600 Speaker 1: hundred and now have to one in the series. Rangers 106 00:06:13,600 --> 00:06:16,200 Speaker 1: and Lightning tied at two, game five tonight at the Garden. 107 00:06:16,279 --> 00:06:19,359 Speaker 1: Rangers coach Gerard Glenn asked about Tampa Bay's ability to 108 00:06:19,400 --> 00:06:22,360 Speaker 1: prevent the Rangers from scoring. When it's not a power plus, 109 00:06:22,360 --> 00:06:26,000 Speaker 1: nothing that they haven't seen before. You know, they're doing 110 00:06:26,040 --> 00:06:28,800 Speaker 1: different than just it's intense hockey and you gotta get 111 00:06:28,800 --> 00:06:30,919 Speaker 1: ready to play it. And it doesn't seem to bother us. 112 00:06:31,080 --> 00:06:33,200 Speaker 1: We're playing at home, so the last two games was 113 00:06:33,240 --> 00:06:35,359 Speaker 1: as issues, yes, but we got to get better, so 114 00:06:35,520 --> 00:06:37,880 Speaker 1: we will. Rangers have not scored a five on five 115 00:06:37,920 --> 00:06:39,760 Speaker 1: goals since Game two, but they have one eight in 116 00:06:39,760 --> 00:06:42,880 Speaker 1: a row had msg Yankees and Mets both suffered their 117 00:06:42,920 --> 00:06:45,640 Speaker 1: most lopsided losses of the season. The Yanks seven game 118 00:06:45,680 --> 00:06:48,040 Speaker 1: win streak endo at Minnesota eight to one. Yanks had 119 00:06:48,080 --> 00:06:51,120 Speaker 1: just four hits. The Twins Jose Miranda had three, drove 120 00:06:51,160 --> 00:06:54,240 Speaker 1: in three both Nestor Cortez and Clark Schmidt. They've got 121 00:06:54,240 --> 00:06:56,680 Speaker 1: four runs. That's the most allowed this season by Cortez. 122 00:06:56,680 --> 00:06:59,680 Speaker 1: Garrett Cole pitches. Tonight, Mets lost in San Diego thirteen 123 00:06:59,760 --> 00:07:03,159 Speaker 1: to two. So outscored the last two nights two the 124 00:07:03,200 --> 00:07:05,520 Speaker 1: Padres five runs in the fourth and in the four 125 00:07:05,560 --> 00:07:07,760 Speaker 1: more in the fifth. John and I have bet Chris Basset, 126 00:07:07,839 --> 00:07:09,760 Speaker 1: who gave up seven run. Mets are off tonight. They 127 00:07:09,840 --> 00:07:13,640 Speaker 1: visit the Angels tomorrow. The Angels have lost fourteen games 128 00:07:13,680 --> 00:07:15,720 Speaker 1: in a row. Three weeks ago, they were in first place. 129 00:07:15,760 --> 00:07:18,200 Speaker 1: Half of those losses have been by one run. They 130 00:07:18,240 --> 00:07:20,080 Speaker 1: just lost one nothing to the Red Sox and now 131 00:07:20,120 --> 00:07:24,520 Speaker 1: won their last seven. John stash I went Bloomberg Sports. Okay, John, Thanks, 132 00:07:24,560 --> 00:07:27,560 Speaker 1: It is seven on Wall Street. Time now for the 133 00:07:27,600 --> 00:07:31,440 Speaker 1: Tri State Business Report. Here's Bloomberg's Cory. New York City 134 00:07:31,520 --> 00:07:35,000 Speaker 1: is making a comeback. After the US was briefly frozen 135 00:07:35,040 --> 00:07:37,840 Speaker 1: by COVID. People were leaving the city, but now that 136 00:07:37,920 --> 00:07:41,640 Speaker 1: migration out of many neighborhoods has reversed, the city's population 137 00:07:41,680 --> 00:07:44,840 Speaker 1: is still decreasing, but more households are moving into Manhattan 138 00:07:45,080 --> 00:07:49,800 Speaker 1: than we're moving in before the pandemic in Manhattan. Apartment 139 00:07:49,840 --> 00:07:53,800 Speaker 1: rents continued skyrocketing. Last month, the media hit four thousand 140 00:07:53,880 --> 00:07:56,320 Speaker 1: bucks for the first time on record. Rates on new 141 00:07:56,400 --> 00:08:00,320 Speaker 1: leases jumped from a year earlier in all time behind 142 00:08:00,360 --> 00:08:03,960 Speaker 1: in three decades of data keeping. Luxury home developer National 143 00:08:04,000 --> 00:08:07,600 Speaker 1: Realty Investment Advisers has filed from bankruptcy and its home 144 00:08:07,680 --> 00:08:10,280 Speaker 1: state of New Jersey. The Sacacus firm says it was 145 00:08:10,360 --> 00:08:15,520 Speaker 1: under investigation by securities regulators. The filing comes six weeks 146 00:08:15,560 --> 00:08:19,200 Speaker 1: after the firm CEO step down. An independent manager took 147 00:08:19,240 --> 00:08:22,040 Speaker 1: over and found a host of financial issues, according to 148 00:08:22,120 --> 00:08:25,920 Speaker 1: court documents. That's your Bloomberg Dry State Business Report. I'm 149 00:08:26,040 --> 00:08:29,120 Speaker 1: ed Corey E said. It's eight on Wall Street. Bloomberg 150 00:08:29,160 --> 00:08:31,440 Speaker 1: Radio is on the air from San Francisco to New York, 151 00:08:31,480 --> 00:08:33,840 Speaker 1: London to Hong Kong. Let's check in with our global 152 00:08:33,840 --> 00:08:35,600 Speaker 1: news team for some of the top stories heard on 153 00:08:35,600 --> 00:08:41,520 Speaker 1: our three hundred affiliate radio stations around the world. I'm 154 00:08:41,600 --> 00:08:45,840 Speaker 1: Corney Donaho on ktr H in Houston. Brace Yourself, Spice Lovers, 155 00:08:45,960 --> 00:08:49,720 Speaker 1: the worlds now facing a SACHA shortage. Belim Gina Servettian 156 00:08:49,840 --> 00:08:53,160 Speaker 1: for k CBS and San Francisco. I'm reporting that Apple 157 00:08:53,280 --> 00:08:56,120 Speaker 1: will be handling the lending itself for its new by 158 00:08:56,240 --> 00:08:59,599 Speaker 1: Now Pay Later service als Matteo, and on camel X 159 00:08:59,679 --> 00:09:02,120 Speaker 1: and s Lewis, I'll be reporting on the top car 160 00:09:02,240 --> 00:09:05,520 Speaker 1: colors when it comes to resale. Timid Cory on w 161 00:09:05,760 --> 00:09:09,520 Speaker 1: p AM in Cleveland. I'm reporting Kent State University is 162 00:09:09,600 --> 00:09:14,000 Speaker 1: expanding into Rwanda. And those are some of the stories 163 00:09:14,000 --> 00:09:17,200 Speaker 1: our hundred Bloomberg journalists and analysts are working on this 164 00:09:17,280 --> 00:09:20,880 Speaker 1: morning around the world. It's five thirty nine on Wall Street. 165 00:09:21,400 --> 00:09:25,199 Speaker 1: The following is an editorial from Bloomberg Opinion. The House 166 00:09:25,240 --> 00:09:28,360 Speaker 1: Committee investigating the January sixth attack on the U. S. 167 00:09:28,400 --> 00:09:31,480 Speaker 1: Capitol plans to hold a series of televised hearings about 168 00:09:31,480 --> 00:09:35,120 Speaker 1: its findings starting on Thursday night. Its members should focus 169 00:09:35,120 --> 00:09:38,840 Speaker 1: on presenting the facts, not scoring political points. The facts, 170 00:09:38,880 --> 00:09:42,679 Speaker 1: after all, speak for themselves. Rioters who breached the Capitol 171 00:09:42,760 --> 00:09:45,320 Speaker 1: that day assaulted more than a hundred police officers and 172 00:09:45,400 --> 00:09:49,000 Speaker 1: caused more than thirty million dollars in damages. Prosecutors have 173 00:09:49,080 --> 00:09:52,400 Speaker 1: charged more than eight hundred defendants with crimes related to 174 00:09:52,400 --> 00:09:56,440 Speaker 1: the attack, including counts of seditious conspiracy. With all this 175 00:09:56,520 --> 00:09:59,640 Speaker 1: on record, the committee's goals should be straightforward to lay 176 00:09:59,640 --> 00:10:03,400 Speaker 1: out this learned and explain how to prevent a repeat attack. 177 00:10:03,720 --> 00:10:07,600 Speaker 1: A sober, methodical presentation may not sway many votes, but 178 00:10:07,640 --> 00:10:10,440 Speaker 1: it can still expose the causes of an assault on 179 00:10:10,520 --> 00:10:14,040 Speaker 1: American democracy and perhaps serve as a warning for other 180 00:10:14,080 --> 00:10:18,640 Speaker 1: officials toin with insurrectionary ideas. This editorial was written by 181 00:10:18,679 --> 00:10:21,679 Speaker 1: the Bloomberg Opinion editorial board. I'm David Shipley. For more 182 00:10:21,720 --> 00:10:24,840 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash opinion 183 00:10:25,040 --> 00:10:28,000 Speaker 1: or ope and go on the Bloomberg terminal. This has 184 00:10:28,080 --> 00:10:31,439 Speaker 1: been Bloomberg opinion, and you can hear Bloomberg opinion commentaries 185 00:10:31,480 --> 00:10:34,400 Speaker 1: every weekday. At this time, terminal customers can read more 186 00:10:34,800 --> 00:10:38,199 Speaker 1: at O P I n GO SMP future is now 187 00:10:38,200 --> 00:10:40,600 Speaker 1: at fifteen points. Staff futures up a hundred five dance 188 00:10:40,640 --> 00:10:45,120 Speaker 1: stack features higher by fifty seven points. European stocks moving 189 00:10:45,160 --> 00:10:48,000 Speaker 1: a little bit lower out of an ECB decision, with 190 00:10:48,120 --> 00:10:51,199 Speaker 1: the European Central Bank getting ready to lay out a 191 00:10:51,240 --> 00:10:56,080 Speaker 1: timetable for reining in inflation. Thoughts on these price pressures. Next, 192 00:10:56,120 --> 00:10:59,640 Speaker 1: from the CEO of Amazon Andy Jassy, This is Bloomberg 193 00:11:02,320 --> 00:11:05,560 Speaker 1: Bloomberg eleven three oh weather, rain right now clearing this afternoon, 194 00:11:05,640 --> 00:11:07,560 Speaker 1: up for seventies for highs. We'll get up to near 195 00:11:07,600 --> 00:11:11,679 Speaker 1: eighty under mostly sunny sky Tomorrow, Moore showers possible Saturday. 196 00:11:11,880 --> 00:11:19,040 Speaker 1: Currently sixty nine degrees in Central Park five oh seven 197 00:11:19,040 --> 00:11:22,880 Speaker 1: on Wall Street rain and sixty nine degrees in Central Park, 198 00:11:22,960 --> 00:11:25,160 Speaker 1: slippery roads. Already dealing with the crash of the New 199 00:11:25,240 --> 00:11:27,040 Speaker 1: York State through a south found New York's in ten 200 00:11:27,160 --> 00:11:30,040 Speaker 1: details coming up in traffic First, Michael Barr with more 201 00:11:30,080 --> 00:11:32,160 Speaker 1: on what's going on in New York and around the world. 202 00:11:32,240 --> 00:11:35,920 Speaker 1: Staying dry, Michael, I'm trying to, I hope, so, thank 203 00:11:35,960 --> 00:11:38,120 Speaker 1: you very much. Nathan. The House passed a package of 204 00:11:38,160 --> 00:11:41,520 Speaker 1: gun the legislation Bloomberg said, Baxter reports, it's called the 205 00:11:41,600 --> 00:11:44,560 Speaker 1: Protecting Our Kids Act. It includes raising the age limit 206 00:11:44,640 --> 00:11:48,520 Speaker 1: for purchasing some kinds of automatic weapons, prevents gun trafficking, 207 00:11:48,520 --> 00:11:52,040 Speaker 1: and address the safe storage. The arguments remained about the same. 208 00:11:52,080 --> 00:11:54,800 Speaker 1: Republican Steve Scalise, all we see as a rush to 209 00:11:54,880 --> 00:11:57,760 Speaker 1: go take away the rights of law binding citizens to 210 00:11:57,800 --> 00:12:02,160 Speaker 1: have guns. Democrat Katie Porter. Shootings involving assault weapons are 211 00:12:02,360 --> 00:12:07,440 Speaker 1: six times as deadly as shootings involving handguns. The true 212 00:12:07,440 --> 00:12:10,040 Speaker 1: test comes in the Senate thal where passage is still 213 00:12:10,080 --> 00:12:13,880 Speaker 1: considered an uphill battle. In San Francisco, I'm at back stair, 214 00:12:13,920 --> 00:12:17,480 Speaker 1: Bloomberg Gay Break. Meanwhile, New York Mayor Eric Adams testified 215 00:12:17,520 --> 00:12:20,160 Speaker 1: before our House Committee on Oversight and Reform on gun 216 00:12:20,280 --> 00:12:23,720 Speaker 1: violence in Washington. Adams, who posted his comments on his 217 00:12:23,800 --> 00:12:27,000 Speaker 1: Twitter account, says, it is a disgrace that virtually every 218 00:12:27,120 --> 00:12:30,319 Speaker 1: day brings another bout of gun violence. It is high 219 00:12:30,559 --> 00:12:34,280 Speaker 1: noon in America. Time for every one of us to 220 00:12:34,440 --> 00:12:38,040 Speaker 1: decide where we stand on the issue of gun violence. 221 00:12:38,360 --> 00:12:42,400 Speaker 1: Time to decide if it's more important to protect the 222 00:12:42,440 --> 00:12:46,760 Speaker 1: profits of gun manufacturers or the lives about children. Mayor 223 00:12:46,800 --> 00:12:49,320 Speaker 1: Adams says, we are facing a crisis that is killing 224 00:12:49,320 --> 00:12:53,120 Speaker 1: more Americans than more. President Biden is kicking off his 225 00:12:53,200 --> 00:12:56,080 Speaker 1: first full day at the Summit of the America's and 226 00:12:56,160 --> 00:12:59,439 Speaker 1: Los Angeles, which brings together leaders from across the hemisphere 227 00:12:59,480 --> 00:13:02,720 Speaker 1: every few years. Biden is working toward new agreements on 228 00:13:02,760 --> 00:13:06,240 Speaker 1: economic development, climate change, and migration. We need to break 229 00:13:06,280 --> 00:13:10,319 Speaker 1: the cycle where marginalized communities are hit the hardest by 230 00:13:10,400 --> 00:13:14,520 Speaker 1: disasters and have the fewest resources to recover from crises 231 00:13:14,960 --> 00:13:18,640 Speaker 1: and prepare for the next one. Also yesterday, President Biden 232 00:13:18,679 --> 00:13:21,440 Speaker 1: made an appearance on ABC's Jimmy Kimmel Live, where he 233 00:13:21,480 --> 00:13:25,320 Speaker 1: talked about gun reform and inflation. Inflation is mostly in 234 00:13:25,480 --> 00:13:31,240 Speaker 1: food and in gasoline. At the phone, Biden called inflation 235 00:13:31,280 --> 00:13:34,280 Speaker 1: the bane of our existence. Manhattan and broken. The rents 236 00:13:34,280 --> 00:13:38,319 Speaker 1: continued skyrocketing last month, with the media hitting four thousand 237 00:13:38,440 --> 00:13:41,520 Speaker 1: dollars for the first time on record. According to Miller 238 00:13:41,559 --> 00:13:45,640 Speaker 1: Samuel and brokerage Douglas Element Real Estate Global News twenty 239 00:13:45,640 --> 00:13:48,400 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 240 00:13:48,600 --> 00:13:51,440 Speaker 1: powered by more than the hundred journalists and analysts more 241 00:13:51,480 --> 00:13:54,600 Speaker 1: than a hundred twenty countries. Michael barn this is Bloomberg 242 00:13:54,679 --> 00:14:01,600 Speaker 1: Nathan Alright, Michael, thank you, coming up to five ten 243 00:14:01,640 --> 00:14:03,960 Speaker 1: on them all Street time for the Bloomberg Sports Updateken Morning, 244 00:14:04,000 --> 00:14:06,960 Speaker 1: John Stry Morning, Nathan. Yankees and Mets two best records 245 00:14:06,960 --> 00:14:10,240 Speaker 1: in baseball. They can be forgiven for both suffering lopsided 246 00:14:10,320 --> 00:14:12,320 Speaker 1: losses on the road against good teams. They lost by 247 00:14:12,320 --> 00:14:15,679 Speaker 1: a combined twenty one to three for both their worst 248 00:14:15,679 --> 00:14:17,599 Speaker 1: losses of the season for the Yankees and eight to 249 00:14:17,720 --> 00:14:20,320 Speaker 1: one defeat at Minnesota. The Twins score twice in four 250 00:14:20,360 --> 00:14:22,600 Speaker 1: straight hitting. He's got home runs from Brian Buston and 251 00:14:22,680 --> 00:14:25,360 Speaker 1: Brian Jeffers. Nestor Cortezer came into an e r a 252 00:14:25,440 --> 00:14:27,280 Speaker 1: of one and a half, gave up four runs, suffered 253 00:14:27,320 --> 00:14:29,440 Speaker 1: his first loss in more than a month. The Mets, 254 00:14:29,480 --> 00:14:32,680 Speaker 1: who lost seven nothing on Tuesday, lost thirteen to two 255 00:14:32,680 --> 00:14:35,720 Speaker 1: in San Diego. The Padres were roughed up Chris Bassett. 256 00:14:35,800 --> 00:14:37,520 Speaker 1: Jake coroner Worth a three run home and he drove 257 00:14:37,520 --> 00:14:40,160 Speaker 1: in five. The Mets room without Pete Alonso and Sterling 258 00:14:40,240 --> 00:14:43,520 Speaker 1: Marte both left Tuesday's game with wrist and quad injuries. 259 00:14:43,520 --> 00:14:46,360 Speaker 1: Both are day to day. NBA Finals Game three in Boston, 260 00:14:46,360 --> 00:14:49,000 Speaker 1: the Celtics beat the Warriors one sixteen to one hundred 261 00:14:49,040 --> 00:14:50,720 Speaker 1: to go up to one. The Celtics are now seven 262 00:14:50,760 --> 00:14:54,240 Speaker 1: and oh in these playoffs after losses Game four tomorrow, 263 00:14:54,280 --> 00:14:56,720 Speaker 1: Game five tonight at the Garden with the Rangers of 264 00:14:56,760 --> 00:14:59,080 Speaker 1: one eight in a row, look to keep that going, 265 00:14:59,240 --> 00:15:01,560 Speaker 1: regain the lead over Tampa Bay and at East Finals 266 00:15:01,560 --> 00:15:04,480 Speaker 1: that are now tied to In London today the first 267 00:15:04,560 --> 00:15:07,800 Speaker 1: ever round of the new Live Golf Tour, financially backed 268 00:15:07,800 --> 00:15:11,480 Speaker 1: by Saudi Arabian interests. There's still Nicholson. I don't condone 269 00:15:11,600 --> 00:15:13,880 Speaker 1: human rights violations. I don't know how I can be 270 00:15:13,960 --> 00:15:22,040 Speaker 1: anymore player. I understand your question, um, but again, I 271 00:15:22,120 --> 00:15:24,240 Speaker 1: love this game of golf. I've seen the good that 272 00:15:24,280 --> 00:15:28,520 Speaker 1: it's done, and I see the opportunity for live golf 273 00:15:28,560 --> 00:15:31,360 Speaker 1: too do a lot of good for the game throughout 274 00:15:31,360 --> 00:15:33,040 Speaker 1: the world, and I'm excited to be about a part 275 00:15:33,040 --> 00:15:35,320 Speaker 1: of this opportunity. Nicholson says he's earned the right to 276 00:15:35,360 --> 00:15:38,200 Speaker 1: have a lifetime exemption that could also play the PGA Tour. 277 00:15:38,280 --> 00:15:40,480 Speaker 1: Says will be in Boston next week for the US Open. 278 00:15:40,760 --> 00:15:44,160 Speaker 1: John stash Were Bloomberg Sports, Thank you, John SMP futures 279 00:15:44,200 --> 00:15:46,640 Speaker 1: up fifteen points, Staff futures up a hundred five dance 280 00:15:46,720 --> 00:15:50,040 Speaker 1: that futures up fifty five points. The euro little changed 281 00:15:50,080 --> 00:15:52,400 Speaker 1: against the dollar, training at one point zero seven one 282 00:15:52,480 --> 00:15:55,800 Speaker 1: six ahead of an ECB policy decision. We preview it 283 00:15:55,840 --> 00:15:59,240 Speaker 1: next to Simon French of Pan your Gordon, this is 284 00:15:59,280 --> 00:16:04,720 Speaker 1: Bloomberg Bloomberg eleven three or whether this rain should clear 285 00:16:04,720 --> 00:16:06,720 Speaker 1: out this afternoon We'll get up to near eighty degrees, 286 00:16:06,760 --> 00:16:10,960 Speaker 1: mostly sunny, near eighty tomorrow, more showers possible. Saturday is 287 00:16:11,000 --> 00:16:17,600 Speaker 1: then in the low seventies currently rain in sixty nine degrees. Markets, 288 00:16:17,680 --> 00:16:20,760 Speaker 1: headlines and breaking news twenty four hours a day at 289 00:16:20,760 --> 00:16:25,480 Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktape's 290 00:16:25,480 --> 00:16:35,160 Speaker 1: a Bloomberg Business Clash and I'm Karen. Moscow and European 291 00:16:35,280 --> 00:16:38,880 Speaker 1: equities are slipping this morning ahead of an ECB decision 292 00:16:38,920 --> 00:16:41,320 Speaker 1: that will put the region's monetary policy on a path 293 00:16:41,360 --> 00:16:44,480 Speaker 1: of tightening and help close the gap with global piers mean, 294 00:16:44,480 --> 00:16:47,760 Speaker 1: while US stock indext futures are on the rise and 295 00:16:47,840 --> 00:16:50,120 Speaker 1: we checked the markets every fifteen minutes throughout the trading 296 00:16:50,200 --> 00:16:53,000 Speaker 1: day on Bloomberg, Guess and P futures are up fourteen 297 00:16:53,080 --> 00:16:57,280 Speaker 1: points down futures up Nasdack futures up fifty three. The 298 00:16:57,400 --> 00:17:00,280 Speaker 1: decks in Germany's down half per cent to in your 299 00:17:00,280 --> 00:17:03,160 Speaker 1: treasury up three thirty seconds, he'll three point one percent. 300 00:17:03,200 --> 00:17:05,840 Speaker 1: The yield on the two year two point seven seven percent. 301 00:17:06,280 --> 00:17:08,560 Speaker 1: Nimex scrude oil is up tenth of a percent or 302 00:17:08,560 --> 00:17:10,920 Speaker 1: eleven cents at a hundred twenty two dollars, twenty cents 303 00:17:10,920 --> 00:17:13,400 Speaker 1: in barrel, comex schooled at a quarter percent or four 304 00:17:13,440 --> 00:17:16,159 Speaker 1: dollars fifty cents at eighteen fifty two and ounce the 305 00:17:16,240 --> 00:17:18,760 Speaker 1: euro one point oh seven one four against the dollar 306 00:17:18,840 --> 00:17:21,040 Speaker 1: British found one point to five one nine and the 307 00:17:21,160 --> 00:17:24,280 Speaker 1: end one thirty three point five too. And looking at bitcoin, 308 00:17:24,320 --> 00:17:26,680 Speaker 1: it's up about one percent at thirty thousand and five 309 00:17:26,760 --> 00:17:29,399 Speaker 1: hundred dollars. Today we are watching for the weekly report 310 00:17:29,440 --> 00:17:32,080 Speaker 1: and initial jobless claims had to eat thirty Wall Street time, 311 00:17:32,320 --> 00:17:34,800 Speaker 1: and that's a Bloomberg business flash. Now here's Muchael Barr 312 00:17:34,920 --> 00:17:37,040 Speaker 1: with more on what's going on around the world. Michael, 313 00:17:37,080 --> 00:17:39,720 Speaker 1: good morning, Good morning, Karen. After a day of emotional 314 00:17:39,760 --> 00:17:43,280 Speaker 1: testimony on the Capitol Hill from families and survivors shattered 315 00:17:43,280 --> 00:17:46,919 Speaker 1: by gun violence, the House passed a sweeping gun control 316 00:17:46,960 --> 00:17:49,800 Speaker 1: package late last night. However, the measure is facing a 317 00:17:49,880 --> 00:17:52,960 Speaker 1: roadblock in the Senate. The House of lut committee investigating 318 00:17:52,960 --> 00:17:56,600 Speaker 1: the deadly January sixth Capitol attack will present its material 319 00:17:56,680 --> 00:17:59,720 Speaker 1: for the first time in prime time tonight. In the 320 00:17:59,840 --> 00:18:03,320 Speaker 1: end be A Finals, the Celtics beat the Warriors one sixteen, 321 00:18:03,480 --> 00:18:05,960 Speaker 1: one hundred to take a two games to one lead 322 00:18:06,000 --> 00:18:09,240 Speaker 1: in the series. In baseball, the Yankees and Mets lost, 323 00:18:09,320 --> 00:18:12,480 Speaker 1: along with the Nationals and A's Red Sox and Giants. 324 00:18:12,520 --> 00:18:15,280 Speaker 1: One Global Names twenty four hours a day on air 325 00:18:15,400 --> 00:18:18,760 Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven 326 00:18:18,960 --> 00:18:21,680 Speaker 1: the journalists and analysts more than a hundred twenty countries. 327 00:18:22,040 --> 00:18:25,280 Speaker 1: Michael Barren, this is Bloomberg, Nathan alright, Michael, thank you. 328 00:18:25,320 --> 00:18:27,639 Speaker 1: It is five nineteen on Wall Street Live from the 329 00:18:27,680 --> 00:18:31,840 Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and five 330 00:18:31,960 --> 00:18:35,000 Speaker 1: nineteen means we are about two hours and twenty six 331 00:18:35,080 --> 00:18:38,280 Speaker 1: minutes away from A decision from the European Central Bank 332 00:18:38,720 --> 00:18:41,000 Speaker 1: is expected to set the stage for the first interest 333 00:18:41,119 --> 00:18:43,879 Speaker 1: rate heights in the Eurozone in more than a decade, 334 00:18:44,040 --> 00:18:47,440 Speaker 1: as the As Europe continues to deal with the inflation 335 00:18:47,480 --> 00:18:49,680 Speaker 1: the likes of which it has never seen. For more, 336 00:18:49,720 --> 00:18:52,680 Speaker 1: we are joined this morning by Simon, French Chief Economists 337 00:18:52,680 --> 00:18:55,520 Speaker 1: to Pandra Gordon. Simon, it's always great to speak with you. 338 00:18:55,600 --> 00:18:59,520 Speaker 1: What is the ECB? What will President Christine Legard's signal today? 339 00:19:00,040 --> 00:19:03,120 Speaker 1: M Yeah, good morning, Nason aloys. Pleasure to talk to you. 340 00:19:03,560 --> 00:19:07,000 Speaker 1: So what we have is the last I think moment 341 00:19:07,119 --> 00:19:11,480 Speaker 1: from the ECB Governing Council to prepare markets for um 342 00:19:11,680 --> 00:19:14,720 Speaker 1: interest rate increases, as you say, the first time since 343 00:19:14,760 --> 00:19:17,080 Speaker 1: twenty eleven. That would be the case in the Eurozone, 344 00:19:17,080 --> 00:19:20,200 Speaker 1: but they really have a little choice with inflation running 345 00:19:20,200 --> 00:19:22,919 Speaker 1: it now north of eight percent across the Eurozone. In 346 00:19:22,960 --> 00:19:24,879 Speaker 1: terms of what to expect today, I think there are 347 00:19:24,880 --> 00:19:29,080 Speaker 1: two things to look out for. One flexibility. How much 348 00:19:29,119 --> 00:19:32,879 Speaker 1: will Christie mcgarden the Governing Council try and emphasize to 349 00:19:33,000 --> 00:19:36,840 Speaker 1: markets that if peripheral spreads in countries like Italy and Greece, 350 00:19:36,960 --> 00:19:41,120 Speaker 1: those spreads blowout versus German buns. What ability will the 351 00:19:41,160 --> 00:19:45,960 Speaker 1: ECB have to act to address that? And secondly, we've 352 00:19:45,960 --> 00:19:48,840 Speaker 1: seen fifty basis points moves from other central banks around 353 00:19:48,880 --> 00:19:53,679 Speaker 1: the world, in Australia and Canada. In the US, I 354 00:19:53,720 --> 00:19:56,560 Speaker 1: think the ECB is going to take a more gradual path, 355 00:19:57,080 --> 00:19:59,760 Speaker 1: but there is some speculation there about fifty basis points 356 00:19:59,800 --> 00:20:03,040 Speaker 1: in I think they will have to address those head on. Yeah, yeah, 357 00:20:03,160 --> 00:20:05,439 Speaker 1: you were lead right into it, the speculation that is 358 00:20:05,480 --> 00:20:08,119 Speaker 1: going on in the markets. But whether the ECB is 359 00:20:08,119 --> 00:20:10,240 Speaker 1: going to signal a twenty five basis point move or 360 00:20:10,240 --> 00:20:14,360 Speaker 1: a fifty basis point move. Are you expecting more clarity 361 00:20:14,440 --> 00:20:18,600 Speaker 1: there on where the ECB stands, given that central banks, 362 00:20:18,640 --> 00:20:24,120 Speaker 1: as you mentioned, have been going aggressive ahead of this decision. Yes, so, 363 00:20:24,200 --> 00:20:28,320 Speaker 1: I think Chief Economists Philip Laine has talked about twenty 364 00:20:28,359 --> 00:20:32,240 Speaker 1: five basis point increments in recent weeks, so certainly trying 365 00:20:32,280 --> 00:20:36,560 Speaker 1: to reinforce the expectations of twenty five other than fifty um, 366 00:20:36,600 --> 00:20:39,119 Speaker 1: they won't have any think rule out a move of 367 00:20:39,200 --> 00:20:41,919 Speaker 1: fifty basis points. But I think if you look at 368 00:20:41,960 --> 00:20:45,879 Speaker 1: the underlying dynamics of the Eurozone economy, look at core inflation, 369 00:20:45,960 --> 00:20:49,240 Speaker 1: which is still only only but running at four percent, 370 00:20:49,520 --> 00:20:52,439 Speaker 1: so less core pressures than we're seeing in the US 371 00:20:52,600 --> 00:20:56,240 Speaker 1: or the UK. But also the fact that the Eurozone 372 00:20:56,240 --> 00:20:59,800 Speaker 1: imports about sevent of its gross energy needs, so me 373 00:21:00,080 --> 00:21:03,879 Speaker 1: in tern that starts to be deflationary and therefore some 374 00:21:03,920 --> 00:21:06,480 Speaker 1: of the heavy lifting and getting inflation down will come 375 00:21:06,600 --> 00:21:10,000 Speaker 1: from expensive energy imports. I think that is the case 376 00:21:10,040 --> 00:21:12,680 Speaker 1: for why we see a divergence between the pace which, 377 00:21:13,240 --> 00:21:16,040 Speaker 1: for example, the Federal Reserve will go at compared to 378 00:21:16,040 --> 00:21:17,600 Speaker 1: what the e c B is prepared to go at. 379 00:21:18,160 --> 00:21:19,760 Speaker 1: What are you expecting that we're going to get from 380 00:21:19,760 --> 00:21:22,720 Speaker 1: the ECB when it comes to new economic projections. We've 381 00:21:22,760 --> 00:21:24,520 Speaker 1: already heard, as you know, from the O e c 382 00:21:24,600 --> 00:21:27,879 Speaker 1: D and the World Bank they've lowered their outlook for 383 00:21:27,920 --> 00:21:33,640 Speaker 1: the year pretty significantly more than once so far this year. Yeah, 384 00:21:33,680 --> 00:21:36,280 Speaker 1: and I think we will get the same indications from 385 00:21:36,320 --> 00:21:40,200 Speaker 1: the e c B. I don't think these official forecasters 386 00:21:40,280 --> 00:21:42,520 Speaker 1: deviate too much from the script, and for good reasons 387 00:21:42,560 --> 00:21:46,960 Speaker 1: at the moment, given the global headwinds through higher energy costs, 388 00:21:47,359 --> 00:21:51,480 Speaker 1: ongoing supply chain disruptions, particularly out of China, all those 389 00:21:51,520 --> 00:21:54,040 Speaker 1: signs of those assign to ease. I think we're still 390 00:21:54,040 --> 00:21:59,600 Speaker 1: in a official downgrade cycle for growth projections. I don't think, however, 391 00:22:00,119 --> 00:22:03,560 Speaker 1: going to change fundamentally what the market sees is the 392 00:22:03,680 --> 00:22:08,080 Speaker 1: rate path from the ECB. ECB have to respond to 393 00:22:08,800 --> 00:22:12,800 Speaker 1: the risk that what is largely an exogenous trade shark 394 00:22:13,320 --> 00:22:16,600 Speaker 1: starts to build into expectations for price growth, and those 395 00:22:16,640 --> 00:22:20,920 Speaker 1: second order effects kick in and so growth projections although 396 00:22:21,080 --> 00:22:23,960 Speaker 1: going coming down, I don't think you're going to haul 397 00:22:24,080 --> 00:22:27,320 Speaker 1: down rate expectations at this point. Something about a minute 398 00:22:27,400 --> 00:22:30,240 Speaker 1: left here, simon. What is the challenge for the ECB 399 00:22:30,400 --> 00:22:35,440 Speaker 1: given those exogenous reasons for inflation the war in Ukraine particularly, 400 00:22:35,480 --> 00:22:37,760 Speaker 1: does the ECB have the tools it needs to handle 401 00:22:38,119 --> 00:22:42,240 Speaker 1: this kind of inflation? If it doesn't, it needs to 402 00:22:42,320 --> 00:22:45,359 Speaker 1: acknowledge the fiscal policy has to also play a role 403 00:22:45,400 --> 00:22:50,879 Speaker 1: in putting a floor, if you like, under Eurozone economic activity. 404 00:22:51,240 --> 00:22:54,240 Speaker 1: But what it needs to do is accentuate flexibility to 405 00:22:54,400 --> 00:22:57,760 Speaker 1: impose at the transmission mechanism to periphery countries or to 406 00:22:57,840 --> 00:23:00,400 Speaker 1: corporate lending. Your household lending starts to get and pat. 407 00:23:00,560 --> 00:23:04,240 Speaker 1: That's the Bob's success for Christine Legard today she achieved that. 408 00:23:04,920 --> 00:23:07,320 Speaker 1: Then July is still very much live in terms of 409 00:23:07,359 --> 00:23:10,600 Speaker 1: starting this process of normalization. Now we're listening to those 410 00:23:10,600 --> 00:23:14,119 Speaker 1: comments from Christine Legard very closely. Later on this morning, 411 00:23:14,160 --> 00:23:17,879 Speaker 1: following the decision, coming up at seven forty five Wall 412 00:23:17,920 --> 00:23:20,840 Speaker 1: Street time, we will have full coverage for you as 413 00:23:20,880 --> 00:23:23,200 Speaker 1: the e c B gets set to make that decision 414 00:23:23,480 --> 00:23:26,720 Speaker 1: later this morning. Keep it right here on Bloomberg Radio. 415 00:23:26,760 --> 00:23:30,000 Speaker 1: Simon French, chief economists at Pamier Gordon with us this morning, Simon, 416 00:23:30,320 --> 00:23:32,880 Speaker 1: thanks to your insights ahead of that decision. Looking ahead 417 00:23:32,880 --> 00:23:36,000 Speaker 1: to the market open, we have futures moving higher, a 418 00:23:36,040 --> 00:23:38,720 Speaker 1: divergence they're compared to European shares. This morning, we have 419 00:23:38,800 --> 00:23:42,680 Speaker 1: SMP futures up thirteen points right now down futures down 420 00:23:43,040 --> 00:23:46,280 Speaker 1: or I'm sorry, they're up eighty nine points. NASDAC futures 421 00:23:46,359 --> 00:23:49,399 Speaker 1: up forty six. Germany's DAX is down six tenths percent, 422 00:23:49,440 --> 00:23:52,040 Speaker 1: The cat in Paris down three tenths of one percent. 423 00:23:52,600 --> 00:23:55,040 Speaker 1: Tend your treasury right now, little change at three point 424 00:23:55,160 --> 00:23:57,640 Speaker 1: zero two percent for the yield on the tenure note. 425 00:23:57,680 --> 00:24:04,480 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. We're expecting 426 00:24:04,480 --> 00:24:06,560 Speaker 1: this rain to clear out this afternoon. We'll get up 427 00:24:06,600 --> 00:24:10,119 Speaker 1: to near eighty degrees today, mostly sunny tomorrow, but only 428 00:24:10,160 --> 00:24:13,359 Speaker 1: for one day. More showers possible Saturday. Right now sixty 429 00:24:13,440 --> 00:24:20,960 Speaker 1: nine is the rain continues live from the Bloomberg Interactive 430 00:24:20,960 --> 00:24:24,200 Speaker 1: Broker Studios. Is Bloomberg day Break for Thursday June nine. 431 00:24:25,359 --> 00:24:27,880 Speaker 1: Coming up this hour, the e c B gets set 432 00:24:27,960 --> 00:24:32,520 Speaker 1: to tighten monetary policy, gesoline prices hit recognize in more states. 433 00:24:32,840 --> 00:24:36,359 Speaker 1: The January six hearings get underwig in primetime tonight, and 434 00:24:36,400 --> 00:24:38,920 Speaker 1: Twitter says it expects a vote on elon must take 435 00:24:38,960 --> 00:24:42,520 Speaker 1: over bed later this summer. New York Millier Adams testifies 436 00:24:42,640 --> 00:24:45,359 Speaker 1: before a House committee on gun violence. Lost. The House 437 00:24:45,359 --> 00:24:49,960 Speaker 1: passes gun reformed legislation. I'm Michael Barre. More ahead, I'm 438 00:24:50,000 --> 00:24:52,240 Speaker 1: John Stash Daron Sports the South, they speak, the Warriors 439 00:24:52,280 --> 00:24:55,480 Speaker 1: in the NBA Finals, Rangers Lightning Game five tonight, lopsided 440 00:24:55,560 --> 00:25:01,159 Speaker 1: losses for the Mets and Yankees. Tolls training ahead on 441 00:25:01,240 --> 00:25:05,320 Speaker 1: Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg 442 00:25:05,480 --> 00:25:09,040 Speaker 1: ninety nine one, Washington d C, Bloomberg one oh six one, 443 00:25:09,080 --> 00:25:14,200 Speaker 1: Boston Bloomberg nine sixties and Francisco Sirius XAM one nineteen 444 00:25:14,440 --> 00:25:17,359 Speaker 1: and around the world on Bloomberg Radio dot com and 445 00:25:17,480 --> 00:25:24,760 Speaker 1: via the Bloomberg Business app. And good Morning. I'm Karen Moscow, 446 00:25:25,040 --> 00:25:28,359 Speaker 1: I'm Nathan Hacker. Bloomberg Daybreak brought to you by Informattica. 447 00:25:28,480 --> 00:25:30,320 Speaker 1: In the Cloud, your data has the power to do 448 00:25:30,440 --> 00:25:33,600 Speaker 1: the extraordinary, managed data across any location in the cloud 449 00:25:33,640 --> 00:25:38,480 Speaker 1: for accurate and actionable insights. More at informattica dot com. 450 00:25:38,520 --> 00:25:41,679 Speaker 1: And futures this morning are on the rise. It is 451 00:25:41,680 --> 00:25:43,480 Speaker 1: five oh one on Wall Street. We checked the markets 452 00:25:43,520 --> 00:25:46,240 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg U 453 00:25:46,280 --> 00:25:48,760 Speaker 1: S and P. Futures up seventeen points down, Futures up 454 00:25:48,760 --> 00:25:52,000 Speaker 1: a hundred eleven. Nasday features up sixty eight, the ten 455 00:25:52,080 --> 00:25:54,400 Speaker 1: year treasury up one thirty second. You have three point 456 00:25:54,560 --> 00:25:57,040 Speaker 1: one percent, and the yield on the two year two 457 00:25:57,040 --> 00:26:00,240 Speaker 1: point seven seven percent, and nine x screw to eal 458 00:26:00,400 --> 00:26:02,600 Speaker 1: is down about two towns per cent or one cents 459 00:26:02,600 --> 00:26:06,280 Speaker 1: at a d cents a barrel. Nathan, right, Karen. We'll 460 00:26:06,280 --> 00:26:07,920 Speaker 1: have more of the markets in just a minute, but 461 00:26:07,960 --> 00:26:11,040 Speaker 1: we begin overseas this morning. As the European Central Bank 462 00:26:11,240 --> 00:26:13,320 Speaker 1: is getting ready to usher in a new era of 463 00:26:13,359 --> 00:26:17,040 Speaker 1: monetary policy today to confront the threat of inflation running 464 00:26:17,040 --> 00:26:20,119 Speaker 1: out of control. Bloomberg's You and Putts joins us live 465 00:26:20,240 --> 00:26:22,760 Speaker 1: with the latest. Good morning You, and good morning Nathan 466 00:26:22,760 --> 00:26:25,440 Speaker 1: and Karen. Today's decision, due at seven forty five am 467 00:26:25,480 --> 00:26:27,639 Speaker 1: New York time, is set to announce an imminent end. 468 00:26:27,680 --> 00:26:30,800 Speaker 1: It's a large scale asset purchases. The ECB is also 469 00:26:30,840 --> 00:26:33,320 Speaker 1: to pay the way for its first rate increase in 470 00:26:33,400 --> 00:26:36,400 Speaker 1: more than a decade next month. The plan would match 471 00:26:36,400 --> 00:26:39,440 Speaker 1: of timetable unveiled by Presidents Christine the Guard. He wants 472 00:26:39,440 --> 00:26:41,920 Speaker 1: to bring to an end the euro areas ultra low 473 00:26:42,040 --> 00:26:45,480 Speaker 1: borrowing costs, but with rates that minus nor point five percent, 474 00:26:45,600 --> 00:26:49,040 Speaker 1: that's likely more to come in London. I'mun pots big day, 475 00:26:49,040 --> 00:26:50,600 Speaker 1: break right you and thank you all. We get the 476 00:26:50,680 --> 00:26:53,159 Speaker 1: latest on inflation here in the US when the latest 477 00:26:53,160 --> 00:26:56,760 Speaker 1: consumer price index is released tomorrow. Inflation, along with rising 478 00:26:56,760 --> 00:27:01,440 Speaker 1: oil prices and tightening monetary policy, are of affecting investor outlook. 479 00:27:01,640 --> 00:27:04,000 Speaker 1: A La Fiadora Walla, co c i O for a 480 00:27:04,119 --> 00:27:07,480 Speaker 1: multi asset class Solutions at Rock Creek, talks about how 481 00:27:07,520 --> 00:27:11,440 Speaker 1: she thinks investors should navigate the market volatility in terms 482 00:27:11,440 --> 00:27:15,440 Speaker 1: of portfolio positioning. The most important stay nimble, stay flexible, 483 00:27:15,600 --> 00:27:18,800 Speaker 1: raise cash where you can, and be prudent and cognizant 484 00:27:18,880 --> 00:27:22,600 Speaker 1: of the trade offs between liquidity potential investments and have 485 00:27:22,640 --> 00:27:25,680 Speaker 1: a longer term horizon. Rock Creeks Elafia dor O Walla 486 00:27:25,760 --> 00:27:29,959 Speaker 1: says supply shortages are creating further uncertainty in Asia. Karen's 487 00:27:29,960 --> 00:27:32,480 Speaker 1: stocks were weighed down by the impact of high inflation. 488 00:27:32,600 --> 00:27:36,760 Speaker 1: Semiconductor shares across the region also fell after Intel warned 489 00:27:36,760 --> 00:27:39,760 Speaker 1: of weaker demand. China showed export screw at a faster 490 00:27:39,840 --> 00:27:42,359 Speaker 1: pace in May than the previous month, though sentiment waned 491 00:27:42,400 --> 00:27:47,200 Speaker 1: on news of a mini lockdown in Shanghai. Turning to oil, 492 00:27:47,280 --> 00:27:49,520 Speaker 1: which has surpassed a hundred twenty two dollars a barrel 493 00:27:49,560 --> 00:27:53,080 Speaker 1: earlier this morning, gas prices are also hitting record prices 494 00:27:53,080 --> 00:27:55,320 Speaker 1: and more states as Americans start to hit the road 495 00:27:55,359 --> 00:27:58,639 Speaker 1: for peak driving season and Bloomberg John Tucker joins US 496 00:27:58,720 --> 00:28:01,320 Speaker 1: Live with the latest junk of morning. Good Morning, Karen. 497 00:28:01,359 --> 00:28:05,600 Speaker 1: Gasoline prices broken records for at least seven days. Prices 498 00:28:05,640 --> 00:28:09,320 Speaker 1: have topped five dollars a gallon in sixteen states. At 499 00:28:09,320 --> 00:28:12,919 Speaker 1: demand is still rising, Gasoline supplies are more inligned with 500 00:28:13,040 --> 00:28:15,000 Speaker 1: levels that we usually see at the end of the 501 00:28:15,080 --> 00:28:18,159 Speaker 1: driving season. We have seen ten weeks of declines and 502 00:28:18,240 --> 00:28:22,560 Speaker 1: gasoline inventories. That's the longest run since twenty nineteen, and 503 00:28:22,600 --> 00:28:26,080 Speaker 1: it's likely to drive oil prices even higher. Goldman Sachs 504 00:28:26,240 --> 00:28:30,280 Speaker 1: increased its quarterly forecast for this year and into three, 505 00:28:30,440 --> 00:28:33,000 Speaker 1: raising his w t I estimate for the next quarter 506 00:28:33,320 --> 00:28:37,280 Speaker 1: to one hundred thirty seven dollars a barrel. Drivers in California, 507 00:28:37,320 --> 00:28:39,160 Speaker 1: by the way, are paying the most in the country 508 00:28:39,200 --> 00:28:43,080 Speaker 1: for gasoline, working over an average six dollars and thirty 509 00:28:43,160 --> 00:28:45,440 Speaker 1: nine cents a gallon. Live in New York, I'm John 510 00:28:45,440 --> 00:28:48,080 Speaker 1: Tucker Bloomberg Radio. All right, John, thanks, So it's not 511 00:28:48,160 --> 00:28:52,000 Speaker 1: just drivers feeling the pain. Amazon CEO Andy Jazzy says 512 00:28:52,120 --> 00:28:55,080 Speaker 1: his company's feeling the pinch of gas prices and inflation. 513 00:28:55,400 --> 00:28:58,240 Speaker 1: I think we thought the inflation was started to attenuate 514 00:29:00,040 --> 00:29:01,920 Speaker 1: with war in Ukraine. It just went the other way. 515 00:29:01,960 --> 00:29:05,560 Speaker 1: It's significantly accelerated. So the cost of trucking and line 516 00:29:05,600 --> 00:29:09,400 Speaker 1: hon ocean and air and fuel has just substantially gone up. 517 00:29:09,600 --> 00:29:12,360 Speaker 1: Andy Jasse, CEO and of Amazon, spoke at the Bloomberg 518 00:29:12,360 --> 00:29:14,600 Speaker 1: Technology some of it in San Francisco. You can catch 519 00:29:14,640 --> 00:29:17,360 Speaker 1: more of that wide ranging interview with Andy Jase a 520 00:29:17,400 --> 00:29:20,120 Speaker 1: little bit later in the program. Well. Nathan Bloomberg also 521 00:29:20,200 --> 00:29:23,560 Speaker 1: spoke with investing giant Kathy Wood at the UP Summit 522 00:29:23,680 --> 00:29:27,200 Speaker 1: conference in Arkansas about inflation. The head of our investment 523 00:29:27,200 --> 00:29:30,240 Speaker 1: management thinks it will eventually come down. I've never seen 524 00:29:30,400 --> 00:29:35,080 Speaker 1: inventory um surges like this in my career, and I've 525 00:29:35,120 --> 00:29:37,560 Speaker 1: been around for a long time. I think this inventory 526 00:29:37,640 --> 00:29:42,280 Speaker 1: issue highlights the cyclical reason we've been saying. You think 527 00:29:42,320 --> 00:29:46,080 Speaker 1: inflation will unravel our investments, Kathy Wood says the greater 528 00:29:46,200 --> 00:29:49,600 Speaker 1: risk to consumers and investors is actually deflation. Here why 529 00:29:49,720 --> 00:29:51,640 Speaker 1: later this morning, We'll bring you more of our interview 530 00:29:51,640 --> 00:29:54,440 Speaker 1: with Kathy Wood at six fifteen Wall Street time. Meantime, 531 00:29:54,520 --> 00:29:56,360 Speaker 1: Karen Twitter is telling its staff that a vote on 532 00:29:56,400 --> 00:29:58,840 Speaker 1: Elon Musk's deal to buy the company comes with some 533 00:29:58,920 --> 00:30:02,200 Speaker 1: big names back busts bid. Bloomberg's Rnita Young joins US 534 00:30:02,240 --> 00:30:04,960 Speaker 1: Live with more on that. Good morning, Granita, Good morning Nathan. Bloomberg. 535 00:30:05,040 --> 00:30:08,320 Speaker 1: Sources say Twitter's top lawyer is reassuring the staff that 536 00:30:08,400 --> 00:30:10,920 Speaker 1: the deal to sell the company to Elon Musk will 537 00:30:10,960 --> 00:30:13,480 Speaker 1: go ahead and that a vote could happen in late 538 00:30:13,680 --> 00:30:18,520 Speaker 1: July or early August. Meantime, regulatory filing showed Dubai based 539 00:30:18,560 --> 00:30:22,680 Speaker 1: investment firm By Capital is committing seven hundred million dollars 540 00:30:22,720 --> 00:30:26,080 Speaker 1: to help finance Musk's bid for Twitter. That makes the 541 00:30:26,120 --> 00:30:29,200 Speaker 1: company the third biggest outside equity investor, and the deal 542 00:30:29,240 --> 00:30:33,840 Speaker 1: has also drawn money from billionaire Larry Ellison and Sequoia Capital. 543 00:30:34,320 --> 00:30:37,400 Speaker 1: Live in New York. I'm Ranita Young Bloomberg Daybreak, need 544 00:30:37,480 --> 00:30:39,720 Speaker 1: to thank you. After nearly a year of investigating the 545 00:30:39,840 --> 00:30:42,560 Speaker 1: US capital and surrection, the House Committee is about to 546 00:30:42,600 --> 00:30:45,640 Speaker 1: go public with what it knows, starting tonight. Bloomberg's Amy 547 00:30:45,680 --> 00:30:49,680 Speaker 1: Morris or pours from our newsroom in Washington. The committee 548 00:30:49,720 --> 00:30:52,640 Speaker 1: has interviewed more than a thousand people and reviewed more 549 00:30:52,680 --> 00:30:56,760 Speaker 1: than one D twenty five thousand documents, focusing on funding, motivation, 550 00:30:56,880 --> 00:30:59,680 Speaker 1: and leadership of the mob that attacked the capitol on 551 00:31:00,000 --> 00:31:02,920 Speaker 1: Anruary six last year. Tonight is the first in a 552 00:31:03,040 --> 00:31:06,760 Speaker 1: series of public hearings. Some members are promising explosive new 553 00:31:06,800 --> 00:31:10,760 Speaker 1: information with never before seeing photos and other exhibits. There 554 00:31:10,800 --> 00:31:13,120 Speaker 1: could be as many as eight hearings and all but 555 00:31:13,200 --> 00:31:16,120 Speaker 1: a formal schedule has not been released. It all starts 556 00:31:16,160 --> 00:31:19,000 Speaker 1: at eight o'clock tonight, Wall Street time in Washington. I 557 00:31:19,120 --> 00:31:21,920 Speaker 1: maybe more as Bloomberg day Break. Okay, thank you right now. 558 00:31:22,040 --> 00:31:24,560 Speaker 1: SMP futures are up sixteen points down, futures up a 559 00:31:24,640 --> 00:31:27,520 Speaker 1: hundred four, NASTAC futures up fifty eight points ten. Your 560 00:31:27,520 --> 00:31:29,680 Speaker 1: treasury is up to thirty seconds the old three point 561 00:31:29,760 --> 00:31:33,640 Speaker 1: zero one straight ahead, local headlines and a check of sports. 562 00:31:33,680 --> 00:31:40,120 Speaker 1: This is Bloomberg Markets, headlines and breaking news twenty four 563 00:31:40,160 --> 00:31:43,200 Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business 564 00:31:43,240 --> 00:31:52,400 Speaker 1: at and at Bloomberg Victaque is a Bloomberg Business lash 565 00:31:53,000 --> 00:31:55,280 Speaker 1: and I'm Karen Moscow. This updates brought to you by 566 00:31:55,320 --> 00:31:57,720 Speaker 1: Informatica and the Cloud. Your data has the power to 567 00:31:57,760 --> 00:32:00,320 Speaker 1: do the extraordinary managed data across any of the cacation 568 00:32:00,360 --> 00:32:02,800 Speaker 1: in the cloud for accurate and actionable insights. More at 569 00:32:02,840 --> 00:32:06,479 Speaker 1: Informatica dot com S andp future is higher up fourteen 570 00:32:06,520 --> 00:32:09,520 Speaker 1: points this morning down futures of ninety six and ASDAG 571 00:32:09,600 --> 00:32:12,280 Speaker 1: futures of forty nine at ten year treasury. That'll change. 572 00:32:12,320 --> 00:32:14,560 Speaker 1: You had three point two per cent and night make 573 00:32:14,600 --> 00:32:16,640 Speaker 1: screwed oils down to ten per cent or twenty one 574 00:32:16,640 --> 00:32:19,400 Speaker 1: cents and a hundred one dollar two cents a barrel. 575 00:32:19,720 --> 00:32:22,480 Speaker 1: And that's a Bloomberg Business Flash. Now here's Michael Barr 576 00:32:22,600 --> 00:32:26,120 Speaker 1: with more on what's going on around the world. Michael, Karen, 577 00:32:26,160 --> 00:32:29,440 Speaker 1: thank you very much. The January six Committees Primetime Live 578 00:32:29,480 --> 00:32:31,880 Speaker 1: hearings begin tonight. The committee will try to show the 579 00:32:31,960 --> 00:32:35,240 Speaker 1: nation what sparked the Capitol riot and who was responsible. 580 00:32:35,600 --> 00:32:38,600 Speaker 1: The House passed a package of gun legislation last night. 581 00:32:38,920 --> 00:32:42,360 Speaker 1: It comes ahead of whatever compromise plan emerges from bim 582 00:32:42,400 --> 00:32:46,240 Speaker 1: partisan negotiations in the Senate. In the NBA Finals, the 583 00:32:46,240 --> 00:32:49,520 Speaker 1: Celtics beat the Warriors one sixteen, one hundred to take 584 00:32:49,560 --> 00:32:52,520 Speaker 1: a two games to one lead in the series. In baseball, 585 00:32:52,560 --> 00:32:55,800 Speaker 1: the Yankees and Mets loss, along with the Nationals and A's. 586 00:32:55,840 --> 00:32:59,120 Speaker 1: The Red Sox and Giants won Global news twenty four 587 00:32:59,120 --> 00:33:02,080 Speaker 1: hours a day on air and on Bloomberg Quick Take, 588 00:33:02,360 --> 00:33:05,400 Speaker 1: powered by more than twenty seven hundred journalists and analysted 589 00:33:05,440 --> 00:33:10,440 Speaker 1: more than countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael. Thanks, 590 00:33:10,440 --> 00:33:12,360 Speaker 1: It's five forty eight on Wall Street Live from the 591 00:33:12,360 --> 00:33:16,160 Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Now we 592 00:33:16,200 --> 00:33:18,520 Speaker 1: want to bring you a wide ranging interview with Amazon 593 00:33:18,680 --> 00:33:22,280 Speaker 1: CEO Andy Jase. He sat down with Bloomberg's Emily Chang 594 00:33:22,600 --> 00:33:26,360 Speaker 1: at the Bloomberg Technology Summit in San Francisco. Jesse talked 595 00:33:26,360 --> 00:33:29,200 Speaker 1: about the grim economic outlooks some business leaders have shared 596 00:33:29,240 --> 00:33:32,080 Speaker 1: in recent weeks and what the next era for Amazon 597 00:33:32,160 --> 00:33:35,040 Speaker 1: will look like. Ela Musk just came out saying he 598 00:33:35,080 --> 00:33:38,640 Speaker 1: has a super bad feeling about the economy, Tesla laying 599 00:33:38,640 --> 00:33:41,960 Speaker 1: off ten percent of his staff. Jamie Diamond says he's 600 00:33:42,000 --> 00:33:45,400 Speaker 1: preparing for an economic hurricane. The World Bank just slashed 601 00:33:45,400 --> 00:33:48,800 Speaker 1: its forecast for global growth. How do you feel about 602 00:33:48,800 --> 00:33:54,280 Speaker 1: the economic climate? But it wasn't planting on giving any guidance. Please, 603 00:33:56,000 --> 00:34:05,120 Speaker 1: but are super supermad? Yah? I think, uh, there's some 604 00:34:05,200 --> 00:34:09,200 Speaker 1: things that it relates to Amazon that are useful to remember, 605 00:34:09,280 --> 00:34:13,160 Speaker 1: you know. I think the first pieces remember that eighty 606 00:34:13,320 --> 00:34:17,280 Speaker 1: five percent of the of the worldwide retail market segment 607 00:34:17,360 --> 00:34:21,480 Speaker 1: share is offline. And if you believe that that equation 608 00:34:21,600 --> 00:34:23,319 Speaker 1: is going to flip at some point, which we do, 609 00:34:23,360 --> 00:34:25,680 Speaker 1: I think it will will flip over a long period 610 00:34:25,680 --> 00:34:28,560 Speaker 1: of time. But if you believe that you have the 611 00:34:28,640 --> 00:34:31,719 Speaker 1: companies that have great customer experiences like we do, I 612 00:34:31,760 --> 00:34:33,799 Speaker 1: think we're gonna are gonna do all right. And you know, 613 00:34:33,800 --> 00:34:36,760 Speaker 1: and that and great customer experiences mean you have really 614 00:34:36,800 --> 00:34:41,360 Speaker 1: broad selection, low prices, and very fast delivery that's reliable 615 00:34:41,400 --> 00:34:44,120 Speaker 1: to customers. You know. I also think that if you 616 00:34:44,440 --> 00:34:47,319 Speaker 1: look at different town turns, um, you know, should we 617 00:34:47,360 --> 00:34:49,200 Speaker 1: have one at some point. We've been through a few 618 00:34:49,239 --> 00:34:51,480 Speaker 1: obviously in the twenty five years that I've been at Amazon. 619 00:34:52,719 --> 00:34:55,480 Speaker 1: Customers change their habits. You know. They tend to be 620 00:34:55,560 --> 00:34:58,160 Speaker 1: pickier about what they buy and when they buy and 621 00:34:58,280 --> 00:35:01,880 Speaker 1: who they buy from, and they often pick the partners 622 00:35:01,960 --> 00:35:04,000 Speaker 1: in the companies that they trust, you know, and that 623 00:35:04,120 --> 00:35:07,799 Speaker 1: have great customer experiences, like the dimensions I mentioned earlier, UM. 624 00:35:07,920 --> 00:35:10,359 Speaker 1: And so you know, I also think there's you know, 625 00:35:10,560 --> 00:35:14,160 Speaker 1: those two reasons, those two factors give me some optimism 626 00:35:14,160 --> 00:35:15,880 Speaker 1: that even if we have a downturn, that we have 627 00:35:16,480 --> 00:35:19,200 Speaker 1: the potential to still grow the theme of this conference 628 00:35:19,239 --> 00:35:23,680 Speaker 1: is moving forward? What are the moon shots at Amazon 629 00:35:23,760 --> 00:35:26,600 Speaker 1: that are capturing most of your time and attention? What 630 00:35:26,719 --> 00:35:29,040 Speaker 1: is going to define the next era of Amazon? I mean, 631 00:35:29,120 --> 00:35:31,560 Speaker 1: is it? Is it astro the home roll about or 632 00:35:31,600 --> 00:35:34,440 Speaker 1: is it something else? Well, you know, we have a 633 00:35:34,640 --> 00:35:37,920 Speaker 1: unique way that we look at big new investments. And 634 00:35:37,960 --> 00:35:39,400 Speaker 1: I'm not sure it's right or roll and it just 635 00:35:39,440 --> 00:35:42,719 Speaker 1: happens to be our way. And we ask ourselves when 636 00:35:42,760 --> 00:35:48,200 Speaker 1: we're considering something four questions. We ask, uh, if it's successful, 637 00:35:48,280 --> 00:35:50,640 Speaker 1: can be big and move the needle in Amazon is 638 00:35:50,800 --> 00:35:54,640 Speaker 1: being well served today? Do we have a differentiated approach 639 00:35:55,200 --> 00:35:57,440 Speaker 1: and do we have competence there? And if not, can 640 00:35:57,440 --> 00:35:59,759 Speaker 1: we acquire quickly? If we like the answer to those 641 00:36:00,000 --> 00:36:02,680 Speaker 1: scions will go pursue it with a single thread team 642 00:36:02,680 --> 00:36:04,759 Speaker 1: that isn't distracted by the rest of the business. And 643 00:36:05,120 --> 00:36:09,560 Speaker 1: sometimes that leads to innovation investments that seemed pretty obvious. 644 00:36:09,680 --> 00:36:11,319 Speaker 1: Like you know, when I got today, a company was 645 00:36:11,360 --> 00:36:14,320 Speaker 1: a books only retailer, and then we expanded to music 646 00:36:14,360 --> 00:36:16,840 Speaker 1: and video and electronics and choice, it seems obvious to people. 647 00:36:17,120 --> 00:36:20,560 Speaker 1: Other times that process does not lead to investments to 648 00:36:20,640 --> 00:36:23,880 Speaker 1: seem obvious to people. I mean, AWS was something that 649 00:36:23,920 --> 00:36:26,919 Speaker 1: people externally and internally thought was a little bit nutty 650 00:36:26,960 --> 00:36:29,920 Speaker 1: at the time. But just imagine what Amazon would be 651 00:36:29,960 --> 00:36:33,240 Speaker 1: today without AWS and and I think that you see 652 00:36:33,280 --> 00:36:36,200 Speaker 1: the same thing here. You know that there are so 653 00:36:36,239 --> 00:36:39,279 Speaker 1: many significant investments from making that I'm excited about. I'm 654 00:36:39,280 --> 00:36:42,200 Speaker 1: gonna have to constrain myself to a few, but you know, 655 00:36:42,239 --> 00:36:45,240 Speaker 1: I'm really excited about what we're doing in the prime 656 00:36:45,320 --> 00:36:48,040 Speaker 1: video space. Um, I think we're clearly on the right 657 00:36:48,040 --> 00:36:51,240 Speaker 1: track there and building a significant business. That's interesting because 658 00:36:51,480 --> 00:36:55,200 Speaker 1: Netflix also just announced some layoffs, first subscriber loss in 659 00:36:55,200 --> 00:36:58,520 Speaker 1: a decade, Disney cutting back on costs. Do you see 660 00:36:58,560 --> 00:37:01,239 Speaker 1: Amazon strategy has fun to mentally different from Netflix and 661 00:37:01,320 --> 00:37:03,719 Speaker 1: Disney And if so, how well, I know, we're very 662 00:37:03,760 --> 00:37:07,480 Speaker 1: bullish on it. And remember we have all the all 663 00:37:07,560 --> 00:37:09,440 Speaker 1: of the models are a little bit different. But for 664 00:37:09,560 --> 00:37:13,840 Speaker 1: Prime Video, we have two uni million plus Prime subscribers, 665 00:37:13,880 --> 00:37:16,799 Speaker 1: who are you know, get that entertainment for free by 666 00:37:16,840 --> 00:37:19,799 Speaker 1: being part of Prime and so we have a little 667 00:37:19,800 --> 00:37:22,799 Speaker 1: bit different pricing model than some of the others. But 668 00:37:22,920 --> 00:37:26,360 Speaker 1: I'm incredibly encouraged by what we have coming. If you 669 00:37:26,400 --> 00:37:28,680 Speaker 1: if you look at mean we launched the show Reacher 670 00:37:28,719 --> 00:37:30,960 Speaker 1: earlier in the year. It was a huge hit. We 671 00:37:31,080 --> 00:37:33,480 Speaker 1: you know, we have a new masal Um season. I'm 672 00:37:33,600 --> 00:37:37,080 Speaker 1: very bullish about it. Um We also, you know, we're 673 00:37:37,120 --> 00:37:40,400 Speaker 1: excited about what we've done with mgm uh. You know, 674 00:37:40,400 --> 00:37:42,319 Speaker 1: I think some of the assets there will go very 675 00:37:42,320 --> 00:37:44,600 Speaker 1: well with the rest of what we're doing. Entertainment wise, 676 00:37:44,640 --> 00:37:48,800 Speaker 1: we haven't and I supported um channel there or platform 677 00:37:48,840 --> 00:37:50,640 Speaker 1: there and free b which I think is appealing. And 678 00:37:50,880 --> 00:37:53,120 Speaker 1: I'm optimistic that we have a chance to build a 679 00:37:53,160 --> 00:37:56,640 Speaker 1: significant grocery business, which is you know, early stages for us. 680 00:37:57,239 --> 00:38:00,520 Speaker 1: I am excited about Kiper, which is a little Earth 681 00:38:00,600 --> 00:38:04,080 Speaker 1: orbit satellite that we're building. I continue to be very 682 00:38:04,120 --> 00:38:08,319 Speaker 1: optimistic about Alexa. And then you are autonomous driving ride 683 00:38:08,360 --> 00:38:11,239 Speaker 1: hailing service and zoos that were building, you know here 684 00:38:11,239 --> 00:38:13,600 Speaker 1: in the Bay Area. I just think with the way 685 00:38:13,640 --> 00:38:16,480 Speaker 1: auto consumption is evolving, I think that also is a 686 00:38:16,560 --> 00:38:18,800 Speaker 1: chance to be a really significant business. And that was 687 00:38:18,840 --> 00:38:22,880 Speaker 1: Amazon CEO Andy Jesse speaking with Bloomberg's Emily Chank. Be 688 00:38:22,920 --> 00:38:26,319 Speaker 1: sure to get Emily's Bloomberg Tech podcast wherever you get 689 00:38:26,360 --> 00:38:29,560 Speaker 1: your podcasts. Karen, all right, Nathan, thank you, and it 690 00:38:29,640 --> 00:38:32,239 Speaker 1: is five fifty three on Walls Street at this time. 691 00:38:32,280 --> 00:38:35,239 Speaker 1: Now for a the Bloomberg Law Report, brought to you 692 00:38:35,280 --> 00:38:39,600 Speaker 1: by American Arbitration Association. Business disputes are inevitable, resolve faster 693 00:38:39,719 --> 00:38:44,040 Speaker 1: with the American Arbitration Association, the global leader in alternative 694 00:38:44,080 --> 00:38:47,759 Speaker 1: dispute resolution for over ninety years. More at a d 695 00:38:47,960 --> 00:38:50,600 Speaker 1: R and dot org. And now one of the legal 696 00:38:50,640 --> 00:38:53,560 Speaker 1: stories we're watching this morning, the Houses January six Committee 697 00:38:53,560 --> 00:38:55,960 Speaker 1: will hold hearings in primetime tonight. But as far as 698 00:38:56,000 --> 00:38:59,040 Speaker 1: the Justice Departments and massive investigation into attack on the 699 00:38:59,120 --> 00:39:03,239 Speaker 1: Capitol eventeen months in and prosecutors have scored relatively few 700 00:39:03,280 --> 00:39:06,960 Speaker 1: felony convictions. However, there are indications that the investigation is 701 00:39:07,040 --> 00:39:10,480 Speaker 1: entering a more aggressive phase with respect of potential felonies 702 00:39:10,480 --> 00:39:13,640 Speaker 1: committed by lawyers and organizers ahead of January six to 703 00:39:13,680 --> 00:39:16,680 Speaker 1: stop the vote certification for more Bloomberg's doing ground So 704 00:39:16,760 --> 00:39:20,520 Speaker 1: speaks to Chris Strom Bloomberry Legal reporter, give us sort 705 00:39:20,560 --> 00:39:24,440 Speaker 1: of the scorecard for the investigation so far. You know, 706 00:39:24,480 --> 00:39:29,920 Speaker 1: how many prosecutions, how many convictions. The investigation has been 707 00:39:29,960 --> 00:39:33,239 Speaker 1: criticized for moving at the glacial pace, and I think 708 00:39:33,280 --> 00:39:36,759 Speaker 1: the statistics back up some of the criticism. So far, 709 00:39:36,880 --> 00:39:39,920 Speaker 1: the department has brought charges against about eight hundred and 710 00:39:39,960 --> 00:39:43,839 Speaker 1: fifty individuals, but by far most of the charges are 711 00:39:44,120 --> 00:39:47,560 Speaker 1: for misdemeanors on the day of January six, such as, 712 00:39:47,800 --> 00:39:51,520 Speaker 1: you know, illegally entering the Capitol building. So far, the 713 00:39:51,560 --> 00:39:56,600 Speaker 1: department has charged about two hundred fifty people with assaulting 714 00:39:57,000 --> 00:40:00,000 Speaker 1: or resisting officers, which is one of the most serious 715 00:40:00,080 --> 00:40:03,520 Speaker 1: charges that have been brought. In terms of resolutions to 716 00:40:03,600 --> 00:40:06,800 Speaker 1: some of these cases, two hundred fifty people have pleaded 717 00:40:06,840 --> 00:40:11,399 Speaker 1: guilty to misdemeanors and sixty I pleaded guilty to felony. 718 00:40:11,480 --> 00:40:15,320 Speaker 1: In terms of sentencing, by far, most people are getting 719 00:40:15,400 --> 00:40:21,200 Speaker 1: probation or find it's believed that two thousand people are 720 00:40:21,280 --> 00:40:24,000 Speaker 1: ultimately going to be charged, but the Department has only 721 00:40:24,040 --> 00:40:26,919 Speaker 1: brought charges against eight hundred and fifty people so far, 722 00:40:27,239 --> 00:40:31,680 Speaker 1: and there's been no charges brought for the potentially criminal 723 00:40:31,800 --> 00:40:36,360 Speaker 1: activities that were taking place before January six by former 724 00:40:36,400 --> 00:40:41,200 Speaker 1: President Trump and his lawyers and his inner circle in 725 00:40:41,320 --> 00:40:45,280 Speaker 1: terms of creating false electors or trying to alter vote. 726 00:40:45,480 --> 00:40:49,640 Speaker 1: Attorney General Merrick Garland has said, I think several times 727 00:40:49,640 --> 00:40:54,120 Speaker 1: that they're going to follow the evidence wherever it leads, 728 00:40:54,160 --> 00:40:57,360 Speaker 1: but there seems to be no confidence that they will 729 00:40:57,560 --> 00:41:02,839 Speaker 1: pursue the former president if that's where the evidence leads. Well, 730 00:41:02,840 --> 00:41:06,400 Speaker 1: there's an interesting dichotomy that that's happening with the investigation now. 731 00:41:06,840 --> 00:41:11,480 Speaker 1: The charges against people who had stormed the capital in 732 00:41:11,600 --> 00:41:16,240 Speaker 1: January six are moving very very slow and have seemed 733 00:41:16,280 --> 00:41:21,280 Speaker 1: to stagnate. But the investigative activity against the small group 734 00:41:21,360 --> 00:41:24,480 Speaker 1: of people who were part of Trump's inner circle who 735 00:41:24,520 --> 00:41:29,520 Speaker 1: were working to overturn the election, the investigative activity against 736 00:41:29,520 --> 00:41:32,920 Speaker 1: them is actually increasing at a greater pace. The Justice 737 00:41:32,960 --> 00:41:37,840 Speaker 1: Department has started issuing grand jury subpoenas for information about 738 00:41:38,160 --> 00:41:41,680 Speaker 1: organizing and fundraising activities in the days before January six 739 00:41:41,800 --> 00:41:45,960 Speaker 1: about efforts to create false electors in key states, and 740 00:41:46,239 --> 00:41:49,719 Speaker 1: the Justice Department is now increasing the pace of the 741 00:41:49,760 --> 00:41:55,160 Speaker 1: investigation in the amount of investigative activity into the actions 742 00:41:55,239 --> 00:41:59,160 Speaker 1: of Trump and the key people that we're working with 743 00:41:59,200 --> 00:42:01,839 Speaker 1: Trump to try to return the election and as Chris 744 00:42:01,880 --> 00:42:05,839 Speaker 1: Strom Bloomberg Legal reporters speaking with Bloomberg stun Grosso. Catch 745 00:42:05,920 --> 00:42:08,560 Speaker 1: more of that interview plus analysis of the latest illegal 746 00:42:08,600 --> 00:42:12,040 Speaker 1: news by subscribing to the Bloomberg Law Podcast or downloading 747 00:42:12,040 --> 00:42:15,359 Speaker 1: the show at Bloomberg dot com slash podcast. Attorneys can 748 00:42:15,360 --> 00:42:18,480 Speaker 1: find exceptional legal research and business development tools at Bloomberg 749 00:42:18,560 --> 00:42:21,400 Speaker 1: Law dot com and on the Bloomberg terminal at b 750 00:42:21,640 --> 00:42:26,279 Speaker 1: law Go. Futures this morning are on the rise. SNP 751 00:42:26,440 --> 00:42:29,520 Speaker 1: future is up eleven points down, Futures of seventy two, nasday, 752 00:42:29,600 --> 00:42:33,240 Speaker 1: futures of thirty nine ten, Your treasury up to thirty seconds. 753 00:42:33,280 --> 00:42:35,279 Speaker 1: You have three point one percent. They yield them a 754 00:42:35,360 --> 00:42:38,279 Speaker 1: two year two point seven seven percent, and I'm like 755 00:42:38,400 --> 00:42:41,160 Speaker 1: screwd Oil is down three tenths per cent, still ahead 756 00:42:41,160 --> 00:42:43,200 Speaker 1: on Bloomberg day Break and check on the business headlines 757 00:42:43,200 --> 00:42:44,959 Speaker 1: and all the news you need to start your day. 758 00:42:45,400 --> 00:42:46,839 Speaker 1: And this is Bloomberg