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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with the Supreme Court. The final decisions of

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Speaker 3: the High Court's term are expected today, and among them

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Speaker 3: is a ruling on President Biden's student loan relief program.

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Speaker 3: Amy Morris has a preview from our Bloomberg ninety nine

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Speaker 3: one newsroom in Washington.

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Speaker 4: The administration's program would erase up to twenty thousand dollars

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Speaker 4: of federal student loan debt for forty million borrowers. Bloomberg

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Speaker 4: Supreme Court reporter Greg Store says there are questions about

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Speaker 4: the case and the challenges.

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Speaker 5: During arguments to the courts seem pretty skeptical that he

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Speaker 5: had the authority to do that, but there is a

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Speaker 5: lingering question about whether the states and others challenging the

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Speaker 5: plan have legal standing to even get in the court.

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Speaker 4: No matter what the ruling is, today, the payment pause

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Speaker 4: is lifted and borrowers must resume their monthly payments in

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Speaker 4: October until the Education Department can process their debt relief applications.

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Speaker 4: That is, if the court allows the program to continue.

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Speaker 4: In Washington. I Maye Morris, Bloomberg Day break all.

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Speaker 2: Right, Amy, thank you well. Today's rulings come after a

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Speaker 2: decision yesterday that revers to decades of president and college admissions.

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Speaker 2: In a six to three vote, that justices ruled that

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Speaker 2: race can no longer be considered in enrollment decisions, and

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Speaker 2: that drew a harsh response from President Biden.

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Speaker 6: If a students has overcome, had to overcome adversity on

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Speaker 6: their path education, college should recognize and value that our

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Speaker 6: nation college and university should be engines of expanding opportunity

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Speaker 6: through upper mobility. But today too often that's not the case.

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Speaker 2: And the President says the court is putting its legitimacy

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Speaker 2: in doubt, but he still opposes large scale reforms like

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Speaker 2: expanding the court or imposing term limits on justices.

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Speaker 3: Well, just the decision, Karen is drawing sharp response from

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Speaker 3: other Democrats on Capitol Hill. Congressman Robin Kelly says universities

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Speaker 3: should still push for diverse student bodies even after the ruling.

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Speaker 7: The promise of America is big enough for all of

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Speaker 7: us to succeed, and I just hope that colleges will

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Speaker 7: continue their mission of bringing in a diverse student body legally,

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Speaker 7: of course, not breaking any rules but it is so

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Speaker 7: important for the college end for society.

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Speaker 3: Democrat Robin Kelly of Illinois spoke with Joe Matthew on

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Speaker 3: Bloomberg Sound on listen weekdays one pm Eastern on Bloomberg

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Speaker 3: Radio or on demand wherever you get your podcasts.

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Speaker 2: Well, another note out of Washington this morning, Nathan, we're

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Speaker 2: learning a man who took part in the January sixth

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Speaker 2: attack on the Capitol has been arrested in the neighborhood

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Speaker 2: where former President Barack Obama lives. Reports say the man

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Speaker 2: had weapons and explosive materials. It was not known if

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Speaker 2: Obama and his family were home at the time.

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Speaker 3: Let's turn to markets now, Karen. This is the final

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Speaker 3: trading day of the first half of the year, and

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Speaker 3: it has been a good twenty twenty three for the bulls.

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Speaker 3: Leading the games the tech heavy Nasdaq. It has surged

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Speaker 3: almost thirty percent this year. Shares of Apple have helped

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Speaker 3: fuel the rally. Now the tech giants on the cusp

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Speaker 3: of becoming the first company with a market value of

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Speaker 3: three billion dollars. Still there is caution in the air.

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Speaker 3: Sonia Maskin is head of US Macro at BNY Melon.

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Speaker 8: I think the risk is really frankly inequities. I think

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Speaker 8: I'd be quite cautious about and very mindful of equity

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Speaker 8: selection process here because higher term premium and high real

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Speaker 8: rates are not necessarily the equity's friend.

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Speaker 3: Bny Mel and Sonia Mescan notes the S and P

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Speaker 3: five hundred has now posted gains for three straight quarters.

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Speaker 2: Well, helping boost sentiment today, Nathan is the belief that

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Speaker 2: the Federal Reserve is almost done raising rates, even though

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Speaker 2: Fetchier J. Powell signaled two more hikes are on the way.

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Speaker 2: Atlanta FED President Raphael Bostik disagrees and thinks the Fed

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Speaker 2: should pause.

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Speaker 9: The Median Committee participant believes the FMC needs to do

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Speaker 9: more to get inflation back to our target, and here

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Speaker 9: I have to confess I do not fully share this view.

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Speaker 2: And speaking in Ireland, Rafael Bostik said he thinks the

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Speaker 2: policy rate should hold steady because of signs that inflation

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Speaker 2: is easy and the labor market is cooling.

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Speaker 3: Members of the Fed are going to get more KEYDA today, Karen,

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Speaker 3: ahead of next month's policy decision. This morning we get

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Speaker 3: PCEE price data plus readings on household income and spending.

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Speaker 3: Bloomberg's Michael McKee has a preview.

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Speaker 10: Americans likely continued to spend more in May, but not

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Speaker 10: a whole lot. Analysts are predicting a pullback as people

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Speaker 10: ran down their pandemic savings and tired of buying stuff.

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Speaker 10: The question is will spending on services continue to surprise

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Speaker 10: as it did in the first quarter, helping push GDP

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Speaker 10: growth through March to two percent from one point four percent.

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Speaker 10: The fat in particular, will also be focused on the

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Speaker 10: May PCE inflation numbers. While core inflation is forecast to

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Speaker 10: remain sticky, headline inflation should drop below four percent for

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Speaker 10: the first time since the pandemic. Michael McKee, Bloomberg Daybreak.

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Speaker 2: All right, Michael, thank you well. Economic data is also

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Speaker 2: in focus in Asia today. China's economy decelerated in June

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Speaker 2: as manufacturing activity contracted once again. Bloomberg Daybreak Asia anchor

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Speaker 2: Brian Curtis has more from Hong Kong.

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Speaker 11: The official PMI was forty nine, matching estimates but barely

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Speaker 11: up from May. Manufacturing gage slipped to fifty three point

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Speaker 11: two from fifty four point five the prior month. While

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Speaker 11: slightly disappointing, at least it was firmly an expansion now

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Speaker 11: the numbers suggest the government will dole out more stimulus.

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Speaker 11: It's not that there hasn't been an effort to provide support,

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Speaker 11: but the question remains is it working. New Orders Export

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Speaker 11: Orders engages on employment all below fifty in Hong Kong.

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Speaker 11: Brand Curtis Bloomberg dbreak.

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Speaker 3: Ran thanks back here in the US. Shares of Nike

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Speaker 3: are down nearly four percent. The outlook for the full

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Speaker 3: year failed to win over Wall Street sales top estimates,

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Speaker 3: but profit fell short. And for that look at other

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Speaker 3: stories making news in New York and around the world.

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Speaker 3: We are joined by Bloomberg's Michael Barr Good Friday Morning, Michael.

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Speaker 12: Good, Morning, Nathan. The verdicts are in on charges for

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Speaker 12: the former Florida Sheriff's deputy who was first on the

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Speaker 12: scene at the twenty eighteen Parkland school shooting but took

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Speaker 12: cover instead of taking action. Bloomberg's Dan Schwartzmann reports.

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Speaker 13: Former Broward County Deputy Scott Peters has been acquitted on

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Speaker 13: felony child neglect charges, amongst other charges, for failing to

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Speaker 13: actoring the Parkland school massacre back in twenty eighteen, the

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Speaker 13: left seventeen dead. Peterson at the time was a campus

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Speaker 13: deputy at Marjorie Stoneman Douglas High School, was accused of

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Speaker 13: failing to confront shooter Nicholas Cruz as he went on

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Speaker 13: his rampage. Video shows Peterson taking cover in the alcove

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Speaker 13: of a neighboring building from the shooting with his gun

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Speaker 13: drawn and not moving from that location for over forty

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Speaker 13: minutes until well after other officers stormed the building and

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Speaker 13: captured Cruise. In New York, I'm Dan Schwartzman Bloomberg Daybreak.

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Speaker 12: New York City Mayor Eric Adams defended his handling of

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Speaker 12: migrants arriving in the city from Republican led states. Adams

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Speaker 12: said he has visited El Paso, Texas, where he saw

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Speaker 12: migrant families sleeping in the airport and on the streets.

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Speaker 12: The mayor said, while New York will seek help to

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Speaker 12: ease the burden on the city, it will not refuse

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Speaker 12: care to migrants.

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Speaker 14: We have navigated over seventy thousand people in our city.

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Speaker 9: No child of family are sleeping on the streets of

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Speaker 9: the City.

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Speaker 12: Of New York. Mayor Adams made his comments while taking

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Speaker 12: questions on the city's budget. Adams and the city Council

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Speaker 12: speakers struck a deal on a record one hundred and

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Speaker 12: seven billion dollar budget. The agreement, which comes as the

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Speaker 12: city faces a potentially deteriorating economic climate, will cut some

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Speaker 12: funding for Rikers Island and homeless services. Republican Representative George

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Speaker 12: Santos returns to a New York court today for the

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Speaker 12: first time since pleading not guilty last month to fraud charges.

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Speaker 12: The hearing for the Long Island congressman is expected to

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Speaker 12: focus on future court dates, among other things, Santos is

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Speaker 12: accused of duping donors, stealing from his campaign, and collecting

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Speaker 12: fraudulent unemployment benefits. The holiday travel rushes on after what's

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Speaker 12: been a stressful week for travelers, with more than six

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Speaker 12: hundred flights canceled yesterday alone and more than seven thousand

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Speaker 12: canceled since Saturday. Passengers are on edge, with bags filing

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Speaker 12: up at airports, some people stranded for days, and the

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Speaker 12: TSA says today will be its busyest of the holiday weekend.

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Speaker 12: Global News twenty four hours a day, powered by more

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Speaker 12: than twenty seven hundred journalists and analysts and over one

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Speaker 12: hundred and twenty countries. I'm Michael Barr, and this is Bloomberg.

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Speaker 3: Nathan, Thank you, Michael, time for the Bloomberg Sports Update.

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Speaker 3: Good morning, John Staneshawer.

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Speaker 12: Morning Nathan.

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Speaker 14: The Yankees and Mets both displayed game number eighty one,

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Speaker 14: so halfway through. Yankees at forty five and thirty six.

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Speaker 14: They love a tough time repeating as AL East champ.

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Speaker 14: They're nine and a half games behind Sampa Bay, but

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Speaker 14: they figured the battle for a wild card in Oakland.

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Speaker 14: They trailed three to one, exploded for eight runs in

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Speaker 14: the sixth, then he beat the lowly a ten to

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Speaker 14: four to win the series. This win coming after the

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Speaker 14: Domingo Hermann perfect game. Who's Aaron Boone.

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Speaker 15: Thought the guys were really energetic, almost that like you, Forick.

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Speaker 10: Didn't have time to think.

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Speaker 15: It's like here we go, let's go tomorrow, and you're

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Speaker 15: coming off the high of Domingo, so so I really

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Speaker 15: thought the energy was really good.

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Speaker 14: Three hits Isaiah Connor for Lefahomer drove in three runs.

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Speaker 14: Yankees fight tonight in Saint Louis. The Cardinals a huge

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Speaker 14: first half disappointment after winning the NL Central last season.

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Speaker 14: They're in last place. They're fourteen games under five hundred,

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Speaker 14: and the Mets not all that much better after one

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Speaker 14: hundred and one wins a year ago. Their record halfway

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Speaker 14: through thirty six and forty five. They've lost eighteen of

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Speaker 14: their last twenty four games. Beaten again by Milwaukee at

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Speaker 14: City Field three to two. Mets got back to back

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Speaker 14: home runs third inning Brett Baty Brandon Nimo. They led

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Speaker 14: to nothing with Max Schurz on the mound, but they

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Speaker 14: didn't score again. The Liberty of much hype team this

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Speaker 14: season with the class of the WNBA, the Las Vegas

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Speaker 14: Aces won the championship last season. They are fourteen and one.

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Speaker 14: They've beat Liberty by seventeen. NBA free agency about to

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Speaker 14: kick off. Kyrie Irving on the list. There's a report

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Speaker 14: he's talking to the Phoenix Suns. James Harden is one

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Speaker 14: time teammate in Brooklyn, opted in in Philadelphia and make

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Speaker 14: thirty five million.

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Speaker 12: He could still get traded by the six Ers. John

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Speaker 12: Stasheller Bloomberg.

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Speaker 16: Sports from coast to coast, from New York to San Francisco,

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Speaker 16: Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg

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Speaker 16: Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 16: Good morning, I'm Nathan Hager. President Biden is delivering his

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Speaker 16: strongest criticism of the Supreme Court yet following its decision

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Speaker 16: to end affirmative action, essentially in college admissions. At the

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Speaker 16: White House yesterday, the President told reporters, quote, this is

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Speaker 16: not a normal court. Then he expanded on that in

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Speaker 16: an interview on MSNBC.

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Speaker 6: I just find it just so out of sorts with

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Speaker 6: the basic value system the American people. The vast majority

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Speaker 6: of American people don't agree with a lot of the

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Speaker 6: decisions courts to make.

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Speaker 7: You.

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Speaker 3: Yeah, that was the President yesterday following that affirmative action decision.

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Speaker 3: And this Court has yet another high profile decision coming

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Speaker 3: today on the final day of its term, on the

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Speaker 3: President's student debt relief program. For more on the politics

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Speaker 3: of the High Court, we are joined by Julie Norman,

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Speaker 3: the co director of the Center on US Politics at

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Speaker 3: University College London. Julie, it's good to speak with you

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Speaker 3: once again. There have been so many questions over the

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Speaker 3: last several months about the standing of this Supreme Court.

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Speaker 3: Now following the decisions that are coming at the end

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Speaker 3: of this term, how would you assess the legitimacy of

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Speaker 3: the Supreme Court right now as an institution.

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Speaker 17: Well, good morning, Nathan. You know, I would say the

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Speaker 17: ruling that we saw yes during affirmative Action was certainly expected.

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Speaker 17: We've also seen several unexpected decisions, especially regarding voting rights

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Speaker 17: and preserving legislators say in that, So I would say

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Speaker 17: it's been a mix so far this season with the

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Speaker 17: court's rulings that expected and unexpected. But I would say

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Speaker 17: I would Biden's comments, I think are shared by by

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Speaker 17: many that this is an unusual court. But I would

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Speaker 17: say the rulings that we're seeing come down are actually

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Speaker 17: pretty rational and pretty much a mix of what you

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Speaker 17: would expect from from many Supreme courts. So I would

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Speaker 17: personally hesitate from saying this is particularly unusual.

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Speaker 3: Yeah, it is interesting to hear the price that think

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Speaker 3: go so far as to say this is not a

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Speaker 3: normal court. You think about as well, the decision last

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Speaker 3: year on overturning abortion rights. What is the potential risk

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Speaker 3: for the president to come so hard against the Supreme Court,

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Speaker 3: at least rhetorically.

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Speaker 17: Yeah, So I think this is something that Biden played

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Speaker 17: right politically with abortion because Democrats did get a big

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Speaker 17: boost out of that, and that's mainly because it's an

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Speaker 17: issue that matters to a lot of people, I think,

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Speaker 17: regardless of what Biden said about it or not. Regarding

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Speaker 17: affirmative action. Again, for Democrats, this has been a big

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Speaker 17: issue within the party. But somewhat contrary to Biden's comments,

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Speaker 17: public opinion is rather split on this. You know, the

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Speaker 17: majority of Americans do not support the inclusion of race

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Speaker 17: in college admissions, and even among Democrats, it's quite split.

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Speaker 17: And we saw that with California in twenty twenty trying

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Speaker 17: to bring affirmative action back in California, very liberal state.

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Speaker 17: You know, I fifty seven percent said no, we don't

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Speaker 17: want affirmative action. So I would say public opinion is

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Speaker 17: much more nuanced on this issue than I think Biden

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Speaker 17: and many Democrats have portrayed it to be.

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Speaker 3: What does it tell you, Julie, that the Supreme Court

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Speaker 3: has waited until the final day of its term to

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Speaker 3: come out with its decision on a case that is

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Speaker 3: going to affect the president's political standing pretty directly, I

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Speaker 3: think it's pretty safe to say on the student debt

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Speaker 3: relief program, which is so popular with his young educated

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Speaker 3: Democratic voter base.

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Speaker 17: Well, yeah, so, Nathan, we usually see the Court wait

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Speaker 17: until the very last couple of days to release the

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Speaker 17: most controversial rulings. So affirmative Action yesterday, probably student loans today,

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Speaker 17: and the student loan relief was again an executive action

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Speaker 17: that Biden put in place last year to relieve dead

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Speaker 17: up to twenty thousand for some applicants and of ten

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Speaker 17: thousand for others. The Court has been hearing arguments this

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Speaker 17: is executive overreach, and it's expected that they will likely

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Speaker 17: put a stop to that. So while affirmative action has

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Speaker 17: its own implications, I think the case today certainly has

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Speaker 17: political implications because it's really the Justice Department, the Supreme

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Speaker 17: Court putting a very direct check on Biden and on

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Speaker 17: the executive and that's politically going to be you know,

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Speaker 17: that's going to hit Biden. But I would say this

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Speaker 17: is something that was somewhat expected. If this is the

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Speaker 17: way it comes out.

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Speaker 3: Is this a kind of political impact that could have

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Speaker 3: implications into twenty twenty four got about a minute left, I.

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Speaker 17: Think it would. I mean, the student loan program definitely

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Speaker 17: helped Democrats in the midterms, and I think many of

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Speaker 17: them knew that, even knowing that it might get struck

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Speaker 17: down later. I think realistically, you know, this is something

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Speaker 17: that matters for many of Democrats base. I think it

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Speaker 17: matters for getting support for Biden and many Democrats in primaries.

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Speaker 17: But at the end of the day, again, this was

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Speaker 17: also an issue that was very controversial. Many working class

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Speaker 17: voters in particular felt left out of loan relief that

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Speaker 17: was going to students and not to say small businesses

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Speaker 17: or other enterprises. So in the general elections, I could

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Speaker 17: say this could come out in a wash, but it

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Speaker 17: was definitely galvin from many young Democrats in particular to

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Speaker 17: come out and support Biden, support the Democrats.

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Speaker 7: Nicolls.

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