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Speaker 1: My from the Bloomberg Interactive Burger Studios. This is Bloomberg

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Speaker 1: day Break for a Friday, August twenty six two. Coming

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Speaker 1: up this hour, FED officials take a hawkish stance ahead

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Speaker 1: of j. Powell's Jackson Whole speech. I judge orders Twitter

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Speaker 1: to hand more data to Elon Musk. Guess their legal

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Speaker 1: battle continues. Dell and salesforce slide as more tech companies

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Speaker 1: report tighter times ahead. The first MTA hearing on congestion

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Speaker 1: pricing in Manhattan is in the books. Plus we should

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Speaker 1: see soon every dacting Affidavid search Trump's maramago with State.

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Speaker 1: I'm Michael Barr. More ahead, I'm Stash in sports. Twenty

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Speaker 1: hits for the Yankees and easy win at Oakland. JAKEB.

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Speaker 1: De Graham pitched the Mets to victory over Colorado. That's

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Speaker 1: all strad ahead on Bloomberg day Break on Bloomberg eleven Trio,

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XM

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Speaker 1: one nineteen and around the world on Bloomberg Radio dot

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Speaker 1: Com and via the Bloomberg Business. Actor and good Friday morning.

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Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, US not in next.

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Speaker 1: Futures are lower this morning. We are coming up to

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Speaker 1: six o one on Wall Street, and we check the

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Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg.

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Speaker 1: Right now, SMP futures are down fifteen points down, Future

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Speaker 1: is down seventy four and NASDAG futures down seventy. Ten

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Speaker 1: year treasury down thirteen thirty seconds. He'll three point oh

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Speaker 1: seven percent. They yield on the two year three point

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Speaker 1: three eight percent, and NIMEX screwed oil is up one

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Speaker 1: point two percent. Nathan Karen, it's the event Wall Street

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Speaker 1: and global markets have been awaiting all week. Federal Reserve

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Speaker 1: Chairman Jerome Powell delivers his speech at the Jackson Hole

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Speaker 1: Economic Symposium. Bloomberg's Tom Keene is covering the event for us.

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Speaker 1: Good morning, Tom, Karen and Nathan. Of course, all eyes

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Speaker 1: on Chairman Powell. This will be a different speech, widely anticipated,

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Speaker 1: they all are. But what's different this time is the

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Speaker 1: stakes on interest rate policy. What's widely understood is a

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Speaker 1: not just a speech, just a few and key reports

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Speaker 1: that we're gonna see into September and that important FED meeting.

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Speaker 1: So it's not just the speech, it's the data reports,

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Speaker 1: but it's also the news around the world, the idea

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Speaker 1: of what's going on in Europe and China flat on

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Speaker 1: their back. All around the world will be watching Chairman

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Speaker 1: Powell this morning certainly. Well, thanks for that, Tom, and

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Speaker 1: please tune into Bloomberg Radio and television this morning starting

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Speaker 1: at seven am Wall Street Time for a special edition

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Speaker 1: of Bloomberg Surveillance for complete live coverage from Jackson Hole.

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Speaker 1: We'll speak with St. Louis FED Chief James Bullard, Patrick Harker,

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Speaker 1: who heads the Philadelphia Fed, and Atlanta FED Chief Rafael

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Speaker 1: Bostick all leading up to j Powell's address, and you

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Speaker 1: can hear that live starting at ten am on Bloomberg

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Speaker 1: Radio and TV. Well, Nathan Central bankers speaking at Jackson

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Speaker 1: Hole so far half sounded hawkish. Kansas City FED President

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Speaker 1: Inistor George, who hosts the event, shared her view on

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Speaker 1: Bloomberg Television. Very important that we are clear in our

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Speaker 1: communication about the destination we're headed. And I think that

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Speaker 1: destination is important, which is we have to get interest

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Speaker 1: rates higher to slow down demand and bring inflation back

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Speaker 1: to our target. Kansas City Fan president Ester George also

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Speaker 1: said there was more room to go and asked how

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Speaker 1: high the FED should push borrowing costs. All markets will

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Speaker 1: be looking for any sort of signals how might give

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Speaker 1: Karen when it comes to rate hikes. In his speech,

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Speaker 1: Bemo Capital Market senior economist Jennifer Lee does not think

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Speaker 1: the FED share will change his recent guidance. I think

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Speaker 1: he's going to stay on the Hawkers truck. I don't

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Speaker 1: know why he would change his tone so quickly. Yes,

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Speaker 1: we've had some weaker, you know, economic data, especially on

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Speaker 1: the housing front. We finally saw some pullback on the

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Speaker 1: headline inflation, but you know it's gonna be far, far

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Speaker 1: too seon to ring the dovish fell the most. Senior

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Speaker 1: economist Jennifer Lee says. The next major event for the

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Speaker 1: FED to watch is the CPI report coming out in

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Speaker 1: three weeks. Well, just as Powell's speech begins, Nathan, we'll

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Speaker 1: be getting key economic reports and Bloomberg's Vinney down Junie

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Speaker 1: has the details. In early August, the University of Michigan's

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Speaker 1: consumer sent them man named x Howard new a record

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Speaker 1: low and today's figures. On late August aren't expected to

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Speaker 1: be much better Bloomberg economics, as Americans recognized there will

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Speaker 1: be challenging months just ahead, even with today's rising wages

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Speaker 1: and low unemployment. Also on today's data calendar, government figures

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Speaker 1: on July consumer spending, and they could be tempted with

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Speaker 1: inflation running hot. Then he doubt you that ice, Bloomberg,

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Speaker 1: Debriek Vinny thank you overseas stocks in Asia Rose, helped

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Speaker 1: by the tech sector after talks between Beijing and Washington

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Speaker 1: to avoid the de listing of companies in New York

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Speaker 1: said the show signs of progress well the geo politics

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Speaker 1: now Nathan Tennessee Senator Marsha Blackburn became the third American

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Speaker 1: dignitary to visit Taiwan this month. Senator Blackburn held several

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Speaker 1: meetings there, including with Taiwan's president. The opportunity to talk

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Speaker 1: with horror that hopes, dreams, plans and approaches for Taiwan

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Speaker 1: and how they retain their independence. Tennessee Senator Marsha Blackburn

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Speaker 1: said the US will continue to support Taiwan's independence. Bike

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Speaker 1: at Homecare and President Biden campaign for Democrats in Maryland

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Speaker 1: Yes Your Day ahead of November's mid terms and he

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Speaker 1: into his attacks on former President Trump and what he

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Speaker 1: called ultra mega Republicans. Maga Republicans don't just threaten our

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Speaker 1: personal rights and economic security, they're a threat to our

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Speaker 1: very democracy. They refused to accept the will of the people.

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Speaker 1: They embrace, embrace political violence. President Biden also said the

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Speaker 1: so called mega philosophy is semi fascism, and the corporate

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Speaker 1: news Now Nathan, a couple of tech companies releasing bleak

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Speaker 1: earnings and falling at the close. Yesterday. Down Technologies gave

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Speaker 1: a revenue forecast that fell short of estimates, and Salesforce

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Speaker 1: also slipped after it's quarterly revenue also missed analysts estimates,

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Speaker 1: and del shares are down about four point three percent

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Speaker 1: this morning, And to Twitter Now Karen and it's battle

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Speaker 1: with Elon Muska. Judge has ordered the social media giant

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Speaker 1: to hand over info, and Bloomberg's Rnita Young joins US

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Speaker 1: Live with the latest. Good morning, Rnita, Good morning Nathan. Yesterday,

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Speaker 1: Delaware Chancery Court Judge Kathleen McCormick ruled Twitter must turn

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Speaker 1: over information about nine thousand accounts that surveyed last year.

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Speaker 1: She wants the company to identify which had human beings

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Speaker 1: attached to him. McCormick says Twitter also must produce documents

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Speaker 1: sufficient to show how those nine thousand accounts were selected

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Speaker 1: for review. At a Wednesday hearing, Elon Musk's lawyers accused

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Speaker 1: their Twitter counterparts of stone walling them on the bots information.

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Speaker 1: Musk believes that gives him reason to exit his bid

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Speaker 1: for the platform. Live in Washington, I'm renned a young

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Speaker 1: Bloomberg daybreak. We need to thank you. Another quick corporate note,

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Speaker 1: pharmaceutical giant Mark's pursued to buy cancer drug maker Sigen

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Speaker 1: has stalled, threatening Merk's biggest deal in more than a decade.

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Speaker 1: The companies have reportedly failed to agree on a price.

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Speaker 1: To this point. SMP futures are down sixteen points right now.

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Speaker 1: Dal Future is down eighty two. NASDAC futures are lower

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Speaker 1: by seventy five points ten. Your treasuries down fourteen thirty seconds.

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Speaker 1: The old three point zero seven percent yield on the

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Speaker 1: two year three point three eight percent. Nim X screwed

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Speaker 1: is up one point three percent, up a dollar nineteen

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Speaker 1: to seventy one cents a barrel. Comex called down six

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Speaker 1: tenths per cent, or eleven dollars seventeen sixty forty ounce,

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Speaker 1: the Euro one point zero zero three against the dollar,

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Speaker 1: the en one thirty six point nine too. Looking at

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Speaker 1: bitcoin right now, it is down one percent, trading around

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Speaker 1: for twenty one thousand, four hundred dollars. Straight ahead, your

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Speaker 1: latest local headlines and a check of sports. This is

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Speaker 1: Bloomberg six oh seven on Wall Street, seventy six degrees

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Speaker 1: in Central Park. Still dealing with the accident westbound Grand

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Speaker 1: Central Airport did Mars Boulevard. We'll get to the latest

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Speaker 1: details in traffic shortly. First Michael Barr with what else

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Speaker 1: is going on in New York and around the world.

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Speaker 1: Good morning, Michael, Good morning Nathan. The first hearing is

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Speaker 1: in the books about the m t a's congestion pricing

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Speaker 1: plan in Manhattan. Hundreds of people on both sides signed

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Speaker 1: up to speak on the matter. The plan could cost

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Speaker 1: drivers in Manhattan south of sixty Street as much as

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Speaker 1: twenty three dollars during rush hour, the m t A

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Speaker 1: says was designed to lessen traffic congestion by as much

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Speaker 1: as Last evening's public hearing was the first of six.

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Speaker 1: We may soon learn more about what made the Justice

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Speaker 1: Departments search former President Donald Trump's Morla go Home. The

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Speaker 1: d o J is submitting a redacted version by noon

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Speaker 1: of the affidavit out of concerns for the safety of

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Speaker 1: the witnesses. Legal expert Lorie Levinson, it does look like

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Speaker 1: the court felt that this was something of such great

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Speaker 1: public interests that to the extent that the Court could

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Speaker 1: release information that did not compromise an ongoing investigation, it

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Speaker 1: was inclined to do so. And of course there's great

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Speaker 1: public attention on what happened here. Why the Department of

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Speaker 1: Justice went so far to get a warrant to search

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Speaker 1: the ex president's Marlago residence, Loyola Law School professor Lourie Levinson.

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Speaker 1: The NYPD say as a man was fatally stabbed early

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Speaker 1: this morning in Hell's kitchen and happened at eighth Avenue

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Speaker 1: and West Street. Forty nine year old man with a

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Speaker 1: history of menacing people was stabbed in a dispute, according

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Speaker 1: to the police. The twenty eight year old suspect claims

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Speaker 1: it was in self defense. California's Air Quality Regulation Board

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Speaker 1: voted yesterday to halt the sale of gas powered cars

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Speaker 1: by the board says it would dramatically lower emissions and

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Speaker 1: air pollutants. Governor Gavin Newsom, this is the architecture for

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Speaker 1: completely decarbonizing our economy. Change the way to producing consume energy,

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Speaker 1: and it's the architecture for economic power, not just electric power.

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Speaker 1: Governor Newsom says one tenth of all cars sold in

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Speaker 1: the U s R To Californians. However, not everyone is

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Speaker 1: on board with a change. Tom Becker says he doubts

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Speaker 1: electric vehicles will be reliable enough even by that time.

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Speaker 1: Battery failures and electric vehicles are very common. And guess what,

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Speaker 1: these people are not going to honor their battery warranties.

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Speaker 1: They don't honor him. Now you can have a battery

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Speaker 1: failure in these electric vehicles that will cost dollars. Tom

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Speaker 1: Becker was among those who spoke at the hearing Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts in more than a hundred twenty countries.

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Speaker 1: And Michael Barr this is Bloomberg, Nathan, Thank you, Michael,

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Speaker 1: almost sixth tent of all street time for the Bloomberg

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Speaker 1: Sports Update with John Stanshower. Thanks Nathan. Good start to

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Speaker 1: the Yankees ten game road trip there in Oakland. That's

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Speaker 1: a team that is just twenty and forty two at home,

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Speaker 1: and the Yanks tet off on the age twenty hits.

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Speaker 1: They were up ten nothing in the fourth, then in

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Speaker 1: the final was thirteen to four. Three hits for the

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Speaker 1: Red Odd Andrew Ben and ten d three for Josh Donaldson.

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Speaker 1: Three hits, three rbies for rookie as Waldo Cabrera, plenty

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Speaker 1: of run supports with Jamison taylanned to get his team

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Speaker 1: leading twelve win. Garrett Cole starts tonight. Esther Cortez was

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Speaker 1: to start tomorrow, but he was placed on the injured

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Speaker 1: list drain drawing, not believed to be a serious injury.

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Speaker 1: John Carlos Stanton came off the i L. He was

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Speaker 1: back in the Yankee lineup last night. Asked for the Mets.

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Speaker 1: Jacob de Graham a lot of times in his career

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Speaker 1: has gotten no run support. He doesn't need a law

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Speaker 1: and he got all he needed with one swing of

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Speaker 1: the Batch banksball Hi their to left field. Forget about it.

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Speaker 1: That's the way out of here. Fuck the facing of

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Speaker 1: a second deck. See the lotso demolishes it too. Run

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Speaker 1: Homer and the Mets now League three coping in the

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Speaker 1: pot of CBS thirty first on run for Alonzo has

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Speaker 1: got a hundred four RBIs. The Mets beat the Rockies

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Speaker 1: three oh one. Is the ground one six Inians gave

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Speaker 1: up this three hits struck out nine and the Mets

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Speaker 1: now with a two game lead on the Braves. US

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Speaker 1: Open begins Monday. It's all about Serena Williams and she

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Speaker 1: learned her first round, first round opponent and this her

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Speaker 1: career ending tournament will be Donka Convintage from Montenegro, ranked

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Speaker 1: eightieth in the world. Meanwhile, the unvaccinated no VAC tooka

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Speaker 1: its beneficial not plane not allowed to fly into the

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Speaker 1: U S Torch Championship Golf in Atlanta. Sixty five for

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Speaker 1: world number one Scottie Scheffler. He's got a five shot league.

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Speaker 1: John stactually wear Bloomberg Sports, Nathan, thank you, John stash

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Speaker 1: Our SMP futures right down down seventeen Pointstown futures down

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Speaker 1: eighty eight. Nastack futures are lower by seventy five points ten.

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Speaker 1: Your treasuries down fourteen thirty seconds yield very close to

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Speaker 1: three point zero eight percent. This is Bloomberg Bloomberg eleven

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Speaker 1: three hither sunshine, some showers and storms developing this afternoon

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Speaker 1: with highs in the upper eighties. We'll be in the

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Speaker 1: upper eighties all weekend long tomorrow. Mix of sun and clouds.

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Speaker 1: Sunday sunshine right now seventy six in Central Park, Broadcasting

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Speaker 1: live from the Bloomberg Interactive Broker Studio in New York.

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Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston,

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Speaker 1: Bloomberg one oh six one, to San Francisco, Bloomberg non

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Speaker 1: sixteen to the country Sirius XM to have a one

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Speaker 1: nine tea, and around the globe the Bloomberg Business apt

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Speaker 1: in Bloomberg Radio dot com. This is Bloomberg Daybreak six

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Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hagar and

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Speaker 1: I'm Karen Moscow, and we are just about three hours

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Speaker 1: away from the open of US trading. Time to the

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Speaker 1: five things that you need to know to start your

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Speaker 1: dave ronty you by Interactive Brokers. Investment advisers switched to

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Speaker 1: Interactive Brokers for lowest cost global trading and turnkey custody solutions,

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Speaker 1: no ticket charges and no conflicts of your interests and

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Speaker 1: ibkr dot com slash r i a first Federal Reserve

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Speaker 1: Chair J Powell's address at the Jackson Hole Economic Symposium

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Speaker 1: this morning. Kansas City Fed President Esther George hosts the event,

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Speaker 1: and she says, once rates gain higher, they may have

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Speaker 1: to stay there for a while. We have more room

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Speaker 1: to go that we would bring those rates down quickly,

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Speaker 1: and I've seen that in some of the forecasts. Seems

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Speaker 1: a bit remarkable to me. I think you will have

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Speaker 1: to hold and Kansas City Fed President Ester George spoke

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Speaker 1: with The Bloomberg yesterday. Tune into Bloomberg Radio and TV

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Speaker 1: this morning starting at seven am. Wall Street Time for

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Speaker 1: a special edition of Surveillance will have live interviews with St.

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Speaker 1: Louis Fed President James Bullard, Patrick Harker, who heads the

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Speaker 1: Philadelphia Fed, and Atlanta Fed Chief Raphael ball Stick All

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Speaker 1: Letting ball Stick all leading up to j. Powell's address.

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Speaker 1: You can hear Powell's speech live at and am on

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Speaker 1: Bloomberg Radio and TV. Multi Politics Now. Karen President Biden

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Speaker 1: campaign for Democrats in Maryland yesterday ahead of November's mid terms.

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Speaker 1: He aimed his attacks on former President Trump and what

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Speaker 1: he called Ultramega Republicans. We must be stronger, more determined,

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Speaker 1: and more committed to saving America than the Maga Republics

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Speaker 1: are destroyed America. President Biden said the so called Mega

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Speaker 1: philosophy is semi fascism. I mean well overseas Nathan Tennessee

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Speaker 1: Senator Marcia Blackburn became the third American dignitary to visit

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Speaker 1: Taiwan this month. She met with Taiwan's president and said

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Speaker 1: the US will continue to support its independence. MC Corporate

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Speaker 1: News This morning. Twitter has some developments in its battle

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Speaker 1: with Elon Musk and Bloomberg. Ranita Young joins US Live

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Speaker 1: Ranita Nathan. Yesterday, Delaware Chance to Recurt Judge Kathleen McCormick

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Speaker 1: ruled Twitter must turn over information about nine thousand accounts

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Speaker 1: also must produce documents sufficient to show those how those

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Speaker 1: nine thousand accounts where selected for review. At a Wednesday hearing,

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Speaker 1: Elon Musk lawyers accused their Twitter counterparts of stone walling

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Speaker 1: them on the bots information. Musk believes that gives him

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Speaker 1: reason to exit his bid for the platform. Live in Washington.

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Speaker 1: I'm gonna need a young Bloomberg daybreak. Need to thanks.

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Speaker 1: In another quick corporate note, tech giants Dell and Salesforce

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Speaker 1: fell at the close yesterday after missing analysts estimates. That's

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Speaker 1: the five things that you need to notice start your day.

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Speaker 1: Brought to you by Interactive Brokers, and futures are lower

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Speaker 1: this morning. Straight ahead your latest local headlines, plus a

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Speaker 1: check of sports. And this is Bloomberg. Thanks here in

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Speaker 1: sixty three on Wall Street, seventy six degrees in Central

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Speaker 1: Park still dealing with the accident on the Grand Central

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Speaker 1: Parkway did Mars Boulevard. More coming up in traffic. First

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Speaker 1: Michael Barr with what else is going on in New

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Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.

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Speaker 1: Police activity early this morning at West forty four Avenue

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Speaker 1: in Hell's Kitchen is from a fatal static. According to

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Speaker 1: the NYPD, old man with a history of menacing people,

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Speaker 1: was fatally stabbed in a fight. The suspect, twenty eight

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Speaker 1: year old man, claims it was in self defense. He

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Speaker 1: was taken into custody. The first of six public hearings

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Speaker 1: was last night about the m t a's congestion pricing

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Speaker 1: plan in Manhattan. Hundreds of people on both sides signed

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Speaker 1: up to speak on the matter during the virtual meeting.

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Speaker 1: Yet we're expected to pay for You're bloated and out

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Speaker 1: of control. Agency seven ABC with the audio. The plan

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Speaker 1: could cost drivers in parts of Manhattan as much as

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Speaker 1: twenty three dollars during rush hour. The m t A

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Speaker 1: says it was designed to lessen traffic congestion by as

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Speaker 1: much as The Justice Department is set to release a

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Speaker 1: heavily blacked out document explaining the justification for an FBI

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Speaker 1: search of Donald Trump's Florida state earlier this month, when

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Speaker 1: agents removed top secret government of records. The document, expected

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Speaker 1: by noon, is likely to offer at least some new details.

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Speaker 1: Justice Department officials are expected to have move sensitive details

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Speaker 1: about witnesses and the scope and direction of the probe.

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Speaker 1: Legal expert Lorie Levinson. There's been an effort by the

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Speaker 1: media and by Donald Trump to get more information from

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Speaker 1: the affidavit, but the government has resisted that, in part

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Speaker 1: because they have an ongoing investigation. However, it does look

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Speaker 1: regarding the investigation of Donald Trump and its possession of

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Speaker 1: classified information that the public will get in the near future.

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Speaker 1: Loyola Law professor Lourie Levinson. California regulators have proved a

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Speaker 1: plan to ban the sale of new gas powered cars

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Speaker 1: by the year. Governor Gavin Newsom calls it a historic

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Speaker 1: win against climate change in California. This is a game

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Speaker 1: changers relates to the environment. There's nothing else that will

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Speaker 1: move the needle on greenhouse gasses more than tail piper.

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Speaker 1: Missions about amissions in California come out of the tailpipe.

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Speaker 1: Governor Newsom spoke to ABC. New York State began accepting

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Speaker 1: applications to open its first legal recreational pot shops. Its

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Speaker 1: reserving about a hundred fifty retail dispensary licenses for people

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Speaker 1: with past pop convictions or their relatives. Global News twenty

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Speaker 1: four hours a day on air and on Bloomberg Quick Take,

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Speaker 1: powered by more than twenty seven hundred journalists analysts more

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Speaker 1: than a hundred twenty countries. I'm Michael Barr. This is

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Speaker 1: Bloomberg NA. Thanks Michael. Almost six thirty six on Wall Street,

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Speaker 1: John Stasher has some Bloomberg Sports update. Thanks They and

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Speaker 1: the Yankees with as many wins in their last four

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Speaker 1: games as they had in the first twenty one days.

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Speaker 1: Of all, if they made it four in a row

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Speaker 1: the first three, we're all at the same score of four.

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Speaker 1: At two last night in Oakland, it was thirteen to four,

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Speaker 1: a twenty hit attack, no home runs, but three h

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Speaker 1: three RBIs for rookie as Waldo Cabrera. Yanks got John

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Speaker 1: Carlos Stanton back in the lineup and it was an

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Speaker 1: easy win for Jamis Incio and the Yanks. Land tend

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Speaker 1: to nothing in the fourth inning. The Mets back at

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Speaker 1: City Field, start of a long homestad. They beat Colorado

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Speaker 1: three to one, six strong and ins from J. J. Graham,

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Speaker 1: one for Edwin Diaz. They played the trumpets song for

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Speaker 1: Diaz in the eighth inning. That left the ninth for

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Speaker 1: at amount of you know, pe Alonso had the big hit.

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Speaker 1: He had a two run homer in the third. It's

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Speaker 1: important to win every game, whether you're playing the Yankees

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Speaker 1: or Um or the Rockies or or whoever, or the Phillies.

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Speaker 1: I mean, it doesn't matter. It's just that we need

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Speaker 1: to do our job every single day. Come up and

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Speaker 1: and execute a plan, come up and play together as

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Speaker 1: a team. So we did a really good job of that.

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Speaker 1: Tonight pitching was great. Uh we did did enough as

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Speaker 1: an offense to score enough runs and win the game.

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Speaker 1: The Mets lead the Braves now by two. The Jets

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Speaker 1: in twenty drafted white out Denzel Mims in the second round.

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Speaker 1: He has fallen on the Jets depth chart and now

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Speaker 1: Mims has asked to be traded. The Jets and Giants

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Speaker 1: will play Sunday afternoon MetLife. The two New York teams

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Speaker 1: has had a joint practice. Daniel Jones was impressive going

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Speaker 1: fourteen and fifteen, but Giants linebacker ziz O Gilari limped

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Speaker 1: off the field. With a legendary US Open begins Monday,

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Speaker 1: Novak Djokovic made it official he's unback today that he's

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Speaker 1: not allowed to fly into the US to play golf

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Speaker 1: in Atlanta. Scottie Scheffler took a big step towards an

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Speaker 1: eighteen million dollar paycheck. He began the Tour Championship with

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Speaker 1: the two two shot lead based on the leading the standings,

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Speaker 1: and now he leads by five. John Stash where Bloomberg

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Speaker 1: Sports stave Okay, John thanks six seven on Wall Street

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Speaker 1: let's take a look at stock, some of the names

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Speaker 1: moving in the pre market, and the pre chair pal's speech.

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Speaker 1: We're joined now by Bloomberg Radio on TV Markets correspondent

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Speaker 1: Create Gufta. Looking at earnings again. Create, I know it

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Speaker 1: kind of feels like earning season is not quite ending.

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Speaker 1: This one just keeps dragging on. But perhaps some good

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Speaker 1: news as we are in a wait and c mode.

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Speaker 1: On the surface, Nathan, I would say things are pretty

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Speaker 1: calm on the macro front once again, no one making

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Speaker 1: any big moves. But then underneath you look at the

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Speaker 1: micro and you are seeing some big moves. We'll start

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Speaker 1: with del here. D E. L l is your taker.

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Speaker 1: Shares are down about five percent in the pre market.

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Speaker 1: This comes after their earnings picture, which by the way,

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Speaker 1: looks actually pretty good. Their revenue forecast did, however, fall

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Speaker 1: short of estimates, but their second quarter sales did come

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Speaker 1: in stronger US enterprise spending fueling about nine percent of

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Speaker 1: growth there. Dell, however, declining after this comment executive signaling

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Speaker 1: tighter times ahead. They're saying they're observing more cautious customer

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Speaker 1: behavior year as the quarter progressed, and of course they're

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Speaker 1: saying that that's only going to get worse as we

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Speaker 1: see more and more challenges throughout the end of the year.

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Speaker 1: And some other earnings as well. From Workday, a pretty

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Speaker 1: strong moved there as well. A pretty strong move w

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Speaker 1: d a y is the taker that you want to

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Speaker 1: keep an eye on. Shares are actually up eleven percent.

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Speaker 1: They were up as much as twelve percent earlier in

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Speaker 1: the session, so seeing a little bit of volatility in

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Speaker 1: Workday shares. This comes after the application software company, of course,

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Speaker 1: reported earnings like we were talking about, and they topped them,

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Speaker 1: and they topped them by quite a bit. Remember anythan

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Speaker 1: one of the key themes right now is not just

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Speaker 1: about consumer spending but about business investment as well. And

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Speaker 1: that's why companies like Dell and Workday and we're gonna

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Speaker 1: talk about a firm in a second, are so important

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Speaker 1: because it's are a lot of corporate America, the other

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Speaker 1: kind of fuel of of spending actually putting their money

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Speaker 1: to work, and for a long time they weren't. So

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Speaker 1: to see that slowing down once again is not good

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Speaker 1: news for Dell, but then it is good perhaps coming

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Speaker 1: in better from Workday. Analysting at the Workday beat was

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Speaker 1: solid all around, but they are, however, seeing a little

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Speaker 1: bit more of a slow down here. The good news

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Speaker 1: for them is that it's the back to office modernization

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Speaker 1: that is driving the demand, essentially something you're seeing in

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Speaker 1: cloud companies as well, that a lot of people are saying,

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Speaker 1: now that we're back in the office, we're gonna update

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Speaker 1: our systems, etcetera. Nathan I mentioned a firm as well,

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Speaker 1: A f RM is the taker you want to keep

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Speaker 1: an eye on. This is actually another downside story down

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Speaker 1: about in the pre market. Their sales forecast for three

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Speaker 1: coming out quite mediocre and missing the average annals estimate.

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Speaker 1: So um, a pretty bad cherry on top of a

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Speaker 1: pretty bad Sunday, although we got some pretty good news

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Speaker 1: from another apparel company. Kind of interesting here given some

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Speaker 1: of the mixed results we've seen from retail change. Yeah,

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Speaker 1: we'll quickly hit this one. GPS is your taker for

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Speaker 1: gap shares. They are actually up seven point three percent,

429
00:22:45,520 --> 00:22:49,120
Speaker 1: this coming after they reported a surprise profit and improving

430
00:22:49,160 --> 00:22:51,840
Speaker 1: sales trends. Huge when we're talking about the retail sector,

431
00:22:51,920 --> 00:22:54,560
Speaker 1: the build up of inventories alright. Bloomberg Radio and TV

432
00:22:54,680 --> 00:22:58,240
Speaker 1: Markets correspondent Pretty Gupta is always saying really busy during

433
00:22:58,320 --> 00:23:02,040
Speaker 1: the prolonged or season. Looking ahead to the market open

434
00:23:02,080 --> 00:23:04,640
Speaker 1: and Chairman pal speech. Futures as a whole moving lower.

435
00:23:04,720 --> 00:23:07,680
Speaker 1: We have SMP futures right now down seventeen points down,

436
00:23:07,760 --> 00:23:11,399
Speaker 1: futures down ninety three. NASTAC futures are lower by seventy

437
00:23:11,440 --> 00:23:14,640
Speaker 1: two points ten. Your treasuries down thirteen and thirty seconds,

438
00:23:15,040 --> 00:23:18,800
Speaker 1: the yield three point zero seven percent. This is Bloomberg

439
00:23:22,280 --> 00:23:24,680
Speaker 1: Bloomberg eleven three oh weather sunshine with some showers and

440
00:23:24,760 --> 00:23:26,959
Speaker 1: storms this afternoon. We'll get up to your ninety degrees

441
00:23:27,080 --> 00:23:30,000
Speaker 1: upper eighties, mix of sun and clouds. Tomorrow, sunny for

442
00:23:30,080 --> 00:23:32,239
Speaker 1: Sunday with a high near nine once again, right now

443
00:23:32,359 --> 00:23:39,119
Speaker 1: seventy six in Central Park Markets. Headlines and breaking news

444
00:23:39,280 --> 00:23:41,800
Speaker 1: twenty four hours a day at Bloomberg dot Com, the

445
00:23:41,960 --> 00:23:45,440
Speaker 1: Bloomberg Business Out and at Bloomberg Quick Take. He's a

446
00:23:45,480 --> 00:23:54,760
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. US Dock Index

447
00:23:54,840 --> 00:23:58,320
Speaker 1: futures are slipping, Treasuries are at trading is a chorus

448
00:23:58,359 --> 00:24:00,359
Speaker 1: of Federal Reserve hawks repair the g on for a

449
00:24:00,480 --> 00:24:03,800
Speaker 1: much anticipated speech by chairs around Powell that's set to

450
00:24:03,920 --> 00:24:06,800
Speaker 1: shape views on the pace of monetary tithing We checked

451
00:24:06,800 --> 00:24:09,159
Speaker 1: the markets every fifteen minutes throughout the trading day on

452
00:24:09,240 --> 00:24:12,200
Speaker 1: Bloomberg S and P Future is down about seventeen points down,

453
00:24:12,280 --> 00:24:15,720
Speaker 1: futures down eighty five, NASDAGG futures down seventy four. The

454
00:24:15,840 --> 00:24:17,760
Speaker 1: decks in Germany is down a third of a percent.

455
00:24:17,920 --> 00:24:20,920
Speaker 1: Ten year treasury down fifty and thirty seconds three point

456
00:24:21,119 --> 00:24:23,240
Speaker 1: eight percent. They yield on the two year three point

457
00:24:23,280 --> 00:24:26,000
Speaker 1: three eight percent. Nine max screwed oil at one point

458
00:24:26,000 --> 00:24:28,240
Speaker 1: two percent of a dollar eleven and ninety three dollars

459
00:24:28,280 --> 00:24:30,680
Speaker 1: sixty three cents of barrel comex school there is down

460
00:24:30,720 --> 00:24:33,520
Speaker 1: seven ten percent or eleven dollar sixty cents at seventeen

461
00:24:33,600 --> 00:24:36,640
Speaker 1: sixty and ounce. The euro at one point zero zero

462
00:24:36,760 --> 00:24:39,080
Speaker 1: one three against the dollar British found one point one

463
00:24:39,160 --> 00:24:41,760
Speaker 1: eight three nine and the en one thirty six point nine.

464
00:24:41,800 --> 00:24:44,440
Speaker 1: To look at a bitcoin this morning, it's lower down

465
00:24:44,480 --> 00:24:46,600
Speaker 1: about one point one percent now at twenty one thou

466
00:24:46,800 --> 00:24:49,879
Speaker 1: four hundred twenty dollars. That's a Bloomberg business flash. Now

467
00:24:49,920 --> 00:24:52,359
Speaker 1: here's Michael Barr with more on what's going on around

468
00:24:52,359 --> 00:24:54,800
Speaker 1: the world. Michael Darren, thank you very much. A federal

469
00:24:54,960 --> 00:24:58,639
Speaker 1: judge says the Justice Department has until noon to release

470
00:24:58,680 --> 00:25:02,679
Speaker 1: an affidavit use to justify the FBI search of former

471
00:25:02,760 --> 00:25:06,600
Speaker 1: President Trump's Florida home. The judge says he's accepted the

472
00:25:06,680 --> 00:25:11,600
Speaker 1: Justice Department's redactions and reasons for blocking out information about witnesses, agents,

473
00:25:12,000 --> 00:25:15,840
Speaker 1: and uncharged parties in the document. A major nuclear power

474
00:25:15,920 --> 00:25:19,520
Speaker 1: plan in Ukraine was temporarily cut off from the electricity grid.

475
00:25:20,040 --> 00:25:24,080
Speaker 1: The Zapparisha nuclear plan, occupied by the Russians went offline,

476
00:25:24,440 --> 00:25:26,879
Speaker 1: causing a blackout in the region, and it has caused

477
00:25:27,000 --> 00:25:30,840
Speaker 1: more fears of a nuclear disaster. In baseball, the Yankees

478
00:25:30,960 --> 00:25:34,120
Speaker 1: beat the A's thirteen four, The Mets beat the Rockies

479
00:25:34,200 --> 00:25:37,320
Speaker 1: three one. The Red Sox lost the Orioles one. There

480
00:25:37,440 --> 00:25:42,119
Speaker 1: is United NFL preseason action is lost to the Texans. Seventeen.

481
00:25:42,240 --> 00:25:45,400
Speaker 1: ZIP Global News twenty four hours a day on air

482
00:25:45,560 --> 00:25:48,840
Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven

483
00:25:48,920 --> 00:25:51,600
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.

484
00:25:51,760 --> 00:25:54,479
Speaker 1: I'm Michael Barb. This is Bloomberg, Nathan. Thanks Michael. It's

485
00:25:54,480 --> 00:25:57,359
Speaker 1: six nineteen on Wall Street Live from the Bloomberg Interactive

486
00:25:57,400 --> 00:26:01,280
Speaker 1: Broker Studios. This is Bloomberg day Break. Just a little

487
00:26:01,320 --> 00:26:03,400
Speaker 1: more than three and a half hours away now from

488
00:26:03,440 --> 00:26:07,080
Speaker 1: FED Chair J. Pale's keynote address at the Jackson Hole

489
00:26:07,119 --> 00:26:09,800
Speaker 1: Economic Symposium. Ahead of that, we are joined now by

490
00:26:09,960 --> 00:26:14,159
Speaker 1: David Rosenberg, the president and chief economist of Rosenberg Research

491
00:26:14,320 --> 00:26:20,200
Speaker 1: and Associates. David, what will we hear from J pal today? Well,

492
00:26:20,840 --> 00:26:24,080
Speaker 1: I think we're probably going to hear that he's gonna

493
00:26:24,080 --> 00:26:27,159
Speaker 1: explain what data dependency really means. That took him so

494
00:26:27,280 --> 00:26:30,760
Speaker 1: long to explain what transitory meant, and then today he

495
00:26:30,880 --> 00:26:34,280
Speaker 1: will lay bar what data dependency meant. Of course, a

496
00:26:34,440 --> 00:26:36,359
Speaker 1: term that you brought up at the last death MC

497
00:26:36,520 --> 00:26:39,280
Speaker 1: meeting that might have been misconstrued. So I think he's

498
00:26:39,320 --> 00:26:42,080
Speaker 1: going to basically say that, you know, the battle against

499
00:26:42,119 --> 00:26:45,680
Speaker 1: inflation has not been one yet in DAEDA, dependency on

500
00:26:45,760 --> 00:26:48,840
Speaker 1: this regard means more than just one month of relatively

501
00:26:48,880 --> 00:26:52,400
Speaker 1: denin CPI and course CPI prints that the set's gonna

502
00:26:52,440 --> 00:26:54,520
Speaker 1: have to see a string of these source of numbers

503
00:26:54,960 --> 00:26:57,119
Speaker 1: and convinced that we are on the road back towards

504
00:26:57,240 --> 00:27:00,960
Speaker 1: the two holy grail target. So I think that's what

505
00:27:01,040 --> 00:27:03,520
Speaker 1: we'll hear more from them about flushing out what data

506
00:27:03,560 --> 00:27:07,919
Speaker 1: dependency really means. Is that the right definition of data dependency.

507
00:27:08,080 --> 00:27:15,360
Speaker 1: Given that the Federal Reserve got transitory inflation apparently wrong. Well,

508
00:27:15,440 --> 00:27:19,280
Speaker 1: it all depends, uh know, your definition of transitory, because

509
00:27:19,320 --> 00:27:22,560
Speaker 1: there is no real definition in terms of the time stamp.

510
00:27:22,840 --> 00:27:26,200
Speaker 1: As it turns out, transitory really meant, you know, sixteen

511
00:27:26,240 --> 00:27:30,200
Speaker 1: months of accelerating inflation. I think that inflation, the trend

512
00:27:30,280 --> 00:27:33,439
Speaker 1: has broken. It's very interesting to me that the New

513
00:27:33,520 --> 00:27:37,960
Speaker 1: York Fed, really on the eve of the Jackson Hoole Symposium,

514
00:27:38,040 --> 00:27:41,000
Speaker 1: comes out and says that the supply bottle neck measures

515
00:27:41,400 --> 00:27:45,600
Speaker 1: have receded to their lowest levels of January. Now, it

516
00:27:45,760 --> 00:27:49,040
Speaker 1: wasn't just supply measures that caused the inflation, but all

517
00:27:49,080 --> 00:27:53,720
Speaker 1: the demand stimulus that precipitated the inflation, especially the fiscal

518
00:27:53,800 --> 00:27:56,520
Speaker 1: and mon terry stimulus, is in the rear view mirror.

519
00:27:57,440 --> 00:27:59,639
Speaker 1: But the bottom line is that the Fed is embarrassed.

520
00:28:00,000 --> 00:28:04,520
Speaker 1: They're ashamed they did miss even the transitory mints sixteen months. Uh,

521
00:28:04,640 --> 00:28:08,640
Speaker 1: they missed it, and so the clock is gonna rewind

522
00:28:08,720 --> 00:28:11,760
Speaker 1: the other way. They are going to overdo the tightening

523
00:28:11,840 --> 00:28:15,119
Speaker 1: as they overdid the stimulus. And the upflom C minutes

524
00:28:15,200 --> 00:28:18,960
Speaker 1: that came out recently, so very clearly that the Fed

525
00:28:19,200 --> 00:28:22,320
Speaker 1: is willing to put the economy as a sacrificial lamb

526
00:28:22,400 --> 00:28:25,640
Speaker 1: in terms of demand destruction to get the inflation down

527
00:28:25,680 --> 00:28:27,960
Speaker 1: to where they wanted. And I think that's what comes

528
00:28:27,960 --> 00:28:30,679
Speaker 1: out of all this. So I think, look, the bottom

529
00:28:30,720 --> 00:28:32,960
Speaker 1: line is that you know you're asking me about what

530
00:28:33,320 --> 00:28:36,240
Speaker 1: what what he is gonna say? He's had all his

531
00:28:36,640 --> 00:28:40,440
Speaker 1: uh f MC brethren come out the biggest doves, whether

532
00:28:40,520 --> 00:28:43,600
Speaker 1: it's a scary or it's daily or at Evans, never

533
00:28:43,720 --> 00:28:46,480
Speaker 1: mind Bullard and the rest of them. They're all talking

534
00:28:46,640 --> 00:28:50,479
Speaker 1: very offishly. So his colleagues on the uplom see, you've

535
00:28:50,480 --> 00:28:52,240
Speaker 1: already blazed the trail for what's going to be I

536
00:28:52,280 --> 00:28:56,280
Speaker 1: think a rather hawkish um rhetoric today coming out of

537
00:28:56,400 --> 00:29:00,280
Speaker 1: his speech. What's it gonna take then for the to

538
00:29:00,720 --> 00:29:04,760
Speaker 1: pivot from a hockey's stance to something more devish? What

539
00:29:05,040 --> 00:29:08,600
Speaker 1: data are they going to be? Depending on? I think

540
00:29:08,680 --> 00:29:11,680
Speaker 1: they would They have to see a string? Is it

541
00:29:11,840 --> 00:29:14,880
Speaker 1: three months? Four months, five months, six months? That's sort

542
00:29:14,920 --> 00:29:19,720
Speaker 1: of a string of of the very low like the

543
00:29:19,800 --> 00:29:24,960
Speaker 1: old days. Zero point one point to prints not just

544
00:29:25,120 --> 00:29:27,280
Speaker 1: on the CPI but the core CPI. We know the

545
00:29:27,360 --> 00:29:30,440
Speaker 1: CPI is going to be contained because of what's happened

546
00:29:30,480 --> 00:29:32,880
Speaker 1: on the energy side. Uh. And I think if we

547
00:29:32,960 --> 00:29:35,560
Speaker 1: get several months of these sorts of numbers, that puts

548
00:29:35,640 --> 00:29:38,360
Speaker 1: them on hold. Outside of that, look, they're they're putting

549
00:29:38,400 --> 00:29:40,920
Speaker 1: everything on the economy. All their cards on the table

550
00:29:41,000 --> 00:29:43,720
Speaker 1: come down to the labor market. Uh. They are were

551
00:29:43,800 --> 00:29:46,960
Speaker 1: spring at the altar non farm payrolls. Uh. They don't

552
00:29:47,000 --> 00:29:50,120
Speaker 1: truss the household survey, small sample tends to be volatile.

553
00:29:50,400 --> 00:29:52,680
Speaker 1: They're looking at the job openings from the JOLT survey.

554
00:29:53,080 --> 00:29:55,240
Speaker 1: I think that once you start to see negative prints,

555
00:29:55,400 --> 00:29:57,680
Speaker 1: if we start to see negative prints and not farm payrolls,

556
00:29:58,280 --> 00:30:00,720
Speaker 1: the game is over. Uh. So that would be the

557
00:30:00,800 --> 00:30:03,160
Speaker 1: other data release. They'll cost them to go on hold.

558
00:30:03,920 --> 00:30:06,680
Speaker 1: Just about thirty seconds left here, David. Does the FED

559
00:30:06,840 --> 00:30:09,880
Speaker 1: get back to a two percent inflation target or do

560
00:30:10,000 --> 00:30:12,280
Speaker 1: we need to be looking at a new floor for inflation.

561
00:30:14,320 --> 00:30:17,680
Speaker 1: I don't see the case. I know everybody says that.

562
00:30:18,440 --> 00:30:22,200
Speaker 1: Everybody says that service sector pricing is sticky. Uh. You

563
00:30:22,280 --> 00:30:25,160
Speaker 1: know the rental measures, the rental measures are imputed. They

564
00:30:25,200 --> 00:30:28,360
Speaker 1: will ultimately adjust with the lag. But I think that

565
00:30:28,560 --> 00:30:31,600
Speaker 1: the overall price level is going to be a lot higher.

566
00:30:32,120 --> 00:30:34,080
Speaker 1: The cost structure is going to be a lot higher.

567
00:30:34,480 --> 00:30:37,200
Speaker 1: But inflation is a rate of change, it's not a

568
00:30:37,360 --> 00:30:41,680
Speaker 1: level um. So we do believe that more quickly than

569
00:30:41,760 --> 00:30:44,360
Speaker 1: what the markets at priced in. That inflation is going

570
00:30:44,400 --> 00:30:47,560
Speaker 1: to come pretty quickly. Not the price level, but the

571
00:30:47,680 --> 00:30:50,040
Speaker 1: rate of change is when it subside very sharply. And

572
00:30:50,960 --> 00:30:53,800
Speaker 1: that even under Volker, you know, and we have a

573
00:30:53,840 --> 00:30:56,959
Speaker 1: modern day Volca on our hands right now. Uh certainly

574
00:30:57,040 --> 00:30:58,840
Speaker 1: came down. I'm not saying the next year, but in

575
00:30:58,880 --> 00:31:01,040
Speaker 1: the next two years the place is gonna come back

576
00:31:01,080 --> 00:31:04,880
Speaker 1: down to target. All right. Thanks for this, David, great

577
00:31:04,920 --> 00:31:08,400
Speaker 1: getting your thoughts ahead of fedshare pwell speech ten am.

578
00:31:08,480 --> 00:31:10,560
Speaker 1: Wall Street Time. We'll have it live for you here

579
00:31:10,920 --> 00:31:14,840
Speaker 1: on Bloomberg Radio. David Rosenberg, President and chief economist at

580
00:31:14,960 --> 00:31:18,560
Speaker 1: Rosenberg Research and Associates, joining us this morning on Bloomberg

581
00:31:18,640 --> 00:31:24,680
Speaker 1: Daybreak Bloomberg eleven three oh weather, sunshine, some showers and

582
00:31:24,760 --> 00:31:27,480
Speaker 1: storms developing this afternoon. We'll get up to near ninety degrees,

583
00:31:27,480 --> 00:31:29,120
Speaker 1: will be in the oper eighties through the weekend, with

584
00:31:29,120 --> 00:31:32,360
Speaker 1: a mix of sunning clouds tomorrow and sunshine prevailing on Sunday.

585
00:31:32,440 --> 00:31:38,520
Speaker 1: Right now seventy six in Central Park Markets, headlines and

586
00:31:38,680 --> 00:31:41,880
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,

587
00:31:42,040 --> 00:31:45,120
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Tape. This

588
00:31:45,560 --> 00:31:54,960
Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. Futures

589
00:31:55,000 --> 00:31:57,040
Speaker 1: are following this morning and we go to the first

590
00:31:57,080 --> 00:31:59,880
Speaker 1: word breaking newsdask for today's morning call. Here's film at

591
00:32:00,000 --> 00:32:03,480
Speaker 1: Onny Build. Good morning, Hey, good morning, Karen. That's right.

592
00:32:03,560 --> 00:32:06,360
Speaker 1: US features are in the red. FU yesterday's strong clothes

593
00:32:06,400 --> 00:32:08,760
Speaker 1: without futures down ninety eight point says to be strop

594
00:32:08,800 --> 00:32:12,440
Speaker 1: eighteen and as that futures declined by seventy four. The

595
00:32:12,600 --> 00:32:15,360
Speaker 1: US ten year old at three point oh seven percent,

596
00:32:15,520 --> 00:32:17,840
Speaker 1: gold is down eleven oil is in the green, and

597
00:32:17,960 --> 00:32:21,320
Speaker 1: bigcoin trading lower by one percent. Hong Kong jumped one

598
00:32:21,360 --> 00:32:23,560
Speaker 1: point one percent overnight, while your pre markets are in

599
00:32:23,600 --> 00:32:25,720
Speaker 1: the red this morning, and back in the US on

600
00:32:25,800 --> 00:32:28,840
Speaker 1: the economic front at a thirty person income and pc

601
00:32:29,080 --> 00:32:32,160
Speaker 1: E and at ten o'clock, Fits Powell speaks at Jackson

602
00:32:32,240 --> 00:32:35,080
Speaker 1: Hole after the Bells night work Day reported shares are

603
00:32:35,120 --> 00:32:38,080
Speaker 1: up eleven percent pre market and the firm holdings is

604
00:32:38,160 --> 00:32:42,200
Speaker 1: down thirteen percent. In deal news, merch talks to acquire

605
00:32:42,320 --> 00:32:45,280
Speaker 1: Siegen are said to hit a snag over price and

606
00:32:45,440 --> 00:32:48,560
Speaker 1: wrapping things up, Union Pacific was put to neutral. Over

607
00:32:48,640 --> 00:32:52,520
Speaker 1: at Diowa Live from First Breaking News descom Bill Maloney. Karen,

608
00:32:53,000 --> 00:32:54,560
Speaker 1: all right, Bill, thank you, and to hear live breaking

609
00:32:54,640 --> 00:32:56,880
Speaker 1: news over your Bloomberg type squawk on your terminal, I'll

610
00:32:56,920 --> 00:32:59,840
Speaker 1: ask you a w K and that's a Bloomberg business flash.

611
00:33:00,120 --> 00:33:02,400
Speaker 1: Here's Michael Barr with more on what's going on around

612
00:33:02,440 --> 00:33:05,080
Speaker 1: the world. Karen, thank you very much. By noon, the

613
00:33:05,240 --> 00:33:08,520
Speaker 1: Justice Department is set to release a heavily redacted affidavit

614
00:33:08,600 --> 00:33:13,000
Speaker 1: explaining the justification for an FBI search of Donald Trump's

615
00:33:13,000 --> 00:33:17,240
Speaker 1: Florida state Earlier this month, agents removed top secret government

616
00:33:17,320 --> 00:33:21,880
Speaker 1: records and other classified documents. Russian President Vladimir Putin appears

617
00:33:21,880 --> 00:33:24,720
Speaker 1: to be trying to replenish his military by ordering a

618
00:33:24,840 --> 00:33:29,120
Speaker 1: thirteen percent increase in the country's troops strength. Russian forces

619
00:33:29,200 --> 00:33:32,640
Speaker 1: have suffered heavy losses in six months of war in Ukraine.

620
00:33:33,080 --> 00:33:36,760
Speaker 1: In baseball, the Yankees beat the A's thirteen four, the

621
00:33:36,880 --> 00:33:39,680
Speaker 1: mad Speed the Rockies three one. The Red Sox lost

622
00:33:39,920 --> 00:33:44,160
Speaker 1: the Orioles one Thursday night NFL preseason action. The forty

623
00:33:44,240 --> 00:33:47,360
Speaker 1: nine is lost to the Texans seventeen. ZIP Global news

624
00:33:47,440 --> 00:33:50,760
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

625
00:33:51,040 --> 00:33:54,080
Speaker 1: powered by more than twenty seven hundred journalist analysts more

626
00:33:54,120 --> 00:33:58,840
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg, Karen, Michael,

627
00:33:58,880 --> 00:34:00,960
Speaker 1: thank you. It is six one on Wall Street and

628
00:34:01,000 --> 00:34:03,280
Speaker 1: we turned to news and science and technology now at

629
00:34:03,320 --> 00:34:06,239
Speaker 1: the Bloomberg and j I T STEM Report. It has

630
00:34:06,280 --> 00:34:09,000
Speaker 1: brought to you buy New Jersey Institute of Technology n

631
00:34:09,080 --> 00:34:11,520
Speaker 1: j i T makes industry ready engineers and more than

632
00:34:11,600 --> 00:34:14,360
Speaker 1: twenty fields. If it's engineering, is it n j I T.

633
00:34:14,640 --> 00:34:16,560
Speaker 1: Learn more at n j I T dot E d

634
00:34:16,719 --> 00:34:20,120
Speaker 1: U and here's just making news and science, technology, engineering

635
00:34:20,200 --> 00:34:23,840
Speaker 1: and math. NASA is aiming to use Boeing Starliner space

636
00:34:23,960 --> 00:34:27,240
Speaker 1: vehicle for a crude mission to the International Space Station

637
00:34:27,360 --> 00:34:31,120
Speaker 1: as soon as February. According to the agency, the plant

638
00:34:31,160 --> 00:34:33,160
Speaker 1: eight day mission would be the star Liner's first with

639
00:34:33,239 --> 00:34:36,960
Speaker 1: astronauts on board, a major milestone in its development, which

640
00:34:37,000 --> 00:34:41,800
Speaker 1: has suffered several setbacks. Houdi is joining Formula one with

641
00:34:41,880 --> 00:34:44,839
Speaker 1: hopes to bolster its brand. Formula one intends to switch

642
00:34:44,920 --> 00:34:47,320
Speaker 1: to cars running on synthetic fuel as part of a

643
00:34:47,400 --> 00:34:50,000
Speaker 1: plan to become carbon neutral by the end of the decade.

644
00:34:50,280 --> 00:34:52,319
Speaker 1: The car maker will make a decision on which team

645
00:34:52,400 --> 00:34:54,600
Speaker 1: to partner with by the end of the year. And

646
00:34:54,640 --> 00:34:59,080
Speaker 1: Afghanistan Central Bank imposed a nationwide ban on cryptocurrencies this month,

647
00:34:59,120 --> 00:35:02,479
Speaker 1: and a Taliban has arrested several dealers who defined orders

648
00:35:02,560 --> 00:35:05,800
Speaker 1: to stop trading digital tokens. According to a senior police official,

649
00:35:06,160 --> 00:35:09,759
Speaker 1: the crackdown comes after some Afghans turned to crypto to

650
00:35:09,880 --> 00:35:12,799
Speaker 1: preserve wealth and keep it out of the Taliban's reach.

651
00:35:13,080 --> 00:35:16,000
Speaker 1: And as a Bloomberg and j A t Stem report, Nathan,

652
00:35:16,239 --> 00:35:18,040
Speaker 1: all right, Karen, thank you. We are live from the

653
00:35:18,080 --> 00:35:21,480
Speaker 1: Bloomberg Interactive Brokers studios where it's six fifty on Wall Street.

654
00:35:21,560 --> 00:35:23,040
Speaker 1: Time now to check what's going on in d C.

655
00:35:23,520 --> 00:35:25,840
Speaker 1: Some of the top stories in our nation's capital include

656
00:35:25,840 --> 00:35:28,840
Speaker 1: President Biden touting debt relief and climate wins in a

657
00:35:28,960 --> 00:35:32,359
Speaker 1: test of his mid term message, a third congressional trip

658
00:35:32,440 --> 00:35:36,520
Speaker 1: to Taiwan this months during China tensions, and the FBI's

659
00:35:36,600 --> 00:35:40,959
Speaker 1: Trump search affidavit to be unsealed with redactions. Bloomberg government

660
00:35:41,000 --> 00:35:44,840
Speaker 1: reporter Emily Wilkins joins US now from our studios in

661
00:35:44,880 --> 00:35:47,800
Speaker 1: the nation's capital for more on all these stories. Emily.

662
00:35:48,080 --> 00:35:51,160
Speaker 1: Looks like the mid term campaign is officially underway now

663
00:35:51,239 --> 00:35:54,759
Speaker 1: for President Biden. Oh yeah, I mean certainly. Biden has

664
00:35:54,840 --> 00:35:56,800
Speaker 1: been trying to get out of DC and hit the

665
00:35:56,840 --> 00:35:59,680
Speaker 1: campaign trail for a while now, but now he's really

666
00:35:59,760 --> 00:36:02,000
Speaker 1: hoing in on his message now that we're in the

667
00:36:02,160 --> 00:36:06,280
Speaker 1: final stretch. Um, he's casting the election as yet another

668
00:36:06,320 --> 00:36:09,760
Speaker 1: battle for democracy. At a rally in Rockhael, Maryland yesterday,

669
00:36:10,120 --> 00:36:13,680
Speaker 1: he called Republicans semi fascists and really kind of hit

670
00:36:13,760 --> 00:36:15,960
Speaker 1: home the fact that it's calling a lot of the

671
00:36:16,040 --> 00:36:20,200
Speaker 1: candidates extreme. He's also trying to tell a democratic message

672
00:36:20,600 --> 00:36:24,360
Speaker 1: of just a wide variety of things, um, preventing gun violence,

673
00:36:24,440 --> 00:36:28,200
Speaker 1: allowing access to abortion, addressing climate change. Here's the thing, though,

674
00:36:28,320 --> 00:36:32,200
Speaker 1: Nathan Biden does still remain pretty unpopular with the American public.

675
00:36:32,320 --> 00:36:36,680
Speaker 1: Only of Americans approved of his job performance rating according

676
00:36:36,760 --> 00:36:41,040
Speaker 1: to US looking up at polls up. That's slightly up

677
00:36:41,120 --> 00:36:44,880
Speaker 1: from July, but but overall still pretty low. And the

678
00:36:45,040 --> 00:36:47,960
Speaker 1: projection is that Republicans are still going to win the

679
00:36:48,000 --> 00:36:51,520
Speaker 1: House in the November midterms. It's just previously it looked

680
00:36:51,520 --> 00:36:53,920
Speaker 1: like they were going to win the House by huge margin.

681
00:36:54,320 --> 00:36:56,359
Speaker 1: Now it seems like that margin might be a little

682
00:36:56,400 --> 00:36:59,600
Speaker 1: bit smaller. Yeah, it does seem as though the momentum

683
00:36:59,680 --> 00:37:04,920
Speaker 1: has shifted, particularly after that highly watched race in Hudson Valley,

684
00:37:04,960 --> 00:37:08,680
Speaker 1: New York that focused on abortion rights. How are Republicans

685
00:37:08,880 --> 00:37:12,360
Speaker 1: looking to try to regain some of their earlier momentum

686
00:37:12,360 --> 00:37:14,839
Speaker 1: when they were focused so much on you know, how

687
00:37:14,960 --> 00:37:17,440
Speaker 1: rough the economy is right now? So a lot of

688
00:37:17,520 --> 00:37:20,920
Speaker 1: the Republicans message still applies. Right Inflation is still at

689
00:37:20,960 --> 00:37:24,800
Speaker 1: a historic high, there's still high prices in the grocery store,

690
00:37:25,000 --> 00:37:27,520
Speaker 1: and for rents and mortgages, even though gas prices have

691
00:37:27,640 --> 00:37:30,600
Speaker 1: come down, And so Republicans can still point to those

692
00:37:30,719 --> 00:37:33,640
Speaker 1: things and say, hey, look, you know this is Biden's

693
00:37:33,680 --> 00:37:36,600
Speaker 1: policies that have led us here, and we need someone new.

694
00:37:36,719 --> 00:37:39,560
Speaker 1: Republicans also have an advantage. Mid Terms tend to be

695
00:37:39,600 --> 00:37:41,880
Speaker 1: a little bit better for the party that's not currently

696
00:37:41,920 --> 00:37:45,120
Speaker 1: in power. But Republicans also have their own struggles here.

697
00:37:45,200 --> 00:37:47,799
Speaker 1: They have a number of their Senate candidates who are

698
00:37:48,040 --> 00:37:51,000
Speaker 1: behind in the polls, who have dealt with a number

699
00:37:51,120 --> 00:37:54,000
Speaker 1: of personal conflicts or have been under criticism for how

700
00:37:54,040 --> 00:37:57,080
Speaker 1: they run their campaigns. And now you've also got this

701
00:37:57,160 --> 00:38:01,360
Speaker 1: whole affidavit that's being released today on the search warrant

702
00:38:01,800 --> 00:38:04,600
Speaker 1: that the FBI used to search the Marrow Trump's Mara

703
00:38:04,719 --> 00:38:07,840
Speaker 1: Lago residents. And so there's a lot of factors I

704
00:38:07,960 --> 00:38:09,759
Speaker 1: think that are up in the air that we're really

705
00:38:09,800 --> 00:38:12,040
Speaker 1: going to see how they play out in the next

706
00:38:12,120 --> 00:38:16,000
Speaker 1: several months. But at this point, Democrats are basically looking

707
00:38:16,040 --> 00:38:18,000
Speaker 1: at as good as they have all year, and they

708
00:38:18,080 --> 00:38:21,120
Speaker 1: kind of have this new confidence boost that might not

709
00:38:21,320 --> 00:38:24,799
Speaker 1: eventually let them keep both chambers of Congress, but could

710
00:38:24,880 --> 00:38:29,359
Speaker 1: prevent them from facing massive Republican majorities. Since you brought

711
00:38:29,440 --> 00:38:32,200
Speaker 1: up the Fidavid, let's talk about that now, because we

712
00:38:32,280 --> 00:38:36,600
Speaker 1: are expecting at least a redacted affidavit from the Moral

713
00:38:36,680 --> 00:38:39,880
Speaker 1: Lago search to be released sometime this morning. What are

714
00:38:39,880 --> 00:38:42,399
Speaker 1: you going to be looking for from that, Emily, Yeah,

715
00:38:42,480 --> 00:38:45,200
Speaker 1: so the federal judge has required that the Justice Department

716
00:38:45,320 --> 00:38:48,880
Speaker 1: release it around noon or rather later than noon. So

717
00:38:49,160 --> 00:38:51,719
Speaker 1: definitely good at keeping an eye out. It's a really

718
00:38:51,760 --> 00:38:53,960
Speaker 1: good question, Nathan, as far as what you're going to

719
00:38:54,040 --> 00:38:57,560
Speaker 1: be looking for. Certainly, the big question is why did

720
00:38:57,640 --> 00:39:01,400
Speaker 1: the Justice Department? What is their investor aation? What documents

721
00:39:01,440 --> 00:39:03,719
Speaker 1: were they looking for? Is there a larger reason for

722
00:39:03,880 --> 00:39:08,080
Speaker 1: this and for what they're investigating Trump. And I think

723
00:39:08,200 --> 00:39:10,759
Speaker 1: we're going to see trying to at least get some

724
00:39:10,880 --> 00:39:14,320
Speaker 1: answers from the affidavit, but remember it's been redacted. The

725
00:39:14,440 --> 00:39:17,480
Speaker 1: Department of Justice wanted to make sure that they weren't

726
00:39:17,600 --> 00:39:20,520
Speaker 1: putting their entire investigation, which is still under way, into

727
00:39:20,600 --> 00:39:22,839
Speaker 1: full view, and so they are going to be things

728
00:39:22,880 --> 00:39:24,800
Speaker 1: that we're just not going to be able to access

729
00:39:24,880 --> 00:39:28,440
Speaker 1: when this affidavit is released. Certainly, um, a lot of

730
00:39:28,520 --> 00:39:30,640
Speaker 1: folks have been following this. There's obviously going to be

731
00:39:30,640 --> 00:39:32,719
Speaker 1: a lot of analysis from Bloomberg about, you know, what

732
00:39:32,880 --> 00:39:35,640
Speaker 1: we are and aren't learning, But there's still going to

733
00:39:35,760 --> 00:39:38,399
Speaker 1: be a lot that's not quite clear because of those

734
00:39:38,440 --> 00:39:41,719
Speaker 1: redactions that the Justice Department has asked for. And I'm

735
00:39:41,719 --> 00:39:43,920
Speaker 1: sure you're gonna be looking for political impact as well,

736
00:39:43,960 --> 00:39:47,120
Speaker 1: because former President Trump has really been trying to capitalize

737
00:39:47,200 --> 00:39:51,319
Speaker 1: on the Maral Lago searches. He continues to figure out

738
00:39:51,520 --> 00:39:56,040
Speaker 1: if and when he's going to announce another run for president. Oh, absolutely, Nathan,

739
00:39:56,080 --> 00:39:59,440
Speaker 1: I mean this definitely goes into exactly how is going

740
00:39:59,520 --> 00:40:01,880
Speaker 1: to be shape been up. You really saw the Republican

741
00:40:01,960 --> 00:40:04,759
Speaker 1: Party come behind Trump and and very much support him

742
00:40:05,080 --> 00:40:08,680
Speaker 1: after the search warrant was initially executed. But at the

743
00:40:08,719 --> 00:40:10,840
Speaker 1: same point, there's still a lot of questions about what

744
00:40:11,000 --> 00:40:13,080
Speaker 1: this could mean for Trump. Is he going to wind

745
00:40:13,160 --> 00:40:15,520
Speaker 1: up being charged with something? How is that going to

746
00:40:15,640 --> 00:40:19,560
Speaker 1: impact his ability to run in So again, just a

747
00:40:19,680 --> 00:40:22,160
Speaker 1: lot of questions right now. Hopefully there will be some

748
00:40:22,440 --> 00:40:25,280
Speaker 1: answers at noon today when we do see that redacted

749
00:40:25,320 --> 00:40:28,280
Speaker 1: affidavit released in our last minute or so here, Emily,

750
00:40:28,360 --> 00:40:32,719
Speaker 1: let's close out on geopolitics. It seems like Taiwan has

751
00:40:32,840 --> 00:40:35,520
Speaker 1: been the destination to go to if you're a member

752
00:40:35,560 --> 00:40:38,360
Speaker 1: of Congress during his resays. Oh yeah, we are now

753
00:40:38,440 --> 00:40:42,160
Speaker 1: in the third delegation of lawmakers going to Taiwan, after

754
00:40:42,239 --> 00:40:46,920
Speaker 1: Speaker Nancy Pelosi's historic trip earlier this month. I mean, honestly, Nathan,

755
00:40:48,080 --> 00:40:52,800
Speaker 1: Congressional delegations to Taiwan are not exactly rare. A hundred

756
00:40:52,880 --> 00:40:55,960
Speaker 1: and fifty houses and members have gone to Taiwan in

757
00:40:56,040 --> 00:40:59,600
Speaker 1: the past decade, according to a Bloomberg analysis. Really Pelosi

758
00:40:59,719 --> 00:41:03,560
Speaker 1: going though, it really led to a strong response from Beijing.

759
00:41:03,719 --> 00:41:06,239
Speaker 1: You saw the planes, you saw the missile test, and

760
00:41:06,440 --> 00:41:10,120
Speaker 1: that momentum has been kept up. You saw Senator Ed

761
00:41:10,239 --> 00:41:13,600
Speaker 1: Markey lead a bipartisan to delegation to Taiwan. And now

762
00:41:13,640 --> 00:41:17,759
Speaker 1: you're seeing Senator Marshall Blackburn, she met on Friday morning

763
00:41:17,840 --> 00:41:22,319
Speaker 1: with Taiwan President ty See Titan when and it really

764
00:41:22,400 --> 00:41:25,480
Speaker 1: shows Nathan the bipartisan nature of this, I mean, Blackburn's

765
00:41:25,520 --> 00:41:29,120
Speaker 1: the Republican marks a Democrat. You really kind of have this,

766
00:41:29,400 --> 00:41:33,240
Speaker 1: this bipartisan support for Taiwan and this kind of willingness

767
00:41:33,320 --> 00:41:38,560
Speaker 1: for lawmakers to go there even though it has aggravated Beijing. Yeah,

768
00:41:39,320 --> 00:41:42,480
Speaker 1: thanks for this as always, Emily Wilkins of Bloomberg Government

769
00:41:42,800 --> 00:41:46,520
Speaker 1: giving us all the latest on politics domestically and globally

770
00:41:47,120 --> 00:41:49,319
Speaker 1: from the nation's capital. And you can read more about

771
00:41:49,320 --> 00:41:51,440
Speaker 1: all these stories on Bloomberg dot com or on the

772
00:41:51,440 --> 00:41:56,080
Speaker 1: Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg and

773
00:41:56,160 --> 00:41:58,719
Speaker 1: one oh five point seven FM HD two. You'll want

774
00:41:58,719 --> 00:42:01,560
Speaker 1: to keep it locked as week of continue with on

775
00:42:01,840 --> 00:42:05,120
Speaker 1: site coverage of the Jackson Whole Symposium that's actually getting

776
00:42:05,200 --> 00:42:08,040
Speaker 1: underway once again in just minutes. Here with a special

777
00:42:08,239 --> 00:42:11,439
Speaker 1: edition of Bloomberg Surveillance Live from Wyoming with Tom Keene,

778
00:42:11,719 --> 00:42:14,960
Speaker 1: Jonathan Farrell, and Lisa abrama Witz Ahead of Chairman Pal's

779
00:42:15,000 --> 00:42:18,080
Speaker 1: keynote address in Jackson Hole will have that for you

780
00:42:18,200 --> 00:42:21,080
Speaker 1: live beginning right around ten am Wall Street time, and

781
00:42:21,120 --> 00:42:23,960
Speaker 1: ahead of it, lots of FED speakers will be speaking

782
00:42:24,000 --> 00:42:25,920
Speaker 1: to the surveillance team. So keep it right here for

783
00:42:26,040 --> 00:42:31,000
Speaker 1: full coverage of the Jackson Hole event. SMP futures right

784
00:42:31,040 --> 00:42:35,400
Speaker 1: now down eighteen points, DAL futures down, n NASDAC futures

785
00:42:35,440 --> 00:42:38,239
Speaker 1: are lower by seventy two points. The tenure treasuries down

786
00:42:38,320 --> 00:42:42,160
Speaker 1: twelve thirty seconds, the yield three point zero seven percent.

787
00:42:42,320 --> 00:42:46,000
Speaker 1: For Karen Moscow, I'm Nathan Hager. Have a great Friday.

788
00:42:46,719 --> 00:42:48,400
Speaker 1: This is Bloomberg