1 00:00:01,720 --> 00:00:05,040 Speaker 1: For the Bloomberg Interactive Burger Studios is Bloomberg day Break 2 00:00:05,080 --> 00:00:08,880 Speaker 1: for Friday, May two coming up this hour. Stock step 3 00:00:09,000 --> 00:00:11,960 Speaker 1: for another weekly decline after losing a trillion dollars in 4 00:00:12,080 --> 00:00:15,760 Speaker 1: value since Monday. Geopolitics in focus as Joe Biden makes 5 00:00:15,800 --> 00:00:18,560 Speaker 1: his first presidential trip to Asia. Who sent It? Passes 6 00:00:18,560 --> 00:00:21,400 Speaker 1: a forty billion dollar eight package for Ukraine, and the 7 00:00:21,400 --> 00:00:24,919 Speaker 1: world's second biggest baby formula maker reportedly increases shipments to 8 00:00:24,960 --> 00:00:28,080 Speaker 1: the US. Possible monkey box case has been identified in 9 00:00:28,120 --> 00:00:30,640 Speaker 1: New York City. Plus the January six panel wants the 10 00:00:30,760 --> 00:00:34,000 Speaker 1: question the GOP lawmaker about a capitol tour. I'm Michael Barer. 11 00:00:34,080 --> 00:00:36,840 Speaker 1: More Ahead, I'm John Stash Sharon Sports. The Yankees lost 12 00:00:36,840 --> 00:00:39,199 Speaker 1: the Mets one but learned of a serious injury, and 13 00:00:39,280 --> 00:00:42,199 Speaker 1: Rory McIlroy has the League of the PGA Champion chap. 14 00:00:44,520 --> 00:00:48,080 Speaker 1: That's all training ahead on Bloomberg day Break on Bloomberg 15 00:00:48,120 --> 00:00:52,000 Speaker 1: eleven three on New York, Bloomberg one, Washington, d C, 16 00:00:52,479 --> 00:00:56,000 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 17 00:00:56,120 --> 00:01:00,000 Speaker 1: Francisco Sirius Exam one nine Team and around the World 18 00:01:00,000 --> 00:01:03,080 Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg 19 00:01:03,120 --> 00:01:11,479 Speaker 1: Business app. Good morning, I'm John Tucker and I'm Karen 20 00:01:11,560 --> 00:01:14,960 Speaker 1: Moscow and US Dock index futures are higher this morning. 21 00:01:14,959 --> 00:01:16,640 Speaker 1: We're coming up to five o one on Wall Street, 22 00:01:16,640 --> 00:01:18,720 Speaker 1: and we check the markets every fifteen minutes throughout the 23 00:01:18,720 --> 00:01:22,320 Speaker 1: trading day. On Bloomberg, SMP futures up forty two points down, 24 00:01:22,319 --> 00:01:25,120 Speaker 1: futures up two hundred seventy and as the futures up 25 00:01:25,200 --> 00:01:28,840 Speaker 1: one eighty one. Ten year Treasury down seven thirty seconds. 26 00:01:28,880 --> 00:01:31,039 Speaker 1: The yield is at two point eight six percent. They 27 00:01:31,120 --> 00:01:33,280 Speaker 1: yield on the two year two point six two percent. 28 00:01:33,760 --> 00:01:36,319 Speaker 1: Nine X screwede oil down half percent or fifty six 29 00:01:36,360 --> 00:01:38,920 Speaker 1: cents at a hundred eleven dollars sixty five cents in barrel. 30 00:01:39,160 --> 00:01:41,200 Speaker 1: Comex gold is up tenth of a percent, or two 31 00:01:41,200 --> 00:01:45,399 Speaker 1: dollars fifty cents at eighteen fifty thirty, announced John Well Karen. 32 00:01:45,480 --> 00:01:48,040 Speaker 1: US futures aren't higher as we close out what appears 33 00:01:48,040 --> 00:01:50,320 Speaker 1: to be another losing week for stocks. In fact, the 34 00:01:50,400 --> 00:01:53,200 Speaker 1: SMP five hundred is on track for a seventh straight 35 00:01:53,280 --> 00:01:56,400 Speaker 1: weekly decline that would be its longest decline in twenty 36 00:01:56,440 --> 00:01:59,800 Speaker 1: one years, and traders are raising for another volatile day. 37 00:02:00,240 --> 00:02:03,240 Speaker 1: The monthly expiration of options tied to equities and exchange 38 00:02:03,240 --> 00:02:06,560 Speaker 1: traded funds takes place today. Kathyet Whistle, as a managing 39 00:02:06,600 --> 00:02:11,359 Speaker 1: director at Morgan Stanley, being for volatile, they are uncertain. 40 00:02:12,560 --> 00:02:17,120 Speaker 1: It's giving everybody a little bit of uneasiness and a 41 00:02:17,200 --> 00:02:19,600 Speaker 1: lot of people asking what to do in the market. 42 00:02:19,720 --> 00:02:23,200 Speaker 1: Morgan Stanley's Cantley and Whistle making the comments on Bloomberg 43 00:02:23,240 --> 00:02:26,000 Speaker 1: Business Week, heard weekdays from two to five pm Eastern 44 00:02:26,040 --> 00:02:28,840 Speaker 1: on Bloomberg Radio. SMP five hundred has lost more than 45 00:02:28,960 --> 00:02:33,240 Speaker 1: one trillion dollars in market value over the past four sessions. 46 00:02:33,800 --> 00:02:36,840 Speaker 1: Well John One stock that is not helping market sentiment 47 00:02:36,919 --> 00:02:39,480 Speaker 1: this morning is Applying Materials. It's down more than one 48 00:02:39,520 --> 00:02:42,200 Speaker 1: percent in early trading after the ship maker delivered a 49 00:02:42,200 --> 00:02:45,240 Speaker 1: week forecast, and we get the story from Bloomberg's Charley Pellett. 50 00:02:45,680 --> 00:02:48,520 Speaker 1: Applied is the biggest maker of machinery that's used to 51 00:02:48,560 --> 00:02:52,520 Speaker 1: manufacture semiconductors. Had said sales will be about six point 52 00:02:52,520 --> 00:02:55,919 Speaker 1: to five billion dollars in the fiscal third quarter, which 53 00:02:56,000 --> 00:03:00,000 Speaker 1: runs through July. Analysts have estimated six point six nine billion, 54 00:03:00,000 --> 00:03:03,040 Speaker 1: and on average, according to data compole by Bloomberg, the 55 00:03:03,120 --> 00:03:07,000 Speaker 1: chip industry is ordering machinery from Applied and its peers 56 00:03:07,040 --> 00:03:10,680 Speaker 1: at a frantic rate, trying to build enough production capacity 57 00:03:10,760 --> 00:03:14,600 Speaker 1: to end industry wide shortages that are hurting growth across 58 00:03:14,639 --> 00:03:18,440 Speaker 1: the economy. But those same shortages are leaving Applied without 59 00:03:18,520 --> 00:03:22,240 Speaker 1: the components it needs to make its equipment in New York, 60 00:03:22,320 --> 00:03:26,280 Speaker 1: Charlie Bloomberg Daybreak, Thanks Charlie. The semiconductor industry will be 61 00:03:26,280 --> 00:03:29,520 Speaker 1: in focus when Joe Biden makes his first presidential trip 62 00:03:29,560 --> 00:03:33,079 Speaker 1: to Asia. The President's time at South Korea in Japan 63 00:03:33,160 --> 00:03:36,920 Speaker 1: will focus on security and supply chains. Bloomberg's Amy bores 64 00:03:37,000 --> 00:03:41,200 Speaker 1: his details from our newsroom in Washington. The president is 65 00:03:41,240 --> 00:03:45,160 Speaker 1: set to visit a Samsung semiconductor complex as he seeks 66 00:03:45,200 --> 00:03:48,400 Speaker 1: to show up supply chains that reduce reliance on China, 67 00:03:48,760 --> 00:03:52,440 Speaker 1: an indication of the emphasis he's placing on strengthening semiconductor 68 00:03:52,440 --> 00:03:55,720 Speaker 1: reliances among the world's largest ship makers to ease those 69 00:03:55,720 --> 00:03:58,760 Speaker 1: shortages that have dragged on the global economy. He'll also 70 00:03:58,800 --> 00:04:01,760 Speaker 1: meet with regional leaders to garner more support for Ukraine, 71 00:04:01,760 --> 00:04:05,240 Speaker 1: defend off Russia's invasion, and counter security threats from China 72 00:04:05,320 --> 00:04:09,080 Speaker 1: and North Korea. The visit runs through Tuesday, in Washington. 73 00:04:09,160 --> 00:04:11,560 Speaker 1: I maybe more as Bloomberg daybreak. He right, Amy, thank 74 00:04:11,600 --> 00:04:14,400 Speaker 1: you Meantime on Capitol Hill, the US Senator has passed 75 00:04:14,400 --> 00:04:17,520 Speaker 1: an aid package for Ukraine worth more than forty billion 76 00:04:17,520 --> 00:04:20,640 Speaker 1: dollars in how aways President Biden signature. At the same time, 77 00:04:20,640 --> 00:04:23,680 Speaker 1: the Administration said it is providing Ukraine with another one 78 00:04:23,800 --> 00:04:28,080 Speaker 1: hundred million dollars in military assistance. The baby formula shortage 79 00:04:28,120 --> 00:04:31,279 Speaker 1: also in focus this morning. According to Reuters, the world's 80 00:04:31,320 --> 00:04:35,039 Speaker 1: second biggest baby formula maker increasing shipments from Europe to 81 00:04:35,279 --> 00:04:38,920 Speaker 1: the US. The move by theme comes after Avit Laboratories 82 00:04:38,960 --> 00:04:42,359 Speaker 1: had to recall some products. Virginia Senator Tim Kon is 83 00:04:42,400 --> 00:04:45,960 Speaker 1: a member of the Senate Foreign Relations and Armed Services Committees. 84 00:04:46,320 --> 00:04:49,240 Speaker 1: Were now going to use the Defense Production Act to 85 00:04:49,279 --> 00:04:53,320 Speaker 1: increase production. We're allowing importation of formula that's safe from 86 00:04:53,360 --> 00:04:56,840 Speaker 1: other countries. The company that closed its planned down has 87 00:04:56,839 --> 00:04:59,560 Speaker 1: reached an agreement to do some fixes. They should be 88 00:04:59,600 --> 00:05:02,600 Speaker 1: reo within two weeks and starting to produce again, so 89 00:05:02,680 --> 00:05:05,479 Speaker 1: we will solve this problem. I think you'll see that 90 00:05:05,600 --> 00:05:08,520 Speaker 1: the bipartisan but we'll have to have that vote next 91 00:05:08,520 --> 00:05:11,320 Speaker 1: week and see Virginia Senator Tim Kaine spoke with our 92 00:05:11,360 --> 00:05:14,640 Speaker 1: Washington corresponded Joe Matthew and Bloomberg sound on Catch That 93 00:05:14,720 --> 00:05:18,640 Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio. And 94 00:05:18,720 --> 00:05:21,279 Speaker 1: John were also focusing on the pandemic with news on 95 00:05:21,440 --> 00:05:25,080 Speaker 1: vaccine eligibility. Younger children across the US. Can I receive 96 00:05:25,160 --> 00:05:28,560 Speaker 1: a COVID booster shot developed by Fiser. We get the 97 00:05:28,640 --> 00:05:32,320 Speaker 1: details live with Bloomberg's Rnita Young. Good Morning, Ranida, Good morning, Karen. 98 00:05:32,440 --> 00:05:36,800 Speaker 1: CDC director Rochelle Willinsky recommends the booster for children ages 99 00:05:36,839 --> 00:05:40,359 Speaker 1: five to seven five to eleven years old. Making the 100 00:05:40,360 --> 00:05:43,240 Speaker 1: shot available to school age kids will provide much needed 101 00:05:43,279 --> 00:05:47,800 Speaker 1: protection against the contagious omicron subvariants that are spreading across 102 00:05:47,839 --> 00:05:50,880 Speaker 1: the country. We Lynsky says kids in this age group 103 00:05:50,920 --> 00:05:54,320 Speaker 1: should receive a booster dose at least five months after 104 00:05:54,360 --> 00:05:57,840 Speaker 1: their primary series. Live in New York, I'm Ranita Young, 105 00:05:57,880 --> 00:06:00,880 Speaker 1: Bloomberg Day Break. Renita. Thanks. There's a so assigned today 106 00:06:00,880 --> 00:06:05,200 Speaker 1: that the travel industry is bouncing back. Leisure travel now 107 00:06:05,240 --> 00:06:08,320 Speaker 1: back to pre COVID levels. Let's get the story from 108 00:06:08,360 --> 00:06:11,680 Speaker 1: Bloomberg's Doug Prisoner. The trend could help the travel industry 109 00:06:11,720 --> 00:06:14,640 Speaker 1: this summer. The MasterCard Economics Institute says for the first 110 00:06:14,640 --> 00:06:18,280 Speaker 1: time since global movement was halted by the pandemic, leisure 111 00:06:18,320 --> 00:06:22,320 Speaker 1: travel has returned to levels and higher airfares don't appear 112 00:06:22,320 --> 00:06:25,680 Speaker 1: to be a deterrent the average global airfares of eighteen 113 00:06:25,720 --> 00:06:28,680 Speaker 1: percent since the start of the year. MasterCard says if 114 00:06:28,720 --> 00:06:32,040 Speaker 1: flight bookings continue at their current pace, and estimated one 115 00:06:32,080 --> 00:06:34,920 Speaker 1: and a half billion more passengers globally will fly this 116 00:06:35,000 --> 00:06:38,200 Speaker 1: year compared to last, with Europe seeing the biggest increase. 117 00:06:38,480 --> 00:06:41,159 Speaker 1: In New York, I'm Doug Prisner, Bloomberg Daybreak. All right, Doyke, 118 00:06:41,200 --> 00:06:43,680 Speaker 1: thank you what we are seeing. The carnage and retail 119 00:06:43,760 --> 00:06:46,760 Speaker 1: stocks continue this morning now. Shares of Ross stores down 120 00:06:46,760 --> 00:06:49,880 Speaker 1: more than twenty seven percent in early trading, the discount 121 00:06:49,880 --> 00:06:53,400 Speaker 1: retailer cutting its outlook for profit and sales. Ross's outlook 122 00:06:53,480 --> 00:06:57,159 Speaker 1: downgrade follows similar moves this week by Cole's, Target and 123 00:06:57,240 --> 00:07:00,799 Speaker 1: Walmart and ahead of the cash but on Wall Street 124 00:07:00,839 --> 00:07:03,400 Speaker 1: futures right now in the green and down futures of 125 00:07:03,480 --> 00:07:06,240 Speaker 1: three hundred three points, that's the rise of one percent. 126 00:07:06,440 --> 00:07:09,640 Speaker 1: Smp E many futures there are forty seven points, that's 127 00:07:09,720 --> 00:07:13,560 Speaker 1: up one point, and the nastanc futures one nine six 128 00:07:13,640 --> 00:07:17,800 Speaker 1: points higher, up one point seven. You're listening to Bloomberg 129 00:07:17,840 --> 00:07:26,120 Speaker 1: Daybreak five O seven Wall Street. That's time to bring 130 00:07:26,160 --> 00:07:28,480 Speaker 1: in Michael Barr with more on what else he is 131 00:07:28,520 --> 00:07:31,400 Speaker 1: going on to New York End around the world, John, 132 00:07:31,440 --> 00:07:33,960 Speaker 1: Thank you very much. Sary. Health officials say a possible 133 00:07:34,040 --> 00:07:37,559 Speaker 1: case of monkey pox is being investigated in New York City. 134 00:07:37,880 --> 00:07:40,840 Speaker 1: You would add to the case already reported in Massachusetts. 135 00:07:41,120 --> 00:07:43,960 Speaker 1: The city's health department announced on Twitter that the patient 136 00:07:44,040 --> 00:07:47,680 Speaker 1: is being cared for at Bellevue Hospital in Manhattan. Officials 137 00:07:47,720 --> 00:07:50,600 Speaker 1: say preliminary tests for the virus are being conducted and 138 00:07:50,680 --> 00:07:54,560 Speaker 1: if positive, will be sent to the CDC for confirmation. 139 00:07:55,000 --> 00:07:57,800 Speaker 1: Relatives of the ten black people gunned down in a 140 00:07:57,880 --> 00:08:01,280 Speaker 1: Buffalo supermarket are pleading with a nation to confront and 141 00:08:01,400 --> 00:08:05,000 Speaker 1: stop racist violence. Agony poured out in the tears of 142 00:08:05,000 --> 00:08:07,960 Speaker 1: a twelve year old child, Jake Patterson, who lost his father. 143 00:08:08,360 --> 00:08:11,280 Speaker 1: The child covered his face with his hands as his 144 00:08:11,320 --> 00:08:16,720 Speaker 1: mother spoke, his heart is broken, he has sleeps, he 145 00:08:16,880 --> 00:08:20,000 Speaker 1: has eaten. As a mother, what am I supposed to do? 146 00:08:20,360 --> 00:08:23,480 Speaker 1: The Veronica White is the aunt of another victim, Andre McNeil. 147 00:08:24,320 --> 00:08:27,360 Speaker 1: This is so settler that cannot believe somebody would give 148 00:08:27,440 --> 00:08:31,320 Speaker 1: some child a gun and let him think that it's okay. 149 00:08:31,320 --> 00:08:34,320 Speaker 1: Come with somebody, Paul, how did this shoot it up? 150 00:08:34,960 --> 00:08:38,440 Speaker 1: Earlier yesterday, the accused gunman, who is white, eighteen year 151 00:08:38,440 --> 00:08:42,439 Speaker 1: old Peyton Gendren, silently faced a murder indictment, and court 152 00:08:42,480 --> 00:08:46,319 Speaker 1: authorities are investigating the possibility of hate crime and terrorism 153 00:08:46,400 --> 00:08:50,160 Speaker 1: charges against him. The White House calls Oklahoma's new abortion 154 00:08:50,240 --> 00:08:53,800 Speaker 1: bill the most extreme effort to undo the fundamental rights 155 00:08:53,880 --> 00:08:57,520 Speaker 1: laid out in Roe v. Wade. Oklahoma's legislature. He gave 156 00:08:57,600 --> 00:09:00,080 Speaker 1: final approval to the bill, which would ban almost to 157 00:09:00,080 --> 00:09:04,320 Speaker 1: all abortions from the moment of conception. Vice President Kamala 158 00:09:04,360 --> 00:09:07,640 Speaker 1: Harris hosted a virtual meeting with abortions providers at the 159 00:09:07,640 --> 00:09:10,800 Speaker 1: White House. It's just the latest in a series of 160 00:09:10,920 --> 00:09:17,240 Speaker 1: extreme laws around the country. Oklahoma's governor has vowed to 161 00:09:17,280 --> 00:09:20,520 Speaker 1: sign it into law. The House panel investigating the January 162 00:09:20,559 --> 00:09:23,480 Speaker 1: six riot wants to question the Republican lawmaker who has 163 00:09:23,559 --> 00:09:26,600 Speaker 1: said to have led a group tour of the Capitol 164 00:09:26,640 --> 00:09:30,800 Speaker 1: a day before the attack. Georgia GOP representative Buried louder 165 00:09:30,840 --> 00:09:34,200 Speaker 1: Milk is being asked to answer questions before the Congressional Committee. 166 00:09:34,559 --> 00:09:38,040 Speaker 1: Panel Chairman Benny Thompson said the committee's review of evidence 167 00:09:38,080 --> 00:09:41,920 Speaker 1: contradicts denials from some Republicans that there were no tours 168 00:09:42,000 --> 00:09:45,360 Speaker 1: or large groups brought to the Capitol. Global News twenty 169 00:09:45,360 --> 00:09:48,240 Speaker 1: four hours a day on air and on Bloomberg Quittake, 170 00:09:48,520 --> 00:09:51,440 Speaker 1: powered by more than twenty seven hundred journalist and analysts 171 00:09:51,520 --> 00:09:55,800 Speaker 1: more than a hundred twenty countries. Michael barn this is Bloomberg, John, Michael, 172 00:09:55,840 --> 00:10:01,640 Speaker 1: thank you when I got fund six ten on Wall 173 00:10:01,640 --> 00:10:04,040 Speaker 1: Street five ten of Wall Street tim out for the 174 00:10:04,040 --> 00:10:07,440 Speaker 1: Bloomberg Sports Update. Here's john S all right. John Thrilling 175 00:10:07,520 --> 00:10:08,880 Speaker 1: went for the Mets. They've had a lot of those 176 00:10:08,880 --> 00:10:11,480 Speaker 1: already this season. The Cardinals got two on runs from 177 00:10:11,480 --> 00:10:14,199 Speaker 1: Paul Goldschmid led in the ninth inning. The Mets tie 178 00:10:14,200 --> 00:10:16,640 Speaker 1: at St. Louis, went back ahead top of the tenth 179 00:10:16,880 --> 00:10:19,440 Speaker 1: heroics in the bottom he goes spreading a belt, Tie 180 00:10:19,480 --> 00:10:26,160 Speaker 1: said his pitch a field, wait back, love God, that's 181 00:10:30,400 --> 00:10:36,600 Speaker 1: drive flowing out against Gagos. Mets put us up serious victory. 182 00:10:37,320 --> 00:10:39,960 Speaker 1: T S had the call, and that's won seven six 183 00:10:40,040 --> 00:10:42,800 Speaker 1: Alonzo and Alleys all of baseball with thirty six r 184 00:10:42,840 --> 00:10:45,880 Speaker 1: B I s. However, during the game came the news 185 00:10:45,880 --> 00:10:48,200 Speaker 1: on Max jers Or he has an oblique strain. He's 186 00:10:48,240 --> 00:10:50,560 Speaker 1: gonna miss six to eight weeks. Of The Mets were 187 00:10:50,559 --> 00:10:53,000 Speaker 1: hoping to have this great one two punch of Serzer 188 00:10:53,120 --> 00:10:55,920 Speaker 1: and Jacob Degraham both are hurt and so it was 189 00:10:55,920 --> 00:10:58,720 Speaker 1: another starter Tyler McGill. Just as the Mets at their 190 00:10:58,760 --> 00:11:01,160 Speaker 1: walk off when the Yankees for a walk off laws 191 00:11:01,200 --> 00:11:04,720 Speaker 1: in Baltimore, the Orioles Anthony Santander three run over bottom 192 00:11:04,720 --> 00:11:08,040 Speaker 1: the ninth of Lucas Litkey for a nine six Orioles 193 00:11:08,040 --> 00:11:09,720 Speaker 1: win the Yanks and tied the game with two out 194 00:11:10,000 --> 00:11:12,280 Speaker 1: in the top of the ninth NBA Playoffs, Celtics up 195 00:11:12,320 --> 00:11:14,400 Speaker 1: twenty five at half time, and they won Game two 196 00:11:14,400 --> 00:11:16,640 Speaker 1: in Miami by twenty five to tie the series up. 197 00:11:16,840 --> 00:11:19,720 Speaker 1: Samley kept platoff wins for St. Louis and Tampa Bay 198 00:11:19,800 --> 00:11:22,600 Speaker 1: that two time. Defenny Chance go home up to nothing 199 00:11:22,640 --> 00:11:25,440 Speaker 1: on Florida Rangers Hurricanes game too tonight and Roley after 200 00:11:25,520 --> 00:11:29,160 Speaker 1: Kaine took the opener in overtime. Rory McIlroy hasn't won 201 00:11:29,160 --> 00:11:32,600 Speaker 1: a Major since the two thousand fourteen pg A. McElroy 202 00:11:33,000 --> 00:11:35,920 Speaker 1: leads this year's PGA by one shot going into today's 203 00:11:35,920 --> 00:11:38,600 Speaker 1: second round, and tells the live coverag Bloomberg Radio Today 204 00:11:38,600 --> 00:11:41,120 Speaker 1: starting at four p g A tonight show at eleven 205 00:11:41,360 --> 00:11:44,440 Speaker 1: John stash War Bloomberg Sports. John, alright, thanks John, and 206 00:11:44,640 --> 00:11:47,480 Speaker 1: our futures head out the open on Wall Street three 207 00:11:47,600 --> 00:11:51,640 Speaker 1: hundred and three points higher right now, the SMP futures 208 00:11:51,679 --> 00:11:55,200 Speaker 1: of forty six points and the NSF futures up one 209 00:11:55,280 --> 00:12:00,440 Speaker 1: hundred and ninety five points. You're listening the Bloomberg A break. 210 00:12:07,240 --> 00:12:10,600 Speaker 1: Just ahead. On daybreak, President Biden arrives in South Korea 211 00:12:10,640 --> 00:12:14,520 Speaker 1: to begin his first Asia trip. We'll speak with Bloomberg's 212 00:12:14,559 --> 00:12:17,640 Speaker 1: An Roy for a durn. What's on the agenda. This 213 00:12:17,840 --> 00:12:25,199 Speaker 1: is Bloomberg Markets headlines and breaking news twenty four hours 214 00:12:25,200 --> 00:12:28,200 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at 215 00:12:28,280 --> 00:12:37,839 Speaker 1: and at Bloomberg Quicktape. This is a Bloomberg Business Flash 216 00:12:37,840 --> 00:12:40,560 Speaker 1: and I'm Karen Moscow. Stocks in Europe and U S 217 00:12:40,559 --> 00:12:44,160 Speaker 1: stock index futures are pushing higher after China's latest measure 218 00:12:44,200 --> 00:12:47,160 Speaker 1: of ulster as economy injected a note of optimism at 219 00:12:47,160 --> 00:12:49,320 Speaker 1: the end of another volatile week for a global markets. 220 00:12:49,600 --> 00:12:51,920 Speaker 1: We checked the markets every fifteen minutes throughout the trading 221 00:12:52,000 --> 00:12:54,679 Speaker 1: day on bloomberg S and p Future is fifty one 222 00:12:54,720 --> 00:12:57,120 Speaker 1: points this morning down Future is up three hundred forty 223 00:12:57,400 --> 00:13:00,320 Speaker 1: and NASDAG futures up two hundred fourteen and X in 224 00:13:00,360 --> 00:13:03,360 Speaker 1: Germany's at one point nine percent. Ten year treasury down 225 00:13:03,400 --> 00:13:05,839 Speaker 1: eight thirties seconds held two point eight six percent that 226 00:13:05,960 --> 00:13:08,240 Speaker 1: yield on the two year two point six three percent. 227 00:13:08,679 --> 00:13:12,800 Speaker 1: Nim X Screwed oil is down half percent, down fifty 228 00:13:12,840 --> 00:13:15,080 Speaker 1: six cents at a hundred eleven dollar, sixty five cents 229 00:13:15,080 --> 00:13:17,200 Speaker 1: of barrel comic scold up a tenth of a percent 230 00:13:17,240 --> 00:13:19,840 Speaker 1: of a dollar sixty at eighteen forty nine forty announce, 231 00:13:20,160 --> 00:13:22,600 Speaker 1: the euro one point oh five eight two against the dollar, 232 00:13:22,679 --> 00:13:24,640 Speaker 1: British pound one point to four eight nine and a 233 00:13:24,800 --> 00:13:27,640 Speaker 1: en one twenty eight point to one, and Bitcoin this 234 00:13:27,679 --> 00:13:30,120 Speaker 1: morning lower down a tenth of a percent at thirty thousand, 235 00:13:30,200 --> 00:13:34,080 Speaker 1: one hundred ninety dollars, and deer In Company and Footlocker 236 00:13:34,160 --> 00:13:36,760 Speaker 1: are among companies schedule to report earnings today. That's a 237 00:13:36,800 --> 00:13:39,439 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on 238 00:13:39,520 --> 00:13:42,720 Speaker 1: what's going on around the world. Michael, thank you very much. Karen, 239 00:13:42,800 --> 00:13:45,680 Speaker 1: President Joe Biden has landed in South Korea. He will 240 00:13:45,720 --> 00:13:49,240 Speaker 1: meet South Korean President Yun So kiol as they face 241 00:13:49,280 --> 00:13:53,679 Speaker 1: a growing threat from North Korea's nuclear weapons and missile program. 242 00:13:53,720 --> 00:13:57,440 Speaker 1: Both US and South Korean intelligence officials say it's possible 243 00:13:57,480 --> 00:14:01,439 Speaker 1: that North Korea will conduct the Ballista or nuclear tests 244 00:14:01,480 --> 00:14:05,360 Speaker 1: around Biden's visit to South Korea and Japan. The Senate 245 00:14:05,400 --> 00:14:08,960 Speaker 1: has passed a fourty billion dollar package of military, economic 246 00:14:09,040 --> 00:14:12,480 Speaker 1: and food aid for Ukraine and US allies. The vote 247 00:14:12,520 --> 00:14:16,360 Speaker 1: was eighty six eleven. In the NBA playoffs, the Celtics 248 00:14:16,400 --> 00:14:19,040 Speaker 1: have even their series at a game apiece after beating 249 00:14:19,040 --> 00:14:22,000 Speaker 1: the Heat one seven one oh two. In baseball, the 250 00:14:22,040 --> 00:14:25,400 Speaker 1: Yankees lost to the Orioles nine six the Mets one. 251 00:14:25,480 --> 00:14:28,480 Speaker 1: Along with the Red Sox, Global News twenty four hours 252 00:14:28,480 --> 00:14:31,440 Speaker 1: a day on air and on Bloomberg Quickdake, powered by 253 00:14:31,440 --> 00:14:34,480 Speaker 1: more than twenties seven hundred journalists and analysts more than 254 00:14:34,520 --> 00:14:38,440 Speaker 1: a hundred twenty countries. Michael bar this is Bloomberg Dohn. Michael, 255 00:14:38,480 --> 00:14:41,320 Speaker 1: thank you. It is five nineteen at Wall Street. We 256 00:14:41,360 --> 00:14:44,360 Speaker 1: are live from the Bloomberg into Rantobroker Studios. This is 257 00:14:44,400 --> 00:14:47,760 Speaker 1: Bloomberg Daybreak. Was Michael just mentioned Joe Biden and Barking 258 00:14:47,880 --> 00:14:51,640 Speaker 1: on his first presidential trip to South Korea and Japan. 259 00:14:52,240 --> 00:14:55,040 Speaker 1: For more, We're joined by Bloomberg Radio and TV Washington 260 00:14:55,160 --> 00:14:58,120 Speaker 1: correspondent and Marie were turned Emory. Good to have you, 261 00:14:58,200 --> 00:15:01,760 Speaker 1: Happy Friday. So what's on the enda Happy Friday. Well, 262 00:15:01,760 --> 00:15:04,040 Speaker 1: he just touched down in Seoul and the President is 263 00:15:04,080 --> 00:15:07,680 Speaker 1: going to be visiting a Samsung facility. It's really a 264 00:15:07,720 --> 00:15:11,400 Speaker 1: massive complex. Also likely mirrors with the United States and 265 00:15:11,440 --> 00:15:13,880 Speaker 1: Samsung wants to do in this plant they plan on 266 00:15:13,920 --> 00:15:18,800 Speaker 1: building in Texas. Uh. This Samsung trip really underscores the 267 00:15:18,880 --> 00:15:22,680 Speaker 1: emphasis Biden has placed in America about making sure the 268 00:15:22,760 --> 00:15:25,800 Speaker 1: United skates says could fortify their supply chains when it 269 00:15:25,800 --> 00:15:29,120 Speaker 1: comes to these very important microchips. And I imagine at 270 00:15:29,200 --> 00:15:31,240 Speaker 1: some point you're going to hear him point the figure 271 00:15:31,280 --> 00:15:33,560 Speaker 1: at Congress, which for months has been trying to get 272 00:15:33,600 --> 00:15:38,240 Speaker 1: over the finish line a very broad China competition bill 273 00:15:38,280 --> 00:15:42,200 Speaker 1: that has north of fifty billion dollars to semiconductor research. 274 00:15:42,760 --> 00:15:45,440 Speaker 1: What else is it in this China competition bill and 275 00:15:46,200 --> 00:15:49,240 Speaker 1: how that all fits in the chances of passage at 276 00:15:49,280 --> 00:15:51,440 Speaker 1: this point, is this trip going to make a difference 277 00:15:51,680 --> 00:15:54,160 Speaker 1: in getting that passed. I think this trip just gives 278 00:15:54,160 --> 00:15:57,760 Speaker 1: the president a moment to use foreign policy to pivot 279 00:15:57,840 --> 00:16:02,040 Speaker 1: back to why it matters for everyday Americans. So you'll 280 00:16:02,080 --> 00:16:04,680 Speaker 1: see a lot of him trying to weave in the 281 00:16:04,720 --> 00:16:07,680 Speaker 1: farm policy with his domestic agenda. When it comes to 282 00:16:08,080 --> 00:16:11,560 Speaker 1: how this timeline for this bill is, you do have 283 00:16:11,800 --> 00:16:14,680 Speaker 1: in conference, which means you have representatives from the House 284 00:16:15,120 --> 00:16:17,640 Speaker 1: and those from the Senate needing to try to work 285 00:16:17,640 --> 00:16:20,880 Speaker 1: out the differences because they both passed their own versions 286 00:16:20,920 --> 00:16:23,680 Speaker 1: of this bill. Um, but that does take weeks, if 287 00:16:23,720 --> 00:16:26,400 Speaker 1: not mons. You also have the House going on recess. 288 00:16:26,440 --> 00:16:29,640 Speaker 1: So I would say prepare for something around the end 289 00:16:29,680 --> 00:16:32,240 Speaker 1: of the summer that we could see this finally get 290 00:16:32,240 --> 00:16:34,640 Speaker 1: across the finish line. But the President was very direct 291 00:16:34,720 --> 00:16:37,600 Speaker 1: with Congress. He said, quote past the damn bill, so 292 00:16:37,760 --> 00:16:40,880 Speaker 1: his patients is running out. There was also the Transpacific 293 00:16:40,960 --> 00:16:46,120 Speaker 1: Partnership Regional Trade Agreement, and uh what we withdrew from 294 00:16:46,120 --> 00:16:49,600 Speaker 1: that under the previous administration? Where where does that stand? 295 00:16:49,680 --> 00:16:51,920 Speaker 1: Is that a focus? Yeah? So that will be a 296 00:16:51,960 --> 00:16:55,400 Speaker 1: focus when the President moves on to Japan. And now 297 00:16:55,440 --> 00:16:57,640 Speaker 1: the t p P. You're going to have something like 298 00:16:58,080 --> 00:17:02,120 Speaker 1: TPP version, a new version of it, but just doesn't 299 00:17:02,120 --> 00:17:04,240 Speaker 1: have as much heft. It's a bit hazy and exactly 300 00:17:04,240 --> 00:17:07,840 Speaker 1: what it means, but basically a Biden plans to kick 301 00:17:07,880 --> 00:17:12,040 Speaker 1: off this Indo Pacific Economic Framework, and this is part 302 00:17:12,080 --> 00:17:16,440 Speaker 1: of the administration's ongoing efforts to counter China's cloud um 303 00:17:16,560 --> 00:17:19,320 Speaker 1: and it's somewhat takes the place of that TPP but 304 00:17:19,680 --> 00:17:23,120 Speaker 1: the administration has stressed that it won't include lower tariffs 305 00:17:23,200 --> 00:17:26,600 Speaker 1: or better access to US markets. The Financial Times also 306 00:17:26,680 --> 00:17:29,320 Speaker 1: reported that in you know, an eleventh hour moment, they 307 00:17:29,359 --> 00:17:32,360 Speaker 1: actually water down some of the language. So it's still 308 00:17:32,480 --> 00:17:38,120 Speaker 1: very confused, confusing on what exactly this economic framework can deliver. 309 00:17:38,480 --> 00:17:41,159 Speaker 1: But I think the Biden administration is just trying to 310 00:17:41,160 --> 00:17:45,040 Speaker 1: find a place holder for these regional allies instead of, uh, 311 00:17:45,080 --> 00:17:48,000 Speaker 1: you know, the t p P, which the Trump administration 312 00:17:48,040 --> 00:17:50,040 Speaker 1: pulled the U s out of. So it's really just 313 00:17:50,080 --> 00:17:52,760 Speaker 1: a starting point. While he's over there. There is the 314 00:17:52,840 --> 00:17:56,280 Speaker 1: chance that North Korea could do something looney. Uh. There's 315 00:17:56,400 --> 00:18:00,280 Speaker 1: also the tensions with China over Taiwan, how with those 316 00:18:00,359 --> 00:18:03,520 Speaker 1: being addressed, So when it comes to North Korea, and 317 00:18:03,560 --> 00:18:06,520 Speaker 1: it's a good point because they have a habit of 318 00:18:06,600 --> 00:18:10,439 Speaker 1: timing these provocations to political events. And now you have 319 00:18:10,560 --> 00:18:12,600 Speaker 1: the president in South Korea and then he'll be going 320 00:18:12,640 --> 00:18:16,280 Speaker 1: over meeting with Quad leaders in Japan. So you talk 321 00:18:16,359 --> 00:18:18,880 Speaker 1: to US officials and they say they are preparing for 322 00:18:18,920 --> 00:18:22,639 Speaker 1: either a launch of an intercontinental ballistic missile or potentially 323 00:18:22,680 --> 00:18:25,640 Speaker 1: from North Korea to conduct a nuclear test, as it 324 00:18:25,680 --> 00:18:29,199 Speaker 1: coincides with Biden in the region. Um, So this is 325 00:18:29,240 --> 00:18:34,920 Speaker 1: something that I think would also just really highlight the 326 00:18:35,080 --> 00:18:38,440 Speaker 1: US is UH stands in the region because this is 327 00:18:38,480 --> 00:18:40,720 Speaker 1: something they need to work with their allies in the 328 00:18:40,760 --> 00:18:43,280 Speaker 1: region about. And this is you know, making sure they 329 00:18:43,280 --> 00:18:47,359 Speaker 1: could fend off these provocations from North Korea. And then 330 00:18:47,359 --> 00:18:49,280 Speaker 1: when it comes to China, I don't expect them to 331 00:18:49,320 --> 00:18:52,200 Speaker 1: say China much, but you can imagine everything the President 332 00:18:52,280 --> 00:18:55,520 Speaker 1: is doing is about making sure they are fortifying the 333 00:18:55,600 --> 00:18:58,840 Speaker 1: United States versus China when it comes to competition. The 334 00:18:59,040 --> 00:19:02,640 Speaker 1: entire administration they started about this pivot to Asia, and 335 00:19:02,720 --> 00:19:05,080 Speaker 1: it just got confusing, right because a lot of the 336 00:19:05,200 --> 00:19:08,480 Speaker 1: time the administration has been spending over the past months 337 00:19:08,480 --> 00:19:10,720 Speaker 1: has been, of course, dealing with the war in Ukraine. 338 00:19:10,960 --> 00:19:13,600 Speaker 1: How do these trips I get thirty seconds left, how 339 00:19:13,600 --> 00:19:17,119 Speaker 1: do they play at home? What's the domestic consumption. The 340 00:19:17,160 --> 00:19:19,159 Speaker 1: grocery bill, by the way, yesterday was a hundred and 341 00:19:19,200 --> 00:19:21,920 Speaker 1: sixty seven bucks. The fill up with the car this 342 00:19:21,960 --> 00:19:26,800 Speaker 1: morning was sixty. Well, I think you hit the nail 343 00:19:26,800 --> 00:19:29,320 Speaker 1: on the head, right. I think the President, you know, 344 00:19:29,520 --> 00:19:31,720 Speaker 1: when he visits the Samsung factor and if he gives 345 00:19:31,720 --> 00:19:34,199 Speaker 1: any comments about it, it will be about wanting to 346 00:19:34,240 --> 00:19:38,240 Speaker 1: fortify America supply chains, which is why they want that 347 00:19:38,280 --> 00:19:40,639 Speaker 1: bill passed, because they want to make sure that you 348 00:19:40,640 --> 00:19:43,199 Speaker 1: can get products in American make them cheaper. But we 349 00:19:43,320 --> 00:19:45,720 Speaker 1: do know this is not going to impact inflation tomorrow 350 00:19:45,880 --> 00:19:48,879 Speaker 1: or next week or by November. These are long term goals, 351 00:19:49,200 --> 00:19:51,520 Speaker 1: so right now Americans really only care about what you mentioned, 352 00:19:51,560 --> 00:19:54,560 Speaker 1: their kitchen table and the gas pump. Thanks Sam, Marie, 353 00:19:54,600 --> 00:19:58,120 Speaker 1: always a pleasure. Bloomberg Radio and TV watching to correspondent 354 00:19:58,520 --> 00:20:01,840 Speaker 1: and Marie, we're durn and right now down features of 355 00:20:02,000 --> 00:20:07,200 Speaker 1: three hundred and five points. This is Bloomberg. Bloomberg Weather 356 00:20:07,280 --> 00:20:10,280 Speaker 1: for today from Rob Carolin. Dense fog advisory and effect 357 00:20:10,280 --> 00:20:12,400 Speaker 1: for the north of the city that goes through nine 358 00:20:12,480 --> 00:20:15,840 Speaker 1: am and then campus will give way to partial sum 359 00:20:15,920 --> 00:20:19,720 Speaker 1: The height today about seventy five degrees. This is Bloomberg 360 00:20:22,200 --> 00:20:26,760 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 361 00:20:26,840 --> 00:20:30,320 Speaker 1: Bloomberg ev in Freedom to Washington, d C, Bloomberg ninety 362 00:20:30,640 --> 00:20:34,159 Speaker 1: one to Boston, Bloomberg one six one to San Francisco, 363 00:20:34,240 --> 00:20:38,359 Speaker 1: Bloomberg n sixt to the country, Sirius XM ch and 364 00:20:38,440 --> 00:20:41,800 Speaker 1: around the globe the Bloomberg Business app in Bloomberg Radio 365 00:20:41,920 --> 00:20:51,200 Speaker 1: dot Com. This is Bloomberg day Break. It's five thirty 366 00:20:51,200 --> 00:20:53,520 Speaker 1: on Wall Street. Good morning. I'm John Tucker and I'm 367 00:20:53,560 --> 00:20:56,439 Speaker 1: Karen Moscow. Here just about four hours away from the 368 00:20:56,440 --> 00:20:58,239 Speaker 1: open of US trading. Let's hear you have to date 369 00:20:58,280 --> 00:20:59,800 Speaker 1: on the news you need to know at this hour. 370 00:21:00,040 --> 00:21:02,639 Speaker 1: US stock index futures are higher this morning as we 371 00:21:02,680 --> 00:21:05,200 Speaker 1: close out a trading week that saw the SNP five 372 00:21:05,240 --> 00:21:08,520 Speaker 1: hundred it lose more than one trillion dollars in market value. 373 00:21:08,800 --> 00:21:12,920 Speaker 1: The index is down almost from its January third closing 374 00:21:13,000 --> 00:21:16,480 Speaker 1: high and is on track for a seventh week of losses. 375 00:21:16,640 --> 00:21:19,679 Speaker 1: Ken Griffin is CEO of Citadel. What we're seeing in 376 00:21:19,680 --> 00:21:23,440 Speaker 1: the markets is a rotation from growth stocks with earnings 377 00:21:23,560 --> 00:21:26,160 Speaker 1: very far in the future towards stocks that are are 378 00:21:26,240 --> 00:21:29,080 Speaker 1: much more value stocks earnings here in the present and 379 00:21:29,119 --> 00:21:31,480 Speaker 1: this reflects the fact that real rates for the first 380 00:21:31,520 --> 00:21:34,439 Speaker 1: time in a very long time, are likely to go 381 00:21:34,600 --> 00:21:38,919 Speaker 1: positive and Citadel CEO Ken Griffin made the comments to 382 00:21:38,920 --> 00:21:42,640 Speaker 1: Bloomberg's Francing Laqua at the Bloomberg Intelligence Market Structure three 383 00:21:42,640 --> 00:21:46,159 Speaker 1: point oh conference in New York. Results from Applied Materials 384 00:21:46,200 --> 00:21:49,040 Speaker 1: weighing on sentiment this morning, shares down about one percent 385 00:21:49,119 --> 00:21:52,880 Speaker 1: in early trading. The company delivered a week forecast as 386 00:21:52,960 --> 00:21:57,000 Speaker 1: chip shortages persist. Altering to politics, john President Joe Biden 387 00:21:57,040 --> 00:21:59,920 Speaker 1: heads to South Korea and Japan to reassure allies of 388 00:22:00,040 --> 00:22:04,359 Speaker 1: America's commitment to Asia. Bloomberg Daybreak Asia anchor Brian Curtis 389 00:22:04,359 --> 00:22:07,840 Speaker 1: has the details. The last time a US president visited Soul, 390 00:22:07,880 --> 00:22:10,920 Speaker 1: in twenty nineteen, Donald Trump and Kim Jong Lun agreed 391 00:22:10,960 --> 00:22:13,840 Speaker 1: to restart nuclear talks. This time, the White House has 392 00:22:13,880 --> 00:22:16,080 Speaker 1: not indicated Biden will be heading up to the d 393 00:22:16,280 --> 00:22:18,760 Speaker 1: m Z. In the meantime, the North Korean leader is 394 00:22:18,800 --> 00:22:22,159 Speaker 1: preparing to launch another i CBM and possibly conduct his 395 00:22:22,200 --> 00:22:25,919 Speaker 1: first nuclear test since seventeen. President Biden is aiming to 396 00:22:25,960 --> 00:22:28,920 Speaker 1: firm up the US pivot to Asia and counter China's 397 00:22:28,960 --> 00:22:32,480 Speaker 1: military build up in the region. Brian Curtis, Bloomberg Daybreak. 398 00:22:32,520 --> 00:22:35,600 Speaker 1: Thanks Brian. The pandemic also in focus this morning with 399 00:22:35,760 --> 00:22:39,840 Speaker 1: news on vaccine eligibility. Younger children across the US can 400 00:22:39,840 --> 00:22:43,320 Speaker 1: now receive a COVID booster shot developed by Fiser. Let's 401 00:22:43,359 --> 00:22:46,639 Speaker 1: get the tails live from Bloomberg's reaty to young Good morning, Rinita, 402 00:22:46,720 --> 00:22:50,760 Speaker 1: Good morning John. CDC director Rousselle Wilinsky recommends the booster 403 00:22:50,880 --> 00:22:54,560 Speaker 1: for children ages five to eleven years old. That makes 404 00:22:54,560 --> 00:22:56,840 Speaker 1: the shot available to school age kids and it will 405 00:22:56,840 --> 00:23:01,800 Speaker 1: provide much needed protection against pages O macron sub variants 406 00:23:01,840 --> 00:23:04,760 Speaker 1: spreading across the country. We Lynsky says kids in this 407 00:23:04,800 --> 00:23:07,680 Speaker 1: age group should receive a booster dose at least five 408 00:23:07,800 --> 00:23:11,440 Speaker 1: months after their primary series Live in New York, I'm 409 00:23:11,480 --> 00:23:13,720 Speaker 1: rened a young Bloomberg Daybreak. All right, we need to 410 00:23:13,760 --> 00:23:15,879 Speaker 1: thank you. And it looks like travel has now fully 411 00:23:15,960 --> 00:23:18,960 Speaker 1: rebounded from the pandemic. According to our report by the 412 00:23:19,000 --> 00:23:23,240 Speaker 1: MasterCard Economics Institute, vacation travel is finally back to levels 413 00:23:23,359 --> 00:23:27,719 Speaker 1: last seen before March of Again, futures this morning are 414 00:23:27,760 --> 00:23:31,000 Speaker 1: on the rise, and straight ahead your latest local headlines, 415 00:23:31,119 --> 00:23:38,800 Speaker 1: plus a check of sports. This is Bloomberg. All right, Karen, 416 00:23:38,880 --> 00:23:41,120 Speaker 1: thanks hi thirty three on Walls. Great time to bring 417 00:23:41,119 --> 00:23:43,680 Speaker 1: in Michael bar with more on what else is going 418 00:23:43,680 --> 00:23:46,360 Speaker 1: on in New York and around the world. John, thank 419 00:23:46,400 --> 00:23:49,399 Speaker 1: you very much. Sarah. Possible case of monkey pox is 420 00:23:49,440 --> 00:23:52,040 Speaker 1: being investigated in New York City, adding to the case 421 00:23:52,080 --> 00:23:56,240 Speaker 1: already we reported in Massachusetts. Health officials have preliminary test 422 00:23:56,320 --> 00:23:59,600 Speaker 1: for the virus are being conducted and if positive, will 423 00:23:59,600 --> 00:24:03,560 Speaker 1: be to the Centers for Disease Control and Prevention for confirmation. 424 00:24:03,960 --> 00:24:07,200 Speaker 1: The patient is being treated at Bellevue Hospital in Manhattan. 425 00:24:07,560 --> 00:24:11,719 Speaker 1: Experts say it's a rare illness. University of California, San 426 00:24:11,760 --> 00:24:15,840 Speaker 1: Francisco Professor of Medicine, Dr Peter Chinnong is an infectious 427 00:24:15,840 --> 00:24:19,720 Speaker 1: disease expert. There's an adopted boxing from monkey pox. But 428 00:24:19,800 --> 00:24:22,960 Speaker 1: the interesting thing is that if you've been boxinated with smallpox, 429 00:24:23,400 --> 00:24:27,840 Speaker 1: you get protection against monkey pox because it's really closely related. 430 00:24:28,359 --> 00:24:31,280 Speaker 1: Dr Peter chin Hong says he doesn't believe monkey pox 431 00:24:31,320 --> 00:24:34,600 Speaker 1: will run rampant. The House Republican is pushing back on 432 00:24:34,680 --> 00:24:38,639 Speaker 1: the January sixth committee that claims he gave unauthorized capital 433 00:24:38,680 --> 00:24:41,560 Speaker 1: tours the day before the attack. The committee says it 434 00:24:41,600 --> 00:24:46,080 Speaker 1: has evidence that Georgia Republican Congressman Barry louder Milk gave 435 00:24:46,119 --> 00:24:48,960 Speaker 1: a tour of the capitol. The committee wants louder Milk 436 00:24:49,040 --> 00:24:53,840 Speaker 1: to testify. Tops Markets valve they would reopen their Buffalo 437 00:24:53,960 --> 00:24:58,360 Speaker 1: supermarket after Saturday's deadly mass shooting. Meanwhile, the eighteen year 438 00:24:58,400 --> 00:25:02,320 Speaker 1: old suspected gunmen appeared in court yesterday. The Oklahoma state 439 00:25:02,400 --> 00:25:06,399 Speaker 1: legislature passed a bill which would ban almost all abortions 440 00:25:06,440 --> 00:25:10,679 Speaker 1: from the moment of conception. The bill includes neural exceptions 441 00:25:10,680 --> 00:25:13,400 Speaker 1: to protect the life of the mother and for cases 442 00:25:13,480 --> 00:25:16,880 Speaker 1: of rape and incests, but only if they are reported 443 00:25:16,920 --> 00:25:21,680 Speaker 1: to law enforcement. State Representative Wendy Steerman is the bill's author. Well, 444 00:25:21,840 --> 00:25:25,000 Speaker 1: the goal of this is to protect the child, the 445 00:25:25,160 --> 00:25:29,440 Speaker 1: unborn child. So I believe that putting in the exception 446 00:25:29,480 --> 00:25:33,080 Speaker 1: as we have it is um is acceptable in the situation, 447 00:25:33,400 --> 00:25:37,080 Speaker 1: Representative Steerman says. Oklahoma's governor is expected to sign the 448 00:25:37,080 --> 00:25:41,440 Speaker 1: bill into law. Vice President Kamala Harris called the bill outrageous. 449 00:25:41,840 --> 00:25:44,320 Speaker 1: Global Needs twenty four hours a day on air and 450 00:25:44,480 --> 00:25:48,320 Speaker 1: on Bloomberg Quicktake, powered by more than seven hundred journalists 451 00:25:48,320 --> 00:25:51,160 Speaker 1: and analysts, more than a hundred, twenty countries. Michael Barr, 452 00:25:51,240 --> 00:25:58,120 Speaker 1: This is Bloomberg, John, Michael, thank you at South six 453 00:25:58,200 --> 00:26:00,760 Speaker 1: on walls. Pretty that's time for the Bloomberg Sports Update. 454 00:26:02,320 --> 00:26:05,000 Speaker 1: Thanks John. Bittersweet day for the Mets, a thrilling win 455 00:26:05,119 --> 00:26:07,560 Speaker 1: at City Field, seven six over the Cardinals on a 456 00:26:07,640 --> 00:26:10,440 Speaker 1: walk off two run homer tenth thinning by Pete Alonso. 457 00:26:10,560 --> 00:26:13,480 Speaker 1: But during the game game the update on Max Serzer, 458 00:26:13,520 --> 00:26:15,920 Speaker 1: who took himself out of Wednesday's game and the m 459 00:26:16,080 --> 00:26:19,080 Speaker 1: r I showed an oblique strain. Ser serves up to 460 00:26:19,119 --> 00:26:21,119 Speaker 1: a five and one starters a MET is going to 461 00:26:21,200 --> 00:26:24,200 Speaker 1: miss the next six to eight weeks, and Jacob de Graham, 462 00:26:24,240 --> 00:26:26,600 Speaker 1: of course as yet to pitch. No time table on 463 00:26:26,680 --> 00:26:30,359 Speaker 1: his return. Tyler McGill is another MET starter currently on 464 00:26:30,480 --> 00:26:32,600 Speaker 1: the injur of this Yankees into the road trip of 465 00:26:32,640 --> 00:26:34,960 Speaker 1: the ninth six loss in Baltimore, back and forth game 466 00:26:34,960 --> 00:26:37,520 Speaker 1: that the Yanks tied with two outs of the ninth inning, 467 00:26:37,520 --> 00:26:40,960 Speaker 1: but Anthony Santander a walk off three run homer bottom 468 00:26:40,960 --> 00:26:42,880 Speaker 1: of the ninth. The NBA the East Finals are tied 469 00:26:42,880 --> 00:26:45,480 Speaker 1: at one. The Celtics won by twenty five in Miami. 470 00:26:46,040 --> 00:26:49,040 Speaker 1: NHL Tampa Bay one again at Florida. The two time 471 00:26:49,080 --> 00:26:51,480 Speaker 1: defending's the Onley Cup chances are up to zip first 472 00:26:51,480 --> 00:26:54,639 Speaker 1: playoff loss for Colorado beaten by St. Louis the Rangers tonight. 473 00:26:54,920 --> 00:26:56,440 Speaker 1: I need to play like they did in the first 474 00:26:56,480 --> 00:26:58,800 Speaker 1: two periods of Game one and not like they played 475 00:26:58,800 --> 00:27:01,840 Speaker 1: in the third period or they over time. It's game 476 00:27:01,880 --> 00:27:03,960 Speaker 1: two and Raleigh, after the Hurricanes won the other they'll 477 00:27:03,960 --> 00:27:06,199 Speaker 1: play around two of the PGA Championship today. And Tulsa 478 00:27:06,280 --> 00:27:09,040 Speaker 1: Rory McElroy who won the two thousand fourteen p g 479 00:27:09,240 --> 00:27:11,800 Speaker 1: A and there's not one of major since has at once. 480 00:27:11,880 --> 00:27:14,440 Speaker 1: That lady shot sixty five. He played with Tiger Woods, 481 00:27:14,440 --> 00:27:18,200 Speaker 1: who shot seventy four bogey six of the last ten holes. 482 00:27:19,800 --> 00:27:23,639 Speaker 1: I just can't load it, and uh loading it hurts, 483 00:27:24,480 --> 00:27:29,040 Speaker 1: Prussing off it hurts, and uh locking hurts. The twisting hurts. 484 00:27:30,000 --> 00:27:34,560 Speaker 1: So so I don't play that. I don't do that. 485 00:27:34,600 --> 00:27:36,160 Speaker 1: Then I'm all right. Thank You're very much in danger. 486 00:27:36,280 --> 00:27:39,000 Speaker 1: Missing the cut live PGA covering Bloomberg Radio today starting 487 00:27:39,040 --> 00:27:41,640 Speaker 1: at four p g eight Tonight show at eleven, John 488 00:27:41,600 --> 00:27:44,879 Speaker 1: Stash were Bloomberg Sports John John Thanks five thirty seven 489 00:27:44,920 --> 00:27:47,440 Speaker 1: on Wall Street. Hands time now for the tri State 490 00:27:47,480 --> 00:27:51,240 Speaker 1: Business Report. For that, we're joined by Bloomberg's Ed Quarry. 491 00:27:52,040 --> 00:27:56,440 Speaker 1: US Labor Board prosecutors playing to accuse Amazon of threatening Stanford. 492 00:27:56,920 --> 00:27:59,680 Speaker 1: It alleges they were told if they unionized, Amazon could 493 00:27:59,680 --> 00:28:03,720 Speaker 1: pay minimum wage. It also accuses Amazon of punishing an 494 00:28:03,800 --> 00:28:08,120 Speaker 1: employee for seeking a paid June teenth holiday. The allegations 495 00:28:08,119 --> 00:28:10,439 Speaker 1: are among many taken to the Labor Board by the 496 00:28:10,480 --> 00:28:13,639 Speaker 1: Amazon Labor Union. The number of short term rentals in 497 00:28:13,680 --> 00:28:17,000 Speaker 1: New York City is not pacing the number of available apartments. 498 00:28:17,119 --> 00:28:19,760 Speaker 1: Total number of short term rentals of entire homes is 499 00:28:19,800 --> 00:28:22,960 Speaker 1: more than thirteen thousand, according to air d n A 500 00:28:23,359 --> 00:28:27,280 Speaker 1: rental inventory meanwhile in Manhattan, Brooklyn and a part of Queen's, however, 501 00:28:27,359 --> 00:28:31,159 Speaker 1: is just over undred. Grub Hubs attempts to drum up 502 00:28:31,200 --> 00:28:34,640 Speaker 1: Buzz for its food delivery service by offering free lunch 503 00:28:34,680 --> 00:28:37,640 Speaker 1: in New York didn't work out. On Tuesday, the company 504 00:28:37,680 --> 00:28:41,320 Speaker 1: offered New Yorkers a free lunch excluding tips and feast 505 00:28:41,600 --> 00:28:45,920 Speaker 1: surgeon orders resulted in the laid or absent deliveries that 506 00:28:46,080 --> 00:28:50,320 Speaker 1: your Bloomberg Trying State Business Report. I'm Ed Corey, Thanks 507 00:28:51,240 --> 00:28:54,520 Speaker 1: Wall Street. Bloomberg Radio is on the year from San 508 00:28:54,560 --> 00:28:57,920 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 509 00:28:57,960 --> 00:29:00,120 Speaker 1: in an hour with their global news team for some 510 00:29:00,200 --> 00:29:02,880 Speaker 1: of the top stories heard on our three hundred affiliate 511 00:29:03,000 --> 00:29:09,640 Speaker 1: radio stations around the world. I'm Courtney Donahoe on w 512 00:29:09,960 --> 00:29:12,680 Speaker 1: h S and Louisville, Ford is recalling more than thirty 513 00:29:12,760 --> 00:29:16,760 Speaker 1: nine thousand SUVs on a virus. I'm Gina Servetti in 514 00:29:16,920 --> 00:29:19,760 Speaker 1: for w f l A in Orlando. I'm reporting that 515 00:29:19,880 --> 00:29:23,719 Speaker 1: Moriizon plans to invest in additional one forty nine million 516 00:29:23,800 --> 00:29:27,080 Speaker 1: dollars in Florida to meet a surge in growth. Finn 517 00:29:27,160 --> 00:29:29,600 Speaker 1: Lisa Matteo And on w b Z in Boston, I'll 518 00:29:29,600 --> 00:29:33,400 Speaker 1: be reporting on teen babysitters making big Bucks him Bed 519 00:29:33,440 --> 00:29:36,200 Speaker 1: Cory on w p a M in Cleveland. I'm reporting 520 00:29:36,240 --> 00:29:40,080 Speaker 1: April home sales fell in Northeast Ohio. I'm Steve Podascan 521 00:29:40,240 --> 00:29:43,040 Speaker 1: ten ten Wins in New York. We're talking about US 522 00:29:43,160 --> 00:29:47,480 Speaker 1: labor officials accusing Amazon of threatening State Island Warehouse staff 523 00:29:47,520 --> 00:29:51,720 Speaker 1: if they voted to unionize. And those are SAVA. These 524 00:29:51,720 --> 00:29:54,760 Speaker 1: stories are twenty seven hundred Bloomberg journalists and analysts are 525 00:29:54,840 --> 00:29:59,720 Speaker 1: working on this morning around the world. Shares of Ross 526 00:29:59,720 --> 00:30:02,800 Speaker 1: store Is have lost more than a quarter of their 527 00:30:02,920 --> 00:30:06,360 Speaker 1: value this morning, the discount retailer cutting its outlook for 528 00:30:06,440 --> 00:30:08,960 Speaker 1: profit and sales. Let's get the story this morning and 529 00:30:09,000 --> 00:30:12,320 Speaker 1: this report from Bloomberg's Charlie Pellett. Ross said it sees 530 00:30:12,360 --> 00:30:15,640 Speaker 1: the key retail metric of comparable sales falling two to 531 00:30:15,800 --> 00:30:20,240 Speaker 1: four percent for the year versus previous guidance of unchanged 532 00:30:20,320 --> 00:30:23,240 Speaker 1: to a gain of as much as three and also 533 00:30:23,280 --> 00:30:26,760 Speaker 1: trimmed its forecast for earnings per share. The results spell 534 00:30:26,800 --> 00:30:30,640 Speaker 1: out how quickly the panorama is shifting. Is accelerating inflation 535 00:30:30,920 --> 00:30:36,080 Speaker 1: eats into consumers purchasing power and erodes companies profits. Ross's 536 00:30:36,080 --> 00:30:39,760 Speaker 1: outlook downgrade follows similar moves this week by Cole's, Target 537 00:30:39,840 --> 00:30:43,440 Speaker 1: and Walmart in New York. Charlie Pellett Bloomberg Daybreak and 538 00:30:43,480 --> 00:30:46,320 Speaker 1: the earnings continue to roll in Deer reporting today a 539 00:30:46,360 --> 00:30:50,120 Speaker 1: preview from Tom Busby. The big focus for investors is 540 00:30:50,160 --> 00:30:53,720 Speaker 1: whether demand for Deer's farming equipment remained strong as the 541 00:30:53,720 --> 00:30:55,840 Speaker 1: war in Ukraine has brought production of one of the 542 00:30:55,880 --> 00:30:59,680 Speaker 1: world's largest grain producers to a stand still. Investors will 543 00:30:59,680 --> 00:31:02,880 Speaker 1: also watch the impact of those global supply chain problems 544 00:31:02,880 --> 00:31:06,479 Speaker 1: that have hamstrong a number of manufacturers. Consensus calls were 545 00:31:06,480 --> 00:31:09,520 Speaker 1: adjusted earnings for share of six dollars seventy cents on 546 00:31:09,600 --> 00:31:13,160 Speaker 1: revenues of just over thirteen and a quarter billion dollars. 547 00:31:13,480 --> 00:31:17,280 Speaker 1: Tom Busby Bloomberg Daybreak, Thanks Tom Down. Futures right now 548 00:31:17,360 --> 00:31:23,200 Speaker 1: off three hundred points vs. Is Bloomberg just ahead? Is 549 00:31:23,240 --> 00:31:26,920 Speaker 1: there a risk that the Federal Reserve is actually overdoing it? 550 00:31:27,240 --> 00:31:31,360 Speaker 1: Will speak with pre Adminstrah Rate strategists at TD Securities. 551 00:31:31,720 --> 00:31:39,400 Speaker 1: You're listening to Bloomberg Daybreak, markets, headlines and breaking news 552 00:31:39,480 --> 00:31:42,080 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 553 00:31:42,160 --> 00:31:46,280 Speaker 1: Bloomberg Business at and at Bloomberg Dictape is a Bloomberg 554 00:31:46,360 --> 00:31:55,200 Speaker 1: Business Flash and I'm Karen Moscow and stocks in Europe 555 00:31:55,200 --> 00:31:58,200 Speaker 1: and US stock index futures are pushing higher this morning 556 00:31:58,200 --> 00:32:01,200 Speaker 1: after China's latest measure to bolster is economy injected a 557 00:32:01,240 --> 00:32:03,640 Speaker 1: note of optimism at the end of another volatile week 558 00:32:03,680 --> 00:32:06,560 Speaker 1: for global markets. We checked the markets every fifteen minutes 559 00:32:06,560 --> 00:32:09,480 Speaker 1: throughout the trading day on Bloomberg s and T futures 560 00:32:09,760 --> 00:32:12,160 Speaker 1: up about forty two points down, futures up two hundred 561 00:32:12,240 --> 00:32:15,120 Speaker 1: seventy and NASTAC futures have one hundred seventy seven the 562 00:32:15,240 --> 00:32:17,880 Speaker 1: decks in Germany's at one point seven percent, a ten 563 00:32:17,960 --> 00:32:20,400 Speaker 1: year treasury down six thirty seconds, field two point eight 564 00:32:20,440 --> 00:32:22,960 Speaker 1: five percent yield on the two year two point six 565 00:32:23,000 --> 00:32:25,520 Speaker 1: two percent. Nimeg S crude oil has done a third 566 00:32:25,520 --> 00:32:27,760 Speaker 1: of percent, or thirty seven cents at a hundred eleven 567 00:32:27,800 --> 00:32:30,320 Speaker 1: dollars eighty four cents of barrel coll Mexs gold up 568 00:32:30,320 --> 00:32:32,960 Speaker 1: about two two tents of a percent, up two dollars 569 00:32:33,040 --> 00:32:36,360 Speaker 1: seventy cents at eighteen fifty fifty announced, the euro one 570 00:32:36,360 --> 00:32:38,680 Speaker 1: point oh five eight one against the dollar, British bound 571 00:32:38,720 --> 00:32:40,760 Speaker 1: one point two four seven five and the end one 572 00:32:40,760 --> 00:32:44,560 Speaker 1: twenty eight point one one. And Bitcoin this morning is 573 00:32:45,160 --> 00:32:47,760 Speaker 1: up about tenth of a percent. It's at thirty thousand, 574 00:32:47,800 --> 00:32:50,480 Speaker 1: two hundred sixty dollars, and that's a bloomberg business flash. 575 00:32:50,480 --> 00:32:52,440 Speaker 1: Now here's Michael Barr with more on what's going on 576 00:32:52,480 --> 00:32:55,760 Speaker 1: around the world. Michael Karen, thank you very much. President 577 00:32:55,800 --> 00:32:58,680 Speaker 1: Joe Biden rhymed in South Korea, where he's visiting a 578 00:32:58,760 --> 00:33:04,080 Speaker 1: Samsung Electronic semiconductor complex. Biden is seeking to bolster supply 579 00:33:04,320 --> 00:33:08,680 Speaker 1: change that reduce reliance on China. Biden's first trip to 580 00:33:08,720 --> 00:33:13,280 Speaker 1: a jaz president, which runs through Tuesday, also includes Japan. 581 00:33:13,920 --> 00:33:17,000 Speaker 1: US health advisers are urging a booster dose of Fiser's 582 00:33:17,040 --> 00:33:21,440 Speaker 1: COVID nineteen vaccine for kids ages five to eleven. CDC 583 00:33:21,720 --> 00:33:24,680 Speaker 1: Panels signed off on the booster shots yesterday. In the 584 00:33:24,800 --> 00:33:27,920 Speaker 1: NBA playoffs, the Celtics have even their series at a 585 00:33:27,960 --> 00:33:31,360 Speaker 1: game of piece after beating the Heat one seven one 586 00:33:31,400 --> 00:33:34,520 Speaker 1: o two. In baseball, the Yankees lost to the Orioles 587 00:33:34,600 --> 00:33:37,280 Speaker 1: nine six the Mats one along with the Red Sox. 588 00:33:37,560 --> 00:33:40,120 Speaker 1: Global News twenty four hours a day on air and 589 00:33:40,320 --> 00:33:43,680 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 590 00:33:43,760 --> 00:33:46,440 Speaker 1: journalists and analysts more than a hundred twenty countries. I'm 591 00:33:46,480 --> 00:33:49,200 Speaker 1: Michael bar and this is Bloomberg, John, Michael, thank you 592 00:33:49,280 --> 00:33:51,920 Speaker 1: very much. It is now five forty nine hond Wall Street. 593 00:33:51,960 --> 00:33:54,840 Speaker 1: We are lying from the Bloomberg Interact of Brokers Studios. 594 00:33:55,000 --> 00:33:58,479 Speaker 1: This is Bloomberg Daybreak. Well, the Federal Reserve is on 595 00:33:58,520 --> 00:34:02,400 Speaker 1: the rate hiking path to try and slightly inflation Dragon, 596 00:34:03,040 --> 00:34:06,320 Speaker 1: But isn't there a rest the Fed might be actually 597 00:34:06,480 --> 00:34:10,640 Speaker 1: overdoing it? Preamsra rate strategies that TV securities that joins 598 00:34:10,719 --> 00:34:14,879 Speaker 1: us now prea the market seems to be pricing some 599 00:34:15,000 --> 00:34:17,560 Speaker 1: aspect of that that the Fed may actually be on 600 00:34:17,600 --> 00:34:22,239 Speaker 1: the path through overdoing it. Is that right absolutely? I think, 601 00:34:22,719 --> 00:34:25,480 Speaker 1: you know, the interest rate market, I think for the 602 00:34:25,640 --> 00:34:28,600 Speaker 1: entire year was really pricing in inflation and the Fed 603 00:34:28,680 --> 00:34:31,359 Speaker 1: that raising rates more than was priced in. I'd say 604 00:34:31,440 --> 00:34:34,440 Speaker 1: the last few weeks the market has gotten concerned that, 605 00:34:34,640 --> 00:34:36,480 Speaker 1: you know, the FED really doesn't have a lot of 606 00:34:36,480 --> 00:34:38,880 Speaker 1: control over inflation in the near term. A lot of 607 00:34:38,880 --> 00:34:41,919 Speaker 1: the inflation increases because of commodity prices, you know, and 608 00:34:41,920 --> 00:34:45,480 Speaker 1: and and the China lockdowns. So if inflation stays high 609 00:34:45,640 --> 00:34:48,400 Speaker 1: and we're seeing signs that it's persistent, I think the 610 00:34:48,440 --> 00:34:51,040 Speaker 1: fear that the market is expressing now is that the 611 00:34:51,040 --> 00:34:53,880 Speaker 1: Fed could overdo it, that they could you know, tighten 612 00:34:53,920 --> 00:34:56,240 Speaker 1: into a slowing economy. And that's why if we've noticed 613 00:34:56,360 --> 00:35:00,560 Speaker 1: interest rates falling, we've seen the curve steepening, and we've 614 00:35:00,560 --> 00:35:04,040 Speaker 1: seen equities, um, you know, performing as well. I actually 615 00:35:04,080 --> 00:35:06,240 Speaker 1: think it may be a little too early for that fear, 616 00:35:06,280 --> 00:35:08,680 Speaker 1: because the Fed right now is only indicating that they 617 00:35:08,680 --> 00:35:12,080 Speaker 1: will get to neutral expeditiously. I guess that's the word 618 00:35:12,080 --> 00:35:15,600 Speaker 1: that the Fed's using beyond neutral, they're keeping options open, 619 00:35:16,000 --> 00:35:18,480 Speaker 1: and I think that's the real test. Near year end, 620 00:35:18,520 --> 00:35:20,759 Speaker 1: when we get to neutrals around two and a half 621 00:35:20,760 --> 00:35:22,879 Speaker 1: on the fund's rate, Does the FED at that point 622 00:35:22,920 --> 00:35:24,719 Speaker 1: say inflation is too high and we have to get 623 00:35:24,760 --> 00:35:26,680 Speaker 1: to three and a half four I think then a 624 00:35:26,760 --> 00:35:30,000 Speaker 1: recession is very lightly Or do they say that inflation 625 00:35:30,160 --> 00:35:32,960 Speaker 1: is heading somewhat lower and therefore we can tolerate slightly 626 00:35:33,000 --> 00:35:35,719 Speaker 1: higher inflation and they actually slow down the pace of 627 00:35:35,800 --> 00:35:38,000 Speaker 1: rate highs. I think that's the big decision that the 628 00:35:38,040 --> 00:35:40,520 Speaker 1: FED will have to make, and that's going to determine 629 00:35:40,520 --> 00:35:44,239 Speaker 1: whether we head into a slowdown or or a full recession. 630 00:35:44,400 --> 00:35:47,920 Speaker 1: Does anybody know what the neutral rate is going to be? 631 00:35:49,320 --> 00:35:51,719 Speaker 1: Good point? Um, we don't, and the FED is also 632 00:35:51,760 --> 00:35:54,480 Speaker 1: admitting that they don't know. I think because part of 633 00:35:54,600 --> 00:35:56,719 Speaker 1: the issue with the neutral rates you have to have 634 00:35:56,760 --> 00:36:01,000 Speaker 1: a sense of inflation, which has been notoriously hard to focust. 635 00:36:01,320 --> 00:36:04,160 Speaker 1: I'd say there's more or at least I'm more convinced 636 00:36:04,280 --> 00:36:07,120 Speaker 1: on the real neutral rate, which is around zero. But 637 00:36:07,160 --> 00:36:10,640 Speaker 1: if inflation is you know, inflation expectations over the next year, 638 00:36:10,760 --> 00:36:13,240 Speaker 1: that's three percent then three percent is closer to neutral 639 00:36:13,320 --> 00:36:15,719 Speaker 1: or does it come back down to two? But I 640 00:36:15,760 --> 00:36:17,920 Speaker 1: think in general the FED is in the two and 641 00:36:17,920 --> 00:36:21,040 Speaker 1: a half to three percent camp would be somewhere near neutral. 642 00:36:21,520 --> 00:36:23,480 Speaker 1: It struggled the market was pricing in three and a 643 00:36:23,520 --> 00:36:26,080 Speaker 1: half percent on the funds rate just two weeks ago, 644 00:36:26,360 --> 00:36:28,920 Speaker 1: which I felt was overdoing it in terms of the 645 00:36:29,239 --> 00:36:31,359 Speaker 1: optimism that the FED can hike that much. I think 646 00:36:31,360 --> 00:36:33,600 Speaker 1: three and a half as well above neutral. We could 647 00:36:33,680 --> 00:36:35,640 Speaker 1: debate whether it's two and a half or three. I 648 00:36:35,719 --> 00:36:39,840 Speaker 1: think that's fair. Are we seeing the possibility of returning 649 00:36:39,840 --> 00:36:44,400 Speaker 1: to fiscal stimulus in parts of the world, Um, I 650 00:36:44,400 --> 00:36:47,080 Speaker 1: think it's tough because there's not a lot of physical 651 00:36:47,200 --> 00:36:50,080 Speaker 1: space globally, you know. I think there was a lot 652 00:36:50,080 --> 00:36:53,360 Speaker 1: of physical stimulus post COVID and in certain parts of 653 00:36:53,400 --> 00:36:56,040 Speaker 1: the world, in the US, I would say parts of 654 00:36:56,120 --> 00:36:59,920 Speaker 1: em I think that physical space is gone, particularly given 655 00:37:00,040 --> 00:37:02,640 Speaker 1: how much of a risk inflation is. I do think 656 00:37:02,640 --> 00:37:05,920 Speaker 1: there's monetary space, um. And you know, China is showing 657 00:37:05,960 --> 00:37:09,560 Speaker 1: that China also potentially does have physical space because they 658 00:37:09,600 --> 00:37:13,040 Speaker 1: have significant slowed down in growth. So I think the 659 00:37:13,080 --> 00:37:17,600 Speaker 1: global growth headwind UM is also you know, going on 660 00:37:17,600 --> 00:37:20,520 Speaker 1: on the US, and if we do get stimulus elsewhere 661 00:37:20,719 --> 00:37:23,040 Speaker 1: physical or monitory, I think would be so overnight was 662 00:37:23,040 --> 00:37:25,919 Speaker 1: was monetary out of China. Um. I think that can help, 663 00:37:26,000 --> 00:37:29,040 Speaker 1: It can help slow down, But again, the US is 664 00:37:29,040 --> 00:37:31,960 Speaker 1: a relatively closed economy, so if the Fed continues to 665 00:37:32,040 --> 00:37:35,200 Speaker 1: raise rates and do QT, I think that slow down 666 00:37:35,280 --> 00:37:37,600 Speaker 1: fear will will remain with us. How I'm tight of 667 00:37:37,680 --> 00:37:43,399 Speaker 1: the financial conditions right now. They are fairly tight. Um. 668 00:37:43,560 --> 00:37:45,799 Speaker 1: They're not as tight as the issues when you look 669 00:37:45,840 --> 00:37:48,799 Speaker 1: at it on a long history COVID sort of you know, 670 00:37:48,880 --> 00:37:51,359 Speaker 1: messes up our historical metrics, so they're not as tight 671 00:37:51,400 --> 00:37:53,759 Speaker 1: as COVID, but that's a very high bower. They're not 672 00:37:53,920 --> 00:37:57,000 Speaker 1: as tight as the financial conditions you know into the 673 00:37:57,080 --> 00:38:02,080 Speaker 1: Lehman crisis, but they are fairly dight. The The issue is, 674 00:38:02,239 --> 00:38:04,279 Speaker 1: you know, well, we are very easy. So on a 675 00:38:04,360 --> 00:38:09,200 Speaker 1: change basis it looks worrying. On an absolute basis, they're tied. 676 00:38:09,280 --> 00:38:11,759 Speaker 1: But are they tight enough to cause a recession? You know, 677 00:38:11,800 --> 00:38:14,160 Speaker 1: I think that I do struggle with I think they 678 00:38:14,160 --> 00:38:17,759 Speaker 1: do slow down the econmany have the reasons for buying treasuries, 679 00:38:17,880 --> 00:38:22,120 Speaker 1: have they changed significantly? About twenty seconds left? I think 680 00:38:22,160 --> 00:38:24,600 Speaker 1: so yes, I think particularly in the front end, so 681 00:38:24,640 --> 00:38:26,680 Speaker 1: the zero to five year sector. I like owning that 682 00:38:26,719 --> 00:38:29,040 Speaker 1: because if the economy does slow down, I think the 683 00:38:29,080 --> 00:38:31,000 Speaker 1: fact will not be able to raise rates as much 684 00:38:31,040 --> 00:38:33,800 Speaker 1: as this priceton. So I think that's a new dynamic 685 00:38:33,840 --> 00:38:36,279 Speaker 1: in the in the last few weeks, which makes a 686 00:38:36,320 --> 00:38:39,160 Speaker 1: reason to buy that very front end. Always a pleasure. 687 00:38:39,200 --> 00:38:41,400 Speaker 1: We appreciate it, pre admits for a global head of 688 00:38:41,480 --> 00:38:45,040 Speaker 1: right Strategy at TV Securities with us this morning, look 689 00:38:45,040 --> 00:38:47,560 Speaker 1: at the benchmark ten year yield right now to eighties 690 00:38:47,560 --> 00:38:51,359 Speaker 1: six up two basis points, Karen, all right, John, thank you, 691 00:38:51,400 --> 00:38:54,080 Speaker 1: and it's fifty four on Wall straight. It's time for 692 00:38:54,080 --> 00:38:58,319 Speaker 1: the Bloomberg Law Report, brought to you by American Arbitration Association. 693 00:38:58,400 --> 00:39:01,240 Speaker 1: Business disputes are inevitable, whereas all faster with the American 694 00:39:01,320 --> 00:39:05,360 Speaker 1: Arbitration Association, the global leader and alternative dispute resolution for 695 00:39:05,400 --> 00:39:08,480 Speaker 1: over ninety years. More at a dr dot org. You know, 696 00:39:08,520 --> 00:39:11,240 Speaker 1: here's a legal story we're watching this morning. A family 697 00:39:11,280 --> 00:39:14,239 Speaker 1: in Philadelphia is suing TikTok over the death of a 698 00:39:14,239 --> 00:39:17,719 Speaker 1: ten year old girl who allegedly participated in an online 699 00:39:17,840 --> 00:39:20,799 Speaker 1: challenge in which people choke themselves until they black out. 700 00:39:21,120 --> 00:39:24,800 Speaker 1: Nila Anderson's family accuses the social media platform of marketing 701 00:39:24,800 --> 00:39:28,560 Speaker 1: and effective product and negligence, alleging that the dangerous dare 702 00:39:28,640 --> 00:39:31,040 Speaker 1: was thrust in front of the girl by TikTok on 703 00:39:31,080 --> 00:39:34,680 Speaker 1: her for you page. For Moura Bloomberg, student Grosso speaks 704 00:39:34,680 --> 00:39:37,920 Speaker 1: to Eric Goldman, a professor at Santa Clara University Law School. 705 00:39:38,680 --> 00:39:42,719 Speaker 1: The mom is not suing the people who posted the challenge, 706 00:39:43,200 --> 00:39:47,560 Speaker 1: but she's suing the social media platform the challenge was on. 707 00:39:48,400 --> 00:39:52,360 Speaker 1: Is that unusual, right? So the lawsuit then seats to 708 00:39:52,680 --> 00:39:58,040 Speaker 1: treat the video services as if they're providing dangerous content 709 00:39:58,280 --> 00:40:02,640 Speaker 1: or harmful content in a way that can be legally restricted. 710 00:40:02,840 --> 00:40:08,000 Speaker 1: And this has become pretty common in internet law today 711 00:40:08,080 --> 00:40:11,640 Speaker 1: to try to treat internet services as if they're a 712 00:40:11,760 --> 00:40:17,440 Speaker 1: dangerous product that they murder people like smoking kills smokers, 713 00:40:17,480 --> 00:40:20,160 Speaker 1: and those legal theories are being tested in the court 714 00:40:20,280 --> 00:40:23,960 Speaker 1: right now, but we're seeing them quite frequently nowadays. The 715 00:40:24,080 --> 00:40:30,440 Speaker 1: suit alleges that TikTok's algorithm determined that this deadly blackout 716 00:40:30,560 --> 00:40:33,839 Speaker 1: challenge was likely to be of interest to the ten 717 00:40:33,920 --> 00:40:36,480 Speaker 1: year old girl, and that it showed up on her 718 00:40:36,920 --> 00:40:41,839 Speaker 1: for you page so does the suit depend on proving 719 00:40:42,000 --> 00:40:46,600 Speaker 1: this algorithm did that well? To be clear, TikTok didn't 720 00:40:46,640 --> 00:40:49,280 Speaker 1: have some kind of magician at the back end saying 721 00:40:49,440 --> 00:40:51,919 Speaker 1: I think that this is the kind of content that 722 00:40:51,960 --> 00:40:56,160 Speaker 1: this particular viewer is most likely to respond to. It's 723 00:40:56,239 --> 00:40:59,359 Speaker 1: all done by algorithms, so there's a bunch of formulas 724 00:40:59,360 --> 00:41:01,719 Speaker 1: that set up what content might be appropriate or not 725 00:41:01,800 --> 00:41:04,400 Speaker 1: for the audience. But they're never going to be perfect, 726 00:41:04,520 --> 00:41:07,480 Speaker 1: and they're always going to make assumptions about the people 727 00:41:07,520 --> 00:41:10,239 Speaker 1: that they're exposing too. Now, one of the questions I 728 00:41:10,280 --> 00:41:14,280 Speaker 1: underline this lawsuit is whether or not the video actually 729 00:41:14,600 --> 00:41:19,080 Speaker 1: caused the death. And this is a complicated question in 730 00:41:19,200 --> 00:41:22,440 Speaker 1: legal circles because there's a lot of things that contributed 731 00:41:22,520 --> 00:41:26,160 Speaker 1: to the ultimate death, and we have to then establish 732 00:41:26,160 --> 00:41:29,600 Speaker 1: that the video is the basis is the death and 733 00:41:29,880 --> 00:41:33,120 Speaker 1: that TikTok then could have done something to prevent that 734 00:41:33,239 --> 00:41:37,080 Speaker 1: from occurring. And so there's a bunch of legal questions 735 00:41:37,120 --> 00:41:41,400 Speaker 1: embedded in this assertion that the algorithms caused the death. 736 00:41:41,520 --> 00:41:43,239 Speaker 1: We have to really take a look at that from 737 00:41:43,239 --> 00:41:45,840 Speaker 1: a legal standpoint, and it's not clear what the answers 738 00:41:45,880 --> 00:41:50,399 Speaker 1: will be. Does the communications decency act play in anywhere here, 739 00:41:50,760 --> 00:41:54,080 Speaker 1: it does so section two. There he says quite simply 740 00:41:54,440 --> 00:41:57,680 Speaker 1: that websites aren't liable for third party content. The videos 741 00:41:57,719 --> 00:42:00,600 Speaker 1: that issue here appear to be third party content uploaded 742 00:42:00,600 --> 00:42:03,920 Speaker 1: by other users, and so on. As space it appears 743 00:42:03,960 --> 00:42:07,280 Speaker 1: to TikTok may be able to say that the lawsuit 744 00:42:07,360 --> 00:42:09,760 Speaker 1: is trying to hold TikTok libel for publishing third party 745 00:42:09,800 --> 00:42:13,320 Speaker 1: content what section to thirty c d A doesn't permit. 746 00:42:14,360 --> 00:42:17,200 Speaker 1: And as Erik Goldman, a professor at Santa Clara University 747 00:42:17,280 --> 00:42:20,399 Speaker 1: Law School, spaking at the Bloomberg's doing Grosso, it's more 748 00:42:20,400 --> 00:42:22,919 Speaker 1: in that interview, plus analysis of the latest legal news. 749 00:42:22,960 --> 00:42:25,640 Speaker 1: By listening to the Bloomberg Law Show attend PM Eastern 750 00:42:25,680 --> 00:42:28,760 Speaker 1: Time or subscribing to the Bloomberg Law Podcast, and attorneys 751 00:42:28,800 --> 00:42:32,120 Speaker 1: can find exceptional legal research and business development tools at 752 00:42:32,120 --> 00:42:36,960 Speaker 1: Bloomberg Law dot com. Futures Hire this morning, SMP Future 753 00:42:37,040 --> 00:42:39,640 Speaker 1: is a forty three points and del Futures up two 754 00:42:39,680 --> 00:42:42,280 Speaker 1: hundred seventy nine. As Day Futures up a hundred seventy 755 00:42:42,360 --> 00:42:44,520 Speaker 1: nine and still ahead. On Bloomberg Day Break, I check 756 00:42:44,560 --> 00:42:46,319 Speaker 1: on the business headlines and all the news you need 757 00:42:46,360 --> 00:42:48,120 Speaker 1: to start your day, this is Bloomberg