1 00:00:04,000 --> 00:00:07,360 Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:07,400 --> 00:00:10,960 Speaker 1: Daybreak for Wednesday, May fourth, two. Coming up this hour, 3 00:00:11,360 --> 00:00:15,160 Speaker 1: Investors brace for the biggest FED decision in decades. Vice 4 00:00:15,160 --> 00:00:19,160 Speaker 1: President Kamala Harris says women's rights are under attack by Republicans. 5 00:00:19,520 --> 00:00:23,080 Speaker 1: A Trump backed candidate wins in Ohio, and Elon Musk 6 00:00:23,079 --> 00:00:26,280 Speaker 1: reportedly planned to take Twitter public again in a few years. 7 00:00:27,040 --> 00:00:30,720 Speaker 1: North Korea has launched another missile. Plus, comedian Dave Chappelle 8 00:00:30,760 --> 00:00:34,599 Speaker 1: was attacked on stage. I'm Michael blar More Ahead, I'm 9 00:00:34,640 --> 00:00:36,879 Speaker 1: John stash Our Sports Double Letters sweep for the max 10 00:00:37,000 --> 00:00:39,800 Speaker 1: eleventh straight win for the Yankees. The Rangers lost Game 11 00:00:39,840 --> 00:00:45,360 Speaker 1: one of the Penguins in triple overtime. That's all training 12 00:00:45,360 --> 00:00:49,280 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, 13 00:00:49,479 --> 00:00:54,160 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 14 00:00:54,440 --> 00:00:58,600 Speaker 1: Bloomberg nine sixties and Francisco, Syrias x AM one nine 15 00:00:58,640 --> 00:01:01,920 Speaker 1: team and around the world on Bloomberg Radio dot Com 16 00:01:01,960 --> 00:01:08,400 Speaker 1: and via The Bloomberg Business That Good morning, I'm Nathan 17 00:01:08,440 --> 00:01:11,720 Speaker 1: Hager and I'm Karen Moscow and US Dock Index futures 18 00:01:11,720 --> 00:01:13,920 Speaker 1: are higher this morning. We are coming up to find 19 00:01:13,920 --> 00:01:15,720 Speaker 1: out what on Wall Street, and we check the markets 20 00:01:15,720 --> 00:01:18,679 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg and 21 00:01:18,760 --> 00:01:22,199 Speaker 1: right now, SNP futures are up eleven points down Future 22 00:01:22,280 --> 00:01:25,000 Speaker 1: is up seventy three and nasdack future is up twenty three. 23 00:01:25,080 --> 00:01:27,480 Speaker 1: The ten year treasury up to thirty seconds, he L 24 00:01:27,560 --> 00:01:30,120 Speaker 1: two point nine six percent, and the yield on the 25 00:01:30,160 --> 00:01:32,600 Speaker 1: two year two point seven eight percent, and nine X 26 00:01:32,640 --> 00:01:34,680 Speaker 1: screwed oil is up three and a third percent. It's 27 00:01:34,680 --> 00:01:37,960 Speaker 1: at a hundred five dollars eighty five cents of barrel. Nathan, Karen, 28 00:01:38,000 --> 00:01:41,120 Speaker 1: we begin this busy morning with the most widely anticipated 29 00:01:41,200 --> 00:01:45,560 Speaker 1: Fed decision in years. Today's rate hike is just the beginning. 30 00:01:45,600 --> 00:01:48,800 Speaker 1: That's according to former I m F Chief economist Kenneth Rogoff. 31 00:01:49,080 --> 00:01:51,880 Speaker 1: I think the idea that just to three percent would 32 00:01:51,880 --> 00:01:55,280 Speaker 1: be enough really unlikely. I think they're going to have 33 00:01:55,640 --> 00:01:58,640 Speaker 1: to raise interest rates to four or five percent to 34 00:01:58,960 --> 00:02:01,520 Speaker 1: bring inflation down to two and a half for three 35 00:02:02,280 --> 00:02:05,320 Speaker 1: Former I m F Chief economist Kenneth Rogoff says inflation 36 00:02:05,400 --> 00:02:07,600 Speaker 1: is now running it more than three times the central 37 00:02:07,600 --> 00:02:10,600 Speaker 1: banks two percent target. We get more on this afternoon's 38 00:02:10,600 --> 00:02:13,720 Speaker 1: FED decision from Bloomberg's Michael McKee. There may be more 39 00:02:13,840 --> 00:02:16,440 Speaker 1: questions about how the markets will react to the FED 40 00:02:16,520 --> 00:02:19,560 Speaker 1: than about what the Fed will do. A half percentage 41 00:02:19,600 --> 00:02:21,720 Speaker 1: point rate hike is all but certain. The Fed will 42 00:02:21,760 --> 00:02:24,240 Speaker 1: also outline how and when it will begin reducing the 43 00:02:24,280 --> 00:02:26,919 Speaker 1: size of its balance sheet, but it already put most 44 00:02:26,960 --> 00:02:29,400 Speaker 1: of those details into the minutes of their March meeting. 45 00:02:29,720 --> 00:02:33,480 Speaker 1: Investors have already priced in both outcomes, so any market 46 00:02:33,520 --> 00:02:36,880 Speaker 1: move likely depends on the Fed, particularly Chairman j Powell 47 00:02:37,280 --> 00:02:41,200 Speaker 1: offering specific future guidance saying perhaps the Central Bank will 48 00:02:41,280 --> 00:02:43,760 Speaker 1: raise rates by the same amount several times in a row, 49 00:02:44,400 --> 00:02:48,760 Speaker 1: or Powell delivering a surprise, say, suggesting seventy five bases 50 00:02:48,800 --> 00:02:53,480 Speaker 1: point hikes could be on the horizon. Michael McKee, Bloomberg Debris. Alright, Mike, thanks, So, 51 00:02:53,480 --> 00:02:55,840 Speaker 1: of course we will have full coverage and analysis of 52 00:02:55,880 --> 00:02:58,639 Speaker 1: the FED decision beginning at one pm Wall Street Time 53 00:02:58,680 --> 00:03:01,840 Speaker 1: on a special edition of Bloomberg Surveillance. Well, the other 54 00:03:01,880 --> 00:03:05,560 Speaker 1: big issue in Washington right now, Nathan, is abortion rights, 55 00:03:05,680 --> 00:03:08,959 Speaker 1: following news that the Supreme Court may strike down Roe v. Wade. 56 00:03:09,080 --> 00:03:12,400 Speaker 1: Vice President Kamala Harris is warning that women's rights are 57 00:03:12,480 --> 00:03:15,280 Speaker 1: under attack. How dare they tell a woman what she 58 00:03:15,360 --> 00:03:19,440 Speaker 1: can do and cannot do with her own body? How 59 00:03:19,560 --> 00:03:24,119 Speaker 1: dare they? How dare they try to stop her from 60 00:03:24,160 --> 00:03:28,200 Speaker 1: determining her own future. Vice President Harris spoke at the 61 00:03:28,200 --> 00:03:31,720 Speaker 1: annual Emily's List conference in Washington. John del Volpe as 62 00:03:31,800 --> 00:03:35,560 Speaker 1: director of polling at the Harvard Kennedy School Institute of Politics, 63 00:03:35,560 --> 00:03:39,160 Speaker 1: and he says the leaked opinion could reshape the midterm elections. 64 00:03:39,480 --> 00:03:43,560 Speaker 1: This is likely to be highly motivational for specifically young 65 00:03:43,600 --> 00:03:47,400 Speaker 1: people who are unsure whether or not they're going to participate, because, um, 66 00:03:47,640 --> 00:03:50,800 Speaker 1: they can now see in very tangible ways the difference 67 00:03:50,920 --> 00:03:54,400 Speaker 1: than engagements mix and John de la Volpi of Harvard 68 00:03:54,440 --> 00:03:57,520 Speaker 1: spoke at our Washington correspondent Joe Matthew on Bloomberg's Sound 69 00:03:57,560 --> 00:04:01,000 Speaker 1: on Cash, the show weekdays at five pm Eastern Bloomberg Radio. 70 00:04:01,120 --> 00:04:04,160 Speaker 1: And we should note the Supreme Court has confirmed the 71 00:04:04,240 --> 00:04:08,080 Speaker 1: leaked opinion is authentic, but says it's not the Justice's 72 00:04:08,120 --> 00:04:11,560 Speaker 1: final decision. We have another major political story this morning. Karen, 73 00:04:11,600 --> 00:04:14,920 Speaker 1: a candidate backed by former President Donald Trump, has won 74 00:04:15,040 --> 00:04:18,920 Speaker 1: the Ohio Senate Republican primary. Amy Morris has details from 75 00:04:18,920 --> 00:04:23,400 Speaker 1: our Bloomberg newsroom in Washington. Venture capitalist J. D. Vance 76 00:04:23,480 --> 00:04:26,520 Speaker 1: won the GOP primary in Ohio after trailing in the 77 00:04:26,560 --> 00:04:29,599 Speaker 1: polls just three weeks ago, and he knew who to thank. 78 00:04:29,720 --> 00:04:34,000 Speaker 1: I have absolutely got to thank the President United States 79 00:04:34,000 --> 00:04:38,000 Speaker 1: Donal J. Trump. Ladies and gentlemen. Vance had called Trump 80 00:04:38,160 --> 00:04:41,760 Speaker 1: unfit and noxious. In now he fully embraces him and 81 00:04:41,839 --> 00:04:44,960 Speaker 1: his views. Analysts gosh and against reading too much into 82 00:04:45,000 --> 00:04:47,960 Speaker 1: the outcome of just one race. Trump's endorsements will be 83 00:04:48,000 --> 00:04:51,920 Speaker 1: tested in coming weeks with GOP primaries and states including Pennsylvania, 84 00:04:52,000 --> 00:04:56,080 Speaker 1: North Carolina, and Georgia. In Washington on Maybe Morris Bloomberg daybreak, 85 00:04:56,160 --> 00:04:57,880 Speaker 1: All right, Amy, thank you Now. The latest on the 86 00:04:57,920 --> 00:05:00,880 Speaker 1: war in Europe. Russia is ship doing direction and its 87 00:05:00,920 --> 00:05:03,760 Speaker 1: approach to the invasion of Ukraine, and Bloomberg's at Baxter 88 00:05:03,839 --> 00:05:06,600 Speaker 1: reports this is nearly ten weeks into the war. On 89 00:05:06,640 --> 00:05:10,159 Speaker 1: whether it's military installed in many areas, including just marginal 90 00:05:10,240 --> 00:05:13,560 Speaker 1: gains in the East, Russia is now focused on annexation 91 00:05:13,640 --> 00:05:17,039 Speaker 1: of the areas it is occupied. The Kremlin is installing 92 00:05:17,040 --> 00:05:21,320 Speaker 1: occupation governments, ordering locals to use rubles for transactions. And 93 00:05:21,360 --> 00:05:24,520 Speaker 1: in some cases organizing referendums to open the way for 94 00:05:24,640 --> 00:05:28,880 Speaker 1: full annexation in public. The Kremlin says their advance will 95 00:05:28,960 --> 00:05:33,360 Speaker 1: pick up, but for now this action is necessary. In 96 00:05:33,440 --> 00:05:36,880 Speaker 1: San Francisco, I'm at Baxter Bloomberg Daybreak, alright, ed, Thanks 97 00:05:36,920 --> 00:05:39,560 Speaker 1: On Wall Street Today, earnings continue to roll in For 98 00:05:39,600 --> 00:05:42,599 Speaker 1: a look at some stocks on the move following yesterday's reports, 99 00:05:42,640 --> 00:05:45,120 Speaker 1: were joined live by Bloomberg's John Tucker. Good morning, John, 100 00:05:45,160 --> 00:05:48,040 Speaker 1: Good morning, Nathan. Lift is poised to wipe out more 101 00:05:48,080 --> 00:05:50,200 Speaker 1: than a quarter of its market valuation after the right 102 00:05:50,240 --> 00:05:55,000 Speaker 1: heiling company's second quarter outlook disappointed. Lift down twenty of 103 00:05:55,040 --> 00:05:58,080 Speaker 1: the pre market. A plant increase in driver incentives could 104 00:05:58,160 --> 00:06:01,599 Speaker 1: weigh on profits. In advanced micro devices gave US strong 105 00:06:01,680 --> 00:06:04,039 Speaker 1: sales for a cast for the current quarter. The chip 106 00:06:04,040 --> 00:06:07,160 Speaker 1: maker continues to make gains in computer data centers a 107 00:06:07,320 --> 00:06:10,440 Speaker 1: m D A five percent in early trading at Starbucks 108 00:06:10,480 --> 00:06:14,480 Speaker 1: reported US results that topped estimates those shares of four percent. 109 00:06:14,680 --> 00:06:17,880 Speaker 1: Live in New York, I'm John Tucker, Bloomberg Daybreak, All right, John, 110 00:06:17,920 --> 00:06:20,360 Speaker 1: Thank you. All more news this morning on Elon Musk 111 00:06:20,440 --> 00:06:24,240 Speaker 1: and Twitter. Musk reportedly wants to eventually take Twitter public again, 112 00:06:24,279 --> 00:06:26,800 Speaker 1: and we get the latest live from Bloomberg's Randy too Young. 113 00:06:26,800 --> 00:06:29,440 Speaker 1: Good morning, Ready Town, Good morning Karen Elon. Musk says 114 00:06:29,480 --> 00:06:32,120 Speaker 1: he's planning to take an I p O of Twitter 115 00:06:32,440 --> 00:06:35,960 Speaker 1: as little as three years after buying it. That's according 116 00:06:35,960 --> 00:06:40,080 Speaker 1: to Dow Jones, which reports Musk is taking talking with investors, 117 00:06:40,200 --> 00:06:43,240 Speaker 1: including private equity firms, to help lower his twenty one 118 00:06:43,279 --> 00:06:47,279 Speaker 1: billion dollar contribution to the deal. Private equity firms typically 119 00:06:47,320 --> 00:06:51,120 Speaker 1: take publicly traded companies private to fix them out of 120 00:06:51,160 --> 00:06:54,599 Speaker 1: the limelight, then within five years they take them public again. 121 00:06:55,040 --> 00:06:57,640 Speaker 1: Live in New York, I'm ranit a Young Bloomberg Daybreak. 122 00:06:57,760 --> 00:06:59,960 Speaker 1: All right, we need to thank you in a programming note. 123 00:07:00,080 --> 00:07:02,679 Speaker 1: Join us this morning when we speak live with JP 124 00:07:02,880 --> 00:07:06,160 Speaker 1: Morgan Chase CEO Jamie Diamond. It's coming up in a 125 00:07:06,200 --> 00:07:08,559 Speaker 1: little more than our six thirty a m. Wall Street 126 00:07:08,600 --> 00:07:12,280 Speaker 1: time on both Bloomberg Radio and television. Future is moving 127 00:07:12,320 --> 00:07:15,360 Speaker 1: a little bit higher on this FED Decision Day, straight ahead, 128 00:07:15,360 --> 00:07:18,360 Speaker 1: your latest local headlines, and the check of sports. This 129 00:07:18,840 --> 00:07:24,760 Speaker 1: is Bloomberg South, five oh seven on Wall Street. We 130 00:07:24,840 --> 00:07:27,520 Speaker 1: got rained this morning fifty degrees in Central Park and 131 00:07:27,560 --> 00:07:31,000 Speaker 1: an accident on the west side Highway northbound headed Deer One. 132 00:07:31,280 --> 00:07:33,800 Speaker 1: Details coming up in traffic. First Michael bar with more 133 00:07:33,800 --> 00:07:35,720 Speaker 1: on what's going on in New York and around the world, 134 00:07:35,760 --> 00:07:38,600 Speaker 1: came Morning Michael, Good Morning Nathan. Protests were held at 135 00:07:38,600 --> 00:07:41,400 Speaker 1: the Tri State area over the League Supreme Court draft 136 00:07:41,520 --> 00:07:46,400 Speaker 1: decision that would be final would overturn Roe v. Wade. 137 00:07:46,920 --> 00:07:50,400 Speaker 1: Sonia Osorio, president of the New York chapter of the 138 00:07:50,480 --> 00:07:54,880 Speaker 1: National Organization for Women, says state lawmakers they're legalized abortion 139 00:07:54,960 --> 00:07:58,400 Speaker 1: several years ago, knowing this day would come, reproductive rights 140 00:07:58,440 --> 00:08:01,080 Speaker 1: activists in Governor Pummo, we worked very hard on that. 141 00:08:01,160 --> 00:08:05,760 Speaker 1: In we finally passed that after several years of hard work, 142 00:08:06,000 --> 00:08:10,360 Speaker 1: and we did that in anticipation of this week document 143 00:08:10,720 --> 00:08:14,200 Speaker 1: and what is ahead of us. Sonya Surio with now 144 00:08:14,400 --> 00:08:17,440 Speaker 1: says men need to do their part to support abortion rights. 145 00:08:17,680 --> 00:08:20,480 Speaker 1: Women do not get pregnant on their own. New York 146 00:08:20,480 --> 00:08:24,320 Speaker 1: Attorney General Letitia James has long been outspoken about defending 147 00:08:24,320 --> 00:08:27,680 Speaker 1: abortion rights. Now she has publicly disclosed that she had 148 00:08:27,680 --> 00:08:31,840 Speaker 1: an abortion herself almost two decades ago. The Democrat told 149 00:08:31,840 --> 00:08:34,439 Speaker 1: an abortion rights rally that she chose to do so 150 00:08:34,760 --> 00:08:37,760 Speaker 1: when she was a newly elected New York City Council member. 151 00:08:38,200 --> 00:08:41,280 Speaker 1: New York Governor Kathy Hkill reacted to the lead opinion, 152 00:08:41,880 --> 00:08:44,440 Speaker 1: this is something that we have fought against for my 153 00:08:44,640 --> 00:08:48,479 Speaker 1: entire life. In fact, this is a battle my mother's generation. 154 00:08:49,160 --> 00:08:54,360 Speaker 1: It's a battle from my generation, my daughter's generation, and 155 00:08:54,440 --> 00:08:58,880 Speaker 1: it seems like even my three day old grandchild, Sophia's generation, 156 00:08:58,920 --> 00:09:01,640 Speaker 1: will have to be fighting this same fight. Something that 157 00:09:01,679 --> 00:09:03,600 Speaker 1: we had thought we had put to bed a long 158 00:09:03,640 --> 00:09:07,120 Speaker 1: time ago, and I refused to go backwards. Governor Local 159 00:09:07,200 --> 00:09:11,640 Speaker 1: spoke while announcing Representative Antonio Delgado will serve as New 160 00:09:11,760 --> 00:09:15,520 Speaker 1: York's next Lieutenant governor. North Korea has fired a ballistic 161 00:09:15,520 --> 00:09:19,120 Speaker 1: missile towards the East Sea from pyong Yang. South Korea 162 00:09:19,160 --> 00:09:21,520 Speaker 1: will inaugurate a new president next week, who is known 163 00:09:21,520 --> 00:09:24,280 Speaker 1: to be hard line against the North. Analysts say North 164 00:09:24,360 --> 00:09:27,840 Speaker 1: Korea's military provocations are likely to grow in the near future. 165 00:09:28,240 --> 00:09:31,680 Speaker 1: Comedian Dave Chappelle was tackled on stage at the Hollywood 166 00:09:31,720 --> 00:09:35,240 Speaker 1: Bowl in Los Angeles. It happened as Chappelle was just 167 00:09:35,360 --> 00:09:38,360 Speaker 1: wrapping up his performance. The man was grabbed and punched 168 00:09:38,360 --> 00:09:41,560 Speaker 1: by security guards. Global News twenty four hours a day 169 00:09:41,679 --> 00:09:44,959 Speaker 1: on air and on Bloomberg Quicktake powered by more than 170 00:09:45,040 --> 00:09:48,280 Speaker 1: twenty hundred journalists and analysts more than a hundred, twenty countries. 171 00:09:48,640 --> 00:09:51,520 Speaker 1: Michael bar this is Bloomberg. Nathan all right, Michael, thank 172 00:09:51,559 --> 00:09:57,880 Speaker 1: you five oh nine on Wall Street. Time for the 173 00:09:57,880 --> 00:10:01,040 Speaker 1: Bloomberg Sports up Davire's stunts to showering Hey. Then the 174 00:10:01,120 --> 00:10:03,600 Speaker 1: Rangers first playoff game of the Guard in five years. 175 00:10:03,679 --> 00:10:06,080 Speaker 1: It was a long one. Blue Shirts played a strong 176 00:10:06,120 --> 00:10:08,040 Speaker 1: first period, not something in the second. They let Pittsburgh 177 00:10:08,040 --> 00:10:11,360 Speaker 1: take twenty five shots on gold and score three times 178 00:10:11,360 --> 00:10:13,920 Speaker 1: some Ranger penalties late in the period. Chris Pryder actually 179 00:10:13,920 --> 00:10:16,280 Speaker 1: scored shorthanded, but then the Penguins tied the game, scoring 180 00:10:16,280 --> 00:10:18,720 Speaker 1: with a two man advantage. It was three to three, 181 00:10:18,800 --> 00:10:22,080 Speaker 1: and it stayed that way for the next sixty seven 182 00:10:22,080 --> 00:10:25,960 Speaker 1: minutes of hockey until six minutes into the third overtime 183 00:10:28,679 --> 00:10:30,640 Speaker 1: capping it drifts to the far corner with it up 184 00:10:30,679 --> 00:10:32,800 Speaker 1: the wall. Now back to the point from Melito where 185 00:10:32,880 --> 00:10:39,160 Speaker 1: shot scos get eva Ki plays hero, the Flexi pasties 186 00:10:39,280 --> 00:10:42,719 Speaker 1: circuit and you can slap it on the Broadway marquee. 187 00:10:42,880 --> 00:10:46,480 Speaker 1: The Penguins take Game one and lead this series one. 188 00:10:46,559 --> 00:10:49,439 Speaker 1: Gamed it up xt X in Pittsburgh four three of 189 00:10:49,480 --> 00:10:51,800 Speaker 1: the final. That goal came on the penguins eighty third 190 00:10:51,880 --> 00:10:54,240 Speaker 1: shot of the night. Rangers and their fans thinking about 191 00:10:54,240 --> 00:10:56,720 Speaker 1: what happened with three minutes left in regulation, a Ranger 192 00:10:56,760 --> 00:11:00,199 Speaker 1: goals taken away. After the Penguins challenge, the official ones 193 00:11:00,280 --> 00:11:03,079 Speaker 1: agreed there was goalie interference. Seemed like some evidence that 194 00:11:03,120 --> 00:11:05,680 Speaker 1: it may have been caused by the Pittsburgh defenseman. They're 195 00:11:05,679 --> 00:11:08,000 Speaker 1: back of the Garden for game to tomorrow. Yankees back 196 00:11:08,000 --> 00:11:10,839 Speaker 1: in Toronto tonight, going for another series sweep and a 197 00:11:11,000 --> 00:11:13,160 Speaker 1: twelve win in a row. They pulled away last night 198 00:11:13,200 --> 00:11:15,200 Speaker 1: one nine to one, story in all, nine runs over 199 00:11:15,200 --> 00:11:17,760 Speaker 1: the last quarter and names Aaron Judge got him going 200 00:11:17,800 --> 00:11:19,680 Speaker 1: his eighth home run in the last ten games. Ganks 201 00:11:19,679 --> 00:11:21,880 Speaker 1: put it away with six runs in the seventh. An 202 00:11:21,880 --> 00:11:24,240 Speaker 1: he double header sweep for the Mets over Atlanta, first five, 203 00:11:24,320 --> 00:11:27,720 Speaker 1: four and then three nothing behind Carlos Carrasco NBA Playoffs 204 00:11:27,760 --> 00:11:31,000 Speaker 1: Boston blew out in Milwaukee, Memphis Speed Golden State. John 205 00:11:31,000 --> 00:11:33,679 Speaker 1: Brandt scored forty seven. Both those series tied at one. 206 00:11:34,000 --> 00:11:37,080 Speaker 1: John Stashi Award, Bloomberg Sports, Nathan all Right, John, thank 207 00:11:37,160 --> 00:11:39,120 Speaker 1: you right now. S and p futures are higher by 208 00:11:39,160 --> 00:11:42,520 Speaker 1: seven point. Staff futures up forty seven, NANSAC futures up ten, 209 00:11:42,640 --> 00:11:45,720 Speaker 1: and the tenure treasury is up to thirty seconds. The 210 00:11:45,800 --> 00:11:49,120 Speaker 1: yield two point nine six per cent as we await 211 00:11:49,200 --> 00:11:52,840 Speaker 1: the May decision and expected fifty basis point hike from 212 00:11:52,880 --> 00:11:56,920 Speaker 1: the Fed just ahead the abortion factor and the Trump 213 00:11:57,000 --> 00:11:59,959 Speaker 1: factor in this year's mid term elections. Will speak live 214 00:12:00,000 --> 00:12:04,120 Speaker 1: with Bloomberg Washington correspondent Anne Marie Or during This is 215 00:12:04,160 --> 00:12:09,560 Speaker 1: Bloomberg Bloomberg Day Break, brought to you by the New 216 00:12:09,600 --> 00:12:11,640 Speaker 1: York Community Trust. Your name will live on as a 217 00:12:11,720 --> 00:12:13,800 Speaker 1: champion of the causes you care about for years to 218 00:12:13,840 --> 00:12:16,959 Speaker 1: come through a charitable request to the New York Community Trust. 219 00:12:17,120 --> 00:12:23,880 Speaker 1: Learn more at Philanthropist dot NYC markets headlines and breaking 220 00:12:23,920 --> 00:12:26,800 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 221 00:12:26,880 --> 00:12:30,439 Speaker 1: at the Bloomberg Business Outland at Bloomberg Quick Tape is 222 00:12:30,480 --> 00:12:39,520 Speaker 1: a Bloomberg Business Lash and I'm Karen Moscow. US dot 223 00:12:39,559 --> 00:12:42,439 Speaker 1: Index futures are on the rise. This morning, Investors are 224 00:12:42,480 --> 00:12:45,200 Speaker 1: bracing for the biggest Federal Reserve interest rate heights since 225 00:12:45,200 --> 00:12:48,160 Speaker 1: two thousand and awaiting more clues on how aggressively the 226 00:12:48,200 --> 00:12:51,480 Speaker 1: federal tackle inflation. We check the markets every fifteen minutes 227 00:12:51,520 --> 00:12:54,439 Speaker 1: throughout the trading day on Bloomberg. Right now, SNP futures 228 00:12:54,440 --> 00:12:57,640 Speaker 1: are up nine points, DW Future is up sixty, nastack 229 00:12:57,720 --> 00:13:00,520 Speaker 1: future is up fourteen. The decks inured many is down 230 00:13:00,559 --> 00:13:02,839 Speaker 1: a third of a percent. The ten your Treasury is 231 00:13:02,880 --> 00:13:05,400 Speaker 1: of one thirty second you two point nine six percent. 232 00:13:05,440 --> 00:13:08,080 Speaker 1: The yield on the two year two point seven nine percent. 233 00:13:08,480 --> 00:13:10,920 Speaker 1: NIMEX screwed oil is up three and a third percent 234 00:13:10,960 --> 00:13:13,040 Speaker 1: of three dollars forty four cents at a hundred five 235 00:13:13,080 --> 00:13:15,719 Speaker 1: dollars eighty five cents in barrel. Comex s Gold is 236 00:13:15,760 --> 00:13:18,360 Speaker 1: down to ten percent or three dollars at eighteen sixty 237 00:13:18,400 --> 00:13:21,360 Speaker 1: seven sixty an ounce. The Euro one point oh five 238 00:13:21,440 --> 00:13:24,680 Speaker 1: to four against the dollar, British pound one point to zero, 239 00:13:25,120 --> 00:13:27,160 Speaker 1: and the end is at one thirty point oh seven 240 00:13:27,160 --> 00:13:30,120 Speaker 1: and Bitcoin is up more than three percent at thirty 241 00:13:30,200 --> 00:13:33,360 Speaker 1: eight thousand, nine hundred fifty dollars. And as a Bloomberg 242 00:13:33,360 --> 00:13:36,240 Speaker 1: Business flashow, here's Michael Barrow with more on what's going 243 00:13:36,280 --> 00:13:38,719 Speaker 1: on around the world. Muncle Good morning, Good morning here 244 00:13:38,760 --> 00:13:41,760 Speaker 1: in a Los Angeles protest over to the laked u 245 00:13:41,880 --> 00:13:44,920 Speaker 1: S Supreme Court draft opinion and would throw out Roe v. 246 00:13:45,080 --> 00:13:48,800 Speaker 1: Wade briefly turned into a skirmish with police, who they 247 00:13:48,840 --> 00:13:52,360 Speaker 1: say one officer was injured. Authorities say about two fifty 248 00:13:52,400 --> 00:13:55,679 Speaker 1: people had been marching peacefully four abortion rights before the clash. 249 00:13:56,080 --> 00:13:59,319 Speaker 1: It was the only violence reported among protesters held around 250 00:13:59,320 --> 00:14:02,320 Speaker 1: the country. The largest in Washington, d C. Drew about 251 00:14:02,320 --> 00:14:04,920 Speaker 1: the thousand people to a rally in front of the 252 00:14:04,960 --> 00:14:08,440 Speaker 1: Supreme Court. In a couple of game ones in the 253 00:14:08,559 --> 00:14:11,920 Speaker 1: NHL playoffs, the Rangers lost in triple over time to 254 00:14:12,000 --> 00:14:14,720 Speaker 1: the Penguins for three. The Capitols beat the Panthers four 255 00:14:14,760 --> 00:14:18,160 Speaker 1: to In the NBA playoffs, the Celtics are tied at 256 00:14:18,200 --> 00:14:21,040 Speaker 1: a game each after beating the Bucks one oh nine six. 257 00:14:21,440 --> 00:14:24,480 Speaker 1: The Warriors lost to the Grizzlies in Game two one 258 00:14:24,520 --> 00:14:27,080 Speaker 1: oh six, one oh one. That series is even at 259 00:14:27,080 --> 00:14:29,600 Speaker 1: a game of peace. Global News twenty four hours a 260 00:14:29,720 --> 00:14:32,560 Speaker 1: day on air and on Bloomberg Quickdake, powered by more 261 00:14:32,840 --> 00:14:35,920 Speaker 1: than twenty seven hundred journalists analysts more than dwenty countries. 262 00:14:35,960 --> 00:14:39,360 Speaker 1: I'm Michael bar This is Bloomberg. Nathan. Hi, Michael, thank you. 263 00:14:39,400 --> 00:14:42,119 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 264 00:14:42,120 --> 00:14:45,800 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. Let's get more 265 00:14:45,840 --> 00:14:48,320 Speaker 1: now on that late Supreme Court decision on Roe v. 266 00:14:48,400 --> 00:14:51,040 Speaker 1: Wade and its potential impact on the mid term elections. 267 00:14:51,080 --> 00:14:54,000 Speaker 1: For that, we're joined by Bloomberg Washington correspondent Emory hord 268 00:14:54,040 --> 00:14:58,280 Speaker 1: Durn from our Bloomberg Studios in Washington, d C. And Marie, 269 00:14:58,320 --> 00:15:01,320 Speaker 1: good morning. I know you've seen firsthand just how much 270 00:15:01,400 --> 00:15:06,040 Speaker 1: this leak decision has galvanized advocates on both sides on 271 00:15:06,080 --> 00:15:08,840 Speaker 1: the steps of the Supreme Court, and we heard very 272 00:15:08,920 --> 00:15:12,680 Speaker 1: strong words last night from Vice President Harris. It seems 273 00:15:12,680 --> 00:15:17,320 Speaker 1: like Democrats have really seized on this issue. Now, yes, absolutely, 274 00:15:17,360 --> 00:15:20,760 Speaker 1: and as you say, last night's Vice President Harris, she 275 00:15:20,840 --> 00:15:24,560 Speaker 1: was scheduled to make this speech, but obviously the tone 276 00:15:24,680 --> 00:15:28,240 Speaker 1: and the content of it completely changed after this league. 277 00:15:28,400 --> 00:15:30,960 Speaker 1: It was the most impassioned, robust speech we've heard so 278 00:15:31,000 --> 00:15:33,720 Speaker 1: far from the administration. She's talking about the fact that 279 00:15:33,760 --> 00:15:37,080 Speaker 1: this would be a direct assault on freedom, on and 280 00:15:37,120 --> 00:15:39,760 Speaker 1: on the fundamental rights of self determination to which all 281 00:15:39,760 --> 00:15:42,920 Speaker 1: Americans are entitled and said how dare they do this 282 00:15:43,000 --> 00:15:47,600 Speaker 1: to women? Um, So this is completely galvanized the Democratic Party. 283 00:15:47,640 --> 00:15:50,360 Speaker 1: At the same time, this is a very partisan issues, 284 00:15:50,400 --> 00:15:52,600 Speaker 1: so you're also seeing a lot of similar rhetoric on 285 00:15:52,640 --> 00:15:54,720 Speaker 1: the right as well. And Nathan, as you said, this 286 00:15:54,840 --> 00:15:59,080 Speaker 1: will now become a hot button election issue and can 287 00:15:59,120 --> 00:16:02,280 Speaker 1: even potentially a clips issues that we thought voters were 288 00:16:02,280 --> 00:16:04,560 Speaker 1: going to go to the polls for things like inflation 289 00:16:04,640 --> 00:16:08,200 Speaker 1: because of higher grocery bills and gas bills. Now potentially 290 00:16:08,600 --> 00:16:11,400 Speaker 1: this is going to be a number one issue for 291 00:16:11,440 --> 00:16:14,920 Speaker 1: some Americans going out to vote. Yes, some, but who 292 00:16:14,960 --> 00:16:18,160 Speaker 1: knows at this point whether it'll be all Americans who 293 00:16:18,200 --> 00:16:21,880 Speaker 1: are galvanized by this. Where do you swing voters, where 294 00:16:21,920 --> 00:16:25,520 Speaker 1: do you suburban voters stand on this issue, and whether 295 00:16:25,680 --> 00:16:28,640 Speaker 1: it drives them to the polls in November. Well, when 296 00:16:28,680 --> 00:16:30,760 Speaker 1: you look at the polls over years, over the decades, 297 00:16:30,840 --> 00:16:34,680 Speaker 1: they pretty much maintained the fact that most Americans agree 298 00:16:35,240 --> 00:16:38,040 Speaker 1: um that women should have a right to choose. And 299 00:16:38,280 --> 00:16:41,160 Speaker 1: this goes back to Gallup data pure researched. Yesterday, there 300 00:16:41,200 --> 00:16:45,120 Speaker 1: was a Washington Post ABC poll which overwhelmingly showed that 301 00:16:45,160 --> 00:16:47,600 Speaker 1: majority as well. So you're going to see a lot 302 00:16:47,680 --> 00:16:53,000 Speaker 1: of campaign dollars being spent on suburban women. So the 303 00:16:53,040 --> 00:16:55,800 Speaker 1: Democrats have control of the city's Republicans have control of 304 00:16:55,840 --> 00:16:59,560 Speaker 1: the rural areas, and it's potentially suburban women who can 305 00:16:59,600 --> 00:17:04,440 Speaker 1: turn tied for the Democrats, which were potentially and are 306 00:17:04,480 --> 00:17:08,040 Speaker 1: expected um to not do so well in these midterm elections. 307 00:17:08,440 --> 00:17:11,440 Speaker 1: This was the case in two thousand eighteen when suburban 308 00:17:11,440 --> 00:17:13,800 Speaker 1: women came out and they handed a lot of House 309 00:17:13,840 --> 00:17:16,960 Speaker 1: seats to Democrats, and it was a pivotal vote as well, 310 00:17:17,080 --> 00:17:20,920 Speaker 1: suburban women for President Biden versus President Trump. And now 311 00:17:20,960 --> 00:17:24,200 Speaker 1: we're hearing a lot more rhetoric as well about codifying 312 00:17:24,359 --> 00:17:28,040 Speaker 1: Row into law. If this Supreme Court decision does turn 313 00:17:28,080 --> 00:17:29,800 Speaker 1: out to be final, what you should not The Supreme 314 00:17:29,840 --> 00:17:32,879 Speaker 1: Court says it is not final certainly at this point, 315 00:17:32,960 --> 00:17:35,800 Speaker 1: but there is a steep hill to climb when it 316 00:17:35,840 --> 00:17:40,679 Speaker 1: comes to codifying anything regarding abortion rights with a Senate. 317 00:17:41,640 --> 00:17:44,600 Speaker 1: That's exactly right. So the President made his case yesterday 318 00:17:44,600 --> 00:17:46,320 Speaker 1: and this was one of the points he said, if 319 00:17:46,359 --> 00:17:49,000 Speaker 1: this was to be struck down the nineteen seventy three law, 320 00:17:49,359 --> 00:17:52,920 Speaker 1: then it is up to legislatures as well as voters 321 00:17:53,000 --> 00:17:56,040 Speaker 1: to make sure that they put those legislators in power 322 00:17:56,440 --> 00:17:59,080 Speaker 1: to codify this into law. But of course, you know, 323 00:17:59,640 --> 00:18:02,720 Speaker 1: fifty fifty very slim majority the Democrats have with the 324 00:18:02,800 --> 00:18:06,720 Speaker 1: VP making a tiebreaking vote, and the issue they have 325 00:18:07,040 --> 00:18:09,880 Speaker 1: is that there are Democratic senators who do not want 326 00:18:09,920 --> 00:18:12,840 Speaker 1: to get away with the filipbuster for this issue, and 327 00:18:12,880 --> 00:18:16,399 Speaker 1: that has really been a contentious issue on Capitol Hall. 328 00:18:16,560 --> 00:18:20,680 Speaker 1: Yesterday we saw a number of We saw lawmakers Alexandro 329 00:18:20,760 --> 00:18:25,000 Speaker 1: Casio Cortez as well as Sander Sander Sanders go after 330 00:18:25,280 --> 00:18:30,480 Speaker 1: Democrats like Kirsten Cinema who are for codifying abortion rights 331 00:18:30,480 --> 00:18:33,119 Speaker 1: into law but are not for getting rid of the filibuster. 332 00:18:33,480 --> 00:18:35,320 Speaker 1: We have about a minute left here in Marie. We've 333 00:18:35,359 --> 00:18:39,679 Speaker 1: already seen a mid term election last night, in the 334 00:18:39,760 --> 00:18:43,840 Speaker 1: primary election in Ohio. J d Vance is the winner. 335 00:18:44,000 --> 00:18:49,640 Speaker 1: Does this setal former President Trump's hold on GOP voters? 336 00:18:49,680 --> 00:18:52,160 Speaker 1: So analysts are saying, don't read too much into this 337 00:18:52,480 --> 00:18:56,000 Speaker 1: one case, but it is a good point. The fact 338 00:18:56,000 --> 00:18:59,160 Speaker 1: that J. D Vance one, he was trailing a little 339 00:18:59,160 --> 00:19:01,000 Speaker 1: bit in the polls when Trump came in gave him 340 00:19:01,000 --> 00:19:04,680 Speaker 1: that endorsement. Six other individuals he beat out right, He 341 00:19:04,760 --> 00:19:08,119 Speaker 1: defeat defeated six other people. Um So certainly it wasn't 342 00:19:08,160 --> 00:19:10,240 Speaker 1: just a win for J. D Vance. This was a 343 00:19:10,240 --> 00:19:12,639 Speaker 1: win for President Trump, who wants to make sure that 344 00:19:12,720 --> 00:19:15,280 Speaker 1: his name is still out there that candidates he backs 345 00:19:15,320 --> 00:19:18,679 Speaker 1: are getting play all of this as he tries to 346 00:19:18,760 --> 00:19:21,960 Speaker 1: really maintain his hold on the party and also flirt, 347 00:19:22,000 --> 00:19:24,640 Speaker 1: of course, Nathan with that idea that he himself will 348 00:19:24,680 --> 00:19:27,440 Speaker 1: also run for re election. I'm just gonna make it 349 00:19:27,560 --> 00:19:30,760 Speaker 1: all more interesting as we continue with these mid term 350 00:19:31,000 --> 00:19:33,600 Speaker 1: races in some key swing states coming up in just 351 00:19:33,680 --> 00:19:37,560 Speaker 1: a few weeks. Here Ambree Hordern, Washington correspondent for Bloomberg 352 00:19:37,640 --> 00:19:40,119 Speaker 1: Radio and Television. Great having gone with us this morning 353 00:19:40,400 --> 00:19:42,879 Speaker 1: to take a look at all that's happening politically in 354 00:19:42,880 --> 00:19:45,800 Speaker 1: the nation's capital, looking ahead to the market open and 355 00:19:45,840 --> 00:19:50,120 Speaker 1: the FED decision in Washington. Future is moving a touch higher, 356 00:19:50,160 --> 00:19:53,240 Speaker 1: with SMP futures up nine, Doubt futures up sixty five points, 357 00:19:53,280 --> 00:19:56,280 Speaker 1: NASTACK futures up nineteen. We look ahead to the Fed 358 00:19:56,920 --> 00:19:59,679 Speaker 1: in the minutes ahead, and Elon Musk could take Twitter 359 00:20:00,040 --> 00:20:03,359 Speaker 1: blick again eventually. Top stories of the morning coming up 360 00:20:03,400 --> 00:20:09,080 Speaker 1: on Bloomberg day Break Bloomberg eleven three oh Weather rain 361 00:20:09,160 --> 00:20:11,520 Speaker 1: ends are on midday. It'll turn partly Sunday this afternoon 362 00:20:11,560 --> 00:20:14,360 Speaker 1: with a high in the mid sixties low seventies. Tomorrow, 363 00:20:14,680 --> 00:20:17,240 Speaker 1: we'll be back in the low sixties, with showers developing 364 00:20:17,240 --> 00:20:22,920 Speaker 1: by Friday. Right now fifty degrees in Central Park, broadcasting 365 00:20:23,000 --> 00:20:26,720 Speaker 1: live from the Bloomberg Interactive Broker Studio in New York. 366 00:20:26,840 --> 00:20:31,520 Speaker 1: Bloomberg E Living Free to Washington, d C. Bloomberg to Boston, 367 00:20:31,600 --> 00:20:35,000 Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg non 368 00:20:35,080 --> 00:20:38,160 Speaker 1: sixteen to the country, Sirius XM to the one nineteen 369 00:20:38,280 --> 00:20:41,800 Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio 370 00:20:41,920 --> 00:20:51,359 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 371 00:20:51,400 --> 00:20:53,920 Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm fair 372 00:20:53,960 --> 00:20:56,480 Speaker 1: in Moscower, just about four hours away from the open 373 00:20:56,480 --> 00:20:58,200 Speaker 1: of US trading. Let's catch you up to date on 374 00:20:58,240 --> 00:20:59,879 Speaker 1: the news you need to know at this hour. We 375 00:21:00,040 --> 00:21:02,320 Speaker 1: begin with the Federal Reserve, which is expected to raise 376 00:21:02,359 --> 00:21:06,600 Speaker 1: interest rates fifty basis points today. Baronburg Chief Economists Holder 377 00:21:06,800 --> 00:21:09,480 Speaker 1: Older sch Meeting says, the markets already looking for what's 378 00:21:09,520 --> 00:21:13,040 Speaker 1: coming next. The market will listen very closely to anything 379 00:21:13,359 --> 00:21:16,560 Speaker 1: that could give a point to to what the Fed 380 00:21:16,760 --> 00:21:19,520 Speaker 1: does in June and what it may be doing there 381 00:21:19,560 --> 00:21:22,800 Speaker 1: raft which, of course, in these uncertain times, you may 382 00:21:22,840 --> 00:21:25,200 Speaker 1: not get all that much to your guidance, but that's 383 00:21:25,200 --> 00:21:28,240 Speaker 1: what the market will look out for, any guidance on 384 00:21:28,320 --> 00:21:31,879 Speaker 1: what happens next. Barrenburg Chief economist Holger sch Meeting speaking 385 00:21:31,920 --> 00:21:34,440 Speaker 1: with Bloomberg yesterday. We'll have full coverage to the Fence 386 00:21:34,520 --> 00:21:37,240 Speaker 1: decision beginning at one pm All Street Time on a 387 00:21:37,280 --> 00:21:40,200 Speaker 1: special edition of Bloomberg Surveillance. Let's turn out of the 388 00:21:40,240 --> 00:21:43,040 Speaker 1: Supreme Court care and it has confirmed the authenticity of 389 00:21:43,040 --> 00:21:46,600 Speaker 1: elite documents suggesting it could strike down Roe v. Wade. 390 00:21:46,920 --> 00:21:50,280 Speaker 1: Vice President Kamala Harris addressed the issue last night. When 391 00:21:50,359 --> 00:21:56,600 Speaker 1: the right to privacy is attacked, anyone in our country 392 00:21:57,040 --> 00:22:01,879 Speaker 1: may face a future where the government can interfere with 393 00:22:02,000 --> 00:22:05,760 Speaker 1: their personal decisions. Vice President Kamala Harris spoke at the 394 00:22:05,760 --> 00:22:09,720 Speaker 1: annual Emily's List conference in Washington. Overseas, in Ukraine, Nathan 395 00:22:09,800 --> 00:22:13,520 Speaker 1: Russia is now focusing on fully annexing territory it's taken 396 00:22:13,560 --> 00:22:15,840 Speaker 1: in the war. It comes as the EU announces it'll 397 00:22:15,880 --> 00:22:18,680 Speaker 1: ban Russian oil imports by the end of the year. 398 00:22:18,920 --> 00:22:21,399 Speaker 1: Back in the US, Karen, more than forty companies report 399 00:22:21,440 --> 00:22:23,879 Speaker 1: earnings today. For a look at some stocks on the 400 00:22:23,920 --> 00:22:27,399 Speaker 1: move following yesterday's reports, we turn live to Bloomberg's John Tucker, 401 00:22:27,520 --> 00:22:30,480 Speaker 1: John and Nathan Lift. Shares are down over twenty six 402 00:22:30,560 --> 00:22:32,639 Speaker 1: percent of the pre markets of the company plans to 403 00:22:32,720 --> 00:22:36,560 Speaker 1: spend more on its drivers. Advanced micro devices shares up 404 00:22:36,600 --> 00:22:39,919 Speaker 1: six percent, with analysts positive on the demand the chipmakers 405 00:22:39,920 --> 00:22:43,520 Speaker 1: seeing and Starbucks report at the US results that topped estimates. 406 00:22:43,760 --> 00:22:45,840 Speaker 1: Right now, the share is up six percent at pre 407 00:22:45,920 --> 00:22:48,960 Speaker 1: market trading, Live in New York. I'm John Tucker, Bloomberg 408 00:22:49,000 --> 00:22:51,080 Speaker 1: Tape break all right, John, thank you for Elon Musk 409 00:22:51,080 --> 00:22:53,600 Speaker 1: could take Twitter public again. I'm Bloomberg's We need a 410 00:22:53,640 --> 00:22:55,520 Speaker 1: Young joins us live at the latest. We need a 411 00:22:55,520 --> 00:22:58,480 Speaker 1: good morning, Good morning, Karen. Elon Musk says he's planning 412 00:22:58,520 --> 00:23:01,000 Speaker 1: to stage in I po a Twitter as little as 413 00:23:01,040 --> 00:23:04,320 Speaker 1: three years after buying it. That's according to Dow Jones, 414 00:23:04,480 --> 00:23:08,240 Speaker 1: which reports Musk is take talking with investors, including private 415 00:23:08,240 --> 00:23:11,440 Speaker 1: equity firms, to help lower his twenty one billion dollar 416 00:23:11,480 --> 00:23:15,360 Speaker 1: contribution to the deal. Private equity firms typically take companies 417 00:23:15,440 --> 00:23:18,560 Speaker 1: private to fix them out of the limelight, then take 418 00:23:18,600 --> 00:23:21,600 Speaker 1: them public again. Live in New York. I'm Rernita Young 419 00:23:21,640 --> 00:23:24,160 Speaker 1: Bloomberg Daybreak all right, rened to thank you and futures 420 00:23:24,160 --> 00:23:27,320 Speaker 1: are higher this morning. SMP futures up eleven points down. 421 00:23:27,359 --> 00:23:30,280 Speaker 1: Future is up seventy three. NASDAG features up twenty five 422 00:23:30,359 --> 00:23:33,600 Speaker 1: straight ahead, your latest local headlines, plus a check of sports. Sam, 423 00:23:33,680 --> 00:23:40,040 Speaker 1: This is Bloomberg. Thanks hearing five thirty three on Wall Street, 424 00:23:40,040 --> 00:23:42,959 Speaker 1: fifty degrees in Central Park. Quiet starts so far on 425 00:23:43,000 --> 00:23:45,200 Speaker 1: the roads. Well, check in with Peter Vancy if that's 426 00:23:45,200 --> 00:23:47,760 Speaker 1: holding up shortly. First, Michael bars here Now with Lauren. 427 00:23:47,800 --> 00:23:49,960 Speaker 1: What's going on in New York and around the world. Michael, 428 00:23:50,000 --> 00:23:52,840 Speaker 1: thank you very much. Nathan. There has been a local 429 00:23:52,920 --> 00:23:56,640 Speaker 1: reaction to the leaked draft opinion from the Supreme Court 430 00:23:56,760 --> 00:24:00,240 Speaker 1: on overturning Roe v. Wade. New York Governor Kathy Oakle's says, 431 00:24:00,280 --> 00:24:03,119 Speaker 1: as a woman, overturning Row is something she has fought 432 00:24:03,119 --> 00:24:08,399 Speaker 1: against her entire life. Absolutely horrified by what the majority 433 00:24:08,480 --> 00:24:10,879 Speaker 1: of the Supreme Corps United States of America plans to 434 00:24:10,920 --> 00:24:15,040 Speaker 1: do to women's rights in this country. Governor Hocal spoke 435 00:24:15,040 --> 00:24:19,320 Speaker 1: while announcing Representative Antonio Delgado will serve as New York's 436 00:24:19,400 --> 00:24:23,280 Speaker 1: next Lieutenant Governor. Sonia A. Sario, President of the New 437 00:24:23,359 --> 00:24:26,680 Speaker 1: York chapter of the National Organization for Women says abortion 438 00:24:26,840 --> 00:24:29,560 Speaker 1: is legal in the state, but she says other states 439 00:24:29,600 --> 00:24:34,440 Speaker 1: already have taken steps to roll back abortion rights. States 440 00:24:35,040 --> 00:24:40,000 Speaker 1: well automatically van or restrict the right to abortion because 441 00:24:40,000 --> 00:24:46,240 Speaker 1: they already passed laws that would twigger automatic vans as 442 00:24:46,240 --> 00:24:51,240 Speaker 1: soon as federal protections fell. Sonya Srio, but now says 443 00:24:51,320 --> 00:24:53,920 Speaker 1: men need to do their part to support abortion rights. 444 00:24:54,320 --> 00:24:57,440 Speaker 1: North Korea fire the possible mid to long range ballistic 445 00:24:57,440 --> 00:25:00,920 Speaker 1: missile into the sea off its eastern coast. It comes 446 00:25:00,960 --> 00:25:04,359 Speaker 1: after King John un pledged to accelerate the development of 447 00:25:04,440 --> 00:25:09,200 Speaker 1: his nuclear program. The nation's active wildfire season continues to 448 00:25:09,280 --> 00:25:12,399 Speaker 1: disrupt and threatened communities across the west. In New Mexico, 449 00:25:12,560 --> 00:25:15,320 Speaker 1: fire officials say more than a hundred sixty homes have 450 00:25:15,400 --> 00:25:18,640 Speaker 1: been destroyed by combined wildfires burning east of Santa Fe. 451 00:25:19,119 --> 00:25:22,280 Speaker 1: About six thousand homes have been evacuated. Governor Michel Luan 452 00:25:22,359 --> 00:25:26,560 Speaker 1: Grisham given the current situation with this fire containment that 453 00:25:26,600 --> 00:25:28,520 Speaker 1: we should expect the more people are going to have 454 00:25:28,600 --> 00:25:32,800 Speaker 1: to move further away from their hometowns and communities, and 455 00:25:32,840 --> 00:25:36,000 Speaker 1: it's really a hardship for them. Governor Grisham says. The 456 00:25:36,000 --> 00:25:39,640 Speaker 1: flames have scorched more than a hundred forty acres. Comedian 457 00:25:39,720 --> 00:25:43,080 Speaker 1: Dave Chappelle was attacked while performing on stage. It happened 458 00:25:43,080 --> 00:25:46,320 Speaker 1: while Chappelle was at a Los Angeles comedy festival late 459 00:25:46,400 --> 00:25:49,040 Speaker 1: last night. The man police say was armed with a 460 00:25:49,080 --> 00:25:52,959 Speaker 1: replica gun. He was apprehended and detained by security. Global 461 00:25:53,000 --> 00:25:55,000 Speaker 1: News twenty four hours a day on air and on 462 00:25:55,040 --> 00:25:57,440 Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred 463 00:25:57,480 --> 00:25:59,960 Speaker 1: journalists and analysts in more than a hundred twenty countries. 464 00:26:00,080 --> 00:26:08,240 Speaker 1: Michael bar this is Bloomberg Natin. Thanks Michael on Wall Street. 465 00:26:08,240 --> 00:26:11,160 Speaker 1: Time for the Bloomberg Sports update. Here's John stanshowner, Thanks Davan. 466 00:26:11,280 --> 00:26:13,520 Speaker 1: Rangers and Penguins Game one at the Gardener. Two teams 467 00:26:13,560 --> 00:26:16,520 Speaker 1: combined to score five goals in the second period, and 468 00:26:16,520 --> 00:26:19,080 Speaker 1: then neither team scored another goal for the next sixty 469 00:26:19,240 --> 00:26:23,240 Speaker 1: seven minutes, a scoreless third period, first and second overtime. 470 00:26:23,320 --> 00:26:26,840 Speaker 1: Six minutes into the third oh T John Marinos shot 471 00:26:26,960 --> 00:26:29,480 Speaker 1: deflected in by the Penguins of Jenny Malkin the first 472 00:26:29,480 --> 00:26:31,680 Speaker 1: time in a game that had a hundred and six 473 00:26:31,720 --> 00:26:34,440 Speaker 1: minutes of hockey where the Penguins had the lead. They 474 00:26:34,440 --> 00:26:36,959 Speaker 1: won the game for the three. Ranger coach Gerard Galant 475 00:26:36,960 --> 00:26:39,480 Speaker 1: then looked back to the second period. You know the 476 00:26:39,480 --> 00:26:42,280 Speaker 1: families we got it slowed the momentum down a little bit, 477 00:26:42,320 --> 00:26:44,280 Speaker 1: and then they scored that five months three goals. So 478 00:26:44,880 --> 00:26:47,800 Speaker 1: but just I thought we played real well. But again 479 00:26:48,160 --> 00:26:51,040 Speaker 1: that when we started doing these little played internal in 480 00:26:51,119 --> 00:26:53,040 Speaker 1: the nuclesones said, was driving a team like we did 481 00:26:53,040 --> 00:26:54,840 Speaker 1: in the first that was a different than the game. 482 00:26:54,880 --> 00:26:56,800 Speaker 1: Galant said he did not have a problem with a 483 00:26:56,880 --> 00:26:59,480 Speaker 1: Ranger goal with three minutes left in regulation, taken away 484 00:26:59,560 --> 00:27:02,200 Speaker 1: after a video review ruling that there was goalie interference. 485 00:27:02,240 --> 00:27:05,399 Speaker 1: Speaking of goalies, the Penguins used to Casey de Smith 486 00:27:05,440 --> 00:27:07,760 Speaker 1: at Allege with an injured the Ranger goalie Igors just 487 00:27:07,840 --> 00:27:11,400 Speaker 1: thirt and made seventy nine saints. That's the second most 488 00:27:11,400 --> 00:27:14,520 Speaker 1: in NHL history. Games to tomorrow and the other series 489 00:27:14,520 --> 00:27:17,960 Speaker 1: openers Washington one at Florida, Colorado won seven to two. 490 00:27:18,000 --> 00:27:22,040 Speaker 1: Calgary one wanted nothings NBA playoffs, Boston and Memphis both 491 00:27:22,040 --> 00:27:24,679 Speaker 1: want at home to tie their series with Milwaukee and 492 00:27:24,800 --> 00:27:28,000 Speaker 1: Golden staping Yankee one his great continues. It reached eleven 493 00:27:28,080 --> 00:27:30,760 Speaker 1: in Toronto. They were shut out until Laron Judge home 494 00:27:30,840 --> 00:27:33,480 Speaker 1: on sixth innings. Yanks went on to win nine to one. 495 00:27:33,560 --> 00:27:36,240 Speaker 1: John Carlo Stanton Homer to the ninth at City Field, 496 00:27:36,240 --> 00:27:38,640 Speaker 1: a double letter sweep for the Mets over Atlanta five 497 00:27:38,720 --> 00:27:40,760 Speaker 1: to four and then three nothing. On the picting of 498 00:27:40,760 --> 00:27:45,000 Speaker 1: Carlos Carrasco, John Stashwar Bloomberg Sports Naked. Thank you John. 499 00:27:45,040 --> 00:27:47,080 Speaker 1: It's five thirty seven on Wall Street time for the 500 00:27:47,080 --> 00:27:51,359 Speaker 1: Tri State Business Report. Here's Bloomberg's at Corey American Dream. 501 00:27:51,440 --> 00:27:54,720 Speaker 1: The struggling mega mall near the Jersey Turnpike lost about 502 00:27:54,800 --> 00:27:57,920 Speaker 1: sixty million dollars in two thousand twenty one and was 503 00:27:58,000 --> 00:28:02,000 Speaker 1: hit by the pandemic as waves of coronavirus discouraged shoppers 504 00:28:02,040 --> 00:28:04,760 Speaker 1: and tourists. The mall's ski hill was hit by a 505 00:28:04,840 --> 00:28:08,959 Speaker 1: fire in September that also disrupted dozens of shops and eateries. 506 00:28:09,119 --> 00:28:12,320 Speaker 1: Luxury real estate firm the agency has acquired New York 507 00:28:12,359 --> 00:28:15,720 Speaker 1: brokerage Triple Mint, giving it a foothold in Manhattan. The 508 00:28:15,800 --> 00:28:18,840 Speaker 1: agency is based in Los Angeles and also completed its 509 00:28:18,840 --> 00:28:22,800 Speaker 1: first outside fundraising effort. I'm asking thirty five billion dollars 510 00:28:22,840 --> 00:28:25,040 Speaker 1: to spend on growth to give it a valuation of 511 00:28:25,320 --> 00:28:28,359 Speaker 1: about three hundred and fifty million dollars. New Jersey Governor 512 00:28:28,400 --> 00:28:32,000 Speaker 1: Phil Murphy has signed an executive order establishing a certification 513 00:28:32,080 --> 00:28:36,520 Speaker 1: program for lgbt Q plus owned businesses. The free certification 514 00:28:36,600 --> 00:28:40,320 Speaker 1: could expand access to public and private contracting opportunities and 515 00:28:40,520 --> 00:28:44,120 Speaker 1: enabled businesses to identify as lgbt Q plus owned in 516 00:28:44,160 --> 00:28:47,280 Speaker 1: their advertising. That you Bloomberg trying State Business Report, I 517 00:28:47,400 --> 00:28:51,080 Speaker 1: mid Corey, Thanks on Wall Street. Bloomberg Radio is on 518 00:28:51,120 --> 00:28:53,440 Speaker 1: the air from San Francisco to New York, London to 519 00:28:53,560 --> 00:28:55,960 Speaker 1: Hong Kong. Let's check in with our global news team 520 00:28:56,200 --> 00:28:58,320 Speaker 1: for some of the top stories heard on our three 521 00:28:58,400 --> 00:29:04,600 Speaker 1: hundred affiliate radio stags around the world. I'm Steve pottas 522 00:29:04,680 --> 00:29:07,560 Speaker 1: Content and Wins in New York. We're talking about a 523 00:29:07,640 --> 00:29:10,520 Speaker 1: top name and fashion putting its money behind the maker 524 00:29:10,680 --> 00:29:14,400 Speaker 1: of lag grown leather. I'm calling it Commodit Baby Digital 525 00:29:14,520 --> 00:29:17,640 Speaker 1: doing long. The Whippoys were widely expected fed rate height. 526 00:29:17,840 --> 00:29:20,320 Speaker 1: The Bank of eng is expected to follow aspects of 527 00:29:20,400 --> 00:29:24,760 Speaker 1: the ECB earlier action to m Corney. Donahoe on Kfebe 528 00:29:24,840 --> 00:29:27,280 Speaker 1: and Omaha, one of the biggest meat packers in the country, 529 00:29:27,320 --> 00:29:30,480 Speaker 1: says crisis will continue to sore. I'm at Cory on 530 00:29:30,760 --> 00:29:33,880 Speaker 1: w w J and Detroit. I'm reporting of Roby wait 531 00:29:34,000 --> 00:29:37,640 Speaker 1: until return for Michigan companies might adapted to allow out 532 00:29:37,640 --> 00:29:40,800 Speaker 1: of state coverage for aborting server. And those are some 533 00:29:40,840 --> 00:29:43,680 Speaker 1: of the stories our twenty seven hundred Bloomberg journalists and 534 00:29:43,680 --> 00:29:46,520 Speaker 1: analysts are working on this morning around the world. It's 535 00:29:46,600 --> 00:29:49,280 Speaker 1: five thirty nine on Wall Street. The following is an 536 00:29:49,400 --> 00:29:53,240 Speaker 1: editorial from Bloomberg Opinion. For the past two years, more 537 00:29:53,280 --> 00:29:55,880 Speaker 1: than forty million U S student loan borrowers have been 538 00:29:55,880 --> 00:29:59,200 Speaker 1: excused from making their monthly payments. The so called pause, 539 00:29:59,440 --> 00:30:02,440 Speaker 1: which was instituted in the early days of the pandemic 540 00:30:02,640 --> 00:30:06,680 Speaker 1: and extended multiple times by both the Trump and Biden administrations, 541 00:30:07,040 --> 00:30:10,280 Speaker 1: has cost more than a hundred billion dollars in lost revenue. 542 00:30:10,440 --> 00:30:13,600 Speaker 1: Now President Biden is considering a larger plan to cancel 543 00:30:13,720 --> 00:30:17,000 Speaker 1: some federal student debt altogether. That would be a big 544 00:30:17,080 --> 00:30:22,160 Speaker 1: regressive mistake. Rod's student loan forgiveness would disproportionately benefit high 545 00:30:22,160 --> 00:30:25,120 Speaker 1: earners and those with graduate degrees. It would be far 546 00:30:25,200 --> 00:30:29,080 Speaker 1: better to simplify the existing patchwork of student loan programs 547 00:30:29,480 --> 00:30:33,840 Speaker 1: and enroll all borrowers in the single income driven repayment plan. 548 00:30:34,280 --> 00:30:37,600 Speaker 1: The current student loan system has its share of problems, 549 00:30:37,800 --> 00:30:41,240 Speaker 1: but subsidizing the well educated with debt cancelation is no 550 00:30:41,320 --> 00:30:43,720 Speaker 1: way to fix them. This editorial was written by the 551 00:30:43,720 --> 00:30:48,040 Speaker 1: Bloomberg Opinion Editorial Board. I'm David Shipley. For more Bloomberg opinion, 552 00:30:48,080 --> 00:30:51,080 Speaker 1: please go to Bloomberg dot com, Slash Opinion or opian. 553 00:30:51,200 --> 00:30:55,000 Speaker 1: Go on the Bloomberg terminal. These has been Bloomberg Opinion. 554 00:30:55,160 --> 00:30:57,920 Speaker 1: Listen for Bloomberg opinion editorials every weekday. At this time, 555 00:30:58,040 --> 00:31:02,160 Speaker 1: terminal customers can read more at O P I, n GO, SMP. 556 00:31:02,320 --> 00:31:05,040 Speaker 1: Futures are up by eleven point, staff features up seventy eight, 557 00:31:05,120 --> 00:31:08,400 Speaker 1: NASTAC features up nineteen points. The tenure treasury up to 558 00:31:08,600 --> 00:31:12,200 Speaker 1: thirty seconds, yield two point nine six percent. As we 559 00:31:12,280 --> 00:31:17,080 Speaker 1: await a FED rate hike a decision for May. Tom Porcelli, 560 00:31:17,200 --> 00:31:23,440 Speaker 1: Chief US Economists at RBC, joins us next Bloomberg eleven 561 00:31:23,520 --> 00:31:25,920 Speaker 1: three oh weather rain ends in midday today. It'll turn 562 00:31:25,960 --> 00:31:27,960 Speaker 1: partly sunny this afternoon with a hig in your sixty 563 00:31:28,080 --> 00:31:32,000 Speaker 1: five low seventies. Tomorrow. Showers return Friday, with highs back 564 00:31:32,000 --> 00:31:37,760 Speaker 1: in the low sixties. Right now fifty in Central Park markets, 565 00:31:37,840 --> 00:31:40,920 Speaker 1: headlines and breaking news twenty four hours a day at 566 00:31:40,960 --> 00:31:44,880 Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quicktake, 567 00:31:45,480 --> 00:31:54,320 Speaker 1: He's a Bloomberg Business Flash and I'm Cameron Moscow. When 568 00:31:54,360 --> 00:31:57,080 Speaker 1: US dot index futures are on the rise this morning, 569 00:31:57,080 --> 00:31:59,960 Speaker 1: investors racing for the biggest federal reserve interest rate high 570 00:32:00,040 --> 00:32:02,800 Speaker 1: since two thousand and awaiting more clues and have aggressively 571 00:32:02,880 --> 00:32:06,080 Speaker 1: the federal tackle inflation. We checked the markets every fifteen 572 00:32:06,080 --> 00:32:09,480 Speaker 1: minutes throughout the trading day. On Bloomberg, SNP Future is 573 00:32:09,520 --> 00:32:11,840 Speaker 1: up twelve points this morning. Down Future is up eighties 574 00:32:11,840 --> 00:32:14,600 Speaker 1: seven and nastack Future is up twenty six. The decks 575 00:32:14,600 --> 00:32:16,920 Speaker 1: in Germany's down three tenths of a percent. The ten 576 00:32:16,960 --> 00:32:19,440 Speaker 1: year treasury of three thirty seconds yield two point nine 577 00:32:19,440 --> 00:32:22,160 Speaker 1: five percent, yield on the two year two point seven 578 00:32:22,160 --> 00:32:25,360 Speaker 1: eight percent. Nimex screwed oil is up three point three 579 00:32:25,360 --> 00:32:27,560 Speaker 1: percent of three dollars thirty eight cents and a hundred 580 00:32:27,560 --> 00:32:30,480 Speaker 1: five dollars seventy nine cents of barrel comex school little 581 00:32:30,560 --> 00:32:33,880 Speaker 1: change in eighteen seventy fifty announced the euro one point 582 00:32:33,920 --> 00:32:36,239 Speaker 1: oh five to three against the dollar. British found one 583 00:32:36,280 --> 00:32:38,160 Speaker 1: point to five oh five and the end at one 584 00:32:38,240 --> 00:32:41,520 Speaker 1: thirty point oh six and Bitcoin this morning moving higher 585 00:32:41,600 --> 00:32:44,240 Speaker 1: up almost three percent at thirty eight thousand, eight hundred 586 00:32:44,240 --> 00:32:47,360 Speaker 1: eighty dollars. That's a Bloomberg business flash. Now here's Michael 587 00:32:47,360 --> 00:32:49,480 Speaker 1: Barr with more on what's going on around the world. 588 00:32:49,600 --> 00:32:52,520 Speaker 1: Michael Karen, thank you very much. Following the leak of 589 00:32:52,560 --> 00:32:56,800 Speaker 1: a Supreme Court document alluding to an overturning of Roe v. Wade, 590 00:32:57,080 --> 00:33:00,520 Speaker 1: protests took place across the country. In downtown Loss Angeles, 591 00:33:00,520 --> 00:33:03,280 Speaker 1: things got a bit out of hand and an officer 592 00:33:03,400 --> 00:33:06,560 Speaker 1: was injured. The head of the European Union has proposed 593 00:33:06,560 --> 00:33:08,959 Speaker 1: a full band on Russian oil. It's part of sanctions 594 00:33:08,960 --> 00:33:12,440 Speaker 1: against Moscow for its invasion into Ukraine. And a couple 595 00:33:12,520 --> 00:33:16,959 Speaker 1: of game one NHL Playoffs, the Rangers lost in triple 596 00:33:17,080 --> 00:33:19,920 Speaker 1: over time to the Penguins for three. Rangers goaliegu Or 597 00:33:19,960 --> 00:33:24,320 Speaker 1: Schestergan finished with seventy nine saves, second to the NHL 598 00:33:24,440 --> 00:33:27,000 Speaker 1: record of eighty five. The Capitals, they beat the Panthers 599 00:33:27,000 --> 00:33:29,960 Speaker 1: four two. In the NBA playoffs, the Celtics are tied 600 00:33:30,000 --> 00:33:31,960 Speaker 1: at a game each after beating the Bucks one on 601 00:33:32,080 --> 00:33:34,960 Speaker 1: nine eighties six. The Warriors lost to the Grizzlies and 602 00:33:35,040 --> 00:33:37,720 Speaker 1: Game two that series is even at a game of 603 00:33:37,800 --> 00:33:40,840 Speaker 1: piece as well. In baseball, the Yankees one for where 604 00:33:40,840 --> 00:33:43,680 Speaker 1: their eleventh straight victory. The Mets swept the double header 605 00:33:43,760 --> 00:33:46,960 Speaker 1: against the Braves, the Red Sox, Nationals won the Orioles 606 00:33:47,000 --> 00:33:50,000 Speaker 1: A's and Giants lost. Global News twenty four hours a 607 00:33:50,080 --> 00:33:52,920 Speaker 1: day on here and on Bloomberg Quick Take, powered by 608 00:33:52,960 --> 00:33:56,520 Speaker 1: more than twenty seven hundred journalists analysts more than twenty countries. Him, 609 00:33:56,560 --> 00:33:59,360 Speaker 1: Michael bar This is Bloomberg. Nathan all right, Michael. Thanks, 610 00:33:59,400 --> 00:34:01,360 Speaker 1: It's five four nine on Wall Street. Live from the 611 00:34:01,400 --> 00:34:05,280 Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak, and as 612 00:34:05,320 --> 00:34:08,520 Speaker 1: we await one of the most consequential Federal Reserve decisions 613 00:34:08,600 --> 00:34:12,759 Speaker 1: in perhaps decades, we are joined this morning by Tom Porcelli, 614 00:34:12,840 --> 00:34:16,319 Speaker 1: chief US economist at RBC Capital Markets. Tom, good morning, 615 00:34:16,360 --> 00:34:19,680 Speaker 1: I'll put it right to you. Is fifty basis points guaranteed? 616 00:34:19,760 --> 00:34:24,280 Speaker 1: And will the Fed signal more? Good morning, always always 617 00:34:24,280 --> 00:34:27,200 Speaker 1: good to be with you. Yes, Um, fifty I think 618 00:34:27,280 --> 00:34:32,560 Speaker 1: is basically locked, and I think um additional fifties are 619 00:34:32,640 --> 00:34:35,560 Speaker 1: likely to be UM at a minimum hinted at. And 620 00:34:36,000 --> 00:34:40,279 Speaker 1: I think that's an important idea. How POW has to 621 00:34:40,320 --> 00:34:44,920 Speaker 1: be his tone has to be at least as hawkish 622 00:34:45,040 --> 00:34:48,480 Speaker 1: as market pricing um and and the reason for that 623 00:34:48,680 --> 00:34:53,760 Speaker 1: is anything less and it would actually the market would 624 00:34:53,920 --> 00:34:56,879 Speaker 1: believe that that meant there could be less um than 625 00:34:56,960 --> 00:34:59,960 Speaker 1: than what it's pricing. And as a results, dude, actually 626 00:35:00,040 --> 00:35:03,320 Speaker 1: you see in easing in financial conditions, which is exact 627 00:35:03,480 --> 00:35:05,960 Speaker 1: opposite seeing that the Fed wants to have happened. So 628 00:35:06,520 --> 00:35:08,360 Speaker 1: I think he really has to lend credence to the 629 00:35:08,400 --> 00:35:11,799 Speaker 1: idea that, you know, sort of multiple fifties are are 630 00:35:11,840 --> 00:35:15,360 Speaker 1: on deck. Whether they're realized is a different, different story 631 00:35:15,400 --> 00:35:17,680 Speaker 1: for a different day, But for right now, I think 632 00:35:17,719 --> 00:35:20,440 Speaker 1: he he has to um, he has to sell the 633 00:35:20,520 --> 00:35:23,680 Speaker 1: idea that that multiple fifties are are are upon us. 634 00:35:24,320 --> 00:35:26,320 Speaker 1: Is there a possibility on the table Tom that we 635 00:35:26,440 --> 00:35:30,560 Speaker 1: see seventy five basis points today? You know, I'm I'm 636 00:35:30,640 --> 00:35:35,200 Speaker 1: sure that the press will you'll get at least one 637 00:35:35,280 --> 00:35:37,080 Speaker 1: question on this. I can wait to see how he 638 00:35:37,200 --> 00:35:40,720 Speaker 1: dances dances around that. I think I think they're too 639 00:35:40,800 --> 00:35:43,000 Speaker 1: It's again, if he has to be at least as 640 00:35:43,040 --> 00:35:46,799 Speaker 1: hawkish as market pricing UM, then you know it would 641 00:35:46,800 --> 00:35:49,799 Speaker 1: seem pretty reasonable. Then that that could be a path 642 00:35:50,480 --> 00:35:52,759 Speaker 1: um for him to sort of, you know, press the 643 00:35:52,880 --> 00:35:57,319 Speaker 1: idea of of being hawkish. UM. So I can't discount it. 644 00:35:57,360 --> 00:35:59,759 Speaker 1: I'm not saying I necessarily place high odds on on 645 00:35:59,800 --> 00:36:02,600 Speaker 1: some thing like that happening. Um. But but I think 646 00:36:02,600 --> 00:36:05,239 Speaker 1: that it's a it's a real possibility that um he 647 00:36:05,520 --> 00:36:09,560 Speaker 1: he adds uh some some credence to the idea. My 648 00:36:09,680 --> 00:36:13,760 Speaker 1: sense though is that he wants to stick with fifties. Um. 649 00:36:13,800 --> 00:36:17,040 Speaker 1: But again I will find out in a few hours. Yeah, certainly, Well, 650 00:36:17,040 --> 00:36:19,000 Speaker 1: what are you expecting to hear when it comes to 651 00:36:19,040 --> 00:36:21,480 Speaker 1: the balance sheet. We've got some hints from the last 652 00:36:22,280 --> 00:36:24,239 Speaker 1: the last meetings minutes that there was going to be 653 00:36:24,320 --> 00:36:26,839 Speaker 1: discussion about that. Do you do you think we get 654 00:36:26,840 --> 00:36:29,440 Speaker 1: more clarity on the balance sheet? Yeah? I do. I 655 00:36:29,800 --> 00:36:31,960 Speaker 1: think that you'll get a bit more clarity. But the 656 00:36:31,960 --> 00:36:33,759 Speaker 1: truth is, I think all the sort of the sort 657 00:36:33,760 --> 00:36:36,839 Speaker 1: of the key um, the key elements of balance sheet 658 00:36:36,880 --> 00:36:40,239 Speaker 1: reduction I've already been outlined. So I'm not sure that 659 00:36:40,239 --> 00:36:43,000 Speaker 1: that's going to be the thing that um sort of 660 00:36:43,000 --> 00:36:46,720 Speaker 1: really drives um, sort of the discussion drives the market 661 00:36:46,880 --> 00:36:50,359 Speaker 1: over over the sort of the balance of the afternoon, Um, 662 00:36:50,400 --> 00:36:53,239 Speaker 1: but yeah, more more information will be forthcoming. But I 663 00:36:53,239 --> 00:36:55,400 Speaker 1: think it's really all about what is going to happen 664 00:36:55,880 --> 00:36:58,000 Speaker 1: with hikes and the degree to which those hikes happened. 665 00:36:58,040 --> 00:37:00,000 Speaker 1: I think that's probably gonna be more of the focus. 666 00:37:00,000 --> 00:37:01,520 Speaker 1: But what do you think that what do you I'm 667 00:37:01,560 --> 00:37:02,840 Speaker 1: sorry about that. What do you think the FETE is 668 00:37:02,840 --> 00:37:06,080 Speaker 1: going to be watching when it comes to how aggressive 669 00:37:06,160 --> 00:37:08,560 Speaker 1: they are for the for the balance of this year? 670 00:37:08,600 --> 00:37:10,000 Speaker 1: What are the what are the key data points of 671 00:37:10,040 --> 00:37:12,520 Speaker 1: the FETE needs to be keeping an eye on. So 672 00:37:12,600 --> 00:37:15,160 Speaker 1: I love this question because I really think it gets 673 00:37:15,160 --> 00:37:18,480 Speaker 1: to to the heart of a challenge for Powell. Um, 674 00:37:19,000 --> 00:37:21,919 Speaker 1: it's unclear at this point what he wants to see 675 00:37:21,960 --> 00:37:24,600 Speaker 1: from an inflation perspective, right, I mean, don't you find 676 00:37:24,600 --> 00:37:26,560 Speaker 1: that interesting? All the focus on inflation. We don't really 677 00:37:26,600 --> 00:37:28,760 Speaker 1: know what they want. And so here's a really interesting 678 00:37:28,800 --> 00:37:31,600 Speaker 1: way of thinking about this. UM. Last year, it was 679 00:37:31,640 --> 00:37:34,200 Speaker 1: all about getting to max employment, right, That's all he 680 00:37:34,320 --> 00:37:36,160 Speaker 1: wanted that. It didn't matter what was happening from an 681 00:37:36,160 --> 00:37:38,480 Speaker 1: inflation perspective. All he wanted to do was get to 682 00:37:38,520 --> 00:37:42,560 Speaker 1: max employment. This year, UM, it's all about inflation now 683 00:37:42,960 --> 00:37:45,480 Speaker 1: if he just if this is just the March toward 684 00:37:45,560 --> 00:37:50,040 Speaker 1: getting to target. The two percent target, FENN funds will 685 00:37:50,080 --> 00:37:53,200 Speaker 1: be meaningfully higher than what anyone is thinking. So I 686 00:37:53,239 --> 00:37:56,160 Speaker 1: think he needs to outline what exactly does he want 687 00:37:56,239 --> 00:37:59,560 Speaker 1: to see from an inflation perspective, because if it's a 688 00:37:59,560 --> 00:38:01,640 Speaker 1: target and lation, look you're speaking to someone who actually 689 00:38:01,680 --> 00:38:05,200 Speaker 1: has lower inflation and probably most other people are forecasting. 690 00:38:05,880 --> 00:38:07,880 Speaker 1: I don't even have a number that's close to target 691 00:38:07,960 --> 00:38:10,600 Speaker 1: by the end of the year. Um. So, so if 692 00:38:10,880 --> 00:38:13,120 Speaker 1: I think that's a really important idea that that he's 693 00:38:13,120 --> 00:38:15,560 Speaker 1: going to need to sort of, you know, spell out 694 00:38:15,600 --> 00:38:18,560 Speaker 1: a bit a bit more, I would argue that you know, 695 00:38:18,960 --> 00:38:21,120 Speaker 1: if you're if you're holding a three handle, um, so 696 00:38:21,280 --> 00:38:23,880 Speaker 1: you know, say high three handle on on core inflation 697 00:38:23,960 --> 00:38:25,640 Speaker 1: by the end of the year, I would say that 698 00:38:25,640 --> 00:38:28,560 Speaker 1: that is a victory and that's something that they should 699 00:38:28,719 --> 00:38:32,439 Speaker 1: um sort of you know, embrace slash cheer um. But 700 00:38:32,440 --> 00:38:35,240 Speaker 1: but I would love some some color on on exactly 701 00:38:35,280 --> 00:38:37,759 Speaker 1: what they're looking for on the inflation front. I think 702 00:38:37,800 --> 00:38:41,120 Speaker 1: that's the key. Yeah, it's gonna be a very interesting 703 00:38:41,600 --> 00:38:46,359 Speaker 1: news conference, certainly when Federal Reserve Chairman J Powell hits 704 00:38:46,360 --> 00:38:48,920 Speaker 1: the podium at two thirty pm. Wall Street time after 705 00:38:49,000 --> 00:38:53,560 Speaker 1: that decision at two pm. Uh Tom Porcelli, chief US 706 00:38:53,600 --> 00:38:57,040 Speaker 1: economist RBC Capital Markets. Great to get your insights ahead 707 00:38:57,040 --> 00:38:58,719 Speaker 1: of all that, and we want to invite you to 708 00:38:58,760 --> 00:39:01,560 Speaker 1: stay with us for full coverage and analysis of this 709 00:39:01,680 --> 00:39:05,000 Speaker 1: FED decision on a special edition of Bloomberg Surveillance. It's 710 00:39:05,040 --> 00:39:08,600 Speaker 1: coming up at one pm Wall Street Time on Bloomberg 711 00:39:08,719 --> 00:39:12,480 Speaker 1: Radio and Television. Karen Pathan, it is five fifty four 712 00:39:12,520 --> 00:39:15,120 Speaker 1: on Wall Street. It's time for a legal story. We're 713 00:39:15,160 --> 00:39:17,800 Speaker 1: watching this morning, and for the first time in modern 714 00:39:17,800 --> 00:39:21,279 Speaker 1: Supreme Court history, a draft opinion of the Court was 715 00:39:21,360 --> 00:39:24,560 Speaker 1: made public months before it was likely to be released. 716 00:39:24,920 --> 00:39:27,360 Speaker 1: Just as shocking as the leak itself was the draft 717 00:39:27,400 --> 00:39:31,680 Speaker 1: opinion by Justice Samuel Alito reversing the landmark decision of 718 00:39:31,719 --> 00:39:35,400 Speaker 1: a Roe v. Wade and overturning the constitutional right to abortion, 719 00:39:35,719 --> 00:39:38,400 Speaker 1: which has been guaranteed for nearly half a century. For 720 00:39:38,480 --> 00:39:41,560 Speaker 1: more Bloomberg during Grosso speaks to Adam Winkler, a professor 721 00:39:41,600 --> 00:39:44,399 Speaker 1: at U c l A Law School. I've heard two 722 00:39:44,480 --> 00:39:48,520 Speaker 1: different viewpoints, one being that the revelation of this draft 723 00:39:48,520 --> 00:39:51,800 Speaker 1: opinion could lead the majority to dig in and stick 724 00:39:51,920 --> 00:39:55,360 Speaker 1: to the opinion. The other side is that well, it 725 00:39:55,400 --> 00:39:58,840 Speaker 1: could lead some of the justices to rethink the opinion 726 00:39:59,040 --> 00:40:01,600 Speaker 1: and perhaps go to the middle ground that the Chief 727 00:40:01,680 --> 00:40:05,360 Speaker 1: Justice reportedly has been interested in. What do you think 728 00:40:05,440 --> 00:40:07,600 Speaker 1: it's so hard to know, June. You know, we just 729 00:40:07,680 --> 00:40:10,080 Speaker 1: don't have any information on the leaked it and what 730 00:40:10,200 --> 00:40:13,200 Speaker 1: the possible reasons are for leaking it. One could imagine 731 00:40:13,200 --> 00:40:16,520 Speaker 1: an argument that this was leaked by conservatives who are 732 00:40:16,600 --> 00:40:21,040 Speaker 1: looking to shore up Aldo's opinion and stop someone like 733 00:40:21,200 --> 00:40:25,760 Speaker 1: a Kavanaugh from wavering and signing onto a more moderate decision. 734 00:40:25,840 --> 00:40:29,080 Speaker 1: Others have speculated that it is probably someone on the left, 735 00:40:29,239 --> 00:40:32,759 Speaker 1: left leaning clerk who's so outraged and shocked that that 736 00:40:33,080 --> 00:40:35,520 Speaker 1: someone wants to let the world know what's coming in 737 00:40:35,560 --> 00:40:38,279 Speaker 1: the Supreme Court and how outrageous this opinion really is 738 00:40:38,360 --> 00:40:40,959 Speaker 1: in light of constitutional law. I think those are really 739 00:40:41,040 --> 00:40:43,880 Speaker 1: the key things, and among lawyers, I think that Alito's 740 00:40:43,960 --> 00:40:46,920 Speaker 1: draft opinion, if it becomes the majority opinion, will not 741 00:40:47,040 --> 00:40:50,240 Speaker 1: gain the respect of the legal community. At critical points 742 00:40:50,239 --> 00:40:54,000 Speaker 1: in the argument, Aledo abandoned legal analysis for really pure 743 00:40:54,080 --> 00:40:57,440 Speaker 1: policy preference, and I don't think that the argument that 744 00:40:57,440 --> 00:41:01,399 Speaker 1: Alito makes will be received with any are compliments than 745 00:41:01,880 --> 00:41:05,680 Speaker 1: Justice Blackman's original decision in Row versus Way. So it 746 00:41:05,880 --> 00:41:09,319 Speaker 1: is possible, not probable, perhaps, but it is possible that 747 00:41:09,560 --> 00:41:13,640 Speaker 1: one of the justices could change their vote absolutely, And 748 00:41:13,760 --> 00:41:16,960 Speaker 1: justices can and have changed their votes after a conference 749 00:41:17,000 --> 00:41:21,200 Speaker 1: and after majority opinions have been circulated. It happens, you know, 750 00:41:21,280 --> 00:41:24,760 Speaker 1: with some regularity. Without saying it's frequent, it does happen, 751 00:41:24,800 --> 00:41:27,480 Speaker 1: and it happens many times over the years. One prominent 752 00:41:27,520 --> 00:41:30,400 Speaker 1: example is Planned Parenthood Recasey, one of the cases that 753 00:41:30,480 --> 00:41:33,320 Speaker 1: the Supreme Court reports to overturn in this draft opinion. 754 00:41:33,680 --> 00:41:37,000 Speaker 1: In that case, Justice Kennedy originally voted to overturn ro 755 00:41:37,120 --> 00:41:40,560 Speaker 1: versus Way and to uphold broad regulations of abortion, and 756 00:41:40,560 --> 00:41:44,799 Speaker 1: then he changed his mind after the majority opinion started circulating. 757 00:41:45,000 --> 00:41:48,480 Speaker 1: And it's happened in other much less controversial areas as well. 758 00:41:48,800 --> 00:41:51,840 Speaker 1: Sometimes justice is fine that they think an outcome is 759 00:41:51,960 --> 00:41:54,640 Speaker 1: right until they see an opinion explaining the outcome, and 760 00:41:54,680 --> 00:41:57,520 Speaker 1: then they say, wait, that reasoning an argument just doesn't 761 00:41:57,520 --> 00:42:00,000 Speaker 1: work for me. I think I'm going to change my vote. 762 00:42:00,440 --> 00:42:02,880 Speaker 1: I would be very surprised if that happened in this 763 00:42:02,960 --> 00:42:06,360 Speaker 1: particular case. I think these justices have been thinking about 764 00:42:06,440 --> 00:42:10,359 Speaker 1: Roe versus Wade for many decades. I think that their 765 00:42:10,440 --> 00:42:14,200 Speaker 1: views on this issue are not really in play. And 766 00:42:14,200 --> 00:42:17,040 Speaker 1: that's Adam Winkler, professor at u c l A Law School, 767 00:42:17,040 --> 00:42:19,560 Speaker 1: speaking at the Bloomberg Student Grosso. Catch more at that 768 00:42:19,600 --> 00:42:23,040 Speaker 1: interview plus analysis of the latest legal news by subscribing 769 00:42:23,040 --> 00:42:25,560 Speaker 1: to the Bloomberg Law Podcast or downloading this show at 770 00:42:25,560 --> 00:42:29,560 Speaker 1: Bloomberg dot com slash podcast. Attorneys can find exceptional legal 771 00:42:29,560 --> 00:42:32,960 Speaker 1: research and business development tools at Bloomberg Law dot com 772 00:42:33,000 --> 00:42:36,840 Speaker 1: and on the Bloomberg terminal at blow go. And futures 773 00:42:36,840 --> 00:42:40,800 Speaker 1: are higher. This morning is still ahead. On Bloomberg Daybreak, 774 00:42:41,080 --> 00:42:43,439 Speaker 1: I check on the business headlines and all the news 775 00:42:43,520 --> 00:42:46,880 Speaker 1: you need to start your day. And this is Bloomberg