1 00:00:01,680 --> 00:00:05,000 Speaker 1: My from the Bloomberg Interactive Berger Studios. This is Bloomberg 2 00:00:05,040 --> 00:00:09,280 Speaker 1: Daybreak for Wednesday, August two. Coming up, the shower key 3 00:00:09,360 --> 00:00:13,360 Speaker 1: primary results across the country. Jerry Nadler beats Carolyn Maloney 4 00:00:13,400 --> 00:00:16,280 Speaker 1: in New York and Florida. Charlie christ will challenge incumbent 5 00:00:16,320 --> 00:00:19,640 Speaker 1: Governor Rhonda Santis. A top FED official calls for higher 6 00:00:19,720 --> 00:00:22,279 Speaker 1: rates on the eve of the Jackson Volts Imposium, and 7 00:00:22,360 --> 00:00:26,120 Speaker 1: millions of Americans await President Biden's decision on student loans. 8 00:00:26,360 --> 00:00:29,400 Speaker 1: It has been six months since Russia invaded Ukraine. Plus 9 00:00:29,440 --> 00:00:32,040 Speaker 1: guilty verdicts were two men accused of trying to kidnap 10 00:00:32,080 --> 00:00:35,480 Speaker 1: Michigan's governor. I'm Michael blaher bore ahead, I'm John Stas 11 00:00:35,520 --> 00:00:38,080 Speaker 1: Shower and sports a second straight Yankee Ford to two 12 00:00:38,120 --> 00:00:40,599 Speaker 1: wind over the Mets of the Subway series. Kevin Durant 13 00:00:40,680 --> 00:00:45,360 Speaker 1: is staying with the Brooklyn Nets. That's all s traded 14 00:00:45,360 --> 00:00:48,760 Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven three on 15 00:00:48,840 --> 00:00:53,120 Speaker 1: New York, Bloomberg nine one, Washington, d C Bloomberg one 16 00:00:53,159 --> 00:00:57,640 Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius 17 00:00:57,800 --> 00:01:00,880 Speaker 1: XAM one nine team and around the world on Bloomberg 18 00:01:00,960 --> 00:01:07,920 Speaker 1: Radio dot com and via the Bloomberg Business App. Good morning, 19 00:01:07,920 --> 00:01:11,000 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow and US Dock 20 00:01:11,040 --> 00:01:14,640 Speaker 1: Index futures are little change this morning. We're coming up 21 00:01:14,680 --> 00:01:16,240 Speaker 1: to five oh one on Wall Street, and we checked 22 00:01:16,240 --> 00:01:18,960 Speaker 1: the markets every fifteen minutes throughout the trading day on 23 00:01:19,080 --> 00:01:21,960 Speaker 1: Bloomberg U S and P and down. Future's little change 24 00:01:21,959 --> 00:01:25,040 Speaker 1: this morning, nowsday futures are higher, up about fourteen and 25 00:01:25,120 --> 00:01:27,920 Speaker 1: attend your treasury up four thirty seconds here three point oh. 26 00:01:28,000 --> 00:01:30,200 Speaker 1: Ch Per sent Nathan. All Right, Karen, we'll have one 27 00:01:30,200 --> 00:01:31,800 Speaker 1: of the markets in a minute, but first you want 28 00:01:31,800 --> 00:01:34,160 Speaker 1: to get you caught up on some key primary results 29 00:01:34,200 --> 00:01:37,119 Speaker 1: across the country. We begin our team coverage in New 30 00:01:37,200 --> 00:01:40,520 Speaker 1: York with Bloomberg's Michael Barr. Good morning, Michael, Good morning, Nathan. 31 00:01:40,640 --> 00:01:44,840 Speaker 1: In New York's key Congressional twelve district Representative Jerry Nedler 32 00:01:44,920 --> 00:01:50,320 Speaker 1: be Democratic Committee Chair Carol and Maloney, the two long 33 00:01:50,320 --> 00:01:54,840 Speaker 1: time allies, became opponents that year due to redistricting. Maloney 34 00:01:54,920 --> 00:01:58,360 Speaker 1: spoke during her concession speech, I'm really sad that we 35 00:01:58,480 --> 00:02:03,680 Speaker 1: no longer have a woman for precent in Manhattan last night, Nadler, 36 00:02:03,840 --> 00:02:06,960 Speaker 1: thank Maloney, and I will return to Congress with a 37 00:02:07,000 --> 00:02:11,240 Speaker 1: mandate to fight for the causes so many of us 38 00:02:11,520 --> 00:02:15,519 Speaker 1: know to be right. Nat Liberal face Republican Mike Zabluskas. 39 00:02:15,960 --> 00:02:19,480 Speaker 1: In another key congressional race, Daniel Goldman one in the 40 00:02:19,560 --> 00:02:23,519 Speaker 1: tenth district over fellow Democrat Ulne New twenty six to 41 00:02:24,280 --> 00:02:28,880 Speaker 1: four percent. Goldman faces Republican Benny Hampden in November. In 42 00:02:28,919 --> 00:02:31,520 Speaker 1: the seventeenth district, Sean Patrick Maloney, EA, chair of the 43 00:02:31,560 --> 00:02:35,320 Speaker 1: House Democrats campaign arm one with sixty seven percent. He 44 00:02:35,440 --> 00:02:38,680 Speaker 1: will face Republican Michael Lawler, who got seventies six percent 45 00:02:38,960 --> 00:02:42,120 Speaker 1: in a special election in the nineteenth district to replace 46 00:02:42,200 --> 00:02:46,639 Speaker 1: Democrat Antonio Delgado who became New York's Lieutenant governor. Democrat 47 00:02:46,760 --> 00:02:51,440 Speaker 1: Pat Ryan with beat Republican Mark Mulinaro, who got forty 48 00:02:51,520 --> 00:02:54,600 Speaker 1: eight percent. More in other New York races. Later, I'm 49 00:02:54,639 --> 00:02:57,760 Speaker 1: Michael Barr and now over to Bloomberg's Anymore. It's with 50 00:02:57,840 --> 00:03:01,560 Speaker 1: key results in Florida, any thank you, Michael. Representative Charlie 51 00:03:01,600 --> 00:03:04,880 Speaker 1: Chris has won the Democratic nomination for governor of Florida, 52 00:03:05,000 --> 00:03:08,720 Speaker 1: beating out the state Agriculture Commissioner and more progressive Nicky 53 00:03:08,800 --> 00:03:12,320 Speaker 1: Freed with nearly sixty of the vote. Chris, a former 54 00:03:12,400 --> 00:03:16,639 Speaker 1: Republican governor himself, will challenge Republican incumbent Ron De Santis. 55 00:03:16,960 --> 00:03:19,440 Speaker 1: If we work together stand up to this bully, we 56 00:03:19,520 --> 00:03:24,840 Speaker 1: will defeat him in November. Meanwhile, val Demmings won the 57 00:03:24,880 --> 00:03:28,040 Speaker 1: Democratic primary for Senate with more than four percent of 58 00:03:28,040 --> 00:03:31,160 Speaker 1: the vote, and she will challenge Republican incoment Senator Marco 59 00:03:31,240 --> 00:03:35,680 Speaker 1: Rubio in Florida. In Washington, I'm Ammy Morris, Bloomberg Daybreak right, Amy, 60 00:03:35,720 --> 00:03:39,080 Speaker 1: thank you well. One other statehold election yesterday in Oklahoma, 61 00:03:39,280 --> 00:03:43,880 Speaker 1: trump back Congressman Mark Wayne Mullen defeated former Statehouse Speaker 62 00:03:43,960 --> 00:03:46,240 Speaker 1: T W. Shenn And in a special runoff of the 63 00:03:46,320 --> 00:03:50,600 Speaker 1: Senate seat now held by retiring Republican Jim Inhoff. Mullen 64 00:03:50,680 --> 00:03:54,200 Speaker 1: will face former Democratic Congressman Kendra Horne in November. And 65 00:03:54,240 --> 00:03:56,160 Speaker 1: of course we'll have much more on the primaries throughout 66 00:03:56,160 --> 00:03:58,800 Speaker 1: the morning, Karen. But another story we are following this morning. 67 00:03:58,960 --> 00:04:02,440 Speaker 1: President Biden expected to make his long awaited announcement on 68 00:04:02,520 --> 00:04:05,600 Speaker 1: student debt relief. Later today. We get the latest from 69 00:04:05,600 --> 00:04:08,520 Speaker 1: Bloomberg's head Baxter. It has been something the President has 70 00:04:08,560 --> 00:04:10,960 Speaker 1: been planning for quite a while now, and the White 71 00:04:10,960 --> 00:04:13,040 Speaker 1: House is keeping the cars very close to the vest. 72 00:04:13,400 --> 00:04:16,280 Speaker 1: The President has been grappling with targeted relief while at 73 00:04:16,279 --> 00:04:21,279 Speaker 1: the same time counteracting any fallout such as contributing to inflation. Now, 74 00:04:21,400 --> 00:04:25,760 Speaker 1: advocates and allies expect expect a pause on loans for 75 00:04:25,760 --> 00:04:27,800 Speaker 1: an additional four months through the end of the year, 76 00:04:28,240 --> 00:04:31,560 Speaker 1: as well as some form of partial forgiveness. We should 77 00:04:31,600 --> 00:04:35,239 Speaker 1: know today in San Francisco, I'm at Baxter Bloomberg Daybreak, 78 00:04:36,920 --> 00:04:39,640 Speaker 1: all right, and thank you. Meanwhile, Minneapolis Fed President Neil 79 00:04:39,720 --> 00:04:42,839 Speaker 1: cash Gari is saying it's very clear that the central 80 00:04:42,880 --> 00:04:45,159 Speaker 1: bank we're talking about, the FED here needs to tighten 81 00:04:45,240 --> 00:04:50,479 Speaker 1: monetary policy with inflation this high. I'm for me, I'm 82 00:04:50,480 --> 00:04:52,799 Speaker 1: in the mode of we need to air on making 83 00:04:52,839 --> 00:04:57,560 Speaker 1: sure we're getting inflation down and only relax when we 84 00:04:57,640 --> 00:05:00,719 Speaker 1: see compelling evidence that, in asition, a is well on 85 00:05:00,800 --> 00:05:03,920 Speaker 1: us way back down to two Minneapolis Fed President Neil 86 00:05:04,000 --> 00:05:06,719 Speaker 1: cash Cary and please stick with Bloomberg for a complete 87 00:05:06,720 --> 00:05:10,600 Speaker 1: live coverage of the Jackson Whole Symposium. It begins tomorrow. 88 00:05:10,600 --> 00:05:13,839 Speaker 1: Bloomberg surveillors will be there beginning tomorrow with Tom Keene, 89 00:05:13,920 --> 00:05:16,600 Speaker 1: Lisa Abramo, It's and Jonathan Farrell. You're looking forward to 90 00:05:16,600 --> 00:05:19,719 Speaker 1: that with the FED Chairman J Powell giving the keynote 91 00:05:19,760 --> 00:05:23,039 Speaker 1: speech ten am Wall Street Time on Friday. Let's turn 92 00:05:23,040 --> 00:05:25,440 Speaker 1: to corporate news now, Karen. We continue to see major 93 00:05:25,560 --> 00:05:30,760 Speaker 1: retailers struggle. Shares of Nordstrom down nearly thirteen percent following 94 00:05:30,760 --> 00:05:33,640 Speaker 1: its latest earnings report. We get more live from Bloomberg's 95 00:05:33,680 --> 00:05:36,839 Speaker 1: Rnda Young. Good morning, Rnita, Good morning Nathan. Investors initially 96 00:05:36,880 --> 00:05:40,839 Speaker 1: saw Nordstrom as insulated by its affluent customer base, but 97 00:05:40,920 --> 00:05:44,159 Speaker 1: its outlook tells a different story as the retailer's rack 98 00:05:44,240 --> 00:05:48,400 Speaker 1: business slows on lower demand and inventory build up, the 99 00:05:48,440 --> 00:05:52,320 Speaker 1: department store Operators lowering its full year forecast just three 100 00:05:52,360 --> 00:05:56,000 Speaker 1: months after raising its outlook earlier. This week, Macy's also 101 00:05:56,000 --> 00:05:59,280 Speaker 1: cut its full year forecast, and now both retailers are 102 00:05:59,320 --> 00:06:02,760 Speaker 1: moving a ass ofly to clear out inventory. Other high 103 00:06:02,839 --> 00:06:05,960 Speaker 1: end US consumer companies such as Ralph Lauren and S. D. 104 00:06:06,120 --> 00:06:09,880 Speaker 1: Lauder have also trimmed forecasts. Live in New York, I'm 105 00:06:09,920 --> 00:06:12,599 Speaker 1: rened a Young Bloomberg Daybreak a right reneeded thank you. 106 00:06:12,760 --> 00:06:15,080 Speaker 1: On the flip side. Shares a bad bath and beyond 107 00:06:15,120 --> 00:06:18,520 Speaker 1: about fourteen percent. In early trading, The Wall Street Journal 108 00:06:18,640 --> 00:06:21,920 Speaker 1: is reporting the home goods retailer has selected a lender 109 00:06:21,960 --> 00:06:25,080 Speaker 1: to provide financing as it seeks to boush liquidity and 110 00:06:25,160 --> 00:06:28,479 Speaker 1: pair down dead. Finally, Karen. Tributes continue to pour in 111 00:06:28,520 --> 00:06:31,800 Speaker 1: this morning for Julian Robertson, the billionaire founder of Tiger 112 00:06:31,839 --> 00:06:35,320 Speaker 1: Management who's died at the age of ninety. Robertson became 113 00:06:35,360 --> 00:06:38,960 Speaker 1: one of his generation's most successful hedge fund managers. He 114 00:06:39,080 --> 00:06:41,480 Speaker 1: was a mentor to a wave of investors known as 115 00:06:41,520 --> 00:06:45,919 Speaker 1: Tiger cubs. Robertson started Tiger Management in night which just 116 00:06:46,040 --> 00:06:49,320 Speaker 1: under nine million dollars. By the late nineties, his funds 117 00:06:49,400 --> 00:06:53,279 Speaker 1: had twenty two billion in assets and annual returns averaging 118 00:06:53,360 --> 00:06:57,840 Speaker 1: thirty Well. Nathan again futures this morning. They're little change. 119 00:06:57,880 --> 00:07:00,040 Speaker 1: The ten year treasury is a five thirty sec and 120 00:07:00,120 --> 00:07:02,400 Speaker 1: SIEL three point two percent, and they yield on the 121 00:07:02,480 --> 00:07:05,480 Speaker 1: two year three point to nine percent and nine NX. 122 00:07:05,520 --> 00:07:07,800 Speaker 1: Screwed oil is higher up one point four percent of 123 00:07:07,839 --> 00:07:11,000 Speaker 1: a dollar thirty three at ninety five seven cents of barrel. 124 00:07:11,320 --> 00:07:14,840 Speaker 1: The euro point nine eight against the dollar straight ahead. 125 00:07:14,880 --> 00:07:18,040 Speaker 1: Your latest local headlines plus a check of sports. And 126 00:07:18,320 --> 00:07:24,480 Speaker 1: this is Bloomberg. Thank you, Karen. It is five oh 127 00:07:24,560 --> 00:07:26,760 Speaker 1: seven on Wall Street where it's seventy two degrees in 128 00:07:26,880 --> 00:07:30,000 Speaker 1: Central Park. Abivitle slow the outbound upper level of George 129 00:07:30,000 --> 00:07:32,920 Speaker 1: Washington Bridge. There was some late construction picking up. We'll 130 00:07:32,960 --> 00:07:34,920 Speaker 1: see if that's still the case in traffic shortly. But 131 00:07:35,080 --> 00:07:37,720 Speaker 1: Michael Barr is back now with some more of those 132 00:07:37,760 --> 00:07:39,720 Speaker 1: New York primary results and what else is going on 133 00:07:39,800 --> 00:07:42,080 Speaker 1: around the world. What's you got, Michael, Thank you very much. Nathan. 134 00:07:42,120 --> 00:07:45,280 Speaker 1: And as we mentioned, redistricting led to Jerry Nadler beating 135 00:07:45,280 --> 00:07:48,280 Speaker 1: a longtime ally, Carol and Maloney in New York's most 136 00:07:48,320 --> 00:07:53,960 Speaker 1: watched congressional Democratic primary race. Bloomberg National political correspondent Gregor recording. 137 00:07:54,240 --> 00:07:58,080 Speaker 1: There are in every after every redistricting cycle, after the 138 00:07:58,120 --> 00:08:00,520 Speaker 1: maps get redrawn every decade, the are a number of 139 00:08:00,600 --> 00:08:04,320 Speaker 1: these incumbent versus incumbent matchups, but I can't remember any 140 00:08:05,120 --> 00:08:08,280 Speaker 1: ever that have been as big as this one. In 141 00:08:08,400 --> 00:08:11,640 Speaker 1: other contests. In a Republican race in Western New York 142 00:08:11,680 --> 00:08:16,400 Speaker 1: to replace GOP Representative Chris Jacobs, Nick Landworthy won the 143 00:08:16,560 --> 00:08:21,200 Speaker 1: primary in New York's redrawn twenty third District, Langworthy, new 144 00:08:21,320 --> 00:08:27,600 Speaker 1: York's Republican Party chair, beat Buffalo businessman Carl Palladino to percent. 145 00:08:28,040 --> 00:08:32,120 Speaker 1: Palladino has said controversial comments, including the Adolf Hitler was 146 00:08:32,200 --> 00:08:34,160 Speaker 1: the kind of leader we need today because of his 147 00:08:34,280 --> 00:08:39,119 Speaker 1: ability to rally around crowds. In Western New York, Republican 148 00:08:39,280 --> 00:08:43,520 Speaker 1: Joe sim Polinski beat Democrat Max Delapia to serve out 149 00:08:43,559 --> 00:08:45,880 Speaker 1: the rest of the year. In New York's twenty third 150 00:08:45,920 --> 00:08:50,920 Speaker 1: district fifty three percent to is to replace GOP representative 151 00:08:51,000 --> 00:08:54,840 Speaker 1: Tom Reid, resigned after he was accused of sexual misconduct. 152 00:08:55,400 --> 00:08:57,959 Speaker 1: It has been six months since the Russian invasion began 153 00:08:58,080 --> 00:09:01,280 Speaker 1: in Ukraine. Yesterday, Russia are called for an emergency meeting 154 00:09:01,360 --> 00:09:04,200 Speaker 1: of the u N Security Council voice and concerns over 155 00:09:04,240 --> 00:09:08,080 Speaker 1: the situation at Ukraine's occupied nuclear power plant. There are 156 00:09:08,160 --> 00:09:11,040 Speaker 1: major worries that a nuclear disaster could take place due 157 00:09:11,120 --> 00:09:15,360 Speaker 1: to the fighting. UN Under Secretary Rosemary de Carlo. Any 158 00:09:15,440 --> 00:09:19,880 Speaker 1: potential damage to the plant or any other nuclear facilities 159 00:09:19,920 --> 00:09:24,079 Speaker 1: in Ukraine leading to a possible nuclear incident, would have 160 00:09:24,240 --> 00:09:28,920 Speaker 1: catastrophic consequences not only for the immediate vicinity, but for 161 00:09:29,040 --> 00:09:31,840 Speaker 1: the region and beyond. The u NS Rose Mary to Carlo. 162 00:09:32,080 --> 00:09:34,559 Speaker 1: A jury returned guilty verdicts for two men accused of 163 00:09:34,640 --> 00:09:37,199 Speaker 1: trying to carry out a kidnapping plot against Michigan Governor 164 00:09:37,240 --> 00:09:40,360 Speaker 1: Gretchen Whitmer. Jury and Grand Rapids handed down the verdicts 165 00:09:40,400 --> 00:09:43,760 Speaker 1: against Adam Fox and Barry Croft Jr. U S. Attorney 166 00:09:43,840 --> 00:09:47,240 Speaker 1: Andrew Burge, Governor. No public officials should have to contend 167 00:09:47,320 --> 00:09:50,800 Speaker 1: with what Governor Whitmer contended with here, all of our 168 00:09:50,840 --> 00:09:54,480 Speaker 1: elected officials, every one deserves to be able to live 169 00:09:54,520 --> 00:09:57,840 Speaker 1: in safety, not in fear. US Attorney Andrew Burge. Global 170 00:09:57,920 --> 00:10:00,040 Speaker 1: News twenty four hours a day on air and on 171 00:10:00,040 --> 00:10:03,520 Speaker 1: Bloomberg Quick Take, powered by more than seven hundred journalists 172 00:10:03,520 --> 00:10:05,840 Speaker 1: and analysts more than a hundred twenty countries. On Michael Bard, 173 00:10:05,880 --> 00:10:13,280 Speaker 1: this is Bloomberg, Nathan, Thank you, Michael. Just about five 174 00:10:13,360 --> 00:10:15,320 Speaker 1: ten on Wall Street, time for the Bloomberg Sports up 175 00:10:15,360 --> 00:10:18,520 Speaker 1: Take by John Stetcher. Morning Nathan and Yankees went into 176 00:10:18,640 --> 00:10:21,680 Speaker 1: Sunday's game four and fourteen in the August no team 177 00:10:21,679 --> 00:10:24,439 Speaker 1: in baseball had a works record. They have, apparently right 178 00:10:24,520 --> 00:10:26,360 Speaker 1: in this ship beat the Blue Jays. Sunday beat the 179 00:10:26,440 --> 00:10:29,200 Speaker 1: Mets Monday. Aaron Judge at a home run, and last 180 00:10:29,320 --> 00:10:35,880 Speaker 1: night at the stadium, ten as hot, not us far gone. 181 00:10:36,840 --> 00:10:41,920 Speaker 1: Oh what a judge and glove. It went over the 182 00:10:42,120 --> 00:10:46,200 Speaker 1: grandstand and way up in the blee trouts All rise, 183 00:10:48,160 --> 00:10:51,839 Speaker 1: here comes the June forty eight times. Now we've heard 184 00:10:51,880 --> 00:10:53,960 Speaker 1: that on w f an Yanks, let's do nothing. That's 185 00:10:54,000 --> 00:10:56,079 Speaker 1: tied the game. Yanks went back ahead a one four 186 00:10:56,080 --> 00:10:58,679 Speaker 1: to two, same scorers Monday, Yanks held on in the 187 00:10:58,760 --> 00:11:00,400 Speaker 1: ninth inning that the Mets had the base is loaded. 188 00:11:00,480 --> 00:11:03,240 Speaker 1: Both teams off tonight. Yanks to Marvin a West coast 189 00:11:03,280 --> 00:11:05,120 Speaker 1: trip in Oakland, and Mets will start a pen game. 190 00:11:05,160 --> 00:11:08,640 Speaker 1: Homes Family played Colorado the Atlanta Braves one again last night. 191 00:11:08,679 --> 00:11:10,920 Speaker 1: They won thirteen and fifteen, the only two games behind 192 00:11:11,000 --> 00:11:14,240 Speaker 1: the met But Kevin durant saga is over? Or is it? 193 00:11:14,360 --> 00:11:16,839 Speaker 1: The Nets announced Katie has let go of his trade demand, 194 00:11:16,880 --> 00:11:18,480 Speaker 1: so he's staying in Brooklyn. But how's that going to 195 00:11:18,559 --> 00:11:21,439 Speaker 1: play out with this coach Steve Nash. Durrant was willing 196 00:11:21,480 --> 00:11:23,319 Speaker 1: to stay in Brooklyn, but only if the Nets fired. 197 00:11:23,440 --> 00:11:26,439 Speaker 1: Nash and the general managers Sean mark the season over 198 00:11:26,520 --> 00:11:28,440 Speaker 1: for the Liberty loss to the Sites of Dane. Three 199 00:11:28,480 --> 00:11:31,480 Speaker 1: of the w NBA Playoffs with defending week champ Chicago, 200 00:11:31,800 --> 00:11:35,400 Speaker 1: John stash Award, Bloombrook Spooks, Nathan, thank you, john S, 201 00:11:35,480 --> 00:11:38,560 Speaker 1: andp Futures right now up four point Stown Futures up fourteen, 202 00:11:38,679 --> 00:11:43,040 Speaker 1: NASTAC futures are hired by seventeen points uh the actions 203 00:11:43,080 --> 00:11:45,640 Speaker 1: in the bond space this morning. The ten year Treasury 204 00:11:45,720 --> 00:11:48,360 Speaker 1: is up seven thirty seconds for yield of three point 205 00:11:48,480 --> 00:11:51,120 Speaker 1: zero two percent. Yield on the two year three point 206 00:11:51,240 --> 00:11:54,560 Speaker 1: to eight nine x crewed up one point three percent 207 00:11:54,640 --> 00:11:57,280 Speaker 1: at ninety five dollars even a barrel, and the euro 208 00:11:57,440 --> 00:12:02,080 Speaker 1: right now zero point two against the dollar. You're listening 209 00:12:02,160 --> 00:12:09,480 Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather. Sunshine today 210 00:12:09,480 --> 00:12:12,240 Speaker 1: in a high near ninety degrees, sunshine tomorrow and a 211 00:12:12,280 --> 00:12:14,360 Speaker 1: high near ninety. We'll have a chance for a late 212 00:12:14,440 --> 00:12:17,000 Speaker 1: day shower storm on Friday, but once again the hile 213 00:12:17,040 --> 00:12:22,480 Speaker 1: being near ninety right now seventy two in Central Park Markets, 214 00:12:22,640 --> 00:12:25,679 Speaker 1: headlines and breaking news twenty four hours a day at 215 00:12:25,720 --> 00:12:29,680 Speaker 1: Bloomberg dot com. The Bloomberg Business Atland at Bloomberg Quicktape 216 00:12:30,360 --> 00:12:39,199 Speaker 1: is a Bloomberg Business flash and I'm pared Moscow and 217 00:12:39,280 --> 00:12:41,920 Speaker 1: European stocks as well as US stock index futures are 218 00:12:41,960 --> 00:12:45,319 Speaker 1: struggling for direction. This morning is investors digest the latest 219 00:12:45,320 --> 00:12:48,200 Speaker 1: hawkish noises from the Federal Reserve. I'm in mounting signs 220 00:12:48,200 --> 00:12:50,920 Speaker 1: of a global economic slowdown. We checked the markets every 221 00:12:50,960 --> 00:12:54,000 Speaker 1: fifteen minutes throughout the trading day on Bloomberg, and again 222 00:12:54,080 --> 00:12:57,000 Speaker 1: futures are little change. The decks in Germany's down about 223 00:12:57,000 --> 00:12:59,679 Speaker 1: two tents of upper set ten. Your treasury up six 224 00:12:59,720 --> 00:13:02,400 Speaker 1: thirty seconds, you three point two percent. They yield on 225 00:13:02,440 --> 00:13:05,559 Speaker 1: the two year three point to eight percent. Ni Max 226 00:13:05,600 --> 00:13:07,640 Speaker 1: Screwed oil is up one point two percent of a 227 00:13:07,720 --> 00:13:10,240 Speaker 1: dollar twelve and ninety four dollars eighty six cents of 228 00:13:10,280 --> 00:13:12,959 Speaker 1: Barrel Comic School up a quarter percent or four dollars 229 00:13:13,040 --> 00:13:16,959 Speaker 1: ten cents is seventeen sixty announced. The euro is at 230 00:13:17,080 --> 00:13:20,200 Speaker 1: point nine one against the dollar, British found one point 231 00:13:20,320 --> 00:13:23,040 Speaker 1: one eight one three, and the yenis at one thirty 232 00:13:23,120 --> 00:13:25,920 Speaker 1: six point to nine. Looking at Bitcoin this morning, down 233 00:13:25,920 --> 00:13:28,760 Speaker 1: about six tens of a percent at twenty one three 234 00:13:28,840 --> 00:13:31,680 Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's 235 00:13:31,720 --> 00:13:33,719 Speaker 1: Michael Barr with more on what's going on around the 236 00:13:33,760 --> 00:13:37,400 Speaker 1: world Muggleton Morning, Good morning, Karen. US Representative Charley Chris 237 00:13:37,559 --> 00:13:40,720 Speaker 1: has one the Democratic nomination for governor in Florida, putting 238 00:13:40,800 --> 00:13:45,199 Speaker 1: him in position to challenge Republican incumbent governor Ron Descents. 239 00:13:45,280 --> 00:13:49,040 Speaker 1: This fall, Chris defeated Nikki Free, the state agriculture commissioner, 240 00:13:50,080 --> 00:13:54,480 Speaker 1: to thirty five percent. In New York Congressional primaries, Representative 241 00:13:54,600 --> 00:13:58,680 Speaker 1: Jerry Nadler being another powerful Democratic Committee chair Carolyn Maloney 242 00:13:58,800 --> 00:14:03,040 Speaker 1: fifty five. While the two worked as allies for the 243 00:14:03,160 --> 00:14:07,200 Speaker 1: last thirty years, they became opponents this year due to redistricting. 244 00:14:07,640 --> 00:14:09,920 Speaker 1: In baseball, the Yankees be the Met's four two for 245 00:14:10,160 --> 00:14:13,160 Speaker 1: two games sweep of the series, the Red Sox Nationals 246 00:14:13,240 --> 00:14:16,920 Speaker 1: and A's lost the Orioles and Giants. One Global News 247 00:14:17,000 --> 00:14:19,600 Speaker 1: twenty four hours a day on air and on Bloomberg 248 00:14:19,680 --> 00:14:22,600 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 249 00:14:22,600 --> 00:14:25,120 Speaker 1: and analysts more than a hundred twenty countries. Michael bar 250 00:14:25,320 --> 00:14:28,120 Speaker 1: this is Bloomberg NA. Thanks Michael. It's five nineteen on 251 00:14:28,200 --> 00:14:31,040 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 252 00:14:31,160 --> 00:14:33,160 Speaker 1: is a Bloomberg Daybreak. Let's get more on some of 253 00:14:33,200 --> 00:14:35,600 Speaker 1: these results from the last of the big state primaries 254 00:14:35,640 --> 00:14:37,920 Speaker 1: in New York and Florida. For that, we're joined right 255 00:14:37,960 --> 00:14:41,400 Speaker 1: now by Greg Valier, chief US policy strategist at a 256 00:14:41,520 --> 00:14:44,800 Speaker 1: g F Investments. Greg, good morning. Obviously, the marquee race 257 00:14:45,320 --> 00:14:48,200 Speaker 1: was that battle in the Upper west Side and the 258 00:14:48,280 --> 00:14:51,440 Speaker 1: Upper east Side and the newly redrawn twelfth Congressional district 259 00:14:51,520 --> 00:14:56,040 Speaker 1: of overwhelming victory for Jerry Nadler over Carolin Maloney. What 260 00:14:56,080 --> 00:14:58,440 Speaker 1: do you make of that? Well, good morning. They said 261 00:14:58,480 --> 00:15:02,280 Speaker 1: it was a pretty ugly race. Obviously, uh Nadler won 262 00:15:02,360 --> 00:15:04,040 Speaker 1: by more than I thought he would win. He won 263 00:15:04,640 --> 00:15:08,000 Speaker 1: uh handily. But I would say the biggest race of 264 00:15:08,080 --> 00:15:10,760 Speaker 1: all last night was an upstate in New York that 265 00:15:11,440 --> 00:15:14,560 Speaker 1: a Democrat want to to kill out a few months 266 00:15:14,600 --> 00:15:17,960 Speaker 1: of a term that expired. But this revolved around abortion, 267 00:15:18,040 --> 00:15:20,960 Speaker 1: and I think that sends a signal to both parties. 268 00:15:22,000 --> 00:15:27,040 Speaker 1: How So, we've seen the abortion issue crop up as 269 00:15:27,360 --> 00:15:31,960 Speaker 1: something that could potentially be a driver for not just 270 00:15:32,080 --> 00:15:35,640 Speaker 1: the Democratic base, but potentially some more of those suburban voters. 271 00:15:35,720 --> 00:15:38,240 Speaker 1: Is that kind of what you're getting at? Exactly? So, 272 00:15:38,480 --> 00:15:41,560 Speaker 1: we now have two races of one in Kansas about 273 00:15:41,920 --> 00:15:45,760 Speaker 1: six weeks ago, and then last night in which abortion 274 00:15:45,920 --> 00:15:49,680 Speaker 1: drove turnout, and I think for Republicans who feel they're 275 00:15:49,720 --> 00:15:52,560 Speaker 1: going to take the House and they probably will, uh 276 00:15:52,640 --> 00:15:55,120 Speaker 1: that this is a concern. It's certainly a concern and 277 00:15:55,200 --> 00:15:58,600 Speaker 1: Senate races as well, because I think turnout is going 278 00:15:58,680 --> 00:16:02,360 Speaker 1: to revolve around the issue of these very strident laws 279 00:16:02,440 --> 00:16:07,000 Speaker 1: that ban abortion under virtually any circumstances. Is this the 280 00:16:07,160 --> 00:16:12,040 Speaker 1: kind of issue that could supplant concerns about the economy 281 00:16:12,400 --> 00:16:15,960 Speaker 1: more broadly among voters. We have seen some signs of 282 00:16:16,040 --> 00:16:18,680 Speaker 1: economics slow down. At the same time, we've started to 283 00:16:18,720 --> 00:16:22,440 Speaker 1: see some signs as well that inflation is starting to 284 00:16:22,680 --> 00:16:25,800 Speaker 1: ease up, at least just a little bit. A little bit. 285 00:16:25,960 --> 00:16:29,280 Speaker 1: I still think that probably the economy and the inflation 286 00:16:29,360 --> 00:16:33,160 Speaker 1: will be dominant. But now you do have another issue. 287 00:16:33,280 --> 00:16:36,360 Speaker 1: You have the issue of abortion, and if that races 288 00:16:36,440 --> 00:16:39,760 Speaker 1: turnout by pen or twelve, it could make a big 289 00:16:39,800 --> 00:16:42,400 Speaker 1: difference in a lot of races. And there's another issue 290 00:16:42,520 --> 00:16:46,680 Speaker 1: that may begin to emerge today in that student loans. Right, 291 00:16:46,760 --> 00:16:50,080 Speaker 1: we're going to get the announcement from President Biden later on, 292 00:16:50,440 --> 00:16:52,800 Speaker 1: I guess sometime either this morning or this afternoon, once 293 00:16:52,840 --> 00:16:54,320 Speaker 1: he gets back from a White House. I don't think 294 00:16:54,360 --> 00:16:56,560 Speaker 1: it's officially on the schedule at this point. How do 295 00:16:56,640 --> 00:16:58,560 Speaker 1: you think that's going to shake out? Are are you 296 00:16:58,640 --> 00:17:01,680 Speaker 1: making a call on what president is going to decide 297 00:17:01,800 --> 00:17:04,760 Speaker 1: on student loans? Well, they've leaked. They've leaked it for 298 00:17:04,920 --> 00:17:06,960 Speaker 1: days and days and days, Nathan, And it looks like 299 00:17:07,720 --> 00:17:10,000 Speaker 1: for people who earn less than a D twenty five 300 00:17:10,040 --> 00:17:12,680 Speaker 1: thousand a year, there will be a forgiveness of ten 301 00:17:12,800 --> 00:17:17,680 Speaker 1: thousand dollars and loans and a probably a continued moratorium 302 00:17:18,080 --> 00:17:21,560 Speaker 1: on the payment of loans, maybe through the end of 303 00:17:21,640 --> 00:17:24,359 Speaker 1: the year. The problem for Joe Biden is that it 304 00:17:24,440 --> 00:17:28,440 Speaker 1: could be a lose lose. He could upset progressives and 305 00:17:28,560 --> 00:17:32,120 Speaker 1: liberals because it's not enough, and he could upset Republicans 306 00:17:32,440 --> 00:17:36,280 Speaker 1: who are going to say it's inflationary and discriminates against 307 00:17:36,320 --> 00:17:38,680 Speaker 1: people who paid all their loans. Is that part of 308 00:17:38,720 --> 00:17:41,600 Speaker 1: the reason why we've seen the President sort of mall 309 00:17:41,760 --> 00:17:45,320 Speaker 1: this issue over. It seems like for months he's been 310 00:17:45,359 --> 00:17:49,040 Speaker 1: facing pressure, particularly from progressives, on making some kind of 311 00:17:49,119 --> 00:17:52,400 Speaker 1: decision around extending the student loan relief. Is that part 312 00:17:52,440 --> 00:17:54,879 Speaker 1: of the reason why it's taken a while for the 313 00:17:54,920 --> 00:17:58,960 Speaker 1: President to finally come down with an announcement. I think so, 314 00:17:59,280 --> 00:18:01,720 Speaker 1: and he's ex aspirated a lot of his aids who 315 00:18:01,720 --> 00:18:04,520 Speaker 1: would hope to get this done with before the end 316 00:18:04,600 --> 00:18:07,320 Speaker 1: of August. The deadline is August thirty one, and I 317 00:18:07,400 --> 00:18:10,440 Speaker 1: think they were hoping for something this summer. Now you're 318 00:18:10,480 --> 00:18:14,400 Speaker 1: going to have some disappointed UH people in this debate. 319 00:18:14,440 --> 00:18:18,120 Speaker 1: You're gonna have disappointed liberals. You're gonna have disappointed Republicans. 320 00:18:18,359 --> 00:18:22,440 Speaker 1: I think by dragging this out it just invited more criticism. 321 00:18:22,880 --> 00:18:25,880 Speaker 1: So in our last minute here, Greg, we're pretty much 322 00:18:26,320 --> 00:18:30,520 Speaker 1: toward the end now of the primary election season. How 323 00:18:30,600 --> 00:18:34,200 Speaker 1: do you see these general election races shaping up here? 324 00:18:34,720 --> 00:18:37,000 Speaker 1: What are the issues that are going to drive voters 325 00:18:37,080 --> 00:18:39,680 Speaker 1: to the polls? Well, again, I think the economy is 326 00:18:39,680 --> 00:18:42,800 Speaker 1: going to be huge. I think geopolitics, whether it's Ukraine 327 00:18:42,880 --> 00:18:45,800 Speaker 1: or the Iranian nuclear deal or China could could be 328 00:18:45,880 --> 00:18:48,639 Speaker 1: a big deal. I do think the big change this 329 00:18:48,760 --> 00:18:51,480 Speaker 1: summer is that the Democrats now have a decent shot 330 00:18:51,760 --> 00:18:54,480 Speaker 1: to keep the Senate, maybe only by a seat or two, 331 00:18:54,640 --> 00:18:57,359 Speaker 1: or maybe in a tie, which we have now, but 332 00:18:57,480 --> 00:19:01,200 Speaker 1: I still think the Republicans take the House. Is it 333 00:19:01,280 --> 00:19:03,840 Speaker 1: going to be by a wide margin? Is it? Or 334 00:19:04,000 --> 00:19:06,520 Speaker 1: is that starting to narrow in the house. It's it's 335 00:19:06,640 --> 00:19:09,240 Speaker 1: narrowed in the house, and again this racing. I've stayed 336 00:19:09,240 --> 00:19:11,920 Speaker 1: in New York. Uh, the returns last night were quite 337 00:19:12,040 --> 00:19:15,760 Speaker 1: interesting and I think that portends a pretty close November. 338 00:19:16,359 --> 00:19:18,640 Speaker 1: Thanks so much, Greg, Always great to get your thoughts, 339 00:19:18,720 --> 00:19:22,960 Speaker 1: Greg Value, your chief US policy strategist at a GF Investments. 340 00:19:23,000 --> 00:19:26,240 Speaker 1: Of course, we're going to have a more analysis breakdown 341 00:19:26,440 --> 00:19:29,520 Speaker 1: of the election results in New York and in Florida. 342 00:19:29,920 --> 00:19:32,800 Speaker 1: Our team of Bloomberg News reporters will be covering it 343 00:19:32,920 --> 00:19:35,199 Speaker 1: all for you this morning after so stay with us 344 00:19:35,280 --> 00:19:38,080 Speaker 1: here on Bloomberg day Break. Looking ahead to the market, 345 00:19:38,160 --> 00:19:41,520 Speaker 1: open futures are looking for some direction now with SMP 346 00:19:41,720 --> 00:19:45,840 Speaker 1: futures up a point one point game for SMP futures down, 347 00:19:45,880 --> 00:19:50,119 Speaker 1: futures down nine, NASDAC futures are higher by seven points. 348 00:19:50,520 --> 00:19:53,320 Speaker 1: The tenure treasury is up four thirty seconds, the yield 349 00:19:53,359 --> 00:19:55,880 Speaker 1: close to three point zero three percent, and the yield 350 00:19:55,920 --> 00:19:58,520 Speaker 1: on the two year right now right around three point 351 00:19:58,600 --> 00:20:08,120 Speaker 1: to nine percent. You're listening to Bloomberg Daybreak Bloomberg eleven 352 00:20:08,160 --> 00:20:10,919 Speaker 1: three oh other. Sunshine and highs in the upper eighties today, sunny, 353 00:20:10,960 --> 00:20:14,040 Speaker 1: near ninety tomorrow, chance for a late day shower storm 354 00:20:14,119 --> 00:20:17,600 Speaker 1: Friday with a high near ninety degrees. Right now seventy 355 00:20:17,640 --> 00:20:24,760 Speaker 1: two in Central Park, broadcasting live from the Bloomberg Interacted 356 00:20:24,840 --> 00:20:28,680 Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington, 357 00:20:28,760 --> 00:20:33,040 Speaker 1: d C, Bloomberg to Boston, Bloomberg one six one to 358 00:20:33,119 --> 00:20:36,840 Speaker 1: San Francisco, Bloomberg N sixty to the Country Sirius XM 359 00:20:36,920 --> 00:20:40,119 Speaker 1: chto one nineteen and around the globe of Bloomberg Business 360 00:20:40,520 --> 00:20:50,440 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's 361 00:20:50,480 --> 00:20:52,639 Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hager 362 00:20:52,960 --> 00:20:55,679 Speaker 1: and I'm Karen Moscow. We are just about four hours 363 00:20:55,720 --> 00:20:57,800 Speaker 1: away from the open of US trading less yet you 364 00:20:57,840 --> 00:20:59,040 Speaker 1: have to date on the news you need to know 365 00:20:59,160 --> 00:21:01,920 Speaker 1: at this shower. Bookie primary results from last night to 366 00:21:01,960 --> 00:21:04,840 Speaker 1: start us off, New York Representative Jerry Nadler one in 367 00:21:04,920 --> 00:21:09,560 Speaker 1: New York's Congressional twelfth district. Over Ally, Caroline Maloney and 368 00:21:09,720 --> 00:21:12,679 Speaker 1: Charlie Cryst will face Rhonda Santas in November after securing 369 00:21:12,720 --> 00:21:15,560 Speaker 1: Florida's Democratic nomination for governor. And we'll bring you more 370 00:21:15,600 --> 00:21:17,480 Speaker 1: primary results in a couple of minutes, Karen, But let's 371 00:21:17,520 --> 00:21:20,959 Speaker 1: turn to the Federal Reserves Annual Jackson Whole Economics Symposium. 372 00:21:21,000 --> 00:21:23,760 Speaker 1: It begins tomorrow and culminates with the speech from j 373 00:21:23,960 --> 00:21:28,200 Speaker 1: Powell on Friday. Cities Mohammed Appabi tells us what he 374 00:21:28,320 --> 00:21:31,080 Speaker 1: expects from the FED chair. I think we're expecting something 375 00:21:31,200 --> 00:21:34,199 Speaker 1: to be hawkish. Clearly, what the Fed is telling us 376 00:21:34,560 --> 00:21:36,480 Speaker 1: is very different to what the market is expecting. And 377 00:21:36,640 --> 00:21:39,720 Speaker 1: you know, the market is saying rate cuts in three 378 00:21:39,760 --> 00:21:42,920 Speaker 1: and the Fed is saying not yet. Cities Mohammed Appleby 379 00:21:43,000 --> 00:21:44,959 Speaker 1: says he's not sure Iff we'll learn anything new from 380 00:21:45,000 --> 00:21:48,200 Speaker 1: Powell this week, well, Nathan. Ahead of Jackson Home, Minneapolis 381 00:21:48,240 --> 00:21:51,359 Speaker 1: FED President Neil cash Kari is continuing his hawkish pivot, 382 00:21:51,480 --> 00:21:55,359 Speaker 1: saying the central Bank should tighten monetary policy what inflation is, 383 00:21:57,200 --> 00:22:02,160 Speaker 1: or we run the risk of un anchoring inflation expectations 384 00:22:02,720 --> 00:22:05,919 Speaker 1: and leading to very bad outcomes that would cause us 385 00:22:06,000 --> 00:22:08,840 Speaker 1: to have to be very aggressive vulcar esque to then 386 00:22:08,960 --> 00:22:12,240 Speaker 1: re anchor them. We definitely want to avoid allowing that 387 00:22:12,400 --> 00:22:15,840 Speaker 1: situation to develop. Minneapolis Fan President Al cash car Age 388 00:22:15,920 --> 00:22:18,720 Speaker 1: and a fad much reduced inflation to two per cent, 389 00:22:18,920 --> 00:22:21,000 Speaker 1: and please stick with the Bloomberg this week for live 390 00:22:21,040 --> 00:22:24,359 Speaker 1: coverage of the Jackson Hole Symposium. Plumberg Surveillance will be 391 00:22:24,440 --> 00:22:27,720 Speaker 1: their beginning tomorrow, and to corporate news now Karen. Shares 392 00:22:27,760 --> 00:22:30,680 Speaker 1: of nord Strom are down fourteen percent following its latest 393 00:22:30,760 --> 00:22:33,479 Speaker 1: earnings report. We get more live from Bloomberg's Rinita Young. 394 00:22:33,520 --> 00:22:36,880 Speaker 1: Good morning, Rinia, Good morning Nathan. Investors initially saw Nordstrom 395 00:22:36,920 --> 00:22:40,520 Speaker 1: mass insulated by its affluent customer base, but its outlook 396 00:22:40,560 --> 00:22:43,920 Speaker 1: tells a different story. As the retailers rack business slows 397 00:22:44,000 --> 00:22:47,560 Speaker 1: on lower demand and inventory build up. The department store 398 00:22:47,600 --> 00:22:50,960 Speaker 1: operator is lowering its full year forecast, just three months 399 00:22:51,000 --> 00:22:54,160 Speaker 1: after raising its outlook earlier this week, Macy's also cut 400 00:22:54,240 --> 00:22:57,639 Speaker 1: its full year forecast. Now both retailers are moving aggressively 401 00:22:57,720 --> 00:23:01,200 Speaker 1: to clear out inventory. Other high end US consumer companies 402 00:23:01,240 --> 00:23:04,760 Speaker 1: like Ralph Lareen and as Day Lauder have also trimmed forecasts. 403 00:23:05,200 --> 00:23:07,360 Speaker 1: Live in New York, I'm really need a Young Bloomberg 404 00:23:07,440 --> 00:23:09,600 Speaker 1: day break, I really need to thank you. And one 405 00:23:09,640 --> 00:23:12,840 Speaker 1: other political note where following this morning is President Biden's 406 00:23:12,880 --> 00:23:16,280 Speaker 1: long awaited announcement on student dead relief, which is expected 407 00:23:16,760 --> 00:23:20,600 Speaker 1: later today. Again, futures this morning, they are little change now. 408 00:23:20,800 --> 00:23:23,600 Speaker 1: Futures are now down about thirty eight points. The decks 409 00:23:23,640 --> 00:23:26,040 Speaker 1: in Germany is down about four tents of a per cent, 410 00:23:26,240 --> 00:23:29,320 Speaker 1: so things beginning to deteriorate. Just a bit. Straight ahead, 411 00:23:29,320 --> 00:23:32,720 Speaker 1: your latest local headlines, plus a check of sports, and 412 00:23:33,080 --> 00:23:39,800 Speaker 1: this is Bloomberg. Thanks Harring. It's five thirty three on 413 00:23:39,840 --> 00:23:42,760 Speaker 1: Wall Street, seventy two degrees in Central Park. Got an accident, 414 00:23:42,840 --> 00:23:45,399 Speaker 1: headed to Kennedy Airport. Eas found Nassau Expressway at the 415 00:23:45,440 --> 00:23:48,359 Speaker 1: Van Wick More coming up in traffic first, Michael Barr 416 00:23:48,480 --> 00:23:51,480 Speaker 1: with more of those primary results. Michael, thank you very much. 417 00:23:51,600 --> 00:23:54,720 Speaker 1: Nathan and New York's key congressional twelfth district, as we've 418 00:23:54,800 --> 00:23:58,560 Speaker 1: talked about this morning, Representative Jerry Nadler beat another powerful 419 00:23:58,680 --> 00:24:03,399 Speaker 1: Democratic Committee chair, Carolyn Maloney fifty five percent. Too long 420 00:24:03,480 --> 00:24:09,040 Speaker 1: time allies became opponents this year due to redistricting. Gregory Corty, Bloomberg, 421 00:24:09,160 --> 00:24:13,200 Speaker 1: National political correspondent. New York is a good barometer of 422 00:24:14,040 --> 00:24:16,520 Speaker 1: the heart of the Democratic Party is where we've seen, 423 00:24:16,960 --> 00:24:20,240 Speaker 1: for example, Alexandria Casio Cortez a few years ago take 424 00:24:20,320 --> 00:24:23,520 Speaker 1: on the number four Democrat in the House Representatives and 425 00:24:23,680 --> 00:24:27,200 Speaker 1: beat him. As a progressive and so it really is 426 00:24:27,320 --> 00:24:30,560 Speaker 1: sort of looked at as a fellweather of sort of 427 00:24:30,640 --> 00:24:34,880 Speaker 1: the Democratic Party. In another key congressional race, Daniel Goldman 428 00:24:35,080 --> 00:24:38,960 Speaker 1: one in District ten over fellow Democrat You Line New 429 00:24:39,280 --> 00:24:43,119 Speaker 1: twenty six to two percent. Goldman and faces Republican Benny 430 00:24:43,240 --> 00:24:47,199 Speaker 1: Hampden in November. In the seventeenth district, Sean Patrick Maloney, 431 00:24:47,320 --> 00:24:49,960 Speaker 1: chair of the House Democrats campaign arm one with sixty 432 00:24:50,000 --> 00:24:53,679 Speaker 1: seven percent. He'll faced Republican Michael Lawler, who got seventy 433 00:24:53,760 --> 00:24:57,359 Speaker 1: six percent. Pat Ryan, a Democratic county executive in New 434 00:24:57,440 --> 00:25:00,200 Speaker 1: York Hudson Valley, has won a special House of Action 435 00:25:00,240 --> 00:25:02,720 Speaker 1: in the contest that was seen as a litmus test 436 00:25:02,920 --> 00:25:05,480 Speaker 1: of the impact that the recent Supreme Court decision on 437 00:25:05,520 --> 00:25:08,399 Speaker 1: abortion might have on the midterm elections, and the special 438 00:25:08,480 --> 00:25:12,160 Speaker 1: election in the nineteenth district to replace Democrat Antonio Delgado, 439 00:25:12,320 --> 00:25:17,000 Speaker 1: who became New York's Lieutenant governor. Ryan with beat Republican 440 00:25:17,119 --> 00:25:20,680 Speaker 1: Mark Molinaro, who got forty eight percent. It has been 441 00:25:20,720 --> 00:25:24,400 Speaker 1: six months since the Russian invasion began in Ukraine. Yesterday, 442 00:25:24,560 --> 00:25:27,040 Speaker 1: Russia called for an emergency meeting of the U n. 443 00:25:27,080 --> 00:25:31,360 Speaker 1: Security Council, voicing concerns over the situation at Ukraine's occupied 444 00:25:31,440 --> 00:25:34,679 Speaker 1: nuclear power plant. There are major worries that a nuclear 445 00:25:34,720 --> 00:25:38,000 Speaker 1: disaster could take place due to the fighting. UN Under 446 00:25:38,040 --> 00:25:42,159 Speaker 1: Secretary Rosemary to Carlo that any potential damage to the 447 00:25:42,280 --> 00:25:46,879 Speaker 1: plant or any other nuclear facilities in Ukraine leading to 448 00:25:47,000 --> 00:25:51,920 Speaker 1: a possible nuclear incident would have catastrophic consequences not only 449 00:25:52,080 --> 00:25:55,320 Speaker 1: for the immediate vicinity, but for the region and beyond. 450 00:25:56,119 --> 00:25:58,720 Speaker 1: The u n S rose Mary to Carlo Russias says 451 00:25:58,800 --> 00:26:01,840 Speaker 1: their forces are there to protect the site. Global News 452 00:26:01,880 --> 00:26:04,320 Speaker 1: twenty four hours a day on air and on Bloomberg 453 00:26:04,400 --> 00:26:07,360 Speaker 1: quick Take, powered by more than twenty seven hundred journalists 454 00:26:07,359 --> 00:26:10,200 Speaker 1: and analyist more than a hundred twenty countries. Michael barn 455 00:26:10,240 --> 00:26:17,960 Speaker 1: this is Bloomberg NA. Thank you, Michael. On Wall Street, 456 00:26:18,000 --> 00:26:20,359 Speaker 1: John stash Are has the Bloomberg Sports update. All right 457 00:26:20,600 --> 00:26:23,160 Speaker 1: of the Subway series is over. Mets beat the Yankees 458 00:26:23,240 --> 00:26:25,879 Speaker 1: twice last month in City Field. Yanks just beat the 459 00:26:25,960 --> 00:26:28,040 Speaker 1: Mets twice in the Bronx Club. They play again in 460 00:26:28,160 --> 00:26:30,600 Speaker 1: the World Series. Second straight four to win for the Yanks. 461 00:26:30,880 --> 00:26:33,520 Speaker 1: Home run number forty eight for Aaron Judge. He's faced 462 00:26:33,560 --> 00:26:36,719 Speaker 1: Taiwan Walker now eleven times in his career. He's homeward 463 00:26:36,760 --> 00:26:39,240 Speaker 1: off from four times judge later with an RBI single 464 00:26:39,640 --> 00:26:42,359 Speaker 1: that came after one by Andrew Benintenni that snapped the 465 00:26:42,400 --> 00:26:44,960 Speaker 1: tie in the seventh name Frankie Manta said, far and 466 00:26:45,000 --> 00:26:47,080 Speaker 1: away his best start with the Yanks. And then game 467 00:26:47,160 --> 00:26:49,840 Speaker 1: Clark Schmidt just back up from the minor Schmitt with 468 00:26:49,920 --> 00:26:53,680 Speaker 1: a sixty pitch relief outing. Wandy Peralta got the final 469 00:26:53,760 --> 00:26:55,560 Speaker 1: out as the Mets had the bases loaded the ninth. 470 00:26:55,600 --> 00:26:58,160 Speaker 1: They stranded ten runners and the Mets are the inn 471 00:26:58,240 --> 00:27:01,080 Speaker 1: el East lead shrinked a two games, red hot Atlanta 472 00:27:01,119 --> 00:27:03,639 Speaker 1: one again. Arnie Moreno, who bought the l A Angels 473 00:27:03,640 --> 00:27:06,680 Speaker 1: in two thousand three, said to be considering selling them. 474 00:27:06,720 --> 00:27:09,440 Speaker 1: And let's say they're moving forward with Kevin Durant, who 475 00:27:09,480 --> 00:27:11,960 Speaker 1: met with the team, came off his trade demand the 476 00:27:12,080 --> 00:27:15,040 Speaker 1: Liberty looking for a w n B A playoff upset 477 00:27:15,119 --> 00:27:17,280 Speaker 1: for Chicago with the late one to win for the 478 00:27:17,359 --> 00:27:20,720 Speaker 1: site of Game three. College football. New contract for seventy 479 00:27:20,800 --> 00:27:25,000 Speaker 1: year old Alabama coaching legend Nick Saban eight years, ninety 480 00:27:25,119 --> 00:27:28,880 Speaker 1: four million dollars. John stash Allard, Bloomberg Sport. Thank you, John, 481 00:27:28,920 --> 00:27:31,119 Speaker 1: almost thirty seven on Wall Street time for the Tri 482 00:27:31,320 --> 00:27:34,080 Speaker 1: State Business or fort Here's Bloombergs why did July. The 483 00:27:34,160 --> 00:27:36,880 Speaker 1: new report shows New Jersey is among the highest states 484 00:27:36,920 --> 00:27:39,639 Speaker 1: in the nation for the largest gap between millennial wages 485 00:27:39,680 --> 00:27:42,720 Speaker 1: and rent. The researchers from the Joint Center for Housing 486 00:27:42,760 --> 00:27:46,000 Speaker 1: Studies at Harvard University the median wage for millennials in 487 00:27:46,040 --> 00:27:48,879 Speaker 1: the Garden State is just under forty one dollars. The 488 00:27:48,960 --> 00:27:52,440 Speaker 1: median one bedroom rental is around fourteen hundred dollars. The 489 00:27:52,480 --> 00:27:55,080 Speaker 1: annual wage needed to afford that rent has figured at 490 00:27:55,080 --> 00:27:58,760 Speaker 1: fifty seven thousand, so the wage gap is twenty, ranking 491 00:27:58,800 --> 00:28:02,040 Speaker 1: New Jersey six in the country. The new labor relations 492 00:28:02,119 --> 00:28:05,080 Speaker 1: director in Bridgepoort, Connecticut, is out less than two months 493 00:28:05,160 --> 00:28:08,760 Speaker 1: after he started. Andre Ford left Monday. It's unclear if 494 00:28:08,800 --> 00:28:11,879 Speaker 1: he quit or was fired. According to the Connecticut Post, 495 00:28:12,400 --> 00:28:15,600 Speaker 1: KPMG is pairing its New York City office space by 496 00:28:16,720 --> 00:28:18,880 Speaker 1: the latest big company to cut back and the new 497 00:28:19,000 --> 00:28:22,240 Speaker 1: era of hybrid work. The global audit and consulting firm 498 00:28:22,320 --> 00:28:24,919 Speaker 1: is vacating the eight hundred thousand square feet it currently 499 00:28:24,960 --> 00:28:28,320 Speaker 1: occupies in three Midtown Manhattan office buildings and signing a 500 00:28:28,400 --> 00:28:31,159 Speaker 1: new lease. That's the Bloomberg Tri State Business Report I'm 501 00:28:31,200 --> 00:28:33,280 Speaker 1: waiting to let thank you, Wendy. It's just about five 502 00:28:33,359 --> 00:28:35,720 Speaker 1: thirty eight on Wall Street. Bloomberg Radio is on the 503 00:28:35,720 --> 00:28:38,560 Speaker 1: air from San Francisco to New York, London to Hong Kong. 504 00:28:38,840 --> 00:28:41,000 Speaker 1: Let's check in with our global news team for some 505 00:28:41,160 --> 00:28:43,480 Speaker 1: of the top stories heard on our three hundred affiliate 506 00:28:43,600 --> 00:28:49,560 Speaker 1: radio stations around the world. I'm Steve Podiscan on ten 507 00:28:49,680 --> 00:28:52,760 Speaker 1: ten Wins in New York. We're talking about more price 508 00:28:52,840 --> 00:28:56,479 Speaker 1: pressures on your morning cup of Joe. I wanted to let. 509 00:28:56,520 --> 00:28:58,840 Speaker 1: On w w J in Detroit, I'm reporting on the 510 00:28:58,920 --> 00:29:02,440 Speaker 1: gap between millennial wages and rent. I'm Carlin hit called 511 00:29:02,440 --> 00:29:05,320 Speaker 1: bloom Bag Dab Digital Radio. In London. We've been reporting 512 00:29:05,360 --> 00:29:09,680 Speaker 1: on Ukraine's muted celebrations of its Independence Day, six months 513 00:29:09,800 --> 00:29:14,600 Speaker 1: after Russia's invasion began. I'm Lisa Matteo and MWBZ in Boston. 514 00:29:14,760 --> 00:29:17,480 Speaker 1: I'll be reporting on retailers coming up with new ways 515 00:29:17,600 --> 00:29:21,040 Speaker 1: to store their inventory n Genas Servetti and for w 516 00:29:21,320 --> 00:29:24,440 Speaker 1: BBM in Chicago, I'm reporting that diesel prices at the 517 00:29:24,520 --> 00:29:26,720 Speaker 1: pump are up for the first time in two months, 518 00:29:26,800 --> 00:29:30,720 Speaker 1: as farmers and truckers compete for a shrinking stockpile of supplies, 519 00:29:32,200 --> 00:29:34,600 Speaker 1: and those are some of the stories are twenty hundred 520 00:29:34,600 --> 00:29:37,320 Speaker 1: Bloomberg journalists and analysts are working on this morning around 521 00:29:37,360 --> 00:29:39,560 Speaker 1: the world. It's five thirty nine on Wall Street. The 522 00:29:39,680 --> 00:29:44,160 Speaker 1: following is an editorial from Bloomberg Opinion List. Editorial was 523 00:29:44,240 --> 00:29:48,120 Speaker 1: written by the Bloomberg Editorial Board. With a new school 524 00:29:48,200 --> 00:29:51,960 Speaker 1: year getting underway, districts in the US are sounding alarms 525 00:29:52,000 --> 00:29:55,880 Speaker 1: about a looming teacher shortage. In response, some states of 526 00:29:56,040 --> 00:30:00,240 Speaker 1: loosened rules to bring more workers into the profession. These 527 00:30:00,280 --> 00:30:03,960 Speaker 1: efforts are worthwhile, but they're only addressing half the problem. 528 00:30:04,520 --> 00:30:08,560 Speaker 1: To attract better candidates, school districts should pay teachers what 529 00:30:08,800 --> 00:30:13,640 Speaker 1: they're worth. For example, more districts should offer performance based 530 00:30:13,760 --> 00:30:19,200 Speaker 1: bonuses to educators. Linking teachers compensation to their performance would 531 00:30:19,280 --> 00:30:23,320 Speaker 1: draw more skilled workers to the profession while also helping 532 00:30:23,360 --> 00:30:28,240 Speaker 1: to raise academic achievement. Both of these steps, expanding programs 533 00:30:28,360 --> 00:30:33,560 Speaker 1: to recruit new teachers and paying educators appropriately, are necessary 534 00:30:33,680 --> 00:30:37,719 Speaker 1: to end the teacher shortage. This editorial was written by 535 00:30:37,800 --> 00:30:41,840 Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go 536 00:30:41,960 --> 00:30:45,720 Speaker 1: to Bloomberg dot com, Slash Opinion or ope I n 537 00:30:45,800 --> 00:30:49,720 Speaker 1: Go on the Bloomberg terminal. This has been Bloomberg Opinion, 538 00:30:50,000 --> 00:30:52,640 Speaker 1: and you can hear Bloomberg opinion editorials every weekday at 539 00:30:52,680 --> 00:30:55,760 Speaker 1: this time. Terminal customers can read more at op i 540 00:30:56,000 --> 00:30:59,640 Speaker 1: n Go features a start um of just a little 541 00:30:59,680 --> 00:31:02,560 Speaker 1: bit lower. Now. We have SMP futures down two points down, 542 00:31:02,600 --> 00:31:06,840 Speaker 1: futures down thirty NASDACK futures down four points ten. Your 543 00:31:06,880 --> 00:31:09,400 Speaker 1: treasury is up one thirty second now with the yield 544 00:31:09,440 --> 00:31:11,640 Speaker 1: of three point zero four percent yield on the two 545 00:31:11,720 --> 00:31:16,640 Speaker 1: year three point to nine percent. You're listening to Bloomberg 546 00:31:16,840 --> 00:31:24,560 Speaker 1: Daybreak Bloomberg eleven three o other Sunshine with HIGs in 547 00:31:24,560 --> 00:31:28,000 Speaker 1: the upper eighties today, sunny near ninety tomorrow, mostly sunny Friday, 548 00:31:28,040 --> 00:31:29,800 Speaker 1: but can't rule out a late day shower of storm. 549 00:31:30,040 --> 00:31:32,720 Speaker 1: Friday's high in ner ninety degrees right now seventy two 550 00:31:32,840 --> 00:31:40,000 Speaker 1: in Central Park Markets. Headlines and breaking news twenty four 551 00:31:40,040 --> 00:31:43,080 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 552 00:31:43,120 --> 00:31:47,160 Speaker 1: at and at Bloomberg Quicktape. This is a Bloomberg Business Flash. 553 00:31:53,040 --> 00:31:56,320 Speaker 1: But I'm Karen Moscow. European stocks in US stock index 554 00:31:56,400 --> 00:31:59,920 Speaker 1: futures are really struggling for direction this morning, as investor 555 00:32:00,080 --> 00:32:02,560 Speaker 1: digest the latest hawkish noises from the Federal Reserve and 556 00:32:02,800 --> 00:32:05,720 Speaker 1: mounting signs of a global economic slowdown. They check the 557 00:32:05,760 --> 00:32:08,760 Speaker 1: markets every fifteen minutes throughout the trading day on bloombergues 558 00:32:08,840 --> 00:32:12,200 Speaker 1: and p futures. Again little change, so we're nasdack futures 559 00:32:12,240 --> 00:32:14,920 Speaker 1: and own futures are lower down about thirty five. The 560 00:32:15,080 --> 00:32:17,880 Speaker 1: decks in Germany is down four tenths of up percent. 561 00:32:17,960 --> 00:32:20,200 Speaker 1: Now ten your treasury, that'll change the yell three point 562 00:32:20,400 --> 00:32:22,960 Speaker 1: four percent. The yield on the two year is at 563 00:32:23,000 --> 00:32:26,400 Speaker 1: three points to nine per cent. Nimex screwed oil up 564 00:32:26,440 --> 00:32:28,680 Speaker 1: one per cent, or ninety two cents at ninety four dollars, 565 00:32:28,720 --> 00:32:31,080 Speaker 1: sixty six cents of barrel Cox schooled the tenth of 566 00:32:31,160 --> 00:32:33,560 Speaker 1: upper cent up a dollar sixty at seventeen sixty two 567 00:32:33,640 --> 00:32:37,480 Speaker 1: seventy ounce. The euro is at one against the dollar, 568 00:32:37,560 --> 00:32:40,120 Speaker 1: British found one point one eight oh six and a 569 00:32:40,240 --> 00:32:43,440 Speaker 1: yen one thirty six point four six. And look at 570 00:32:43,440 --> 00:32:45,960 Speaker 1: a big cooin this morning. It is down about seven 571 00:32:46,000 --> 00:32:48,600 Speaker 1: tenths percent at twenty one thousand, three hundred dollars. That's 572 00:32:48,600 --> 00:32:51,120 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more 573 00:32:51,480 --> 00:32:53,920 Speaker 1: on what's going on around the world, Uncle Karen, thank 574 00:32:53,960 --> 00:32:57,320 Speaker 1: you kindly. US Representative Charlie christ has one the Democratic 575 00:32:57,360 --> 00:33:00,040 Speaker 1: nomination for governor in Florida, putting him in position the 576 00:33:00,160 --> 00:33:03,880 Speaker 1: challenge republican incumbent governor round descent. As this fall, Chris 577 00:33:04,000 --> 00:33:10,000 Speaker 1: defeated Nicky Free, the state agriculture commissioner. In New York 578 00:33:10,040 --> 00:33:14,160 Speaker 1: congressional primaries, Representative Jerry nad would be another powerful Democratic 579 00:33:14,160 --> 00:33:19,040 Speaker 1: Committee Chair Carolyn Maloney fifty five percent. While the two 580 00:33:19,120 --> 00:33:21,600 Speaker 1: worked as allies for the last thirty years, that became 581 00:33:21,640 --> 00:33:25,680 Speaker 1: opponents this year due to redistricting. In the litmus test 582 00:33:25,720 --> 00:33:28,440 Speaker 1: of the overturning of Roe v. Way, Democrat Pat Ryan 583 00:33:28,560 --> 00:33:31,640 Speaker 1: won a special election in the nineteenth district to replace 584 00:33:31,920 --> 00:33:36,320 Speaker 1: Democrat Antonio Delgado, who became New York's Lieutenant Governor. Ryan 585 00:33:36,480 --> 00:33:40,040 Speaker 1: with fifty two percent beat Republican Mark Mulinaro, who got 586 00:33:40,120 --> 00:33:43,080 Speaker 1: forty eight percent. In baseball, the Yankees beat the Mets 587 00:33:43,120 --> 00:33:45,120 Speaker 1: four two for a two games sweep of the series. 588 00:33:45,280 --> 00:33:48,200 Speaker 1: The Red Sox, Nationals and A's lost. The Orioles and 589 00:33:48,560 --> 00:33:51,440 Speaker 1: Giants won Global News twenty four hours a day on 590 00:33:51,600 --> 00:33:54,600 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 591 00:33:54,640 --> 00:33:58,120 Speaker 1: seven hundred journalists and analysts more than twenty countries. Michael 592 00:33:58,120 --> 00:34:00,680 Speaker 1: barn this is Bloomberg Nath Michael, thank you. It's five 593 00:34:00,760 --> 00:34:03,240 Speaker 1: forty nine on Wall Street Line from the Bloomberg Interactive 594 00:34:03,280 --> 00:34:05,920 Speaker 1: Broker Studios. This is Bloomberg Daybreak and for more on 595 00:34:06,040 --> 00:34:08,040 Speaker 1: last night's primary results and the last of the big 596 00:34:08,160 --> 00:34:11,480 Speaker 1: states to hold elections before November. We're joined from our 597 00:34:11,520 --> 00:34:15,759 Speaker 1: Bloomberg studios in Washington, d C. By Bloomberg Washington correspondent 598 00:34:16,080 --> 00:34:17,960 Speaker 1: Amrie Hordern. It's great to have you with us and 599 00:34:18,120 --> 00:34:22,040 Speaker 1: Marie this morning after the marquee elections in New York 600 00:34:22,160 --> 00:34:26,040 Speaker 1: State and in Florida. Interestingly, I spoke with Gregg Valier 601 00:34:26,200 --> 00:34:29,279 Speaker 1: earlier this hour. He pointed out that that race, that 602 00:34:29,680 --> 00:34:33,759 Speaker 1: runoff and the Pat Ryan victory could be a harbinger 603 00:34:33,880 --> 00:34:38,080 Speaker 1: potentially for Republicans with a focus on the abortion issue. 604 00:34:38,080 --> 00:34:40,719 Speaker 1: What hall stood out to you from last night's results, Yeah, 605 00:34:40,800 --> 00:34:42,920 Speaker 1: to be honest, that one actually is the first one 606 00:34:42,960 --> 00:34:45,600 Speaker 1: to focus on when I woke up, because it's one 607 00:34:45,600 --> 00:34:47,759 Speaker 1: of the last elections under the old map. It was 608 00:34:47,800 --> 00:34:50,440 Speaker 1: a special election, and it was so obvious that the 609 00:34:50,760 --> 00:34:53,960 Speaker 1: Democratic candidate Pat Ryan who won and was able to 610 00:34:54,040 --> 00:34:58,280 Speaker 1: defeat Mark mulnaro in this Hudson Valley cat Skills district 611 00:34:58,320 --> 00:35:00,239 Speaker 1: in New York, which you don't talk about every day. 612 00:35:00,680 --> 00:35:04,080 Speaker 1: It was so interesting because Ryan focused so much on 613 00:35:04,160 --> 00:35:07,399 Speaker 1: abortion rights, while the opponent really went after those big 614 00:35:07,440 --> 00:35:10,080 Speaker 1: ticket items Republicans around the country are focused on, which 615 00:35:10,120 --> 00:35:14,799 Speaker 1: is inflation and crime, but notably the abortion tactic one 616 00:35:15,400 --> 00:35:18,200 Speaker 1: and he was able to win that special election. Obviously, 617 00:35:18,280 --> 00:35:20,200 Speaker 1: the other big one out of New York which everyone 618 00:35:20,320 --> 00:35:23,480 Speaker 1: is talking about, which had so much debate and also 619 00:35:23,680 --> 00:35:26,800 Speaker 1: got a little bit I would say hostile. Maybe Some 620 00:35:26,920 --> 00:35:29,160 Speaker 1: of the rhetoric leading up to the election was of 621 00:35:29,280 --> 00:35:35,160 Speaker 1: course Representative Jerry Nadler and facing off against Caroline Maloney. 622 00:35:35,640 --> 00:35:39,760 Speaker 1: These are thirty year veterans. They worked together for years 623 00:35:39,880 --> 00:35:41,520 Speaker 1: and now they were facing off against each other. And 624 00:35:41,600 --> 00:35:44,600 Speaker 1: of course Jerry Nadler was able to win. Some Maloney 625 00:35:44,640 --> 00:35:46,920 Speaker 1: will likely be retiring, probably not in the way she 626 00:35:47,560 --> 00:35:50,560 Speaker 1: she had wanted to. Yeah, certainly not. We'll look at 627 00:35:50,600 --> 00:35:54,440 Speaker 1: more broadly at New York State. It seemed like in 628 00:35:54,640 --> 00:35:57,440 Speaker 1: a lot of these races that helped to have an 629 00:35:57,600 --> 00:36:00,480 Speaker 1: endorsement from the New York Times and established and backing. 630 00:36:00,560 --> 00:36:04,680 Speaker 1: In terms of the uh, the fight between establishment Democrats 631 00:36:04,760 --> 00:36:07,399 Speaker 1: and progressives, it looks like there was a pretty clear 632 00:36:07,440 --> 00:36:10,800 Speaker 1: winner last night. Yeah, look like the establishment one, depending 633 00:36:10,840 --> 00:36:14,680 Speaker 1: on whether or not they got a endorsement from the 634 00:36:14,800 --> 00:36:18,760 Speaker 1: former President Bill Clinton or Senate Majority Leader Chuck Schumer, 635 00:36:18,840 --> 00:36:23,920 Speaker 1: as you're saying, established institutionalized venues like the New York Times. 636 00:36:24,440 --> 00:36:27,279 Speaker 1: There was a push obviously in their especially in a 637 00:36:27,320 --> 00:36:30,239 Speaker 1: place like New York, for these progressive candidates, but more 638 00:36:30,360 --> 00:36:33,560 Speaker 1: of the mainstream Democrats were able to turn it out 639 00:36:33,600 --> 00:36:36,719 Speaker 1: and win. And let's talk about Florida just a little bit, 640 00:36:36,840 --> 00:36:41,160 Speaker 1: because we have this pretty big name matchup between former governor, 641 00:36:41,239 --> 00:36:45,000 Speaker 1: former Republican governor Charlie cris now Democrat taking on the 642 00:36:45,200 --> 00:36:49,040 Speaker 1: Republican incumbent run De Santis. And we've also got Val 643 00:36:49,160 --> 00:36:52,560 Speaker 1: Demming's scaring off now against Marco Rubio. Some very interesting 644 00:36:52,680 --> 00:36:55,359 Speaker 1: races here, very interesting, especially that Senate race that's going 645 00:36:55,400 --> 00:36:58,080 Speaker 1: to be one of the most hotly washed races because 646 00:36:58,120 --> 00:37:03,239 Speaker 1: a recent poll had actually saw Demming's ahead of Rubio. Obviously, 647 00:37:03,920 --> 00:37:06,080 Speaker 1: the governor race is also going to draw a lot 648 00:37:06,120 --> 00:37:10,120 Speaker 1: of eyes because Rhonda Santis, the Republican incumbent, has a 649 00:37:10,239 --> 00:37:13,239 Speaker 1: huge war chest and also has his eye potentially on 650 00:37:13,360 --> 00:37:16,600 Speaker 1: running for the Polls show that the former president Trump 651 00:37:16,920 --> 00:37:19,400 Speaker 1: would be ahead in that, but De Santis has a 652 00:37:19,480 --> 00:37:21,680 Speaker 1: lot of backing and a lot of money going towards him. 653 00:37:22,160 --> 00:37:25,040 Speaker 1: And then of course for Charlie Chris, who as you said, 654 00:37:25,280 --> 00:37:27,440 Speaker 1: was a former Republican governor, looks like he wants his 655 00:37:27,520 --> 00:37:31,719 Speaker 1: old job back. He really made this about making sure 656 00:37:31,920 --> 00:37:34,880 Speaker 1: people come out and vote for him because this is 657 00:37:34,920 --> 00:37:38,400 Speaker 1: a way they could stop De Santis from running in 658 00:37:39,920 --> 00:37:42,600 Speaker 1: he said in his speech, this guy wants to be president. 659 00:37:42,719 --> 00:37:45,799 Speaker 1: Everybody knows it. If we defeat him on November eighth, 660 00:37:46,120 --> 00:37:49,920 Speaker 1: that show is over. But the issue Chris has is 661 00:37:50,040 --> 00:37:53,600 Speaker 1: that he is way behind in terms of the financing 662 00:37:53,719 --> 00:37:56,640 Speaker 1: that De Santis has, so he is really the underdog 663 00:37:56,800 --> 00:37:59,719 Speaker 1: in this race. But Florida, as you said, would be 664 00:38:00,640 --> 00:38:03,240 Speaker 1: it's just such a huge one to watch going into 665 00:38:03,920 --> 00:38:06,719 Speaker 1: November eight. What kind of issues are going to resonate there. 666 00:38:07,520 --> 00:38:10,880 Speaker 1: Historically it's been purple, probably leaning more read these days. 667 00:38:11,400 --> 00:38:14,240 Speaker 1: But for also the Senate raises a big deal because 668 00:38:14,960 --> 00:38:20,040 Speaker 1: val Demmings would be the first black Senator from Florida 669 00:38:20,120 --> 00:38:22,720 Speaker 1: if she was to make it, and right now she's 670 00:38:22,960 --> 00:38:25,520 Speaker 1: not doing too bad in the polls. Lots to watch 671 00:38:25,600 --> 00:38:28,839 Speaker 1: heading to Florida, Florida, Florida. It's like a throwback. Thanks 672 00:38:28,880 --> 00:38:30,800 Speaker 1: for this and May great having on with Us Boomberg, 673 00:38:30,840 --> 00:38:33,680 Speaker 1: Washington correspondent and Marie Horde during part of our team 674 00:38:33,920 --> 00:38:36,360 Speaker 1: covering the primaries. I want to turn back to the 675 00:38:36,440 --> 00:38:39,080 Speaker 1: markets now, and for that we're joined by Patrick Palfrey, 676 00:38:39,400 --> 00:38:44,600 Speaker 1: co head of Quantitative Research, senior equity strategist at Credit Sueez. Patrick, 677 00:38:44,640 --> 00:38:47,520 Speaker 1: Good morning. We've seen sort of back and forth in 678 00:38:47,640 --> 00:38:53,160 Speaker 1: the futures contracts this morning. Seems like investors are kind 679 00:38:53,200 --> 00:38:56,240 Speaker 1: of just wait and see mode all week long ahead 680 00:38:56,280 --> 00:39:00,080 Speaker 1: of Jackson Hole. Is that how you see things? I 681 00:39:00,560 --> 00:39:02,960 Speaker 1: think it's playing a big role in how investors are 682 00:39:03,000 --> 00:39:05,520 Speaker 1: looking at position themselves, and I think it all comes 683 00:39:05,600 --> 00:39:09,280 Speaker 1: back down to inflation in what that means for FED policy. 684 00:39:09,800 --> 00:39:12,440 Speaker 1: We saw a rollover in many of the key inputs 685 00:39:12,480 --> 00:39:16,320 Speaker 1: and inflation commodity crisis, for example, beginning in May, and 686 00:39:16,520 --> 00:39:19,960 Speaker 1: then the market began it's a sent higher. But in 687 00:39:20,120 --> 00:39:23,840 Speaker 1: recent weeks we've seen inflation expectations, particularly in the longer 688 00:39:23,960 --> 00:39:26,359 Speaker 1: dated tenor so. I'm talking about a tenure break even 689 00:39:26,400 --> 00:39:28,760 Speaker 1: for those in front of a bloomberg, those are actually 690 00:39:28,840 --> 00:39:31,080 Speaker 1: starting to pick up incrementally and that's why we're seeing 691 00:39:31,080 --> 00:39:33,080 Speaker 1: the market cell operate. But that's the key question, and 692 00:39:33,160 --> 00:39:35,840 Speaker 1: what the responses from the Fed. What's your call on 693 00:39:36,000 --> 00:39:38,960 Speaker 1: whether we have seen peak inflation and whether it's going 694 00:39:39,040 --> 00:39:41,719 Speaker 1: to move the Fed? Given that we're hearing from some 695 00:39:42,080 --> 00:39:45,279 Speaker 1: people who used to be doves, likes of Neil cash 696 00:39:45,400 --> 00:39:47,839 Speaker 1: Cary saying it's very clear they need to do more 697 00:39:47,960 --> 00:39:51,080 Speaker 1: against inflation, need to be sure that inflation is on 698 00:39:51,200 --> 00:39:55,440 Speaker 1: the downward slope. Well, I think what the FED is 699 00:39:55,520 --> 00:39:57,800 Speaker 1: ultimately grappling with is how do they position themselves. And 700 00:39:57,880 --> 00:40:00,760 Speaker 1: when you look back historically at past red hike cycles, 701 00:40:01,040 --> 00:40:03,400 Speaker 1: there is a little bit of volatility and how um 702 00:40:03,560 --> 00:40:06,040 Speaker 1: the policy gets set there there tends to be fits 703 00:40:06,080 --> 00:40:08,879 Speaker 1: and starts, And right now I think we've probably seen 704 00:40:08,920 --> 00:40:11,360 Speaker 1: the peaking inflations, it's not the most recent reading. I 705 00:40:11,480 --> 00:40:13,680 Speaker 1: think that will give the Fed a little bit of 706 00:40:13,800 --> 00:40:16,560 Speaker 1: room to say that we are winning. As inflation begins 707 00:40:16,600 --> 00:40:18,759 Speaker 1: to decline, I think what happens is we get to 708 00:40:18,840 --> 00:40:21,360 Speaker 1: a level of four or five and the question becomes 709 00:40:21,440 --> 00:40:24,439 Speaker 1: more difficult as we bump up against wage inflation because 710 00:40:24,480 --> 00:40:26,920 Speaker 1: of a tail labor market, and then housing inflation, and 711 00:40:27,000 --> 00:40:29,320 Speaker 1: those are the key inputs in the longer term issues 712 00:40:29,360 --> 00:40:32,080 Speaker 1: with inflations. So where do you think that leaves the 713 00:40:32,120 --> 00:40:34,840 Speaker 1: FED when it comes to deciding the pace of rate hikes. 714 00:40:34,840 --> 00:40:38,560 Speaker 1: Are relooking for more aggressive moves or does the FED 715 00:40:39,040 --> 00:40:43,120 Speaker 1: have potentially have room to start pulling back sooner. I 716 00:40:43,440 --> 00:40:46,080 Speaker 1: think we have this upcoming meeting and what I think 717 00:40:46,080 --> 00:40:48,600 Speaker 1: they're gonna do is they're gonna they're gonna move probably 718 00:40:48,640 --> 00:40:51,320 Speaker 1: something that looks like seventy five basis points to continue 719 00:40:51,360 --> 00:40:55,120 Speaker 1: to show UM a strong position against inflation, and then 720 00:40:55,320 --> 00:40:58,600 Speaker 1: ultimately we're going to have a deceleration at least in 721 00:40:58,640 --> 00:41:01,040 Speaker 1: the elevated levels the really of the levels of inflation. 722 00:41:01,080 --> 00:41:03,080 Speaker 1: I think at that point they will probably begin to 723 00:41:03,800 --> 00:41:08,600 Speaker 1: um pivot incrementally, assuming inflation continues to fall. If it doesn't, 724 00:41:08,680 --> 00:41:10,080 Speaker 1: then then I think we're going to see a re 725 00:41:10,200 --> 00:41:12,719 Speaker 1: engagement from the Fed. Where do you think the Fed 726 00:41:12,840 --> 00:41:16,719 Speaker 1: is going to end the year uh and rate hikes? Well, 727 00:41:16,760 --> 00:41:18,719 Speaker 1: I I think I think between now and the end 728 00:41:18,760 --> 00:41:22,480 Speaker 1: of the year, we're we're probably looking at four, potentially 729 00:41:22,520 --> 00:41:24,799 Speaker 1: five rate hikes between now and the end of the year, 730 00:41:25,160 --> 00:41:28,320 Speaker 1: and I mean that's really what the markets expecting. Anything 731 00:41:28,480 --> 00:41:31,960 Speaker 1: more than that um will will be problematic for risk assets. 732 00:41:32,000 --> 00:41:34,239 Speaker 1: If we see something less, I think we're gonna see 733 00:41:34,280 --> 00:41:37,880 Speaker 1: continuation of the probley In our last thirty seconds here, Patrick, 734 00:41:37,920 --> 00:41:41,440 Speaker 1: how do you position around the FED and the potential 735 00:41:41,520 --> 00:41:46,480 Speaker 1: for further economic weakness? So I think right now the 736 00:41:46,920 --> 00:41:49,240 Speaker 1: focus is on the FED and not the economic weakness. 737 00:41:49,280 --> 00:41:51,680 Speaker 1: You've got to play the game near term. In that instance, 738 00:41:52,239 --> 00:41:54,239 Speaker 1: look at risk assets. I think there's room for them 739 00:41:54,280 --> 00:41:56,719 Speaker 1: to continue to run here, particularly with valuations that haven't 740 00:41:56,760 --> 00:41:58,759 Speaker 1: fallen so much into being in the year for many 741 00:41:58,800 --> 00:42:02,280 Speaker 1: of those names, uh technology stocks, some the secular growth teams, 742 00:42:02,520 --> 00:42:05,560 Speaker 1: names like that. Okay, Patrick has always great to get 743 00:42:05,640 --> 00:42:08,280 Speaker 1: your thoughts. Thanks for being with us. Patrick Palfrey, cohead 744 00:42:08,280 --> 00:42:12,720 Speaker 1: of Quantitative Research senior equity strategist at Credit Suite, says, 745 00:42:12,800 --> 00:42:17,040 Speaker 1: we continue counting down to Jackson Hole. Bloomberg Surveillance will 746 00:42:17,080 --> 00:42:20,399 Speaker 1: be there when the symposium kicks off tomorrow. Of course, 747 00:42:20,480 --> 00:42:23,200 Speaker 1: we will have full coverage of FED Chairman Powell's speech 748 00:42:23,360 --> 00:42:26,000 Speaker 1: Friday ten am Wall Street Time. We'll have it all 749 00:42:26,080 --> 00:42:29,279 Speaker 1: for your right here on Bloomberg Radio. Looking ahead to 750 00:42:29,280 --> 00:42:33,360 Speaker 1: the market open this morning, a little changed to the downside. 751 00:42:33,520 --> 00:42:36,920 Speaker 1: SMP futures down a point down, futures down twenty six, 752 00:42:37,040 --> 00:42:39,880 Speaker 1: nest AT futures are lower by five points ten. Your 753 00:42:39,920 --> 00:42:42,719 Speaker 1: Treasury is up one thirty second now a yield of 754 00:42:42,840 --> 00:42:47,759 Speaker 1: three point zero four per cent. Bloomberg daybreak continues. This 755 00:42:47,960 --> 00:42:48,560 Speaker 1: is Bloomberg.