1 00:00:02,120 --> 00:00:05,560 Speaker 1: Live from the Bloomberg Interactive Brooker Studios is Bloomberg day 2 00:00:05,600 --> 00:00:10,360 Speaker 1: Break for Wednesday, September two. Coming up this hour. Evacuations 3 00:00:10,360 --> 00:00:12,920 Speaker 1: are underway and theme parks are shutting their doors as 4 00:00:13,000 --> 00:00:16,000 Speaker 1: hurricaney And aims at Florida. Global stocks are heading for 5 00:00:16,040 --> 00:00:19,160 Speaker 1: the lowest level in almost two years. Ten year treasury 6 00:00:19,200 --> 00:00:22,319 Speaker 1: yields breached four percent, and the dollar rises after the 7 00:00:22,320 --> 00:00:25,080 Speaker 1: White House talks down the prospect of a currency agreement, 8 00:00:25,239 --> 00:00:28,000 Speaker 1: Mixed reaction to the so called tent city for migrants 9 00:00:28,000 --> 00:00:31,840 Speaker 1: and the Bronx plus Ukrainian President Zelenski dismisses the Krumlin 10 00:00:32,040 --> 00:00:35,400 Speaker 1: run referendum as a farce. I'm Michael Blar more ahead, 11 00:00:35,479 --> 00:00:38,159 Speaker 1: I'm John Stash awards towards the Yankees wanted Toronto and 12 00:00:38,240 --> 00:00:40,599 Speaker 1: clips the a l Etham that's lost in an out 13 00:00:40,640 --> 00:00:45,879 Speaker 1: tied for first with Atlanta. That's all training ahead on 14 00:00:45,960 --> 00:00:51,640 Speaker 1: Bloomberg Daybreak on Bloomberg eleven, TREEO, New York, Bloomberg one, Washington, 15 00:00:51,760 --> 00:00:55,360 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 16 00:00:55,400 --> 00:00:59,240 Speaker 1: sixties and Francisco Sirius x M one nine Team and 17 00:00:59,320 --> 00:01:02,040 Speaker 1: around the World Old on Bloomberg Radio Dot com and 18 00:01:02,200 --> 00:01:08,800 Speaker 1: via the Bloomberg Business app. Good morning, I'm Nathan Higger 19 00:01:09,080 --> 00:01:12,119 Speaker 1: and I'm Karen Moscow. US DOT Index futures are lower 20 00:01:12,200 --> 00:01:14,040 Speaker 1: this morning. We are coming up to six oh one 21 00:01:14,080 --> 00:01:16,119 Speaker 1: on Wall Street, and we check the markets every fifteen 22 00:01:16,160 --> 00:01:19,600 Speaker 1: minutes throughout the trading day. On Bloomberg SMP futures down 23 00:01:19,680 --> 00:01:22,399 Speaker 1: forty six points down, futures down two hundred ninety six 24 00:01:22,720 --> 00:01:25,640 Speaker 1: and as deck futures down one hundred ninety. Ten year 25 00:01:25,680 --> 00:01:29,160 Speaker 1: treasury down fifteen thirty seconds, yield four percent, and they 26 00:01:29,240 --> 00:01:32,040 Speaker 1: yield on the two year four point to three percent. 27 00:01:32,200 --> 00:01:34,319 Speaker 1: Nathan Karen will have much more on the market term 28 00:01:34,319 --> 00:01:35,880 Speaker 1: well in just a minute, but first we want to 29 00:01:35,880 --> 00:01:38,680 Speaker 1: bring up to speed on Hurricane Ian, now a dangerous 30 00:01:38,760 --> 00:01:41,440 Speaker 1: Category four storm with top winds at a hundred forty 31 00:01:41,440 --> 00:01:45,039 Speaker 1: miles an hour taking aim at Florida's Gulf Coast. Bloomberg 32 00:01:45,080 --> 00:01:47,680 Speaker 1: Meteorologist Robed Carolyn joins US now with the latest on 33 00:01:47,720 --> 00:01:50,160 Speaker 1: the track of the storm. Good morning, Rob, Nathan and Karen. 34 00:01:50,280 --> 00:01:53,320 Speaker 1: Hurricane Ian continues to move north northeast and around ten 35 00:01:53,360 --> 00:01:56,680 Speaker 1: miles an hour this morning. Is a dangerous hurricane. The 36 00:01:56,680 --> 00:01:59,000 Speaker 1: winds in excess of a hundred and twenty miles an hour. 37 00:01:59,120 --> 00:02:01,120 Speaker 1: We were seeing wind gus over sixty miles an hour 38 00:02:01,160 --> 00:02:03,560 Speaker 1: earlier this morning in Key West. The store will make 39 00:02:03,640 --> 00:02:06,440 Speaker 1: landfall later today somewhere north of Fort Myers too, as 40 00:02:06,440 --> 00:02:09,000 Speaker 1: far north as Tampa, and then it will start to 41 00:02:09,040 --> 00:02:11,840 Speaker 1: move inland. We're expecting the hurricane force winds to extend 42 00:02:11,840 --> 00:02:14,080 Speaker 1: down at least forty five miles from the center of circulation, 43 00:02:14,240 --> 00:02:16,080 Speaker 1: so there's gonna be a lot of damage across that 44 00:02:16,120 --> 00:02:20,120 Speaker 1: portion of West Florida between Fort Myers and the Tampa area. 45 00:02:20,520 --> 00:02:22,560 Speaker 1: Storm surge is probably going to be an excess of 46 00:02:22,600 --> 00:02:25,120 Speaker 1: ten feet. We'll see win us over a hundred and 47 00:02:25,160 --> 00:02:27,440 Speaker 1: twenty five miles an hour, and along the path of 48 00:02:27,480 --> 00:02:29,560 Speaker 1: the storm, anywhere from five to ten inches of rain 49 00:02:29,720 --> 00:02:31,720 Speaker 1: is likely to fall over the course of the next 50 00:02:32,400 --> 00:02:35,280 Speaker 1: forty eight hours. Nathan and Karen alright, Rob, thank you. 51 00:02:35,360 --> 00:02:37,840 Speaker 1: Of course. He'll be checking in with Bloomberg meteorologist robbed 52 00:02:37,880 --> 00:02:40,640 Speaker 1: Caroline throughout the morning. Well ahead of the storm. Disney 53 00:02:40,720 --> 00:02:43,919 Speaker 1: Sea World and Universal Orlando have shut their Florida theme 54 00:02:43,960 --> 00:02:47,680 Speaker 1: parks through at least tomorrow. Tampa's main airport closed up yesterday. 55 00:02:47,919 --> 00:02:50,680 Speaker 1: Orlando plans to do the same later this morning, Governor 56 00:02:50,760 --> 00:02:53,880 Speaker 1: Rhonda Santis says about two and a half million Floridians 57 00:02:54,200 --> 00:02:56,639 Speaker 1: need to get out of harm's way. If you are 58 00:02:56,760 --> 00:03:01,840 Speaker 1: in an evacuation zone, particularly in those South It's Florida counties. Uh, 59 00:03:01,880 --> 00:03:05,640 Speaker 1: you know your time to evacuate is coming to an end. Uh, 60 00:03:05,720 --> 00:03:09,200 Speaker 1: you need to evacuate now. Governing around to Santis spoke 61 00:03:09,240 --> 00:03:11,920 Speaker 1: with the President Biden last night. The President says FEMA 62 00:03:11,960 --> 00:03:14,239 Speaker 1: has deployed seven hundred people to Florida and up to 63 00:03:14,320 --> 00:03:17,440 Speaker 1: seven thousand members of the National Guard are being activated. 64 00:03:17,680 --> 00:03:20,440 Speaker 1: The storm has also forced the House January six Committee 65 00:03:20,480 --> 00:03:23,600 Speaker 1: to postpone its latest public hearing this afternoon. No new 66 00:03:23,680 --> 00:03:25,440 Speaker 1: date has been set. All right, Let's get back to 67 00:03:25,480 --> 00:03:28,560 Speaker 1: markets now, Karen, where the equities sell off continues. Global 68 00:03:28,600 --> 00:03:31,160 Speaker 1: stocks are heading for their lowest level in almost two years, 69 00:03:31,360 --> 00:03:34,280 Speaker 1: The yield on ten year treasuries breached four percent for 70 00:03:34,320 --> 00:03:36,960 Speaker 1: the first time since two thousand eight, and the dollar 71 00:03:37,080 --> 00:03:39,560 Speaker 1: is soaring. After the White House talk down the prospect 72 00:03:39,760 --> 00:03:41,960 Speaker 1: of a currency agreement to week in the green Back, 73 00:03:42,200 --> 00:03:45,200 Speaker 1: White House, National Economic Council Director Briand says he does 74 00:03:45,240 --> 00:03:49,000 Speaker 1: not expect another five type deal among major economies to 75 00:03:49,120 --> 00:03:52,080 Speaker 1: counter dollar strength. Do you see any possibility of a 76 00:03:52,160 --> 00:03:55,360 Speaker 1: global accord the kind of adjust UH currency values the 77 00:03:55,400 --> 00:03:57,440 Speaker 1: way there was with the pump plaza corners that just 78 00:03:57,520 --> 00:04:00,920 Speaker 1: not pumping are focused on. I want to anticipate that 79 00:04:01,040 --> 00:04:04,360 Speaker 1: that's UH, that that's that, that's where we're headed. White 80 00:04:04,400 --> 00:04:07,320 Speaker 1: House National Economic Council Director Brian Deese made those comments 81 00:04:07,320 --> 00:04:09,680 Speaker 1: in an interview on the David Rubinstein Show, Peer to 82 00:04:09,720 --> 00:04:13,560 Speaker 1: peer conversations on Bloomberg Television and aggressive. FED is also 83 00:04:13,600 --> 00:04:16,160 Speaker 1: a feel the dollars rally, Nathan. Of course, the central 84 00:04:16,200 --> 00:04:18,920 Speaker 1: bankers is doubling down on the need to keep raising 85 00:04:19,040 --> 00:04:22,120 Speaker 1: rates in the face of inflation. San Francisco FED President 86 00:04:22,160 --> 00:04:24,600 Speaker 1: Mary Daily says the hikes could have an impact on 87 00:04:24,640 --> 00:04:27,040 Speaker 1: the labor market. Have to balance that off with our 88 00:04:27,120 --> 00:04:30,599 Speaker 1: dual mandate with full employment and trying to navigate that 89 00:04:30,839 --> 00:04:35,200 Speaker 1: to bring inflation down while we do so as gently 90 00:04:35,240 --> 00:04:39,320 Speaker 1: as possible, not to tip unnecessarily the economy into a 91 00:04:39,800 --> 00:04:43,200 Speaker 1: down turn that actually influences the full employment part of 92 00:04:43,200 --> 00:04:46,560 Speaker 1: our mandate is a struggle. San Francisco FED President Mary 93 00:04:46,640 --> 00:04:48,800 Speaker 1: Daily is currently not a voting member on the f 94 00:04:48,920 --> 00:04:51,479 Speaker 1: O m C. The dollars recent gains against the Euro 95 00:04:51,520 --> 00:04:54,840 Speaker 1: and the pound accelerated, Karen after the UK announced massive 96 00:04:54,880 --> 00:04:57,840 Speaker 1: tax cuts last week. Bank of England chief economist Hugh 97 00:04:57,880 --> 00:05:01,120 Speaker 1: Phill says a significant monetary paul See response is needed 98 00:05:01,240 --> 00:05:04,919 Speaker 1: in a context where there is a rebalancing of the 99 00:05:04,960 --> 00:05:10,720 Speaker 1: macro policy environment and an anticipation of looser fiscal policy. 100 00:05:11,000 --> 00:05:14,200 Speaker 1: I think it's hard not to draw the conclusion that 101 00:05:14,320 --> 00:05:20,279 Speaker 1: all this will require a significant monetary policy response. Bioi's 102 00:05:20,320 --> 00:05:22,599 Speaker 1: chief economist h Hill says the best time to act 103 00:05:22,680 --> 00:05:26,039 Speaker 1: is at the institution's next meeting in November. Meanwhile, Nathan, 104 00:05:26,080 --> 00:05:29,400 Speaker 1: global criticism of the UK's fiscal plan is growing this morning, 105 00:05:29,400 --> 00:05:30,920 Speaker 1: and let's go to learn it and get the details 106 00:05:30,960 --> 00:05:33,320 Speaker 1: from Bloomberris U and parts. Good morning you and good 107 00:05:33,320 --> 00:05:35,400 Speaker 1: morning Nathan and Karen. The I m F has delivered 108 00:05:35,400 --> 00:05:38,640 Speaker 1: a stinging rebuke of the UK's new unfunded tax plans. 109 00:05:38,880 --> 00:05:41,839 Speaker 1: The International Monetary Fund says the government's package of tax cuts, 110 00:05:41,880 --> 00:05:45,320 Speaker 1: the biggest in fifty years, are excessive and in need 111 00:05:45,480 --> 00:05:48,839 Speaker 1: of revision. It says physical policy should not work across 112 00:05:48,880 --> 00:05:52,320 Speaker 1: purposes with monetary policy. Chance l Quasi Quote meets with 113 00:05:52,400 --> 00:05:55,279 Speaker 1: top Wall Street bankers in London later today. Hill set 114 00:05:55,360 --> 00:05:57,600 Speaker 1: up by his UK go plan is still the right 115 00:05:57,640 --> 00:05:59,960 Speaker 1: thing to do in London. I'm you in part Splinberg 116 00:06:00,120 --> 00:06:01,960 Speaker 1: break are you in Thanks? Back in the US, the 117 00:06:01,960 --> 00:06:03,840 Speaker 1: White House may be getting ready to shake up its 118 00:06:03,839 --> 00:06:06,719 Speaker 1: economic team, according to Axe, As, officials are preparing for 119 00:06:06,760 --> 00:06:09,840 Speaker 1: Treasury Secretary Janet Yelling to depart after the mid terms. 120 00:06:10,120 --> 00:06:12,719 Speaker 1: A White House spokesperson says the Secretary does not plan 121 00:06:12,800 --> 00:06:15,839 Speaker 1: to leave. Top economic advisor Brian Deese also says he 122 00:06:15,920 --> 00:06:18,560 Speaker 1: has no plans to the part On Capitol Hill, Nathan 123 00:06:18,600 --> 00:06:21,159 Speaker 1: House Democrats have released a bill that would restrict stock 124 00:06:21,200 --> 00:06:24,560 Speaker 1: ownership for a high ranking government officials that includes members 125 00:06:24,600 --> 00:06:28,039 Speaker 1: of Congress, the President, Vice president, Supreme Court justices, and 126 00:06:28,120 --> 00:06:32,800 Speaker 1: their spouses and dependent children. It covers commodities, futures, cryptocurrency, 127 00:06:32,880 --> 00:06:35,599 Speaker 1: or other digital assets. Public officials would have to put 128 00:06:35,600 --> 00:06:38,120 Speaker 1: them in a blind trust or divest their holdings and 129 00:06:38,200 --> 00:06:41,560 Speaker 1: shares of Biogen are Soaring care in their upto percent. 130 00:06:41,800 --> 00:06:45,160 Speaker 1: Biogen and its partner as I say their drug significantly 131 00:06:45,200 --> 00:06:49,200 Speaker 1: slowed Alzheimer's disease, making it the first medicine to blunt 132 00:06:49,200 --> 00:06:52,279 Speaker 1: progression of the most common dementia. In a definitive, large 133 00:06:52,279 --> 00:06:54,680 Speaker 1: scale trial, and this update brought to you by b 134 00:06:54,839 --> 00:06:57,359 Speaker 1: on why Melon's Perishing. Learn why the world's most sophisticated 135 00:06:57,400 --> 00:07:00,120 Speaker 1: wealth management and institutional firms rely on perishing to help 136 00:07:00,160 --> 00:07:03,920 Speaker 1: them improve profitability, create efficiency, attract talent, and managed risk 137 00:07:03,960 --> 00:07:07,040 Speaker 1: at pershing dot com. And we are watching these headlines 138 00:07:07,080 --> 00:07:09,640 Speaker 1: with UK bonds surging and the pound rising after the 139 00:07:09,640 --> 00:07:11,800 Speaker 1: Bank of England said it's going to carry out temporary 140 00:07:11,880 --> 00:07:16,080 Speaker 1: purchases of elongdated UK bonds and your local headlines are 141 00:07:16,240 --> 00:07:23,840 Speaker 1: straight ahead and this is Bloomberg I, Karen, thank you 142 00:07:23,960 --> 00:07:26,440 Speaker 1: to six oh seven on Wall Street where fifty four 143 00:07:26,440 --> 00:07:29,040 Speaker 1: degrees in Central Park and still dealing with an accident 144 00:07:29,040 --> 00:07:30,800 Speaker 1: on the southbound New York State through Way near the 145 00:07:30,840 --> 00:07:33,600 Speaker 1: Tapanzee Bridge. Michael bar is here with more on what's 146 00:07:33,640 --> 00:07:35,720 Speaker 1: going on in New York and around the world. Michael, 147 00:07:35,800 --> 00:07:38,880 Speaker 1: thank you very much. Nathan. There's controversy over a temporary 148 00:07:38,920 --> 00:07:42,400 Speaker 1: humanitarian relief center being built in the Bronx has more 149 00:07:42,480 --> 00:07:46,200 Speaker 1: immigrants arrived from Texas. The so called tent city in 150 00:07:46,440 --> 00:07:49,200 Speaker 1: Orchard Beach will be heated and can house up to 151 00:07:49,240 --> 00:07:53,200 Speaker 1: a thousand migrants. Mayor Adams said the tents are supposed 152 00:07:53,200 --> 00:07:55,920 Speaker 1: to be a temporary stop for migrants as they get 153 00:07:55,960 --> 00:07:58,000 Speaker 1: on their feet. We want to make sure that we 154 00:07:58,120 --> 00:08:02,720 Speaker 1: bring people into UH a safe, clean environment as we 155 00:08:02,760 --> 00:08:05,800 Speaker 1: process them for a few days to figure out their 156 00:08:05,840 --> 00:08:08,320 Speaker 1: knees and move them to the right location. But immigrant 157 00:08:08,400 --> 00:08:11,520 Speaker 1: rights advocates say this is a terrible location, far from 158 00:08:11,560 --> 00:08:14,960 Speaker 1: mass transit or other services the migrants might need, and 159 00:08:15,000 --> 00:08:18,640 Speaker 1: some residents say they are fearful. New York Mayor Adams 160 00:08:18,680 --> 00:08:21,240 Speaker 1: talked about his return from Puerto Rico and the Dominican 161 00:08:21,280 --> 00:08:24,920 Speaker 1: Republic in the aftermath of Hurricane Fiona. New York lawmakers 162 00:08:24,920 --> 00:08:27,640 Speaker 1: are calling for more federal aid to help with recovery 163 00:08:27,680 --> 00:08:30,880 Speaker 1: for the island. New York City Council Member Oswald police, 164 00:08:31,320 --> 00:08:34,640 Speaker 1: what's happening in Puerto Rico and the Dominican Republic is 165 00:08:34,679 --> 00:08:39,160 Speaker 1: extremely sad. It's a horrible tragedy. These are communities that 166 00:08:39,240 --> 00:08:43,480 Speaker 1: have worked for everything that they have, those small businesses, 167 00:08:43,960 --> 00:08:47,400 Speaker 1: those homes, they have worked for it. Council Member Police 168 00:08:47,520 --> 00:08:49,720 Speaker 1: says the City of New York will be with Puerto 169 00:08:49,800 --> 00:08:52,640 Speaker 1: Rico and the Dominican Republic every step of the way. 170 00:08:53,280 --> 00:08:56,520 Speaker 1: Moscow backed officials declare that all four occupied regions in 171 00:08:56,679 --> 00:09:00,040 Speaker 1: Ukraine voted in favor of joining Russia. Russia conducted with 172 00:09:00,200 --> 00:09:04,600 Speaker 1: Ukrainian leader voladimir's Alinsky called a sham referendum. US Ambassador 173 00:09:04,600 --> 00:09:08,720 Speaker 1: at Linda Thomas Greenfield the United States will never recognize 174 00:09:08,840 --> 00:09:14,000 Speaker 1: any territory Russia attempts to seize are allegedly annex as 175 00:09:14,120 --> 00:09:18,520 Speaker 1: anything other than part of Ukraine. Ambassador Thomas Greenfield the 176 00:09:18,640 --> 00:09:22,480 Speaker 1: US will allow a limited number of refugees in three. 177 00:09:22,720 --> 00:09:25,120 Speaker 1: President Biden said it would welcome up to a hundred 178 00:09:25,120 --> 00:09:28,120 Speaker 1: twenty five thousand refugees this year, and we'll let him 179 00:09:28,160 --> 00:09:30,880 Speaker 1: the same number in the next. One of the January 180 00:09:30,920 --> 00:09:34,040 Speaker 1: six rioters who attack police officer Michael Panone has been 181 00:09:34,080 --> 00:09:37,400 Speaker 1: sentenced to more than seven years in prison. Kyle Young 182 00:09:37,480 --> 00:09:40,800 Speaker 1: of Viola began crying and begging for forgiveness during his sentence. 183 00:09:41,360 --> 00:09:43,840 Speaker 1: Global News twenty four hours a day on air and 184 00:09:43,960 --> 00:09:47,240 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 185 00:09:47,280 --> 00:09:50,040 Speaker 1: journalists and analysts in more than a hundred twenty countries. 186 00:09:50,080 --> 00:09:57,440 Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan. Thanks Michael six 187 00:09:57,480 --> 00:09:59,480 Speaker 1: o nine on Wall Street time for the Bloomberg Sports 188 00:09:59,480 --> 00:10:02,640 Speaker 1: Something with on Thanks Naton. The Yankees hoping. Last night's 189 00:10:02,640 --> 00:10:07,320 Speaker 1: division clinching celebration in Toronto, the first of many Champagne celebrations, 190 00:10:07,360 --> 00:10:09,440 Speaker 1: they beat the Blue Jays five to two. Labor Torres 191 00:10:09,480 --> 00:10:12,800 Speaker 1: had three hits, three irbis, and Jamisonion pitched into the eighth. 192 00:10:12,800 --> 00:10:15,680 Speaker 1: Didn't get a fourtteenth win for Aaron Judge, a line 193 00:10:15,679 --> 00:10:18,439 Speaker 1: out in the first inning and then four straight walks. 194 00:10:18,480 --> 00:10:22,360 Speaker 1: So still not home run number six and one, but 195 00:10:22,800 --> 00:10:26,320 Speaker 1: a division champ yanks twentieth from team history. They take 196 00:10:26,360 --> 00:10:28,640 Speaker 1: advantage of the new format where the top two teams 197 00:10:28,640 --> 00:10:31,240 Speaker 1: get a first rand by into the division series. In 198 00:10:31,280 --> 00:10:32,920 Speaker 1: the a L, that'll be the Yanks and Astros, and 199 00:10:32,960 --> 00:10:35,040 Speaker 1: the NL Dodgers will be joined by whoever wins the 200 00:10:35,120 --> 00:10:37,480 Speaker 1: n L East. And right now, that's the flat footed 201 00:10:37,520 --> 00:10:40,240 Speaker 1: tie between the Mets and Braves Atlanta one at Washington, 202 00:10:40,280 --> 00:10:43,320 Speaker 1: the Mets loss at City Field in Miami six to four. 203 00:10:43,360 --> 00:10:46,840 Speaker 1: Carlos Carrasco lasted just three innings, gave up four runs, 204 00:10:46,880 --> 00:10:49,360 Speaker 1: Trevor Williams gave up two more. Peter Alonzo and defeat 205 00:10:49,360 --> 00:10:51,599 Speaker 1: at three run over is forty leads the Majors with 206 00:10:51,640 --> 00:10:53,839 Speaker 1: a hundred and thirty one RBI seven games to go 207 00:10:54,320 --> 00:10:57,360 Speaker 1: and including this weekend three games series in Atlanta. If 208 00:10:57,400 --> 00:10:59,240 Speaker 1: the two teams finished in the tie, the Mets will 209 00:10:59,240 --> 00:11:01,960 Speaker 1: almost certainly win the five breaker. The only way Atlanta 210 00:11:02,000 --> 00:11:04,319 Speaker 1: wins the season series is if they sweep this weekend, 211 00:11:04,360 --> 00:11:07,200 Speaker 1: and if they do, they'll probably win the division outright. 212 00:11:07,200 --> 00:11:09,600 Speaker 1: All is well in Brooklyn after a turbulent off season 213 00:11:09,679 --> 00:11:12,960 Speaker 1: where Kevin Durant demanded that the Nets trade him unless 214 00:11:13,000 --> 00:11:15,599 Speaker 1: they fire Coachdeed. Nat knowing Kevin, as long as I 215 00:11:15,640 --> 00:11:18,600 Speaker 1: haven't didn't really bother me the way maybe everyone would think, 216 00:11:18,920 --> 00:11:22,000 Speaker 1: you know, that's a part of being competitors. I wasn't 217 00:11:22,040 --> 00:11:26,319 Speaker 1: like um overly surprised, and I wasn't even overly concerned. 218 00:11:26,480 --> 00:11:27,880 Speaker 1: You know, this is something that I thought we would 219 00:11:27,880 --> 00:11:30,960 Speaker 1: address and in time, and we did, and and here 220 00:11:30,960 --> 00:11:33,079 Speaker 1: we are, and we're looking forward. I think that's uh, 221 00:11:33,240 --> 00:11:34,679 Speaker 1: you know, there's something in this that we can all 222 00:11:34,720 --> 00:11:36,719 Speaker 1: gle all from as well. Nash said, the Nets are 223 00:11:36,920 --> 00:11:39,320 Speaker 1: like a family, and all families have issues. John Stash 224 00:11:39,360 --> 00:11:42,880 Speaker 1: award Bloomberg's Boys, Okay, John, thanks. SB futures down twenty 225 00:11:42,880 --> 00:11:45,400 Speaker 1: one point, Sound futures down a hundred eight. Nastact futures 226 00:11:45,400 --> 00:11:49,160 Speaker 1: are lower by a hundred twelve points. The British pound 227 00:11:49,200 --> 00:11:52,640 Speaker 1: is trading at one point zero six eight two against 228 00:11:52,720 --> 00:11:54,719 Speaker 1: the dollar after the Bank of England announced it will 229 00:11:54,720 --> 00:11:59,440 Speaker 1: carry out temporary purchases of long dated guilt starting today 230 00:11:59,520 --> 00:12:03,480 Speaker 1: to door order league market conditions. You're listening to Bloomberg 231 00:12:03,520 --> 00:12:09,240 Speaker 1: ca Bread Bloomberg eleven three oh weather sunny today with 232 00:12:09,280 --> 00:12:11,679 Speaker 1: a hind year seventy degrees, mid fifties Tonight, We'll get 233 00:12:11,720 --> 00:12:16,360 Speaker 1: into the upper sixties with sunshine tomorrow and Friday. Right 234 00:12:16,360 --> 00:12:23,760 Speaker 1: now fifty four in Central Park Markets, headlines and breaking 235 00:12:23,760 --> 00:12:26,680 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 236 00:12:26,800 --> 00:12:31,000 Speaker 1: the Bloomberg Business Out and at Bloomberg Quicktap's a Bloomberg 237 00:12:31,080 --> 00:12:40,319 Speaker 1: Business Clash. And I'm Karen Moscow. And the dollar is 238 00:12:40,360 --> 00:12:42,800 Speaker 1: soaring to another record after the White House talked down 239 00:12:42,840 --> 00:12:45,760 Speaker 1: the prospect of weakening the currency, while the continuing global 240 00:12:45,800 --> 00:12:48,400 Speaker 1: bond route pushed ten year treasury yields to the hyacinths. 241 00:12:48,440 --> 00:12:51,120 Speaker 1: Two thousand and eight. UK bonds are searching after the 242 00:12:51,120 --> 00:12:53,880 Speaker 1: Bank of England said it would carry out temporary purchases 243 00:12:53,920 --> 00:12:56,480 Speaker 1: of long dated UK bonds and delay planned sales of 244 00:12:56,559 --> 00:13:00,839 Speaker 1: debt and Asian stocks are made in April lows, while 245 00:13:00,840 --> 00:13:03,160 Speaker 1: the dollars sword after the White House talked down the 246 00:13:03,160 --> 00:13:06,040 Speaker 1: prospect of a currency agreement to weaken the greenback. We 247 00:13:06,120 --> 00:13:09,840 Speaker 1: get more unmapped with Bloomberg's Juliette Sally, Good Morning, Karen. 248 00:13:09,880 --> 00:13:12,559 Speaker 1: The dollars rally brought further losses to e m f X, 249 00:13:12,600 --> 00:13:15,120 Speaker 1: with China's on showy one falling to the weakest level 250 00:13:15,120 --> 00:13:17,880 Speaker 1: against the greenbacks since the global financial crisis in two 251 00:13:17,880 --> 00:13:20,960 Speaker 1: thousand and eight and the offshore hitting a record low. 252 00:13:21,320 --> 00:13:23,480 Speaker 1: The yen remained near the key one for five mark 253 00:13:23,559 --> 00:13:25,640 Speaker 1: against the dollar and within side of levels that have 254 00:13:25,720 --> 00:13:29,240 Speaker 1: drawn intervention from Japan. Australia's ten ure yield reached a 255 00:13:29,320 --> 00:13:32,880 Speaker 1: three month high. Japan's benchmark yield untraded after closing at 256 00:13:32,880 --> 00:13:35,640 Speaker 1: the upper limit of the Central Banks target band. On Tuesday, 257 00:13:36,000 --> 00:13:38,880 Speaker 1: Apple supplies in the region fell after Bloomberg reported the 258 00:13:38,880 --> 00:13:41,480 Speaker 1: company is backing off from plans to increase production of 259 00:13:41,480 --> 00:13:44,000 Speaker 1: its new iPhones this year. A lot of them traded 260 00:13:44,000 --> 00:13:47,040 Speaker 1: on South Korea's Cosby, which fell to July twenty twenty 261 00:13:47,080 --> 00:13:51,200 Speaker 1: lows in Singapore. Juliet Sally Bloomberg Daybreak Right, Juliet Thank you, 262 00:13:51,240 --> 00:13:53,959 Speaker 1: and futures are lower, with SMP futures down thirteen points 263 00:13:53,960 --> 00:13:56,839 Speaker 1: and DOWN futures down forty two. Nowday futures down ninety 264 00:13:56,920 --> 00:13:59,439 Speaker 1: two and a ten year treasury up eleven thirty seconds. 265 00:13:59,520 --> 00:14:02,199 Speaker 1: Year three nine zero percent held on the two year 266 00:14:02,280 --> 00:14:04,680 Speaker 1: four point one six percent. And we continue to watch 267 00:14:04,679 --> 00:14:07,160 Speaker 1: shares of Biogen of more than forty three percent in 268 00:14:07,240 --> 00:14:11,000 Speaker 1: early trading after it said it drugs significantly slowed Alzheimer's disease. 269 00:14:11,280 --> 00:14:13,760 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 270 00:14:13,840 --> 00:14:16,439 Speaker 1: more on what's going on around the world. Michael Karen, 271 00:14:16,480 --> 00:14:18,440 Speaker 1: thank you very much. Hurricane e And is turning in 272 00:14:18,440 --> 00:14:21,360 Speaker 1: the Gulf of Mexico and is about seventy five miles 273 00:14:21,360 --> 00:14:24,920 Speaker 1: from Naples, Florida. The National Hurricane Center says he And 274 00:14:24,960 --> 00:14:29,080 Speaker 1: has strengthened to a Category four storm. Thousands of flights 275 00:14:29,080 --> 00:14:32,760 Speaker 1: have been canceled. At the United Nations, top diplomats are 276 00:14:32,840 --> 00:14:37,760 Speaker 1: dismissing the early results of staged referendums in Russian occupied 277 00:14:37,800 --> 00:14:41,040 Speaker 1: areas of Ukraine. Some Ukrainians say they were forced to 278 00:14:41,120 --> 00:14:44,880 Speaker 1: vote at gunpoint. North Korea fire do ballistic missile off 279 00:14:44,920 --> 00:14:48,200 Speaker 1: its eastern coast today that's according to South Korea's Joint 280 00:14:48,240 --> 00:14:50,560 Speaker 1: chiefs of Staff. That comes the day before US Vice 281 00:14:50,560 --> 00:14:54,440 Speaker 1: President Kamala Harris was set to visit the demilitarized Zone 282 00:14:54,480 --> 00:14:57,480 Speaker 1: dividing the nations. The missile is the second launch by 283 00:14:57,480 --> 00:15:00,240 Speaker 1: North Korea this week. In baseball, the Yankees to the 284 00:15:00,280 --> 00:15:03,120 Speaker 1: Al East, beating the Blue Days five to Aaron Judge 285 00:15:03,480 --> 00:15:05,920 Speaker 1: was walked four times, remains at sixty home runs, one 286 00:15:05,920 --> 00:15:09,080 Speaker 1: shy of Roger Mara's sixty one record. The Mets lost, 287 00:15:09,120 --> 00:15:12,080 Speaker 1: the Red Sox down the Orioles, thirteen nine a's and 288 00:15:12,200 --> 00:15:15,000 Speaker 1: National's lost Giants. One. Global news twenty four hours a 289 00:15:15,040 --> 00:15:17,120 Speaker 1: day on aerand on Bloomberg Quick Take power by more 290 00:15:17,120 --> 00:15:20,120 Speaker 1: than twentie hunder journalist analysts, more than twenty countries. And 291 00:15:20,200 --> 00:15:22,680 Speaker 1: Michael Barb this is Bloomberg, Nathan, Thanks Michael. Six twenty 292 00:15:22,720 --> 00:15:25,280 Speaker 1: on Wall Street Life in the Bloomberg Interactive Broker Studios, 293 00:15:25,360 --> 00:15:27,440 Speaker 1: this is Bloomberg Daybreak. We want to focus now on 294 00:15:27,440 --> 00:15:30,040 Speaker 1: the auto industry at a big new product release from 295 00:15:30,120 --> 00:15:33,440 Speaker 1: Ford Motor Company, The automaking giant has unveiled to redesign 296 00:15:33,560 --> 00:15:37,480 Speaker 1: F series super duty truck at Churchill Downs in Louisville. Kentucky. 297 00:15:37,840 --> 00:15:41,880 Speaker 1: Ford CEO Jim Farley says traditional gas powered vehicles will 298 00:15:41,920 --> 00:15:44,920 Speaker 1: be a profit and cash engine that finances the company's 299 00:15:45,000 --> 00:15:48,640 Speaker 1: electric car ambitions. Jim Farley spoke more about the truck 300 00:15:48,760 --> 00:15:52,200 Speaker 1: and Ford's long term strategy with Bloomberg's David Weston. Let's 301 00:15:52,200 --> 00:15:55,240 Speaker 1: listen in to that conversation. Now, the Super Duty, this 302 00:15:55,360 --> 00:15:58,520 Speaker 1: new F series, it is one big truck. Tell us 303 00:15:58,560 --> 00:16:01,760 Speaker 1: how it is different from what we've seen before, David. 304 00:16:01,800 --> 00:16:05,760 Speaker 1: You have more towing, more hauling, you know, more power 305 00:16:05,760 --> 00:16:08,200 Speaker 1: out of the motors. We have four motor options. But 306 00:16:08,280 --> 00:16:11,760 Speaker 1: I think the real change here is the technology. It's 307 00:16:11,760 --> 00:16:14,360 Speaker 1: the first truck to have five G integrated. We have 308 00:16:14,480 --> 00:16:17,480 Speaker 1: all sorts of trailer features. Even you can even set 309 00:16:17,520 --> 00:16:21,680 Speaker 1: the navigation to a preferred route for for trailers because 310 00:16:21,680 --> 00:16:24,880 Speaker 1: that navigation would be totally different than our retail customers. 311 00:16:24,880 --> 00:16:28,080 Speaker 1: So it's really investing in technology. We can now ship 312 00:16:28,160 --> 00:16:31,680 Speaker 1: software to this truck um where we haven't before and 313 00:16:31,680 --> 00:16:34,640 Speaker 1: our competitors haven't, and that's becoming a bigger and bigger 314 00:16:34,640 --> 00:16:38,760 Speaker 1: issue opportunity for us. We have a Ford Pro business 315 00:16:38,800 --> 00:16:42,600 Speaker 1: and our software sales are growing about a quarter because 316 00:16:42,640 --> 00:16:45,840 Speaker 1: we can ship software to the car. What about electric biggles? 317 00:16:45,880 --> 00:16:48,400 Speaker 1: Is there going to be a version that this electric fiels? Ever? 318 00:16:49,160 --> 00:16:52,160 Speaker 1: You know, look, we're the we're the number two electric 319 00:16:52,160 --> 00:16:54,280 Speaker 1: brand in the US right now thanks to F one 320 00:16:54,360 --> 00:16:58,200 Speaker 1: fifty a Lightning and many of our other electric vehicles. 321 00:16:58,520 --> 00:17:01,200 Speaker 1: And so there there are truck summers who who find 322 00:17:01,240 --> 00:17:04,840 Speaker 1: that electric going electric is interesting. The last customer who 323 00:17:04,840 --> 00:17:07,400 Speaker 1: would probably do that would be a super duty customer. 324 00:17:07,600 --> 00:17:10,520 Speaker 1: As soon as you you know, most of our super 325 00:17:10,600 --> 00:17:14,640 Speaker 1: duties are are towing heavy towing like ten thousand towns. 326 00:17:14,680 --> 00:17:16,960 Speaker 1: And for a battery electric vehicle, it's not it's not 327 00:17:17,000 --> 00:17:20,359 Speaker 1: a great vehicle. It's uh so you you wind up 328 00:17:20,480 --> 00:17:23,880 Speaker 1: sacrificing range a lot, like cut your range in half 329 00:17:23,880 --> 00:17:26,640 Speaker 1: with towing. So this is this is not the kind 330 00:17:26,680 --> 00:17:29,600 Speaker 1: of vehicle that we would use for electric. We don't 331 00:17:29,600 --> 00:17:32,560 Speaker 1: think the segments going electric anytime soon. So when you 332 00:17:32,600 --> 00:17:35,320 Speaker 1: bring a new vehicle forward, like the super Duty, do 333 00:17:35,359 --> 00:17:36,960 Speaker 1: you have to take into account in a way you 334 00:17:37,000 --> 00:17:39,240 Speaker 1: didn't before the supply chain. I mean, do you actually 335 00:17:39,280 --> 00:17:42,280 Speaker 1: engineer the product to some extent to anticipate a more 336 00:17:42,320 --> 00:17:44,280 Speaker 1: resilient supply chain the way you have in the past. 337 00:17:44,640 --> 00:17:47,320 Speaker 1: It is a great question because there's no more complex 338 00:17:47,440 --> 00:17:50,240 Speaker 1: if you're number one in the super duty business. It's 339 00:17:50,280 --> 00:17:53,680 Speaker 1: all about complexity in this business. You know, um bucket 340 00:17:53,720 --> 00:17:57,920 Speaker 1: trucks and cabin chassisas and two fifties, four fifties, six fifties, 341 00:17:58,359 --> 00:18:01,480 Speaker 1: very complex business, different acts or a geos, all sorts 342 00:18:01,480 --> 00:18:04,040 Speaker 1: of different features. So the number one thing we can 343 00:18:04,119 --> 00:18:08,440 Speaker 1: do to limit that risk is reduced complexity. And we've 344 00:18:08,440 --> 00:18:11,200 Speaker 1: been driving down complexity as well as going to almost 345 00:18:12,080 --> 00:18:16,000 Speaker 1: order to delivery. We don't really deliver vehicles off of 346 00:18:16,080 --> 00:18:19,119 Speaker 1: inventory and the dealers anymore. We ship directly to the 347 00:18:19,200 --> 00:18:22,679 Speaker 1: customer through the dealers. Now is specific orders so they 348 00:18:23,160 --> 00:18:26,120 Speaker 1: order their own truck and so we can have visibility 349 00:18:26,240 --> 00:18:29,360 Speaker 1: of the supply chain we need. But the number one 350 00:18:29,560 --> 00:18:32,720 Speaker 1: leverage and de risking our supply chain is going to 351 00:18:32,840 --> 00:18:36,399 Speaker 1: be reducing complexity. What about the financing part of the business, 352 00:18:36,400 --> 00:18:38,840 Speaker 1: what about Ford motor credit? Do you anticipate some hit there? 353 00:18:39,560 --> 00:18:41,920 Speaker 1: Ford credit is really important. I'm glad you asked that. 354 00:18:42,560 --> 00:18:46,320 Speaker 1: Uh yes, uh, you know, obviously borrowing costs that are 355 00:18:46,400 --> 00:18:49,080 Speaker 1: very important to a credit company. So many of our 356 00:18:49,119 --> 00:18:52,080 Speaker 1: customers finance to forward credit are borrowing costs are going 357 00:18:52,160 --> 00:18:54,480 Speaker 1: up a little bit not huge, but they are going 358 00:18:54,560 --> 00:18:58,199 Speaker 1: up that cost more money um as well as use 359 00:18:58,320 --> 00:19:00,879 Speaker 1: car values when when those use courts trade in like 360 00:19:00,920 --> 00:19:03,320 Speaker 1: an at least we own those vehicles, we sell them. 361 00:19:03,359 --> 00:19:05,800 Speaker 1: You know they're they're not worth what they were. We 362 00:19:05,800 --> 00:19:09,040 Speaker 1: were very careful and reserves, but you know that that's 363 00:19:09,040 --> 00:19:12,920 Speaker 1: a reality. So we are seeing headwinds for our finance company. 364 00:19:13,040 --> 00:19:15,320 Speaker 1: Is not huge right now. We're still at like peat 365 00:19:15,400 --> 00:19:18,760 Speaker 1: profitability for a finance company, but but they're definitely the 366 00:19:18,800 --> 00:19:20,800 Speaker 1: inflation is hitting all of us in all parts of 367 00:19:20,800 --> 00:19:24,320 Speaker 1: our business. And that was the CEO of Ford Voter Company, 368 00:19:24,400 --> 00:19:27,160 Speaker 1: Jim Farley, speaking with Bloomberg's David Weston about the newly 369 00:19:27,160 --> 00:19:30,640 Speaker 1: designed F series Super Duty. They spoke at the Churchill 370 00:19:30,640 --> 00:19:33,560 Speaker 1: Downs Racetrack in Louisville, Kentucky, and you can catch the 371 00:19:33,600 --> 00:19:37,520 Speaker 1: full conversation online at Bloomberg dot com or on the 372 00:19:37,520 --> 00:19:40,359 Speaker 1: Bloomberg terminal. Quick check of Ford shares in the pre 373 00:19:40,440 --> 00:19:45,240 Speaker 1: market there down a half percent. Futures are making a 374 00:19:45,280 --> 00:19:47,520 Speaker 1: little bit of a turnaround right now. We've got SMP 375 00:19:47,720 --> 00:19:52,080 Speaker 1: futures up three points, STOW futures up sixty five. NASTAC 376 00:19:52,119 --> 00:19:55,160 Speaker 1: futures are still lower but well off session lows down 377 00:19:55,359 --> 00:19:58,160 Speaker 1: thirty one points. The tenure Treasury is at three point 378 00:19:58,240 --> 00:20:02,840 Speaker 1: eight nine percent. Stay with us. You're listening to Bloomberg 379 00:20:02,880 --> 00:20:09,040 Speaker 1: day Break Bloomberg eleven three oh weather, sunshine, a high 380 00:20:09,080 --> 00:20:12,159 Speaker 1: near seventy today. We'll get down to the mid fifties tonight, sunny, 381 00:20:12,240 --> 00:20:15,560 Speaker 1: upper sixties tomorrow and Friday before we get the remnants 382 00:20:15,600 --> 00:20:26,000 Speaker 1: of n Right now fifty four in Central Park, broadcasting 383 00:20:26,080 --> 00:20:29,800 Speaker 1: live from the Bloomberg Interactive Broker's Studio in New York. 384 00:20:29,880 --> 00:20:34,560 Speaker 1: Bloomberg E Loving Freedom to Washington, d C. Bloomberg to Boston, 385 00:20:34,680 --> 00:20:38,080 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg NAM 386 00:20:38,160 --> 00:20:41,399 Speaker 1: sixteen to the Country, Sirius XM Chado one nine and 387 00:20:41,480 --> 00:20:45,800 Speaker 1: around the globe to Bloomberg Business and Bloomberg Radio dot Com. 388 00:20:45,840 --> 00:20:54,400 Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good 389 00:20:54,400 --> 00:20:57,320 Speaker 1: morning up, Nathan Hager and I'm Karen Moscow, and we're 390 00:20:57,359 --> 00:20:59,880 Speaker 1: just about three hours away from the open of US trade. 391 00:21:00,000 --> 00:21:01,600 Speaker 1: In time to the five things that you need to 392 00:21:01,600 --> 00:21:04,600 Speaker 1: know to start your day. A first Hurricane Ian is 393 00:21:04,600 --> 00:21:08,119 Speaker 1: now a dangerous Category four storm, taking him at Florida's 394 00:21:08,160 --> 00:21:12,240 Speaker 1: Gulf coast and threatening to do serious damage. Bloomberg meteorologist 395 00:21:12,359 --> 00:21:15,639 Speaker 1: Rob Carolyn is tracking the storm. Rob, Karen and Nathan. 396 00:21:15,720 --> 00:21:18,240 Speaker 1: The eye of the hurricane very apparent on the radar 397 00:21:18,320 --> 00:21:20,399 Speaker 1: out of the Key West area. We can see it 398 00:21:20,440 --> 00:21:23,760 Speaker 1: working its way north northeast. It's paralleling the coast of 399 00:21:23,800 --> 00:21:26,520 Speaker 1: western Florida. At some point today it will turn more 400 00:21:26,600 --> 00:21:29,000 Speaker 1: towards the northeast and that allow it across the coast 401 00:21:29,359 --> 00:21:31,959 Speaker 1: somewhere north of Fort Myers to as far north as 402 00:21:32,000 --> 00:21:34,720 Speaker 1: about Tampa. Looks like the storm surge is going to 403 00:21:34,760 --> 00:21:36,400 Speaker 1: be in excess of ten feet. Will be seeing wind 404 00:21:36,400 --> 00:21:38,560 Speaker 1: gus probably over a hundred and twenty five miles now 405 00:21:38,560 --> 00:21:40,959 Speaker 1: with the storm and excessive rain of five to ten 406 00:21:41,000 --> 00:21:43,560 Speaker 1: inches along the path over the next twenty four hours. 407 00:21:43,760 --> 00:21:46,160 Speaker 1: Karen and Nathan. Okay, Rob, thank you. We'll be checking 408 00:21:46,160 --> 00:21:48,520 Speaker 1: back with you throughout the morning. Ahead of the storm, 409 00:21:48,880 --> 00:21:52,240 Speaker 1: thousands of flights have been canceled. Disney, SeaWorld and Universal 410 00:21:52,280 --> 00:21:54,920 Speaker 1: Orlando of all shut their theme parks through at least tomorrow, 411 00:21:55,119 --> 00:21:58,200 Speaker 1: and Florida Governor Rond de Santas is activating five thousand 412 00:21:58,240 --> 00:22:00,920 Speaker 1: members of the National Guard. Another two thousand are coming 413 00:22:00,960 --> 00:22:03,399 Speaker 1: from out of state and now to the turbulent market 414 00:22:03,440 --> 00:22:06,920 Speaker 1: stay thin. After being lower all morning, US futures well, 415 00:22:07,320 --> 00:22:10,120 Speaker 1: they're still lower about their trimming their declines. The Bank 416 00:22:10,119 --> 00:22:12,280 Speaker 1: of England did announced it would step into the market 417 00:22:12,320 --> 00:22:14,960 Speaker 1: to buy long data government bonds starting today to help 418 00:22:14,960 --> 00:22:17,680 Speaker 1: restore order to the market. Well meantime, caring the dollars 419 00:22:17,720 --> 00:22:19,800 Speaker 1: trading at a record that's after the White House talked 420 00:22:19,840 --> 00:22:23,040 Speaker 1: down the prospect of weakening the currency. Earlier, tenure treasury 421 00:22:23,080 --> 00:22:25,560 Speaker 1: yields touched their highest level since two thousand and eight, 422 00:22:25,640 --> 00:22:29,399 Speaker 1: and a slew of hawkish Fed speakers, including Minneapolis President 423 00:22:29,480 --> 00:22:33,000 Speaker 1: Neil cash Cary, are stoking fears about the economic outlook. 424 00:22:33,480 --> 00:22:35,959 Speaker 1: We are moving very, very aggressively. There's a lot of 425 00:22:35,960 --> 00:22:39,520 Speaker 1: tightening in the pipeline. We are committed to restoring price stability, 426 00:22:39,520 --> 00:22:43,200 Speaker 1: but we're also we also recognize, given these lags, there 427 00:22:43,320 --> 00:22:46,640 Speaker 1: is the risk of overdoing it. Minneapolis Fed President Neil 428 00:22:46,680 --> 00:22:49,480 Speaker 1: cash Cary says the Federal Reserve is united in getting 429 00:22:49,480 --> 00:22:52,960 Speaker 1: inflation back to two percent. In corporate news, Nathan Bloomberg 430 00:22:52,960 --> 00:22:55,000 Speaker 1: News has learned that Apple is backing off plans to 431 00:22:55,040 --> 00:22:58,160 Speaker 1: increase production of its new iPhones this year. The company 432 00:22:58,280 --> 00:23:01,200 Speaker 1: had expected a surgeon demand by that hasn't happened. Apple 433 00:23:01,200 --> 00:23:03,639 Speaker 1: will aim to produce ninety million handsets in the second 434 00:23:03,640 --> 00:23:06,480 Speaker 1: half of the year, roughly the same level has last year. 435 00:23:06,560 --> 00:23:09,000 Speaker 1: Necess five things you need to know to start your day, 436 00:23:09,400 --> 00:23:12,639 Speaker 1: and again, Futures, well they are lower. They had turned 437 00:23:12,720 --> 00:23:16,360 Speaker 1: higher briefly, but they're lower again. SMP Futures down sixteen 438 00:23:16,400 --> 00:23:19,359 Speaker 1: points right now down Future is down seventie and now's 439 00:23:19,400 --> 00:23:21,560 Speaker 1: day Future is down ninety one. They are off their 440 00:23:21,680 --> 00:23:24,520 Speaker 1: lows of the session, though Tenure Treasury is up eleven 441 00:23:24,520 --> 00:23:26,680 Speaker 1: thirty seconds. He'll three point eight nine percent in the 442 00:23:26,760 --> 00:23:29,119 Speaker 1: yield in the two year, four point to zero percent. 443 00:23:29,400 --> 00:23:32,720 Speaker 1: Trun ahead your latest local headlines plus a check of sports, 444 00:23:32,800 --> 00:23:39,840 Speaker 1: and this is Bloomberg, all right, Karen, thank you. Sixty 445 00:23:39,840 --> 00:23:42,280 Speaker 1: three on Wall Street, Wort fifty four degrees in Central Park. 446 00:23:42,359 --> 00:23:45,360 Speaker 1: We got an accident in tea Neck eastbound four Decatur Avenue. 447 00:23:45,440 --> 00:23:48,320 Speaker 1: More coming up in traffic. First, Michael Barr with what 448 00:23:48,400 --> 00:23:50,399 Speaker 1: else is going on in New York and around the world. 449 00:23:50,400 --> 00:23:53,359 Speaker 1: Good morning, Michael, Good morning Nathan. They sharp debate as 450 00:23:53,359 --> 00:23:56,840 Speaker 1: New York City officials say a humanitarian relief center will 451 00:23:56,880 --> 00:24:00,600 Speaker 1: be built in the Bronx as more immigrants arrived from Texas. 452 00:24:00,680 --> 00:24:03,360 Speaker 1: It's being built in Orchard Beach, but something advocates say 453 00:24:03,359 --> 00:24:07,160 Speaker 1: of the shelters location could create issues. This Orchard Beach 454 00:24:07,200 --> 00:24:10,080 Speaker 1: resident handsome words for the city. If you want to 455 00:24:10,160 --> 00:24:15,040 Speaker 1: put something in our community, you need permission from us. 456 00:24:15,160 --> 00:24:17,800 Speaker 1: The so called tent city being built can house up 457 00:24:17,800 --> 00:24:21,440 Speaker 1: to a thousand migrants. New York Mayor Eric Adams discussed 458 00:24:21,440 --> 00:24:24,920 Speaker 1: his trip to Puerto Rico and the Dominican Republic ravaged 459 00:24:24,960 --> 00:24:29,040 Speaker 1: by Hurricane Fiona. Adams says, Puerto Rico has a significant 460 00:24:29,040 --> 00:24:32,120 Speaker 1: population in the city, and what affects Puerto Rico affects 461 00:24:32,119 --> 00:24:36,520 Speaker 1: New York. This is the international city. This is America's city. 462 00:24:36,640 --> 00:24:39,880 Speaker 1: People like it or not, This is America's city. What 463 00:24:39,960 --> 00:24:44,159 Speaker 1: we do is going to impact what happens across the 464 00:24:44,200 --> 00:24:46,280 Speaker 1: globe and how people are a bunch of perceive us 465 00:24:46,280 --> 00:24:50,040 Speaker 1: across the across the globe, Mayor Adams. Russian leaders declared 466 00:24:50,160 --> 00:24:53,679 Speaker 1: victory in a series of u N condemned referendums as 467 00:24:53,720 --> 00:24:56,960 Speaker 1: the Kremlin move to annex a large chunk of occupied 468 00:24:57,040 --> 00:25:00,639 Speaker 1: Ukrainian territory. Meanwhile, the White House says Russia men fleeing 469 00:25:00,640 --> 00:25:03,320 Speaker 1: the military draft or welcome to apply for asylum. In 470 00:25:03,359 --> 00:25:06,760 Speaker 1: the US, Press Secretary Karine Jean Pierre, we are seeing 471 00:25:06,800 --> 00:25:09,960 Speaker 1: protests in the streets of Russia. We are seeing people 472 00:25:10,040 --> 00:25:12,720 Speaker 1: sign petitions, and I think the message that they're sending 473 00:25:12,760 --> 00:25:16,719 Speaker 1: to us very clearly is that this war that Putin started, 474 00:25:16,720 --> 00:25:19,480 Speaker 1: this war that was started by the Kremlin, is unpopular. 475 00:25:19,680 --> 00:25:22,920 Speaker 1: Light House spokesperson Karine Jean Pierre. North Korea fired a 476 00:25:22,960 --> 00:25:26,600 Speaker 1: ballistic missile off its eastern coast today. South Korea's Joint 477 00:25:26,640 --> 00:25:29,080 Speaker 1: chiefs of Staff says it comes a day before US 478 00:25:29,200 --> 00:25:31,960 Speaker 1: Vice President Kamala Harris was set to visit the de 479 00:25:32,040 --> 00:25:35,840 Speaker 1: militarized zone dividing the nations. While on our Asian trip today, 480 00:25:35,920 --> 00:25:39,080 Speaker 1: Harris reminded Japan don't let your reliance on China for 481 00:25:39,160 --> 00:25:42,800 Speaker 1: trade cloud the bigger picture. Harris says the US and 482 00:25:42,880 --> 00:25:45,119 Speaker 1: Japan as the cornerstone to peace and the region and 483 00:25:45,280 --> 00:25:49,680 Speaker 1: not cower at China's attempted intimidation of Taiwan. China is 484 00:25:49,800 --> 00:25:56,600 Speaker 1: undermining key elements of the international rules based order. China 485 00:25:56,680 --> 00:26:01,080 Speaker 1: has challenged the freedom of the seas. China has flexed 486 00:26:01,359 --> 00:26:06,800 Speaker 1: its military and economic might to course and intimidate its neighbors. 487 00:26:07,080 --> 00:26:10,919 Speaker 1: Vice President Harris spoke at the Yokosuka Naval Base outside 488 00:26:10,960 --> 00:26:14,480 Speaker 1: of Tokyo, where fifty American troops are based. Global News 489 00:26:14,480 --> 00:26:17,080 Speaker 1: twenty four hours a day on air and on Bloomberg 490 00:26:17,160 --> 00:26:20,720 Speaker 1: Quick Take, powered by more than journalists and analyists more 491 00:26:20,720 --> 00:26:23,200 Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg. 492 00:26:23,280 --> 00:26:30,760 Speaker 1: Nathan Okay, Michael thanks sixty six On Wall Street, John 493 00:26:30,760 --> 00:26:33,600 Speaker 1: Stanshard has a Bloomberg Sports update. All right, Nathan. Mets 494 00:26:33,600 --> 00:26:36,040 Speaker 1: and Yankees, of course, both heading to the MLB postseason. 495 00:26:36,080 --> 00:26:38,680 Speaker 1: The Yanks says a division champ, but will the Mets 496 00:26:38,720 --> 00:26:40,680 Speaker 1: when the n L e's it's the only division still 497 00:26:40,760 --> 00:26:43,399 Speaker 1: up for grabs. The Cardinals just clinched the NL Central. 498 00:26:43,520 --> 00:26:46,320 Speaker 1: Mets lost at home to Miami six to four of 499 00:26:46,359 --> 00:26:49,200 Speaker 1: Peter alonso three run homer is forty if not enough 500 00:26:49,240 --> 00:26:52,080 Speaker 1: to overcome a rough start by Carlos Carrasco. Atlanta wanting 501 00:26:52,160 --> 00:26:55,080 Speaker 1: to two at Washington. The Mets and Braves have identical 502 00:26:55,160 --> 00:26:58,159 Speaker 1: records of nineties seven and fifty eight seven games to go, 503 00:26:58,359 --> 00:27:01,320 Speaker 1: including a three game series this week ken in Atlanta. 504 00:27:01,400 --> 00:27:04,160 Speaker 1: The Yankee division clinching win was five to two at Toronto, 505 00:27:04,200 --> 00:27:06,600 Speaker 1: the red hot labor Torres who with three hits, three 506 00:27:06,680 --> 00:27:08,800 Speaker 1: r v I s the back to pitching of Jamison Tyone. 507 00:27:08,800 --> 00:27:10,679 Speaker 1: He served up a lead off homer to George Springer, 508 00:27:10,680 --> 00:27:13,360 Speaker 1: but he dominated after that. Aaron Judge had only one 509 00:27:13,400 --> 00:27:17,040 Speaker 1: official at bat, he walked four times, refuses to chase 510 00:27:17,119 --> 00:27:20,200 Speaker 1: bad pitches even as he tries to tie Roger Marrison's 511 00:27:20,240 --> 00:27:22,840 Speaker 1: home run record. Now seven games without a homer. Judge 512 00:27:23,160 --> 00:27:25,800 Speaker 1: still stuck on sixty, but in a good mood. Is 513 00:27:25,840 --> 00:27:29,879 Speaker 1: even screened with Champagne. You so far. Um, We're definitely 514 00:27:29,920 --> 00:27:32,639 Speaker 1: not done, but it's a great first step in to 515 00:27:34,920 --> 00:27:38,359 Speaker 1: got there and winning a World series, you know, clinch 516 00:27:38,480 --> 00:27:41,560 Speaker 1: the vision with this group of guy and uh, there's 517 00:27:41,600 --> 00:27:43,960 Speaker 1: definitely something special. Head last night on the Yes Network, 518 00:27:44,000 --> 00:27:47,120 Speaker 1: Sterling Shepherd season is indeed over Freak Knee and dream 519 00:27:47,119 --> 00:27:49,080 Speaker 1: Monday Night of the MetLife Turf where he was simply 520 00:27:49,160 --> 00:27:51,840 Speaker 1: running the past pattern comes just a Shepherd made it 521 00:27:51,840 --> 00:27:54,480 Speaker 1: back from last year's achilles injury. He was the Giants 522 00:27:54,480 --> 00:27:57,600 Speaker 1: top receiver. They were counting on high price free agent 523 00:27:57,680 --> 00:28:00,399 Speaker 1: Kenny Galladay and first round draft pick to Darius Tony, 524 00:28:00,440 --> 00:28:03,280 Speaker 1: but so far those two have combined for only two catches. 525 00:28:03,640 --> 00:28:07,120 Speaker 1: John Dash Bloomberg Sports Nathan Okay, John, thank you. Six 526 00:28:07,160 --> 00:28:08,920 Speaker 1: thirty seven on Wall Street. Time to take a look 527 00:28:08,920 --> 00:28:11,159 Speaker 1: at stock some of the names moving in the pre market. 528 00:28:11,200 --> 00:28:14,480 Speaker 1: We've pried Burloomberg Radio and TV Markets correspondent Create gooped 529 00:28:14,520 --> 00:28:17,640 Speaker 1: away from watching the UK market this morning to let 530 00:28:17,680 --> 00:28:20,400 Speaker 1: us know what's going on in the early trade here 531 00:28:20,480 --> 00:28:22,720 Speaker 1: on Wall Street. What are you looking at, Creedy? Do 532 00:28:22,760 --> 00:28:25,399 Speaker 1: you know how hard that was, Nathan to eyes away. 533 00:28:25,440 --> 00:28:28,639 Speaker 1: It's like watching a train wreck. It's really looks like 534 00:28:28,680 --> 00:28:30,800 Speaker 1: it's having some kind of impact on the futures as well. 535 00:28:30,800 --> 00:28:33,199 Speaker 1: They've been whipp sawing. They are, I think the futures 536 00:28:33,200 --> 00:28:35,680 Speaker 1: trimming some of their losses here off the announcement, which 537 00:28:35,720 --> 00:28:38,640 Speaker 1: is interesting, really reaction to the bond market perhaps thinks 538 00:28:38,640 --> 00:28:41,760 Speaker 1: there's maybe some stimulus on on the on the macro front, 539 00:28:41,760 --> 00:28:44,320 Speaker 1: perhaps coming r acts, say less hawkishness for for for 540 00:28:44,400 --> 00:28:46,440 Speaker 1: that matter, um let's go to the US though, because 541 00:28:46,440 --> 00:28:48,760 Speaker 1: there seems to be perhaps a little bit more someonance 542 00:28:48,760 --> 00:28:50,560 Speaker 1: of comm although I wouldn't call it, it wouldn't go 543 00:28:50,640 --> 00:28:53,680 Speaker 1: crazy with that phrase either. Apple shares a a p 544 00:28:53,880 --> 00:28:55,920 Speaker 1: L is what's taking the cake? Was taking the spotlight 545 00:28:56,000 --> 00:28:58,480 Speaker 1: really this morning, down about three and a half percent. 546 00:28:58,600 --> 00:29:01,480 Speaker 1: This comes after a Bloomberg report, actually Woomberg scoop I 547 00:29:01,520 --> 00:29:03,680 Speaker 1: should say that the company is likely to ditch its 548 00:29:03,720 --> 00:29:06,040 Speaker 1: iPhone production boost. Remember this was going to be their 549 00:29:06,080 --> 00:29:09,880 Speaker 1: major um kind of shift forward. They were shifting the 550 00:29:09,960 --> 00:29:12,720 Speaker 1: production lines from China to India. Are really amping up 551 00:29:12,760 --> 00:29:14,320 Speaker 1: what they're going to do for the iPhone four team 552 00:29:14,360 --> 00:29:17,240 Speaker 1: as well as creating perhaps a a more lower cost 553 00:29:17,440 --> 00:29:19,640 Speaker 1: version to be able to tackle some of the more 554 00:29:19,720 --> 00:29:23,280 Speaker 1: emerging markets that rarely Apple doesn't have the majority of sales. 555 00:29:23,320 --> 00:29:26,200 Speaker 1: And I'm really taking on China full throttle. So that 556 00:29:26,480 --> 00:29:29,040 Speaker 1: news looks like undermined a little bit here um with 557 00:29:29,160 --> 00:29:31,920 Speaker 1: that Bloomer report and the ripple effect, here's going to 558 00:29:31,960 --> 00:29:34,000 Speaker 1: be all across their supply chain. So Apple shares a 559 00:29:34,120 --> 00:29:36,440 Speaker 1: a p L down three point four percent. But then 560 00:29:36,480 --> 00:29:38,800 Speaker 1: you have to look at the semis as well. Micron, 561 00:29:38,880 --> 00:29:41,840 Speaker 1: for example, m use your taker down one point two percent. 562 00:29:42,360 --> 00:29:44,480 Speaker 1: Qual Calm and not far behind it, q c o 563 00:29:44,680 --> 00:29:46,920 Speaker 1: M is your taker down one point eight percent in 564 00:29:46,960 --> 00:29:49,320 Speaker 1: the morning, and of course Skyworks Solutions also part of 565 00:29:49,360 --> 00:29:52,760 Speaker 1: the supply chain. S w k S down about two percent. Naight, 566 00:29:52,800 --> 00:29:55,080 Speaker 1: and so once again a report effect. And of course 567 00:29:55,120 --> 00:29:58,560 Speaker 1: the other big corporate story this morning, creaty is Biogen 568 00:29:58,720 --> 00:30:02,400 Speaker 1: and that Alzheimer's. That stock has been soaring all morning long. Oh, 569 00:30:02,480 --> 00:30:05,120 Speaker 1: it absolutely is a forty three percent gain. And that's 570 00:30:05,160 --> 00:30:06,800 Speaker 1: not even where it was a session high. So for 571 00:30:06,920 --> 00:30:09,840 Speaker 1: b I I B that's your taker for Biogen. To 572 00:30:09,960 --> 00:30:12,880 Speaker 1: your point, Nathan, it is talking about its biggest gain 573 00:30:13,240 --> 00:30:16,120 Speaker 1: since it's I p oh. That is, of course, if 574 00:30:16,160 --> 00:30:18,200 Speaker 1: the move actually holds the way it is right now, 575 00:30:18,520 --> 00:30:20,840 Speaker 1: analyst saying, it's all about the Alzheimer's drug study with 576 00:30:20,920 --> 00:30:24,280 Speaker 1: their partner, I si Uh, looks like things are going 577 00:30:24,360 --> 00:30:26,480 Speaker 1: well on the Biogen front. And I remember Biogene was 578 00:30:26,480 --> 00:30:30,240 Speaker 1: actually looking for alternative ways, uh to to diversify their portfolio. 579 00:30:30,280 --> 00:30:32,920 Speaker 1: They were actually basically thrown under the bus for a 580 00:30:33,000 --> 00:30:36,560 Speaker 1: while because of the lack of UM diversity they had 581 00:30:36,600 --> 00:30:38,800 Speaker 1: in their portfolio. So this is really good news UM 582 00:30:38,840 --> 00:30:40,920 Speaker 1: that they were finally able to to get a little 583 00:30:40,960 --> 00:30:43,920 Speaker 1: bit of um um success. There. I'll leave you with 584 00:30:44,000 --> 00:30:46,560 Speaker 1: one more very quickly locked Martin l m T down 585 00:30:46,640 --> 00:30:49,080 Speaker 1: about two percent this morning. This comes after it was 586 00:30:49,160 --> 00:30:51,400 Speaker 1: downgraded to an underweight over at Wells fargo taking a 587 00:30:51,400 --> 00:30:53,760 Speaker 1: little bit more of a cautious view on the defense sector. 588 00:30:53,960 --> 00:30:56,480 Speaker 1: All right, Bloomberg Gradio on TV Markets corresponding creating goop. 589 00:30:56,520 --> 00:30:58,160 Speaker 1: Don't let you get back to the UK market now. 590 00:30:58,240 --> 00:31:01,280 Speaker 1: It is a very busy league session, and looking at 591 00:31:01,320 --> 00:31:03,959 Speaker 1: futures this morning, it's busy there as well. They had 592 00:31:04,080 --> 00:31:06,480 Speaker 1: been lower for much in the morning. Right now, SMP 593 00:31:06,640 --> 00:31:09,160 Speaker 1: futures are up two points. We'll call it little change. 594 00:31:09,240 --> 00:31:12,080 Speaker 1: Dow Future is up fifty four. NASTAC Future is still 595 00:31:12,120 --> 00:31:15,040 Speaker 1: on the decline, but pairing the losses down thirty two 596 00:31:15,160 --> 00:31:17,760 Speaker 1: points for a drop of three tenths per cent. This 597 00:31:18,560 --> 00:31:24,720 Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Sunshine today with 598 00:31:24,800 --> 00:31:28,440 Speaker 1: a high near seventy, upper sixties tomorrow and Friday, so 599 00:31:28,880 --> 00:31:31,520 Speaker 1: nice weather before we get the remnants of the end 600 00:31:31,600 --> 00:31:37,760 Speaker 1: this weekend. Right now fifty three in Central Park Markets, 601 00:31:37,880 --> 00:31:40,959 Speaker 1: headlines and breaking news twenty four hours a day at 602 00:31:41,000 --> 00:31:44,360 Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg 603 00:31:44,440 --> 00:31:53,960 Speaker 1: Quick Tape. He's a Bloomberg Business lash fine, I'm ker 604 00:31:54,000 --> 00:31:57,480 Speaker 1: in Moscow. US dot Index futures are lower this morning. 605 00:31:57,640 --> 00:31:59,920 Speaker 1: UK bonds are surging. We go to the first Word 606 00:32:00,040 --> 00:32:03,160 Speaker 1: Breaking News desk for today's morning call, and here's Bill Maloney. Bill, 607 00:32:03,200 --> 00:32:06,640 Speaker 1: good morning, Good morning, Can. That's right. US futures are lower, 608 00:32:06,720 --> 00:32:09,280 Speaker 1: but spiked off their lows after the Bank of England 609 00:32:09,320 --> 00:32:12,520 Speaker 1: said it would carry out temporary purchases of elongated UK 610 00:32:12,680 --> 00:32:15,480 Speaker 1: mons Today Down futures now down twenty point says to 611 00:32:15,520 --> 00:32:18,640 Speaker 1: be s drop eight. NASA futures pair losses to seventy. 612 00:32:19,040 --> 00:32:22,000 Speaker 1: The US ten year falls the three point eight eight percent. 613 00:32:22,120 --> 00:32:25,240 Speaker 1: Gold is little change, will trading higher and bitcoin is 614 00:32:25,320 --> 00:32:28,400 Speaker 1: also now trading little change. Hong Kong drop three point 615 00:32:28,440 --> 00:32:30,880 Speaker 1: four percent overnight, while eup markets are also in the 616 00:32:30,960 --> 00:32:32,960 Speaker 1: red this morning and back in the US on the 617 00:32:33,040 --> 00:32:36,160 Speaker 1: economic Fronday eight thirty, wholesale inventories and at ten o'clock, 618 00:32:36,240 --> 00:32:40,360 Speaker 1: pending home sales regarding earnings for industries beat estimates and 619 00:32:40,400 --> 00:32:42,640 Speaker 1: look for paychecks to report in the pre market. In 620 00:32:42,760 --> 00:32:45,480 Speaker 1: other news, Apple Drop plans to boost its production of 621 00:32:45,560 --> 00:32:48,560 Speaker 1: iPhone four team this year, and in the biotech space, 622 00:32:48,720 --> 00:32:52,160 Speaker 1: Bogen reported its drugs slowed Alzheimer's in a large trial. 623 00:32:52,520 --> 00:32:55,760 Speaker 1: Those shares are up forty percent in the pre market. 624 00:32:56,280 --> 00:32:58,600 Speaker 1: Live from the First Breaking News Best com Bill Maloney 625 00:32:58,680 --> 00:33:00,680 Speaker 1: can all right, Bill, thank you, and here live breaking 626 00:33:00,720 --> 00:33:03,600 Speaker 1: news over her Bloomberg type squawk on your terminal squu 627 00:33:03,800 --> 00:33:06,120 Speaker 1: A w K and that's a Bloomberg business flash. Now 628 00:33:06,200 --> 00:33:08,480 Speaker 1: here's Michael bar with Moore. I'm what's going on around 629 00:33:08,480 --> 00:33:11,320 Speaker 1: the world, Michael Karen, thank you very much. Hurricane and 630 00:33:11,480 --> 00:33:14,040 Speaker 1: is now a category four storm with the maximum sustained 631 00:33:14,080 --> 00:33:17,200 Speaker 1: winds of a hundred fifty five miles an hour as 632 00:33:17,280 --> 00:33:20,720 Speaker 1: it spins toward Florida. Ian is about sixty five miles 633 00:33:20,800 --> 00:33:23,800 Speaker 1: from Naples. The storm knocked out power to the entire 634 00:33:23,920 --> 00:33:27,160 Speaker 1: island of Cuba. North Korea fired a ballistic missile off 635 00:33:27,200 --> 00:33:30,200 Speaker 1: its eastern coast today. The statement from South Korea's Joint 636 00:33:30,280 --> 00:33:33,400 Speaker 1: chief of Staff comes a day before US Vice President 637 00:33:33,480 --> 00:33:37,680 Speaker 1: Kamala Harris was set to visit the demiblitarized zone dividing 638 00:33:37,720 --> 00:33:41,200 Speaker 1: the nation's In baseball, the Yankees clinched the a L East, 639 00:33:41,200 --> 00:33:44,360 Speaker 1: beating the Blue Jays five to Aaron Judge was walked 640 00:33:44,480 --> 00:33:47,480 Speaker 1: four times and remains at sixty home runs, one shy 641 00:33:47,600 --> 00:33:51,160 Speaker 1: of rogermras sixty one, a L record. The Mets lost, 642 00:33:51,200 --> 00:33:55,440 Speaker 1: the Red Sox down the Orioles, the Nationals and A's 643 00:33:55,560 --> 00:33:58,800 Speaker 1: lost the Giants one Global News twenty four hours a 644 00:33:58,880 --> 00:34:02,200 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 645 00:34:02,320 --> 00:34:05,080 Speaker 1: than seven hundred journalists and analysts in more than a 646 00:34:05,160 --> 00:34:07,880 Speaker 1: hundred twenty countries. I'm Michael Baren. This is Bloomberg Careen. 647 00:34:08,160 --> 00:34:10,359 Speaker 1: All right, Michael, thank you. It is six forty nine 648 00:34:10,440 --> 00:34:12,480 Speaker 1: on Wall Street, and we turned to news and science 649 00:34:12,480 --> 00:34:14,800 Speaker 1: and technology now with a Bloomberg n j I T 650 00:34:14,920 --> 00:34:18,520 Speaker 1: Stammer report. It's brought to Ubay, New Jersey Institute of Technology, 651 00:34:18,680 --> 00:34:21,719 Speaker 1: ranked one of the nation's most research intensive universities by 652 00:34:21,719 --> 00:34:24,520 Speaker 1: the Carnegie Classification. Learn more at n j I, T, 653 00:34:24,680 --> 00:34:27,359 Speaker 1: DOT E, d U, slash are one and here's let's 654 00:34:27,400 --> 00:34:30,960 Speaker 1: making news and science, technology, engineering and math. Wall Street 655 00:34:30,960 --> 00:34:32,800 Speaker 1: has been hit with more than two billion dollars of 656 00:34:32,880 --> 00:34:36,799 Speaker 1: fives and what's become called the What'sapp investigation. Regulators reached 657 00:34:36,840 --> 00:34:39,680 Speaker 1: settlements with a dozen banks for failing to monitor employees 658 00:34:39,719 --> 00:34:43,960 Speaker 1: communications on unauthorized messaging apps. Goldman Sachs, Bank of America 659 00:34:44,040 --> 00:34:47,480 Speaker 1: and City Group were among those penalized. Bloomberg News has 660 00:34:47,560 --> 00:34:50,280 Speaker 1: learned that Apple is backing off plans to increase production 661 00:34:50,400 --> 00:34:53,800 Speaker 1: of its new iPhones this year. The company had expected 662 00:34:53,840 --> 00:34:56,879 Speaker 1: a surge in demand, but that hasn't happened. Apple will 663 00:34:56,920 --> 00:34:59,200 Speaker 1: aim to produce ninety million hand sets in the second 664 00:34:59,239 --> 00:35:01,799 Speaker 1: half of the year, roughly the same level as last year. 665 00:35:02,360 --> 00:35:04,960 Speaker 1: Elon mosses he asked a federal appeals court to throw 666 00:35:05,000 --> 00:35:08,400 Speaker 1: out his so called Twitter sitter deal. That's the twenty 667 00:35:09,040 --> 00:35:12,080 Speaker 1: eighteen agreement with the SEC that requires a Tesla lawyer 668 00:35:12,200 --> 00:35:15,319 Speaker 1: to screen all his company related tweets and a court 669 00:35:15,400 --> 00:35:19,080 Speaker 1: filing must lawyers called the government and post muzzle on 670 00:35:19,239 --> 00:35:22,000 Speaker 1: must speech and s the Bloomberg n j I t 671 00:35:22,200 --> 00:35:24,960 Speaker 1: STEM Report. Nathan all right, Karen, thank you. We are 672 00:35:25,040 --> 00:35:27,640 Speaker 1: live from the Bloomberg Interactive Brokers Studios or at six 673 00:35:27,760 --> 00:35:29,880 Speaker 1: fifty on Wall Street. Time to check what's going on 674 00:35:29,960 --> 00:35:32,000 Speaker 1: in d C, where some of the top stories included 675 00:35:32,080 --> 00:35:35,160 Speaker 1: President Biden speaking with Florida's governor ahead of hurricane and 676 00:35:35,520 --> 00:35:38,799 Speaker 1: the Senate moving ahead with funding after Mansion drops an 677 00:35:38,920 --> 00:35:42,640 Speaker 1: energy provision, House Democrats unveiling a build a restrict lawmakers 678 00:35:42,640 --> 00:35:46,560 Speaker 1: stock trading, and the White House reportedly preparing for changes 679 00:35:46,600 --> 00:35:49,080 Speaker 1: to its economic team. Let's bring in Bloomberg Government reporter 680 00:35:49,120 --> 00:35:52,120 Speaker 1: Emily Wilkins are all that's happening in the nation's capital. 681 00:35:52,239 --> 00:35:54,960 Speaker 1: Plenty to talk about here, Emily, starting with how the 682 00:35:55,000 --> 00:35:59,600 Speaker 1: White House is preparing for what's coming down south. Yeah, 683 00:35:59,719 --> 00:36:02,399 Speaker 1: so obviously Hurricane Ian is going to be big news 684 00:36:02,480 --> 00:36:05,000 Speaker 1: for these next couple of days. The storm is only 685 00:36:05,120 --> 00:36:08,680 Speaker 1: gearing up to be worse. It hit, It hit Cuba, 686 00:36:09,040 --> 00:36:12,160 Speaker 1: it caused the power outage. Now it's on traff to 687 00:36:12,360 --> 00:36:16,279 Speaker 1: hit Florida pretty hard as a category for hurricane Uh. 688 00:36:16,520 --> 00:36:19,080 Speaker 1: We did see last night President Joe Biden and Ron 689 00:36:19,160 --> 00:36:21,560 Speaker 1: De Santis get on the phone and speak about the 690 00:36:21,680 --> 00:36:25,560 Speaker 1: hurricane and about what assistant Florida might eat from the 691 00:36:25,640 --> 00:36:28,959 Speaker 1: federal government. This, of course, Nathan is particularly notable because 692 00:36:29,120 --> 00:36:32,440 Speaker 1: Ron De Santis is considered a top contender for four 693 00:36:32,760 --> 00:36:36,560 Speaker 1: especially if former President Donald Trump doesn't run, and he's 694 00:36:36,600 --> 00:36:39,840 Speaker 1: been a very vocal critic of Biden. But at this 695 00:36:39,960 --> 00:36:42,280 Speaker 1: point it does seem like the two are working together. 696 00:36:42,480 --> 00:36:45,160 Speaker 1: They really realized, of course, that this could be a 697 00:36:45,239 --> 00:36:48,680 Speaker 1: potentially fatal hurricane in some cases, and it's expected to 698 00:36:48,760 --> 00:36:51,480 Speaker 1: be one of the costliest storms in American history. It 699 00:36:51,560 --> 00:36:54,440 Speaker 1: could have seen it seed three five billion dollars and 700 00:36:54,640 --> 00:36:57,719 Speaker 1: more than two point five million people along Florida's Gulf 701 00:36:57,760 --> 00:37:00,800 Speaker 1: coast are being asked to evacuate at this time, so 702 00:37:00,880 --> 00:37:03,799 Speaker 1: we'll continue monitoring that situation. Of course, Meta, I want 703 00:37:03,840 --> 00:37:07,879 Speaker 1: to get the latest on the stop gap spending bill 704 00:37:08,640 --> 00:37:12,160 Speaker 1: progress here, Emily. We know that Senator Mansion dropped that 705 00:37:12,360 --> 00:37:18,319 Speaker 1: energy permitting provision. What happens next, So we've been saying that, well, 706 00:37:18,560 --> 00:37:21,520 Speaker 1: the next is that we don't head for a government shutdown. Hopefully. 707 00:37:21,960 --> 00:37:24,200 Speaker 1: That was really sort of the big stumbling point that 708 00:37:24,360 --> 00:37:27,320 Speaker 1: was left, Nathan, was this whether or not this energy 709 00:37:27,400 --> 00:37:30,920 Speaker 1: permitting would be attached to the bill. Basically, Senator Joe 710 00:37:30,960 --> 00:37:34,160 Speaker 1: Mansion announced yesterday that he didn't have enough support to 711 00:37:34,280 --> 00:37:36,800 Speaker 1: move it through. Republicans kind of used it as a 712 00:37:36,840 --> 00:37:39,640 Speaker 1: bit of payback after Mansion said that he wouldn't work 713 00:37:40,000 --> 00:37:44,799 Speaker 1: with Biden on a larger reconciliation bill, which, of course 714 00:37:44,880 --> 00:37:47,839 Speaker 1: then they wound up coming out with and passing UM 715 00:37:48,000 --> 00:37:50,640 Speaker 1: and a number of Democrats were concerned that this would 716 00:37:50,680 --> 00:37:54,160 Speaker 1: help get fossil fuel projects off the ground. They didn't 717 00:37:54,200 --> 00:37:58,440 Speaker 1: want that either, so a lot of opposition two Mansions bill. Yesterday, 718 00:37:58,520 --> 00:38:00,839 Speaker 1: he told Humor to pull it, and the Senate has 719 00:38:00,880 --> 00:38:04,040 Speaker 1: started to move forward with procedural votes on a package 720 00:38:04,120 --> 00:38:07,479 Speaker 1: to fund the government through December six. UH. The Senate 721 00:38:07,520 --> 00:38:09,880 Speaker 1: will be taking more votes today. They could do final 722 00:38:10,000 --> 00:38:13,640 Speaker 1: passage in the Senate potentially today, potentially Thursday, and then 723 00:38:13,680 --> 00:38:16,000 Speaker 1: the House will be ready either on Thursday or Friday 724 00:38:16,040 --> 00:38:18,760 Speaker 1: to take up that bill. Deadline, of course, is Friday 725 00:38:18,800 --> 00:38:21,200 Speaker 1: at midnight. That's when they need to fund the government 726 00:38:21,520 --> 00:38:24,480 Speaker 1: or else there will be a shutdown. And elsewhere in 727 00:38:25,120 --> 00:38:29,720 Speaker 1: Capitol Hill, Emily House Democrats have unveiled a stock trading 728 00:38:29,920 --> 00:38:33,880 Speaker 1: ban for themselves and a lot of other high ranking 729 00:38:33,920 --> 00:38:37,040 Speaker 1: government officials. Yeah, we knew that this was coming for 730 00:38:37,080 --> 00:38:39,800 Speaker 1: a while, Nathan. It's been discussed. There have been multiple 731 00:38:39,880 --> 00:38:43,319 Speaker 1: bills floating out there, but this is one that's taken 732 00:38:43,360 --> 00:38:45,920 Speaker 1: a number of those bills, tied them together and and 733 00:38:46,239 --> 00:38:49,480 Speaker 1: could potentially be the vehicle that this gets passed. However, 734 00:38:49,840 --> 00:38:51,719 Speaker 1: they're not out of the woods yet. There's still a 735 00:38:51,800 --> 00:38:55,080 Speaker 1: lot of concerns about the legislation, about the penalties and 736 00:38:55,120 --> 00:38:58,560 Speaker 1: the legislation, but the overall view is that it would 737 00:38:58,640 --> 00:39:02,800 Speaker 1: require a lawmakers as well as their spouses and dependent 738 00:39:02,960 --> 00:39:07,239 Speaker 1: children UH to prohibit them from trading stocks, divest from 739 00:39:07,280 --> 00:39:10,520 Speaker 1: current holdings, or put their current holdings in a blind trust, 740 00:39:10,960 --> 00:39:15,040 Speaker 1: and also tightened disclosure requirements, and if you violate the law, 741 00:39:15,480 --> 00:39:18,880 Speaker 1: the penalty would be increased. At this point, Nathan, it 742 00:39:18,960 --> 00:39:21,800 Speaker 1: doesn't seem very likely that this will get to Biden's 743 00:39:21,840 --> 00:39:25,040 Speaker 1: desk before the mid terms. UM. It's a huge question 744 00:39:25,120 --> 00:39:27,120 Speaker 1: mark as to whether the House will even vote on 745 00:39:27,200 --> 00:39:29,600 Speaker 1: it before the end of this week, which is the 746 00:39:29,680 --> 00:39:32,960 Speaker 1: last week that they're here until the November elections. So 747 00:39:33,080 --> 00:39:35,239 Speaker 1: we could see potential movement on this a little bit 748 00:39:35,360 --> 00:39:39,239 Speaker 1: later UM, in the so called lean duck period between 749 00:39:39,239 --> 00:39:40,840 Speaker 1: the end of the election and the start of the 750 00:39:40,880 --> 00:39:43,719 Speaker 1: new Congress. UM. But at this point we are seeing 751 00:39:43,840 --> 00:39:48,840 Speaker 1: some progress, but unlike the Continuing Resolution, there's no guarantee 752 00:39:48,920 --> 00:39:51,680 Speaker 1: that we're actually going to see passage here. And speaking 753 00:39:51,719 --> 00:39:54,480 Speaker 1: of the mid term elections, Emily, what are these reports 754 00:39:54,520 --> 00:39:59,680 Speaker 1: about potentially deck chairs shifting with the White House Economic 755 00:39:59,760 --> 00:40:02,880 Speaker 1: team after the mid terms? So I feel like Nathan, 756 00:40:02,960 --> 00:40:05,160 Speaker 1: the terms is always a good time for those who 757 00:40:05,200 --> 00:40:08,080 Speaker 1: are in the executive office to take stock decide whether 758 00:40:08,200 --> 00:40:11,160 Speaker 1: or not they want to stay on or get off. Certainly, 759 00:40:11,200 --> 00:40:13,880 Speaker 1: you don't want to be jumping ship very close to 760 00:40:14,000 --> 00:40:17,200 Speaker 1: an election, especially a presidential election. So you know, we 761 00:40:17,280 --> 00:40:20,080 Speaker 1: are hearing reports up particularly from Axios. The White House 762 00:40:20,120 --> 00:40:24,240 Speaker 1: officials are preparing for the potential departure of Treasury Secretary 763 00:40:24,360 --> 00:40:27,919 Speaker 1: jan Yelling after the mid terms, but at this point, 764 00:40:28,080 --> 00:40:31,880 Speaker 1: there's no guarantee that Yelling will be leaving her position 765 00:40:32,120 --> 00:40:35,160 Speaker 1: or any cabinet secretaries. A lot of it is going 766 00:40:35,200 --> 00:40:38,120 Speaker 1: to depend what the November's election looks like, how much 767 00:40:38,200 --> 00:40:41,960 Speaker 1: power Democrats are still going to have in Washington. At 768 00:40:42,000 --> 00:40:44,880 Speaker 1: this point, Democrats are expected to lose the House, but 769 00:40:45,000 --> 00:40:47,319 Speaker 1: there's some hope that they could potentially find a way 770 00:40:47,520 --> 00:40:50,719 Speaker 1: through to to keep control of both chambers. UH. They're 771 00:40:50,840 --> 00:40:52,960 Speaker 1: a little more likely to keep the Senate, but even 772 00:40:53,040 --> 00:40:55,480 Speaker 1: that's not a guarantee. So Biden could be working with 773 00:40:55,640 --> 00:40:59,520 Speaker 1: a potentially very difficult UH Congress next year. That would 774 00:40:59,520 --> 00:41:02,080 Speaker 1: allow a few things to get done, and that might 775 00:41:02,160 --> 00:41:05,239 Speaker 1: wind up causing some individuals like Levin to head for 776 00:41:05,320 --> 00:41:07,920 Speaker 1: the door. Now, last minute, here, Emily, We've got a 777 00:41:08,000 --> 00:41:12,360 Speaker 1: White House conference on hunger coming up later today. What's 778 00:41:12,440 --> 00:41:16,919 Speaker 1: gonna be announced there? So the big announcement is eight 779 00:41:17,000 --> 00:41:21,359 Speaker 1: billion dollars and hunger UH and nutrition commitments. UH. These 780 00:41:21,400 --> 00:41:23,960 Speaker 1: are going to be various things that are meant to 781 00:41:24,320 --> 00:41:27,399 Speaker 1: really sort of target places in the US where there's 782 00:41:27,480 --> 00:41:31,279 Speaker 1: either food and security or food deserts where they're just 783 00:41:31,560 --> 00:41:34,800 Speaker 1: isn't the amount of fruits and vegetables needed for for 784 00:41:34,960 --> 00:41:38,399 Speaker 1: healthy living for individuals. This is one of the first 785 00:41:38,480 --> 00:41:41,440 Speaker 1: times in decades that the White House is holding an 786 00:41:41,480 --> 00:41:44,279 Speaker 1: event like this, a Food and Hunger Summit. The last 787 00:41:44,360 --> 00:41:47,680 Speaker 1: one was more than fifty years ago. And the idea 788 00:41:47,800 --> 00:41:50,200 Speaker 1: is to really continue to push the idea that there 789 00:41:50,239 --> 00:41:53,600 Speaker 1: are folks um in America who remain hungry even despite 790 00:41:53,640 --> 00:41:55,480 Speaker 1: the fact that we have as much wealth as we 791 00:41:55,560 --> 00:41:58,120 Speaker 1: do in our nation, and really trying to get there 792 00:41:58,160 --> 00:42:01,879 Speaker 1: and address that. So expect a lot more UH announcements 793 00:42:01,920 --> 00:42:03,560 Speaker 1: to be made from that. You're seeing a lot of 794 00:42:03,680 --> 00:42:07,239 Speaker 1: companies going in and making their own commitments in line 795 00:42:07,360 --> 00:42:11,279 Speaker 1: with this summit um and yeah, we're definitely expecting to 796 00:42:11,680 --> 00:42:14,560 Speaker 1: hear some more details as the day goes on. Thanks, 797 00:42:14,640 --> 00:42:17,839 Speaker 1: as always, Bloomberg Government reporter Emily Wilkins with us from 798 00:42:17,880 --> 00:42:20,600 Speaker 1: the nation's capital. Read more about these stories on Bloomberg 799 00:42:20,640 --> 00:42:22,840 Speaker 1: dot com or on the Bloomberg terminal. Follow all the 800 00:42:22,920 --> 00:42:27,239 Speaker 1: latest on Bloomberg Radio in Washington, Bloomberg and one oh 801 00:42:27,320 --> 00:42:31,800 Speaker 1: five point seven FM, h D two SMP futures trimming 802 00:42:31,840 --> 00:42:35,160 Speaker 1: their declines, now down eight points, STOLE features down thirteen, 803 00:42:35,280 --> 00:42:37,920 Speaker 1: NASTAC futures down seventy one. The Tenure Treasury is up 804 00:42:38,000 --> 00:42:41,040 Speaker 1: six thirty seconds now yield three point nine two percent. 805 00:42:41,520 --> 00:42:46,080 Speaker 1: Bloomberg surveillance is next for Karen Moscow. I'm Nathan Hager, 806 00:42:46,200 --> 00:42:48,160 Speaker 1: and this is Bloomberg