Speaker 1: Live from the Bloomberg Interactive Brooker Studios is Bloomberg day
Speaker 1: Break for Wednesday, September two. Coming up this hour. Evacuations
Speaker 1: are underway and theme parks are shutting their doors as
Speaker 1: hurricaney And aims at Florida. Global stocks are heading for
Speaker 1: the lowest level in almost two years. Ten year treasury
Speaker 1: yields breached four percent, and the dollar rises after the
Speaker 1: White House talks down the prospect of a currency agreement,
Speaker 1: Mixed reaction to the so called tent city for migrants
Speaker 1: and the Bronx plus Ukrainian President Zelenski dismisses the Krumlin
Speaker 1: run referendum as a farce. I'm Michael Blar more ahead,
Speaker 1: I'm John Stash awards towards the Yankees wanted Toronto and
Speaker 1: clips the a l Etham that's lost in an out
Speaker 1: tied for first with Atlanta. That's all training ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg eleven, TREEO, New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x M one nine Team and
Speaker 1: around the World Old on Bloomberg Radio Dot com and
Speaker 1: via the Bloomberg Business app. Good morning, I'm Nathan Higger
Speaker 1: and I'm Karen Moscow. US DOT Index futures are lower
Speaker 1: this morning. We are coming up to six oh one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg SMP futures down
Speaker 1: forty six points down, futures down two hundred ninety six
Speaker 1: and as deck futures down one hundred ninety. Ten year
Speaker 1: treasury down fifteen thirty seconds, yield four percent, and they
Speaker 1: yield on the two year four point to three percent.
Speaker 1: Nathan Karen will have much more on the market term
Speaker 1: well in just a minute, but first we want to
Speaker 1: bring up to speed on Hurricane Ian, now a dangerous
Speaker 1: Category four storm with top winds at a hundred forty
Speaker 1: miles an hour taking aim at Florida's Gulf Coast. Bloomberg
Speaker 1: Meteorologist Robed Carolyn joins US now with the latest on
Speaker 1: the track of the storm. Good morning, Rob, Nathan and Karen.
Speaker 1: Hurricane Ian continues to move north northeast and around ten
Speaker 1: miles an hour this morning. Is a dangerous hurricane. The
Speaker 1: winds in excess of a hundred and twenty miles an hour.
Speaker 1: We were seeing wind gus over sixty miles an hour
Speaker 1: earlier this morning in Key West. The store will make
Speaker 1: landfall later today somewhere north of Fort Myers too, as
Speaker 1: far north as Tampa, and then it will start to
Speaker 1: move inland. We're expecting the hurricane force winds to extend
Speaker 1: down at least forty five miles from the center of circulation,
Speaker 1: so there's gonna be a lot of damage across that
Speaker 1: portion of West Florida between Fort Myers and the Tampa area.
Speaker 1: Storm surge is probably going to be an excess of
Speaker 1: ten feet. We'll see win us over a hundred and
Speaker 1: twenty five miles an hour, and along the path of
Speaker 1: the storm, anywhere from five to ten inches of rain
Speaker 1: is likely to fall over the course of the next
Speaker 1: forty eight hours. Nathan and Karen alright, Rob, thank you.
Speaker 1: Of course. He'll be checking in with Bloomberg meteorologist robbed
Speaker 1: Caroline throughout the morning. Well ahead of the storm. Disney
Speaker 1: Sea World and Universal Orlando have shut their Florida theme
Speaker 1: parks through at least tomorrow. Tampa's main airport closed up yesterday.
Speaker 1: Orlando plans to do the same later this morning, Governor
Speaker 1: Rhonda Santis says about two and a half million Floridians
Speaker 1: need to get out of harm's way. If you are
Speaker 1: in an evacuation zone, particularly in those South It's Florida counties. Uh,
Speaker 1: you know your time to evacuate is coming to an end. Uh,
Speaker 1: you need to evacuate now. Governing around to Santis spoke
Speaker 1: with the President Biden last night. The President says FEMA
Speaker 1: has deployed seven hundred people to Florida and up to
Speaker 1: seven thousand members of the National Guard are being activated.
Speaker 1: The storm has also forced the House January six Committee
Speaker 1: to postpone its latest public hearing this afternoon. No new
Speaker 1: date has been set. All right, Let's get back to
Speaker 1: markets now, Karen, where the equities sell off continues. Global
Speaker 1: stocks are heading for their lowest level in almost two years,
Speaker 1: The yield on ten year treasuries breached four percent for
Speaker 1: the first time since two thousand eight, and the dollar
Speaker 1: is soaring. After the White House talk down the prospect
Speaker 1: of a currency agreement to week in the green Back,
Speaker 1: White House, National Economic Council Director Briand says he does
Speaker 1: not expect another five type deal among major economies to
Speaker 1: counter dollar strength. Do you see any possibility of a
Speaker 1: global accord the kind of adjust UH currency values the
Speaker 1: way there was with the pump plaza corners that just
Speaker 1: not pumping are focused on. I want to anticipate that
Speaker 1: that's UH, that that's that, that's where we're headed. White
Speaker 1: House National Economic Council Director Brian Deese made those comments
Speaker 1: in an interview on the David Rubinstein Show, Peer to
Speaker 1: peer conversations on Bloomberg Television and aggressive. FED is also
Speaker 1: a feel the dollars rally, Nathan. Of course, the central
Speaker 1: bankers is doubling down on the need to keep raising
Speaker 1: rates in the face of inflation. San Francisco FED President
Speaker 1: Mary Daily says the hikes could have an impact on
Speaker 1: the labor market. Have to balance that off with our
Speaker 1: dual mandate with full employment and trying to navigate that
Speaker 1: to bring inflation down while we do so as gently
Speaker 1: as possible, not to tip unnecessarily the economy into a
Speaker 1: down turn that actually influences the full employment part of
Speaker 1: our mandate is a struggle. San Francisco FED President Mary
Speaker 1: Daily is currently not a voting member on the f
Speaker 1: O m C. The dollars recent gains against the Euro
Speaker 1: and the pound accelerated, Karen after the UK announced massive
Speaker 1: tax cuts last week. Bank of England chief economist Hugh
Speaker 1: Phill says a significant monetary paul See response is needed
Speaker 1: in a context where there is a rebalancing of the
Speaker 1: macro policy environment and an anticipation of looser fiscal policy.
Speaker 1: I think it's hard not to draw the conclusion that
Speaker 1: all this will require a significant monetary policy response. Bioi's
Speaker 1: chief economist h Hill says the best time to act
Speaker 1: is at the institution's next meeting in November. Meanwhile, Nathan,
Speaker 1: global criticism of the UK's fiscal plan is growing this morning,
Speaker 1: and let's go to learn it and get the details
Speaker 1: from Bloomberris U and parts. Good morning you and good
Speaker 1: morning Nathan and Karen. The I m F has delivered
Speaker 1: a stinging rebuke of the UK's new unfunded tax plans.
Speaker 1: The International Monetary Fund says the government's package of tax cuts,
Speaker 1: the biggest in fifty years, are excessive and in need
Speaker 1: of revision. It says physical policy should not work across
Speaker 1: purposes with monetary policy. Chance l Quasi Quote meets with
Speaker 1: top Wall Street bankers in London later today. Hill set
Speaker 1: up by his UK go plan is still the right
Speaker 1: thing to do in London. I'm you in part Splinberg
Speaker 1: break are you in Thanks? Back in the US, the
Speaker 1: White House may be getting ready to shake up its
Speaker 1: economic team, according to Axe, As, officials are preparing for
Speaker 1: Treasury Secretary Janet Yelling to depart after the mid terms.
Speaker 1: A White House spokesperson says the Secretary does not plan
Speaker 1: to leave. Top economic advisor Brian Deese also says he
Speaker 1: has no plans to the part On Capitol Hill, Nathan
Speaker 1: House Democrats have released a bill that would restrict stock
Speaker 1: ownership for a high ranking government officials that includes members
Speaker 1: of Congress, the President, Vice president, Supreme Court justices, and
Speaker 1: their spouses and dependent children. It covers commodities, futures, cryptocurrency,
Speaker 1: or other digital assets. Public officials would have to put
Speaker 1: them in a blind trust or divest their holdings and
Speaker 1: shares of Biogen are Soaring care in their upto percent.
Speaker 1: Biogen and its partner as I say their drug significantly
Speaker 1: slowed Alzheimer's disease, making it the first medicine to blunt
Speaker 1: progression of the most common dementia. In a definitive, large
Speaker 1: scale trial, and this update brought to you by b
Speaker 1: on why Melon's Perishing. Learn why the world's most sophisticated
Speaker 1: wealth management and institutional firms rely on perishing to help
Speaker 1: them improve profitability, create efficiency, attract talent, and managed risk
Speaker 1: at pershing dot com. And we are watching these headlines
Speaker 1: with UK bonds surging and the pound rising after the
Speaker 1: Bank of England said it's going to carry out temporary
Speaker 1: purchases of elongdated UK bonds and your local headlines are
Speaker 1: straight ahead and this is Bloomberg I, Karen, thank you
Speaker 1: to six oh seven on Wall Street where fifty four
Speaker 1: degrees in Central Park and still dealing with an accident
Speaker 1: on the southbound New York State through Way near the
Speaker 1: Tapanzee Bridge. Michael bar is here with more on what's
Speaker 1: going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. There's controversy over a temporary
Speaker 1: humanitarian relief center being built in the Bronx has more
Speaker 1: immigrants arrived from Texas. The so called tent city in
Speaker 1: Orchard Beach will be heated and can house up to
Speaker 1: a thousand migrants. Mayor Adams said the tents are supposed
Speaker 1: to be a temporary stop for migrants as they get
Speaker 1: on their feet. We want to make sure that we
Speaker 1: bring people into UH a safe, clean environment as we
Speaker 1: process them for a few days to figure out their
Speaker 1: knees and move them to the right location. But immigrant
Speaker 1: rights advocates say this is a terrible location, far from
Speaker 1: mass transit or other services the migrants might need, and
Speaker 1: some residents say they are fearful. New York Mayor Adams
Speaker 1: talked about his return from Puerto Rico and the Dominican
Speaker 1: Republic in the aftermath of Hurricane Fiona. New York lawmakers
Speaker 1: are calling for more federal aid to help with recovery
Speaker 1: for the island. New York City Council Member Oswald police,
Speaker 1: what's happening in Puerto Rico and the Dominican Republic is
Speaker 1: extremely sad. It's a horrible tragedy. These are communities that
Speaker 1: have worked for everything that they have, those small businesses,
Speaker 1: those homes, they have worked for it. Council Member Police
Speaker 1: says the City of New York will be with Puerto
Speaker 1: Rico and the Dominican Republic every step of the way.
Speaker 1: Moscow backed officials declare that all four occupied regions in
Speaker 1: Ukraine voted in favor of joining Russia. Russia conducted with
Speaker 1: Ukrainian leader voladimir's Alinsky called a sham referendum. US Ambassador
Speaker 1: at Linda Thomas Greenfield the United States will never recognize
Speaker 1: any territory Russia attempts to seize are allegedly annex as
Speaker 1: anything other than part of Ukraine. Ambassador Thomas Greenfield the
Speaker 1: US will allow a limited number of refugees in three.
Speaker 1: President Biden said it would welcome up to a hundred
Speaker 1: twenty five thousand refugees this year, and we'll let him
Speaker 1: the same number in the next. One of the January
Speaker 1: six rioters who attack police officer Michael Panone has been
Speaker 1: sentenced to more than seven years in prison. Kyle Young
Speaker 1: of Viola began crying and begging for forgiveness during his sentence.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts in more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan. Thanks Michael six
Speaker 1: o nine on Wall Street time for the Bloomberg Sports
Speaker 1: Something with on Thanks Naton. The Yankees hoping. Last night's
Speaker 1: division clinching celebration in Toronto, the first of many Champagne celebrations,
Speaker 1: they beat the Blue Jays five to two. Labor Torres
Speaker 1: had three hits, three irbis, and Jamisonion pitched into the eighth.
Speaker 1: Didn't get a fourtteenth win for Aaron Judge, a line
Speaker 1: out in the first inning and then four straight walks.
Speaker 1: So still not home run number six and one, but
Speaker 1: a division champ yanks twentieth from team history. They take
Speaker 1: advantage of the new format where the top two teams
Speaker 1: get a first rand by into the division series. In
Speaker 1: the a L, that'll be the Yanks and Astros, and
Speaker 1: the NL Dodgers will be joined by whoever wins the
Speaker 1: n L East. And right now, that's the flat footed
Speaker 1: tie between the Mets and Braves Atlanta one at Washington,
Speaker 1: the Mets loss at City Field in Miami six to four.
Speaker 1: Carlos Carrasco lasted just three innings, gave up four runs,
Speaker 1: Trevor Williams gave up two more. Peter Alonzo and defeat
Speaker 1: at three run over is forty leads the Majors with
Speaker 1: a hundred and thirty one RBI seven games to go
Speaker 1: and including this weekend three games series in Atlanta. If
Speaker 1: the two teams finished in the tie, the Mets will
Speaker 1: almost certainly win the five breaker. The only way Atlanta
Speaker 1: wins the season series is if they sweep this weekend,
Speaker 1: and if they do, they'll probably win the division outright.
Speaker 1: All is well in Brooklyn after a turbulent off season
Speaker 1: where Kevin Durant demanded that the Nets trade him unless
Speaker 1: they fire Coachdeed. Nat knowing Kevin, as long as I
Speaker 1: haven't didn't really bother me the way maybe everyone would think,
Speaker 1: you know, that's a part of being competitors. I wasn't
Speaker 1: like um overly surprised, and I wasn't even overly concerned.
Speaker 1: You know, this is something that I thought we would
Speaker 1: address and in time, and we did, and and here
Speaker 1: we are, and we're looking forward. I think that's uh,
Speaker 1: you know, there's something in this that we can all
Speaker 1: gle all from as well. Nash said, the Nets are
Speaker 1: like a family, and all families have issues. John Stash
Speaker 1: award Bloomberg's Boys, Okay, John, thanks. SB futures down twenty
Speaker 1: one point, Sound futures down a hundred eight. Nastact futures
Speaker 1: are lower by a hundred twelve points. The British pound
Speaker 1: is trading at one point zero six eight two against
Speaker 1: the dollar after the Bank of England announced it will
Speaker 1: carry out temporary purchases of long dated guilt starting today
Speaker 1: to door order league market conditions. You're listening to Bloomberg
Speaker 1: ca Bread Bloomberg eleven three oh weather sunny today with
Speaker 1: a hind year seventy degrees, mid fifties Tonight, We'll get
Speaker 1: into the upper sixties with sunshine tomorrow and Friday. Right
Speaker 1: now fifty four in Central Park Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Out and at Bloomberg Quicktap's a Bloomberg
Speaker 1: Business Clash. And I'm Karen Moscow. And the dollar is
Speaker 1: soaring to another record after the White House talked down
Speaker 1: the prospect of weakening the currency, while the continuing global
Speaker 1: bond route pushed ten year treasury yields to the hyacinths.
Speaker 1: Two thousand and eight. UK bonds are searching after the
Speaker 1: Bank of England said it would carry out temporary purchases
Speaker 1: of long dated UK bonds and delay planned sales of
Speaker 1: debt and Asian stocks are made in April lows, while
Speaker 1: the dollars sword after the White House talked down the
Speaker 1: prospect of a currency agreement to weaken the greenback. We
Speaker 1: get more unmapped with Bloomberg's Juliette Sally, Good Morning, Karen.
Speaker 1: The dollars rally brought further losses to e m f X,
Speaker 1: with China's on showy one falling to the weakest level
Speaker 1: against the greenbacks since the global financial crisis in two
Speaker 1: thousand and eight and the offshore hitting a record low.
Speaker 1: The yen remained near the key one for five mark
Speaker 1: against the dollar and within side of levels that have
Speaker 1: drawn intervention from Japan. Australia's ten ure yield reached a
Speaker 1: three month high. Japan's benchmark yield untraded after closing at
Speaker 1: the upper limit of the Central Banks target band. On Tuesday,
Speaker 1: Apple supplies in the region fell after Bloomberg reported the
Speaker 1: company is backing off from plans to increase production of
Speaker 1: its new iPhones this year. A lot of them traded
Speaker 1: on South Korea's Cosby, which fell to July twenty twenty
Speaker 1: lows in Singapore. Juliet Sally Bloomberg Daybreak Right, Juliet Thank you,
Speaker 1: and futures are lower, with SMP futures down thirteen points
Speaker 1: and DOWN futures down forty two. Nowday futures down ninety
Speaker 1: two and a ten year treasury up eleven thirty seconds.
Speaker 1: Year three nine zero percent held on the two year
Speaker 1: four point one six percent. And we continue to watch
Speaker 1: shares of Biogen of more than forty three percent in
Speaker 1: early trading after it said it drugs significantly slowed Alzheimer's disease.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Hurricane e And is turning in
Speaker 1: the Gulf of Mexico and is about seventy five miles
Speaker 1: from Naples, Florida. The National Hurricane Center says he And
Speaker 1: has strengthened to a Category four storm. Thousands of flights
Speaker 1: have been canceled. At the United Nations, top diplomats are
Speaker 1: dismissing the early results of staged referendums in Russian occupied
Speaker 1: areas of Ukraine. Some Ukrainians say they were forced to
Speaker 1: vote at gunpoint. North Korea fire do ballistic missile off
Speaker 1: its eastern coast today that's according to South Korea's Joint
Speaker 1: chiefs of Staff. That comes the day before US Vice
Speaker 1: President Kamala Harris was set to visit the demilitarized Zone
Speaker 1: dividing the nations. The missile is the second launch by
Speaker 1: North Korea this week. In baseball, the Yankees to the
Speaker 1: Al East, beating the Blue Days five to Aaron Judge
Speaker 1: was walked four times, remains at sixty home runs, one
Speaker 1: shy of Roger Mara's sixty one record. The Mets lost,
Speaker 1: the Red Sox down the Orioles, thirteen nine a's and
Speaker 1: National's lost Giants. One. Global news twenty four hours a
Speaker 1: day on aerand on Bloomberg Quick Take power by more
Speaker 1: than twentie hunder journalist analysts, more than twenty countries. And
Speaker 1: Michael Barb this is Bloomberg, Nathan, Thanks Michael. Six twenty
Speaker 1: on Wall Street Life in the Bloomberg Interactive Broker Studios,
Speaker 1: this is Bloomberg Daybreak. We want to focus now on
Speaker 1: the auto industry at a big new product release from
Speaker 1: Ford Motor Company, The automaking giant has unveiled to redesign
Speaker 1: F series super duty truck at Churchill Downs in Louisville. Kentucky.
Speaker 1: Ford CEO Jim Farley says traditional gas powered vehicles will
Speaker 1: be a profit and cash engine that finances the company's
Speaker 1: electric car ambitions. Jim Farley spoke more about the truck
Speaker 1: and Ford's long term strategy with Bloomberg's David Weston. Let's
Speaker 1: listen in to that conversation. Now, the Super Duty, this
Speaker 1: new F series, it is one big truck. Tell us
Speaker 1: how it is different from what we've seen before, David.
Speaker 1: You have more towing, more hauling, you know, more power
Speaker 1: out of the motors. We have four motor options. But
Speaker 1: I think the real change here is the technology. It's
Speaker 1: the first truck to have five G integrated. We have
Speaker 1: all sorts of trailer features. Even you can even set
Speaker 1: the navigation to a preferred route for for trailers because
Speaker 1: that navigation would be totally different than our retail customers.
Speaker 1: So it's really investing in technology. We can now ship
Speaker 1: software to this truck um where we haven't before and
Speaker 1: our competitors haven't, and that's becoming a bigger and bigger
Speaker 1: issue opportunity for us. We have a Ford Pro business
Speaker 1: and our software sales are growing about a quarter because
Speaker 1: we can ship software to the car. What about electric biggles?
Speaker 1: Is there going to be a version that this electric fiels? Ever?
Speaker 1: You know, look, we're the we're the number two electric
Speaker 1: brand in the US right now thanks to F one
Speaker 1: fifty a Lightning and many of our other electric vehicles.
Speaker 1: And so there there are truck summers who who find
Speaker 1: that electric going electric is interesting. The last customer who
Speaker 1: would probably do that would be a super duty customer.
Speaker 1: As soon as you you know, most of our super
Speaker 1: duties are are towing heavy towing like ten thousand towns.
Speaker 1: And for a battery electric vehicle, it's not it's not
Speaker 1: a great vehicle. It's uh so you you wind up
Speaker 1: sacrificing range a lot, like cut your range in half
Speaker 1: with towing. So this is this is not the kind
Speaker 1: of vehicle that we would use for electric. We don't
Speaker 1: think the segments going electric anytime soon. So when you
Speaker 1: bring a new vehicle forward, like the super Duty, do
Speaker 1: you have to take into account in a way you
Speaker 1: didn't before the supply chain. I mean, do you actually
Speaker 1: engineer the product to some extent to anticipate a more
Speaker 1: resilient supply chain the way you have in the past.
Speaker 1: It is a great question because there's no more complex
Speaker 1: if you're number one in the super duty business. It's
Speaker 1: all about complexity in this business. You know, um bucket
Speaker 1: trucks and cabin chassisas and two fifties, four fifties, six fifties,
Speaker 1: very complex business, different acts or a geos, all sorts
Speaker 1: of different features. So the number one thing we can
Speaker 1: do to limit that risk is reduced complexity. And we've
Speaker 1: been driving down complexity as well as going to almost
Speaker 1: order to delivery. We don't really deliver vehicles off of
Speaker 1: inventory and the dealers anymore. We ship directly to the
Speaker 1: customer through the dealers. Now is specific orders so they
Speaker 1: order their own truck and so we can have visibility
Speaker 1: of the supply chain we need. But the number one
Speaker 1: leverage and de risking our supply chain is going to
Speaker 1: be reducing complexity. What about the financing part of the business,
Speaker 1: what about Ford motor credit? Do you anticipate some hit there?
Speaker 1: Ford credit is really important. I'm glad you asked that.
Speaker 1: Uh yes, uh, you know, obviously borrowing costs that are
Speaker 1: very important to a credit company. So many of our
Speaker 1: customers finance to forward credit are borrowing costs are going
Speaker 1: up a little bit not huge, but they are going
Speaker 1: up that cost more money um as well as use
Speaker 1: car values when when those use courts trade in like
Speaker 1: an at least we own those vehicles, we sell them.
Speaker 1: You know they're they're not worth what they were. We
Speaker 1: were very careful and reserves, but you know that that's
Speaker 1: a reality. So we are seeing headwinds for our finance company.
Speaker 1: Is not huge right now. We're still at like peat
Speaker 1: profitability for a finance company, but but they're definitely the
Speaker 1: inflation is hitting all of us in all parts of
Speaker 1: our business. And that was the CEO of Ford Voter Company,
Speaker 1: Jim Farley, speaking with Bloomberg's David Weston about the newly
Speaker 1: designed F series Super Duty. They spoke at the Churchill
Speaker 1: Downs Racetrack in Louisville, Kentucky, and you can catch the
Speaker 1: full conversation online at Bloomberg dot com or on the
Speaker 1: Bloomberg terminal. Quick check of Ford shares in the pre
Speaker 1: market there down a half percent. Futures are making a
Speaker 1: little bit of a turnaround right now. We've got SMP
Speaker 1: futures up three points, STOW futures up sixty five. NASTAC
Speaker 1: futures are still lower but well off session lows down
Speaker 1: thirty one points. The tenure Treasury is at three point
Speaker 1: eight nine percent. Stay with us. You're listening to Bloomberg
Speaker 1: day Break Bloomberg eleven three oh weather, sunshine, a high
Speaker 1: near seventy today. We'll get down to the mid fifties tonight, sunny,
Speaker 1: upper sixties tomorrow and Friday before we get the remnants
Speaker 1: of n Right now fifty four in Central Park, broadcasting
Speaker 1: live from the Bloomberg Interactive Broker's Studio in New York.
Speaker 1: Bloomberg E Loving Freedom to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg NAM
Speaker 1: sixteen to the Country, Sirius XM Chado one nine and
Speaker 1: around the globe to Bloomberg Business and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good
Speaker 1: morning up, Nathan Hager and I'm Karen Moscow, and we're
Speaker 1: just about three hours away from the open of US trade.
Speaker 1: In time to the five things that you need to
Speaker 1: know to start your day. A first Hurricane Ian is
Speaker 1: now a dangerous Category four storm, taking him at Florida's
Speaker 1: Gulf coast and threatening to do serious damage. Bloomberg meteorologist
Speaker 1: Rob Carolyn is tracking the storm. Rob, Karen and Nathan.
Speaker 1: The eye of the hurricane very apparent on the radar
Speaker 1: out of the Key West area. We can see it
Speaker 1: working its way north northeast. It's paralleling the coast of
Speaker 1: western Florida. At some point today it will turn more
Speaker 1: towards the northeast and that allow it across the coast
Speaker 1: somewhere north of Fort Myers to as far north as
Speaker 1: about Tampa. Looks like the storm surge is going to
Speaker 1: be in excess of ten feet. Will be seeing wind
Speaker 1: gus probably over a hundred and twenty five miles now
Speaker 1: with the storm and excessive rain of five to ten
Speaker 1: inches along the path over the next twenty four hours.
Speaker 1: Karen and Nathan. Okay, Rob, thank you. We'll be checking
Speaker 1: back with you throughout the morning. Ahead of the storm,
Speaker 1: thousands of flights have been canceled. Disney, SeaWorld and Universal
Speaker 1: Orlando of all shut their theme parks through at least tomorrow,
Speaker 1: and Florida Governor Rond de Santas is activating five thousand
Speaker 1: members of the National Guard. Another two thousand are coming
Speaker 1: from out of state and now to the turbulent market
Speaker 1: stay thin. After being lower all morning, US futures well,
Speaker 1: they're still lower about their trimming their declines. The Bank
Speaker 1: of England did announced it would step into the market
Speaker 1: to buy long data government bonds starting today to help
Speaker 1: restore order to the market. Well meantime, caring the dollars
Speaker 1: trading at a record that's after the White House talked
Speaker 1: down the prospect of weakening the currency. Earlier, tenure treasury
Speaker 1: yields touched their highest level since two thousand and eight,
Speaker 1: and a slew of hawkish Fed speakers, including Minneapolis President
Speaker 1: Neil cash Cary, are stoking fears about the economic outlook.
Speaker 1: We are moving very, very aggressively. There's a lot of
Speaker 1: tightening in the pipeline. We are committed to restoring price stability,
Speaker 1: but we're also we also recognize, given these lags, there
Speaker 1: is the risk of overdoing it. Minneapolis Fed President Neil
Speaker 1: cash Cary says the Federal Reserve is united in getting
Speaker 1: inflation back to two percent. In corporate news, Nathan Bloomberg
Speaker 1: News has learned that Apple is backing off plans to
Speaker 1: increase production of its new iPhones this year. The company
Speaker 1: had expected a surgeon demand by that hasn't happened. Apple
Speaker 1: will aim to produce ninety million handsets in the second
Speaker 1: half of the year, roughly the same level has last year.
Speaker 1: Necess five things you need to know to start your day,
Speaker 1: and again, Futures, well they are lower. They had turned
Speaker 1: higher briefly, but they're lower again. SMP Futures down sixteen
Speaker 1: points right now down Future is down seventie and now's
Speaker 1: day Future is down ninety one. They are off their
Speaker 1: lows of the session, though Tenure Treasury is up eleven
Speaker 1: thirty seconds. He'll three point eight nine percent in the
Speaker 1: yield in the two year, four point to zero percent.
Speaker 1: Trun ahead your latest local headlines plus a check of sports,
Speaker 1: and this is Bloomberg, all right, Karen, thank you. Sixty
Speaker 1: three on Wall Street, Wort fifty four degrees in Central Park.
Speaker 1: We got an accident in tea Neck eastbound four Decatur Avenue.
Speaker 1: More coming up in traffic. First, Michael Barr with what
Speaker 1: else is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. They sharp debate as
Speaker 1: New York City officials say a humanitarian relief center will
Speaker 1: be built in the Bronx as more immigrants arrived from Texas.
Speaker 1: It's being built in Orchard Beach, but something advocates say
Speaker 1: of the shelters location could create issues. This Orchard Beach
Speaker 1: resident handsome words for the city. If you want to
Speaker 1: put something in our community, you need permission from us.
Speaker 1: The so called tent city being built can house up
Speaker 1: to a thousand migrants. New York Mayor Eric Adams discussed
Speaker 1: his trip to Puerto Rico and the Dominican Republic ravaged
Speaker 1: by Hurricane Fiona. Adams says, Puerto Rico has a significant
Speaker 1: population in the city, and what affects Puerto Rico affects
Speaker 1: New York. This is the international city. This is America's city.
Speaker 1: People like it or not, This is America's city. What
Speaker 1: we do is going to impact what happens across the
Speaker 1: globe and how people are a bunch of perceive us
Speaker 1: across the across the globe, Mayor Adams. Russian leaders declared
Speaker 1: victory in a series of u N condemned referendums as
Speaker 1: the Kremlin move to annex a large chunk of occupied
Speaker 1: Ukrainian territory. Meanwhile, the White House says Russia men fleeing
Speaker 1: the military draft or welcome to apply for asylum. In
Speaker 1: the US, Press Secretary Karine Jean Pierre, we are seeing
Speaker 1: protests in the streets of Russia. We are seeing people
Speaker 1: sign petitions, and I think the message that they're sending
Speaker 1: to us very clearly is that this war that Putin started,
Speaker 1: this war that was started by the Kremlin, is unpopular.
Speaker 1: Light House spokesperson Karine Jean Pierre. North Korea fired a
Speaker 1: ballistic missile off its eastern coast today. South Korea's Joint
Speaker 1: chiefs of Staff says it comes a day before US
Speaker 1: Vice President Kamala Harris was set to visit the de
Speaker 1: militarized zone dividing the nations. While on our Asian trip today,
Speaker 1: Harris reminded Japan don't let your reliance on China for
Speaker 1: trade cloud the bigger picture. Harris says the US and
Speaker 1: Japan as the cornerstone to peace and the region and
Speaker 1: not cower at China's attempted intimidation of Taiwan. China is
Speaker 1: undermining key elements of the international rules based order. China
Speaker 1: has challenged the freedom of the seas. China has flexed
Speaker 1: its military and economic might to course and intimidate its neighbors.
Speaker 1: Vice President Harris spoke at the Yokosuka Naval Base outside
Speaker 1: of Tokyo, where fifty American troops are based. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than journalists and analyists more
Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg.
Speaker 1: Nathan Okay, Michael thanks sixty six On Wall Street, John
Speaker 1: Stanshard has a Bloomberg Sports update. All right, Nathan. Mets
Speaker 1: and Yankees, of course, both heading to the MLB postseason.
Speaker 1: The Yanks says a division champ, but will the Mets
Speaker 1: when the n L e's it's the only division still
Speaker 1: up for grabs. The Cardinals just clinched the NL Central.
Speaker 1: Mets lost at home to Miami six to four of
Speaker 1: Peter alonso three run homer is forty if not enough
Speaker 1: to overcome a rough start by Carlos Carrasco. Atlanta wanting
Speaker 1: to two at Washington. The Mets and Braves have identical
Speaker 1: records of nineties seven and fifty eight seven games to go,
Speaker 1: including a three game series this week ken in Atlanta.
Speaker 1: The Yankee division clinching win was five to two at Toronto,
Speaker 1: the red hot labor Torres who with three hits, three
Speaker 1: r v I s the back to pitching of Jamison Tyone.
Speaker 1: He served up a lead off homer to George Springer,
Speaker 1: but he dominated after that. Aaron Judge had only one
Speaker 1: official at bat, he walked four times, refuses to chase
Speaker 1: bad pitches even as he tries to tie Roger Marrison's
Speaker 1: home run record. Now seven games without a homer. Judge
Speaker 1: still stuck on sixty, but in a good mood. Is
Speaker 1: even screened with Champagne. You so far. Um, We're definitely
Speaker 1: not done, but it's a great first step in to
Speaker 1: got there and winning a World series, you know, clinch
Speaker 1: the vision with this group of guy and uh, there's
Speaker 1: definitely something special. Head last night on the Yes Network,
Speaker 1: Sterling Shepherd season is indeed over Freak Knee and dream
Speaker 1: Monday Night of the MetLife Turf where he was simply
Speaker 1: running the past pattern comes just a Shepherd made it
Speaker 1: back from last year's achilles injury. He was the Giants
Speaker 1: top receiver. They were counting on high price free agent
Speaker 1: Kenny Galladay and first round draft pick to Darius Tony,
Speaker 1: but so far those two have combined for only two catches.
Speaker 1: John Dash Bloomberg Sports Nathan Okay, John, thank you. Six
Speaker 1: thirty seven on Wall Street. Time to take a look
Speaker 1: at stock some of the names moving in the pre market.
Speaker 1: We've pried Burloomberg Radio and TV Markets correspondent Create gooped
Speaker 1: away from watching the UK market this morning to let
Speaker 1: us know what's going on in the early trade here
Speaker 1: on Wall Street. What are you looking at, Creedy? Do
Speaker 1: you know how hard that was, Nathan to eyes away.
Speaker 1: It's like watching a train wreck. It's really looks like
Speaker 1: it's having some kind of impact on the futures as well.
Speaker 1: They've been whipp sawing. They are, I think the futures
Speaker 1: trimming some of their losses here off the announcement, which
Speaker 1: is interesting, really reaction to the bond market perhaps thinks
Speaker 1: there's maybe some stimulus on on the on the macro front,
Speaker 1: perhaps coming r acts, say less hawkishness for for for
Speaker 1: that matter, um let's go to the US though, because
Speaker 1: there seems to be perhaps a little bit more someonance
Speaker 1: of comm although I wouldn't call it, it wouldn't go
Speaker 1: crazy with that phrase either. Apple shares a a p
Speaker 1: L is what's taking the cake? Was taking the spotlight
Speaker 1: really this morning, down about three and a half percent.
Speaker 1: This comes after a Bloomberg report, actually Woomberg scoop I
Speaker 1: should say that the company is likely to ditch its
Speaker 1: iPhone production boost. Remember this was going to be their
Speaker 1: major um kind of shift forward. They were shifting the
Speaker 1: production lines from China to India. Are really amping up
Speaker 1: what they're going to do for the iPhone four team
Speaker 1: as well as creating perhaps a a more lower cost
Speaker 1: version to be able to tackle some of the more
Speaker 1: emerging markets that rarely Apple doesn't have the majority of sales.
Speaker 1: And I'm really taking on China full throttle. So that
Speaker 1: news looks like undermined a little bit here um with
Speaker 1: that Bloomer report and the ripple effect, here's going to
Speaker 1: be all across their supply chain. So Apple shares a
Speaker 1: a p L down three point four percent. But then
Speaker 1: you have to look at the semis as well. Micron,
Speaker 1: for example, m use your taker down one point two percent.
Speaker 1: Qual Calm and not far behind it, q c o
Speaker 1: M is your taker down one point eight percent in
Speaker 1: the morning, and of course Skyworks Solutions also part of
Speaker 1: the supply chain. S w k S down about two percent. Naight,
Speaker 1: and so once again a report effect. And of course
Speaker 1: the other big corporate story this morning, creaty is Biogen
Speaker 1: and that Alzheimer's. That stock has been soaring all morning long. Oh,
Speaker 1: it absolutely is a forty three percent gain. And that's
Speaker 1: not even where it was a session high. So for
Speaker 1: b I I B that's your taker for Biogen. To
Speaker 1: your point, Nathan, it is talking about its biggest gain
Speaker 1: since it's I p oh. That is, of course, if
Speaker 1: the move actually holds the way it is right now,
Speaker 1: analyst saying, it's all about the Alzheimer's drug study with
Speaker 1: their partner, I si Uh, looks like things are going
Speaker 1: well on the Biogen front. And I remember Biogene was
Speaker 1: actually looking for alternative ways, uh to to diversify their portfolio.
Speaker 1: They were actually basically thrown under the bus for a
Speaker 1: while because of the lack of UM diversity they had
Speaker 1: in their portfolio. So this is really good news UM
Speaker 1: that they were finally able to to get a little
Speaker 1: bit of um um success. There. I'll leave you with
Speaker 1: one more very quickly locked Martin l m T down
Speaker 1: about two percent this morning. This comes after it was
Speaker 1: downgraded to an underweight over at Wells fargo taking a
Speaker 1: little bit more of a cautious view on the defense sector.
Speaker 1: All right, Bloomberg Gradio on TV Markets corresponding creating goop.
Speaker 1: Don't let you get back to the UK market now.
Speaker 1: It is a very busy league session, and looking at
Speaker 1: futures this morning, it's busy there as well. They had
Speaker 1: been lower for much in the morning. Right now, SMP
Speaker 1: futures are up two points. We'll call it little change.
Speaker 1: Dow Future is up fifty four. NASTAC Future is still
Speaker 1: on the decline, but pairing the losses down thirty two
Speaker 1: points for a drop of three tenths per cent. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Sunshine today with
Speaker 1: a high near seventy, upper sixties tomorrow and Friday, so
Speaker 1: nice weather before we get the remnants of the end
Speaker 1: this weekend. Right now fifty three in Central Park Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business lash fine, I'm ker
Speaker 1: in Moscow. US dot Index futures are lower this morning.
Speaker 1: UK bonds are surging. We go to the first Word
Speaker 1: Breaking News desk for today's morning call, and here's Bill Maloney. Bill,
Speaker 1: good morning, Good morning, Can. That's right. US futures are lower,
Speaker 1: but spiked off their lows after the Bank of England
Speaker 1: said it would carry out temporary purchases of elongated UK
Speaker 1: mons Today Down futures now down twenty point says to
Speaker 1: be s drop eight. NASA futures pair losses to seventy.
Speaker 1: The US ten year falls the three point eight eight percent.
Speaker 1: Gold is little change, will trading higher and bitcoin is
Speaker 1: also now trading little change. Hong Kong drop three point
Speaker 1: four percent overnight, while eup markets are also in the
Speaker 1: red this morning and back in the US on the
Speaker 1: economic Fronday eight thirty, wholesale inventories and at ten o'clock,
Speaker 1: pending home sales regarding earnings for industries beat estimates and
Speaker 1: look for paychecks to report in the pre market. In
Speaker 1: other news, Apple Drop plans to boost its production of
Speaker 1: iPhone four team this year, and in the biotech space,
Speaker 1: Bogen reported its drugs slowed Alzheimer's in a large trial.
Speaker 1: Those shares are up forty percent in the pre market.
Speaker 1: Live from the First Breaking News Best com Bill Maloney
Speaker 1: can all right, Bill, thank you, and here live breaking
Speaker 1: news over her Bloomberg type squawk on your terminal squu
Speaker 1: A w K and that's a Bloomberg business flash. Now
Speaker 1: here's Michael bar with Moore. I'm what's going on around
Speaker 1: the world, Michael Karen, thank you very much. Hurricane and
Speaker 1: is now a category four storm with the maximum sustained
Speaker 1: winds of a hundred fifty five miles an hour as
Speaker 1: it spins toward Florida. Ian is about sixty five miles
Speaker 1: from Naples. The storm knocked out power to the entire
Speaker 1: island of Cuba. North Korea fired a ballistic missile off
Speaker 1: its eastern coast today. The statement from South Korea's Joint
Speaker 1: chief of Staff comes a day before US Vice President
Speaker 1: Kamala Harris was set to visit the demiblitarized zone dividing
Speaker 1: the nation's In baseball, the Yankees clinched the a L East,
Speaker 1: beating the Blue Jays five to Aaron Judge was walked
Speaker 1: four times and remains at sixty home runs, one shy
Speaker 1: of rogermras sixty one, a L record. The Mets lost,
Speaker 1: the Red Sox down the Orioles, the Nationals and A's
Speaker 1: lost the Giants one Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than seven hundred journalists and analysts in more than a
Speaker 1: hundred twenty countries. I'm Michael Baren. This is Bloomberg Careen.
Speaker 1: All right, Michael, thank you. It is six forty nine
Speaker 1: on Wall Street, and we turned to news and science
Speaker 1: and technology now with a Bloomberg n j I T
Speaker 1: Stammer report. It's brought to Ubay, New Jersey Institute of Technology,
Speaker 1: ranked one of the nation's most research intensive universities by
Speaker 1: the Carnegie Classification. Learn more at n j I, T,
Speaker 1: DOT E, d U, slash are one and here's let's
Speaker 1: making news and science, technology, engineering and math. Wall Street
Speaker 1: has been hit with more than two billion dollars of
Speaker 1: fives and what's become called the What'sapp investigation. Regulators reached
Speaker 1: settlements with a dozen banks for failing to monitor employees
Speaker 1: communications on unauthorized messaging apps. Goldman Sachs, Bank of America
Speaker 1: and City Group were among those penalized. Bloomberg News has
Speaker 1: learned that Apple is backing off plans to increase production
Speaker 1: of its new iPhones this year. The company had expected
Speaker 1: a surge in demand, but that hasn't happened. Apple will
Speaker 1: aim to produce ninety million hand sets in the second
Speaker 1: half of the year, roughly the same level as last year.
Speaker 1: Elon mosses he asked a federal appeals court to throw
Speaker 1: out his so called Twitter sitter deal. That's the twenty
Speaker 1: eighteen agreement with the SEC that requires a Tesla lawyer
Speaker 1: to screen all his company related tweets and a court
Speaker 1: filing must lawyers called the government and post muzzle on
Speaker 1: must speech and s the Bloomberg n j I t
Speaker 1: STEM Report. Nathan all right, Karen, thank you. We are
Speaker 1: live from the Bloomberg Interactive Brokers Studios or at six
Speaker 1: fifty on Wall Street. Time to check what's going on
Speaker 1: in d C, where some of the top stories included
Speaker 1: President Biden speaking with Florida's governor ahead of hurricane and
Speaker 1: the Senate moving ahead with funding after Mansion drops an
Speaker 1: energy provision, House Democrats unveiling a build a restrict lawmakers
Speaker 1: stock trading, and the White House reportedly preparing for changes
Speaker 1: to its economic team. Let's bring in Bloomberg Government reporter
Speaker 1: Emily Wilkins are all that's happening in the nation's capital.
Speaker 1: Plenty to talk about here, Emily, starting with how the
Speaker 1: White House is preparing for what's coming down south. Yeah,
Speaker 1: so obviously Hurricane Ian is going to be big news
Speaker 1: for these next couple of days. The storm is only
Speaker 1: gearing up to be worse. It hit, It hit Cuba,
Speaker 1: it caused the power outage. Now it's on traff to
Speaker 1: hit Florida pretty hard as a category for hurricane Uh.
Speaker 1: We did see last night President Joe Biden and Ron
Speaker 1: De Santis get on the phone and speak about the
Speaker 1: hurricane and about what assistant Florida might eat from the
Speaker 1: federal government. This, of course, Nathan is particularly notable because
Speaker 1: Ron De Santis is considered a top contender for four
Speaker 1: especially if former President Donald Trump doesn't run, and he's
Speaker 1: been a very vocal critic of Biden. But at this
Speaker 1: point it does seem like the two are working together.
Speaker 1: They really realized, of course, that this could be a
Speaker 1: potentially fatal hurricane in some cases, and it's expected to
Speaker 1: be one of the costliest storms in American history. It
Speaker 1: could have seen it seed three five billion dollars and
Speaker 1: more than two point five million people along Florida's Gulf
Speaker 1: coast are being asked to evacuate at this time, so
Speaker 1: we'll continue monitoring that situation. Of course, Meta, I want
Speaker 1: to get the latest on the stop gap spending bill
Speaker 1: progress here, Emily. We know that Senator Mansion dropped that
Speaker 1: energy permitting provision. What happens next, So we've been saying that, well,
Speaker 1: the next is that we don't head for a government shutdown. Hopefully.
Speaker 1: That was really sort of the big stumbling point that
Speaker 1: was left, Nathan, was this whether or not this energy
Speaker 1: permitting would be attached to the bill. Basically, Senator Joe
Speaker 1: Mansion announced yesterday that he didn't have enough support to
Speaker 1: move it through. Republicans kind of used it as a
Speaker 1: bit of payback after Mansion said that he wouldn't work
Speaker 1: with Biden on a larger reconciliation bill, which, of course
Speaker 1: then they wound up coming out with and passing UM
Speaker 1: and a number of Democrats were concerned that this would
Speaker 1: help get fossil fuel projects off the ground. They didn't
Speaker 1: want that either, so a lot of opposition two Mansions bill. Yesterday,
Speaker 1: he told Humor to pull it, and the Senate has
Speaker 1: started to move forward with procedural votes on a package
Speaker 1: to fund the government through December six. UH. The Senate
Speaker 1: will be taking more votes today. They could do final
Speaker 1: passage in the Senate potentially today, potentially Thursday, and then
Speaker 1: the House will be ready either on Thursday or Friday
Speaker 1: to take up that bill. Deadline, of course, is Friday
Speaker 1: at midnight. That's when they need to fund the government
Speaker 1: or else there will be a shutdown. And elsewhere in
Speaker 1: Capitol Hill, Emily House Democrats have unveiled a stock trading
Speaker 1: ban for themselves and a lot of other high ranking
Speaker 1: government officials. Yeah, we knew that this was coming for
Speaker 1: a while, Nathan. It's been discussed. There have been multiple
Speaker 1: bills floating out there, but this is one that's taken
Speaker 1: a number of those bills, tied them together and and
Speaker 1: could potentially be the vehicle that this gets passed. However,
Speaker 1: they're not out of the woods yet. There's still a
Speaker 1: lot of concerns about the legislation, about the penalties and
Speaker 1: the legislation, but the overall view is that it would
Speaker 1: require a lawmakers as well as their spouses and dependent
Speaker 1: children UH to prohibit them from trading stocks, divest from
Speaker 1: current holdings, or put their current holdings in a blind trust,
Speaker 1: and also tightened disclosure requirements, and if you violate the law,
Speaker 1: the penalty would be increased. At this point, Nathan, it
Speaker 1: doesn't seem very likely that this will get to Biden's
Speaker 1: desk before the mid terms. UM. It's a huge question
Speaker 1: mark as to whether the House will even vote on
Speaker 1: it before the end of this week, which is the
Speaker 1: last week that they're here until the November elections. So
Speaker 1: we could see potential movement on this a little bit
Speaker 1: later UM, in the so called lean duck period between
Speaker 1: the end of the election and the start of the
Speaker 1: new Congress. UM. But at this point we are seeing
Speaker 1: some progress, but unlike the Continuing Resolution, there's no guarantee
Speaker 1: that we're actually going to see passage here. And speaking
Speaker 1: of the mid term elections, Emily, what are these reports
Speaker 1: about potentially deck chairs shifting with the White House Economic
Speaker 1: team after the mid terms? So I feel like Nathan,
Speaker 1: the terms is always a good time for those who
Speaker 1: are in the executive office to take stock decide whether
Speaker 1: or not they want to stay on or get off. Certainly,
Speaker 1: you don't want to be jumping ship very close to
Speaker 1: an election, especially a presidential election. So you know, we
Speaker 1: are hearing reports up particularly from Axios. The White House
Speaker 1: officials are preparing for the potential departure of Treasury Secretary
Speaker 1: jan Yelling after the mid terms, but at this point,
Speaker 1: there's no guarantee that Yelling will be leaving her position
Speaker 1: or any cabinet secretaries. A lot of it is going
Speaker 1: to depend what the November's election looks like, how much
Speaker 1: power Democrats are still going to have in Washington. At
Speaker 1: this point, Democrats are expected to lose the House, but
Speaker 1: there's some hope that they could potentially find a way
Speaker 1: through to to keep control of both chambers. UH. They're
Speaker 1: a little more likely to keep the Senate, but even
Speaker 1: that's not a guarantee. So Biden could be working with
Speaker 1: a potentially very difficult UH Congress next year. That would
Speaker 1: allow a few things to get done, and that might
Speaker 1: wind up causing some individuals like Levin to head for
Speaker 1: the door. Now, last minute, here, Emily, We've got a
Speaker 1: White House conference on hunger coming up later today. What's
Speaker 1: gonna be announced there? So the big announcement is eight
Speaker 1: billion dollars and hunger UH and nutrition commitments. UH. These
Speaker 1: are going to be various things that are meant to
Speaker 1: really sort of target places in the US where there's
Speaker 1: either food and security or food deserts where they're just
Speaker 1: isn't the amount of fruits and vegetables needed for for
Speaker 1: healthy living for individuals. This is one of the first
Speaker 1: times in decades that the White House is holding an
Speaker 1: event like this, a Food and Hunger Summit. The last
Speaker 1: one was more than fifty years ago. And the idea
Speaker 1: is to really continue to push the idea that there
Speaker 1: are folks um in America who remain hungry even despite
Speaker 1: the fact that we have as much wealth as we
Speaker 1: do in our nation, and really trying to get there
Speaker 1: and address that. So expect a lot more UH announcements
Speaker 1: to be made from that. You're seeing a lot of
Speaker 1: companies going in and making their own commitments in line
Speaker 1: with this summit um and yeah, we're definitely expecting to
Speaker 1: hear some more details as the day goes on. Thanks,
Speaker 1: as always, Bloomberg Government reporter Emily Wilkins with us from
Speaker 1: the nation's capital. Read more about these stories on Bloomberg
Speaker 1: dot com or on the Bloomberg terminal. Follow all the
Speaker 1: latest on Bloomberg Radio in Washington, Bloomberg and one oh
Speaker 1: five point seven FM, h D two SMP futures trimming
Speaker 1: their declines, now down eight points, STOLE features down thirteen,
Speaker 1: NASTAC futures down seventy one. The Tenure Treasury is up
Speaker 1: six thirty seconds now yield three point nine two percent.
Speaker 1: Bloomberg surveillance is next for Karen Moscow. I'm Nathan Hager,
Speaker 1: and this is Bloomberg