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Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg

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Speaker 1: day Break for Thursday, March two. Coming up this hour,

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Speaker 1: President Blyden meets with Allies and Brussels to discuss ramping

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Speaker 1: up pressure on Russia. The US and EU closed in

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Speaker 1: on a deal to slash Europe's dependency on Russian energy,

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Speaker 1: and Supreme Court Nominekatanshi Brown Jackson fends off a barrage

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Speaker 1: of attacks that are confirmation hearings. State Comptroller Monopoly says

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Speaker 1: New York will fully divest all Russian holdings. Plus tributes continue.

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Speaker 1: Performer Secretary of State metal In Albright. I'm Michael barn More,

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Speaker 1: I'm John Stashtward Sports New York City is dropping the

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Speaker 1: vaccine mandate that prevented Carrie Irving from playing home games.

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Speaker 1: The Nets lost in Memphis, the nixt one in charlom

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Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg

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Speaker 1: Elementary on New York, Bloomberg one, Washington, d C, Bloomberg one,

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Speaker 1: O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius

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Speaker 1: x M one nineteen and around the world Old on

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Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business. A

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Speaker 1: good morning. I'm John Tucker, I'm Nathan Hagar. Futures are

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Speaker 1: climbing this morning. We're coming up to five oh one

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Speaker 1: on Wall Street, and we checked the markets every fifteen

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Speaker 1: minutes during the trading day on Bloomberg. Right now, SMP

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Speaker 1: futures are up twenty seven points down, futures up a

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Speaker 1: hundred sixty one. Nasdaq futures on the rise by a

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Speaker 1: hundred nine points. Germany's decks of two tenths percent, the

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Speaker 1: cat in Paris is highed by four tenths of one percent.

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Speaker 1: To take your treasury is down sixteen thirty seconds. The

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Speaker 1: yield two point three yield on the two year two

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Speaker 1: point one three percent. Nimex screwed is up four tenths percent,

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Speaker 1: or forty one cents at a hundred fifteen dollars thirty

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Speaker 1: five cents of barrel comics golds up two tenths per

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Speaker 1: cent or three dollars eighty cents at ninety six forty,

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Speaker 1: announced John Nathan. We begin with the war as it

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Speaker 1: reaches the one month mark. President Biden beach with Allies

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Speaker 1: and Brussels today to discuss ramping up pressure on Vladimir

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Speaker 1: Putin to withdraw forces from Ukraine. New sanctions among the

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Speaker 1: options on the table we get to tail from Bloomberg's

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Speaker 1: investors along with a show of solidarity. The US wants

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Speaker 1: some even stiffer penalties placed on Russia, and National Security

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Speaker 1: Advisor Jake Sullivan says enforcement is very important to agree

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Speaker 1: on an initiative to coordinate on sanctions enforcement so that

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Speaker 1: Russian efforts to evade the sanctions, or other country's effort

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Speaker 1: to help Russia evade the sanctions can be dealt with

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Speaker 1: effectively and in a coordinated fashion. Sullivan says, as well,

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Speaker 1: China will be a major concern. NATO G seven and

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Speaker 1: the EU meetings today in San Francisco. I'm at Baxter

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Speaker 1: Bloomberg daybreak. All right, ed, thank you. The U S

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Speaker 1: and the European Union are close to a deal to

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Speaker 1: slash Europe's dependency on Russian energy. Let's go live to

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Speaker 1: London for the very latest on that with Bloomberg's U

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Speaker 1: and pots. Good morning you, and good morning Nathan and John.

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Speaker 1: It's the missing parts of the jigsaw house of its

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Speaker 1: use funds flowing to Moscow from oil and gas sales.

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Speaker 1: Bloomberg understands the deal with the European Union when inshore

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Speaker 1: supplies of American natural gas and hydrogen get to Europe,

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Speaker 1: allowing the region to move away from dependence on Russia.

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Speaker 1: President Biden's National Security advises Jack Sullivan says an announcement

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Speaker 1: on the agreements could come as soon as Friday. Live

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Speaker 1: in London, Immune pots day break, Thanks you, and Russia's

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Speaker 1: stock market is open for the first time in nearly

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Speaker 1: a month. The country's benchmark index rose as much as

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Speaker 1: twelve percent after Moscow stepped in with support measures. The

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Speaker 1: government's allowing just two thirds of the stocks on the

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Speaker 1: exchange to trade, and that's just for a short and

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Speaker 1: four hour session. Russia has also banned short selling and

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Speaker 1: restricted foreigners from exiting local equities. That's on top of

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Speaker 1: a pledge to prop up the stock market with up

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Speaker 1: to ten billion dollars. My energy markets remain in focus, John,

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Speaker 1: as the war in Ukraine sparks volatility, and a couple

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Speaker 1: of Wall Street titans are now speaking out on US

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Speaker 1: energy policy. We get the details from Bloomberg's Lisa ma Tale.

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Speaker 1: Sources say JP Morgan Cha CEO Jamie Diamond is telling

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Speaker 1: President Biden he needs a martial plan for developing more

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Speaker 1: domestic natural gas. That was at a White House meeting

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Speaker 1: on Monday. According to source Is, Diamond urged the White

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Speaker 1: House to reduce the time needed to obtain permits for

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Speaker 1: renewable energy projects such as wind farms. Diamond also spoke

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Speaker 1: about the need for more short term investment in oil

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Speaker 1: and gas despite longer term climate goals. At the same time,

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Speaker 1: Black Rock CEO Larry Fink says the invasion of Ukraine

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Speaker 1: has the potential to speed up the global shift to

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Speaker 1: green energy. He says it could also do the same

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Speaker 1: thing for digital currencies. That's from Fink's annual letter to

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Speaker 1: shareholders in New York. I'm Lisa Matteo Bloomberg Daybreak, Eice Lisa.

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Speaker 1: The White House also working on its budget plans right now.

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Speaker 1: Bloomberg News has learned President Biden's plans to request more

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Speaker 1: than eight billion dollars in national security spending, including seven

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Speaker 1: dred seventy three billion for the Pentagon, in the federal

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Speaker 1: budget He's going to send a Congress on Monday. That's

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Speaker 1: an increase of thirty one billion, or four percent, from

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Speaker 1: approved spending for the current fiscal year. Another major story

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Speaker 1: we continue to follow. John brings us back to Capitol Hill,

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Speaker 1: where Supreme Court confirmation hearings will conclude for Judge Kanji

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Speaker 1: Brown Jackson. Judge fended off an orchestrated verage of Republican

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Speaker 1: attacks on her record as things got tense among members

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Speaker 1: of the committee. Amy Morris has details from our Bloomberg newsroom.

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Speaker 1: In Washington, Republican Senator Lindsey Graham voted to confirm Jackson

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Speaker 1: less than a year ago, but had a sharp exchange

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Speaker 1: with her over sentencing and child pornography cases. I think

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Speaker 1: the best way you deter a crime when it comes

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Speaker 1: to child pornography is you lure the bloom on anybody

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Speaker 1: who goes on the Internet and pulls out these images

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Speaker 1: for their pleasure. Senator, every person in all of these

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Speaker 1: UH charts and documents I sent to jail. Committee chair

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Speaker 1: Take Durbin accused Senator Ted Cruz of not allowing Jackson

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Speaker 1: to answer the question. Chairman Durbin, I've never seen the

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Speaker 1: chairman refused to allow a witness to answer a question.

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Speaker 1: You can bang it as loud as you want. I

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Speaker 1: can just tell you at some point you have to

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Speaker 1: follow the rules and emotional Senator Cory Booker defended Jackson,

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Speaker 1: saying the GOP allegations are without merite. You have earned

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Speaker 1: this spot. You are worthy, You are a great American.

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Speaker 1: Jackson's nomination will likely end up in a party line deadlock,

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Speaker 1: but that's not likely to stop Democrats from confirming her

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Speaker 1: as the first black woman to the Supreme Court in Washington.

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Speaker 1: I'm anymore as Bloomberg Daybreak, Thanks Sammy. Turning to the

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Speaker 1: economy now, the calls for a fifty point rough fifty

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Speaker 1: basis point rate high at the next to FED meeting

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Speaker 1: and growing louder markets pricing in a rate increase at

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Speaker 1: every Center Bank meeting this year. We caught up with

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Speaker 1: San Francisco FED President Mary Daily. I will absolutely um

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Speaker 1: confirm what you know Jay Chair Powell's confirmed for himself,

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Speaker 1: which is that I have everything on the table right now.

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Speaker 1: If we need to do fifty fifties, what we'll do.

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Speaker 1: If we need to do twenty five and balance sheet,

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Speaker 1: that's what we'll do, as the data will help us

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Speaker 1: determine how much is necessary. San Francisco FED President Mary

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Speaker 1: Daily making the comments and in the interview with Bloomberg,

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Speaker 1: Mike McKee catch more of that interview coming up later

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Speaker 1: this hour, and John, we also have news this morning

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Speaker 1: on Global Train. The US is set to reinstate exemptions

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Speaker 1: on some Chinese goods hit by Trump arrett pariffs. The

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Speaker 1: exclusions will apply to more than three hundred fifty manufacturing

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Speaker 1: components and consumer products, ranging from TV screen parts to

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Speaker 1: backpacks and bicycles. The Trump administration had originally granted more

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Speaker 1: than twenty two hundred tariff waivers, but those expired. In

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Speaker 1: local headlines in the check of Sports. Next to this

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Speaker 1: is Bloomberg. Thanks Nathan Trio, settled of Wall Street, and

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Speaker 1: time to bring in Michael Barr for more on what

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Speaker 1: else is going on to New York hands around the world, John,

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Speaker 1: thank you very much, sir. New York State Controller Thomas

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Speaker 1: Dinnopoly says New York will fully divest all Russian holdings.

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Speaker 1: Monopoly spoke with Bloomberg's and Ali Massak when the war

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Speaker 1: broke out. We said we were going to freeze any

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Speaker 1: new investments, and we were making an assessment of what

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Speaker 1: we considered to be the risk of the portfolio if

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Speaker 1: we continued to be invested. State Controller Donopoly says it's

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Speaker 1: largely in the public equity portfolio a little bit in

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Speaker 1: fixed income quantified at about one hundred and ten million dollars.

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Speaker 1: Chinese State media says the search areas being expanded for

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Speaker 1: the second black box from a China Eastern passenger plane

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Speaker 1: that crashed in southern China with one thirty two people

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Speaker 1: on board earlier this week. One of the black boxes

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Speaker 1: was found yesterday. Secretary of Health and Human Services Zavier

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Speaker 1: Bassa warns that Congress and funds to fight COVID have

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Speaker 1: already run out. The fund Congress established to reimburse doctors

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Speaker 1: and other medical providers for COVID care for Americans, in particular,

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Speaker 1: the uninsured, is no longer accepting new claims for pro

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Speaker 1: from providers for testing or for treatment services. Secretary of

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Speaker 1: Basrah at the White House COVID nineteen Response Team press

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Speaker 1: conference says if Congress does not approve more COVID funding,

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Speaker 1: COVID help for vaccines, pills, and other treatment will vanish.

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Speaker 1: US Secretary of State Anthony Blinken slammed the Taliban for

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Speaker 1: ditching gets commitment to real open high schools two girls

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Speaker 1: at the last minute. A sudden reversal by the Taliban

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Speaker 1: was met with sharp criticism from the United Nations, while b.

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Speaker 1: Lincoln said it would profoundly harm the group's ability to

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Speaker 1: build ties abroad. Madeline Albright, who rose to become the

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Speaker 1: first female Secretary of State, has died of cancer. President

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Speaker 1: Bill Clinton chose Albright as America stopped diplomat in n

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Speaker 1: Former US Ambassador Thomas Pickering spoke about Albright. She had

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Speaker 1: little love, I would say, for Russia, and that skepticism

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Speaker 1: and indeed suspicion about Russia has proven to me more

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Speaker 1: true than I think any of us had reason to

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Speaker 1: believe when I worked for her. Former Ambassador Pickering spoke

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Speaker 1: with Bloomberg's Joe matthewelve. President Barack Obama awarded Albright the

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Speaker 1: Middle of Freedom. Madeleine Albright was eighty four global news

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Speaker 1: twenty four hours a day on air and on Bloomberg Quittank,

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Speaker 1: powered by more than twenty seven hundred journalist and analyst

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Speaker 1: more than twenty countries. I'm Michael barn This is Bloomberg,

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Speaker 1: John Michael, Thank you DA. That brings us to five

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Speaker 1: ten of Wall Street. Time to out with the Little Birch.

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Speaker 1: Sports update, good pornamed John Stansward Green's Brooklyn Net season

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Speaker 1: has gone from not playing at all due to his

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Speaker 1: decision to not get vaccinated, to playing only in road games.

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Speaker 1: But now is the NBA regular season winds down, New

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Speaker 1: York City is set to lift the private sector mandate

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Speaker 1: for in person work and Irving will be a full

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Speaker 1: time member of the team. Played last night in Memphis,

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Speaker 1: scored forty three points in the net one two one

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Speaker 1: twenty loss, and Tyree was asked the best jumping in

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Speaker 1: in the line of jumping out, you know, looking forward

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Speaker 1: hopefully that could could be something we could fix and

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Speaker 1: move past. I can't wait to talk to you guys

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Speaker 1: once this is you know, something's official and that's expected

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Speaker 1: that a mayor added with mid day press for today

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Speaker 1: at City Field. This also affects unvaccinated met and Yankee players,

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Speaker 1: although still have to be vacks to play in Toronto

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Speaker 1: and the Yankees have ten games there. The Knicks is

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Speaker 1: one of their better games of the season one oh

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Speaker 1: six win at Charlotte, did it without two stars. There's

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Speaker 1: Julius Randall and Mitchell Robinson seven nicks and double figures

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Speaker 1: laid by R. J. Barrett's thirty points. Devils lost in

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Speaker 1: Toronto three two n C double a tournament returns tonight

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Speaker 1: with double headers in San Antonio and San Francisco. That's

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Speaker 1: where Duke plays Texas Tech. Will it be the end

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Speaker 1: of Mike Schefski's coaching career? N I T quarterfinal wins

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Speaker 1: for Texas A and M and Washington State Ron Harper Jr.

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Speaker 1: Leaving Rutgers turning pro for a while. Yesterday I looked

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Speaker 1: like the Jets might be acquiring star wide out Tyree

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Speaker 1: Hill from Kansas City. The chiefs agreed to terms of

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Speaker 1: deals with the Jets and Dolphins and then let Hill

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Speaker 1: decide where he wanted to go. He chose Miami and

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Speaker 1: he's got a four year, hundred twenty million dollar contract

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Speaker 1: with them. John stash Atward, Bloomberg Sports, John, John, thanks

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Speaker 1: very much. Add ahead of the cashow up on the

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Speaker 1: wall Street Town futures right now up one hundred sixty

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Speaker 1: five points. That's a rise of half a percent. SMP

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Speaker 1: EMNI futures twenty eight points higher, up six tenths of

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Speaker 1: eight points, a rise of three quarters of a percent.

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Speaker 1: You are listening the Bloomberg Daybreak and just ahead our

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Speaker 1: Anne Marie Hordern is traveling with President Biden as he's

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Speaker 1: set to address at a meeting of NATO ministers. Will

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Speaker 1: bring that to you live. You're listening to Bloomberg Daybreak, Markets,

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg

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Speaker 1: Quick Tape. He's a Bloomberg Business Flash. Nathan Hager stocks

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Speaker 1: are taking higher while treasuries extend their slide. His investors

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Speaker 1: way the risks of rising inflation and the impact of

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Speaker 1: the war in Ukraine. We checked the markets every fifteen

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Speaker 1: minutes during the trading day on Bloomberg Right now, S

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Speaker 1: and P futures are up twenty eight points down futures

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Speaker 1: up a hundred sixty three. Nastack futures are higher by

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Speaker 1: a hundred fourteen points. The ten your Treasury is down

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Speaker 1: eighteen thirty seconds. The yield two point three yield on

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Speaker 1: a hundred fifteen dollars. Fifteen cents of barrel comics gold

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Speaker 1: is up a tenth percent or at dollar seventy at

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Speaker 1: nine announced the euro is at one point zero nine

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Speaker 1: eight six against the dollar, the pound one s one,

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Speaker 1: and the end is at one point six four. That's

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Speaker 1: a Bloomberg business flash. And now here's Michael Barr. What's

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Speaker 1: more on what's going on around the world. Good morning, Michael,

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Speaker 1: Good morning Nathan. Ukraine President Voladimir Zelenski called on people

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Speaker 1: worldwide to gather in public to show support, whereas in

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Speaker 1: battled country as he prepares to address US President Joe

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Speaker 1: Biden and other NATO leaders gathered in Brussels. New York

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Speaker 1: City Mayor Eric Adams will announce today that he's exempting

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Speaker 1: athletes and performers from the city's vaccine mandate for private workers.

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Speaker 1: The move will allow Brooklyn net star Kyrie Irving to

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Speaker 1: play in home games NBA games. The Nats lost the

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Speaker 1: Knicks and Celtics won in the NHL The Devil's Lost.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under

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Speaker 1: journalist and now honest to more than twenty countries. I'm

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Speaker 1: Michael bar. This is Bloomberg jo Michael. Thank you at

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Speaker 1: this moment, President Biden meeting with allies and Brussels discussing

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Speaker 1: ramping up pressure on Russia. Let's head to Brussels right now,

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Speaker 1: NATO headquarters and Bloomberg's and Marie Hordern, who is traveling

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Speaker 1: with President Biden. Amory. We're seeing the images from the

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Speaker 1: NATO headquarters right now. They're glad handing the NATO ministers

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Speaker 1: and heads of state. President Biden just sitting down at

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Speaker 1: the large table there. This is more than just a

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Speaker 1: show of unity or is it? Oh no, this is

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Speaker 1: an extraordinary meeting and this is definitely more than just

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Speaker 1: a show of unity. And it's back to back to

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Speaker 1: back stomach today NATO Headquarters of presidents to begin and

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Speaker 1: then of course there'll be a G seven meeting, and

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Speaker 1: then he'll head over to the European Commission and he'll

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Speaker 1: address the European Union. Uh. This is all about just

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Speaker 1: on the symbolic front, of course, showing that unity, but

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Speaker 1: also about what comes next. A lot of questions that

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Speaker 1: s allies need to discuss in terms of how they're

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Speaker 1: going to amp off the pressure on President of Ladomya Putin.

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Speaker 1: We know the United States is going to do today

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Speaker 1: if they are going to have more sanctions announced, more

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Speaker 1: sankists than penalty against the Kremlin. Becauld be a number

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Speaker 1: of tycoons, oligarchs and lawmakers at Russia's State Duma, and

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Speaker 1: then there's can be a lot of discussions on how

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Speaker 1: the United States can help Europe and try to loosen

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Speaker 1: their dependency on Russian oil and gaps, because that is

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Speaker 1: still one area of Russia's economy that is still bringing

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Speaker 1: in millions of dollars a day or leads for President Putin,

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Speaker 1: and there will be a visitor of presumably from a

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Speaker 1: video hook up at some point today from Ukraine's leader, yes,

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Speaker 1: president of a little bare Lensky. He will be joining

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Speaker 1: the Native Summit of virtually he's been doing this almost

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Speaker 1: He's been making a world tour and his virtual visits

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Speaker 1: really imploring global leaders and even citizens in the world

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Speaker 1: to stand as Ukraine. Just last night in a video message,

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Speaker 1: and he does them almost every evening, but last night

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Speaker 1: he's spoken English, and he told individuals around the world

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Speaker 1: that tomorrow, that's today March marked one month of the invasion,

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Speaker 1: to go to your downtowns, go to your squares and protests,

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Speaker 1: bring Ukrainian flats and show solidarity with us today. His

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Speaker 1: messages is going to be tough on leaders. He wants

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Speaker 1: them to do more more offense if you have more

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Speaker 1: sanctions to close any loopholes the state as state, countries,

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Speaker 1: countries or companies they are doing businesses Russia. And I

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Speaker 1: believe he said something like these summits, they're going to

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Speaker 1: show who his real friends are when it comes to

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Speaker 1: energy security. Is everybody on the same page there in Europe?

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Speaker 1: This is a tough one and this is gonna be

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Speaker 1: where you're gonna see the most at tension because Europe

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Speaker 1: is still reliant on energy, especially the likes of Germany.

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Speaker 1: Within fifty percent of German's natural gas, how they like

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Speaker 1: their homes, how they heat their homes comes from Russia.

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Speaker 1: And you just can't turn off the tax that quickly

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Speaker 1: if there's just not enough to supply in the world.

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Speaker 1: And also Germany doesn't have the infrastructure to this. So

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Speaker 1: I don't think you're going to see an immense amount

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Speaker 1: of pressures in the United States on Germany because they

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Speaker 1: do know what kind of situation they are in. But

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Speaker 1: what we have seen is very telling. The German government.

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Speaker 1: Robert Habet, the German Economy Minister, he's been working already

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Speaker 1: on alternative sources and he doesn't go how over the

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Speaker 1: weekend and he can't be have this veiled a threat

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Speaker 1: to driving a Putin actual was signing these deals with

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Speaker 1: Cutter to make sure they can get liquefied natural gas ships.

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Speaker 1: He said, we might still need rushing gas this year,

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Speaker 1: but not in the future. It starts like this, so

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Speaker 1: he who has ears should start to listen. So this

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Speaker 1: is not going that could be done immediately, but this

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Speaker 1: is something Germany and the rest of Europe are thinking

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Speaker 1: about long terms. Presumably the NATO leaders there, the ministers

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Speaker 1: are gaming Vladimir Putin's next move. What do they suppose

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Speaker 1: that will be and how do they prepare for that? Well,

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Speaker 1: there's lots of talks. And the President said different us

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Speaker 1: exiting the White House leaving for this trip, about how

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Speaker 1: worried how much of the threat that he chang puching

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Speaker 1: the revert to chemical weapons, and the President said it

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Speaker 1: was a high threat. And you've seen US officials come

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Speaker 1: out publicly talk about the potential that Russia would use

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Speaker 1: the false flag operation to revert to chemical weapons. Now

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Speaker 1: pleasant Latimer Puchin had air cover and supported Bashar al

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Speaker 1: Assad and Syria when he also used chemical weapons. We

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Speaker 1: should also note President Puchin Russian government needs Numa chalk,

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Speaker 1: a chemical weapon in Balndbury, United Kingdom. So this is

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Speaker 1: something incredibly high on the worry list and the potential

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Speaker 1: threat that leaders are going to be discussing. The big

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Speaker 1: question though, is what happens next, yah Seltenberg, President Biden.

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Speaker 1: We've all heard them say they'll be severe consequences, but

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Speaker 1: exactly what all those consequences we do not now. And

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Speaker 1: Marie thanks very much Bloomberg's and Marie Horde and reporting

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Speaker 1: live there from outside NATO headquarters in Brussels, and uh

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Speaker 1: Yen Stoltenberg ahead of NATO right now is speaking to

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Speaker 1: the group assemble. They're the world leaders as well as

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Speaker 1: the NATO ministers, including President Biden, sitting around the large

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Speaker 1: round table there at the NATO headquarters. After Mr Stoltenberg speaks,

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Speaker 1: he'll presumably introduce President Biden in this show of unity

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Speaker 1: that goes beyond just shows. And REI told us ahead

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Speaker 1: of the cash open on Wall Street, looking at futures

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Speaker 1: right now, they are higher that OW futures up one

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Speaker 1: hundred and fifty two points. That's up four tenths of

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Speaker 1: a percent, the S and P futures twenty seven points higher,

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Speaker 1: that's up six tenths of a percent, and the nastic

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Speaker 1: features of one hundred and eight points. That's up three

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Speaker 1: quarters of a percent this morning. As we also look

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Speaker 1: to treasuries, the ten year yield right now to thirty six,

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Speaker 1: that's up six basis points as we see a bit

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Speaker 1: of a sell off resuming four bonds. You're listening to

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Speaker 1: Boomberg day Break and Bloomberg Weather for bron carro on

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Speaker 1: the fort to night occasional rain, the high temperature in

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Speaker 1: the mid fifties. The rain is going to end tonight

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Speaker 1: and then tomorrow mixes sunny clouds. The hot temperature topic

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Speaker 1: out at around sixty degrees. Broadcasting live from the Bloomberg

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Speaker 1: Interactive Broker's studio in New York, Bloomberg in Loving Freed

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Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one oh

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Speaker 1: six one to San Francisco, Bloomberg nine six to the country,

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Speaker 1: Sirius XM to the one nineteen and around the globe,

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Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This

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Speaker 1: is Bloomberg Daybreak and It's five thirty on Wall Street.

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Speaker 1: Good morning, I'm John Tucker. I'm Nathan Hagar. We're about

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Speaker 1: four hours away from the open of US training. Let's

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Speaker 1: catch you up to date on the news you need

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Speaker 1: to know. At this hour, we are a month into

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Speaker 1: Russia's invasion. Off you crane, and President Biden is in

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Speaker 1: Brussels to meet with allies. They will discuss new plans

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Speaker 1: to pressure Vladimir Putin to withdraw his forces. Bloomberg Senior

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Speaker 1: reporter Mark Champion says this meeting is crucial. It is important.

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Speaker 1: We've had a month of war now and he's going

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Speaker 1: to be sitting down with leaders that he's been talking

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Speaker 1: to biphone by video link throughout and trying to really

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Speaker 1: coordinate a response. They have to think about what happens

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Speaker 1: if Russia decides to escalate. They need to think about China.

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Speaker 1: If China does come in and support Russia, either economically

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Speaker 1: or with weapons. There's a lot to talk about. Bloomberg's

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Speaker 1: Mark Champion says the US also plans to announce additional

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Speaker 1: sanctions on Russian political figures and oligarchs, and at the

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Speaker 1: same time, the US and EU are also close to

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Speaker 1: a deal to slash Europe's dependency on Russian energy, and

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Speaker 1: agreement may be announced as soon as tomorrow. Stocks in

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Speaker 1: Russia are trading for the first time in nearly a month,

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Speaker 1: and they're trading higher, but under heavy restrictions. The government's

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Speaker 1: allowing just two thirds of equities to trade. Russia has

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Speaker 1: also banned short selling and restricted foreigners from exiting local

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Speaker 1: equities and turning to US politics now. Confirmation hearings conclude

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Speaker 1: today for the Supreme Court nominee Katanga Brown Jackson. Yesterday

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Speaker 1: saw Jackson fend off GOP attacks on several fronts, including

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Speaker 1: her record on crime, child pornography, and abortion. I would

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Speaker 1: do what I've done for the past decade, which is

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Speaker 1: to rule from a position of neutrality, to look carefully

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Speaker 1: at the facts in the circumstances of every case, without

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Speaker 1: any agendas. Do you send A Judiciary Committee plans to

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Speaker 1: vote on Jackson's nomination April four. She's expected to be

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Speaker 1: confirmed with the vote along party lines. Yeah. Budget plans

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Speaker 1: are center stage in Washington today. John Bloomberg News has

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Speaker 1: learned the White House plans to request more than eight

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Speaker 1: hundred thirteen billion dollars in national security spending, including seven

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Speaker 1: hundred seventy three billion for the Pentagon. In the federal

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Speaker 1: budget that goes to Congress on Monday is an increase

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Speaker 1: of thirty one billion dollars, or four percent, from approved

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Speaker 1: spending for the current fiscal year. Right now, SMP futures

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Speaker 1: are up twenty six point Stole futures up a hundred

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Speaker 1: forty six, NASTACK futures higher by a hundred two points.

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Speaker 1: The tenure treasury is down nineteen thirty seconds. The yield

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Speaker 1: two point three six percent yield on the two year

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Speaker 1: two point one four percent, NIMEX screwed is lower now

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Speaker 1: down four tenths percent or forty one cents at a

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Speaker 1: hundred fourteen dollars fifty one cents a barrel, and comic

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Speaker 1: Gold is up a tenth percent or a dollar ninety

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Speaker 1: at announced. Straight ahead your latest local headlines in the

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Speaker 1: check of sports. This is Bloomberg. Yeah, three on Wall Street.

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Speaker 1: Let's bring in Michael barn now with more of what

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Speaker 1: else is going on in New York and around the world, John,

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Speaker 1: thank you. New York Controller Thomas Donopoli says the state

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Speaker 1: will fully divest all Russian holdings. Donopoly says when the

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Speaker 1: war broke out. We said we were going to freeze

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Speaker 1: any new investments. This is largely in the public equity portfolio,

431
00:24:01,320 --> 00:24:03,919
Speaker 1: a little bit and fixed income. We quantified it at

432
00:24:03,920 --> 00:24:06,520
Speaker 1: about a hundred and ten million dollars so on our

433
00:24:06,560 --> 00:24:09,960
Speaker 1: based on a significant exposure control. The Donopoly spoke with

434
00:24:10,040 --> 00:24:13,879
Speaker 1: Bloomberg Sonali Bassett. The search area was expanded today for

435
00:24:13,920 --> 00:24:16,920
Speaker 1: the second black box from a China Eastern passenger jet

436
00:24:17,280 --> 00:24:19,600
Speaker 1: that crashed in southern China with a hundred thirty two

437
00:24:19,640 --> 00:24:22,640
Speaker 1: people on board earlier this week, off and on rain

438
00:24:22,920 --> 00:24:26,000
Speaker 1: was impeding the search for a second straight day. One

439
00:24:26,000 --> 00:24:28,880
Speaker 1: of the black boxes, believed to be the cockpit voice recorder,

440
00:24:28,960 --> 00:24:33,600
Speaker 1: was found yesterday. Investigators said it's outer casing was damaged,

441
00:24:33,960 --> 00:24:38,159
Speaker 1: but the orange cylinder was relatively intact. North Korea launched

442
00:24:38,200 --> 00:24:41,720
Speaker 1: its first intercontinental ballistic missile in more than four years.

443
00:24:42,000 --> 00:24:45,359
Speaker 1: Kim John oone abandoned a testing freeze that an underpinned

444
00:24:45,480 --> 00:24:48,920
Speaker 1: and unprecedented wave of talks with the US. The nation's

445
00:24:48,920 --> 00:24:52,960
Speaker 1: first woman's Secretary of State, Madeleine Albright, has died. President

446
00:24:52,960 --> 00:24:57,280
Speaker 1: Clinton chose her in her well known quick wit came

447
00:24:57,280 --> 00:25:01,119
Speaker 1: out during the ABC interview about a job I loved

448
00:25:01,119 --> 00:25:05,040
Speaker 1: what I did. Um I did sleep when I could

449
00:25:05,160 --> 00:25:09,080
Speaker 1: on command. UM I didn't exercise enough. Being Secretary of

450
00:25:09,119 --> 00:25:11,520
Speaker 1: State was a very fattening job because I was eating

451
00:25:11,560 --> 00:25:15,680
Speaker 1: for my country. Former US Ambassador Thomas Pickering about Madeleine

452
00:25:15,720 --> 00:25:19,439
Speaker 1: Albright's passing. I had the honor and the pleasure of

453
00:25:19,480 --> 00:25:21,840
Speaker 1: working with her as her second deputy in the State

454
00:25:21,880 --> 00:25:26,359
Speaker 1: Department as under Secretary. And she was forthright, She was

455
00:25:26,400 --> 00:25:30,879
Speaker 1: always strong. She had very firm views, particularly in Eastern Europe.

456
00:25:31,280 --> 00:25:35,320
Speaker 1: Pickering spoke with Bloomberg's Joe Matthew. Albright received the Medal

457
00:25:35,320 --> 00:25:38,560
Speaker 1: of Freedom in twelve and let Albright died of cancer.

458
00:25:38,760 --> 00:25:41,439
Speaker 1: She was eighty four global news twenty four hours a

459
00:25:41,560 --> 00:25:44,960
Speaker 1: day on air and on Bloomberg Quickdake, powered by more

460
00:25:45,000 --> 00:25:47,720
Speaker 1: than twenty seven hundred journalist and analyst in more than

461
00:25:47,760 --> 00:25:50,280
Speaker 1: a d twenty countries. I'm Michael Barr. This is Bloomberg,

462
00:25:50,359 --> 00:25:56,480
Speaker 1: John Michael, thank you. It's five thirty Thought on the

463
00:25:56,520 --> 00:25:59,520
Speaker 1: Wall Street and that means it's type of Bloomberg Sports Someday,

464
00:25:59,560 --> 00:26:02,000
Speaker 1: here's John stan Shower. Thanks. John. Has certainly been an

465
00:26:02,080 --> 00:26:05,560
Speaker 1: unusual situation. Nets Star Kyrie Irving playing only on the

466
00:26:05,680 --> 00:26:08,240
Speaker 1: road due to New York's vaccine mandate. It became really

467
00:26:08,280 --> 00:26:10,800
Speaker 1: bizarre when Irving was allowed to sit in the stands

468
00:26:10,800 --> 00:26:13,080
Speaker 1: at the Nets home game but couldn't play. That is

469
00:26:13,200 --> 00:26:15,679
Speaker 1: going to now change. Mayor Hannamals will make the lifting

470
00:26:15,680 --> 00:26:18,720
Speaker 1: of the mandate official today Oppressor at City Field. This

471
00:26:18,840 --> 00:26:21,080
Speaker 1: is also a sigh of relief for the Mets and Yankees,

472
00:26:21,080 --> 00:26:23,960
Speaker 1: who are said to have unvaccinated players, and it's a

473
00:26:24,000 --> 00:26:27,320
Speaker 1: move that will significantly improve the nets chances in the

474
00:26:27,400 --> 00:26:30,199
Speaker 1: upcoming playoffs. Irving has been on a terror lately, had

475
00:26:30,200 --> 00:26:34,399
Speaker 1: a fifty point game, then sixty last night forty three points,

476
00:26:34,440 --> 00:26:36,520
Speaker 1: Kevin Durant at a thirty five, but the Nets lost

477
00:26:36,520 --> 00:26:40,760
Speaker 1: in Memphis one oncety. The nets next home game is Sunday,

478
00:26:40,880 --> 00:26:43,800
Speaker 1: Nicks one in Charlotte once one oh six. Their coach

479
00:26:47,720 --> 00:26:51,159
Speaker 1: and a lot of different areas, so it wasn't it

480
00:26:51,280 --> 00:26:58,000
Speaker 1: was a challenge, obviously. That's bad, guys, I thought you

481
00:26:58,080 --> 00:27:02,080
Speaker 1: have shellfishness to start the game in the when Evan

482
00:27:02,119 --> 00:27:04,920
Speaker 1: Fournier broke John starts his Knick's record for most three

483
00:27:05,000 --> 00:27:07,760
Speaker 1: pointers in the season. Devils lost in Toronto three two

484
00:27:07,760 --> 00:27:09,840
Speaker 1: in Tampa. Yankee home runs for d J le Mayo,

485
00:27:09,960 --> 00:27:12,920
Speaker 1: Labor Torres, John Carlos Stanton, a seven one rout of Baltimore.

486
00:27:13,200 --> 00:27:17,280
Speaker 1: Aaron Judge and the Yanks exchanged arbitration figures one million

487
00:27:17,359 --> 00:27:19,920
Speaker 1: from Judge seventeen millions from the team. The two sides

488
00:27:19,960 --> 00:27:22,400
Speaker 1: said to be at work on a new long term deal.

489
00:27:22,480 --> 00:27:25,639
Speaker 1: Tyreek Hill, latest NFL started, get traded in what has

490
00:27:25,680 --> 00:27:28,720
Speaker 1: been a wild NFL off season in Kansas City. Delve

491
00:27:28,800 --> 00:27:31,280
Speaker 1: Hill to Miami for five draft picks, and he signed

492
00:27:31,280 --> 00:27:33,480
Speaker 1: a lucrative deal with the Dolphins. The Jets were in it,

493
00:27:33,800 --> 00:27:35,919
Speaker 1: but the chief let Hill decide where he wanted to go,

494
00:27:36,119 --> 00:27:40,080
Speaker 1: and he chose Miami. John's Cash evant Bloomberg's Sports John John,

495
00:27:40,119 --> 00:27:42,280
Speaker 1: thanks very much. The idy is find thirty seven off

496
00:27:42,280 --> 00:27:44,159
Speaker 1: Wall Street, and that means it's time for the Tri

497
00:27:44,280 --> 00:27:48,040
Speaker 1: State Business Report. After that we're joined by Bloomberg's ed Quarry.

498
00:27:48,480 --> 00:27:51,399
Speaker 1: New York City officials want to continue outdoor dining the

499
00:27:51,680 --> 00:27:54,720
Speaker 1: sustained restaurants during the pandemic, but they want to move

500
00:27:54,760 --> 00:27:58,760
Speaker 1: away from shipping containers or plywood shacks with heaters. Some

501
00:27:58,880 --> 00:28:02,399
Speaker 1: favorable more europe and streetscape of beast road tables and

502
00:28:02,680 --> 00:28:06,760
Speaker 1: colorful umbrellas, that could be removed at closing time. Jekyll

503
00:28:06,800 --> 00:28:09,120
Speaker 1: and Hyde Club, a New York restaurant known for its

504
00:28:09,119 --> 00:28:12,920
Speaker 1: horror themed food and shows, is filed for bankruptcy. The

505
00:28:13,040 --> 00:28:16,879
Speaker 1: Kitchy eatery, located in Greenwich Village, owed millions to creditors,

506
00:28:17,160 --> 00:28:19,560
Speaker 1: including one and a half million dollars in back rent,

507
00:28:19,560 --> 00:28:23,760
Speaker 1: according to papers filed in bankruptcy court in Manhattan, New

508
00:28:23,840 --> 00:28:27,040
Speaker 1: Jersey's last two remaining coal fired power plants are set

509
00:28:27,080 --> 00:28:31,080
Speaker 1: to shut down. Excelon's Atlantic City Electric Utility says that

510
00:28:31,480 --> 00:28:34,960
Speaker 1: buying out existing power purchase agreements and shuttering the Logan

511
00:28:35,000 --> 00:28:38,320
Speaker 1: and Chambers plans would save customers as much as thirty

512
00:28:38,360 --> 00:28:42,240
Speaker 1: million dollars. Now jew Bloomberg twice day Business Report, I'm

513
00:28:42,360 --> 00:28:45,040
Speaker 1: ed Corey, all right. Thanks At eight on Wall Street.

514
00:28:45,040 --> 00:28:47,400
Speaker 1: Bloomberg Radio is on the air from San Francisco to

515
00:28:47,440 --> 00:28:49,880
Speaker 1: New York, London to Hong Kong. Let's check in now

516
00:28:49,920 --> 00:28:51,920
Speaker 1: with their global news team for some of the top

517
00:28:51,960 --> 00:28:55,600
Speaker 1: stories heard on our three hundred affiliate radio stations around

518
00:28:55,600 --> 00:29:01,200
Speaker 1: the world. I'm Steve polto Scan on ten ten Wins

519
00:29:01,200 --> 00:29:04,000
Speaker 1: in New York. We're talking about how high oil prices

520
00:29:04,080 --> 00:29:09,000
Speaker 1: aren't just making gasoline more expensive. I'm Corney Donahellan keral

521
00:29:09,080 --> 00:29:12,480
Speaker 1: d and Dallas Airlines are urging President bidens and mass

522
00:29:12,480 --> 00:29:15,600
Speaker 1: mandates on planes. I'm Scott car on w c CEO

523
00:29:15,680 --> 00:29:19,200
Speaker 1: in Minneapolis, St. Paul. I'm reporting on supply chain issues,

524
00:29:19,240 --> 00:29:22,560
Speaker 1: meaning General Mills has had to reformulate some products. Mid

525
00:29:22,640 --> 00:29:25,880
Speaker 1: Corey on w w J in Detroit. I'm reporting Michigan

526
00:29:25,920 --> 00:29:31,680
Speaker 1: had its first licensed recreational cannabis consumption label. Yeah, those

527
00:29:31,720 --> 00:29:34,960
Speaker 1: are SABA. These stories are twenties. Seven hundred unger journalists

528
00:29:34,960 --> 00:29:38,200
Speaker 1: and analysts are working on this morning around the world.

529
00:29:38,560 --> 00:29:41,080
Speaker 1: It is now five thirty nine on Wall Street. The

530
00:29:41,120 --> 00:29:45,360
Speaker 1: following is an editorial from Bloomberg Opinion. Russia has been

531
00:29:45,440 --> 00:29:49,240
Speaker 1: hit with unprecedented global sanctions in response to its invasion

532
00:29:49,240 --> 00:29:52,600
Speaker 1: of Ukraine. But couldn't the Russian government use cryptocurrencies to

533
00:29:52,680 --> 00:29:56,400
Speaker 1: dodge those penalties. It's a reasonable concern, but if Russia

534
00:29:56,400 --> 00:30:00,360
Speaker 1: were to try, it might be unpleasantly surprised. It turned

535
00:30:00,400 --> 00:30:03,640
Speaker 1: out crypto isn't as attractive for Monday laundering as it

536
00:30:03,720 --> 00:30:06,680
Speaker 1: used to be. Unlike a banknote, of crypto token retains

537
00:30:06,760 --> 00:30:09,520
Speaker 1: the digital fingerprints of everyone who has ever held it.

538
00:30:09,760 --> 00:30:13,520
Speaker 1: And law enforcement agencies are constantly getting better linking those

539
00:30:13,560 --> 00:30:17,880
Speaker 1: digital fingerprints to people. Still, policymakers can do more to

540
00:30:17,960 --> 00:30:22,080
Speaker 1: prevent sanctions of asion, for example, by demanding token exchanges

541
00:30:22,160 --> 00:30:27,360
Speaker 1: and decentralized crypto platforms report suspicious transactions. Showing up the

542
00:30:27,400 --> 00:30:30,800
Speaker 1: system would make life harder for all sorts of financial criminals.

543
00:30:30,920 --> 00:30:34,160
Speaker 1: It's an opportunity the US and other governments shouldn't pass up.

544
00:30:34,560 --> 00:30:37,480
Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board.

545
00:30:37,640 --> 00:30:40,240
Speaker 1: I'm David Shipley. For more Bloomberg opinion, please go to

546
00:30:40,240 --> 00:30:43,560
Speaker 1: Bloomberg dot com, Slash Opinion or opian go on the

547
00:30:43,560 --> 00:30:48,000
Speaker 1: Bloomberg terminal. This has been Bloomberg Opinion and Bloomberg Opinion

548
00:30:48,080 --> 00:30:50,720
Speaker 1: editorial is gonna be heard every weekday at this time.

549
00:30:50,800 --> 00:30:54,880
Speaker 1: Terminal costomers can read more at opie. I n go

550
00:30:55,440 --> 00:30:57,840
Speaker 1: ahead of the cash open. The Wall Street futures in

551
00:30:57,880 --> 00:31:01,719
Speaker 1: the green today down futures one and fifty two points.

552
00:31:01,760 --> 00:31:03,960
Speaker 1: That's a rise of four tens of a percent, the

553
00:31:04,080 --> 00:31:06,840
Speaker 1: n SMP EMNI futures of twenty seven points, that's the

554
00:31:07,000 --> 00:31:09,600
Speaker 1: rise of six tenths of a percent right now, and

555
00:31:09,640 --> 00:31:12,560
Speaker 1: the nastat features up one hundred and seven points. That's

556
00:31:12,600 --> 00:31:15,360
Speaker 1: up three quarters of a percent. Ten year yield up

557
00:31:15,400 --> 00:31:21,920
Speaker 1: six basis points at two five. This is Bloomberg and

558
00:31:22,040 --> 00:31:25,920
Speaker 1: a Bloomberg weather for meteorologist Rob carolin Forth today occasional rain,

559
00:31:25,960 --> 00:31:29,360
Speaker 1: the high temperature in the mid fifties. Tomorrow's outlook mix

560
00:31:29,440 --> 00:31:32,800
Speaker 1: of sun and clouds, high temperature topic out at around

561
00:31:33,040 --> 00:31:40,440
Speaker 1: sixty degrees. Markets, headlines and breaking news twenty four hours

562
00:31:40,440 --> 00:31:43,400
Speaker 1: a day at Bloomberg dot com, The Bloomberg Business at

563
00:31:43,520 --> 00:31:51,960
Speaker 1: and at Bloomberg Quicktape. This is a Bloomberg Business lash.

564
00:31:53,000 --> 00:31:55,200
Speaker 1: I'm Nathan Hager. This update is brought to you by

565
00:31:55,280 --> 00:31:59,360
Speaker 1: s EI. Today's competitive marketplace requires asset managers to become

566
00:31:59,360 --> 00:32:02,360
Speaker 1: more Operation Sally adept. See how you can transform your

567
00:32:02,360 --> 00:32:05,760
Speaker 1: business with SEIS Global Platform at se i C dot

568
00:32:05,800 --> 00:32:09,560
Speaker 1: com slash i m s. European stocks are pairing their gains.

569
00:32:09,600 --> 00:32:12,600
Speaker 1: Treasuries in the US are extending their slide as investors

570
00:32:12,600 --> 00:32:15,600
Speaker 1: way the risks of rising inflation and the impact of

571
00:32:15,640 --> 00:32:18,280
Speaker 1: the war in Ukraine. The dollar is edging higher. We

572
00:32:18,400 --> 00:32:21,000
Speaker 1: checked the markets every fifteen minutes during the trading day

573
00:32:21,440 --> 00:32:24,960
Speaker 1: on Bloomberg. Right now, SMP futures are up twenty seven

574
00:32:24,960 --> 00:32:28,000
Speaker 1: point staff futures up a hundred fifty four. NASTAC futures

575
00:32:28,000 --> 00:32:30,640
Speaker 1: are higher by a hundred thirteen points. The decks in

576
00:32:30,640 --> 00:32:32,840
Speaker 1: Germany has little changed. The CAC in Paris is up

577
00:32:32,880 --> 00:32:35,440
Speaker 1: two tenths of one percent. The ten your Treasury is

578
00:32:35,480 --> 00:32:38,920
Speaker 1: down sixteen thirty seconds. The yield two point three five percent.

579
00:32:39,200 --> 00:32:41,840
Speaker 1: Yield on the two year is two point one three percent.

580
00:32:42,240 --> 00:32:45,080
Speaker 1: NIMEX screwed is down three tenths per cent, or thirty

581
00:32:45,080 --> 00:32:47,600
Speaker 1: six cents at a hundred fourteen dollars fifty seven cents

582
00:32:47,600 --> 00:32:49,800
Speaker 1: of barrel Comics gold is up a tenth per cent

583
00:32:49,920 --> 00:32:53,280
Speaker 1: or two dollars ten cents at nine seventy announced. The

584
00:32:53,320 --> 00:32:55,880
Speaker 1: euro one point zero nine nine one against the dollar,

585
00:32:55,920 --> 00:32:58,560
Speaker 1: British pound one point one six six. The yen is

586
00:32:58,560 --> 00:33:01,640
Speaker 1: at one one point six three. Bitcoin is hired by

587
00:33:01,760 --> 00:33:04,960
Speaker 1: one and a half percent right around forty three thousand dollars.

588
00:33:05,000 --> 00:33:07,600
Speaker 1: At eight thirty Wall Street time, we get initial jobless

589
00:33:07,600 --> 00:33:10,560
Speaker 1: claims plus durable goods orders. SMP Global p m I

590
00:33:10,680 --> 00:33:13,920
Speaker 1: come out at eleven am. It's the Kansas City Fed

591
00:33:13,960 --> 00:33:18,680
Speaker 1: manufacturing activity. Darden Restaurants is among companies scheduled to report

592
00:33:18,720 --> 00:33:21,960
Speaker 1: earnings today That is a Bloomberg Business Flash and now

593
00:33:22,120 --> 00:33:24,520
Speaker 1: here's Michael Barn with more on what's going on around

594
00:33:24,560 --> 00:33:27,320
Speaker 1: the world. Good morning, Michael, Good morning Nathan. President Joe

595
00:33:27,320 --> 00:33:30,000
Speaker 1: Biden is set to meet allies in Brussels to discuss

596
00:33:30,040 --> 00:33:34,640
Speaker 1: ways to pressure Russian President Vladimir Putin to withdraw forces

597
00:33:34,640 --> 00:33:38,000
Speaker 1: from Ukraine. The discussions come a month after the Russian

598
00:33:38,080 --> 00:33:41,680
Speaker 1: leader ordered troops to invade. North Korea has fired a

599
00:33:41,720 --> 00:33:44,880
Speaker 1: suspected long range missile towards the sea and what would

600
00:33:44,960 --> 00:33:49,480
Speaker 1: be its first such test since tween. New York City

601
00:33:49,520 --> 00:33:53,440
Speaker 1: Mayor Eric Adams will announce today that he's exempting athletes

602
00:33:53,680 --> 00:33:57,560
Speaker 1: and performers from the city's vaccine mandate for private workers.

603
00:33:57,880 --> 00:34:00,680
Speaker 1: The move will allow Brooklyn Nets stark I Ree Irving

604
00:34:00,880 --> 00:34:04,280
Speaker 1: to play at home games and let unvaccinated baseball players

605
00:34:04,320 --> 00:34:07,960
Speaker 1: take the field when their season begins NBA games, The

606
00:34:08,040 --> 00:34:10,960
Speaker 1: Nets lost the Knicks and Celtics won in the NHL.

607
00:34:11,080 --> 00:34:14,040
Speaker 1: The Devil's Lost. Global News twenty four hours a day

608
00:34:14,120 --> 00:34:17,200
Speaker 1: on airand on Bloomberg Quick Take, powered by more than

609
00:34:17,280 --> 00:34:19,920
Speaker 1: twenty seven hundred journalist and analyist more than a hundred

610
00:34:19,920 --> 00:34:23,200
Speaker 1: twenty countries. Michael Lauren, This is Bloomberg. John, Michael, thank you.

611
00:34:23,280 --> 00:34:25,799
Speaker 1: Coming up on five fifty on Wall Street. This is

612
00:34:25,800 --> 00:34:29,919
Speaker 1: Bloomberg Daybreak. I'm John Tucker. Let's talk interest rates now

613
00:34:30,040 --> 00:34:32,800
Speaker 1: and the path they had for the Federal Reserve Chair

614
00:34:33,200 --> 00:34:35,759
Speaker 1: J Powell has opened the door to a half a

615
00:34:35,920 --> 00:34:38,720
Speaker 1: point of rate high cap as Central Bank's next meeting,

616
00:34:38,800 --> 00:34:41,480
Speaker 1: and it looks like other Fed officials are getting on

617
00:34:41,560 --> 00:34:44,200
Speaker 1: board with that idea. Let's get the view from San

618
00:34:44,239 --> 00:34:47,680
Speaker 1: Francisco FED President Mary Danley Now. She sat down for

619
00:34:47,719 --> 00:34:50,759
Speaker 1: an interview with Bloomberg's Michael McKee yesterday, and here's what

620
00:34:50,840 --> 00:34:53,919
Speaker 1: she had to say. The traditional way that we've done

621
00:34:53,960 --> 00:34:56,200
Speaker 1: it over the last couple of decades is you raise

622
00:34:56,280 --> 00:34:59,000
Speaker 1: the interest rate, you RESTU meeting, You raise the interest rate,

623
00:34:59,000 --> 00:35:01,880
Speaker 1: your RESTU meet h And it's really that gradual approach

624
00:35:01,920 --> 00:35:04,359
Speaker 1: that was meant to see what's going on and then

625
00:35:04,880 --> 00:35:09,080
Speaker 1: make adjustments. But the SEP medium was seven increases in

626
00:35:09,239 --> 00:35:12,720
Speaker 1: two and that suggests quite a bit of front loading

627
00:35:12,760 --> 00:35:16,239
Speaker 1: on policy. And I'll remind people if i'm may that

628
00:35:16,400 --> 00:35:19,200
Speaker 1: we're also going to make balance sheet adjustments and as

629
00:35:19,239 --> 00:35:21,440
Speaker 1: early as in the main meeting, but that hasn't been

630
00:35:21,440 --> 00:35:24,880
Speaker 1: decided completely yet. But that's another you know, that's generally

631
00:35:25,120 --> 00:35:28,839
Speaker 1: considered an equivalent to at least another rate hike. And then,

632
00:35:29,000 --> 00:35:31,400
Speaker 1: and this is something we often don't talk about either.

633
00:35:31,920 --> 00:35:34,680
Speaker 1: We're making these adjustments at the same time other central

634
00:35:34,680 --> 00:35:38,040
Speaker 1: banks across the globe are making similar types of adjustments

635
00:35:38,040 --> 00:35:40,920
Speaker 1: tightening policy. So we could get a lot of tightening

636
00:35:40,960 --> 00:35:44,600
Speaker 1: and financial conditions globally, and that is something we have

637
00:35:44,719 --> 00:35:47,360
Speaker 1: to think about. So I do think relative to previous

638
00:35:47,480 --> 00:35:50,120
Speaker 1: periods of tightening, this is quite a bit of front loading,

639
00:35:50,239 --> 00:35:53,759
Speaker 1: just as the SEP has indicated. Chairman Powell said on

640
00:35:53,840 --> 00:35:56,600
Speaker 1: Monday that he's open to a fifty basis point move

641
00:35:56,640 --> 00:35:58,839
Speaker 1: at the next meeting, and the market is certainly taking

642
00:35:58,920 --> 00:36:02,120
Speaker 1: him at his word. Are you willing to support that?

643
00:36:03,440 --> 00:36:06,160
Speaker 1: I think the data will tell us whether fifty basis

644
00:36:06,200 --> 00:36:09,440
Speaker 1: points or basis points in the balance sheet is the

645
00:36:09,520 --> 00:36:12,040
Speaker 1: right recipe or fifty basis points in the balance sheet.

646
00:36:12,080 --> 00:36:14,719
Speaker 1: These are all the tactics of how we get the

647
00:36:14,760 --> 00:36:17,879
Speaker 1: policy rate adjusted, and the data will help guide us

648
00:36:17,960 --> 00:36:19,680
Speaker 1: if and I and so I would hate to front

649
00:36:19,760 --> 00:36:23,960
Speaker 1: run those deliberations, but I will absolutely um confirm what

650
00:36:24,040 --> 00:36:26,960
Speaker 1: you know Jay chair Polls confirmed for himself, which is

651
00:36:27,000 --> 00:36:29,640
Speaker 1: that I have everything on the table right now. If

652
00:36:29,680 --> 00:36:31,600
Speaker 1: we need to do fifty fifties, what we'll do. If

653
00:36:31,600 --> 00:36:33,960
Speaker 1: we need to do twenty five and balance sheet, that's

654
00:36:34,000 --> 00:36:36,520
Speaker 1: what we'll do. But the data will help us determine

655
00:36:36,840 --> 00:36:40,520
Speaker 1: how much is necessary. The important thing I think everybody

656
00:36:40,680 --> 00:36:43,840
Speaker 1: would listening would like to know is that we're committed

657
00:36:44,080 --> 00:36:47,120
Speaker 1: to moving the policy rate in alignment with what the

658
00:36:47,160 --> 00:36:49,560
Speaker 1: economy needs, and right now it doesn't need all the

659
00:36:49,560 --> 00:36:53,279
Speaker 1: extraordinary support that we've been offering. What do you think

660
00:36:53,320 --> 00:36:55,640
Speaker 1: the war in Ukraine is going to do to the

661
00:36:55,680 --> 00:36:59,800
Speaker 1: global and US economies? Uh? We had Christopher Waller, governor

662
00:37:00,520 --> 00:37:03,960
Speaker 1: on the board, say that he didn't vote for fifty

663
00:37:04,000 --> 00:37:07,799
Speaker 1: basis points last time because he was unsure. But Jim

664
00:37:07,800 --> 00:37:10,560
Speaker 1: Bullard told me yesterday, we can't wait to find out.

665
00:37:10,640 --> 00:37:13,120
Speaker 1: We have to We have to act now. What do

666
00:37:13,160 --> 00:37:16,520
Speaker 1: you think? So when I look at the you and

667
00:37:16,560 --> 00:37:18,440
Speaker 1: I put a couple of risks in front of people,

668
00:37:18,560 --> 00:37:22,719
Speaker 1: so that the invasion of Ukraine and the ensuing difficulties. Um, first,

669
00:37:22,800 --> 00:37:24,920
Speaker 1: my heart goes out to the Ukrainian people, but I

670
00:37:24,920 --> 00:37:27,520
Speaker 1: should think about the effects on the economy. You know

671
00:37:27,600 --> 00:37:30,760
Speaker 1: that it is definitely a global headwind on the US,

672
00:37:30,960 --> 00:37:33,319
Speaker 1: in the US, but the domestic economy. I see it

673
00:37:33,360 --> 00:37:36,840
Speaker 1: as mostly a risk to inflation, further upward pressure on

674
00:37:36,840 --> 00:37:39,760
Speaker 1: on prices gasoline, He's already seen it at the gas pumps,

675
00:37:39,760 --> 00:37:43,080
Speaker 1: but also other commodity prices, which ultimately are inputs to

676
00:37:43,880 --> 00:37:46,840
Speaker 1: goods that we are already finding high prices for. So

677
00:37:46,880 --> 00:37:49,319
Speaker 1: I certainly think it's an upside risk to inflation. I've

678
00:37:49,320 --> 00:37:52,879
Speaker 1: factored that in, and I think it's a modest risk

679
00:37:52,960 --> 00:37:55,960
Speaker 1: to growth, but not the kind that would produce anything

680
00:37:56,000 --> 00:37:59,000
Speaker 1: like stag inflation, because again, we're not We're a net

681
00:37:59,000 --> 00:38:02,640
Speaker 1: oil exporter right now, and so when bryce's rise, production

682
00:38:02,680 --> 00:38:06,040
Speaker 1: in the US also increases, and we get that offset

683
00:38:06,080 --> 00:38:08,600
Speaker 1: on growth, but we you know, this is a big

684
00:38:08,680 --> 00:38:11,759
Speaker 1: uncertainty shock. And then you also have this happening when

685
00:38:11,760 --> 00:38:14,600
Speaker 1: it's clear that COVID is not completely behind us. That

686
00:38:14,760 --> 00:38:17,640
Speaker 1: was San Francisco FED President Mary Daily speaking with Bloomberg

687
00:38:17,719 --> 00:38:20,960
Speaker 1: Michael McKee from the Bloomberg Equality Somebody yesterday. Right now,

688
00:38:21,000 --> 00:38:23,080
Speaker 1: markets pricing at a rate hike from the FED at

689
00:38:23,239 --> 00:38:25,719
Speaker 1: every one of the Central banks meetings this year. FED

690
00:38:25,800 --> 00:38:30,080
Speaker 1: officials issue the next policy decision May fourth. Nathan, all right, John,

691
00:38:30,080 --> 00:38:31,880
Speaker 1: thanks want to passed along a red headline just across

692
00:38:31,880 --> 00:38:34,480
Speaker 1: the Bloomberg terminal. The world's leading economic powers plan to

693
00:38:34,480 --> 00:38:38,560
Speaker 1: warn Russian President Vladimir Putin against using chemical or nuclear

694
00:38:38,600 --> 00:38:41,640
Speaker 1: weapons in Ukraine. That is, according to a draft statement

695
00:38:41,680 --> 00:38:44,360
Speaker 1: the Group of Seven plans to issue today. President Biden

696
00:38:44,480 --> 00:38:47,480
Speaker 1: is in Brussels for summits with NATO, the G seven,

697
00:38:47,560 --> 00:38:50,640
Speaker 1: and the European Union. It's now five fifty four on

698
00:38:50,680 --> 00:38:53,160
Speaker 1: Wall Street. Time for our Bloomberg Law report. Let's gait

699
00:38:53,200 --> 00:38:55,400
Speaker 1: to the legal stories we're watching this morning with Bloomberg's

700
00:38:55,440 --> 00:39:01,200
Speaker 1: Jeff Balinger, and that for the SE group is petitioning

701
00:39:01,239 --> 00:39:04,080
Speaker 1: the Biden administration to take a direct hand in lowering

702
00:39:04,160 --> 00:39:07,880
Speaker 1: drug prices and increasing access. Buiser's COVID pill and a

703
00:39:07,960 --> 00:39:11,480
Speaker 1: Askar Zeneca asthma drug are among the group's targets. Judge

704
00:39:11,480 --> 00:39:14,240
Speaker 1: Allison Nathan has been confirmed to the New York based

705
00:39:14,239 --> 00:39:18,000
Speaker 1: Federal Appeals Court. Judge Nathan oversaw the sex trafficking case

706
00:39:18,040 --> 00:39:21,360
Speaker 1: of Gilly Maxwell. A federal court in Ohio rejected a

707
00:39:21,400 --> 00:39:24,560
Speaker 1: Biden administration requests for more time to shift away from

708
00:39:24,600 --> 00:39:29,239
Speaker 1: immigration policies that prioritized who could be arrested and deported

709
00:39:29,400 --> 00:39:34,240
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,

710
00:39:34,400 --> 00:39:39,040
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more

711
00:39:39,080 --> 00:39:42,239
Speaker 1: at Bloomberg Law dot com. Now, the big legal story

712
00:39:42,239 --> 00:39:44,960
Speaker 1: We're watching brings us to Capitol Hill, where Judge Ktanji

713
00:39:45,000 --> 00:39:47,640
Speaker 1: Brown Jackson has held her own against a barrage of

714
00:39:47,640 --> 00:39:51,120
Speaker 1: Republican attacks centering on crime and race. She is inching

715
00:39:51,160 --> 00:39:53,680
Speaker 1: closer to becoming the first black woman on the Supreme

716
00:39:53,719 --> 00:39:57,920
Speaker 1: Court after two marathon days of testimony before the Senatejydiciary Committee.

717
00:39:58,080 --> 00:40:01,239
Speaker 1: For more on Judge Jackson's confirmation, Shann Hearing Bloomberg's June

718
00:40:01,239 --> 00:40:05,080
Speaker 1: Grosso speaks with Gloria Brown Marshall, Professor of Constitutional law

719
00:40:05,120 --> 00:40:08,160
Speaker 1: at John j College of Criminal Justice. Tell us how

720
00:40:08,280 --> 00:40:12,439
Speaker 1: you think Judge Jackson has handled herself through all these

721
00:40:12,440 --> 00:40:16,920
Speaker 1: hours of hearings. I think Judge Jackson has shown grace

722
00:40:17,080 --> 00:40:21,879
Speaker 1: under pressure and she has handled herself with spectacular patients

723
00:40:21,920 --> 00:40:25,640
Speaker 1: given the type of political gabbings that are going on

724
00:40:25,840 --> 00:40:29,680
Speaker 1: between the parties using this platform to get back at

725
00:40:29,680 --> 00:40:33,680
Speaker 1: each other for veiled nominees in the past, such as

726
00:40:33,840 --> 00:40:37,960
Speaker 1: Robert Bourke, and the treatment has been alleged by the

727
00:40:38,080 --> 00:40:42,480
Speaker 1: Republicans as being fraught with all types of political intrigue

728
00:40:42,600 --> 00:40:46,399
Speaker 1: with Kavanov and even Clarence Thomas. So I think they're

729
00:40:46,400 --> 00:40:49,480
Speaker 1: taking out past grudges on each other and using this

730
00:40:49,560 --> 00:40:52,480
Speaker 1: platform and using her, and under all of that pressure,

731
00:40:52,560 --> 00:40:55,560
Speaker 1: she is taking it extremely well. I think most of

732
00:40:55,600 --> 00:40:57,360
Speaker 1: us would not be able to take this kind of

733
00:40:57,400 --> 00:41:01,360
Speaker 1: abuse of the record and personal talks about her and

734
00:41:01,520 --> 00:41:05,879
Speaker 1: hobbling criminals and people who possess child pornography and keep

735
00:41:05,880 --> 00:41:08,960
Speaker 1: a level head. But she's been showing herself through this

736
00:41:09,160 --> 00:41:13,680
Speaker 1: entire time. There's been a concerted effort by Republicans to

737
00:41:13,760 --> 00:41:17,239
Speaker 1: paint the judge as soft on crime. Five senators in

738
00:41:17,280 --> 00:41:21,280
Speaker 1: particular questioned her over and over and over again about

739
00:41:21,320 --> 00:41:25,200
Speaker 1: what they called her lenient sentencing of a defendant convicted

740
00:41:25,239 --> 00:41:29,960
Speaker 1: of having child porn. She's written as a distreccort judge

741
00:41:29,960 --> 00:41:33,160
Speaker 1: and as the pilt court judge. I believe nearly six

742
00:41:33,239 --> 00:41:37,200
Speaker 1: hundred opinions maybe more. And so the job of people

743
00:41:37,239 --> 00:41:41,040
Speaker 1: who want to oppose her domination or tank her before

744
00:41:41,080 --> 00:41:43,520
Speaker 1: she has sends to the bench is to find the

745
00:41:43,640 --> 00:41:47,600
Speaker 1: most scandalous controversial things in her record and just keep

746
00:41:47,719 --> 00:41:49,880
Speaker 1: saying it over and over again. It was successful. For

747
00:41:49,920 --> 00:41:52,520
Speaker 1: Donald Trump, and so they're trying to make it successful

748
00:41:52,520 --> 00:41:55,319
Speaker 1: for them. There's conservatives then once again playing to their

749
00:41:55,360 --> 00:41:58,640
Speaker 1: base to try to get those conservative voters to vote

750
00:41:58,640 --> 00:42:00,680
Speaker 1: for them in the midterm election. I think it's a

751
00:42:00,760 --> 00:42:05,480
Speaker 1: political ploy and I think it's dandalous. But these are politicians,

752
00:42:05,600 --> 00:42:08,359
Speaker 1: so they know how to play dirty, and trying to

753
00:42:08,440 --> 00:42:11,360
Speaker 1: use critical race theory is throwing meat to the lions.

754
00:42:11,640 --> 00:42:14,200
Speaker 1: You know, a politicians will use any type of ammunition

755
00:42:14,239 --> 00:42:16,680
Speaker 1: to throw mud when mud is necessary in their in

756
00:42:16,719 --> 00:42:19,640
Speaker 1: their minds. That's Professor Gloria Brown Marshall of John j

757
00:42:19,800 --> 00:42:23,040
Speaker 1: College of Criminal Justice speaking with Bloomberg's June Grosso. You

758
00:42:23,080 --> 00:42:25,680
Speaker 1: can catch more of that interview plus analysis of the

759
00:42:25,760 --> 00:42:28,600
Speaker 1: latest legal news by listening to the Bloomberg Law Show

760
00:42:28,600 --> 00:42:30,879
Speaker 1: at ten pm Eastern Time on Bloomberg Radio, or by

761
00:42:30,880 --> 00:42:34,000
Speaker 1: subscribing to the Bloomberg Law Podcast. And attorneys can find

762
00:42:34,000 --> 00:42:37,600
Speaker 1: exceptional legal research and business development tools at Bloomberg Law

763
00:42:37,719 --> 00:42:40,760
Speaker 1: dot com. Sup features up twenty five point, staff features

764
00:42:40,800 --> 00:42:43,279
Speaker 1: up a hundred forty six, DANSTA futures up ninety seven

765
00:42:43,280 --> 00:42:46,080
Speaker 1: points to ten, Your treasury yield two point three six

766
00:42:46,280 --> 00:42:48,600
Speaker 1: per cent. This is Bloomberg