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Speaker 1: Life from the Bloomberg Interactive Brooker Studios is Bloomberg day

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Speaker 1: Break for Friday, November four two. Coming up this hour.

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Speaker 1: Wall Street braces for the October jobs report. Apple is

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Speaker 1: the latest company to put the brakes on hiring. Twitter

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Speaker 1: plans job cuts today as it gets hit by a

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Speaker 1: class action lawsuit over the firings, and Donald Trump gives

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Speaker 1: his strongest signal yet that he plans to run for

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Speaker 1: president in the NYPD as the rest of the suspect

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Speaker 1: in the rape of a Manhattan jogger clus, New Jersey

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Speaker 1: Governor Murphy warns of a credible threat to synagogues. Michael

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Speaker 1: blar more ahead, I'm John stash Our in Sports at

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Speaker 1: Kyrie Irving suspension followed by an apology. The Astros beat

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Speaker 1: the Phillies to take the lead in the world Series.

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Speaker 1: That's All Train Ahead on Bloomberg day Break on Bloomberg

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Speaker 1: e Living three on New York, Bloomberg one, Washington, d C,

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Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and

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Speaker 1: Francisco Sirius XAM one nineteen and around the World Old

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Speaker 1: on Bloomberg Radio dot Com and Vio, the Bloomberg Business

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Speaker 1: app good morning. I'm Nathan Hacker and I'm Karen Moscow,

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Speaker 1: and US DOT index futures are higher this morning. We're

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Speaker 1: coming up to five and one on Wall Street, and

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Speaker 1: we checked the markets every fifteen minutes throughout the trading day.

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Speaker 1: On bloomberg S ANDP futures up nineteen points this morning,

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Speaker 1: Down futures of one twenty eight and NASDACK futures up

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Speaker 1: sixty four. The decks in Germany's up nine tenths per cent.

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Speaker 1: Tenure treasury of four thirty seconds, you'll four point one

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Speaker 1: two percent, and they yield on the two year four

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Speaker 1: point seven three percent, and nine X screwed oil is

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Speaker 1: up two point four percent, Nathan, Karen. A busy week

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Speaker 1: on the economic calendar wraps up this morning with the

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Speaker 1: October jobs report. Economists forecast the gain of a hundred

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Speaker 1: ninety five thousand jobs with an unemployment rate of three

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Speaker 1: point six percent. Let's get a preview now from Bloomberg's

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Speaker 1: Michael McKee. Today's jobs figures could have a major impact

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Speaker 1: on markets, but likely only if they come in stronger

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Speaker 1: than forecast. The Fed is looking for deceleration, and if

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Speaker 1: we get slower job creation at a higher unemployment rate

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Speaker 1: that would be perceived as good news. Fed policymakers expect

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Speaker 1: the job less rate to rise, but though they've raised

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Speaker 1: the nation's benchmark interest rate by three seventy five basis

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Speaker 1: points this year, so far, it hasn't budged stronger than forecast.

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Speaker 1: Numbers would suggest. The Fed has to raise rates higher

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Speaker 1: than markets currently expect, and there would be a rush

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Speaker 1: to reprice. Still, with three inflation reports and another job's

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Speaker 1: number before the Fed meets again, any big reaction today

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Speaker 1: may be short lived. Michael McKee, Bloomberg Daybreak. All right, Mike,

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Speaker 1: thank you. We'll have complete coverage and analysis of the

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Speaker 1: job's report. It comes out at eight thirty am Wall

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Speaker 1: Street Time. An hour after that, we will speak live

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Speaker 1: with Labor Secretary Marty Walshan Bloomberg Radio and Television. Well, Nathan,

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Speaker 1: we're seeing more tech companies pull back on hiring. The

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Speaker 1: latest evidence of that is at Apple, the iPhone maker

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Speaker 1: is hitting pause on most positions outside of research and development.

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Speaker 1: We get a story from Bloomberg's Turley Pillet. Sources say

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Speaker 1: it's an escalation of an existing plan to reduce budgets

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Speaker 1: heading into next year. Apple joins other technology giants in

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Speaker 1: tapping the brakes on hiring a response to sluggish consumer

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Speaker 1: spending and higher interest rates. The iPhone maker has fair

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Speaker 1: better than many tech peers this year, but it's still

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Speaker 1: facing an industry wide slowdown for smartphones and computers. In

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Speaker 1: a statement, Apple said it does continue to hire, quote,

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Speaker 1: but given the current economic environment, we're taking a very

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Speaker 1: deliberate approach in some parts of the business. In New York.

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Speaker 1: Charlie Pellett Bloomberg PayBreak, All right, Charlie, thanks, and Twitter

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Speaker 1: plans to start cutting staff today, as we've been reporting.

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Speaker 1: New owner Elon Musk plans to eliminate half the people

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Speaker 1: who work at the social media platform. Those planned layoffs

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Speaker 1: that now prompted a class action lawsuit accuses Twitter of

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Speaker 1: violating a federal law that requires at least sixty days

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Speaker 1: notice before mass firings. Well, the hiring squeeze isn't just

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Speaker 1: in the tech sector. Nathan Coca Cola is offering voluntary

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Speaker 1: ehyouts to some of its staff in North America. The

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Speaker 1: beverage maker currently employs about six thousand people on the continent.

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Speaker 1: Coke is not saying which positions are, how many will

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Speaker 1: be affected, or eliminated. O, Karen, you might call this

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Speaker 1: job news of a political kind. Former President Donald Trump

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Speaker 1: is sending his strongest signal yet that he plans to

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Speaker 1: run for the White House again. In Amy Morris has

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Speaker 1: the details from our Bloomberg nine newsroom in Washington. Trump

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Speaker 1: has teased for months that he plans to make another

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Speaker 1: White House run, but during last night's rally in Iowa,

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Speaker 1: he all but declared his candidacy. In order to make

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Speaker 1: our country successful and safe and glorious, I will very,

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Speaker 1: very very probably do it again. Okay. His former advisor,

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Speaker 1: Kelly and Conway, says she expects Trump to announce soon,

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Speaker 1: likely after Tuesday's elections. The rally was billed as an

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Speaker 1: event supporting Republican Senator Chuck Grassley and other endorsed candidates.

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Speaker 1: It also happens to be the state that holds the

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Speaker 1: first presidential caucuses. Trump is also scheduled to hold rallies

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Speaker 1: in Pennsylvania, Florida, and Ohio in Washington, I'm Amy Morris,

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Speaker 1: Bloomberg Daybreak. All right, Amy, thank you, while we turned

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Speaker 1: back to the markets. Now. Johnson Asia rose overnight as

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Speaker 1: Chinese tex shares rebounded more than ten percent. We get

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Speaker 1: to recap from Bloomberg's Juliet Sally in Singapore, Good Morning, Juliet,

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Speaker 1: Good morning, Nathan and Karen. The m s c I

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Speaker 1: Asia Pacific Index headed for its biggest weekly jump since July,

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Speaker 1: as Chinese assets rallied amid investors speculation Beijing may roll

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Speaker 1: back it's COVID zero policy. Chinese stocks listed in Hong

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Speaker 1: Kong had their best week since twenty eleven. The off

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Speaker 1: show you Un jumped more than one percent against the dollar,

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Speaker 1: but Japanese ses were Dragon Asia as investors in Tokyo

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Speaker 1: played catch up after Thursday's holiday in Singapore Juliette Sally

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Speaker 1: Bloomberg Daybreak, Juliet Thanks In Europe, Britain's headed for a

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Speaker 1: deep recession that could lead to more than a half

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Speaker 1: million people losing their jobs. That was the Bank of

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Speaker 1: England's message yesterday as it raised interest rates by seventy

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Speaker 1: five bases points to a fourteen year high of three percent.

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Speaker 1: BOE govern Or Andrew Bailey's defending the rate hike. But

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Speaker 1: the fact that we've done something to five today nobody

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Speaker 1: should read into it. That's the new norm. I don't

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Speaker 1: think you know people we should surprised when they see that. Yeah,

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Speaker 1: we're the fellow looking at things through slight different lenses.

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Speaker 1: Bank of England Governor Andrew Bailey made the comments in

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Speaker 1: an interview with Bloomberg's Trancy Lakwax. Hear more of that

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Speaker 1: conversation a little later in the program. Well back here

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Speaker 1: in the US, Nathan, New York City's new pay transparency

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Speaker 1: law has a blind spot Will Street bonuses. The new

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Speaker 1: law requires local employers to make a best estimate of

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Speaker 1: their salary range and job postings. The idea is it

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Speaker 1: will give candidates a stronger hand in negotiating compensation, but

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Speaker 1: bonuses are exempt from the law even though they make

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Speaker 1: up the bulk of Wall Street pay. All right, let's

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Speaker 1: look at some stocks that may be on the move

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Speaker 1: on Wall Street today, Karen right now. Shares of Starbucks

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Speaker 1: are up more than two and a half percent in

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Speaker 1: early training, the company reported sales that exceeded expectations. Pay

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Speaker 1: Pal shares are down seven percent. The payment platform trimmed

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Speaker 1: its forecast annual revenue. I made a slowdown and spending growth,

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Speaker 1: and shares of Block are higher by fourteen percent. The

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Speaker 1: company formerly known as Square, reported revenue above analyst estimates.

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Speaker 1: Futures are higher ahead of the job's report. S and

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Speaker 1: P futures up sixteen points, dastack futures of fifty nine.

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Speaker 1: Straight ahead, your latest local headlines, and a check of sports.

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Speaker 1: This is Bloomberg and it's now five oh seven on

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Speaker 1: Wall Street where fifty three degrees in Central Park got

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Speaker 1: an accident northbound New Jersey Turnpike before exit eleven. More

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Speaker 1: coming up in traffic. First, Michael Bars here with what

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

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Speaker 1: Good Friday morning, Michael, Good morning, Nathan. The NYPD says

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Speaker 1: a man with more than a dozen prior arrests has

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Speaker 1: been taken into custody for allegedly raping a woman on

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Speaker 1: a jogging path along the Hudson River in Manhattan's Lower

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Speaker 1: West Side yesterday. The victim was able to flag down

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Speaker 1: another jogger for help after the incident. She was bleeding

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Speaker 1: on her arms and she was wearing any shoes. Her

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Speaker 1: clothes were kind of torn up, but I could tell

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Speaker 1: that they workout, police say. After the attack, the suspect,

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Speaker 1: Carl Faynard, took the victim's wallet and was arrested at

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Speaker 1: a Target store using the victim's card. The mid term

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Speaker 1: elections will be held this Tuesday across the country, with

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Speaker 1: many tight races that will decide the balance of power

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Speaker 1: in Congress. Republican Congressman Andy Barr of Kentucky people are

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Speaker 1: ready for a big change. I anticipate a red tidal

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Speaker 1: wave election. I'm not just here in Kentucky, but around

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Speaker 1: the country in battleground districts for the control of the Congress.

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Speaker 1: I anticipate a not only the voters will make a

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Speaker 1: change in the majority and put Republicans in charge, but

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Speaker 1: it's gonna be a big win Congressman bar On Bloomberg's

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Speaker 1: balance of power. The race in Pennsylvania is being watched

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Speaker 1: very closely, as Democrat John Fetterman and Republican Memit Oz

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Speaker 1: are neck and neck according to the latest polls. It

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Speaker 1: could determine the control of the U. S. Senate. Meanwhile,

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Speaker 1: Oprah Winfrey, who helped make Dr Oz a household name

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Speaker 1: on TV, says she is backing Fetterman in the race.

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Speaker 1: The race for New York's eighteenth congressional district is also

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Speaker 1: being watched. Democratic Congressman Pat Ryan is up against New

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Speaker 1: York Republican Assemblyman Colin Schmidt. Ryan talked about abortion and

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Speaker 1: the Supreme Court overturning bro v. Wade. Unequivocally, it is

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Speaker 1: one of the It's not the only issue, of course,

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Speaker 1: but is one of the most salient issues that people

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Speaker 1: are rightly outraged that fellow Americans fundamental rights and freedoms

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Speaker 1: were ripped away. Colin Schmidt, the issues that are playing

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Speaker 1: out here are the economy and crime. That is the

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Speaker 1: main two issues. They're almost tied in importance to the

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Speaker 1: voters when we hear about it. Schmidt and Ryan spoke

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Speaker 1: on sound On, which airs at five pm on Bloomberg.

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Speaker 1: Governor Phil Murphy says authorities are closely monitoring a credible

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Speaker 1: threat to New Jersey synagogues. The word on what information

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Speaker 1: officials had received Global News twenty four hours a day

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Speaker 1: on air and on Bloomberg Quicktake, powered by more than

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Speaker 1: twenty seven hundred journalists and mentalists more than a hundred

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Speaker 1: twenty countries. Michael Varre and this is Bloomberg names it alright, Michael,

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Speaker 1: Thank you. Ton Up to five ten on Wall Street

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Speaker 1: time for the Bloomberg Sports Update, brought you by Tri

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Speaker 1: State OUTI. Good morning, John Stans shower. Alright, Good morning, Nathan.

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Speaker 1: Another eventful day in the life of Kyrie Irving. It

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Speaker 1: began at NETS practice, after which Irving met the media

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Speaker 1: for the first time since last Saturday. He said plenty,

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Speaker 1: as he often does, but like last Saturday, had no

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Speaker 1: time to he apologize for that posting of the anti

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Speaker 1: Semitic video, and that angered nbah Mischid or Adam Silver

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Speaker 1: and it angered the NETS, who suspended Irving for at

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Speaker 1: least five games, they said, until he satisfies a series

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Speaker 1: of measures. Four hours later, there was an apology in

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Speaker 1: an online post. So it's not known if Kyrie will

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Speaker 1: play for the next tonight in Washington at the World Series.

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Speaker 1: After games there were seven nothing in five nothing which

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Speaker 1: was a no hit or a tight Game five in Philadelphia,

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Speaker 1: the Astros scored on the fourth pitch at the top

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Speaker 1: of the first and in the Philly scored on Justin

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Speaker 1: Burlander's second pitch at the bottom. A Kyle Schwarber home

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Speaker 1: run won one on the four. Here's the two two

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Speaker 1: swinning and it drive down the left. Film Lins Warmer back,

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Speaker 1: he's on the warning track and that is out of air.

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Speaker 1: Jeremy Paania over and out. Yeah, Stros lead to to

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Speaker 1: one has Paenia shoots the ray bow to lay the

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Speaker 1: called Penia. The rookie shorts that three hits drove into

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Speaker 1: Astros beat the Phillies three two, with verland Or finally

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Speaker 1: getting the World Series win. He was owing six for

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Speaker 1: the six d r A game six tomorrow night in Houston.

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Speaker 1: Also Philadelphia versus Houston in the NFL, Eagles stay undefeated,

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Speaker 1: winning seventeen At the Garden, Rangers welcomed in the NHL's

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Speaker 1: best team. Bruins won five to their ten and one.

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Speaker 1: Isles and Islanders and Devils both won on the road.

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Speaker 1: They both won five in a row. Johns Gash were

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Speaker 1: bloombrook Sports Nathan, thank you john SMP. Futures right now

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Speaker 1: up seventeen points, South Futures up a hundred twelve dance

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Speaker 1: that futures up sixty points. On this Job's Friday, will

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Speaker 1: preview October payrolls next with Jennifer Lee, senior economists at

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Speaker 1: BEMO Capital Markets. This is Bloomberg. The Bloomberg Sports Report

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Speaker 1: for more information, markets, headlines and breaking news twenty four

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Speaker 1: Out and at Bloomberg Quick Tape is a Bloomberg Business

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Speaker 1: Flash and I'm Karen Moscow. Global equities are trimming a

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Speaker 1: weekly losses. Chinese shares a surge amid science that authorities

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Speaker 1: are trying harder to ease the impact of its COVID

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Speaker 1: zero policy. Treasuries are well, they're higher after before rather

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Speaker 1: today's jobs data. We checked the markets every fifteen minutes

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Speaker 1: throughout the trading day on Bloomberg Guess and P futures

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Speaker 1: of twenty five points now, futures of one hundred sixty

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Speaker 1: one and NASDAG features have eighty five The decks in

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Speaker 1: Germany's up went and a quarter percent. Ten year treasury

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Speaker 1: up four thirty seconds, the yield four point one two percent,

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Speaker 1: and they yield in the two year four point seven

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Speaker 1: four percent. Nine ex scrude oil is up two point

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Speaker 1: eight percent, up two dollars forty three cents at ninety

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Speaker 1: dollars sixty cents a barrel co make school that wanted

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Speaker 1: a third percent or twenty two dollars twenty cents at

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Speaker 1: sixty and fifty three twenty announced the euro point nine

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Speaker 1: one against the dollar. British found one point one to

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Speaker 1: four one and the end one forty seven point six eight.

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Speaker 1: And bitcoin is a one point eight percent at twenty thousand,

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Speaker 1: six hundred dollars. And we do get that October jobs

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Speaker 1: data out at eight thirty Well Street time. That's a

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Speaker 1: Bloomberg business flash. Now Here is Michael Barr with more

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

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Speaker 1: Good morning, ker and former President Donald Trump sent the

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Speaker 1: strongest signal yet that he plans to run again in

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Speaker 1: four the pre eruction ruction rally in Sioux City, Iowa.

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Speaker 1: Trump falsely claimed again that the election was rigged. In

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Speaker 1: the NBA, y Kyrie Irving, the point guard for the

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Speaker 1: Brooklyn Nets franchise, has apologized after being suspended from playing

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Speaker 1: for failing to disavow anti Semitism when he was given

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Speaker 1: an opportunity to do so. As for the games, the

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Speaker 1: Warriors lost, the Astros are a game away from winning

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Speaker 1: the World Series. In Game five, used to beat the

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Speaker 1: Phillies three to Thursday Night football, the Eagles down the

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Speaker 1: Texans twenty nine and seventeen. In the NHL, the Bruins

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Speaker 1: beat the Rangers three one. The Islanders and Devils won

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Speaker 1: the Capitol's Lost. Global news twenty four hours a day

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Speaker 1: on here and on Bloomberg Quickdake, powered by more than

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Speaker 1: twenty seven hundred journalist analysts more than twenty countries. Michael

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Speaker 1: bar this is Bloomberg, Nathan, Michael, Thank you. It is

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Speaker 1: five nineteen on Wall Street Live from the Bloomberg Intractor

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Speaker 1: Broker Studios. This is Bloomberg Day breaking before we get

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Speaker 1: that October payrolls data at eight thirty Wall Street time.

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Speaker 1: We are joined early this morning by Jennifer Lee, senior

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Speaker 1: economist at PEMO Capital Markets, getting ready for the data

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Speaker 1: and looking ahead to what it may mean for this

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Speaker 1: federal reserve. Jen good morning. You look at the screen

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Speaker 1: and it's calling for further moderation in the job market.

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Speaker 1: What are you looking for this morning? Good morning, I'm

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Speaker 1: doing my jumping Jack's ahead of I saw this very good,

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Speaker 1: So you know that we're we're definitely looking at an

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Speaker 1: interesting times when you know when the market is hoping

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Speaker 1: for a week JOP supports, but you know, obviously that

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Speaker 1: is what what is needed. It's almost like a Goldilock scenario, right,

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Speaker 1: you don't want you want it to be not too

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Speaker 1: hot but not too cold. But you know, I think

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Speaker 1: we're a little bit low consensus with our call for

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Speaker 1: about eighty thousand jobs, but that's still you know, back

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Speaker 1: to long run norms and uh, but it's probably just

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Speaker 1: not going to be enough to ease inflation precious, which

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Speaker 1: is what the set is obviously looking for. Well, what

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Speaker 1: is it going to take for the FED to get

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Speaker 1: to a point where they're thinking that, okay, job creation

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Speaker 1: is at a level where we can start to think

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Speaker 1: about pulling back a little bit on interest rates. I

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Speaker 1: think it's it's going to be what happens because of

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Speaker 1: the weaker jobs. We could still see stronger or know,

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Speaker 1: have decent job figures and a slowly rising unemployment rate

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Speaker 1: and the UM I guess it's going to have to

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Speaker 1: be the don't have to see what happens with consumer spending.

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Speaker 1: If consumer spending starts to slope because of these higher

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Speaker 1: prices and all that, that is what is going to

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Speaker 1: make them decide to sort of pull pull up plus

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Speaker 1: buss and accelerate a little bit um of course there,

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Speaker 1: but they're still calling the job market way too tight,

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Speaker 1: you know, to take those or something words on Wednesday,

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Speaker 1: you know the day confused are still high the labor market,

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Speaker 1: it was he was calling it still out of balance

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Speaker 1: as well. So we have to look for just overall

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Speaker 1: flower job growth. Um, the jobs rate climbing higher, and

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Speaker 1: our hourly earnings are starting to ease further, just again

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Speaker 1: to dampen consumer spending. I mean, we are at a

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Speaker 1: point now where we've seen this aggressive tightening cycle, four

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Speaker 1: great hikes of seventy five basis points in a row.

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Speaker 1: Why do you think we haven't seen the kind of

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Speaker 1: deceleration in the labor market that the Feds looking for

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Speaker 1: with with the aggressive rate hikes that it's already put

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Speaker 1: in place, it's gonna go back to demand. Um. You know,

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Speaker 1: we we've got not only consumers but businesses, but overall demand,

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Speaker 1: it's not it's just too much for you know, for

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Speaker 1: for for supply, for the supply side, and you've got

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Speaker 1: so many job vacancies out there. It's not as if

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Speaker 1: we don't there that we had you know, like only

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Speaker 1: like one job opening available or something like that. So

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Speaker 1: it's we've still have well over ten million job openings

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Speaker 1: compared to you know, almost six million unemployed Americans, and

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Speaker 1: it's a factor of almost two right now. So that's

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Speaker 1: why I think we're not seeing yet, um the the

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Speaker 1: the the upward a faster. I guess the upward climb

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Speaker 1: in the job was rate because we're still trying to

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Speaker 1: work down the number of vacancies. Well, it is interesting that,

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Speaker 1: you know, just a couple of days before we get

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Speaker 1: this job's report, we're starting to hear from a number

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Speaker 1: of tech companies in particular that are either pulling back

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Speaker 1: or pausing hiring. I know we're not going to get

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Speaker 1: that filtering into the data this morning, but that starting

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Speaker 1: to show signs that what the FED is doing is

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Speaker 1: starting to work here to some extent with what the

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Speaker 1: tech companies are doing, I'm not sure if it's going

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Speaker 1: to be reflecting the Fed's work because you know, during

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Speaker 1: the pandemic, it was the tech companies that are doing

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Speaker 1: all the hiring. So this is maybe perhaps where the

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Speaker 1: froth was. So now we're trying to get rid of

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Speaker 1: some of the frost at that level. You know, the

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Speaker 1: areas that were hit the hardest. You know, the Lesion

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Speaker 1: hospitality sector is still UM well below I believe the

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Speaker 1: levels what that pursued, that that's prevailed before the pandemic began.

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Speaker 1: So that's where we're still. We're still need to see

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Speaker 1: some games and some of the other tech companies like

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Speaker 1: Twitter for example, this is that's more of a special case,

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Speaker 1: I believe because of its new owner. Just about a

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Speaker 1: minute left here, Jim, what are you looking for in

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Speaker 1: terms of wage pressure is obviously that's something that the

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Speaker 1: FED is looking very closely at. What are you expecting

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Speaker 1: from the data this morning? So we're looking for continued

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Speaker 1: gains about a point three rise, which would be the

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Speaker 1: third street UM such move in over row and that

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Speaker 1: will help slowly the annual increase a little bit, but

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Speaker 1: to both flour point seven percent, which is unfortunately or

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Speaker 1: fortunately which way to whichever what you're looking at, it

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Speaker 1: still too high for a central bank up just basically

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Speaker 1: trying to restore perstability and just quickly. This is the

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Speaker 1: only job's report we're going to get before the feds

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Speaker 1: next meeting. Isn't going to have any impact on what

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Speaker 1: they decide in December. In a word, no it's gonna

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Speaker 1: have to it's going to have to be more than

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Speaker 1: one more than one month of the splorer growth or

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Speaker 1: even stronger girlth depending which way you do it. They're

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Speaker 1: they're leaning towards Thanks Jen as always great to get

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Speaker 1: your thoughts sitting again. We're going to have that job's

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Speaker 1: data coming out eight thirty Wall Street time this morning,

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Speaker 1: and we'll be speaking with Labor Secretary Marty Walsh an

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Speaker 1: hour after that. Complete coverage of the data, and it

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Speaker 1: October payrolls coming out later this morning. Jennifer Lee, senior

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Speaker 1: economist at BEMO Capital Markets, ahead of what comes out

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Speaker 1: of the Labor Department later today. Looking ahead to the

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Speaker 1: market open, SMP futures are moving higher by twenty four

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Speaker 1: points down futures up a hundred sixty NASTACK futures are

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00:19:54,119 --> 00:19:57,760
Speaker 1: higher by one points ten. Your treasury up six thirty seconds,

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Speaker 1: the yield four point one to cent. You're listening to

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Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh Weather mostly sunny today,

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Speaker 1: hides in the upper sixties, upper fifties for lows. Tonight

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00:20:12,840 --> 00:20:17,400
Speaker 1: will be sunny, low seventies tomorrow and Sunday. Nice weekend.

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Speaker 1: On top right now fifty three in Central Park, broadcasting

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Speaker 1: live from the Bloomberg Interactive Broker Studio in New York.

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Speaker 1: Bloomberg E Living for you to Washington, d C, Bloomberg

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Speaker 1: on to Boston, Bloomberg one O six one to San Francisco,

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Speaker 1: Bloomberg NAM sixteen to the country Sirius XM TOO one

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Speaker 1: nineteen and around the globe the Bloomberg Business apt and

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Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak and it's

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Speaker 1: five thirty on Wall Street. Good morning. I'm Karen Moscow,

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Speaker 1: I'm Nathan Hagar. Bloomberg Daybreak is brought to you by

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Speaker 1: s e I. Asset managers don't get results that are

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Speaker 1: a competitive advantage at se I C dot Com slash Tech. Well,

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Speaker 1: we're just about four hours away from the open of

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Speaker 1: US trading. Let's get you have to date on the

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Speaker 1: news you need to know. At the shower, we're going

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Speaker 1: to get a sense of how the federal reserves interest

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Speaker 1: rate hikes are impacting the labor market. With the October

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Speaker 1: Jobs report due out at eight thirty well street time.

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Speaker 1: ZIP Recruiter chief economist Julia Polike believes it will show

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Speaker 1: the jobs market cooling, but at a very slow pace.

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Speaker 1: Job gains is still around sixty percent higher than they

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Speaker 1: were before the pandemic each month on average. There's still

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Speaker 1: much more broadly spread across the economy, across industries overall,

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Speaker 1: and those aggregate numbers, this job market still looks strong.

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Speaker 1: ZIP Recruiter chief economist Julia Poli says industry is sensitive

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Speaker 1: to rate hikes, could see a steep cool down and

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Speaker 1: hiring well meantime, Karen most more major companies are pulling

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Speaker 1: back on hiring, Apples hitting pause on most positions outside

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Speaker 1: of research and development, and Coca Cola is offering voluntary

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Speaker 1: buyouts to some of its staff in North America. Well

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Speaker 1: over a Twitter Nathan new owner Elon Musk plans to

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Speaker 1: eliminate half of its employees Bloomberg's and Ludlow says it's

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Speaker 1: what has several immediate changes. Musk is looking to implement

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Speaker 1: the eight dollars a month version of Twitter Blue could

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Speaker 1: roll out as soon as Monday, and that edit button,

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Speaker 1: which is currently exclusive to Twitter Blue subscribers, could be

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Speaker 1: rolled out as soon as this week for everyone on

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Speaker 1: the platform. Bloomberg's ad Ludlow says Elon Musk's planned layoffs

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Speaker 1: for Twitter have prompted a class action lawsuit and accuses

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Speaker 1: Twitter of violating a federal law that requires a sixty

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Speaker 1: day notice before mass firings. We call this job news

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Speaker 1: of a political kindcare and former President Donald Trump sending

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Speaker 1: his strongest signal yet he's planning another White House bid.

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Speaker 1: I will very, very very probably do it again. Former

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Speaker 1: Presidents Trump spoke there at a rally in Iowa, and

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Speaker 1: over in Europe, Nathan Bank of England Governor Andrew Bailey

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Speaker 1: is defending its latest rate high, despite saying Britain is

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00:22:58,240 --> 00:23:00,640
Speaker 1: headed for a deep recession that lead to more than

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00:23:00,680 --> 00:23:03,960
Speaker 1: a half a million job losses. I don't think people would.

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00:23:03,960 --> 00:23:06,639
Speaker 1: We should surprised when they see that. We are the

432
00:23:06,680 --> 00:23:09,520
Speaker 1: feller looking at things through slight different lenses. And Bank

433
00:23:09,560 --> 00:23:12,280
Speaker 1: of England Governor Andrew Bailey was speaking with Bloomberg's Francy

434
00:23:12,320 --> 00:23:14,639
Speaker 1: and Lackwell will bring you that conversation in just a

435
00:23:14,680 --> 00:23:18,200
Speaker 1: few minutes from now. Futures this morning are on the rise.

436
00:23:18,359 --> 00:23:21,320
Speaker 1: SMP futures up about twenty five points down futures up

437
00:23:21,359 --> 00:23:24,800
Speaker 1: one sixty three, Nasdack futures up eighty one and a

438
00:23:24,880 --> 00:23:27,600
Speaker 1: ten year treasury at four thirty seconds. You had four

439
00:23:27,640 --> 00:23:30,960
Speaker 1: point one three per cent straight ahead, your latest local headlines,

440
00:23:31,040 --> 00:23:38,440
Speaker 1: plus the check of sports. And this is Bloomberg. Thank

441
00:23:38,480 --> 00:23:41,520
Speaker 1: Scaring three on Wall Street, fifty three degrees in Central Parks,

442
00:23:41,520 --> 00:23:43,879
Speaker 1: about that crash, North Vender, Jersey Turnpike, New Legs at

443
00:23:43,880 --> 00:23:46,040
Speaker 1: eleven and Michael Barr with more on what's going on

444
00:23:46,080 --> 00:23:48,199
Speaker 1: in New York and around the world. Michael, thank you

445
00:23:48,280 --> 00:23:51,840
Speaker 1: very much. Nathan the suspected serial attacker is into custody

446
00:23:51,920 --> 00:23:55,040
Speaker 1: after a rape in New York City. Carl Fayner, at

447
00:23:55,040 --> 00:23:59,000
Speaker 1: twenty nine year old man experiencing homelessness, was arrested for

448
00:23:59,080 --> 00:24:01,879
Speaker 1: the sexual assault a woman who had been jogging along

449
00:24:01,920 --> 00:24:05,439
Speaker 1: the West side of Manhattan. This good samaritan helped the victim.

450
00:24:05,600 --> 00:24:07,520
Speaker 1: I didn't ask what happened, um, I didn't want to

451
00:24:07,560 --> 00:24:10,640
Speaker 1: pry at all. I didn't want to intimidate her scare her.

452
00:24:11,040 --> 00:24:14,200
Speaker 1: Police say. The suspect used the victim's credit card at

453
00:24:14,200 --> 00:24:18,680
Speaker 1: a target in midtown New York. Democratic Governor Kathy Hockle

454
00:24:18,840 --> 00:24:22,399
Speaker 1: campaign yesterday at Barnard College in Manhattan with Hillary Clinton

455
00:24:22,680 --> 00:24:25,720
Speaker 1: and Vice President Kamala Harris talking about the Supreme Court

456
00:24:25,760 --> 00:24:29,800
Speaker 1: decision earlier this year that removed federal abortion protections. I've

457
00:24:29,800 --> 00:24:34,680
Speaker 1: heard my opponents say, oh, don't worry. The day after

458
00:24:34,680 --> 00:24:37,400
Speaker 1: the dab's decision. Nothing changed in the state of New York.

459
00:24:37,480 --> 00:24:40,359
Speaker 1: So don't worry. You know why nothing change in the

460
00:24:40,400 --> 00:24:44,400
Speaker 1: state of New York because I'm the governor New York

461
00:24:44,400 --> 00:24:48,320
Speaker 1: Representatively Zeldon, the Republican running for governor in the heavily

462
00:24:48,359 --> 00:24:52,600
Speaker 1: democratic state, predicting an upset in Tuesday's mid term election

463
00:24:52,960 --> 00:24:55,919
Speaker 1: at a campaign rally and albody New York last evening

464
00:24:57,400 --> 00:25:00,639
Speaker 1: around the rest of the state. They're ready, They're ready

465
00:25:00,640 --> 00:25:04,560
Speaker 1: to fire. Kathy hokel Pole show HOCl ahead over Zelden.

466
00:25:04,880 --> 00:25:08,520
Speaker 1: TV mega star Oprah Winfrey says she's backing Democratic nominee

467
00:25:08,600 --> 00:25:12,440
Speaker 1: John Fetterman in Pennsylvania's key Senate race over Republican opponent

468
00:25:12,600 --> 00:25:15,520
Speaker 1: mem and Oz, whenfre said, if I lived in Pennsylvania,

469
00:25:15,640 --> 00:25:18,040
Speaker 1: I would have already cast my vote for John Fetterman

470
00:25:18,119 --> 00:25:21,520
Speaker 1: for many reasons. Winfrey helped turn dr Oz into a

471
00:25:21,600 --> 00:25:25,640
Speaker 1: household name on television. The FBI says it has received

472
00:25:25,680 --> 00:25:29,760
Speaker 1: credible information about a broad threat to synagogues in New Jersey,

473
00:25:30,240 --> 00:25:33,359
Speaker 1: a warning that has prompted some municipalities to send extra

474
00:25:33,440 --> 00:25:36,879
Speaker 1: police officers to guard houses of worship. Governor Phil Murphy

475
00:25:37,040 --> 00:25:39,200
Speaker 1: says that he has been in contact with the state

476
00:25:39,240 --> 00:25:43,240
Speaker 1: Attorney General and New Jersey Homeland Security about the credible threat.

477
00:25:43,640 --> 00:25:46,399
Speaker 1: Global News twenty four hours a day on air and

478
00:25:46,520 --> 00:25:49,800
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

479
00:25:49,840 --> 00:25:52,720
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael

480
00:25:52,760 --> 00:26:00,760
Speaker 1: barn This is Bloomberg, Nathan, Thank you, Michael. Thirty five

481
00:26:00,760 --> 00:26:02,679
Speaker 1: on Wall Street time for the Bloomberg Sports Club Day

482
00:26:02,720 --> 00:26:05,240
Speaker 1: brought to you by tri State out of John Next

483
00:26:05,359 --> 00:26:07,960
Speaker 1: day and the NETS flight tonight in Washington, will see

484
00:26:08,040 --> 00:26:10,439
Speaker 1: if fail out. Kyrie Irving to play late last night

485
00:26:10,480 --> 00:26:13,000
Speaker 1: what the Nets and the NBA had been waiting for

486
00:26:13,040 --> 00:26:16,840
Speaker 1: an apology from Irving. He posted the words four hours

487
00:26:16,880 --> 00:26:19,399
Speaker 1: after the Nets suspended them for at least five games.

488
00:26:19,400 --> 00:26:22,440
Speaker 1: They said they were deeply disturbed by Irving's failure to

489
00:26:22,560 --> 00:26:27,040
Speaker 1: this about anti semitism, just by multiple opportunities to do so,

490
00:26:27,200 --> 00:26:34,639
Speaker 1: including yesterday. My responsibility that some things that were questionable

491
00:26:34,640 --> 00:26:38,280
Speaker 1: and they're untrue. Like I said in the first time

492
00:26:38,320 --> 00:26:40,000
Speaker 1: you guys asked me when I was sitting on that stage,

493
00:26:40,040 --> 00:26:46,720
Speaker 1: I don't believe everything that everybody posts a documentary, so responsibility.

494
00:26:46,800 --> 00:26:49,960
Speaker 1: I never apologized, and when specifically asked about being anti

495
00:26:50,000 --> 00:26:52,439
Speaker 1: Semitic or having said only he can't be because he

496
00:26:52,520 --> 00:26:55,800
Speaker 1: knows where he came from. NBA mitcharty're Adam Silver said

497
00:26:55,800 --> 00:26:58,280
Speaker 1: he's gonna meet with her every next week. Houston Astros

498
00:26:58,280 --> 00:26:59,840
Speaker 1: at their first lead to the World Series, they beat

499
00:26:59,880 --> 00:27:02,000
Speaker 1: the at least three too. They lead the series three

500
00:27:02,040 --> 00:27:04,240
Speaker 1: to Jeremy Paine you to go ahead home run. Justin

501
00:27:04,440 --> 00:27:07,439
Speaker 1: Verlander finally got a World Series win, his first in

502
00:27:07,520 --> 00:27:10,240
Speaker 1: his ninth career. Star Chas McCormick may have saved the

503
00:27:10,240 --> 00:27:11,520
Speaker 1: game of the catch at the bottom of the ninth

504
00:27:11,560 --> 00:27:14,479
Speaker 1: That ain't tomorrow night in Houston either. The Astros win

505
00:27:14,520 --> 00:27:17,280
Speaker 1: their second championship ever. I will be a Game seven

506
00:27:17,320 --> 00:27:22,359
Speaker 1: on Sunday, NFL. Also Philadelphia versus Houston Eagles won seventeen

507
00:27:22,400 --> 00:27:25,280
Speaker 1: and they are eight no best start ever. The Bruins

508
00:27:25,359 --> 00:27:27,640
Speaker 1: or ten and one scored four times third period, beat

509
00:27:27,640 --> 00:27:30,320
Speaker 1: the Rangers of the Garden five to two. Islanders and

510
00:27:30,400 --> 00:27:32,720
Speaker 1: Devils both won on the road. They both won five

511
00:27:32,720 --> 00:27:34,760
Speaker 1: in a row. The Devil's won in Edmonton by scoring

512
00:27:34,800 --> 00:27:38,640
Speaker 1: the tying and go ahead goals seven seconds apart. John

513
00:27:38,680 --> 00:27:42,560
Speaker 1: Stash Bloomberg Sports all Right, John thanks seven on Wall

514
00:27:42,600 --> 00:27:45,200
Speaker 1: Street time for the Tri State Business Report with Bloomberg

515
00:27:45,240 --> 00:27:48,720
Speaker 1: Scott Carr. New York City's new pay transparency laws got

516
00:27:48,720 --> 00:27:52,200
Speaker 1: a blind spot Wall Street bonuses. The law, which took

517
00:27:52,200 --> 00:27:55,920
Speaker 1: effect Tuesday, requires local employers to make a best estimate

518
00:27:55,920 --> 00:27:59,440
Speaker 1: of his salary range when posting job openings. As sensibly

519
00:27:59,480 --> 00:28:03,200
Speaker 1: giving and it's especially minority and female applicants are stronger

520
00:28:03,280 --> 00:28:06,240
Speaker 1: hand bonuses are excluded, even though they make up the

521
00:28:06,320 --> 00:28:09,280
Speaker 1: lion share of Wall Street pay. The city's Department of

522
00:28:09,359 --> 00:28:13,160
Speaker 1: Buildings Commissioner Eric Ulrich, who's involved in a criminal investigation

523
00:28:13,240 --> 00:28:17,560
Speaker 1: into illegal gambling, resigned Thursday. All Wars told the Adams

524
00:28:17,600 --> 00:28:22,000
Speaker 1: administration he wants to avoid unnecessary distractions for it. Connecticut

525
00:28:22,080 --> 00:28:26,639
Speaker 1: Superior Court has found taxpayers commercial property was overvalued for

526
00:28:26,760 --> 00:28:31,159
Speaker 1: property tax purposes and reduce the valuation. Taxpayer lost an

527
00:28:31,160 --> 00:28:33,640
Speaker 1: appeal in which they argue the highest and best use

528
00:28:33,680 --> 00:28:37,359
Speaker 1: of the property had shifted toward low end commercial retail uses.

529
00:28:37,880 --> 00:28:41,120
Speaker 1: That's the Bloomberg Trish State Business Report. I'm Scott Carr,

530
00:28:41,160 --> 00:28:43,920
Speaker 1: Scott Thanks, five thirty eight on Wall Street. Bloomberg Radio

531
00:28:44,000 --> 00:28:45,920
Speaker 1: is on the air from San Francisco to New York,

532
00:28:45,960 --> 00:28:48,240
Speaker 1: London to Hong Kong. Let's check in with our global

533
00:28:48,240 --> 00:28:50,239
Speaker 1: news team for some of the top stories. Here down

534
00:28:50,240 --> 00:28:55,880
Speaker 1: our three hundred affiliate radio stations around the world. I'm

535
00:28:55,920 --> 00:28:59,440
Speaker 1: Steve potoscan w f L A, Tampa Bay. We're talking

536
00:28:59,440 --> 00:29:03,760
Speaker 1: about is New Florida theme park employees struggling to make

537
00:29:03,840 --> 00:29:07,480
Speaker 1: ends meet um Courtney's Donahoe on ktr H in Houston.

538
00:29:07,640 --> 00:29:10,800
Speaker 1: Hundreds of pharmacies are having trouble filling prescriptions for the

539
00:29:10,840 --> 00:29:16,200
Speaker 1: antibiotic amoxicillin kid Genus. Servettian for w c CEO in Minneapolis,

540
00:29:16,280 --> 00:29:19,720
Speaker 1: I'm reporting that General Mills is among companies now hitting

541
00:29:19,720 --> 00:29:22,880
Speaker 1: the pause button when it comes to advertising on Twitter

542
00:29:23,040 --> 00:29:26,400
Speaker 1: since Elon Musk has taken over the company. I'm Stephen

543
00:29:26,440 --> 00:29:29,000
Speaker 1: Carol and Bloomberg d a B Digital Radio in London.

544
00:29:29,080 --> 00:29:31,880
Speaker 1: We've been reporting on the French bank Associated General posting

545
00:29:31,960 --> 00:29:34,960
Speaker 1: quarterly profits much stronger than expected thanks to a third

546
00:29:35,160 --> 00:29:38,120
Speaker 1: in debt trading. I'm Scott car on w d c

547
00:29:38,400 --> 00:29:41,600
Speaker 1: H in Washington. I'm reporting on the just assessed value

548
00:29:41,640 --> 00:29:45,120
Speaker 1: of some of our nation's capital's most iconic structures. And

549
00:29:45,240 --> 00:29:47,240
Speaker 1: those are some of the stories our twenty seven hundred

550
00:29:47,280 --> 00:29:50,320
Speaker 1: Bloomberg journalists and analysts working on this morning around the world.

551
00:29:50,320 --> 00:29:52,760
Speaker 1: It's five thirty nine on Wall Street. The following is

552
00:29:52,800 --> 00:29:57,160
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by

553
00:29:57,240 --> 00:30:02,040
Speaker 1: the Bloomberg Editorial Board. The Federal Reserve surprised nobody when

554
00:30:02,040 --> 00:30:05,640
Speaker 1: it raised its policy rates seventy five basis points this week,

555
00:30:05,920 --> 00:30:09,840
Speaker 1: Attention had already switched to what happens next. Despite Chairman

556
00:30:09,920 --> 00:30:13,760
Speaker 1: Jerome Powell's efforts to address those questions, his answers leave

557
00:30:13,840 --> 00:30:17,080
Speaker 1: plenty of doubt. The Fed has a policy framework that's

558
00:30:17,080 --> 00:30:19,720
Speaker 1: meant to shed light on how it will respond to

559
00:30:19,880 --> 00:30:25,040
Speaker 1: changing economic conditions. Unfortunately, it's now largely irrelevant. The new

560
00:30:25,120 --> 00:30:28,960
Speaker 1: framework should look skeptically at forward guidance, restore the goal

561
00:30:29,040 --> 00:30:32,760
Speaker 1: of heading off inflation before it happens, explicitly state the

562
00:30:32,800 --> 00:30:37,160
Speaker 1: indicators that guide interest rate decisions, and above all, clarify

563
00:30:37,280 --> 00:30:41,720
Speaker 1: the appropriate policy response to shocks in supply as opposed

564
00:30:41,760 --> 00:30:45,840
Speaker 1: to demand. Without a fresh look at these issues, investors

565
00:30:45,880 --> 00:30:49,959
Speaker 1: will continue to ask the wrong questions and be frustrated

566
00:30:50,000 --> 00:30:54,320
Speaker 1: by the feds unhelpful answers. This editorial was written by

567
00:30:54,320 --> 00:30:57,920
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go

568
00:30:58,000 --> 00:31:01,480
Speaker 1: to Bloomberg dot com, slash oh Opinion or ope I

569
00:31:01,640 --> 00:31:05,120
Speaker 1: n Go on the Bloomberg Terminal. This has been Bloomberg

570
00:31:05,160 --> 00:31:08,280
Speaker 1: opinion and you can hear Bloomberg opinion editorials every weekday.

571
00:31:08,280 --> 00:31:11,160
Speaker 1: At this time, terminal customers can read more at ope

572
00:31:11,240 --> 00:31:15,240
Speaker 1: I n Go. Futures moving higher On this Job's Friday,

573
00:31:15,520 --> 00:31:23,840
Speaker 1: you're listening to Bloomberg day Break. Bloomberg Sports is brought

574
00:31:23,880 --> 00:31:25,880
Speaker 1: to you by Audie. Don't let someone else drive off

575
00:31:25,880 --> 00:31:28,040
Speaker 1: in the autie model You've always wanted to visit your

576
00:31:28,040 --> 00:31:30,240
Speaker 1: local Tri state autie dealer to get behind the wheel

577
00:31:30,240 --> 00:31:32,760
Speaker 1: of yours today, or visit autie Offers dot com for

578
00:31:32,840 --> 00:31:40,400
Speaker 1: more information, markets, headlines and breaking news twenty four hours

579
00:31:40,400 --> 00:31:43,360
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business at

580
00:31:43,440 --> 00:31:52,360
Speaker 1: and at Bloomberg Quicktake. This is a Bloomberg Business Flash

581
00:31:53,000 --> 00:31:56,040
Speaker 1: and I'm Karen Moscow. This updates brought to you by SEI,

582
00:31:56,200 --> 00:31:59,040
Speaker 1: built on advanced technologies and fifty years of innovation. The

583
00:31:59,160 --> 00:32:03,880
Speaker 1: SEI offers said managers a comprehensive and flexible operations outsourcing platform.

584
00:32:04,160 --> 00:32:06,719
Speaker 1: Go to s C i C, dot Com, Slash and managers.

585
00:32:07,080 --> 00:32:10,000
Speaker 1: But global equities are trimming a weekly loss as Chinese

586
00:32:10,120 --> 00:32:13,840
Speaker 1: shares a surge to and we await the October jobs report.

587
00:32:13,960 --> 00:32:16,160
Speaker 1: We checked the markets every fifteen minutes throughout the trading

588
00:32:16,240 --> 00:32:19,120
Speaker 1: day on Bloomberg S and P futures of twenty four

589
00:32:19,160 --> 00:32:22,000
Speaker 1: points this morning, down futures on sixty one and nast

590
00:32:22,080 --> 00:32:25,320
Speaker 1: day futures have seventy six. The tenure treasury of three

591
00:32:25,320 --> 00:32:27,640
Speaker 1: thirty seconds, you have four point one three percent. They

592
00:32:27,680 --> 00:32:30,040
Speaker 1: yield on the two year four point seven four percent,

593
00:32:30,400 --> 00:32:32,640
Speaker 1: and I'm ex screwed. Oils up two point four percent

594
00:32:32,680 --> 00:32:35,040
Speaker 1: of two dollars eighteen cents and ninety dollars thirty six

595
00:32:35,040 --> 00:32:37,800
Speaker 1: cents of barrel. That's a Bloomberg business flash. Now here's

596
00:32:37,800 --> 00:32:40,360
Speaker 1: Michael Barr with Moore on what's going on around the world.

597
00:32:40,480 --> 00:32:43,440
Speaker 1: Michael Karen, thank you very much. Former President Donald Trump

598
00:32:43,480 --> 00:32:46,560
Speaker 1: sent the strongest signal yet that he plans to run

599
00:32:46,880 --> 00:32:51,720
Speaker 1: for for president, saying in an eyable rally that he

600
00:32:51,840 --> 00:32:55,600
Speaker 1: will very very probably make another bid for the White

601
00:32:55,640 --> 00:32:58,479
Speaker 1: House in the NBA, the Brookman nets Kyrie Irving has

602
00:32:58,480 --> 00:33:01,240
Speaker 1: apologized after being suspend it for at least five games

603
00:33:01,320 --> 00:33:05,080
Speaker 1: or failing to disavow anti Semitism when he was given

604
00:33:05,120 --> 00:33:08,200
Speaker 1: an opportunity to do so. The Astros are a game

605
00:33:08,200 --> 00:33:11,280
Speaker 1: away from winning the World Series. In Game five, Houston

606
00:33:11,360 --> 00:33:15,000
Speaker 1: beat the Phillies three two. Global News twenty four hours

607
00:33:15,000 --> 00:33:18,280
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

608
00:33:18,320 --> 00:33:21,440
Speaker 1: more than twenty seven hundred journalists and analysts in more

609
00:33:21,480 --> 00:33:25,200
Speaker 1: than one hundred twenty countries. Michael Barr and this is Bloomberg.

610
00:33:25,280 --> 00:33:28,160
Speaker 1: Nathan Okay, Michael. Thanks, It's five eight on Wall Street

611
00:33:28,160 --> 00:33:31,280
Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg

612
00:33:31,360 --> 00:33:33,080
Speaker 1: day Break and we don't want to bring your interview

613
00:33:33,080 --> 00:33:36,160
Speaker 1: with Bank of England Governor Andrew Bailey. He is rejecting

614
00:33:36,160 --> 00:33:38,560
Speaker 1: the notion that he helped contribute to the downfall of

615
00:33:38,680 --> 00:33:42,280
Speaker 1: UK Prime Minister Liz trust saying extending a market intervention

616
00:33:42,280 --> 00:33:45,280
Speaker 1: would have created more problems. It comes as the BO

617
00:33:45,360 --> 00:33:48,680
Speaker 1: he delivered its biggest rate increase in three decades with

618
00:33:48,760 --> 00:33:52,440
Speaker 1: the goal of cooling red hot inflation in the UK.

619
00:33:52,880 --> 00:33:56,720
Speaker 1: Bailey sat down with Bloomberg's Francine Laquix. Now we don't talk.

620
00:33:57,080 --> 00:33:59,320
Speaker 1: We don't talk at the extract we've taken into cats

621
00:33:59,320 --> 00:34:01,880
Speaker 1: obviously and in our setting of monetary policy. So it

622
00:34:01,880 --> 00:34:05,680
Speaker 1: features in our forecast, it features in our deliberations, but

623
00:34:05,720 --> 00:34:07,880
Speaker 1: we don't target it. But is there a point where

624
00:34:07,880 --> 00:34:11,400
Speaker 1: it becomes problematic? No, because I think the problematic has

625
00:34:11,400 --> 00:34:15,239
Speaker 1: all sorts of implications. Um, I don't see it like that.

626
00:34:15,600 --> 00:34:18,320
Speaker 1: You know, we look at the things that are causing

627
00:34:18,360 --> 00:34:22,080
Speaker 1: it to move. It's our standard way. You can look

628
00:34:22,080 --> 00:34:24,239
Speaker 1: at it, range of angles, you can come at it

629
00:34:24,280 --> 00:34:27,680
Speaker 1: from uh and in doing so, we're seeking to understand

630
00:34:27,719 --> 00:34:31,000
Speaker 1: what particularly is causing it. See, there's nothing that would

631
00:34:31,040 --> 00:34:34,359
Speaker 1: warrant an intervention, even because it actually hurts with your

632
00:34:34,400 --> 00:34:38,160
Speaker 1: inslation problem that you're trying to target. Well, in the

633
00:34:38,239 --> 00:34:40,799
Speaker 1: precise meaning of the term intervention, I think that's a

634
00:34:40,920 --> 00:34:45,080
Speaker 1: term that you know, we haven't used that that approach

635
00:34:45,440 --> 00:34:48,279
Speaker 1: since the early nine nineties, and we all know the

636
00:34:48,320 --> 00:34:51,040
Speaker 1: history of that period. So it's not it's not something

637
00:34:51,080 --> 00:34:53,400
Speaker 1: that we discussed in terms of our talk it. But

638
00:34:54,160 --> 00:34:56,719
Speaker 1: is it on top of your mind or is it

639
00:34:56,800 --> 00:34:58,759
Speaker 1: just something that's it's part of it's part of the

640
00:34:58,760 --> 00:35:01,839
Speaker 1: things that we discussed. Wouldn't want to sort of give

641
00:35:01,880 --> 00:35:05,080
Speaker 1: it more status than that to be asked you say,

642
00:35:05,120 --> 00:35:06,920
Speaker 1: the mortgages aren't right to expect greats to peek it

643
00:35:06,920 --> 00:35:10,080
Speaker 1: around four points seven five? Where will they peak? What

644
00:35:10,200 --> 00:35:14,080
Speaker 1: we don't know is the answer. The point we've made

645
00:35:14,080 --> 00:35:18,799
Speaker 1: today is that we thought that the market curve had

646
00:35:18,840 --> 00:35:21,920
Speaker 1: really overdone it, and that when we spend and we

647
00:35:21,920 --> 00:35:26,000
Speaker 1: spent a lot of hours preparing our decisions and going

648
00:35:26,000 --> 00:35:29,200
Speaker 1: through as a committee, we really found it very well,

649
00:35:29,400 --> 00:35:32,200
Speaker 1: not just very hard, but not possible to really square

650
00:35:32,920 --> 00:35:35,360
Speaker 1: our own reading of the economy and what was to

651
00:35:35,440 --> 00:35:38,880
Speaker 1: come in the economy and the inflation outlook with the

652
00:35:38,920 --> 00:35:41,960
Speaker 1: with the pricing of interstrate pressing on the market. But

653
00:35:42,000 --> 00:35:44,320
Speaker 1: so why give such a clear guidance? Who is it hurting?

654
00:35:44,400 --> 00:35:48,320
Speaker 1: Is it for mortgage holders? Is it for for people

655
00:35:48,320 --> 00:35:50,960
Speaker 1: to have houses? Well, it's certainly, of course, it's certainly

656
00:35:51,040 --> 00:35:54,919
Speaker 1: for mortgage for mortgage holders. Because of course the UK

657
00:35:54,960 --> 00:35:57,200
Speaker 1: mortgage market has shifted much more to being a fixed

658
00:35:57,239 --> 00:35:59,080
Speaker 1: rate and marketing not not the same sort of fixed

659
00:35:59,160 --> 00:36:00,799
Speaker 1: rate structure as the US, but it's still much more

660
00:36:00,880 --> 00:36:04,200
Speaker 1: we fixed right market now, so it's far more priced

661
00:36:04,239 --> 00:36:08,799
Speaker 1: office swap curve. What has happened to the right curve

662
00:36:09,160 --> 00:36:13,040
Speaker 1: over the last two months? Um? Yeah, I think it's

663
00:36:13,040 --> 00:36:17,000
Speaker 1: fed through directly into mortgage pricing, so a lower curve

664
00:36:17,040 --> 00:36:19,200
Speaker 1: will pass it, and of course all borrowers and that

665
00:36:19,280 --> 00:36:22,000
Speaker 1: sounds benefit from it. Do you think you'll hold back

666
00:36:22,000 --> 00:36:25,000
Speaker 1: in raising rates where they need to be to take

667
00:36:25,040 --> 00:36:28,759
Speaker 1: care of mortgage owners? No, I am afraid. You know,

668
00:36:28,960 --> 00:36:31,920
Speaker 1: our remix is very clear. It's it's it's inflation. I

669
00:36:31,920 --> 00:36:33,960
Speaker 1: mean it's it's it's price stability. It's a two per

670
00:36:33,960 --> 00:36:37,520
Speaker 1: cent inflation target. We won't deviate from that. But what

671
00:36:37,600 --> 00:36:41,560
Speaker 1: would obviously things like the mortgage market and the housing

672
00:36:41,600 --> 00:36:44,279
Speaker 1: market featuring in our assessment of the economy and our

673
00:36:44,360 --> 00:36:47,920
Speaker 1: decisions in reaching a conclusion on how to meet the

674
00:36:47,960 --> 00:36:51,640
Speaker 1: inflation target is seventy five basis point h the new normal?

675
00:36:52,200 --> 00:36:54,080
Speaker 1: Is it? The new thing? I know we have a

676
00:36:54,080 --> 00:36:56,600
Speaker 1: story on Bloomberg. Say how different you are to J

677
00:36:56,719 --> 00:37:00,040
Speaker 1: Powell in your view of the account? I think I

678
00:37:00,040 --> 00:37:02,000
Speaker 1: would say about the the US and the UK facing

679
00:37:02,120 --> 00:37:04,839
Speaker 1: very different situations and very different shocks. I mean, we're

680
00:37:04,840 --> 00:37:08,640
Speaker 1: facing a huge real income shock, negative real income shock

681
00:37:08,680 --> 00:37:12,160
Speaker 1: in terms of energy, particularly gas, which the US isn't facing.

682
00:37:12,160 --> 00:37:15,080
Speaker 1: It's got a very different inflation context, and that's so

683
00:37:15,560 --> 00:37:18,759
Speaker 1: I don't think people would be should surprised when they

684
00:37:18,800 --> 00:37:21,759
Speaker 1: see that. You know, we are the failure looking at

685
00:37:21,760 --> 00:37:24,560
Speaker 1: things through slight different lenses and we come to different conclusions.

686
00:37:25,000 --> 00:37:28,040
Speaker 1: You know, I resist people saying, well, you should do

687
00:37:28,080 --> 00:37:30,279
Speaker 1: the same as this other central back. But you think

688
00:37:30,280 --> 00:37:34,239
Speaker 1: you'll be more aggressive, entightening quicker. You really should not.

689
00:37:34,280 --> 00:37:36,680
Speaker 1: The fact that we've done somethenty fire today, nobody should

690
00:37:36,719 --> 00:37:40,120
Speaker 1: read into it. That's the new norm. That's that's not appropriate.

691
00:37:40,960 --> 00:37:44,200
Speaker 1: At some point you'll step away from the tightening spree.

692
00:37:44,640 --> 00:37:47,759
Speaker 1: What indicators do you look at to see when you

693
00:37:47,800 --> 00:37:50,840
Speaker 1: can cool off of it? Well, I would obviously we

694
00:37:50,840 --> 00:37:53,840
Speaker 1: always look at what the profile of inflation is going forwards.

695
00:37:54,239 --> 00:37:57,400
Speaker 1: I think then, as I said earlier on today, that

696
00:37:57,440 --> 00:37:59,800
Speaker 1: we look very carefully at the labor market because we

697
00:38:00,000 --> 00:38:02,640
Speaker 1: have a very tight labor market in this country. I mean,

698
00:38:02,680 --> 00:38:05,319
Speaker 1: it's interesting that there's a lot of evidence that the

699
00:38:05,320 --> 00:38:09,920
Speaker 1: economy is slowing. There's some evidence now that labor demand

700
00:38:09,920 --> 00:38:12,640
Speaker 1: it's beginning to slow. But we saw how a very

701
00:38:12,719 --> 00:38:14,960
Speaker 1: tight labor market we've got a smaller labor force today

702
00:38:14,960 --> 00:38:19,040
Speaker 1: than we had immediately before COVID, But other specific surveys

703
00:38:19,040 --> 00:38:21,520
Speaker 1: were indicators that car more weight than others that you

704
00:38:21,520 --> 00:38:23,880
Speaker 1: look at. No, I mean we we we were. I

705
00:38:23,920 --> 00:38:26,520
Speaker 1: think we've always in the NPC rightly sort of avoided

706
00:38:26,600 --> 00:38:29,080
Speaker 1: that sort of that sort of debate because it becomes

707
00:38:29,160 --> 00:38:33,040
Speaker 1: it means that individual pieces of data get get given

708
00:38:33,040 --> 00:38:35,759
Speaker 1: a sense too much significance. And frankly also I would

709
00:38:35,760 --> 00:38:38,719
Speaker 1: say it changes over time. I mean the things we

710
00:38:38,719 --> 00:38:42,320
Speaker 1: look at in the economy more particularly than others, depend

711
00:38:42,400 --> 00:38:44,600
Speaker 1: upon the situation. So the labor market at the moment

712
00:38:44,640 --> 00:38:47,799
Speaker 1: is that is a very close has a very close

713
00:38:47,840 --> 00:38:50,640
Speaker 1: focus because it is so tight. And that was Bank

714
00:38:50,640 --> 00:38:54,120
Speaker 1: of England Governor Andrew Bailey speaking with Bloomberg experiencing Likewise,

715
00:38:54,160 --> 00:38:56,560
Speaker 1: you can catch the full interview on Bloomberg dot com

716
00:38:56,840 --> 00:38:59,759
Speaker 1: or on the Bloomberg terminal. Karen very nat than It

717
00:38:59,840 --> 00:39:02,680
Speaker 1: is by fifty four on Wall Street. Now another legal

718
00:39:02,719 --> 00:39:05,319
Speaker 1: story where watching this morning. It is brought to you

719
00:39:05,440 --> 00:39:10,600
Speaker 1: by American Arbitration Association. Business disputes are inevitable resolve faster

720
00:39:10,719 --> 00:39:14,279
Speaker 1: with the American Arbitration Association, the global leader in alternative

721
00:39:14,280 --> 00:39:17,680
Speaker 1: dispute resolution for over ninety years more at a dr

722
00:39:17,840 --> 00:39:21,520
Speaker 1: dot org were Republicans have won a ruling on absentee

723
00:39:21,520 --> 00:39:24,439
Speaker 1: ballots in Pennsylvania, a state where a close race could

724
00:39:24,440 --> 00:39:27,480
Speaker 1: determine control of the Senate, and the unanimous decision the

725
00:39:27,520 --> 00:39:30,960
Speaker 1: Pennsylvania Supreme Court has ordered officials not to count votes

726
00:39:31,000 --> 00:39:33,959
Speaker 1: from mail in or absentee ballots with the wrong date

727
00:39:34,000 --> 00:39:36,440
Speaker 1: marked on the envelope, but split on the question of

728
00:39:36,440 --> 00:39:39,719
Speaker 1: whether the state law provision violates the Civil Rights Act

729
00:39:39,760 --> 00:39:43,280
Speaker 1: of nineteen sixty four. Pennsylvania County has ever reported receiving

730
00:39:43,280 --> 00:39:46,280
Speaker 1: more than eight hundred fifty thousand completed mail on ballots,

731
00:39:46,280 --> 00:39:49,399
Speaker 1: with about seventy percent of requests from Democrats and about

732
00:39:49,440 --> 00:39:53,160
Speaker 1: twenty from Republicans. From where Bloomberg's dun grasso speaks to

733
00:39:53,200 --> 00:39:57,120
Speaker 1: elections law expert Richard Bruffa, a professor at Columbia Law School,

734
00:39:57,600 --> 00:40:01,960
Speaker 1: rich wasn't the same issue before the courts in Pennsylvania

735
00:40:02,040 --> 00:40:05,160
Speaker 1: before election. This issue has been in and out of

736
00:40:05,160 --> 00:40:08,239
Speaker 1: the Pennsylvania federal state course the less several years. And

737
00:40:08,239 --> 00:40:10,120
Speaker 1: if this doesn't affect question that the ballots have to

738
00:40:10,120 --> 00:40:12,960
Speaker 1: be in by the deadline, this is not any effort

739
00:40:13,000 --> 00:40:15,239
Speaker 1: to change the deadline. It's just that the state law

740
00:40:15,320 --> 00:40:18,400
Speaker 1: requires that the ballot be signed that in a security

741
00:40:18,480 --> 00:40:21,000
Speaker 1: envelope and the outside the envelope be dated. But just

742
00:40:21,120 --> 00:40:22,960
Speaker 1: kind of feels with the Third Circuit ruled in an

743
00:40:22,960 --> 00:40:25,480
Speaker 1: earlier case dealing with the state election that they would

744
00:40:25,520 --> 00:40:27,640
Speaker 1: have to count ballots even if the date was missing

745
00:40:27,719 --> 00:40:30,800
Speaker 1: or improper, so long as the ballots had received on time,

746
00:40:31,040 --> 00:40:33,279
Speaker 1: because the fact that the ballot was not data was

747
00:40:33,320 --> 00:40:36,279
Speaker 1: not material to the voters qualifications. In other words, if

748
00:40:36,280 --> 00:40:38,320
Speaker 1: the ballot has been received on time, why does it

749
00:40:38,400 --> 00:40:40,239
Speaker 1: matter whether it's data or not. The state law it

750
00:40:40,280 --> 00:40:42,680
Speaker 1: does require the dating, but part of the federal voting

751
00:40:42,719 --> 00:40:45,120
Speaker 1: rights law says that you shouldn't deny anybody the right

752
00:40:45,200 --> 00:40:48,600
Speaker 1: to vote for an error or omission on anything relating

753
00:40:48,640 --> 00:40:52,000
Speaker 1: to elections if it's not material to determining their qualifications.

754
00:40:52,080 --> 00:40:55,640
Speaker 1: And omitting to put a date on something when the

755
00:40:55,640 --> 00:40:57,960
Speaker 1: thing is still come in by the deadline, the Third

756
00:40:58,040 --> 00:41:01,560
Speaker 1: Circuit ruled was not material. The Republican Party tried to

757
00:41:01,560 --> 00:41:03,839
Speaker 1: seek review of that in the Supreme Court soon quite

758
00:41:03,880 --> 00:41:07,480
Speaker 1: wanted to ultimately vacating the decision as moot, as opposed

759
00:41:07,480 --> 00:41:09,879
Speaker 1: to leaving it in place, and so in a way,

760
00:41:09,880 --> 00:41:13,279
Speaker 1: the previous fetal Court decision had no presidential effect, so

761
00:41:13,360 --> 00:41:16,279
Speaker 1: the Pennsylvania Supreme Court had to decide this. The Pennsylvania

762
00:41:16,320 --> 00:41:20,080
Speaker 1: Supreme Court came to the opposite decision from the Third

763
00:41:20,239 --> 00:41:23,880
Speaker 1: Circuit and then deadlock three to three on the question

764
00:41:23,920 --> 00:41:27,320
Speaker 1: involving the Civil Rights Act. So the State Secretary of

765
00:41:27,360 --> 00:41:30,880
Speaker 1: Stated adopted a guidance for the county board saying you

766
00:41:30,960 --> 00:41:33,799
Speaker 1: have to accept even if they're not dated, if they've

767
00:41:33,880 --> 00:41:36,600
Speaker 1: arrived on time, and so the Republican Party soon they

768
00:41:36,600 --> 00:41:39,600
Speaker 1: apparently there's a procedure in the Pennsylvania system allowing the

769
00:41:39,640 --> 00:41:43,120
Speaker 1: suit directly in the Pennsylvania Supreme Court. Pennsylvania Supreme Court

770
00:41:43,200 --> 00:41:47,520
Speaker 1: held that the guidance violated the state statute which requires

771
00:41:47,560 --> 00:41:50,920
Speaker 1: that ballots be dated. But where the court divided evenly

772
00:41:51,000 --> 00:41:53,600
Speaker 1: three to three is on the question whether that state

773
00:41:53,680 --> 00:41:56,600
Speaker 1: law with itself and violation of the federal Voting Rights Law,

774
00:41:56,840 --> 00:41:59,440
Speaker 1: which makes it illegal to refuse to count the ballot

775
00:41:59,760 --> 00:42:02,719
Speaker 1: if any error or omission on it is not material

776
00:42:02,800 --> 00:42:05,760
Speaker 1: to the voters qualifications of vote. That was the issue

777
00:42:05,800 --> 00:42:09,120
Speaker 1: that the Penmoloon Supreme Court divided on three three and

778
00:42:09,120 --> 00:42:12,480
Speaker 1: that's Richard Brofo, a professor at Columbia Law School, speaking

779
00:42:12,480 --> 00:42:15,280
Speaker 1: with the Bloomberg student Grosso. Catch more of that interview,

780
00:42:15,360 --> 00:42:18,360
Speaker 1: plus analysis of the latest legal news, by subscribing to

781
00:42:18,360 --> 00:42:21,480
Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg

782
00:42:21,520 --> 00:42:25,440
Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research

783
00:42:25,440 --> 00:42:28,520
Speaker 1: and business development tools at Bloomberg Law dot com and

784
00:42:28,560 --> 00:42:32,000
Speaker 1: on the Bloomberg terminal at b Law Go and again,

785
00:42:32,080 --> 00:42:34,239
Speaker 1: futures are on the rise. This morning is and P

786
00:42:34,440 --> 00:42:38,520
Speaker 1: futures up twenty five points and still ahead. On Bloomberg Daybreak,

787
00:42:38,800 --> 00:42:40,960
Speaker 1: we have a check on the business headlines and all

788
00:42:41,000 --> 00:42:43,920
Speaker 1: the news you need to start your day. And this

789
00:42:44,600 --> 00:42:45,279
Speaker 1: is Bloomberg